TCRAP_Public/150313.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, March 13, 2015, Vol. 18, No. 051


                            Headlines


A U S T R A L I A

BYRON BAY: First Creditors' Meeting Set For March 20
CN PROPERTIES: First Creditors' Meeting Slated For March 20
FRENCHY'S BREAD: In Administration; Closes Store in Sydney
LIV NIGHTCLUB: First Creditors' Meeting Slated For March 19
PAGE'S SAWMILLING: Placed Into Liquidation

RAW GROUP: Factory: The Project Nightclub Leaves AUD500K Debt
RESIMAC BASTILLE 2015-1NC: Moody's Rates AUD3.6MM Notes at Ba2
ROADWISE DOWNUNDER: First Creditors' Meeting Set For March 19


C H I N A

CHINA GERUI: Receives Nasdaq Listing Non-Compliance Notice
KU6 MEDIA: Reports $39,000 Net Loss for Fourth Quarter
SHIMAO PROPERTY: Moody's Says Ba2 CFR Unaffected by Bond Issuance


I N D I A

AGH WIRES: CRISIL Assigns B+ Rating to INR70MM Long Term Loan
AL MANAMA: CRISIL Reaffirms B+ Rating on INR80MM Cash Credit
ANANTHA PVC: CARE Cuts Rating on INR8cr LT Bank Loan to B
AURANGABAD THERMOCOL: CRISIL Places B Rating on INR70MM Term Loan
BLDE ASSOCIATION: CRISIL Reaffirms B+ Rating on INR336MM Loan

ESSO FAB: ICRA Assigns SP 4D Grading on Weak Financial Strength
IFMR CAPITAL: ICRA Assigns C+(SO) Rating to INR8cr PTC Series A3
IFMR CAPITAL MOSEC: ICRA Rates INR11.02 PTC Series A2 'B-(SO)'
INTEGRATED THERMOPLASTICS: CARE Cuts INR7.5cr Loan Rating to D
JET GRANITO: CARE Reaffirms B+ Rating on INR41.16cr LT Loan

JUGAL KISHORE: CRISIL Reaffirms B+ Rating on INR19MM Cash Credit
K.G. INDUSTRIES: CRISIL Reaffirms B Rating on INR190MM Cash Loan
KAIZEN AUTOCARS: CARE Assigns B Rating to INR10.98cr LT Loan
KALPATHARU BREWERIES: CRISIL Puts B Rating on INR50MM Cash Loan
KRITIKA VEGETABLE: ICRA Suspends D Rating on INR12.5cr Bank Loan

LANCO KONDAPALLI: CRISIL Reaffirms D Rating on INR30.15BB Loan
MG TEX: CARE Reaffirms B+ Rating on INR8.23cr LT Bank Loan
NAYAAB JEWELS: CARE Assigns D Rating to INR18.50cr LT Bank Loan
NIRUPAMA COLD: CRISIL Ups Rating on INR57.7MM Cash Loan to B
P. H. WOVEN: CARE Assigns 'B' Rating to INR8cr Long Term Loan

P.S. SETH: CRISIL Reaffirms B Rating on INR170MM Cash Credit
PGH INTERNATIONAL: CARE Revises Rating on INR49.32cr Loan to B
PRADESH STATE: CARE Reaffirms D Rating on INR2,2513.53cr Loan
RAJ KISHORE: CRISIL Assigns B+ Rating to INR125MM Bank Loan
ROYAL TREXIM: CRISIL Reaffirms B+ Rating on INR45MM Bank Loan

SADGURU SRI: CRISIL Ups Rating on INR450.2MM Term Loan to B-
SADHU RAM: CRISIL Reaffirms B+ Rating on INR19MM Cash Credit
SARASWATI TIMBER: CARE Reaffirms B+ Rating on INR6.62cr LT Loan
SAT INDER: CRISIL Reaffirms B+ Rating on INR40MM Cash Credit
SATMAN AUTOMOBILES: CARE Assigns B+ Rating to INR15cr LT Loan

SBEM PVT: CRISIL Reaffirms B+ Rating on INR30MM Term Loan
SHREE SUDARSHAN: CRISIL Reaffirms B+ Rating on INR61.8MM Loan
SMT. VISHNU: CRISIL Assigns B- Rating to INR80MM Term Loan
SRI JAYAJOTHI: CARE Lowers Rating on INR55cr ST Loan to D
VEERMAN ENTERPRISES: CRISIL Puts B Rating on INR50MM Cash Loan


N E W  Z E A L A N D

MSL CAPITAL: FMA Issues Money Laundering Warning
SPAZIO CASA: IRD Seeks NZ$5.5 Million From Eight Liquidated Firms
WINTON HOME: In Liquidation, Owes Nearly NZ$50,000


T A I W A N

HUALON CORP: Former Workers Demand Pension


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


BYRON BAY: First Creditors' Meeting Set For March 20
----------------------------------------------------
John Park and Kelly-Anne Trenfield of FTI Consulting were
appointed as administrators of Byron Bay MMA Pty Ltd on March 10,
2015.

A first meeting of the creditors of the Company will be held at
Level 9, Corporate Centre One, 2 Corporate Court, in Bundall,
Queensland, March 20, 2015, at 11:00 a.m.


CN PROPERTIES: First Creditors' Meeting Slated For March 20
-----------------------------------------------------------
Gavin Charles Morton of Mackay Goodwin was appointed as
administrator of CN Properties Pty Ltd on March 10, 2015.

A first meeting of the creditors of the Company will be held at
Mackay Goodwin, Suite 2, Level 8, 10 Bridge Street, in Sydney, New
South Wales, on March 20, 2015, at 10:00 a.m.


FRENCHY'S BREAD: In Administration; Closes Store in Sydney
----------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Frenchy's Bread
Pty Ltd, which trades as Autolyse, has been placed into
administration. Alan Hayes and Christian Sprowles of Hayes
Advisory were appointed administrators of the company on March 6,
2015, the report says.

According to Dissolve.com.au, the famous Canberra bakery has been
forced to restructure and closed the doors of its store in Sydney.
The report relates that this fate comes just eight months after
the company expanded to the city. The store of the business on
Lonsdale Street in Braddon stays open and operates successfully,
the report notes.

Dissolve.com.au adds that the administrators are focused on
ensuring that the staff in Sydney are treated properly and receive
the money and entitlements following the closure of the store.

Autolyse was opened in Braddon in 2013.


LIV NIGHTCLUB: First Creditors' Meeting Slated For March 19
-----------------------------------------------------------
Glen Oldham of Oldhams Advisory was appointed as administrator of
Liv Nightclub Pty Ltd, trading as Club Liv, Lite Nightclub, and
Liv Nightclub on March 9, 2015.

A first meeting of the creditors of the Company will be held at
Corporate House, 155 Varsity Parade, Varsity Lakes, in Queensland,
on March 19, 2015, at 9:30 a.m.


PAGE'S SAWMILLING: Placed Into Liquidation
------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Page's Sawmilling
Pty Ltd, which trades as Grafton Sawmill, has been placed into
liquidation. Robert Boyce Moodie and Will Griffiths of Rodgers
Reidy were appointed liquidators of the company on Feb. 11, 2015,
the report says.

Dissolve.com.au relates that the future of the 13 workers of the
company has been left with uncertainty following the announcement
of the liquidation. The liquidators are reportedly negotiating
with a Chinese investor, the report says.


RAW GROUP: Factory: The Project Nightclub Leaves AUD500K Debt
-------------------------------------------------------------
Emily Haynes at Sunshine Coast Daily reports that Factory: The
Project, a Maroochydore nightclub, left a trail of debts totalling
almost AUD500,000 after suddenly closing its doors.

The report relates that the nightclub shut down last month when
its operator, Raw Group Sunshine Plaza Pty Ltd, went into
liquidation owing AUD425,000 to creditors across Australia.

According to Sunshine Coast Daily, documents obtained from
liquidator FTI Consulting showed that included AUD115,000 owed to
28 Sunshine Coast businesses.  The Australian Tax Office is owed a
further AUD72,700 and about 50 former employees are owed a total
of AUD45,000, with many saying they have also not been paid
superannuation since July last year.

Sunshine Coast Daily says documents sent out to more than 120
affected creditors revealed Cotton Tree Meats is owed AUD17,466,
Lend Lease Property Management AUD67,875, Suncoast Cabs AUD1,430
and Sunshine Coast Brewery AUD2,300.

Just a month before the nightclub closed, Raw Group Sunshine Plaza
Pty Ltd director Zeke Rowland and his wife, Claire de Lune, called
on Coast residents to support local business owners as they
"struggled to compete" with supermarket-owned hotels offering cut-
price drinks, according to the report.

The report relates that Ms. de Lune said the future of the
business had relied on the success of an investment that fell
through two days before the company had declared voluntary
insolvency.

"We thought we were having a cash injection," the report quotes
Ms. De Lune as saying.  "The investment fell through and there was
simply nothing we could do because we pinned everything on that
investment."

Ms. de Lune said she had personally been in contact with local
suppliers to discuss how she could repay them and was working on
"various design projects" to make it possible, the report relays.

Liquidator Nathan Landrey, of FTI Consulting, said he doubted any
creditors would receive money owed to them, Sunshine Coast Daily
adds.


RESIMAC BASTILLE 2015-1NC: Moody's Rates AUD3.6MM Notes at Ba2
--------------------------------------------------------------
Moody's Investors Service assigned the following provisional
rating to notes to be issued by Perpetual Trustee Company Limited
in its capacity as trustee of RESIMAC Bastille Trust Series 2015-
1NC.  The transaction is a securitisation of a portfolio of
Australian non-conforming and limited documentation housing loans
originated by RESIMAC Limited.

Issuer: RESIMAC Bastille Trust Series 2015-1NC

  -- AUD210.0 million Class A1 Notes, Assigned (P)Aaa (sf)

  -- AUD36.0 million Class A2 Notes, Assigned (P)Aaa (sf)

  -- AUD34.5 million Class B Notes, Assigned (P)Aa2 (sf)

  -- AUD4.5 million Class C Notes, Assigned (P)A2 (sf)

  -- AUD6.0 million Class D Notes, Assigned (P)Baa2 (sf)

  -- AUD3.6 million Class E Notes, Assigned (P)Ba2 (sf)

  -- AUD3.0 million Class F Notes, Assigned (P)B1 (sf)

The AUD 2.4 million Class G Notes is not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal with respect to the
Class A1, A2, B, C, D, E and F Notes by the legal final maturity.

The transaction is an Australian non-conforming RMBS secured by a
portfolio of residential mortgage loans.  A substantial portion of
the portfolio consists of loans extended to borrowers with
impaired credit histories (29.3%) or made on a limited
documentation basis (70.1%).

This is RESIMAC's 1st publicly issued term RMBS transaction for
2015. RESIMAC has been a relatively active securitiser in the
Australian market, having completed 29 Prime term transactions and
3 non-conforming transactions.

The provisional ratings take account of, among other factors:

- Class A1 Notes benefit from 30.0% credit enhancement (CE) and
Class A2 Notes benefit from 18.0% CE, while our MILAN CE
assumption, the loss we expect the portfolio to suffer in the
event of a severe recession scenario, is substantially lower at
14.40%.


Moody's expected loss for this transaction is 1.30%. The
subordination strengthens ratings stability, should the pool
experience losses above expectations.

- A liquidity facility equal to 2.1% of the aggregate invested
amount of the notes less the redemption fund balance, subject to a
floor of AUD 630,000;

- The experience of RESIMAC in servicing residential mortgage
portfolios. This is RESIMAC's 4th non-conforming securitisation,
which highlights the lender's experience as a manager and servicer
of securitised transactions.

- Interest rate mismatch arises when the movements of the 30-day
BBSW are not (simultaneously) passed on to the variable rate
loans. To mitigate the basis risk, the Trust Manager will
calculate the threshold rate for the variable rate loans to ensure
that the weighted average interest on all loans is at least the
rate required to meet the Trust's obligations (up to Class F
interest in the income waterfall), plus 0.25% p.a.

The key transactional and pool features are as follows:

- The notes will initially be repaid on a sequential basis
(although pro-rata between Class A Notes) until, amongst other
serial paydown triggers, the latter of: (1) the second anniversary
from closing; or (2) the Class A2 subordination has at least
doubled since the closing date. After that point, the Class A1,
A2, B, C, D, E, and F Notes will receive a pro-rata share of
principal payments (subject to additional conditions). The
principal pay-down switches back to sequential pay, if the
cumulative losses as a percentage of the original portfolio
balance reach 1%, or the aggregate invested amount of the notes
outstanding is greater than 30% of the aggregate invested amount
of the notes at the closing date or if there are any unreimbursed
charge-offs.

- The portfolio is geographically well diversified due to
RESIMAC's wide distribution network of brokers.

- The portfolio contains 29.3% exposure with respect to borrowers
with prior credit impairment (default, judgement or bankruptcy).
Moody's assesses these borrowers as having a significantly higher
default probability.

- 70.1% of loans in the portfolio were extended to borrowers on a
limited documentation basis. Of the 70.1% low documentation loans,
66.8% are classified as 'alternative documentation'. For these
alternative documentation loans RESIMAC performs additional
verification checks over and above the typical checks for a
traditional low documentation product. These checks include a
declaration of financial position and six months of bank
statements, Business Accounting Statements or GST returns. Given
the additional verification checks and the stronger arrears
performance, these alternative documentation loans have been
assessed to have a lower default frequency than standard low
documentation loans.

The principal methodology used in this rating was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
January 2015.

Moody's Parameter Sensitivities:

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process here the MILAN Aaa
CE and median expected loss - differed. The analysis assumes that
the deal has not aged. Parameter Sensitivities only reflect the
ratings impact of each scenario from a quantitative/model-
indicated standpoint.

Based on the current structure, if the MILAN CE Assumption was
21.60%, versus the 14.40% and the Moody's mean expected loss was
1.63% as opposed to 1.30%, the model-indicated rating for the
Class A1 Notes and Class A2 Notes would drop one notch to Aa1. The
over-subordination at closing reduces the probability of ratings
migration.

Moody's Mean Expected Loss Assumption has a stronger effect on the
more junior classes of notes. If Moody's MILAN CE remained
constant and the Expected Loss Assumption increased to 1.95%,
Class E and F notes would have three notches lower model-implied
ratings, Class C and D would be two notches lower and the Class B
Notes would be one notch lower.

Moody's ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors. Moody's
ratings are subject to revision, suspension or withdrawal at any
time at our absolute discretion. The ratings are expressions of
opinion and not recommendations to purchase, sell or hold
securities. Moody's issues provisional ratings in advance of the
final sale of securities and these ratings reflect Moody's
preliminary credit opinion regarding the transaction. Upon a
conclusive review of the final versions of all the documents and
legal opinions, Moody's will endeavour to assign a definitive
rating to the transaction. A definitive rating may differ from a
provisional rating.

Factors that would lead to an upgrade or downgrade of the rating:

A factor that could lead to a downgrade of the notes is worse-
than-expected collateral 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.

A factor that could lead to an upgrade of the notes is better-
than-expected collateral performance and a rapid build-up of
credit enhancement.


ROADWISE DOWNUNDER: First Creditors' Meeting Set For March 19
-------------------------------------------------------------
Glenn J Spooner and Daniel P Juratowitch of Cor Cordis Chartered
Accountants were appointed as administrators of Roadwise Downunder
Products Pty Ltd, trading as Road Wise Bull Bars, on March 6,
2015.

A first meeting of the creditors of the Company will be held at
Cor Cordis Chartered Accountants, Level 29, 360 Collins Street, in
Melbourne, on March 19, 2015, at 10:30 a.m.



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


CHINA GERUI: Receives Nasdaq Listing Non-Compliance Notice
----------------------------------------------------------
China Gerui Advanced Materials Group Limited, a high- precision,
cold-rolled steel producer in China, on March 10 disclosed that on
March 4, 2015, it received a written notice from the Listing
Qualifications department of The Nasdaq Stock Market indicating
that the Company is not in compliance with the minimum bid price
requirement of $1.00 per share set forth in Nasdaq Listing Rule
5450(a)(1) for continued listing on The Nasdaq Global Select
Market.

The Nasdaq Listing Rules require listed securities to maintain a
minimum bid price of $1.00 per share and, based upon the closing
bid price for the 30 consecutive business days ended March 3,
2015, the Company did not meet this requirement. China Gerui has
been provided a 180 day period, or until August 31, 2015, to
regain compliance. During this period, the closing bid price of
China Gerui's ordinary share must be at least $1.00 for a minimum
of ten consecutive business days to regain compliance.

In addition, following the initial 180 day period, China Gerui may
be eligible for an additional 180 day period to regain compliance,
subject to China Gerui, at that time, transferring its securities
to The Nasdaq Capital Market and satisfying certain other
requirements.

At present, China Gerui will strategically review its business
outlook and determine whether and how it can regain compliance
during the initial 180 day compliance period and will actively
monitor its performance with respect to the listing standards. The
Notice has no immediate effect at this time on the listing of the
Company's ordinary shares and will continue to trade on the Nasdaq
Global Select Market under the ticker symbol "CHOP."

        About China Gerui Advanced Materials Group Limited

China Gerui Advanced Materials Group Limited --
http://www.geruigroup.com-- is a niche and high value-added steel
processing company in China. The Company produces high-end,
high-precision, ultra-thin, high- strength, cold-rolled steel
products that are characterized by stringent performance and
specification requirements that mandate a high degree of
manufacturing and engineering expertise. China Gerui's products
are not standardized commodity products. Instead, they are
tailored to customers' requirements and subsequently incorporated
into products manufactured for various applications. The Company
sells its products to domestic Chinese customers in a diverse
range of industries, including the food and industrial packaging,
construction and household decorations materials, electrical
appliances, and telecommunications wires and cables.


KU6 MEDIA: Reports $39,000 Net Loss for Fourth Quarter
------------------------------------------------------
Ku6 Media Co., Ltd. reported a net loss of $39,000 on $3.46
million of total revenues for the three months ended Dec. 31,
2014, compared with a net loss of $26.8 million on $3.25 million
of total revenues for the same period in 2013.

For the 12 months ended Dec. 31, 2014, the Company reported a net
loss of $10.72 million on $8.58 million of total revenues compared
to a net loss of $34.4 million on $13.1 million of total revenues
in 2013.

As of Dec. 31, 2014, the Company had $5.63 million in total
assets, $9.76 million in total liabilities and a $4.13 million
total shareholders' deficit.

"I am pleased to announce the result of our fourth quarter and
fiscal year 2014," stated Mr. Xudong Xu, chief executive officer
of Ku6 Media. "2014 was not easy for us as we were experiencing
big changes in management team. Despite of changes, we achieved
gross profit in the fourth quarter of 2014 the first time since
the foundation of Ku6. We aim to continue to narrow our operating
cash deficit in 2015 in order to achieve a better operating result
in 2015."

                   Liquidity and Going Concern

The Company has made progress in 2014 with respect to cost control
initiatives and its objectives to increase both the amount of its
recurring revenue and the diversification of its revenue. The
Company achieved gross profit in the fourth quarter of 2014,
following a protracted period of gross losses, operating losses,
and net losses. Despite recent improvements, substantial doubts
still exist as to the Company's ability to continue as a going
concern, primarily due to uncertainties regarding (1) the
Company's ability to continue to generate improvements in
operating cash inflows, which depend on growth in revenues from
(i) Huzhong, the Company's new third party advertising agency
since late August 2014, and (ii) two cooperation agreements with
related party Qinhe; (2) the Company's ability to reduce its
operating cash outflows, such as through further administrative
and headcount-related cost control measures; and (3) the
availability and timing of additional financing with terms
acceptable to the Company. Growth in the Company's operating cash
inflows is principally dependent upon successful execution with
Huzhong and Qinhe resulting in growth in revenues therefrom, and
may also benefit from diversification to other sources of revenue.

A full-text copy of the Form 6-K Report is available for free at:

                        http://is.gd/qvJShu

                          About Ku6 Media

Ku6 Media Co., Ltd. -- http://ir.ku6.com/-- is an Internet video
company in China focused on User-Generated Content. Through its
premier online brand and online video website, www.ku6.com , Ku6
Media provides online video uploading and sharing service, video
reports, information and entertainment in China.

KU6 Media reported a net loss of $34.4 million in 2013, a net
loss of $9.49 million in 2012 and a net loss of $49.4 million in
2011.

PricewaterhouseCoopers Zhong Tian LLP, in Shanghai, the People's
Republic of China, issued a "going concern" qualification in its
report on the consolidated financial statements for the year ended
Dec. 31, 2013. The independent auditors noted that facts and
circumstances including recurring losses, negative working
capital, net cash outflows, and uncertainties associated with
significant changes planned to be made in respect of the Company's
business model raise substantial doubt about the Company's ability
to continue as a going concern.


SHIMAO PROPERTY: Moody's Says Ba2 CFR Unaffected by Bond Issuance
-----------------------------------------------------------------
Moody's Investors Service said that Shimao Property Holdings
Limited's announced tap bond offering on its 8.375% USD senior
notes due 2022, and issued on Feb. 3, 2015, will have no immediate
impact on its Ba2 corporate family rating and Ba3 senior unsecured
debt rating.

The outlook on the ratings remains stable.

The tap bond offering is subject to the same terms and conditions
as the February notes.

The proceeds from the proposed USD bonds will be used to refinance
Shimao's outstanding debt, fund existing and new projects, and for
general working capital requirements.

"The proposed bonds will further strengthen Shimao's liquidity
position and lengthen its debt maturity profile," says Franco
Leung, a Moody's Vice President and Senior Analyst.

The additional liquidity could also help prefund the company's
land acquisitions and repay some existing debt in order to reduce
average interest costs.

Shimao's cash to short-term debt was 167% at 30 June 2014, largely
unchanged from 166% at end-2013.

At June 30, 2014, Shimao's cash on hand totaled RMB21.1 billion.
This cash balance, together with the four-year syndicated loan of
USD736 million it took out in July 2014, adequately covers its
short-term debt of RMB12.7 billion maturing over the next 12
months and committed land payments.

After the bond issuance, Moody's expects Shimao's revenue/debt
ratio for the next 12-18 months to remain above 90%, which will
continue to support its Ba2 corporate family rating.

Shimao's Ba2 corporate family rating continues to reflect its (1)
diversified and well-located land bank; (2) pricing flexibility in
view of its low-cost land bank, and (3) high-quality investment
properties portfolio.

Upward rating pressure could emerge if Shimao (1) continues to
deliver robust sales growth; (2) maintains strong liquidity and
good access to domestic and offshore banks and to the capital
markets; (3) shows prudent financial management and land
acquisitions.

Credit metrics indicative of upward rating pressure include EBITDA
interest coverage above 4.0x and revenue/debt above 115%-120% on a
sustained basis.

On the other hand, downward rating pressure could emerge if (1)
the company is unable to sustain its solid sales track record; (2)
its liquidity position weakens; or (3) it embarks on aggressive
debt-funded land acquisitions.

Credit metrics indicative of downward rating pressure include
EBITDA interest coverage below 3x or revenue/debt below 85%-90% on
a sustained basis.

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

Shimao Property Holdings Limited is a Grand Cayman-incorporated
Chinese property developer listed on the Hong Kong Stock Exchange
in July 2006.  Together with its 64%-owned Shanghai A-share listed
subsidiary, Shanghai Shimao Co Ltd (unrated), the company had an
attributable land bank of 36.9 million square meters as of June
30, 2014, distributed across more than 40 cities mainly in eastern
and northeastern China.


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I N D I A
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AGH WIRES: CRISIL Assigns B+ Rating to INR70MM Long Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of AGH Wires Pvt Ltd (AWPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           55        CRISIL B+/Stable
   Long Term Loan        70        CRISIL B+/Stable

The rating reflects AWPL's modest scale of operations in the wire
manufacturing industry along with working-capital-intensive
operations. The rating also factor in the company's below-average
financial risk profile, marked by average gearing and debt
protection metrics. These rating weaknesses are partially offset
by the promoters' extensive experience in the wire manufacturing
industry and their established relationship with customers and
suppliers, and funding support from them.

Outlook: Stable

CRISIL believes that AWPL's business risk profile will benefit
from its promoters' extensive experience and established
relationships with customers over the medium term. The outlook
could be revised to 'Positive' if the company reports higher than
expected cash accruals or lower than expected working capital
requirements and thus improves its financial risk profile,
particularly liquidity. Conversely, the outlook may be revised to
'Negative' if there is significant decline in operating
profitability or weakening in its working capital management
leading to pressure on its liquidity and capital structure.

AWPL was incorporated in 2011 and manufactures aluminium (AL) and
copper (Cu) enamelled wires, which find application in industries
such as automobile, transformers and compressors. The company is
managed by Mr. Manish Goel (director of Shilpi Cable Technologies
Ltd, rated 'CRISIL BBB+/Stable/CRISIL A2'). AWPL's manufacturing
facility is in Bahadurgarh (Haryana).


AL MANAMA: CRISIL Reaffirms B+ Rating on INR80MM Cash Credit
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Al Manama
Wedding Center (Al Manama) continues to reflect its small scale of
operations in the intensely competitive and highly fragmented
retail industry and below-average financial risk profile marked by
small net worth and high gearing. These rating weaknesses are
partially offset by the promoters' extensive experience in the
retail industry.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           80        CRISIL B+/Stable (Reaffirmed)
   Rupee Term Loan       40        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Al Manama will continue to benefit from the
promoters' extensive industry experience, over the medium term.
The outlook may be revised to 'Positive' if the firm reports a
sustainable increase in its revenue and profitability and improves
its capital structure. Conversely, the outlook may be revised to
'Negative' if Al Manama's financial risk profile weakens with
significantly low cash accruals, or deterioration in its working
capital cycle, or large debt-funded capital expenditure.

Established in 2012, Al Manama runs a single retail textile and
cosmetics show room in Kollam and Karunagappally (Kerala). The
firm is promoted by Mr. Abdul Aziz and his family.


ANANTHA PVC: CARE Cuts Rating on INR8cr LT Bank Loan to B
---------------------------------------------------------
CARE revises/reaffirms rating assigned to the bank facilities of
Anantha Pvc Pipes Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     8          CARE B Revised from
                                            CARE BB- (Double B
                                            Minus)
   Short-term Bank Facilities    7          CARE A4 Re-affirmed

Rating Rationale
The revision in the long-term rating of Anantha PVC Pipes Private
Limited (APPPL) takes into account subdued financial performance
during FY14 (refers to the period April 1 to March 31) and
stretched working capital position led by extended collection
period during the year. The ratings continue to remain constrained
by the relatively small scale of operation, lower profitability
and cash accruals, risk associated with volatility in raw material
prices, working capital intensive nature of business and
fragmented nature of the industry with the presence of a large
number of unorganized small players which results in intense
competition. The ratings, however, are underpinned by experienced
promoter group, moderate capital structure and moderate industry
growth prospects. The ability of the company to improve the
profitability and cash accruals and improve the liquidity position
with efficient management of the working capital are the key
rating sensitivities.

APPPL, incorporated in 2006, is part of Nandyal-based (Andhra
Pradesh) Nandi group of companies. Promoted by Mr Sajjala Sreedhar
Reddy, APPPL is engaged in the business of manufacturing of rigid
polyvinyl chloride (PVC) pipes and fittings (installed capacity of
12,800 MTPA) at its facilities located at Hampapuram (Andhra
Pradesh). The products are widely used in irrigation,
telecommunication, potable water supplies, electrical industry,
construction industry, sewerage and drainage, etc. Besides, the
company is also engaged in trading of resins and chemicals.
The Nandi group, promoted by Mr S.P.Y Reddy, is a South India-
based industrial house having diversified business interest such
as cement, dairy, PVC pipes, construction, etc.

During FY14, APPPL reported PBILDT of INR3.50 crore (FY13 -
INR3.53 crore) and PAT of INR0.48 crore (FY13 - INR0.58 crore) on
a total operating income of INR60.80 crore (FY13 - INR73.87
crore).


AURANGABAD THERMOCOL: CRISIL Places B Rating on INR70MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Aurangabad Thermocol Plates & Containers Pvt Ltd
(ATPPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           10        CRISIL B/Stable
   Rupee Term Loan       70        CRISIL B/Stable

The rating reflects the company's exposure to risks related to
project stabilisation, to high competition due to fragmented
nature of the industry, and to raw material price fluctuations.
These rating weaknesses are partially offset by the long-standing
presence of ATPPL's promoters in the disposable kitchenware
industry.

Outlook: Stable

CRISIL believes that ATPPL will benefit over the medium term from
its promoters' extensive experience in the disposable kitchenware
industry. The outlook may be revised to 'Positive' if there is
substantial and sustained improvement in revenues and
profitability margins, post stabilisation of its operations.
Conversely, the outlook may be revised to 'Negative' if ATPPL is
unable to ramp up its operations, resulting in low accruals or
deterioration in its working capital cycle, leads to stretched
liquidity.

ATTPL is a private limited company incorporated in 2013. The
company manufactures thermocol disposable plates, cups, food
packing containers, and electronic goods packaging. The
manufacturing facility is set up in Chitegaon, Aurangabad
(Maharashtra).


BLDE ASSOCIATION: CRISIL Reaffirms B+ Rating on INR336MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of BLDE
Association (BLDE) continues to reflect BLDE's exposure to
regulatory risks associated with educational institutions and
exposure to intense competition from other educational institutes.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             60       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term     336       CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan              144       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the association's
established regional position in the education system, diversified
course offerings, healthy occupancy levels across various
disciplines, and its above-average financial risk profile.

Outlook: Stable

CRISIL believes that BLDE will continue to benefit over the medium
term from its established regional market position and wide range
of courses it offers. The outlook may be revised to 'Positive' in
case BLDE is able to achieve sustainable improvement in its scale
of operations while maintaining its healthy profitability and
capital structure. Conversely, the outlook may be revised to
'Negative' if BLDE undertakes any sizeable debt-funded capital
expenditure programme, causing its financial risk profile to
deteriorate, or if it faces any regulatory change, impacting its
student intake or cash accruals.

BLDE was set up in 1910 by Mr. P G Halakatti and Mr. Banthanal
Mahaswamijee to provide educational facilities to the poor and
socially backward populace of Vijayapura (Karnataka). BLDE started
a school, Shri Siddheshwar High School, in Vijayapura in 1917. It
gradually expanded its range of educational courses and now
manages 74 educational institutions in and around Vijayapura,
offering kindergarten to postgraduate and research courses in the
arts, science, commerce, management, medicine, nursing, law, and
engineering streams.

The BLDE group consists of BLDE and BLDE University. BLDE
University was established in 2008 and offers postgraduate and
undergraduate courses in medicine.


ESSO FAB: ICRA Assigns SP 4D Grading on Weak Financial Strength
---------------------------------------------------------------
ICRA has assigned a 'SP 4D' grading to Esso Fab Tech Private
Limited (EFTPL), indicating the 'Weak Performance Capability' and
'Weak Financial Strength' of the channel partner to undertake off-
grid solar projects. The grading is valid for a period of two
years from January 23, 2015 after which it will be kept under
surveillance.

Grading Drivers

Strengths
   * Extensive experience of the promoter in various industries
   * Moderate order book position

Risk Factors
   * Relatively limited presence in the solar space
   * Current scale of operations remains small, resulting in
     limited bargaining power with buyers and suppliers
   * Large number of organized/ unorganized players indicating
     high level of competition may lead to difficulties in
     getting new contracts and may pressurize margins
   * Weak financial risk profile of the company characterized by
     small scale and low margins
   * Low net worth base of the company of INR0.01 crore as on
     March 31st, 2014

Fact Sheet
Year of Establishment: 2011
Office Address: Plot No 131/A, Phase-1, Nr Krimy, GIDC, Vithal
                Udyognagar, Anand-388121
Directors:
Mr. Omprakash Tiwari
Mr. Purinder Tiwari
Mr. Vivek Tiwari

Esso Fab Tech Private Limited was established in 2012 as a Private
Limited company engaged in the business of assembly, fabrication
and installation of solar panels, solar street lights and home
lights, execution of on-grid and off-grid roof-top and ground
mount projects on EPC basis. The company has installed projects
across the states of Gujarat, Uttar Pradesh and Rajasthan. The
promoters have installed projects totaling to 0.84 MW (of which
around 0.36 MW is installed by EFTPL since commencement of solar
related operations in FY13).

The current product profile of the firm includes fabrication,
assembly and installation of PV module based roof top and ground
mounted power systems, home lighting systems, street lighting
systems, solar power packs and other appliances. The company
markets its product through online B2B websites and other online
portals, while the government contracts are acquired by way of
direct tendering.

Promoter Track Record: The promoters of the company have a
moderate experience in the solar space. Despite its limited
experience the company has trained its personnel's to fabricate
and install solar lighting systems and power packs. EFTPL was
incorporated in 2012, with operations comprising of assembling,
fabrication and installation of solar PV based instruments like
roof top and ground mounted solar power systems, solar home
lighting systems, street lighting systems and power packs. EFTPL
has executed projects for prestigious government bodies and
private entities and continues to secure similar orders in the
states of Gujarat, Rajasthan and Uttar Pradesh. The promoter of
EFTPL; Mr. Omprakash Tiwari is a graduate and has a total working
experience of ~25 years out of which he has spent ~5 years in the
renewable solar space. Other promoters viz -- Mr. Purinder Tiwari
and Mr. Vivek Tiwari also have wide experience in various
industries and are involved in day to day operations of the
company. The promoters have installed solar projects totaling to
0.84 MW in the last three years via its various entities.

  * Technical competence and adequacy of manpower: The promoters
have demonstrated limited technical ability by installing solar
projects across several states totaling to about 0.84 MW (0.36 MW
in EFTPL) since inception. The total technical personnel strength
at present remains at about 16, which seems adequate for its
present nature and size of the projects undertaken. Moreover, the
company also hires ~50 laborers on casual/contract basis. At
present EFTPL procures raw materials from various vendors and the
company has adequately experienced and qualified management team
who look after the project management, sales and marketing
activities.

   * Quality of suppliers and tie ups: The company procures
modules, structural components and inverters from reputed
suppliers locally. Solar panels are procured from Mumbai based
supplier-, inverters are mostly procured from Pune based supplier
while steel and other components are procured from Ahmedabad based
suppliers. EFTPL enjoys healthy working relationship with most of
these suppliers. The company shortlists the vendors based on
product certifications, quality parameters, and the service levels
which suppliers can provide.

   * Customer and O&M Network: EFTPL has executed various orders
amounting to an installed capacity of 0.36 MW of solar PV based
lighting systems, power packs and other appliances several states.
The clientele include reputed government and semi government
bodies apart from private customers. Timely execution, quality
deliverables and prompt after sales service for the project
executed has resulted in satisfactory feedback from the clients.
The company also sells through online B2B websites and other e-
commerce portals. Currently, EFTPL operates a small O&M team; it
also provides O&M facilities through Gujarat Energy Research and
Management Institute (GERMI). The company has entered into a tie-
up with GERMI to provide post installation services.

Financial Strength - Weak
Revenues: INR0.19 Cr. for FY2014 (Audited)
Return on Capital Employed (RoCE): 11.96%
Total Outside Liabilities/Tangible Net worth: 14.51 times
Interest Coverage Ratio

Net-Worth
The net-worth of the company is INR0.01 crore as on 31st March
2014. The net-worth of Mr. Omprakash Tiwari stood at INR10.21
crore as on December 31, 2014.

Current Ratio: 1.07 times

Relationship with bankers:
Company has availed of current account and vehicle loan.

The overall financial profile of the firm is weak.


IFMR CAPITAL: ICRA Assigns C+(SO) Rating to INR8cr PTC Series A3
----------------------------------------------------------------
Conditional ratings of [ICRA]A-(SO), [ICRA]BBB-(SO) and
[ICRA]C+(SO) have been assigned to PTC Series A1, PTC Series A2
and PTC Series A3 respectively, issued by IFMR Capital Mosec
Boreas 2015, a Special Purpose Vehicle (SPV). The PTCs are backed
by a pool of microfinance loan receivables, originated by Asirvad
Microfinance Private Limited (Asirvad), Chaitanya India Fin Credit
Private Limited (Chaitanya), Future Financial Servicess Limited
(FFSL), Saija Finance Private Limited (Saija), Sahayog
Microfinance Limited (Sahayog), Sonata Finance Private Limited
(Sonata), S V Creditline Private Limited (SVCL), Svasti
Microfinance Private Limited (Svasti) and Varam Capital Private
Limited (Varam) (collectively referred to as Originators).

                    Amount    Payout
   Description     (INR cr)   Maturity        Rating
   -----------     --------   --------        ------
   PTC Series A1     85.63    November 2016   [ICRA]A-(SO)
   PTC Series A2      5.98    November 2016   [ICRA]BBB-(SO)
   PTC Series A3      8.00    November 2016   [ICRA]C+(SO)

The conditional ratings are subject to the fulfillment of all
conditions under the structure, due diligence audit of the pool,
review by ICRA of the documentation pertaining to the transaction
and receipt by ICRA of a legal opinion on the transaction from the
transaction legal counsel. The conditional ratings are based on
the strength of cash flows from the selected pool of contracts;
the credit enhancement available in the form of (i) cash
collateral of 6.42% expressed as % of pool principal, and (ii)
subordination of 14.03% of the discounted value of aggregate pool
cashflows for PTC A1 and 8.03% of the discounted value of
aggregate pool cashflows for PTC A2; and the integrity of the
legal structure. The ratings are however constrained by ICRA's
view on the credit quality of the Servicers, given the operations-
intensive nature of the MFI business and the difficulty in
instituting an alternate servicing mechanism.

The selected pool consists of unsecured micro loans (less than or
equal to INR50,000 each) given by the Originators, to borrowers
with weak economic profile under a Joint Liability Group (JLG)
model. The share of the 9 individual sub-pools of Asirvad,
Chaitanya, FFSL, Sahayog, Saija, Sonata, SVCL, Svasti and Varam in
the aggregate issue size is 10%, 5%, 12%, 14%, 13%, 27%, 3%, 12%
and 3% of the total pool principal respectively. The presence of
multiple Originators provides the overall pool a reasonable
geographical diversity, with the pool spread across multiple
states. Moreover, having 9 Servicers in the transaction is more
beneficial when compared to a pool that is being serviced by a
single Servicer, where disruption of the Servicer can have a
bearing on the overall pool collections going ahead. The aggregate
pool is characterized by weekly, fortnightly and monthly repaying
contracts with moderate seasoning, moderate residual tenure of
contracts (about 21 months) and no overdue on the selected loans
as of cut-off date.

According to the transaction structure, the entire pool of
selected contracts will be assigned to a Special Purpose Vehicle
(Trust) at premium. The Trust will issue three series of PTCs
backed by the receivables. The upfront purchase consideration to
be paid by PTC A1 to the Trustee will be 85.97% of the discounted
pool cashflows i.e. INR85.63 crore, that payable by PTC A2 to the
Trustee will be 5.00% of the discounted pool cashflows i.e.
INR5.98 crore while that payable by PTC A3 to the Trustee will be
remaining 8.03% of the discounted pool cashflows i.e. INR8.00
crore.

Though the pool would be receiving cashflows on a weekly/
fortnightly/ monthly basis, payouts to the PTCs would be made on a
monthly basis. Every month, only the interest payment is promised
to PTC A1 and that to PTC A2, after PTC A1 is over. The principal
repayment to PTC A1 and to PTC A2 is promised on the Final
Maturity Date. However, the balance monthly excess cashflow --
excess of collections from the loan pool over the scheduled
monthly PTC A1 payouts -- will be first utilised for expected
payment of principal of PTC A1 till it is fully paid down and
residual cashflows to A2 as interest. After PTC A1 is completely
amortised, the balance monthly excess cashflow -- excess of
collections from the loan pool over the scheduled monthly PTC A2
payouts, would be utilised for payment of principal of PTC A2 till
it is paid off. After PTC A1 and PTC A2 have been fully paid out,
all the cashflows will be passed on to PTC A3 first by way of
principal amortization and later by way of yield. Any payment to
PTC A3 would be made only after both PTC A1 and A2 are completely
paid out.

Based on the analysis of the past performance of the microfinance
loan portfolio of all the originators and the expected future
performance of the selected pool of loans, ICRA believes that the
credit support provided has been adequately sized to cover the
credit/liquidity risk in the transaction.

About the Originators

Asirvad Microfinance Private Limited (Asirvad)

Asirvad has a rating of [ICRA]BBB-(stable) outstanding from ICRA
for its long term debt instruments and has been assigned a
microfinance grading of M2 by ICRA. As on December 2014, Asirvad
was concentrated in 37 districts in the state/Union Territory of
Tamil Nadu, Puducherry, Kerala, Odisha and Gujarat, with a
portfolio size of INR241 crore. As on December 2014, the 0+
delinquency level for the overall portfolio of Asirvad was 0.12%.

Future Financial Servicess Limited (FFSL)

Future Financial Servicess Ltd (FFSL) (rated [ICRA]BBB(stable) for
its long term bank facilities and assigned Microfinance grading of
M2+ by ICRA) is an NBFC involved in microfinance activities, with
presence in the states of Karnataka, Tamil Nadu, Andhra Pradesh,
Gujarat, Madhya Pradesh and Puducherry. As on December 2014, FFSL
was present in 173 branches spread over 30 districts in these
states with a portfolio size of INR325 crore. The company has
portfolio of INR20.5 crore over 3 districts of the state of AP,
where it has discontinued the operations. As on December 2014, the
0+ dpd for the company is 6.67%, while the same for company's non-
AP portfolio stands at about 0.82%.

Sahayog Microfinance Limited (Sahayog)

Sahayog Microfinance Limited (Sahayog) is a Madhya Pradesh based
MFI that aims to provide access to financial services to such
people, especially women, who are underserved by the formal
financial agencies. The company is headquartered in Bhopal and as
on December 2014, Sahayog has 77 branches and a portfolio of INR90
crore (as per provisional financial statements), which is majorly
concentrated in Madhya Pradesh with a small share in Maharashtra,
Gujarat and Chattisgarh. 0+ dpd levels for Sahayog are low at
around 0.57% as on December 2014.

Saija Finance Private Limited (Saija)

Saija Finance Private Limited was formed in April 2008 and was
granted the NBFC-MFI license in December 2013 by RBI. As of
December 2014, Saija had a portfolio of INR99 crore. The portfolio
of Saija is primarily concentrated in the state of Bihar. Though
Saija has exposure to the state of Jharkhand, their portfolio is
small in this state. ICRA has a rating outstanding of
[ICRA]BB+(stable) on the long term debt of the company and has
assigned a grading of M2 to Saija in March 2014. As on
December 2014, the 0+ delinquency level for the overall portfolio
of Saija was 0.39%.

Sonata Finance Private Limited (Sonata)

Sonata Finance Private Limited (Sonata) (rated [ICRA]BBB-(stable)
for its long term bank facilities and assigned Microfinance
grading of M2+ by ICRA) is a Microfinance Institution (MFI) that
was incorporated in 1995 and registered as Non Deposit taking NBFC
in 2001. The microfinance operations of the company were started
in 2006 by Mr. Anup Kumar Singh, who is the Managing Director of
the company at present. Since its inception, Sonata has raised
funds from social investors (institutional and individuals)
including Caspian Advisors Private Limited and Michael & Susan
Dell Foundation (MSDF). As of December 2014, Sonata had operations
in 199 branches across 6 states of India- Uttar Pradesh, Madhya
Pradesh, Uttaranchal, Rajasthan, Bihar and Haryana with a
portfolio size of INR439 crore. The 0+ dpd levels for Sonata was
low at around 0.48% as on Dec-14.

SV Credit Line Private Limited (SVCL)

SVCL started its operations in 2010 and was established by the
acquisition of an existing NBFC - Mantrana Finlease Limited, which
was engaged in financing of Commercial Vehicles. Subsequent to
that, the company was acquired in September 2008 and renamed as SV
Creditline Private Limited (SVCL). The company is engaged in
microfinance operations in the states of Madhya Pradesh, Uttar
Pradesh, Rajasthan, Uttraranchal and Bihar, with a total portfolio
of INR284 crore across 60 districts through a network of 102
branches as on December 2014. As on December 2014, the 0+
delinquency level for overall the portfolio of SVCL was very low
at 0.42%.

Svasti Microfinance Pvt Ltd (Svasti)

Svasti Microfinance Pvt Ltd (Svasti) is a Mumbai based MFI that
aims to provide comprehensive financial services to the low income
segments of society in Mumbai. The company is headquartered in
Mumbai and as on December 2014, Svasti has operations out of 11
branches and a portfolio of INR43.9 crore. The company has
exhibited strong asset quality since inception with the 0+ dpd
levels for Svasti being negligible at 0.06% as on December 2014.

Varam Capital Private Limited (Varam)

Varam Capital Private Limited (formerly Karpaga Ganapathi
Investments Private Limited) was hence acquired in 2011 and
started its operation since September 2011. Varam achieved the
status of NBFC-MFI status in December 2013. As on December 2014,
Varam had operations in five districts in the state of Tamil Nadu
with a portfolio size of INR30.5 crore. Varam had nil delinquency
levels as on December 2014.


IFMR CAPITAL MOSEC: ICRA Rates INR11.02 PTC Series A2 'B-(SO)'
--------------------------------------------------------------
Conditional ratings of [ICRA]BBB(SO) and [ICRA]B-(SO) have been
assigned to PTC Series A1 and PTC Series A2 respectively, issued
by IFMR Capital Mosec Aethon 2015, a Special Purpose Vehicle
(SPV). The PTCs are backed by a pool of microfinance loan
receivables, originated by Annapurna Microfinance Private Limited
(AMPL), Future Financial Servicess Limited (FFSL), Intrepid
Finance and Leasing Private Limited (Intrepid), Sahayog
Microfinance Limited (Sahayog), Saija Finance Private Limited
(Saija), Sonata Finance Private Limited (Sonata) and S V
Creditline Private Limited (SVCL) (collectively referred to as
Originators).

                    Amount    Payout
   Description     (INR cr)   Maturity        Rating
   -----------     --------   --------        ------
   PTC Series A1     89.22    December 2016   [ICRA]BBB(SO)
   PTC Series A2     11.02    December 2016   [ICRA]B-(SO)

The conditional ratings are subject to the fulfillment of all
conditions under the structure, due diligence audit of the pool,
review by ICRA of the documentation pertaining to the transaction
and receipt by ICRA of a legal opinion on the transaction from the
transaction legal counsel. The conditional ratings are based on
the strength of cash flows from the selected pool of contracts;
the credit enhancement available in the form of (i) Cash
Collateral (CC), (ii) subordination of 11.00% of the discounted
value of aggregate pool cashflows for PTC A1; and the integrity of
the legal structure. The ratings are however constrained by ICRA's
view on the credit quality of the Servicers, given the operations-
intensive nature of the MFI business and the difficulty in
instituting an alternate servicing mechanism.

The selected pool consists of unsecured micro loans (less than or
equal to INR50,000 each) given by the Originators, to borrowers
with weak economic profile under a joint liability model. The
share of the individual sub-pools of AMPL, FFSL, Intrepid,
Sahayog, Saija, Sonata and SVCL to the aggregate pool principal is
12%, 11%, 6%, 12%, 9%, 26% and 24% (in value terms) respectively.
The presence of multiple Originators provides the overall pool a
reasonable geographical diversity, with the pool spread across 14
states. Moreover, having 7 Servicers in the transaction is more
beneficial when compared to a pool that is being serviced by a
single Servicer, where disruption of the Servicer can have a
bearing on the overall pool collections going ahead. The aggregate
pool is characterized by weekly, fortnightly and monthly repaying
contracts with high seasoning, moderate residual tenure of
contracts (21 months) and no overdue on the selected loans as of
cut-off date.

According to the transaction structure, the entire pool of
selected contracts will be assigned to a Special Purpose Vehicle
(Trust) at premium. The Trust will issue two series of PTCs backed
by the receivables. The upfront purchase consideration to be paid
by PTC A1 to the Trustee will be 89.00% of the discounted pool
cashflows i.e. INR89.22 crore, while that payable by PTC A2 to the
Trustee will be 11.00% of the discounted pool cashflows i.e.
INR11.02 crore.

Though the pool would be receiving cashflows on a weekly/
fortnightly/ monthly basis, payouts to the PTCs would be made on a
monthly basis. Every month, only the interest payment is scheduled
to be paid to PTC A1. The principal repayment to PTC A1 is
scheduled to be paid on the Final Maturity Date. However, the
balance monthly excess cashflow excess of collections from the
loan pool over the scheduled monthly PTC payouts will be first
utilised for payment of principal of PTC A1 till it is fully
paid down. After PTC A1 has been fully paid out, all the cashflows
will be passed on to PTC A2 first by way of principal amortization
(till the principal balance falls to INR10,000) and later by way
of yield. On the last payment date, PTC A2 would be paid the
residual interest (such that the target yields is achieved) and
payment of INR10,000 towards PTC A2 principal, together. Any
payment to PTC A2 would be made only after PTC A1 is completely
paid out.

Based on the analysis of the past performance of the microfinance
loan portfolio of all the originators and the expected future
performance of the selected pool of loans, ICRA believes that the
credit support provided has been adequately sized to cover the
credit/liquidity risk in the transaction.

About the Originators

Annapurna Microfinance Private Limited (AMPL)

Annapurna Microfinance Private Limited (AMPL) was started as
Mission Annapurna by People's Forum (the parent organisation) to
carry out the microfinance activities of People's Forum. People's
Forum has been in operations since 1994 and is engaged in wide
array of developmental activities for the poor including
microfinance, healthcare, women empowerment, agricultural and
allied services training etc. Mission Annapurna was subsequently
converted to an NBFC (AMPL) in Financial Year (FY) 2008-09 after
acquisition of a Gwalior based Microfinance Company. AMPL operates
mainly in rural areas and semi-urban areas with a small presence
in urban areas. The company is present primarily in the state of
Orissa with a reasonable presence in Chhattisgarh, Maharashtra,
Madhya Pradesh and Jharkhand with a portfolio size of INR286 crore
as on December 2014. As on December 2014, 0+ delinquency for
overall the portfolio of AMPL was low at 0.12%.The company has a
rating of [ICRA]BBB-(stable) outstanding from ICRA for its long
term debt instruments.

Future Financial Servicess Limited (FFSL)

Future Financial Servicess Ltd (FFSL) (rated [ICRA]BBB(stable) for
its long term bank facilities and assigned Microfinance grading of
M2+ by ICRA) is an NBFC involved in microfinance activities, with
presence in the states of Karnataka, Tamil Nadu, Andhra Pradesh,
Gujarat, Madhya Pradesh and Puducherry. As on December 2014, FFSL
was present in 173 branches spread over 30 districts in these
states with a portfolio size of INR325 crore. The company has
portfolio of INR20.5 crore over 3 districts of the state of AP,
where it has discontinued the operations. As on December 2014, the
0+ dpd for the company is 6.67%, while the same for company's non-
AP portfolio stands at about 0.82%

Intrepid Finance & Leasing Private Limited (Intrepid/FINO)

Intrepid Leasing and Finance Private Limited (rated
[ICRA]BB+(positive) for its long term bank facilities) is a
Microfinance institution and a Non-deposit accepting NBFC
registered with Reserve Bank of India. ILFPL was acquired by FINO
PayTech (FINO) in 2010 to originate microfinance loans on the
books of the NBFC. Intrepid is currently operational in the states
of Maharashtra, UP, MP, Bihar and Karnataka, with a portfolio size
of INR82 crore as on December 2014. As on December 2014, the 0+
delinquency level for the overall portfolio of Intrepid was 0.26%.

Sahayog Microfinance Limited (Sahayog)

Sahayog Microfinance Limited (Sahayog) is a Madhya Pradesh based
MFI that aims to provide access to financial services to such
people, especially women, who are underserved by the formal
financial agencies. The company is headquartered in Bhopal and as
on December 2014, Sahayog has 77 branches and a portfolio of INR90
crore (as per provisional financial statements), which is majorly
concentrated in Madhya Pradesh with a small share in Maharashtra,
Gujarat and Chattisgarh. 0+ dpd levels for Sahayog are low at
around 0.57% as on December 2014.

Saija Finance Private Limited (Saija)

Saija Finance Private Limited was formed in April 2008 and was
granted the NBFC-MFI license in December 2013 by RBI. As of
December 2014, Saija had a portfolio of INR99 crore. The portfolio
of Saija is primarily concentrated in the state of Bihar. Though
Saija has exposure to the state of Jharkhand, their portfolio is
small in this state. ICRA has a rating outstanding of
[ICRA]BB+(stable) on the long term debt of the company and has
assigned a grading of M2 to Saija in March 2014. As on December
2014, the 0+ delinquency level for the overall portfolio of Saija
was 0.39%.

Sonata Finance Private Limited (Sonata)

Sonata Finance Private Limited (Sonata) (rated [ICRA]BBB-(stable)
for its long term bank facilities and assigned Microfinance
grading of M2+ by ICRA) is a Microfinance Institution (MFI) that
was incorporated in 1995 and registered as Non Deposit taking NBFC
in 2001. The microfinance operations of the company were started
in 2006 by Mr. Anup Kumar Singh, who is the Managing Director of
the company at present. Since its inception, Sonata has raised
funds from social investors (institutional and individuals)
including Caspian Advisors Private Limited and Michael & Susan
Dell Foundation (MSDF). As of December 2014, Sonata had operations
in 199 branches across 6 states of India- Uttar Pradesh, Madhya
Pradesh, Uttaranchal, Rajasthan, Bihar and Haryana with a
portfolio size of INR439 crore. The 0+ dpd levels for Sonata was
low at around 0.48% as on Dec-14.

SV Credit Line Private Limited (SVCL)

SVCL started its operations in 2010 and was established by the
acquisition of an existing NBFC - Mantrana Finlease Limited, which
was engaged in financing of Commercial Vehicles. Subsequent to
that, the company was acquired in September 2008 and renamed as SV
Creditline Private Limited (SVCL). The company is engaged in
microfinance operations in the states of Madhya Pradesh, Uttar
Pradesh, Rajasthan, Uttraranchal and Bihar, with a total portfolio
of INR284 crore across 60 districts through a network of 102
branches as on December 2014. As on December 2014, the 0+
delinquency level for overall the portfolio of SVCL was very low
at 0.42%.


INTEGRATED THERMOPLASTICS: CARE Cuts INR7.5cr Loan Rating to D
--------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Integrated Thermoplastics Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    7.00        CARE D Re-affirmed
   Term Loans (i)

   Long-term Bank Facilities    7.50        CARE D Revised from
   Cash Credit (ii)                         CARE C

   Short-term Bank              6.50        CARE D Revised from
   Facilities (iii)                         CARE A4

Rating Rationale
The reaffirmation of rating assigned to bank facilities (i) and
revision in the ratings of the bank facilities (ii) and (iii)
referred above takes into account the delays in servicing of debt
obligations led by stretched liquidity position of the company.

Incorporated in 1994, Integrated Thermoplastics Ltd (ITL),
erstwhile Torrent Thermo-Plastics Limited, was originally promoted
by Mr Simon Joseph and Mr S V Raghu. Later, during FY06, ITL was
acquired by the current Chairman, Mr S P Y Reddy. A part of
Nandyal-based (Andhra Pradesh)Nandi Group of companies, ITL is
engaged in the manufacturing of fabricate Polyvinyl Chloride (PVC)
pipes and fittings, tubes, bends etc. (installed capacity of
15,000 MTPA) at its facilities located at Medak District
(Telangana).

During FY14 (refers to the period of April 1 to March 31),
ITLreported PBILDT of INR2.13 crore (FY13: INR4.55 crore) and net
loss of INR1.38 crore (as against net profit in FY13: INR0.35
crore) on a total operating income of INR36.02 crore (FY13:
INR69.11 crore).

During H1FY15, the company reported net loss and cash loss of
INR3.30 crore and INR3.10 crore respectively.


JET GRANITO: CARE Reaffirms B+ Rating on INR41.16cr LT Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of Jet
Granito Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    41.16       CARE B+ Reaffirmed
   Short-term Bank Facilities    7.36       CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Jet Granito Private
Limited (JGPL) continue to remain constrained on account of its
recently undertaken debt-funded expansion project to increase the
installed capacity, leveraged capital structure due to the
expansion project and modest scale of operations in the
competitive tile industry with linkages to the real estate sector.
The ratings are further constrained by its weak liquidity position
and susceptibility of margins to fluctuation in raw material and
fuel prices.

The ratings, however, continue to draw strength from the
experience of the promoters and advantage of location being close
to the ceramic tile hub of Gujarat.

The ability of JGPL to successfully implement the debt-funded
project, increase the scale of operations along with an
improvement in profitability and liquidity position and better
working capital management are the key rating sensitivities.

Incorporated in March 2006, Morbi-based (Gujarat) Jet Granito
Private Limited (JGPL) is engaged in the manufacturing of
vitrified tiles of 600 mm x 600 mm (24"X24"), 800 mm x 800 mm
(32"X32") and 1000 mm x 1000 mm (40"X40") sizes and ceramic wall
and floor tiles. It commenced its operations in 2008. JGPL is ISO-
9001:2008 certified and JGPL's manufacturing facility is located
at Morbi in Rajkot district which is the ceramic tile
manufacturing hub of Gujarat. Over the years, JGPL has increased
the installed manufacturing capacity from 35,000 MTPA till 2009 to
75,000 metric tones per annum (MTPA) of vitrified tiles as on
March 31, 2014.

As per the audited results for FY14, JGPL reported a net profit of
INR0.72 crore on a total operating income (TOI) of INR70.88 crore
as against TOI of INR64.63 crore and net profit of INR0.67 crore
during FY13. During 10MFY15, JGPL achieved the turnover of
INR67.81 crore.


JUGAL KISHORE: CRISIL Reaffirms B+ Rating on INR19MM Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Jugal Kishore
Kashmiri Lal (JKKL; part of the Jugal Kishore group) continue to
reflect the Jugal Kishore group's small scale of operations and
low operating profitability due to the trading nature of its
activities.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            19       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      100       CRISIL A4 (Reaffirmed)

The ratings also factor in the group's below-average financial
risk profile, marked by a highly leveraged capital structure and
weak debt protection matrices. These rating weaknesses are
partially offset by the extensive experience of the group's
promoters in the timber-trading industry and its diversified
customer base.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of JKKL and Sadhu Ram Jai Prakash (SRJP).
This is because the two entities, together referred to as the
Jugal Kishore group, have financial linkages, are under a common
management, and share the same marketing network.

Outlook: Stable

CRISIL believes that the Jugal Kishore group will continue to
benefit over the medium term from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
the group efficiently manages its working capital requirements
while significantly improving its revenue and profitability,
resulting in a substantial increase in its net cash accruals.
Conversely, the outlook may be revised to 'Negative' if the Jugal
Kishore group's financial risk profile, particularly its
liquidity, deteriorates, most likely because of low net cash
accruals or a considerable increase in its working capital
requirements.

The Jugal Kishore group began operations in 1992 in Jind
(Haryana), with SRJP, a proprietorship concern of Mr. Rakesh Goel.
Later, on, the promoter's family established JKKL, a partnership
concern. The group processes and trades in timber, mainly hard
wood. It is based in Jind, with its processing facilities at
Gandhidham (Gujarat).

JKKL, on a standalone basis, reported a profit after tax (PAT) of
INR1.5 million on net sales of INR334.4 million for 2013-14
(refers to financial year, April 1 to March 31), against a PAT of
INR0.7 million on net sales of INR299.7 million for 2012-13.


K.G. INDUSTRIES: CRISIL Reaffirms B Rating on INR190MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of
K.G. Industries (KGI) continues to reflect KGI's weak financial
risk profile, marked by high gearing, a small net worth, and weak
debt protection metrics.

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

   Proposed Long Term
   Bank Loan Facility     10        CRISIL B/Stable (Reaffirmed)

   Term Loan              10        CRISIL B/Stable (Reaffirmed)

The rating also factors in the firm's large working capital
requirements, small scale of operations, and exposure to risks
relating to regulatory changes, vagaries in the monsoon, and
fluctuations in raw material prices. These rating weaknesses are
partially offset by the extensive experience of KGI's promoters in
the rice processing industry.

Outlook: Stable

CRISIL believes that KGI's financial risk profile will remain weak
over the medium term because of its large working capital
requirements and small net worth. The outlook may be revised to
'Positive' if KGI's operating margin and scale of operations
increase considerably, while it manages its incremental working
capital requirements prudently leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the firm's operating margin declines further, or if
it contracts large debt to fund capital expenditure.

KGI processes and sells basmati and parmal rice. Its facility in
Jalalabad (district Bhatinda, Punjab) has a milling and sorting
capacity of 8 tonnes per hour.

For 2013-14, KGI reported a book profit of INR3.1 million on net
sales of INR462.2 million, against a book profit of INR0.6 million
on net sales of INR389 million for 2012-13.


KAIZEN AUTOCARS: CARE Assigns B Rating to INR10.98cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B' rating to bank facilities of Kaizen Autocars
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    10.98       CARE B Assigned

Rating Rationale
The ratings of Kaizen Autocars Private Limited (KAPL) are tempered
by operations in highly cyclical and competitive auto industry,
low bargaining power being an auto dealer and nascent stage of
operations of the company.

The aforesaid constraints are partially offset by the strength
derived from experienced promoters and established market position
of its principal, Honda Cars India Limited (HCIL), in the
passenger vehicle segment.

The ability of the company to stabilize its operations and achieve
the envisaged sales and profitability levels is the key rating
sensitivity.

Established in 2013, Kaizen Autocars Private Limited (KAPL) is an
authorized dealer for the four wheelers of HCIL in Solapur and
Latur (Maharashtra). The operations for the Solapur showroom
started from July 2014 and for Latur the showroom is expected to
start from April 2015.

The promoters have an experience of over one decade in the auto
dealer industry. Prior to the incorporation of KAPL the promoters
were engaged in the auto dealership for Honda two wheelers through
the group concern of KAPL viz. 'Kaizen Motors'.


KALPATHARU BREWERIES: CRISIL Puts B Rating on INR50MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Kalpatharu Breweries and Distilleries Private
Limited (KBDPL).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Term Loan               40         CRISIL B/Stable
   Cash Credit             50         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      10         CRISIL B/Stable

The rating reflects the weak financial risk profile of the company
marked by highly leveraged capital structure and subdued debt
protection metrics. The rating also factor in KBDPL's modest scale
of, and working capital intensive operations and its
susceptibility to regulatory risks in the Indian Made Foreign
Liquor (IMFL) segment. These rating weaknesses are partially
offset by the extensive industry experience of KBDPL's promoters.

Outlook: Stable

CRISIL believes that KBDPL will benefit over the medium term from
the extensive experience of its promoters in the industry. The
outlook may be revised to 'Positive' if KBDPL's revenues increase
significantly, while improving its profitability and capital
structure. Conversely, the outlook may be revised to 'Negative',
if any regulatory changes adversely impact the company's revenues
and margins or if the company undertakes a large debt funded
capital expenditure programme or there is stretch in its working
capital cycle, leading to further deterioration in the financial
risk profile.

Incorporated in 2010, KBDPL is an IMFL producer and markets its
own brand of liquor comprising of whisky, gin, rum and brandy. It
also undertakes bottling activity for third party brands. Located
at Sompura, Karnataka, the company is promoted and managed by Mr.
S. Kantappa.

For 2013-14 (refers to financial year, April 1 to March 31), KBDPL
reported net losses of INR1.3 million on net sales of INR79
million; the company reported net losses of INR11.2 million on net
sales of INR48 million for 2012-13.


KRITIKA VEGETABLE: ICRA Suspends D Rating on INR12.5cr Bank Loan
----------------------------------------------------------------
ICRA has suspended the rating of [ICRA]D assigned to the INR12.50
crore bank facilities of Kritika Vegetable Oils Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


LANCO KONDAPALLI: CRISIL Reaffirms D Rating on INR30.15BB Loan
--------------------------------------------------------------
CRISIL's ratings on Lanco Kondapalli Power Ltd's (LKPL) bank
facilities continue to reflect its inability to service its debt
in a timely manner because of liquidity constraints.


                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit          1,055.5       CRISIL D (Reaffirmed)

   Letter of credit &   4,240         CRISIL D (Reaffirmed)
   Bank Guarantee

   Long Term Loan      30,150         CRISIL D (Reaffirmed)

Liquidity constraints are mainly due to lack of fuel supply from
the Krishna-Godavari (KG) basin for Phase II and Phase III. LKPL
has approached its lenders for extension of moratorium of payments
for Phase II and Phase III until expected improvement in supply
from KG basin from 2017-18. Surplus cash flows from Phase I are
not sufficient to meet the repayment obligations of the other
phases. Hence, CRISIL believes that until LKPL completes the
restructuring of its debt and is able to arrange for sustainable
sources of fuel for Phase II and Phase III it will continue to
face difficulty in meeting its debt repayment obligations.

The ratings are also weighed down by the increasing proportion of
merchant power in the total power sales mix of LKPL. These
weaknesses are partially offset by LKPL's assured returns from
Phase I of its project because of the take-or-pay nature of its
power purchase agreements with offtakers (the distribution
companies of Andhra Pradesh).

LKPL is an independent power producer located at Kondapalli
Industrial Development Area near Vijayawada (Andhra Pradesh). The
company has an installed capacity of 734.14 megawatts. LKPL was
promoted by the Lanco group; Eastern Generation Ltd, UK;
Commonwealth Development Corporation; and Doosan Heavy
Engineering, Korea. Phase I of the project was commissioned in
October 2000 at a cost of INR11 billion, and Phase II in August
2010 at a cost of INR11.88 billion. LKPL is currently implementing
the third phase of its merchant power project at Kondapalli
(Andhra Pradesh). While the project implementation risks have
diminished significantly, competitive pricing is the key, which in
turn is dependent on gas availability.

As part of the Lanco group's reorganisation plans, Lanco Infratech
Ltd (LITL; rated 'CRISIL D/CRISIL D') acquired a 25.1 per cent
stake in LKPL from Globeleq Holding (Kondapalli) Ltd in July 2006
for a consideration of USD30 million. Consequently, LKPL became a
subsidiary of LITL.


MG TEX: CARE Reaffirms B+ Rating on INR8.23cr LT Bank Loan
----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
MG Tex Fab Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     8.23       CARE B+ Reaffirmed
   Short-term Bank Facilities    0.16       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of MG Tex Fab Private
Limited (MTF) continue to remain constrained on account of its
small scale of operations in the highly fragmented industry,
susceptibility of profit margins to volatility in raw material
price and financial risk profile marked by moderate profit
margins, leveraged capital structure and modest debt coverage
indicators and liquidity position.

The ratings, however, continue to derive comfort from the
experience of the promoters in the textile industry and its
presence in Surat (Gujarat) which is one of the largest textile
hubs of India. The ratings also factor in the increase in
operating income and cash accruals along with improvement in
capital structure and debt coverage indicators during FY14 (refers
to the period April 1 to March 31).

MTF's ability to increase its scale of operations, improvement in
the profit margins and capital structure along with better working
capital management in the light of competitive nature of the
industry are the key rating sensitivities.

Incorporated in 2007, MG Tex Fab Private Limited (MTF) is engaged
in the manufacturing of grey fabrics (viz French crepe, velvet,
raw silk and metty pc) from yarn. The company has undertaken a
phase-wise project to manufacture grey fabric in early FY12. MTF
operates from its manufacturing facilities located at Surat
(Gujarat) with an installed capacity of 120 lakh meters per annum
as on March 31, 2014. Although, MTF was incorporated in 2007, the
production commenced from October 2011, when a phase of the
project was completed. The entire project was completed in the
month of December 2012. The key raw material i e cotton and
polyester yarn is sourced entirely from domestic market (mainly
Surat) and the revenues are also entirely earned from the domestic
market (mainly from Gujarat, Rajasthan & Maharashtra).

During FY14, MTF reported a total operating income (TOI) of INR22
crore and PAT of INR0.51 crore as against TOI of INR9.36 crore and
net loss of INR0.25 crore during FY13. As per 10MFY15
(provisional) financials, MTF has reported TOI of INR23.04 crore.


NAYAAB JEWELS: CARE Assigns D Rating to INR18.50cr LT Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Nayaab
Jewels.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    18.50       CARE D Assigned
   Short term Bank Facilities    0.30       CARE D Assigned

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

The ratings of Nayaab Jewels assigned to the bank facilities
factor in the ongoing delays in debt servicing.

Established in the year 2003, Nayaab Jewels is engaged in the
manufacturing and designing of all types of gems, diamonds,
precious and semi-precious stone-studded jewellery in gold, silver
and platinum. The firm is promoted by Mr Upendra Bothra and Mrs
Manali Bothra. Mr Upendra Bothra is a third-generation
entrepreneur having a presence in the gems and jewellery business
segment from the year 1961. While Mrs Manali Bothra hails from the
Lalwani family engaged in the manufacturing and designing under
the brand name of "Rajmal Lakhichand Jewellers" having presence
across Maharashtra. Thus, being in the industry from a very young
age, Mrs Manali Bothra has a long-standing experience in the gems
and jewellery segment. The firm has two showrooms situated in
Jaipur and Mumbai spread across an area of 5,000 square feet and
2,500 square feet, respectively, along with a manufacturing
facility in Jaipur.

In FY14 (refers to the period April 1 to March 31), the firm
reported a total income INR34.46 crore and a PAT of INR0.22
crore as against the total income of INR42.57 crore with a PAT of
INR0.07 crore in FY13.


NIRUPAMA COLD: CRISIL Ups Rating on INR57.7MM Cash Loan to B
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Nirupama Cold Storage Pvt Ltd (NCSPL) to 'CRISIL B/Stable' from
'CRISIL B-/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          57.7       CRISIL B/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Proposed Long Term    6.8       CRISIL B/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B-/Stable')

   Term Loan            16         CRISIL B/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Working Capital      10         CRISIL B/Stable (Upgraded
   Facility                        from 'CRISIL B-/Stable')

The rating upgrade reflects moderate improvement in NCSPL's
business risk profile, with expected revenue of INR50 million in
2014-15 (refers to financial year, April 1 to March 31), backed by
a marginal increase in storage capacity and upward revision of
storage rates. The company's bank limit utilisation remains
moderate, averaging 54 per cent over the seven months through
October 2014. NCSPL's annual cash accruals, expected at INR8.5
million to INR10 million, will be comfortable to meet its annual
debt obligations of INR3.8 million, over the medium term. However,
the company's timely repayment of its term loan will remain a key
rating sensitivity factor.

The rating reflects NCSPL's weak financial risk profile, marked by
a small net worth, high gearing, and weak debt protection metrics.
The rating also factors in the company's exposure to risks related
to the highly regulated and fragmented nature of the cold storage
industry in West Bengal. These rating weaknesses are partially
offset by the extensive experience of NCSPL's promoters in the
cold storage business.

Outlook: Stable

CRISIL believes NCSPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company efficiently
manages its farmer credit financing, and significantly scales up
its operations and profitability. Conversely, the outlook may be
revised to 'Negative' if NCSPL's liquidity weakens because of
delays in repayments by farmers, low cash accruals, or large debt-
funded capital expenditure.

NCSPL was set up in 1997 by Mr. Sunil Kumar Mal and his family
members. The company has a cold storage facility for potatoes,
with a capacity of 219,000 tonnes, in Bankura (West Bengal).


P. H. WOVEN: CARE Assigns 'B' Rating to INR8cr Long Term Loan
-------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of P. H. Woven
Sacks Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       8        CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of P. H. Woven Sacks
Private Limited (PWSPL) are primarily constrained on account of
project implementation and stabilisation risk associated with the
new manufacturing unit, susceptibility of its operating margin to
cotton price fluctuations, seasonality associated with the cotton
industry, presence in highly fragmented industry with limited
value addition and prices and supply for cotton being highly
regulated by government.

The above constraints are partly offset by the wide experience of
partners in cotton industry and location advantage with presence
in cotton-producing region of Gujarat.

PWSPL's ability to complete the project within envisaged time and
cost parameters and stabilise its business operations by
commencing commercial production and establishing customer base is
the key rating sensitivity. Furthermore, achieving envisaged level
of sales and profitability in light of competition from large
players and raw material price fluctuation risk would also remain
crucial.

PWSPL is a private limited company established in March 2013. Mr
Rajnikant Patel, Mr Piyush Patel and Mr Prahladbhai Patel are the
key promoters of the company. All the promoters have wide
experience in the field of oil mill and ginning line from 2002 to
2007 and are associated with the partnership firm Akshat Polymers
involved in manufacturing of HDPE and PP fabrics and sacks.
Initially, the main objective of establishing PWSPL was for the
manufacturing of HDPE/PP woven sacks and fabrics, but considering
the existing capacity of Akshat Polymers and booming period for
ginning and oil industries with more government benefits (Interest
rate subsidy upto 5%, 25% subsidy of eligible investment under
Technology mission on cotton from Central government, income tax
benefits and electricity available at subsidised rate), the
company changed the main objective to manufacturing of cotton
bales and cotton seeds oil with their by-products.

PSWPL has proposed to set up a manufacturing facility for the
purpose of cotton ginning, pressing and oil extraction worth
INR8.07 crore which will be funded through a term loan of INR2
crore, deposits of INR1.56 crore and the promoter's capital of
INR4.51 crore. PWSPL has even applied for a cash credit limit of
INR6 crore to meet its working capital requirements.


P.S. SETH: CRISIL Reaffirms B Rating on INR170MM Cash Credit
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of P.S. Seth Sons
Jewellers Pvt Ltd (PSSJPL) continues to reflect its small scale of
operations along with geographical concentration and low
profitability levels, and its weak financial risk profile marked
by a high gearing and below-average debt protection metrics.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           170        CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by its promoters'
extensive experience in the diamond-studded and gold jewellery
business, and its established relationships with customers and
suppliers.

Outlook: Stable

CRISIL believes that PSSJPL will continue to benefit over the
medium term from its promoters' extensive experience in the
diamond-studded and gold jewellery business. The outlook may be
revised to 'Positive' if the company significantly improves its
financial risk profile aided by better margins or equity infusion
by its promoters. Conversely, the outlook may be revised to
'Negative' if it undertakes, large debt-funded capital
expenditure, or significant lengthening of its working capital
cycle.

Update
The company's revenue declined 45 per cent year-on-year to around
INR1.36 billion in 2013-14 (refers to financial year, April 1 to
March 31); the revenue decline has been mainly on account to the
macro-economic developments in gold industry leading to a limited
supply of gold. The company's operating margin increased by around
130 basis points to 2.2 per cent in 2013-14 on account of
proportionate increase in the revenue through the manufacturing
and whole selling of gold, precious stones and diamond studded
jewellery, and due to scarcity of gold the company was able to
charge premium. The revenue is expected to be moderate with
expected revenue for 2014-15 in the range of INR1.5-1.7 billion,
while its operating margin is expected to be sustained at low
levels.

The company's operations have modest working capital requirements
as reflected in its gross current asset (GCA) of around 69 days as
on March 31, 2014; the GCA days have been at similar levels in the
past. These GCA days emanates from the company's inventory of
around 53 days and receivables of 9 days. However due to its low
profitability, the dependency on bank borrowings remains high and
as a result, the company's average bank limit utilisation has been
high at around 95 per cent for the 12 months ended in October
2014. The company's working capital requirements are expected to
remain at same levels.

PSSJPL's net worth is also estimated to remain low at around
INR32.3 million, as on March 31, 2014 thereby limiting its
financial flexibility to meet any exigency. The company has high
debt levels towards funding its working capital requirements;
this, coupled with low net worth levels, has resulted in high
total outside liabilities to tangible net worth ratio of around
7.15 times as on March 31, 2014. On account of its low
profitability and high dependency on bank borrowings, the TOL/TNW
is expected to remain above 6 times over the near term.

PSSJPL, established in 2007, is in the business of manufacturing
and wholesaling gold, precious stones, and diamond-studded
jewellery. The company is promoted by Mr. Pradeep Seth and his
son, Mr. Sandip Seth, who look after its day-to-day operations.
PSSJPL has its showroom at Amritsar (Punjab).


PGH INTERNATIONAL: CARE Revises Rating on INR49.32cr Loan to B
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
PGH International Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     49.32      Revised from CARE B
                                            to CARE D and then
                                            upgraded to CARE B

Rating Rationale

The revision in the rating of PGH International Private Limited
(PGH) to CARE D [Single D] is on account of delay in servicing of
its debt obligation in September 2014 due to liquidity stress on
account of inordinate delay in execution of its shopping and
entertainment project owing to prolonged monsoon in FY14 (refers
to the period April 1 to March 31) and major fire outbreak in June
2014 at its premises. The subsequent rating upgrade factors in
satisfactory servicing of interest liability of its project-
specific term loan after applying for re-schedulement of term loan
repayment in October 2014.

The rating continues to remain constrained by high implementation
and saleability risk of the large-size green-field project due to
significant time overrun along with modest booking status. The
project also involves a large capital outflow and has a long
payback period.

The rating, however, draws strength from the experienced and
resourceful promoters' group. The ability of PGH to complete the
project without further delay, successfully lease out the
commercial/entertainment space at favourable rates and maintain
occupancy level thereafter would be the key rating sensitivities.

Incorporated in 2003, PGH (erstwhile known as NM International Pvt
Ltd) is developing a shopping and entertainment project by the
name 'People's World' at Bhopal. PGH was initially engaged in film
production activities which were subsequently discontinued.

The project is spread across 14.38 acres of land area (land owned
by the promoter, Mr Suresh Vijaywargia) and is located at Bhanpur,
Bhopal (Madhya Pradesh). Total construction area of 'People's
World' is 86,915 square metres and is envisaged to cost INR187.97
crore; to be funded through a term loan of INR50 crore, promoters'
contribution of INR127.97 crore and the balance INR10 crore
through customer advances. The company has entered into a
development agreement with the promoter and the revenue surplus
would be shared as 40:60 between Mr Suresh Vijaywargia and PGH.
PGH is also developing banquet for events, adventure sports arena,
film city, tourist attractions, water park, hotel, resort, etc.
adjacent to the present project site, on the land area of about 85
acres. The banqueting facility and water park and multiplex
(operated by Mukta Arts) has commenced operations from Q3FY15.
However, due to the fire incident in June 2014, operations of
shopping area has been delayed by almost 9 months from the earlier
estimates and now envisaged to start from Q1FY16.


PRADESH STATE: CARE Reaffirms D Rating on INR2,2513.53cr Loan
-------------------------------------------------------------
CARE reaffirms rating assigned to bank facilities of Andhra
Pradesh State Road Transport Corporation.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities   2,513.53     CARE D Reaffirmed

Rating Rationale

The rating assigned to back facilities of Andhra Pradesh State
Road Transport Corporation (APSRTC) continues to remain
constrained on account of delays in servicing of debt obligations.

APSRTC was established on January 11, 1958, in pursuance of the
Road Transport Corporations Act, 1950, with an objective of
providing road transport facilities in the state of Andhra Pradesh
(AP) and neighbouring states. The corporation was started with
contributions from the Government of Andhra Pradesh (GoAP) and
central government in the form of interest-bearing loan capital
which was later converted into equity capital in the year 1992. As
on March 31, 2013, GoAP has 67% stake and Government of India has
33% stake in the corporation.

APSRTC reported a total operating income of INR7,711.48 crore
(INR6,749.92 crore in FY12) and a net loss of INR80.71 crore
(INR585.31 crore in FY12) in FY13 (FY refers to period April 01 to
March 31).


RAJ KISHORE: CRISIL Assigns B+ Rating to INR125MM Bank Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Raj Kishore Developers Private Limited (RKDPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term       125        CRISIL B+/Stable
   Bank Loan Facility

CRISIL's rating on the long-term bank facilities of RKDPL reflect
the exposure to risks related to completion and saleability of its
ongoing projects and its susceptibility to risks inherent in the
real estate industry. These rating weaknesses are partially offset
by the extensive experience of RKDPL's promoters in the
construction industry and their proven project execution
capabilities.

Outlook: Stable

CRISIL believes that RKDPL will benefit over the medium term from
its promoters' extensive experience in the construction industry.
The outlook may be revised to 'Positive' if the company completes
its projects earlier than expected or in case of more-than-
expected sales realisations from ongoing project, leading to
larger-than-expected cash flows. Conversely, the outlook may be
revised to 'Negative' if there are any delays in the execution of
the project or in the receipt of advances from customers, thereby
impacting its financial risk profile.

Incorporated in 2007, RKDPL is a Chennai (Tamil Nadu) based
residential real estate Development Company. The company's
operations are managed by the director, Mr. S. Rajasekaran.


ROYAL TREXIM: CRISIL Reaffirms B+ Rating on INR45MM Bank Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Royal Trexim Pvt Ltd
(RTPL) continue to reflect RTPL's modest scale of operations in
the competitive and fragmented steel products trading industry.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           30       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      75       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    45       CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the company's below-average financial
risk profile, marked by small net worth, and below-average debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of RTPL's promoters in the steel
products trading industry.

CRISIL has treated RTPL's unsecured loans of INR15.8 million
outstanding as on March 31, 2014, extended by the promoters, as
neither debt nor equity. This is because the unsecured loans are
subordinated to the bank debt, and will remain in the business
over the medium term.

Outlook: Stable

CRISIL believes that RTPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if substantial growth in
revenue and improvement in profitability resulting in stronger
cash accruals for RTPL. Significant improvement in financial risk
profile backed by improved working capital cycle may also result
in a 'Positive' outlook. Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile deteriorates,
most likely due to increase in working capital requirements or
lower-than-expected profitability.

Established in 2002 and based in New Delhi, RTPL trades in ferrous
scrap and secondary steel products such as hot- and cold-rolled
coils, iron sheets and tin mill products. The company is promoted
by Mr. Anil Chhabra and his family.


SADGURU SRI: CRISIL Ups Rating on INR450.2MM Term Loan to B-
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sadguru Sri Sri Sakhar Karkhana Ltd (SSSSKL) to 'CRISIL B-/Stable'
from 'CRISIL D'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term     269.8       CRISIL B-/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL D')

   Term Loan              450.2       CRISIL B-/Stable (Upgraded
                                      from 'CRISIL D')

The rating upgrade reflects SSSSKL's track record of servicing its
debt in time over the past four months, backed by fund support
from its promoters and its improving liquidity following the
commencement of sale of power from its cogeneration plant. CRISIL
believes that SSSSKL's liquidity will improve over the medium
term, driven by increase in sugarcane crushing capacity and higher
revenue from sale of cogeneration power.

The rating reflects SSSSKL's weak financial risk profile, marked
by high gearing and weak debt protection metrics, and its
susceptibility to cyclicality in the sugar industry. These rating
weaknesses are partially offset by the favourable location of
SSSSKL's unit in terms of adequate availability of sugarcane in
its command area, and the funding support that the company
receives from its promoters.

Outlook: Stable

CRISIL believes that SSSSKL will benefit over the medium term from
its increasing sugarcane crushing capacity and co-generation power
sale. The outlook may be revised to 'Positive' if the company
reports a substantial increase in its cash accruals and prudently
manages its working capital requirements, leading to sustainable
improvement in its liquidity. Conversely, the outlook may be
revised to 'Negative' if SSSSKL's liquidity and debt servicing
ability deteriorate, most likely because of low cash accruals or
additional debt-funded capital expenditure.

SSSSKL was incorporated in 2010; it has five promoters. The
company operates a sugarcane crushing unit with capacity of 3300
tonnes per day and a 12-megawatt co-generation plant at Rajewadi
in Sangli (Maharashtra). It commenced operations in sugar season
2012-13.

SSSSKL reported a net loss of INR152 million on net sales of
INR1172 million for 2013-14 (refers to financial year, April 1 to
March 31), as against a net loss of INR36 million on net sales of
INR70 million for 2012-13.


SADHU RAM: CRISIL Reaffirms B+ Rating on INR19MM Cash Credit
------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Sadhu Ram Jai
Prakash (SRJP; part of the Jugal Kishore group) continue to
reflect the Jugal Kishore group's small scale of operations and
low operating profitability due to the trading nature of its
activities.

                     Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           19       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit     100       CRISIL A4 (Reaffirmed)

The ratings also factor in the group's below-average financial
risk profile, marked by a highly leveraged capital structure and
weak debt protection matrices. These rating weaknesses are
partially offset by the extensive experience of the group's
promoters in the timber-trading industry and its diversified
customer base.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SRJP and Jugal Kishore Kashmiri Lal
(JKKL). This is because the two entities, together referred to as
the Jugal Kishore group, have financial linkages, are under a
common management, and share the same marketing network.

Outlook: Stable

CRISIL believes that the Jugal Kishore group will continue to
benefit over the medium term from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
the group efficiently manages its working capital requirements
while significantly improving its revenue and profitability,
resulting in a substantial increase in its net cash accruals.
Conversely, the outlook may be revised to 'Negative' if the Jugal
Kishore group's financial risk profile, particularly its
liquidity, deteriorates, most likely because of low net cash
accruals or a considerable increase in its working capital
requirements.

The Jugal Kishore group began operations in 1992 in Jind
(Haryana), with SRJP, a proprietorship concern of Mr. Rakesh Goel.
Later, on, the promoter's family established JKKL, a partnership
concern. The group processes and trades in timber, mainly hard
wood. It is based in Jind, with its processing facilities at
Gandhidham (Gujarat).

SRJP, on a standalone basis, reported a profit after tax (PAT) of
INR 0.4 million on net sales of INR307.3 million for 2013-14
(refers to financial year, April 1 to March 31), against a PAT of
INR0.3 million on net sales of INR341.7 million for 2012-13.


SARASWATI TIMBER: CARE Reaffirms B+ Rating on INR6.62cr LT Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Saraswati Timber Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    6.62        CARE B+ Reaffirmed
   Long-term /Short-term Bank   1           CARE B+/CARE A4
   Facilities                               Reaffirmed

Rating Rationale
The ratings assigned to Saraswati Timber Private Limited (STPL)
continue to be constrained by its small scale of operations and
weak financial risk profile characterized by leveraged capital
structure, weak debt service coverage indicators and stressed
liquidity indicators. The ratings also factor in the working
capital intensive nature of operations, intense competition given
the highly fragmented nature of the industry and susceptibility of
its margins to fluctuation in raw material prices.

The ratings, however, continue to draw strength from the
experienced promoters and group support.

Going forward, STPL's ability to scale up its operations while
improving capital structure and profitability margins along with
prudent working capital management shall be the key rating
sensitivities.

Incorporated in 1998, STPL is promoted by Mr Surendra Kumar, Mr
Akash Kapoor and Mr Arjun Puri. The company started its commercial
operations in July 2011 and is engaged in the manufacturing of
footwear products like slippers, sandals, flip flops, etc. The
manufacturing facility of the company is located at Bahadurgarh,
Haryana, with an installed capacity of 36 lakh pairs of footwear
per annum as on March 31, 2014. The company has its own in-house
ethylene vinyl acetate (EVA) compounding unit and manufactures EVA
sheets from EVA granules. The main raw material of the company is
rubber, which is procured domestically as well as imported from
China. STPL sells its products domestically under the brand name
'Fizik' through a network of dealers as well as through large
retail players. Besides STPL, other group companies include Ace
Footmark Private Limited (AFPL), Focus Shoes Private Limited and
NR Footwear Private Limited which are engaged in the trading &
manufacturing of footwear products.

STPL has reported a net profit of INR0.43 crore on a total
operating income of INR28.17 crore during FY14 (refers to the
period April 1 to March 31). During FY15, the company achieved
total income of around INR25 crore till January 31, 2015.


SAT INDER: CRISIL Reaffirms B+ Rating on INR40MM Cash Credit
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sat Inder Constructions
Pvt Ltd (SICPL) continue to reflect SICPL's modest scale of
operations in the intensely competitive construction industry and
the company's working-capital-intensive operations. These rating
weaknesses are partially offset by the extensive experience of
SICPL's promoters in the construction business.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          25       CRISIL A4 (Reaffirmed)

   Cash Credit             40       CRISIL B+/Stable (Reaffirmed)

   Proposed Bank           20       CRISIL A4 (Reaffirmed)
   Guarantee

   Proposed Cash
   Credit Limit            10       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       5       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SICPL will, over the medium term, maintain
its business risk profile backed by its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
the company strengthens its credit risk profile through greater
geographical diversification or if it registers improved revenue
and profitability leading to higher cash accruals, and improves
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if SICPL's financial risk profile weakens because of
weak liquidity driven by low profitability or cash accruals, or
lengthening of the working capital cycle, or large debt-funded
capital expenditure programmes.

Update
SICPL's business risk profile remains stable, marked by a marginal
improvement in operating income to INR163.6 million in 2013-14
(refers to financial year, April 1 to March 31) from INR134.2
million in 2012-13. In 2014-15 as well, the company has booked
revenue of INR150 million and expects to generate year-end revenue
of INR200 million backed by a healthy order book of INR430 million
over the medium term. Despite slightly higher turnover during
2013-14, SICPL's profitability decreased to 7.02 per cent in 2013-
14 from 9.36 per cent in 2012-13.

The company's financial risk profile remains average on account of
a small net worth of INR34.8 million and moderate gearing of 1.12
times as on March 31, 2014, and an interest coverage ratio of 2.6
times in 2013-14. Its operations remain working capital intensive
because of the high requirement of funds for security deposits and
earnest money deposits. The company has gross current assets of
133 days as on March 31, 2014.

SICPL's liquidity remains adequate, with a bank limit utilisation
of around 84 per cent over the eight months through January 2015.
The cash accruals of INR11 million remain adequate for the
repayment of car loans.

SICPL, reported a profit after tax (PAT) of INR4.1 million on net
sales of INR163.6 million for 2013-14, as against a PAT of INR5.3
million on net sales of INR134.2 million for 2012-13.

Inder Constructions, a partnership concern formed in 1984 by Batth
family, was reconstituted as a private limited company, SICPL, in
February 2013 by Mr. Inder Pall Singh Batth. SICPL undertakes
civil construction activities (roads and infrastructural works)
for government entities such as Central Public Works Department
(CPWD) and Indian Institute of Technology (IIT), Kharagpur, among
others in Odisha and West Bengal.


SATMAN AUTOMOBILES: CARE Assigns B+ Rating to INR15cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' ratings to bank facilities of Satman
Automobiles Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     15          CARE B+ Assigned

Rating Rationale
The rating assigned to Satman Automobiles Private Limited (SAP) is
primarily constrained by its short track record and modest scale
of operations, its weak financial risk profile with leverage
capital structure and working capital-intensive nature of business
operations. The rating is further constrained by pricing
restrictions and margin pressure arising out of competition from
various auto dealers in the market and fortunes linked to
performance of Skoda Auto India Private Limited.

The rating, however, draws comfort from the experienced promoter
in automobile dealership industry coupled with expected revival of
demand in passenger vehicles segment for automobiles.

The ability of the company to increase its scale of operations
while improving its capital structure shall be the key rating
sensitivities.

SAP was incorporated in 2012 by Ms Meghna Haren Choksey and Mr
Konark Nanda. The company is currently being managed by Ms Meghna
Haren Choksey, Mr Konark Nanda and Mr Kunal Ramchandani.

It is engaged in the business of automobile dealership 3S (sales,
service and spares). SAP is an authorised dealer of Skoda Auto
India Private Limited (SAIPL) vehicles. The company was appointed
dealer for sales and service of passenger vehicles for SAIPL in
2012 and commenced operations with single showroom in June 2012.
The showroom has attached workshop facility for the post sales
services of cars at Okhla, New Delhi.


SBEM PVT: CRISIL Reaffirms B+ Rating on INR30MM Term Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of SBEM Pvt Ltd (SBEM)
continue to reflect SBEM's modest scale of operations, large
working capital requirements, and below-average financial risk
profile constrained by modest net worth. These rating weaknesses
are partially offset by the extensive industry experience of
SBEM's promoters and its established relationship with major
customers and suppliers.

                           Amount
   Facilities             (INR Mln)      Ratings
   ----------             ---------      -------
   Bank Guarantee              10        CRISIL A4
   Cash Credit                 25        CRISIL B+/Stable
   Foreign Exchange Forward    10        CRISIL A4
   Letter of Credit             5        CRISIL A4
   Term Loan                   30        CRISIL B+/Stable

Outlook: Stable

CRISIL believes that SBEM will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the company's scale of operations and
profitability, leading to higher cash accruals, along with
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' in case of low cash accruals or
significantly large working capital requirements or debt-funded
capital expenditure, resulting in further pressure on SBEM's
liquidity.

Update
For 2014-15 (refers to financial year, April 1 to March 31), SBEM
is expected to register a growth of 10 per cent in sales over the
previous year's sales of INR128 million, broadly in line with
CRISIL's expectation; SBEM has recorded sales in excess of INR100
million in the 10 months ended January 31, 2015. Its operating
margin is estimated at historical levels of around 13 per cent for
2014-15. SBEM's operations remain working-capital-intensive,
driven by extension of large credit to its customers and
maintenance of high inventory. SBEM, on average, had high bank
limit utilisation, in excess of 90 per cent. While it has
initiated measures such as supply against letter of credit to
reduce delays in realisation of debtors, the same is yet to alter
the working capital cycle.

SBEM has below-average financial risk profile constrained by
modest net worth of INR27.5 million as on March 31, 2014. While
the gearing has improved from past high levels to about 1 time as
on March 31, 2014, SBEM's modest net worth constrains the
available financial flexibility. For the current year, the net
worth is estimated to remain modest, despite some improvement, at
about INR35 million with gearing remaining below 1 time. SBEM's
debt protection metrics are moderate, with estimated interest
coverage and net cash accruals to total debt ratios of 3.8 times
and 0.5 times, supported by capitalisation of research and
development expenses.

Incorporated in 1974, SBEM manufactures customised process control
instruments, such as level indicators and controllers, and
provides tank gauging solutions. It also manufactures customised
flow measurement and metering instruments. These products find
application in the power and steel industries, oil refineries,
water treatment units, and ships and submarines. SBEM derives most
of its revenue from level indicators and controllers and tank
gauging solutions. It also has an in-house research and
development centre. SBEM's manufacturing facilities are in Pune
(Maharashtra); it has sales and service offices in Delhi, Mumbai,
Chennai, and Kolkata.


SHREE SUDARSHAN: CRISIL Reaffirms B+ Rating on INR61.8MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Shree Sudarshan
Polyfab (SSP, part of  the Adinath Group's {AG}) continues to
reflect its working capital intensive operations, and its
susceptibility to volatility in raw material prices in the
intensely competitive segment.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           34.7       CRISIL B+/Stable (Reaffirmed)
   Rupee Term Loan       61.8       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the improving
operating efficiency, and average financial risk profile supported
with continued funding support from promoters.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SSP and Shree Adinath Woven Sacks
Private Limited (SAWSPL), together referred to as the AG. This is
because both the entities are in the same line of business, under
a common management, and have fungible cash flows.
Outlook: Stable

CRISIL believes that the AG will continue to benefit over the
medium term from the sound product demand and strong support from
its promoters. The outlook may be revised to 'Positive' if there
is substantial increase in the group's scale of operations and/or
profitability, coupled while maintaining its capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
significant increase in its working capital requirements and/or if
it undertakes a large, debt-funded capital expenditure (capex)
programme affecting its financial risk profile.

Update
For 2013-14 (refers to financial year, April 1 to March 31), AG
reported an operating income of INR611.9 million against INR574
million during a year earlier. The scale of operations grew
moderately at 6 per cent year-on-year (y-o-y) due to sluggish
demand during the same year. Over the medium term, CRISIL believes
the firm will report moderate growth of 8 to 10 per cent, due to
moderate demand. For 2013-14, AG's operating profitability
declined y-o-y to 5.3 per cent, due to deterioration in its gross
margins lead by increase in its raw materials (poly propylene
chips) costs. The operating margins of AG are susceptible to
volatility in raw material prices and hence; are in the range of
4.9 to 8.2 per cent during the past five years ended in 2013-14.
However, in the current year 2014-15, the profitability is
expected to improve to 6-7 per cent backed by recent dip crude
prices leading to drop in its raw material costs and thereby
expansion in the margins. Over the medium term the group's
operations are expected to continue remaining working capital
intensive with gross current assets (GCA) at 100 to 120 days.

As on March 31, 2014 the gearing of the AG had deteriorated to
2.34 times against 1.72 times a year earlier, marked by high
reliance on bank debt for funding its increased working capital
requirement. Also due to deterioration of its operating
profitability; its debt protection metrics continue to remain
below average with interest coverage and net cash accruals to
total debt (NCATD) at 1.5 times and 0.04 times respectively for
the year 2013-14.The liquidity profile is supported by moderate
cushion between net cash accruals and term debt repayment
obligations, promoters support. However, it is constrained by
working capital intensive nature of operations and limited
financial flexibility. CRISIL believes that AG's financial risk
profile will continue to be constrained by high gearing, below
average debt protection metrics and stretched liquidity.

AG reported net loss of INR5.7 million on net sales of INR 611.9
million for 2013-14; while the group reported a profit after tax
(PAT) of INR3.5 million on net sales of INR 574 million for 2012-
13.

Set up as a partnership firm in 2009, SSP commenced trial
production in October 2009. SSP's plant is also in Ankleshwar.

Promoted by Mr. Ishwarchand Jain, SAWSPL was incorporated in 2007
as a private limited company and commenced commercial operations
at the end of 2007-08, with 2008-09 being its first full year of
operations. The company manufactures PP woven sacks and fabric,
used for packaging sand, cement, and agro products, at its plant
in Ankleshwar (Gujarat).


SMT. VISHNU: CRISIL Assigns B- Rating to INR80MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of Smt. Vishnu Devi Educational Trust (SVDET).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             80         CRISIL B-/Stable

The rating reflects SVDET's weak financial risk profile marked by
negative net worth and cash losses, its small scale of operations,
and exposure to regulatory risks associated with educational
institutions. These rating weaknesses are partially offset by the
funding support SVDET receives from its trustees.
Outlook: Stable

CRISIL believes that SVDET will benefit over the medium term from
its trustees' funding support. The outlook may be revised to
'Positive' in case of significant increase in the trust's scale of
operations along with sustained profitability resulting in
substantial cash accruals and improvement in capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
low student intake, impacting the trust's cash accruals, and any
large debt-funded capital expenditure, leading to deterioration of
its financial risk profile.

SVDET was formed in 2011 by Agrawal family to manage educational
institutions. Presently, the trust manages a school, KN
International School, near Mathura (Uttar Pradesh), which was
established in 2011.

For 2013-14 (refers to financial year, April 1 to March 31), SVDET
reported net loss of INR18 million on net sales of INR12 million,
against net loss of INR15 million on net sales of INR10 million
for 2012-13.


SRI JAYAJOTHI: CARE Lowers Rating on INR55cr ST Loan to D
---------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Sri
Jayajothi Textile Mills Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    47.06       CARE D Revised from
                                            CARE B+
   Short-term Bank Facilities   55.00       CARE D Revised from
                                            CARE A4

Rating Rationale
The revision of the ratings takes into account the delays in
servicing of the bank debt obligations by Sri Jayajothi Textile
Mills Private Limited (SJTML).

SJTML, established in 1990, is primarily engaged in the
manufacture and sale of cotton yarn from its unit at Rajapalayam,
Tamil Nadu. SJTML also sells fabric by outsourcing the
manufacturing to the local units. SJTML is a closely-held company,
part of the Jayavilas group of companies promoted by late Mr T.
Ramasamy Naicker and his family members. The group has diversified
interests ranging from textile, transportation (route bus
operators), oil dealerships and cement business.

With the demise of the erstwhile chairman-cum-managing director Mr
T. R. Jayaraman last year, the day-to-day activities are taken
care of by his son Mr J. Rajasekaran. As on March 31, 2014, the
company had an installed capacity of 109,776 spindles.

During FY14, the company registered a PAT of INR1 crore on a total
operating income of INR247 crore as against a PAT of INR1.4 crore
on a total operating income of INR231 crore. During H1FY15, the
company registered a PBT of INR1.4 crore on a total operating
income of INR123 crore.


VEERMAN ENTERPRISES: CRISIL Puts B Rating on INR50MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Veerman Enterprises (Veerman).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan        20        CRISIL B/Stable
   Cash Credit           50        CRISIL B/Stable
   Electronic Dealer     50        CRISIL B/Stable
   Financing Scheme
   (e-DFS)

The rating reflects Veerman's exposure to risks relating to its
nascent stage of operations. This rating weakness is partially
offset by the extensive experience of Veerman's promoters in the
gold jewellery industry.
Outlook: Stable

CRISIL believes that Veerman will benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if Veerman achieves higher than expected
revenues and profitability post stabilisation of its operations,
leading to improved liquidity. Conversely, the outlook may be
revised to 'Negative' if the firm faces demand pressures, leading
to low accruals, or if its working capital cycle lengthens,
constraining its liquidity.

Veerman is a franchisee of Tanishq Boutique at Budharaja in
Sambalpur (Odisha) with a gold jewellery showroom covering 3000
square feet. The firm, promoted by Mr. Manjit Singh and his son
Mr. Navpreet Singh, belongs to the Indera group, which has
business interests in jewellery, automotive dealership, and
garment retail.



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


MSL CAPITAL: FMA Issues Money Laundering Warning
------------------------------------------------
The Financial Markets Authority (FMA) has issued a formal warning
to MSL Capital Markets Limited - FSP225586 (MSL) under section 80
of the Anti-Money Laundering and Countering Financing of Terrorism
Act (the Act).

Under section 59(2) of the Act, the FMA required MSL to perform an
audit of its Anti-Money Laundering and Countering Financing of
Terrorism (AML/CFT) risk assessment and AML/CFT programme by
Oct. 31, 2014, and to provide the FMA with a copy of the audit by
Nov. 28, 2014. MSL failed to perform its audit and provide a copy
of the audit report to the FMA.

The Act requires a reporting entity to ensure its risk assessment
and AML/CFT programme are audited every two years or at any other
time at the request of the relevant AML/CFT supervisor.

Independent audits are an essential component of complying with
the Act and help ensure that reporting entities have, and will
continue to have, robust systems and processes in place to detect
and deter money laundering and the financing of terrorism.

The FMA expects every reporting entity that it supervises to have
an audit completed every two years or when it is requested. A copy
of the audit report must also be provided when specifically
requested, as required under section 59(7) of the Act.

The FMA notes that the firm has now taken action to undertake the
audit and has committed to providing the FMA with a copy of the
audit report.


SPAZIO CASA: IRD Seeks NZ$5.5 Million From Eight Liquidated Firms
-----------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that the Inland
Revenue is chasing NZ$5.5 million from eight liquidated companies
with links to Italian bathroom and flooring group Spazio Casa.

The Herald says the eight companies ceased trading in 2013 after a
restructure involving the sale of assets and re-finance of the
Spazio Casa Group.

According to the Herald, liquidators were appointed to the eight
companies just before Christmas and said at the time that this
move didn't affect the trading of Spazio Casa stores around
New Zealand.

Spazio Casa was set up by brothers Maurizio and Paolo Cozzolino in
1995 and has eight showrooms in New Zealand and one in Australia.

According to the Herald, information showed one of the now-
liquidated companies, Spazio Casa Ltd, was owed around
NZ$12 million after the sale and liquidator Iain McLennan is
seeking more accounting evidence to get a clearer picture of the
process.

The Herald relates that Mr. McLennan believed the bathroom and
flooring business was now being operated by Spazio Casa Group Ltd,
which the Companies Office says is directed by Maurizio Cozzolino.

Individual liquidation reports reveal IRD is claiming a total of
NZ$5.5 million from the eight defunct companies, the Herald
discloses.

Spazio Casa Ltd, according to its report, is in a dispute over
NZ$1.58 million the IRD claims is due, the Herald says. The
liquidators have been told the amount sought could increase by
more than NZ$656,000. IRD is claiming another NZ$3.9 million from
the eight companies, the reports said.

A related company not in liquidation, Spazio Casa Parnell,
appeared in the High Court at Auckland with IRD very briefly last
week, according to the Herald.

Spazio Casa Parnell's lawyer, Andrew Gilchrist, said the amount
sought by IRD from the company was paid in full, including costs.
Associate Judge Roger Bell then struck out the proceedings, the
Herald adds.


WINTON HOME: In Liquidation, Owes Nearly NZ$50,000
--------------------------------------------------
The Southland Times reports that two companies in liquidation
after the closure of Winton Home owe creditors nearly NZ$50,000, a
liquidator's report shows.

Winton Home, on Great North Rd, closed in September just weeks
after it employed extra staff and celebrated the opening of a new
hospital-care wing, according to The Southland Times.  At the
time, owner Barry Bouton said the business had been trading in
deficit, which led to the closure.  Southern Concrete and Builders
owner Doug North has since bought the home and plans to lease it
or sell the property outright, the report notes.

New Zealand Companies Office records show Bouton is the director
of Winton Home Ltd, which was put into liquidation on February 4.
Barry and Caryn Bouton are listed as shareholders, the report
says.

The first liquidator's report, released, said economic conditions
resulting from decrease in clients at the rest home were the
reason for the company's failure. The process was estimated to be
completed by July 9 and the prospect of a dividend was unlikely,
the liquidator's report said, The Southland Times discloses.

The company was placed into liquidation by Westpac, which had
security over the property and chattels, both of which had been
sold, The Southland Times notes.  There were understood to be no
further assets to be sold, the liquidator's report said.

A Statement of Affairs had been received and the liquidator was
currently investigating matters arising from this, notes The
Southland Times.

The total estimated claims is listed at NZ$42,678.55 with ALSCO
NZ, Contact Energy, Southern Transport Co. Ltd, TG & LM Caldwell
Ltd, Unichem Waikiwi Pharmacy and Westpac listed as creditors.

A separate company, called Guy Pie Ltd, also run by the Boutons,
was also put into liquidation on February 4, The Southland Times
relays.  The liquidator's report for Guy Pie Ltd says the
company's business was providing commercial property for a rest
home.  Westpac was the applicant for liquidation.  The reason
given for liquidation was inability to repay loans due to economic
conditions, the report discloses. Total estimated claims against
it are NZ$6,552.76 with Westpac, Inland Revenue Department and
Burleigh Trust listed as creditors, the report adds.



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


HUALON CORP: Former Workers Demand Pension
------------------------------------------
Lii Wen at Taipei Times reports that dozens of former Hualon Corp
employees on March 10 rallied outside the Ministry of Labor in
Taipei, urging the ministry to keep its promise to compensate them
for their unpaid pensions.

Following years of protests, the workers from the former textile
firm reached a deal with Minister of Labor Chen Hsiung-wen in
November last year on a two-stage compensation scheme funded by
banks and other creditors of the bankrupt company, the report
recalls.

According to Taipei Times, the Hualon Self-Help Organization filed
a lawsuit against Hualon creditors last year, after most of the
funds from a court-mandated auction of the company's assets went
to debt repayment for banks instead of to the workers.

Taipei Times relates that although the two parties later agreed to
solve the matter through the ministry's donation scheme, the
organization said it would withdraw its lawsuit only after all 18
participating banks provided written commitments about the
donations.

The organization said that the final written commitment still
missing was from Far Eastern International Bank, the report
relays.

Minutes after the demonstration ended, Far Eastern International
Bank sent its commitment to the ministry by fax, reassuring the
workers that it would donate NT$11.6 million (US$367,500) to the
workers' pensions, according to Taipei Times.

"It is obvious that the ministry is procrastinating on the issue,"
the report quotes organization secretary Huang Yung-chiao as
saying. Their previous demands regarding the written commitments
had been ignored for weeks, he added.

Taipei Times says the workers retired about a decade ago and are
claiming an average of NT$1 million per person in unpaid pensions
after their employer failed to make deposits to a retirement
account as required by law.

Taipei Times relates that as Chen promised that the pensions would
come through by the Lunar New Year -- which fell on Feb. 19 this
year -- the workers said that the minister has failed to keep his
word.

They questioned whether Chen made false promises in an attempt to
salvage the Chinese Nationalist Party's (KMT) standings in the
nine-in-one elections on Nov. 29 last year, the report says.

In response, Department of Labor Management Relations Director
Wang Hou-wei said that the ministry is prepared to commence
arranging the donations as soon as the organization withdraws its
lawsuit against the banks, Taipei Times relates.

According to the report, the ministry's two-stage compensation
plan would first pay about 80 percent of the workers' pensions
through donations procured from the banks involved in the Hualon
case. The plan capped the pensions of former managers and
executives at NT$3 million, thus allowing most workers to receive
a greater share of their pensions.

The remaining 20 percent would be paid after the final piece of
the company's real estate in Miaoli County's Toufen Township has
been auctioned off, Taipei Times adds.



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


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

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

AUSTRALIA

ACONEX LTD                ACX             36.38        -152.68
ADCORP AUSTRALIA          AAU             17.86          -0.81
ATLANTIC LTD              ATI             64.03        -517.87
AUSTRALIAN ZI-PP        AZCCA             16.99         -71.67
AUSTRALIAN ZIRC           AZC             16.99         -71.67
AXXIS TECHNOLOGY          AYG             19.18          -1.88
BIRON APPAREL LT          BIC             19.71          -2.22
BLUESTONE GLOBAL          BUE             46.32          -2.40
BRIDGE GLOBAL CA          BGC             19.38        -121.51
BULLETPROOF GROU          BPF             11.11          -2.99
CLARITY OSS LTD           CYO             13.99         -15.57
CONTINENTAL COAL          CCC            141.26          -6.69
IPH LTD                   IPH             22.71          -7.54
LOVISA HOLDINGS           LOV             19.02          -3.43
MBD CORP LTD              MBD             14.63          -0.20
MIRABELA NICKEL           MBN            158.54        -375.82
NORSEMAN GOLD PL          NGX             36.28         -43.40
OPUS GROUP LTD            OPG             63.26          -8.99
RIVERCITY MOTORW          RCY            386.88        -809.13
RUTILA RESOURCES          RTA             34.45          -3.90
SAVCOR GRP LTD            SAV             25.90         -10.32
SIGNATURE METALS          SBL             33.09         -18.85
SPHERE MINERALS           SPH            108.81         -64.95
STERLING PLANTAT          SBI             59.64         -12.67
STONE RESOURCES           SHK             21.76         -14.91
SUBZERO GROUP LT          SZG             31.95          -3.19


CHINA

ANHUI GUOTONG-A           600444          75.07          -7.31
BAIOO                       2100          88.34          -3.21
CHINA ESSENCE GR            CESS          48.99        -108.56
GCL SYSTEM INT-A            2506         577.79        -465.36
JIANGXI CHANG-A           600228         109.53         -11.09
LINEKONG INTERAC            8267          40.79        -112.57
LUOYANG GLASS-A           600876         203.45          -2.05
LUOYANG GLASS-H             1108         203.45          -2.05
NANNING CHEMIC-A          600301         257.94         -14.09
SHAANXI QINLIN-A          600217         339.47         -24.55
SHANG BROAD-A             600608          39.94          -0.31
SONGLIAO AUTO -A          600715          27.06          -6.12
TIANGE                      1980         139.51         -13.82
WUHAN BOILER-B            200770         193.47        -235.12
XIAKE COLOR-A               2015         268.17         -18.47

CHINA HEALTHCARE             673          26.86         -17.33
CHINA MINING RES             340          97.56          -1.90
CHINA OCEAN SHIP             651         315.16         -76.51
CNC HOLDINGS                8356          50.95         -10.22
GR PROPERTIES LT             108          17.83         -52.36
GRANDE HLDG                  186         194.96        -302.44
HARMONIC STR                  33          33.31          -2.82
MASCOTTE HLDGS               136          17.72          -4.61
TITAN PETROCHEMI            1192         422.49      -1,073.54


INDONESIA

APAC CITRA CENT          MYTX            174.01         -17.22
ARPENI PRATAMA           APOL            166.39        -336.11
ASIA PACIFIC             POLY            323.36        -862.79
BAKRIE & BROTHER         BNBR            937.98        -160.00
BAKRIE TELECOM           BTEL            627.41        -271.18
BENTOEL INTL INV         RMBA            854.30         -17.77
BERAU COAL ENERG         BRAU          1,876.65         -29.46
BERLIAN LAJU TAN         BLTA            766.11      -1,173.91
BERLIAN LAJU TAN         BLTA            766.11      -1,173.91
BORNEO LUMBUNG           BORN          1,050.10        -541.61
BUMI RESOURCES           BUMI          6,595.57        -320.93
ICTSI JASA PRIMA         KARW             53.53         -10.11
JAKARTA KYOEI ST         JKSW             24.64         -34.00
MERCK SHARP DOHM         SCPI             92.25          -0.08
ONIX CAPITAL TBK         OCAP             13.75          -2.96
RENUKA COALINDO          SQMI             15.99          -0.30
SUMALINDO LESTAR         SULI             77.28         -34.38
TRUBA ALAM ENG           TRUB            216.87         -34.67
UNITEX TBK               UNTX             20.62         -17.28


INDIA

ABHISHEK CORPORA         ABSC             53.66         -25.51
AGRO DUTCH INDUS          ADF             85.09         -22.81
ALPS INDUS LTD           ALPI            201.29         -41.70
ARTSON ENGR               ART             11.64         -10.64
ASHAPURA MINECHE         ASMN            162.39         -16.64
ASHIMA LTD               ASHM             63.23         -48.94
ATV PROJECTS              ATV             48.47         -43.93
BELLARY STEELS           BSAL            451.68        -108.50
BENZO PETRO INTL          BPI             26.77          -1.05
BHAGHEERATHA ENG         BGEL             22.65         -28.20
BHARATI SHIPYARD         BHSL          1,428.69         -17.76
BINANI INDUS LTD          BZL          1,163.38         -38.79
BLUE BIRD INDIA          BIRD            122.02         -59.13
CELEBRITY FASHIO         CFLI             24.96          -8.26
CHESLIND TEXTILE          CTX             20.51          -0.03
CLASSIC DIAMONDS          CLD             66.26          -6.84
COMPUTERSKILL             CPS             14.90          -7.56
DCM FINANCIAL SE        DCMFS             18.46          -9.46
DFL INFRASTRUCTU         DLFI             42.74          -6.49
DIGJAM LTD               DGJM             99.41         -22.59
DISH TV INDIA            DITV            462.53         -52.19
DISH TV INDI-SLB       DITV/S            462.53         -52.19
DUNCANS INDUS             DAI            122.76        -227.05
ELECTROTHERM IND          ELT            501.15         -96.22
ENSO SECUTRACK           ENSO             15.57          -0.46
EURO CERAMICS            EUCL            110.62          -6.83
EURO MULTIVISION         EURO             36.94          -9.95
FERT & CHEM TRAV          FCT            314.24         -76.26
GANESH BENZOPLST          GBP             44.05         -15.48
GANGOTRI TEXTILE         GNTX             54.67         -14.22
GOKAK TEXTILES L         GTEX             48.71          -5.00
GOLDEN TOBACCO            GTO             97.40         -18.24
GSL INDIA LTD             GSL             29.86         -42.42
GSL NOVA PETROCH         GSLN             16.53          -1.31
GUJARAT STATE FI          GSF             15.26        -304.68
GUPTA SYNTHETICS        GUSYN             44.18          -6.34
HARYANA STEEL            HYSA             10.83          -5.91
HEALTHFORE TECHN         HTEC             14.74         -46.64
HINDUSTAN ORGAN           HOC             57.24         -51.76
HINDUSTAN PHOTO          HPHT             49.58      -1,832.65
HIRAN ORGOCHEM             HO             14.56          -4.59
HMT LTD                   HMT            106.62        -454.42
ICDS                     ICDS             13.30          -6.17
INDAGE RESTAURAN          IRL             15.11          -2.35
INDOSOLAR LTD            ISLR            193.78          -6.91
INTEGRAT FINANCE          IFC             49.83         -51.32
JCT ELECTRONICS          JCTE             80.08         -76.70
JENSON & NIC LTD           JN             16.49         -71.70
JET AIRWAYS IND         JETIN          2,856.84        -697.07
JET AIRWAYS -SLB      JETIN/S          2,856.84        -697.07
JOG ENGINEERING           VMJ             45.90          -5.28
KALYANPUR CEMENT         KCEM             23.39         -42.66
KERALA AYURVEDA          KERL             13.97          -1.69
KIDUJA INDIA              KDJ             11.16          -3.43
KINGFISHER AIR           KAIR            515.93      -2,371.26
KINGFISHER A-SLB       KAIR/S            515.93      -2,371.26
KITPLY INDS LTD           KIT             14.77         -58.78
KLG SYSTEL LTD           KLGS             40.64         -27.37
KSL AND INDUSTRI        KSLRI            269.42         -14.19
LML LTD                   LML             43.95         -78.18
MADHUCON PROJECT        MDHPJ          1,226.74         -21.90
MADRAS FERTILIZE          MDF            289.78         -34.43
MAHA RASHTRA APE         MHAC             14.49         -12.96
MALWA COTTON             MCSM             44.14         -24.79
MAWANA SUGAR             MWNS            142.07         -32.88
MODERN DAIRIES            MRD             38.61          -3.81
MOSER BAER INDIA          MBI            727.13        -165.63
MOSER BAER -SLB         MBI/S            727.13        -165.63
MPL PLASTICS LTD         MPLP             17.67         -51.22
MTZ POLYFILMS LT          TBE             31.94          -2.57
MURLI INDUSTRIES         MRLI            262.39         -38.30
MYSORE PAPER             MSPM             87.99          -8.12
NATL STAND INDI          NTSD             22.09          -0.73
NAVCOM INDUS LTD          NOP             10.19          -3.53
NICCO CORP LTD           NICC             71.84          -4.91
NICCO UCO ALLIAN         NICU             23.25         -83.90
NK INDUS LTD              NKI            141.35          -7.71
NRC LTD                  NTRY             55.11         -52.44
NUCHEM LTD                NUC             24.72          -1.60
PANCHMAHAL STEEL          PMS             51.02          -0.33
PARAMOUNT COMM           PRMC            124.96          -0.52
PARASRAMPUR SYN           PPS             99.06        -307.14
PAREKH PLATINUM          PKPL             61.08         -88.85
PIONEER DISTILLE          PND             53.74          -5.62
PREMIER INDS LTD         PRMI             11.61          -6.09
PRIYADARSHINI SP         PYSM             20.80          -2.28
QUADRANT TELEVEN         QDTV            105.10        -183.38
QUINTEGRA SOLUTI          QSL             16.76         -17.45
RADHA MADHAV COR         RMCL             10.33         -48.95
RAMSARUP INDUSTR         RAMI            433.89         -89.28
RATHI ISPAT LTD          RTIS             44.56          -3.93
RELIANCE MED-SLB        RMW/S            279.61        -144.47
RENOWNED AUTO PR          RAP             14.12          -1.25
RMG ALLOY STEEL           RMG             66.61         -12.99
ROYAL CUSHION            RCVP             14.70         -75.18
SAAG RR INFRA LT         SAAG             12.54          -4.93
SADHANA NITRO             SNC             16.74          -0.58
SANATHNAGAR ENTE         SNEL             49.23          -6.78
SANCIA GLOBAL IN         SGIL             53.12         -30.47
SBEC SUGAR LTD          SBECS             92.44          -5.61
SERVALAK PAP LTD         SLPL             61.57          -7.63
SHAH ALLOYS LTD            SA            168.13         -81.60
SHALIMAR WIRES           SWRI             21.39         -24.28
SHAMKEN COTSYN            SHC             23.13          -6.17
SHAMKEN MULTIFAB          SHM             60.55         -13.26
SHAMKEN SPINNERS          SSP             42.18         -16.76
SHREE GANESH FOR         SGFO             44.50          -2.89
SHREE KRISHNA            SHKP             14.62          -0.92
SHREE RAMA MULTI         SRMT             38.90          -4.49
SHREE RENUKA SUG         SHRS          2,162.34         -82.52
SHREE RENUKA-SLB       SHRS/S          2,162.34         -82.52
SIDDHARTHA TUBES          SDT             44.95         -15.37
SIMBHAOLI SUGARS         SBSM            268.76         -54.47
SPICEJET LTD             SJET            489.96        -170.22
SQL STAR INTL             SQL             10.58          -3.28
STATE TRADING CO          STC            556.35        -392.74
STELCO STRIPS            STLS             11.65          -5.73
STI INDIA LTD            STIB             21.69          -2.13
STL GLOBAL LTD           SHGL             30.73          -5.62
STORE ONE RETAIL         SORI             15.48         -59.09
SURYA PHARMA             SUPH            370.28          -9.97
SUZLON ENERG-SLB       SUEL/S          5,061.62         -53.02
SUZLON ENERGY            SUEL          5,061.62         -53.02
TAMILNADU JAI            TNJB             17.07          -1.00
TATA METALIKS             TML            122.76          -3.30
TATA TELESERVICE         TTLS          1,311.30        -138.25
TATA TELE-SLB          TTLS/S          1,311.30        -138.25
TIMEX GROUP IND          TIMX             20.14          -0.42
TIMEX GROUP-PREF        TIMXP             20.14          -0.42
TODAYS WRITING           TWPL             18.58         -25.67
TRIUMPH INTL             OXIF             58.46         -14.18
TRIVENI GLASS            TRSG             19.71         -10.45
TUTICORIN ALKALI         TACF             17.17         -22.86
UDAIPUR CEMENT W          UCW             11.38         -10.53
UNIFLEX CABLES           UFCZ             47.46          -7.49
UNIWORTH LTD               WW            149.50        -151.14
UNIWORTH TEXTILE          FBW             22.54         -35.03
USHA INDIA LTD           USHA             12.06         -54.51
VANASTHALI TEXT           VTI             14.59          -5.80
VENUS SUGAR LTD            VS             11.06          -1.08
WANBURY LTD              WANB            141.86          -3.91
WEBSOL ENERGY SY         WESL            105.10         -23.79


JAPAN

GOYO FOODS INDUS            2230          11.13          -1.81
LCA HOLDINGS COR            4798          21.73          -1.75
OPTROM INC                  7824          15.63          -4.50
PIXELA CORP                 6731          13.97          -0.02


KOREA

HYUNDAI CEMENT              6390         454.92        -262.92
SAMWHAN CORP                 360         624.46          -9.54
SAMWHAN CORP-PRE             365         624.46          -9.54
SHINIL ENG CO              14350         199.04          -2.53
STX CORPORATION            11810       1,275.13        -484.08
STX ENGINE CO LT           77970       1,170.67         -62.72
TEC & CO                    8900         139.98         -16.61
TONGYANG INC                1520       1,068.15        -452.52
TONGYANG INC-2PF            1527       1,068.15        -452.52
TONGYANG INC-3RD            1529       1,068.15        -452.52
TONGYANG INC-PFD            1525       1,068.15        -452.52


MALAYSIA

BIOSIS GROUP BHD          BGH             10.39          -7.66
DING HE MINING            705             48.83         -57.14
HAISAN RESOURCES          HRB             23.80         -20.90
HIGH-5 CONGLOMER         HIGH             29.86         -65.83
LION CORP BHD            LION          1,128.18        -160.72
ML GLOBAL BHD             MLG             13.23          -4.07
OCTAGON CONSOL           OCTG             14.55         -53.99
PERWAJA HOLDINGS         PERH            515.46        -163.63


NEW ZEALAND

PULSE ENERGY LTD          PLE             15.04          -4.52


PHILIPPINES

CYBER BAY CORP         CYBR               13.68         -25.95
DFNN INC               DFNN               14.84          -2.76
FILSYN CORP A           FYN               23.11         -11.69
FILSYN CORP. B         FYNB               23.11         -11.69
GOTESCO LAND-A           GO               21.76         -19.21
GOTESCO LAND-B          GOB               21.76         -19.21
METRO GLOBAL HOL        MGH               40.90         -15.77
PICOP RESOURCES         PCP              105.66         -23.33
STENIEL MFG             STN               21.07         -11.96
UNIWIDE HOLDINGS         UW               50.36         -57.19


SINGAPORE

CHINA GREAT LAND        CGL               12.24         -21.26
GPS ALLIANCE HOL        GPS               15.91          -0.61
OCEANUS GROUP LT      OCNUS               81.89         -13.92
QT VASCULAR LTD        QTVC               17.99         -11.99
SCIGEN LTD-CUFS         SIE               46.71         -55.42
SINGAPORE EDEVEL        SGE               12.81          -3.18
SINOPIPE HLDS          SPIP              146.50         -80.06
TERRATECH GROUP        TEGP               13.55          -5.24
UNITED FIBER SYS        UFS               46.83         -87.24


THAILAND

ABICO HLDGS-F       ABICO/F               15.28          -4.40
ABICO HOLDINGS        ABICO               15.28          -4.40
ABICO HOLD-NVDR     ABICO-R               15.28          -4.40
ASCON CONSTR-NVD    ASCON-R               59.78          -3.37
ASCON CONSTRUCT       ASCON               59.78          -3.37
ASCON CONSTRU-FO    ASCON/F               59.78          -3.37
BANGKOK RUBBER          BRC               77.91        -114.37
BANGKOK RUBBER-F      BRC/F               77.91        -114.37
BANGKOK RUB-NVDR      BRC-R               77.91        -114.37
BIG CAMERA COP-F      BIG/F               19.86         -13.03
BIG CAMERA CORP         BIG               19.86         -13.03
BIG CAMERA -NVDR      BIG-R               19.86         -13.03
CIRCUIT ELEC PCL     CIRKIT               16.79         -96.30
CIRCUIT ELEC-FRN   CIRKIT/F               16.79         -96.30
CIRCUIT ELE-NVDR   CIRKIT-R               16.79         -96.30
ITV PCL-NVDR          ITV-R               36.02        -121.94
K-TECH CONSTRUCT    KTECH/F               38.87         -46.47
KTECH CONSTRUCTI      KTECH               38.87         -46.47
K-TECH CONTRU-R     KTECH-R               38.87         -46.47
KUANG PEI SAN        POMPUI               17.70         -12.74
KUANG PEI SAN-F    POMPUI/F               17.70         -12.74
KUANG PEI-NVDR     POMPUI-R               17.70         -12.74
PAE THAI PUB CO         PAE               42.42          -0.28
PAE THAI-FRGN         PAE/F               42.42          -0.28
PAE THAI-NVDR         PAE-R               42.42          -0.28
PATKOL PCL               PK               52.89         -30.64
PATKOL PCL-FORGN       PK/F               52.89         -30.64
PATKOL PCL-NVDR        PK-R               52.89         -30.64
PROFESSIONAL WAS        PRO               10.68          -1.71
PROFESSIONAL-F        PRO/F               10.68          -1.71
PROFESSIONAL-N        PRO-R               10.68          -1.71
SHUN THAI RUBBER      STHAI               13.16          -6.13
SHUN THAI RUBB-F    STHAI/F               13.16          -6.13
SHUN THAI RUBB-N    STHAI-R               13.16          -6.13
TONGKAH HARBOU-F      THL/F               62.30          -1.84
TONGKAH HARBOUR         THL               62.30          -1.84
TONGKAH HAR-NVDR      THL-R               62.30          -1.84
TRANG SEAFOOD           TRS               15.18          -6.61
TRANG SEAFOOD-F       TRS/F               15.18          -6.61
TRANG SFD-NVDR        TRS-R               15.18          -6.61
TT&T PCL               TTNT              169.38        -510.60
TT&T PCL-NVDR        TTNT-R              169.38        -510.60
TT&T PUBLIC CO-F     TTNT/F              169.38        -510.60
WORLD CORP -NVDR    WORLD-R               15.72         -10.10
WORLD CORP PCL        WORLD               15.72         -10.10
WORLD CORP PLC-F    WORLD/F               15.72         -10.10



                             *********

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

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

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


                            *********


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

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

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

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

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



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