TCRAP_Public/150320.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 20, 2015, Vol. 18, No. 056


                            Headlines


A U S T R A L I A

DISPLAY MANUFACTURING: First Creditors' Meeting Set For March 26
GLLG INVESTMENTS: Court Appoints Clifton Hall as Liquidator
MY VERIFIED: First Creditors' Meeting Slated For March 26
SCELLA PTY: First Creditors' Meeting Scheduled For March 26
SHELLDEN'S (QLD): First Creditors' Meeting Slated For March 26

SOUTHERN CROSS: First Creditors' Meeting Set For March 30
SPRINGWOOD BOWLING: First Creditors' Meeting Set For March 27


C H I N A

CHINA RECYCLING: Regains Compliance with NASDAQ Bid Price Rule
DTS8 COFFEE: Reports $100K Net Loss for Jan. 31 Quarter
KAISA GROUP: Says It Was Unprofitable Last Year
SOUND GLOBAL: Moody's Reviews 'Ba3' CFR for Downgrade
WEST CHINA: Moody's Says B1 CFR Unaffected by Weak 2014 Results


I N D I A

AJMERA METALS: CARE Assigns B Rating to INR5.55cr LT Bank Loan
AMBALAL CHHOTALAL: ICRA Assigns B Rating to INR7cr Cash Credit
AMITY IRON: CRISIL Cuts Rating on INR95MM Cash Credit to D
ASIA BULK: ICRA Reaffirms B- Rating on INR19.10cr Term Loan
ATMIKA PAPER: CRISIL Assigns B+ Rating to INR50MM LT Loan

AUKLAND CERAMIC: ICRA Rates INR7.90cr Unallocated Loan at B/A4
BALA BALAJEE: CRISIL Reaffirms D Rating on INR214.7MM Term Loan
BANKE BIHARI: ICRA Assigns B+ Rating to INR9.23cr Term Loan
BITCORP PRIVATE: CRISIL Reaffirms B- Rating on INR200MM Bank Loan
CHESA DENTAL: ICRA Raises Rating on INR12cr LT Loan From B+

COSMOS JEWELLERS: ICRA Reaffirms B+ Rating on INR20cr FB Loan
EVERBLUE SEAFOODS: ICRA Assigns B Rating to INR2cr Packing Loan
GLOBUS INDUSTRIES: CRISIL Cuts Rating on INR383MM Term Loan to D
GOKUL COTTON: ICRA Reaffirms B+ Rating on INR6cr Cash Credit
HIMALAYIYA AYURVEDIC: CRISIL Reaffirms B Rating on INR85MM Loan

HOMA ENGINEERING: CRISIL Reaffirms B Rating on INR20MM Cash Loan
INDRA MARSHAL: CARE Reaffirms B Rating on INR5cr LT Bank Loan
JAWAHAR MEDICAL: CRISIL Reaffirms B+ Rating on INR10MM Loan
JUMBO BAG: CRISIL Assigns B+ Rating to INR250MM Cash Credit
KAMDHENU FOODS: CRISIL Rates INR110MM Loan B+; Suspension Revoked

KESHARDEO COMBINES: CRISIL Puts B+ Rating on INR34MM Packing Loan
KRISHNA PULSES: CRISIL Cuts Rating on INR49MM Bank Loan to B-
LIGHTNING INDIA: ICRA Puts SP 3E Grading on Poor Fin'l Strength
N.R. CORPORATION: CARE Rates INR15cr Long Term Loan at B+
NEON MOTORS: ICRA Suspends B Rating on INR5cr Fund Based Loan

NUTECH GLOBAL: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
ORNET INTERMEDIATES: CRISIL Reaffirms B+ Rating on INR60MM Loan
POTLURI SURYA: CRISIL Reaffirms B- Rating on INR25MM Bank Loan
POWERCON CEMENT: CRISIL Reaffirms B+ Rating on INR72.5MM Loan
PUNJAB MEDICAL: CRISIL Ups Rating on INR204.2MM Term Loan to B

RA POWERGEN: CRISIL Cuts Rating on INR120MM Cash Loan to B
SANGITA SALES: CRISIL Reaffirms B+ Rating on INR200MM Cash Loan
SHIRT COMPANY: CRISIL Reaffirms B- Rating on INR456.2MM Term Loan
SHRI LAKSHMI: ICRA Puts SP 3D Grading on Weak Financial Strength
SR BREWERIES: ICRA Reaffirms D Rating on INR39.51cr Term Loan

SRI RAVICHANDRA: CRISIL Reaffirms B+ Rating on INR230MM LT Loan
V.N.M.S. AYYACHAMY: CRISIL Reaffirms B Rating on INR90MM Loan
VRAJBHUMI COTTON: ICRA Reaffirms B+ Rating on INR4cr Cash Credit
WHITEGOLD CERAMICS: ICRA Ups Rating on INR3cr Cash Loan to B-


J A P A N

MUFG CAPITAL: Moody's Puts Ba1 Pref. Stock Rating Under Review


M A L A Y S I A

HONG LEONG: Shares Trading to be Suspended on March 26


N E W  Z E A L A N D

KIWI FORESTRY: Lender Repossesses HarvestPro Equipment
TRILL PRODUCTIONS: Creditors Mulling Court Action vs. Firm


P H I L I P P I N E S

SUNLIGHT INT'L: Facing Closure Over Permit Issues, Charges


S O U T H  K O R E A

KEANGNAM ENTERPRISES: Banks Likely to Face More Bad Corp. Loans


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


DISPLAY MANUFACTURING: First Creditors' Meeting Set For March 26
-----------------------------------------------------------------
Ivan Glavas and Christopher Darin of Worrells Solvency & Forensic
Accountants were appointed as administrators of Display
Manufacturing Works Pty Ltd, on March 16, 2015.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Level 15, 114 William
Street, in Melbourne, on March 26, 2015, at 3:00 p.m.


GLLG INVESTMENTS: Court Appoints Clifton Hall as Liquidator
-----------------------------------------------------------
Timothy Clifton of Clifton Hall was appointed Official Liquidator
of GLLG Investments Pty Ltd on March 18, 2015, by Order of the
Federal Court of Australia.


MY VERIFIED: First Creditors' Meeting Slated For March 26
---------------------------------------------------------
Ronald John Dean-Willcocks -- ron@dwis.com.au -- and Anthony Wayne
Elkerton -- anthony@dwis.com.au -- of Dean-Willcocks Insolvency
Solutions were appointed as administrators of My Verified ID
Holdings Pty Limited on March 16, 2015.

A first meeting of the creditors of the Company will be held at
Dean-Willcocks Insolvency Solutions, Level 2, 32 Martin Place, in
Sydney, on March 26, 2015, at 4:00 p.m.


SCELLA PTY: First Creditors' Meeting Scheduled For March 26
-----------------------------------------------------------
David Michael Stimpson and Terrence John Rose of SV Partners were
appointed as administrators of Scella Pty Ltd on March 16, 2015.

A first meeting of the creditors of the Company will be held at
Halpin Partners, 101 Sheridan Street, Cairns, in Queensland, on
March 26, 2015, at 10:30 a.m.


SHELLDEN'S (QLD): First Creditors' Meeting Slated For March 26
--------------------------------------------------------------
Terrence John Rose and David Michael Stimpson of SV Partners were
appointed as administrators of Shellden's (Qld) Pty Ltd on March
16, 2015.

A first meeting of the creditors of the Company will be held at
SV Partners, 138 Mary Street, in Brisbane, Queensland on
March 26, 2015, at 10:30 a.m.


SOUTHERN CROSS: First Creditors' Meeting Set For March 30
---------------------------------------------------------
David Iannuzzi of Veritas Advisory was appointed as administrator
of Southern Cross Estate Developers Pty Ltd on March 18, 2015.

A first meeting of the creditors of the Company will be held at
Level 12, 88 Pitt Street, in Sydney, New South Wales, on
March 30, 2015, at 12:00 p.m.


SPRINGWOOD BOWLING: First Creditors' Meeting Set For March 27
-------------------------------------------------------------
Gregory Alexander Russell of Russell Corporate Advisory was
appointed as administrator of Springwood Bowling & Recreation Club
Ltd on March 17, 2015.

A first meeting of the creditors of the Company will be held at
Springwood Sports Club, 83 Macquarie Road, Springwood, in
New South Wales, on March 27, 2015, at 11:00 a.m.



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C H I N A
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CHINA RECYCLING: Regains Compliance with NASDAQ Bid Price Rule
--------------------------------------------------------------
China Recycling Energy Corp. on March 17 disclosed that on
March 16, 2015, it received a letter from NASDAQ notifying the
Company that it has regained compliance with the US$1.00 per share
minimum closing bid price requirement for continued listing on the
NASDAQ Global Market, pursuant to the NASDAQ marketplace rules.

On Jan. 28, 2015, NASDAQ notified the Company that its common
stock failed to maintain a minimum bid price of US$1.00 over the
previous 30 consecutive business days as required by the Listing
Rules of The Nasdaq Stock Market. Since then, NASDAQ has
determined that for the last 10 consecutive business days, from
March 2 to March 13, 2015, the closing bid price of the Company's
common stock has been at US$1.00 per share or greater.
Accordingly, the Company has regained compliance with Listing Rule
5450(a)(1) and this matter is now closed.

                About China Recycling Energy Corp.

China Recycling Energy Corp. (NASDAQ: CREG) --
http://www.creg-cn.com-- is based in Xi'an, China and provides
environmentally friendly waste-to-energy technologies to recycle
industrial byproducts for steel mills, cement factories and coke
plants in China. Byproducts include heat, steam, pressure, and
exhaust to generate large amounts of lower-cost electricity and
reduce the need for outside electrical sources.


DTS8 COFFEE: Reports $100K Net Loss for Jan. 31 Quarter
-------------------------------------------------------
DTS8 Coffee Company, Ltd., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $100,800 on $96,700 of sales for the three months ended Jan.
31, 2015, compared to a net loss of $591,000 on $90,300 of sales
for the same period a year ago.

For the nine months ended Jan. 31, 2015, the Company reported a
net loss of $540,000 on $271,000 of sales compared to a net loss
of $750,000 on $233,000 of sales for the same period during the
prior year.

As of Jan. 31, 2015, the Company had $3.48 million in total
assets, $1.07 million in total liabilities, all current, and $2.40
million in total stockholders' equity.

A full-text copy of the Form 10-Q is available for free at:

                        http://is.gd/9hplec

                         About DTS8 Coffee

DTS8 Coffee Company, Ltd. (previously Berkeley Coffee & Tea, Inc.)
was incorporated in the State of Nevada on March 27, 2009.
Effective Jan. 22, 2013, the Company changed its name from
Berkeley Coffee & Tea, Inc., to DTS8 Coffee Company, Ltd. On
April 30, 2012, the Company acquired 100 percent of the issued and
outstanding capital stock of DTS8 Holdings Co., Ltd., a
corporation organized and existing since June 2008 under the laws
of Hong Kong and which owns DTS8 Coffee (Shanghai) Co., Ltd.
DTS8 Holdings, through its subsidiary DTS8 Coffee, is a gourmet
coffee roasting company established in June 2008. DTS8 Coffee's
office and roasting factory is located in Shanghai, China. DTS8
Coffee is in the business of roasting, marketing and selling
gourmet roasted coffee to its customers in Shanghai, and other
parts of China. It sells gourmet roasted coffee under the "DTS8
Coffee" label through distribution channels that reach consumers
at restaurants, multi-location coffee shops, and offices.
DTS8 Coffee incurred a net loss of $2.31 million on $310,003 of
sales for the year ended April 30, 2014, as compared with a net
loss of $1.11 million on $253,790 of sales during the prior year.
MaloneBailey, LLP, in Houston, Texas, issued a "going concern"
qualification in its report on the Company's financial statements
for the year ended April 30, 2014, citing that the Company has
suffered recurring losses from operations, which raises
substantial doubt about its ability to continue as a going
concern.


KAISA GROUP: Says It Was Unprofitable Last Year
-----------------------------------------------
Bloomberg News reports that Kaisa Group Holdings Ltd., the
troubled Chinese developer that may be purchased by Sunac China
Holdings Ltd., said it was unprofitable last year.

The company's forecast is based on management's review of accounts
and the actual extent of the net loss is subject to audit,
Bloomberg relates citing a Hong Kong's stock exchange filing on
March 16. Kaisa said it will publish 2014 earnings this month,
Bloomberg says.

According to Bloomberg, Kaisa said last month it would post a
"substantial decline" in profit for 2014, without providing
figures. Analysts are still forecasting a profit for the full year
at the Shenzhen-based developer, with the average of six estimates
compiled by Bloomberg at CNY3.1 billion ($495 million).

Sunac found during due diligence that Kaisa probably had a loss
last year, people familiar with the matter said earlier, Bloomberg
reports. Sunac executives drew the conclusion based on studying
Kaisa's books after Sunac agreed to buy the developer, the people,
who asked not to be identified because Sunac executives are still
going through the numbers, told Bloomberg.

Sunac, based in Tianjin and seeking assets in southern China,
bought 49.3 percent of Kaisa on Jan. 30 and later made a full
takeover offer that's conditional on a satisfactory debt
restructuring, according to Bloomberg. Kaisa narrowly avoided
becoming the first Chinese real estate company to default on its
U.S. currency debt after some of its projects in Shenzhen were
blocked from being sold amid a corruption probe, Bloomberg notes.

Bloomberg relates that the people said Sunac is insisting on debt
relief for Kaisa because of the company's bigger-than-expected
financial woes.

While there might be some pushback from Kaisa's offshore
bondholders regarding the debt restructuring proposal, "I don't
think they are able to improve the terms significantly," Yin Chin
Cheong, a Singapore-based credit analyst at independent research
firm CreditSights Inc., told Bloomberg by phone. "Kaisa has hardly
any cash left and there is not much value for offshore creditors
in a liquidation scenario if Sunac walks away."

                        About Kaisa Group

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

As reported in the Troubled Company Reporter-Asia Pacific on March
9, 2015, Moody's Investors Service said that Kaisa Group Holdings
Ltd's proposed onshore debt restructuring, if successful, will
constitute a distressed debt exchange -- a default event under
Moody's definition -- but has no immediate impact on its Ca
corporate family and senior unsecured debt ratings.  The
transaction will also help reduce near-term liquidity stress.  The
ratings remain under review for upgrade.

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

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

The completion of the share purchase is conditional on a number of
factors, including the resolution of Kaisa's debt payments, the
waiver by creditors of any actions against breaches of the terms
of existing debt due to the share purchase, the resolution of all
existing disputes and court applications faced by the company, the
resolution of irregularities in Kaisa's business operations, and
shareholder approvals for certain actions.


SOUND GLOBAL: Moody's Reviews 'Ba3' CFR for Downgrade
-----------------------------------------------------
Moody's Investors Service placed Sound Global Limited's Ba3
corporate family rating and B1 senior unsecured rating under
review for downgrade.

"The rating review is prompted by Sound Global's announcement of a
delay in the release of its 2014 annual results, and which could
add to the current uncertainty over its financial position," says
Chenyi Lu, a Moody's Vice President and Senior Analyst.

On March 16, 2015, Sound Global announced that its auditors may
not able to complete their audit of its results by 31 March 2015
and also indicated that it may not release the annual report by
the end of April 2015.

"The rating review also reflects Moody's concern over Sound
Global's weakened ability to comply with both (a) the listing
rules of the Stock Exchange of Hong Kong and (b) the covenant that
requires the provision of audited financial statements within 120
days of the indenture for its $150 million senior unsecured notes
due in August 2017," adds Lu, who is also the Lead Analyst for
Sound Global.

If the company fails to comply with the listing requirement, its
access to the equity market will be cut off.

In addition, non-compliance with the financial reporting covenant
for its senior unsecured note indenture will result in an
acceleration of their repayment which will, in turn, severely
impair the company's liquidity position.

These developments will together exert downward pressure on the
company's ratings.

In its review, Moody's will review (1) the company's ability to
provide audited 2014 financial statements in compliance with both
the listing rules of the Stock Exchange of Hong Kong and the
financial reporting covenant for its senior unsecured notes
indenture; (2) the company's order backlog, levels of engineering
procurement construction and operate and transfer businesses, and
associated revenue recognition; (3) the company's revenue, EBITDA,
cash, debt and contingent liabilities in 2014 and the next two
years; and (4) its access to bank financing.

The principal methodology used in this rating was Construction
Industry published in November 2014.

Established in 2005, Sound Global Limited is one of the leading
providers of turnkey water and wastewater treatment solutions in
China.  The company was listed on the Hong Kong Stock Exchange in
2010 and was founded by Mr. Wen Yibo.


WEST CHINA: Moody's Says B1 CFR Unaffected by Weak 2014 Results
---------------------------------------------------------------
Moody's Investors Service said that West China Cement Limited's
(WCC) weakened 2014 results are in line with the rating agency's
expectations and will have no immediate impact on the company's B1
corporate family and senior unsecured ratings, or its stable
rating outlook.

"WCC's weakened profitability resulted in an increase in its
financial leverage in 2014. However, we expect its financial
leverage to slightly improve over the next 12-18 months owing to
lower capital expenditure, "says Jiming Zou, a Moody's Assistant
Vice President and Analyst.

This deterioration was mainly driven by lower average selling
prices and a small decrease in volumes sold in Shaanxi, the
company's major operational base, due to the slowdown in the
property market and intensified competition.

WCC revenues decreased by 6.8% year-on-year in 2014, compared to
the 18.3% growth recorded in 2013. The fall in revenues was mainly
due to a fall in average selling prices from RMB228 per ton in
2013 to RMB220 per ton in 2014, as well as a 3.4% decrease in
cement and clinker sales volume

The slowdown in property investment in Central Shaanxi, coupled
with oversupply, resulted in a competitive pricing environment and
an overall margin contraction.

As a result, despite the benefits of lower coal prices and
electricity costs, WCC's EBITDA margin dropped to 25.7% in 2014
from 28.6% a year ago.

However, WCC's more resilient operations in southern Shaanxi
generated higher ASPs than the group average, due to its strong
market position and consistent demand from government construction
projects.

Moody's expects WCC's production volume and revenue to slightly
recover in 2015 based on an expected contribution from its newly
commissioned plants in Xinjiang Yili and Guiyang Huaxi. The two
plants will contribute an additional capacity of 1.5 million tons
and 1.8 million tons respectively, resulting in a total capacity
increase to 27 million tons by the first quarter of 2015.

However, WCC's margins will remain weak as weak property sector
and slow economic growth continue to constrain cement demand and
prices. In addition, the two new plants' profitability will remain
low during their ramp-up periods.

WCC weakened earnings resulted in an increase in adjusted
debt/EBITDA to about 4.0x in 2014 from 3.4x in 2013. This leverage
level positions the company at the weak end of the B1 rating
category.

However, Moody's expects WCC's financial leverage to slightly
improve over the next 12-18 months, as lower capital expenditure
will help it generate free cash flow and reduce debt.

After more than doubling its capacity over the last four years,
WCC currently has no further plans for capacity expansion. WCC's
capital commitments amounted to only RMB180.5 million at end-2014,
versus 585.8 million recorded a year ago.

The company's liquidity profile is adequate. Moody's expects its
free cash flow and cash balance of RMB708 million at end-2014 to
be sufficient to cover its short term debt of RMB745 million.

The principal methodology used in this rating was Building
Materials Industry published in September 2014.

West China Cement Limited is one of the leading cement producers
in China's Shaanxi province.  As of end-2014, the company's annual
cement production capacity amounted to 23.7 million tons. Its
revenues totaled RMB3.9 billion for the year ended Dec. 31, 2014.



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AJMERA METALS: CARE Assigns B Rating to INR5.55cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B' rating to bank facilities of Ajmera Metals
(Indore) Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5.55      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Ajmera Metals
(Indore) Pvt. Ltd. (AMPL) is primarily constrained on account of
project implementation and stabilization risk, susceptibility of
margins to volatility in raw material prices coupled with its
presence in the highly fragmented and cyclical steel industry.
The above constraints outweigh the benefits derived from the
experience of the promoters of more than two - three decades into
wire manufacturing industry coupled with locational advantage of
being located in an industrial area with easy access to materials
and customer base.

AMPL's ability to timely stabilize its operations and achieve
envisaged sales and profitability in light of competitive nature
of the industry and manage its working capital requirement are the
key rating sensitivities.

Indore-based (Madhya Pradesh) AMPL, was established on November
05, 2008 and commenced commercial operations during FY14 (refers
to the period April 1 to March 31). AMPL is promoted by four
directors to undertake manufacturing of Roll formed Metal Section,
Z purlin, C purlin, Automobiles section, wire products and steel
furniture. AMPL is a part of Indore based Ajmera Group which
includes other group entities such as Ajmera Wire & Wire Products
and M/s Ajmera Wire Products which is engaged into business of
Stainless Steel and Mild Steel wires.


AMBALAL CHHOTALAL: ICRA Assigns B Rating to INR7cr Cash Credit
--------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR7.00
crore1 cash credit facility of Ambalal Chhotalal & Sons Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit          7.00         [ICRA]B assigned

The assigned rating is constrained by ACSPL's weak financial
profile as reflected by low profitability, stretched liquidity as
evident from high utilization and adverse capital structure due to
high reliance on external borrowings. The rating is further
constrained by low value additive nature of operations and the
highly competitive and fragmented industry structure owing to low
entry barriers and vulnerability of the company's profitability to
the adverse fluctuations in raw cotton prices, which are subject
to seasonality, crop harvest and regulatory risks with regards to
MSP for raw cotton as well as restriction on cotton exports by
GOI.

The rating, however, favourably takes into account past experience
of the promoters in cotton ginning and the favourable location of
the company's manufacturing facility in Kapadwanj providing easy
access to raw material.

Established in 1980, Ambalal Chhotalal & Sons Private Limited
(ACSPL) is engaged in cotton ginning, pressing and crushing of
cotton seeds to produce cotton bales, cotton seed oil and cotton
seed oil cakes. The manufacturing unit of company is located in
Kapadwanj with thirty six ginning and one pressing machine having
an installed capacity of producing 200 bales of ginned cotton in a
day. The crushing unit is equipped with eleven expellers with
installed input capacity of 36 MT of cotton seeds per day. ACSPL
is currently managed by the three directors Mr. Hemalkumar Shah,
Mr. Hasmukhlal Shah and Mr. Bharatkumar Shah.


AMITY IRON: CRISIL Cuts Rating on INR95MM Cash Credit to D
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Amity Iron Trading (AIT) to 'CRISIL D' from 'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           95         CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The rating downgrade reflects the overutilisation of AIT's cash
credit limits for more than 30 days; the overutilisation is on
account of the firm's weak liquidity.

AIT is vulnerable to cyclical downturns due to the firm's modest
scale of operations in the steel industry along with its working-
capital-intensive operations. These rating weaknesses are
mitigated by the benefits that the firm is expected to derive from
its proprietor's extensive experience in the steel industry.

AIT, set up in 2010, by Mr. Satyajit Mohanty is a proprietorship
firm based in Bhubaneswar. The firm trades in various steel
products such as ingots, flats, angles, and thermo-mechanically
treated bars.


ASIA BULK: ICRA Reaffirms B- Rating on INR19.10cr Term Loan
-----------------------------------------------------------
ICRA has reaffirmed the rating of [ICRA]B- to the INR19.10 crore
(enhanced from INR16.14 crore) long term fund based facilities of
Asia Bulk Sacks Private Limited. ICRA has also reaffirmed the
[ICRA]A4 rating to the INR24.50 crore (enhanced from INR16.86
crore) short term fund based and non fund based facilities of
ABSPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan            19.10         [ICRA]B- reaffirmed
   Cash Credit           6.50         [ICRA]B- reaffirmed
   Export Packaging     18.00         [ICRA]A4 reaffirmed
   Credit
   Letter of Credit      6.50         [ICRA]A4 reaffirmed

The reaffirmation of the ratings factors in the moderate scale of
operations in the highly fragmented industry of woven sacks. The
ratings are further constrained by the vulnerability of the
company's profitability to volatility in raw material prices and
also, its weak financial risk profile as evident from thin
profitability, aggressive capital structure and working capital
intensive nature of the operations exerting stress on the
liquidity profile of the company. The ratings also factor in the
high debt repayment obligations due in near to medium term owing
to past debt funded capital expenditures as well as ICRA also
notes exposure of profitability to foreign currency fluctuation
risks in the absence of hedging policy, given that the majority of
the company's revenues pertain to exports.

The ratings, however, draw comfort from the extensive experience
of the promoters in the Polypropylene (PP) woven sack industry.
The ratings also take into account locational advantage for access
to raw material imports and export sales given the proximity to
port.

Incorporated in 1984, Asia Bulk Sacks Private Limited (ABSPL) was
promoted by Shri Somabhai to manufacture Poly Propylene (PP) Woven
Sacks. In 2001, the promoters migrated overseas, and the company
was taken over by Mr. Ajit J. Chaudhari along with his brother -
Mr. Chhatrasinh Chaudhari. Mr. Ajit Chaudhari, had ~15 years of
prior experience in plastic sacks manufacturing before this
acquisition.

Currently, the company is engaged into manufacturing of different
varieties of PP woven sacks and Flexible Intermediate Bulk
Container (FIBC) which find utility as industrial packaging
materials ideally suited for fertilisers, tarpaulins, cement,
sugar, plastic polymers, foodgrains, chemicals, salt etc. The
manufacturing of PP woven sacks is carried out at Nani Kadi, Dist.
Mehsana, Gujarat and the present capacity of the plant is 3,000
MTPA. Further the manufacturing of FIBC is carried out at Budasan,
Dist Mehsana, Gujarat and the present capacity of the plant is
4,200 MTPA.

For the year ended 31st March 2014 the company reported an
operating income of INR66.58 crore and profit after tax of INR1.00
crore as against INR58.03 crore of operating income and INR1.63
crore of profit after tax for the year ended 31st March 2013.


ATMIKA PAPER: CRISIL Assigns B+ Rating to INR50MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Atmika Paper Mills Private Limited (APMPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          40         CRISIL B+/Stable
   Long Term Loan       50         CRISIL B+/Stable

The rating reflects APMPL's modest scale - and working capital
intensive nature- of operations. The rating also reflects
susceptibility of operating margins to volatility in raw material
prices and exposure to intense competition in the business. These
rating weaknesses are partially offset by extensive industry
experience of the promoters'.

Outlook: Stable

CRISIL believes that APMPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the revenues and profitability of the
company are higher-than-expected coupled with improvement in
working capital management resulting in better financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of any acute supply constraints, leading to low capacity
utilisation, or if the company undertakes any large, debt-funded
capex programme, resulting in weakening in its financial risk
profile.

Incorporated in the year 2011, APMPL is engaged in manufacturing
of Kraft paper. Promoted by Mr. G.R.S.Reddy and his family, the
company has it manufacturing facility at Chikatimani Palli in
Ananthpur (Andhra Pradesh).


AUKLAND CERAMIC: ICRA Rates INR7.90cr Unallocated Loan at B/A4
--------------------------------------------------------------
ICRA has assigned an [ICRA]B and [ICRA]A4) ratings to the INR7.90
crore proposed bank limits of Aukland Ceramic Private Limited
(ACPL).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term /Short     7.90         [ICRA]B/[ICRA]A4; Assigned
   term limits-
   Unallocated

The assigned ratings reflect execution and implementation risks
associated with stabilization of plant as per expected operating
parameters as well as the funding risks since debt is yet to be
tied up. Further the assigned ratings factor's in the
vulnerability of profitability and cash flows to cyclicality
inherent in the real estate industry, which is the main consuming
sector, limited product portfolio consisting of only parking tiles
and the highly competitive business environment given the
fragmented nature of the tiles industry. Further, the assigned
ratings are constrained by the vulnerability of ACPL's
profitability to the cyclicality associated with the real estate
industry as well as to increasing prices of gas and power. While
assigning the ratings, ICRA also notes that the financial profile
is expected to remain stretched in the near term given the debt
funded nature of the project and the impending debt repayment.
The assigned ratings, however, favourably consider the experience
of promoters in the ceramic industry, the location advantage,
giving it easy access to raw material as well as marketing support
from established group concerns; the company also expects to
benefit from the group's established distribution network in the
tiles industry.

Aukland Ceramic Private Limited (ACPL) was incorporated in January
2014 to engage in the manufacture of heavy duty parking tiles. The
manufacturing unit of the company is located in Morbi, Gujarat,
with an installed capacity of 35000 metric tonnes per annum. The
company is promoted and managed three directors i.e. Mr. Paresh
Gopani, Mr. Anil Gopani and Mr. Vinubhai Lenchiya having a long
experience in the line of ceramic business. The directors of the
company are associated with the other group concerns i.e. Mega
Vitrified Private Limited which is engaged in manufacturing of
vitrified tiles of two sizes i.e. 12X12 and 16X16 and M/s Radhe
Krishna Cera Clay a ceramic body clay manufacturing unit.


BALA BALAJEE: CRISIL Reaffirms D Rating on INR214.7MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bala Balajee Textiles
Ltd (BBTL) continue to reflect instances of delay by BBTL in
servicing its term debt. The delays have been caused by the
company's weak liquidity.


                      Amount
   Facilities        (INR Mln)        Ratings
   ----------        ---------        -------
   Bank Guarantee         13.9        CRISIL D (Reaffirmed)
   Cash Credit           130          CRISIL D (Reaffirmed)
   Letter of Credit       15          CRISIL D (Reaffirmed)
   Proposed Cash Credit
   Limit                  66.4        CRISIL D (Reaffirmed)
   Term Loan             214.7        CRISIL D (Reaffirmed)

BBTL has large working capital requirements, and its profitability
margins are susceptible to volatility in cotton prices. The
company has a below-average financial risk profile marked by its
small net worth, high gearing, and below-average debt protection
metrics. However, BBTL benefits from its promoters' extensive
experience in the cotton yarn industry.

BBTL was set up in 2004 by Mr. Subba Rao Chitturi and his family
members. The company manufactures combed cotton yarn. Its spinning
unit is located in West Godavari district in Andhra Pradesh.


BANKE BIHARI: ICRA Assigns B+ Rating to INR9.23cr Term Loan
-----------------------------------------------------------
ICRA has assigned its rating of [ICRA]B+ to the INR9.23 crore term
loan facility of Banke Bihari Associates (BBA).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             9.23         [ICRA]B+; assigned

The assigned rating is constrained by the nascent stage of the
firm's operations, with rentals for its godowns scheduled to
commence from January 2015. The rating also takes into account the
firm's agreement with Haryana State Co-operative Supply and
Marketing Federation Limited (HAFED) under which the monthly
rentals are fixed for the guaranteed contract period of 10 years;
expected escalation in operational expenses will result in a
progressive diminution in the firm's operating profits. The rating
is further constrained by the partnership nature of the firm which
exposes it to risks of capital withdrawals, risk of dissolution
etc. However, the rating derives comfort from the low counter
party credit risk due to its contract with HAFED, stable revenue
generation for the guaranteed period of 10 years, favorable
outlook for agri warehousing segment and supportive government
policies under the Grameen Bhandaran Yojana which entitle the
project to a capital subsidy. Going forward, timely receipt of
rent from HAFED and capital subsidy from the Government and the
firm's ability to efficiently manage any escalation in the
operating cost will remain key rating sensitivities.

Established in 2012, BBA is a partnership firm promoted by Mr.
Parmesh Kumar and Mrs. Premwati to construct godowns to provide
storage space for food grains to HAFED. The firm is currently
constructing four godowns at Village Dukheri, District Ambala
(Haryana) with a total storage capacity of 31,660 metric tonnes on
a land area of 11 acres.


BITCORP PRIVATE: CRISIL Reaffirms B- Rating on INR200MM Bank Loan
-----------------------------------------------------------------
CRISIL's rating on the bank loan facilities of Bitcorp Private
Limited (BPL) continue to reflect the company's limited track
record of operations in the intensely competitive tobacco
business, its large working capital requirements, high degree of
customer concentration in its revenue profile, and the
susceptibility of its profitability margins to volatility in
tobacco prices and regulatory risks in the tobacco industry.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term      200      CRISIL B-/Stable (Reaffirmed)
   Bank Loan Facility

The ratings of the company are also constrained on account of its
below-average financial risk profile marked by its small net
worth, high gearing, and below-average debt protection metrics.
These rating weaknesses are partially offset by the benefits that
BPL derives from its promoters' extensive industry experience in
the tobacco industry.

Outlook: Stable

CRISIL believes that BPL will continue to benefit over the medium
term from its promoters extensive experience in the tobacco
industry. The outlook may be revised to 'Positive' if there is a
substantial and sustained increase in the company's revenues and
profitability margins, or there is a sustained improvement in its
working capital management. Conversely, the outlook may be revised
to 'Negative' in case of a steep decline in the company's
profitability margins, or significant deterioration in its capital
structure caused most likely by a stretch in its working capital
cycle.

BPL was set up in 1971 by Mr R. Hanumantha Rao. The company
processes tobacco leaves. It commenced operations in 2014, and is
based in Guntur district in Andhra Pradesh.


CHESA DENTAL: ICRA Raises Rating on INR12cr LT Loan From B+
-----------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR12 crore
(revised from INR8.00 crore) fund based facilities, INR10.36 crore
(revised from INR14.58 crore) term loan facilities and INR2.64
crore (revised from INR2.42 crore) proposed long term limits of
Chesa Dental Care Services Limited from [ICRA]B+ to [ICRA]BB.  The
outlook on the rating is stable.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-Term Fund        12.00        [ICRA]BB/Stable (upgraded
   Based Limits                       from [ICRA]B+)
   Term Loans            10.36        [ICRA]BB/Stable (upgraded
                                      from [ICRA]B+)
   Proposed Limits        2.64        [ICRA]BB/Stable (upgraded
                                      from [ICRA]B+)

The rating upgrade takes into account the long standing experience
of the promoters in the dental equipment business, favorable
industry prospects considering the growing dental care industry
and CDCSL's foray into high margin business segments such as
dental diagnostics and dental training which is expected to aid
the company's revenue growth and margin expansion besides
supporting business diversification. The rating also derives
comfort from the company's associations with renowned global
players in the medical devices industry and its established
relationships with a wide base of customers. The rating also takes
into account improvement in the financial profile characterized by
healthy growth in revenues aided by better demand, addition of new
customers and acquisition of dealerships of global players coupled
with moderation in capital structure supported by stable accruals
and equity infusion by the promoters.

The rating is, however, constrained by the company's relatively
moderate scale of operations restricting operational and financial
flexibility to an extent and the high working capital intensity of
operations on account of stretched receivables and high inventory
days as evidenced by a NWC/OI of 25.4% during 9MFY2015. ICRA also
takes note of the company's planned capital expenditure towards
new diagnostic centres which is likely to stretch the capital
structure and coverage indicators over the near to medium term.

Incorporated in 1996, Chesa Dental Care Services Limited is
engaged in manufacturing of dental equipments (predominantly
dental chairs), import and trading of dental equipments, training,
research and diagnostics. The company has been promoted by Dr.
Vijay C. Lilaramani and Dr. Anju V. Lilaramani. Earlier, the
promoters carried out the manufacturing business through a
proprietorship concern - Chesa Inc and CDCSL was engaged merely in
imports and trading of dental equipments and accessories. However,
the erstwhile operations of Chesa Inc were merged with CDCSL
during May 2012.The company's product portfolio comprises dental
chairs, X-Ray stands and accessories such as air compressors,
scalers, micro-motors, microscopes, light cures, hand pieces,
Lasers, Autoclaves, Sterilizing equipments etc. The company
imports the aforementioned accessories from its principals from
Germany, USA, and Japan etc in Completely Knocked Down/Semi-
Knocked Down (CKD/SKD) conditions and assembles the same in its
factory, located at Whitefield, Bangalore. The company has
recently forayed into dental diagnostic business by opening
centres at New Delhi and Jaipur and plans to add three more
centres in Bangalore, Mumbai and New Delhi.


COSMOS JEWELLERS: ICRA Reaffirms B+ Rating on INR20cr FB Loan
-------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the INR20
crore bank facilities of Cosmos Jewellers Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund-Based limits     20           [ICRA]B+; reaffirmed

ICRA's rating continues to factor in established presence of the
promoters in trading and distribution of gold and gold jewellery
business, and moderate demand growth prospects for gold jewellery
in India, over the medium to long term. While reaffirming the
rating, ICRA has taken note of the removal of regulatory
restrictions by the Reserve Bank of India (RBI) which are expected
to positively impact the supply of gold and reduce the funding
cost for gold procurement. The ratings are, however, constrained
by the highly competitive nature of the gold jewellery industry,
characterised by many organized and unorganized players, resulting
in low profitability margins; the sensitivity of gold demand to
the fluctuations in gold prices and regulatory changes; high
geographical concentration risk and susceptibility of
profitability to adverse movements in gold prices. The ratings
also take into account the company's moderately weak financial
profile characterised by high gearing levels and low debt coverage
indicators; and tight liquidity position as reflected in high
utilisation of working capital limits.

Going forward, inability of the company to manage working capital
efficiently, sales volumes alongwith profitability margins and
debt coverage metrics will be the key rating monitorables.

CJPL, incorporated in 2011, is engaged in the manufacturing,
wholesale and retail sales of gold and diamond. CJPL has presence
largely in gold jewellery, which contributes to more than 90% of
its revenues and its customers are primarily wholesalers and
retailers based in New Delhi. The company was acquired by the
promoters of Delhi based Shree Raj Mahal Group, which is engaged
in the manufacturing, wholesale and retail sales of gold and
diamond jewellery for more than two decades. The acquisition of
the company was effective from April 1, 2014.

CJPL reported a turnover of INR149.95 crore and a net profit of
INR0.46 crore in 2013-14, as against a turnover of INR135.65 crore
and a net profit of INR0.41 crore in the previous year.


EVERBLUE SEAFOODS: ICRA Assigns B Rating to INR2cr Packing Loan
---------------------------------------------------------------
ICRA has assigned the [ICRA]B to the INR4.00 crore fund based
limits and [ICRA]A4 to INR2.00 Cr non fund based limits of
Everblue Seafoods Private Limited. ICRA has also assigned ratings
of [ICRA]B/[ICRA]A4 to the INR4.00 Cr unallocated limits of ESPL.


                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Packing Credit        2.00         [ICRA]B; assigned
   Term Loan             2.00         [ICRA]B; assigned
   Letter of Credit      2.00         [ICRA]A4; assigned
   Unallocated           4.00         [ICRA]B/[ICRA]A4; assigned

The assigned rating is constrained by the small scale of
operations of the company as indicated by the weak financial
profile of the company with high gearing of 2.76x and stretched
coverage indicators exhibited by OPBITDA-to-Interest & Finance
Charges of 1.77x and NCA-to-Total Debt of 10% as on 31st March,
2014 as well as the unhedged dollar exposures of the company
increases the risk of volatility of revenues. The rating is also
constrained by the highly fragmented and low value additive nature
of the industry with intense competition from local and foreign
players which puts further pressures on the margins. The industry
is also exposed to risks arising from susceptibility to diseases,
climate changes and government policies. The rating however,
favourably factors the experience of the promoters in the seafood
exports industry and the proximity of the plant to the major
aquaculture region of Andhra Pradesh which gives east access to
raw materials.

Everblue Seafoods Private Limited was incorporated in 2000 but
started its operations from 2007 onwards with the setting up of
seafood processing plant in Visakhapatnam, Andhra Pradesh. From
2007 to 2012, the company only used to do job works for SMSEA
Corporation and Malnad Exports Private Limited. From FY2013
onwards, the company shifted its focus from job works towards
carrying outs its own seafood processing operations.

The company has the capacity of processing 20 MT of various
varieties of shrimps, fishes, etc. per day. The company has cold
storage capacity of 1569 MT.

According to audited FY14 financials, the company registered an
operating income of INR6.51 Cr and operating profit of INR0.66 Cr
as against the operating income of INR2.55 Cr and operating profit
of INR0.47 Cr in FY13.


GLOBUS INDUSTRIES: CRISIL Cuts Rating on INR383MM Term Loan to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Globus
Industries and Services Ltd (GISL) to 'CRISIL D/CRISIL D' from
'CRISIL C/CRISIL A4'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           120        CRISIL D (Downgraded from
                                    'CRISIL C')

   Foreign Letter of     180        CRISIL D (Downgraded from
   Credit                           'CRISIL A4')

   Term Loan              10.3      CRISIL D (Downgraded from
                                    'CRISIL C')

   Working Capital       383        CRISIL D (Downgraded from
   Term Loan                        'CRISIL C')

The rating downgrade reflects instances of delay by GISL in
servicing its term debt, because of weak liquidity. Its interest
obligations for January 2015 and February 2015 were pending as on
March 12, 2014. The weak liquidity is on account of high cash
losses the company reported for the three years ended 2013-14
(refers to financial year, April 1 to March 31).

GISL also has a below-average financial risk profile and low
operating efficiency. However, the company benefits from the
extensive experience of its promoters in the vegetable oils
industry.

GISL manufactures vanaspati and refined vegetable oils at its unit
in Khippanwali, Fazilka (Punjab).


GOKUL COTTON: ICRA Reaffirms B+ Rating on INR6cr Cash Credit
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ rating to the
INR6.00 crore cash credit facility and INR1.00 crore book debt
(sublimit of cash credit) of Gokul Cotton Private Limited. ICRA
has also reaffirmed the short term rating of [ICRA]A4 to INR2.00
crore demand loan against warehouse receipt (DL-WHR) facility of
GCPL.

                             Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Fund Based- Cash Credit     6.00       [ICRA]B+ reaffirmed
   Fund Based- Book Debt       1.00       [ICRA]B+ reaffirmed
   Fund Based- DL-WHR          2.00       [ICRA]A4 reaffirmed

The reaffirmation of ratings continue to take note of Gokul Cotton
Private Limited's (GCPL) modest scale of operation and financial
profit characterized by thin profitability, high gearing due to
high working capital borrowings and modest debt coverage
indicators. ICRA also takes note of the highly competitive and
fragmented industry structure with the limited value additive
nature of operations which leads to pressure on profitability. The
ratings further incorporate the vulnerability of margins to
adverse movements in agricultural produce prices which are in turn
dependent on agro climatic condition and demand from international
market especially China.

The ratings, however, favourably considers the long experience of
the promoters in the cotton industry as well as the favourable
location of the company, giving it easy access to high quality raw
cotton.

Gokul Cotton Private Limited (GCPL) was established in 2006 as
private limited company. It is engaged in the ginning and pressing
of raw cotton. Five directors namely Mr. Dharmesh Mehta, Mr.
Arvindbhai Gandhi, Mr. Rashikbhai Gandhi, Mr. Ashokkumar Gandhi,
and Mr. Prataprai Gandhi manage the company. The company's
manufacturing facility is located at Mahuva in Bhavnagar, Gujarat.
It currently has 24 ginning machines and one pressing machine with
the installed capacity to produce 225 cotton bales per day (24
hours operation).

In FY14, the company reported an operating income of INR42.17
crore and net profit of INR0.11 crore.


HIMALAYIYA AYURVEDIC: CRISIL Reaffirms B Rating on INR85MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Himalayiya Ayurvedic
Yog Evam Prakartik Chikitsa Sansthan (HAYEPCS) continue to reflect
HAYEPCS's weak financial risk profile, marked by a small net
worth, high gearing and weak debt protection metrics, modest scale
of operations, and exposure to risks related to high regulation of
educational institutions.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Long Term Loan       85          CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the healthy demand
for medical courses and the extensive industry experience of the
trustees.

Outlook: Stable

CRISIL believes that HAYEPCS will benefit over the medium term
from its trustees' extensive industry experience. The outlook may
be revised to 'Positive' if the operating profitability or revenue
is significantly higher than expectations, leading to improved
liquidity. Conversely, the outlook may be revised to 'Negative' if
the trust generates lower-than-expected cash accruals or in case
of higher-than-expected debt-funded capital expenditure leading to
deterioration in liquidity.

HAYEPCS is registered under the Societies Act with the Registrar
of Societies, Government of Uttarakhand, Dehradun, in 2005. The
trust is managed by Mr. Balkrishan Chamoli, and Mr. Pradeep Kumar
is the chairman. The trust was formed to provide medical education
through the Himalayiya Ayurvedic Medical College and Hospital. The
college is situated in Shyampur, Rishikesh (Uttarakhand). The
medical college and its courses are approved by the Central
Council of Indian Medicine and the college is affiliated with the
Hemvati Nandan Bahugana University, Garhwal (Uttarakhand). The
trust also operates a medical hospital with around 100 beds on a
non-profit basis.

HAYEPCS reported a net loss of INR3.2 million on an operating
revenue of INR42.5 million for 2013-14 (refers to financial year,
April 1 to March 31), as against a net loss of INR5.7 million on
an operating revenue of INR30.2 million for 2012-13.


HOMA ENGINEERING: CRISIL Reaffirms B Rating on INR20MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Homa Engineering Works
(HEW) continue to reflect HEW's modest net worth base and scale of
operations, its working-capital-intensive operations, and high
customer concentration.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20        CRISIL B/Stable (Reaffirmed)

   Letter Of Guarantee     40        CRISIL A4 (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility      20        CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by its promoters'
extensive experience in the marine industry, established customer
relationship, and average financial risk profile marked by average
capital structure and debt protection measures.

Outlook: Stable

CRISIL believes that HEW will maintain its business risk profile
over the medium term, backed by its promoters' extensive industry
experience and established customer relationship. The outlook may
be revised to 'Positive' if HEW reports considerable growth in
revenue, while it substantially improves its working capital
cycle, leading to improved liquidity. Conversely, the outlook may
be revised to 'Negative' in case of significant pressure on
accruals of the firm or stress on liquidity because of delay in
receivables.

HEW was set up in 1974 by Mr. Hoshang Bengali and his business
acquaintances Captain Vistas Patel and Ms. Khurshid Irani. The
firm was taken over by Mr. Saifuddin Hajee and his son Mr.
Aliasgar Hajee in 2007. HEW provides ship repairing and
maintenance services for both Indian and foreign merchant navy
vessels and coast guard ships.  Mr. Aliasgar Hajee manages the
day-to-day operations of the firm.


INDRA MARSHAL: CARE Reaffirms B Rating on INR5cr LT Bank Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Indra
Marshal Power Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-Term Bank Facilities       5        CARE B Reaffirmed
   Short-term Bank Facilities      7        CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Indra Marshal Power
Private Limited (IMPPL) continue to be constrained on account of
its modest net-worth base, high overall gearing, stretched
liquidity position, susceptibility of profitability to volatility
in raw material prices, dependence of IMPPL on the government
bodies along with fixed-price contracts and highly fragmented
nature of the industry. The ratings also factor in the increase in
operating income and gross profit along with deterioration in
capital structure and elongation of working capital cycle during
FY14 (refers to the period April 1 to
March 31).

The ratings continue to draw comfort from the experienced
promoters along with the long track record of the entity,
reputed and established client base and strong marketing and
distribution network.

The ability of IMPPL to increase its scale of operations, improve
profitability and capital structure alongwith the efficient
working capital management is the key rating sensitivity.

Incorporated in the year 1968, IMPPL belongs to the Jhawar Group
based in Indore. IMPPL was originally constituted as a partnership
concern by the Late Mr Jai Narayan Jhawar. The firm was converted
into a private limited company in the year 2009. IMPPL is engaged
in the manufacturing and assembling of pump set with horsepower of
3.5 to 20, air (garage) compressors which are used for agriculture
and commercial purpose, power tiller, rotary tiller and power
weeder. The company has an installed capacity of 56,000 pumps and
5000 compressors per annum as on March 31, 2014. The company
imports approximately 50% of the required components (spare parts)
from China and procures the rest from the domestic market. The
company sells its assembled pump sets and compressors to
irrigation department of State Governments and private players.
The assembled pumps are sold under the brand name 'Indra Marshal'.
The company has a pan India presence with network of 275 dealers.
IMPPL is an ISO 9001:2008 certified company.

During FY14, IMPPL reported a PAT of INR0.11 crore on a total
operating income (TOI) of INR21.33 crore as against a PAT of
INR0.15 crore on TOI of INR17.45 crore during FY13.


JAWAHAR MEDICAL: CRISIL Reaffirms B+ Rating on INR10MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Jawahar Medical
Foundation (JMF) continue to reflect JMF's small scale of
operations and high overheads leading to losses, geographic
concentration in its revenue profile, and its vulnerability to
regulatory risks associated with educational institutions. These
rating weaknesses are partially offset by the high occupancy at
JMF's institutes, benefits expected from the healthy demand
prospects for the education sector, and the trust's comfortable
capital structure.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         121       CRISIL A4 (Reaffirmed)
   Overdraft Facility      10       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that JMF will continue to benefit over the medium
term from its long track record in the medical education sector.
The outlook may be revised to 'Positive' in case of a substantial
increase in the trust's operating income and cash accruals, along
with healthy occupancy. Conversely, the outlook may be revised to
'Negative' if JMF's financial risk profile, particularly its
liquidity, weakens, most likely because of low cash accruals or
large debt-funded capital expenditure.

JMF, established in I987, has a campus in Dhule (Maharashtra). In
1989, the trust set up ACPM Hospital in Dhule. JMF operates three
educational institutes'ACPM Medical College, ACPM Dental College,
and ACPM College of Nursing'offering graduation, post-graduation,
and diploma courses; JMF also operates a medical store.


JUMBO BAG: CRISIL Assigns B+ Rating to INR250MM Cash Credit
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Jumbo Bag Ltd (JBL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Letter of Credit      55         CRISIL A4
   Bill Discounting      25         CRISIL B+/Stable
   Cash Credit          250         CRISIL B+/Stable

The ratings reflect JBL's modest scale of operations in the
intensely competitive flexible intermediate bulk container (FIBC)
segment, and below-average financial risk profile, marked by weak
debt protection metrics. These rating weaknesses are partially
offset by the company's established market position in the FIBC
segment.

Outlook: Stable

CRISIL believes that JBL will maintain its established position in
the FIBC market over the medium term, supported by its established
relationships with customers and suppliers. The outlook may be
revised to 'Positive' in case of significant improvement in the
company's scale of operations and profitability, or substantial
equity infusion, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if JBL's
accruals decline, or if it undertakes a large debt-funded capital
expenditure programme, or if its working capital management
deteriorates, resulting in weakening of its financial risk
profile.

JBL, established in 1990 in Chennai, manufactures FIBCs, also
known as jumbo bags. The company is a part of Bliss group and is
promoted by Mr. G P N Gupta.

JBL reported a net loss of INR22.1 million on total revenue of
INR835.2 million for 2013-14 (refers to financial year, April 1 to
March 31), against a profit after tax (PAT) of INR0.9 million on
total revenue of INR877.5 million for 2012-13.


KAMDHENU FOODS: CRISIL Rates INR110MM Loan B+; Suspension Revoked
-----------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Kamdhenu Foods Ltd (KFL) and has assigned its
'CRISIL B+/Stable' ratings to the company's long-term bank long
facilities.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          110        CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

CRISIL had earlier, on December 06, 2013, suspended the ratings as
KFL had not provided the necessary information required for a
rating review. The company has now shared the requisite
information, enabling CRISIL to assign a rating to the company's
bank facilities.

The rating reflects KFL's weak capital structure, marked by a high
total outside liabilities to tangible net worth ratio and average
debt protection metrics. The company also has low operating
profitability, and is exposed to risks related to changes in
government regulations, and to epidemic- and environment-related
factors. These rating weaknesses are partially offset by the
extensive experience of KFL's promoters in the dairy products
industry.

Outlook: Stable

CRISIL believes that KFL will continue to benefit over the medium
term from its established supplier base and its promoters'
extensive industry experience. The outlook may be revised to
'Positive' in case of improvement in KFL's working capital
requirements or if the promoters infuse funds into the company,
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if KFL's capital
structure deteriorates considerably on account of any large debt-
funded capital expenditure or a decline in profitability.

KFL trades in dairy products such as skimmed and whole milk
powder, butter, ghee, edible acid casein, and dairy whitener. The
company's day-to-day operations are managed by Mr. Ashok Gupta.
KFL earlier also manufactured dairy products, but discontinued
this business in 2002.


KESHARDEO COMBINES: CRISIL Puts B+ Rating on INR34MM Packing Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Keshardeo Combines (KC).

                             Amount
   Facilities               (INR Mln)     Ratings
   ----------               ---------     -------
   Standby Line of Contract      6        CRISIL A4
   Packing Credit               34        CRISIL B+/Stable
   Post Shipment Credit         20        CRISIL A4

The ratings reflect modest scale and working capital intensive
nature of operations and weak financial risk profile marked by
modest networth and subdued debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
KC's promoters in the textile industry and their fund support.

Outlook: Stable

CRISIL believes that KC will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive if the firm generates significantly
better-than-expected revenue and margins while improving its
working capital cycle and financial risk profile on a sustainable
basis. Conversely, the outlook may be revised to 'Negative' if
KC's working capital cycle lengthens significantly or if it faces
significant decline in the revenue or profitability margins,
leading to deterioration in financial risk profile.
About the Firm

KC, setup in 1995 by Mr. Prakash Gupta, is engaged in
manufacturing of terry towels. The firm was setup as a sole
proprietorship concern in 1995, and was converted to partnership
firm in October 2014. The firm is based in Mumbai (Maharashtra).

KC reported a net profit of INR3.14 million on net sales of INR159
million for 2013-14 (refers to financial year, April 1 to March
31) against net profit of INR2.21 million on net sales of INR134.1
million for 2012-13.


KRISHNA PULSES: CRISIL Cuts Rating on INR49MM Bank Loan to B-
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Krishna Pulses & Cereals (KPC) to 'CRISIL B-/Stable' from 'CRISIL
B+/Stable', and reaffirmed its rating on the firm's short-term
bank facilities at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term       49       CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Proposed Short Term
   Bank Loan Facility      102       CRISIL A4 (Reaffirmed)

   Warehouse Receipts       49       CRISIL A4 (Reaffirmed)

The rating downgrade reflects deterioration in KPC's financial
risk profile, marked by significant reduction in its net worth and
consequent increase in its gearing. Its net worth declined to
INR3.7 million as on March 31, 2014; from Rs18.5 million a year
ago on account of withdrawal of capital of Rs15.5 million by
partners in 2013-14 (refers to financial year, April 1 to March
31). Lower net worth coupled with higher reliance on debt resulted
in deterioration in KPC's gearing to 44.6 times as on March 31,
2014, from 2.43 times as on March 31, 2013,. The company had an
outstanding debt of INR160 million as on 31 Mar 2014 from INR45
million a year ago , which also resulted in significant increase
in financial cost and weak interest coverage ratio of 1.38 times
for 2013-14. CRISIL believes that KPC's financial risk profile
will remain under pressure over the medium term on account of low
accretion to reserves and high reliance on debt.

The ratings reflect KPC's weak financial risk profile, marked by
high gearing, weak debt protection metrics, and a small net worth,
and its small scale of operations in a highly fragmented industry.
These rating weaknesses are partially offset by the extensive
experience of the firm's promoters in the agricultural products
industry.

Outlook: Stable

CRISIL believes that KPC's financial risk profile will remain weak
over the medium term on account of large working capital
requirements. However, the firm will benefit over this period from
its promoters' extensive industry experience and its healthy
operating margin. The outlook may be revised to 'Positive' in case
of significant ramp-up in KPC's scale of operations or improvement
in its capital structure, driven by capital infusion by the
promoters or substantial net cash accruals. Conversely, the
outlook may be revised to 'Negative' if the firm's financial risk
profile deteriorates, most likely because of a decline in its
revenue and profitability resulting in weakening of its debt
protection metrics, or large debt-funded capital expenditure.

KPC is a partnership firm established in 1995 by Mr. Raman
Aggarwal, Mr. Krishan Kumar Aggarwal, and Mr. Gaurav Aggarwal. In
2011, Mr. Raman Aggarwal and Mr. Krishan Kumar Aggarwal retired
from the partnership, and Mrs. Renu Aggarwal (wife of Mr. Raman
Aggarwal) and Mrs. Sudha Aggarwal (wife of Mr. Krishan Kumar
Aggarwal) were admitted as partners. The firm manufactures wheat
products such as maida and atta, and other food grain commodities.
Its flour mill is in Dinanagar (Punjab).


LIGHTNING INDIA: ICRA Puts SP 3E Grading on Poor Fin'l Strength
---------------------------------------------------------------
ICRA has assigned 'SP 3E'* grading to Lightning India Energy
Solutions Private Limited (LIESPL), indicating 'Moderate
Performance Capability' and 'Poor Financial Strength' of the
channel partner to undertake off-grid solar projects. The grading
is valid till 8th March 2017 after which it will be kept under
surveillance.

Grading Drivers

Strengths
   * Order book of INR3.49 crore showing visibility of revenues in
near term
   * Satisfactory feedback from customers and suppliers
   * The products conforms to the MNRE standards and are approved
by NREDCAP and TNREDCL
   * Increasing awareness and support from both central and state
governments for the promotion of solar power resulting in good
demand in off-grid segment
Risk Factors
   * Nascent stages of operations with LIESPL starting operations
since FY2014
   * Financial profile of the company is constrained by modest
net-worth
   * Limited operation and maintenance network
   * Large number of organized and unorganized players in solar PV
space indicating high level of competition leading to pressure on
margins

SI Related Business - Moderate Performance Capability

   * Promoter's Track Record: The directors of the company, Mr.
Venkata Chandra Sekhar Raja, Ms. Vijaya Durga and Mr. Raja Kasaiah
have more than 5 years of experience in solar business. LIESPL is
involved in installation of solar modules for both grid connected
and off-grid projects. The company is also ISO 9001:2008
certified. LIESPL has completed 119.25 KW of solar module
installations till date and has 14 projects in hand for
installation and commissioning of solar modules cumulating to
403.46 KW.
   * Technical competence and adequacy of manpower: LIESPL has
experienced installation team which looks into the various
technical aspects of installation and post installation services.
The company has a workforce of around 19 members having prior
experience in solar space. The employed manpower has been adequate
for the limited number of projects undertaken so far; however the
same would need to be increased for scaling up of operations.
   * Quality of suppliers and tie ups: LIESPL imports materials
such as solar cells, inverters, batteries, etc. from various
suppliers in Germany, Taiwan like Siemens Limited, Motech Solar
etc. LIESPL also procures domestically from many suppliers like
HBL, Access Solar, Power one etc. The materials are tested for
quality and reliability before purchase orders are given to the
suppliers. As per feedback from the supplier, they are satisfied
with the involvement, information flow, payments etc.
   * Customer and O&M Network: The customer profile of LIESPL
mainly includes commercial, household and educational
institutions. The customers of LIESPL are located mainly in Andhra
Pradesh and Tamil Nadu. The company's quality deliverables, timely
execution and prompt after sales service have led to satisfactory
feedback from customers. Company has its service centers in Andhra
Pradesh and Telangana regions.

Financial Strength - Poor

Revenues: The company has reported revenue of INR0.63 crore till
31st January FY2015

Return on Capital Employed (RoCE): 0.00 %
Total Outside Liabilities / Tangible Net worth: 0.00 %
Interest Coverage Ratio: 0.00
Net-Worth: Net worth of the LIESPL and its promoter's is INR4.06
crore
Current Ratio: 0.00 times

Relationship with bankers: Bankers are satisfied with the company

The overall financial profile of the company is Poor.


N.R. CORPORATION: CARE Rates INR15cr Long Term Loan at B+
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of N.R.
Corporation.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    15.00       CARE B+ Assigned

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

Rating Rationale
The rating assigned to the bank facilities of N. R. Corporation
(NRC) is constrained by pending regulatory approvals, significant
project funding and execution risk and high marketing risk. The
rating is further constrained by the cyclical nature of the real
estate industry and the constitution being a partnership firm.
The rating derives strength from the significant experience of the
partners in the real estate industry and favorable location of the
projects.

Ability of the firm to get the pending approvals and thereby
timely complete the project and generate sufficient accruals shall
be critical from credit perspective.

Established in 1997, N.R. Corporation (NRC) is into developing of
real estate properties. Furthermore NRC group has till date
executed seven projects in the area of Mumbai and five projects
are under construction.

Currently NRC is executing real estate project at Chembur Mumbai.
The company is undertaking development of two residential
buildings (Wings A & E) at Midas Bhakti Meadows (under JV with
Midas group), herewith NRC acts as a developer.

In addition to the above, NRC has also taken a contract (for
development and material) to develop building (Wing F), for Bhakti
group for a fixed consideration.

The firm has estimated the total cost of the above two project
(both as a developer and contractor) at INR44.46 crore to be
funded in the ratio of 0.30:0.31:0.39 as equity, debt and customer
advances respectively.

Out of the estimated cost, as on December 31, 2014, the firm has
incurred cost to the extent of INR12.81 crore (29% of the total
cost) which was mainly funded through bank debt amounting to
INR9.18 crore, contribution from partners to the extent of INR0.58
crore and balance through customer advances.


NEON MOTORS: ICRA Suspends B Rating on INR5cr Fund Based Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]B assigned to INR5.00 crore fund based
facilities of Neon Motors Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

NMPL is incorporated in 2012 and is an authorized dealer for 3
wheelers, passenger vehicles and light commercial vehicles of
Mahindra & Mahindra. NMPL is engaged in the sales and service of
vehicles along with sale of spare parts. The company operates
through one showroom in Visakhapatnam and 5 outlets; 3 outlets in
Visakhapatnam district and one outlet each in Vizianagaram and
Srikakulam districts. There are two workshops, one at
Visakhapatnam and one at Gajuwaka Directors, Mr. Harsha and Ms.
Himabindu have an experience of 4 years in the dealership business
through associate company, Olive Auto Private Limited which has
dealership for 2 wheelers from Suzuki Motorcycle India Limited.


NUTECH GLOBAL: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Nutech Global Ltd (NGL)
continue to reflect NGL's weak financial risk profile, marked by
small net worth and weak debt protection metrics, and large
working capital requirements.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         0.5       CRISIL A4 (Reaffirmed)
   Cash Credit           70.0       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     8.0       CRISIL B+/Stable (Reaffirmed)
   Standby Line of
   Credit                 6.8       CRISIL B+/Stable (Reaffirmed)
   Term Loan             12.1       CRISIL B+/Stable (Reaffirmed)

The ratings also factors in NGL's large working capital
requirements, small scale of operations, and exposure of risks
relating to volatility in raw material prices. These rating
weaknesses are partially offset by the extensive industry
experience of NGL's promoter.

Outlook: Stable

CRISIL believes NGL's business risk profile will continue to be
supported by the promoter's significant experience. The outlook
may be revised to 'Positive' in case NGL achieves significant
improvement in its scale of operations and profitability, while
maintaining a stable capital structure. Conversely, the outlook
may be revised to 'Negative' if pressure on profitability or large
working capital requirements weaken its financial risk profile,
especially liquidity, considerably.

Update
NGL reported net sales of INR340.9 million for 2013-14 (refers to
financial year, April 1 to March 31; up from INR293.7 million for
2012-13. NGL's operating margin reduced to 5.3 per cent from 7.4
per cent during this period on account of increase in raw material
cost and intense competition. For the six months through September
2014, the company had net sales of INR203.9 million and operating
margin of 4.67 per cent. Its operations are moderately working
capital intensive, with gross current assets of 125 days as on
March 31, 2014 led by large inventory.

The financial risk profile remains modest, with moderate gearing
of 1.26 times and weak debt protection metrics, with interest
coverage of 1.6 times and net cash accruals to total debt (NCATD)
of 0.09 times for 2013-14. The high gearing was on account of
sizeable working capital borrowings. In the absence of further
debt-funded capex over the medium term, the gearing is expected to
remain at 1 to 1.2 times.

Liquidity remains moderate, as indicated by the high bank limit
utilisation'at 93 per cent on average for the 12 months through
December 2014. The cash accruals are expected at INR10 million to
INR12 million annually, against maturing annual term debt of
INR3.3 million over the medium term. NGL reported a profit after
tax (PAT) of INR1.3 million on net sales of INR340.9 million for
2013-14, as against a PAT of INR1.4 million on net sales of
INR293.7 million for 2012-13.

NGL was incorporated in 1984 by Mr. Shyam Mukhija. The company
manufactures suiting fabric from polyester, viscose, and also
small quantity of cotton. NGL converts yarn to grey fabric and
outsourcers the same for finishing and dyeing.


ORNET INTERMEDIATES: CRISIL Reaffirms B+ Rating on INR60MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ornet Intermediates Ltd
(Ornet Intermediates) continues to reflect its modest scale and
large working capital requirements, and its below-average
financial risk profile, marked by moderate liquidity, because of a
substantial non-core investment. These rating weaknesses are
partially offset by the extensive experience of the promoters in
the chemicals industry.


                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bill Purchase-         100       CRISIL A4 (Reaffirmed)
   Discounting Facility

   Proposed Long Term      60       CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that Ornet Intermediates will continue to benefit
over the medium term from the extensive industry experience of its
promoters and their healthy customer relationships. The outlook
may be revised to 'Positive' if the company reports sizeable
revenue and maintains its operating profitability leading to
substantial cash accruals while enhancing its working capital
cycle, or it releases funds from non-core activities, thus
improving its liquidity. Conversely, the outlook may be revised to
'Negative' if Ornet Intermediates' profitability or capital
structure deteriorate, or the company significantly invests in
non-core businesses, constraining its liquidity.

Update
Ornet Intermediates reported net sales of INR701.7 million in
2013-14 (refers to financial year, April 1 to March 31), and year
on year growth of 18 per cent led by improved demand. Net sales
were INR404.2 million till September 30, 2014. CRISIL believes
that Ornet Intermediates will report moderate growth of 10 per
cent in 2014-15. The operating margin reduced to 4.9 per cent in
2013-14 from 6.0 per cent in 2012-13, led by an increase in
expense and material costs. Ornet Intermediates is expected to
maintain an operating margin of around 5.5 per cent over the
medium term. Gross current assets (GCAs) were at 417 days during
2013-14 as against 452 days in 2012-13, led by high receivables of
around 103 days and several investments in other current assets.
Debtors remain high because of concentration in export markets.

The financial risk profile continues to be constrained by non-core
investments which stood at INR95.2 million in 2013-14 (as compared
to INR97.3 million in 2012-13). The gearing in 2013-14 was low at
0.33 times, led by net worth of INR717.2 million. The debt
protection metrics remain inadequate in 2013-14 because of loss of
INR56.23 million on the sale of a few investments. The interest
coverage and net cash accruals to term debt (NCATD) ratios were at
1.3 times and negative 0.05 times, respectively, for 2013-14.
CRISIL believes that Ornet Intermediates' debt protection metrics
will continue to be weak, led by large investments and loans and
advances. Liquidity remains moderate with bank limit utilisation
of 18 per cent for the 12 months ended October 31, 2014 and nil
term debt obligations, over the medium term.

Established in 1992, Ornet Intermediates manufactures dyes,
pigments, and intermediates that are used mainly by the textile
and leather industries. The company has a facility near Ahmedabad
(Gujarat); Mr. Dinesh Jain manages its operations.

Ornet Intermediates reported a loss after tax of INR14.9 million
on net sales of INR701.7 million for 2013-14 as against a net
profit of INR35.7 million on net sales of INR593.5 million.


POTLURI SURYA: CRISIL Reaffirms B- Rating on INR25MM Bank Loan
--------------------------------------------------------------
CRISIL ratings on the bank facilities of M/s. Potluri Surya
Prakasa Rao (PSPR) continues to reflect PSPR's modest scale- and
working capital intensive nature- of operations along with
geographic concentration in revenue profile. These rating
weaknesses are partially offset by the extensive industry
experience of PSPR's promoter in the civil construction business.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          75       CRISIL A4 (Reaffirmed)
   Overdraft Facility      20       CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      25       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL continues to believe that PSPR will benefit over the medium
term from the promoters extensive experience in the civil
construction business. The outlook may be revised to 'Positive',
if PSPR's working capital management improves and there is an
increase its scale of operations and operating profitability
significantly over the medium term there by leading to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative', if the company undertakes any
significant debt-funded capital expenditure or if its revenues and
operating profitability decline or if its working capital cycle
elongates leading to deterioration in its financial profile.

Set up in 1989, PSPR is a proprietorship entity involved in the
execution of civil construction contracts for various government
agencies in Andhra Pradesh. The firm mainly undertakes work
related to infrastructure development in the drinking water supply
segment. The day-to-day operations are managed by Mr Potluri Surya
Prakasa Rao.

PSPR reported a profit after tax (PAT) of INR7.1 million on net
sales of INR166.8 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR5.2 million on net sales
of INR135.5 million for 2012-13.


POWERCON CEMENT: CRISIL Reaffirms B+ Rating on INR72.5MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Powercon
Cement Ltd (PCL) continues to reflect PCL's small scale of
operations due to the start-up nature of its business, and its
weak financial risk profile, marked by high gearing. These rating
weaknesses are partially offset by the extensive experience of
PCL's promoters in the cement industry.


                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          45          CRISIL B+/Stable (Reaffirmed)
   Term Loan            72.5        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PCL will continue to benefit over the medium
term from the extensive industry experience of its promoters and
its relationship with its main client Kamdhenu Cement Ltd. The
outlook may be revised to 'Positive' if the company significantly
scales up its operations while prudently managing its working
capital requirements, and also improves its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
PCL's financial risk profile, particularly its liquidity,
deteriorates, most likely because of substantial working capital
requirements or low cash accruals.

Update
PCL is expected to report revenue of INR200 million to INR220
million for 2014-15 (refers to financial year, April 1 to
March 31), its first full year of operations. The company has
already registered revenue of around INR153 million for the nine
months through December 2014. PCL's operating margin is expected
to be in range of 12 to 13 per cent for the year, in line with the
industry trend. The company's revenue is expected to grow at a
modest rate with a sustained operating margin, over the medium
term.

PCL's operations are highly working capital intensive as reflected
in its estimated gross current assets (GCAs) of around 120 days as
on March 31, 2015. The GCAs include inventory of around 55 days
and a receivables cycle of 40 days. As a result, the company's
average bank limit utilisation has been high, at an average of
around 99 per cent during the 12 months through December 2014.

PCL's net worth is also estimated to remain small at around
INR51.5 million, as on March 31, 2015, thereby limiting its
financial flexibility to meet any exigency. The company has
substantial debt contracted for funding its working capital
requirements; this, coupled with a small net worth, is estimated
to result in high gearing of around 1.93 times as on March 31,
2015. The gearing is expected to improve to around 1.5 times over
the medium term on account of repayments of term debt.

Incorporated in 2012, PCL manufactures cement at its facility in
Varanasi (Uttar Pradesh), with a capacity of 180,000 tonnes per
annum. The company started production from January 2014. PCL is
promoted and managed by Mr. Vishnu Kant Agrawal, Mr. Vikram
Chaudhary, and Mr. Subhash Chand Tulsyan.


PUNJAB MEDICAL: CRISIL Ups Rating on INR204.2MM Term Loan to B
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Punjab Medical Foundation Charitable Trust (PMFCT) to 'CRISIL B
/Stable' from 'CRISIL D'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan            204.2      CRISIL B/Stable (Upgraded
                                   from 'CRISIL D')

The rating upgrade reflects PMFCT''s timely servicing of its debt,
and CRISIL's belief that the trust's liquidity would improve over
the medium term following the partial completion of its new unit.
The new unit will increase the capacity of PMFCT's existing
departments and is expected to become operational by the second
quarter of 2015-16 (refers to financial year, April 1 to March
31). The trust's profitability is expected to improve as it has
closed operations of its loss-making unit, which was taken on
rent. The improvement in liquidity is also supported by better
debtor realisation due to online payment against the Ex-Serviceman
Contributory Health Scheme (since May 2014). The debtors are
expected to improve to around 80 days as on March 31, 2015, from
130 days as on March 31, 2014. The trust is expected to generate
net cash accruals of INR21 million to INR23 million, vis-a-vis
repayment obligations of INR10 million, in 2014-15.

The rating reflects PMFCT's modest scale of, and geographical
concentration in, operations. These ratings weaknesses are
partially offset by the extensive experience of the trust's
promoters in the healthcare industry and its established regional
market position. The rating also factors in PMFCT's healthy
financial risk profile, marked by low gearing and a moderate net
worth.

Outlook: Stable

CRISIL believes that PMFCT will continue to benefit over the
medium term from its promoters' industry experience and its
established regional market position. The outlook may be revised
to 'Positive' if the trust significantly improves its operating
profitability, supported by better-than-expected occupancy, while
improving its working capital management. Conversely, the outlook
may be revised to 'Negative' in case of a significant time or cost
overrun in completion of PMFCT's new unit, or if its working
capital cycle is stretched, or if its occupancy level falls,
leading to weakening of its liquidity.

PMFCT was set up in 1990 by Mr. Balbir Singh, who is one of the
nine trustees. The trust has been operating Kidney Hospital &
Lifeline Medical Institutions (KHLM) since 1988-89, and K H
Medicos, a pharmacy, since 2006; both the ventures are Jalandhar
(Punjab) KHLM is a multi-speciality hospital with 110 beds.


RA POWERGEN: CRISIL Cuts Rating on INR120MM Cash Loan to B
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facility of RA Powergen Engineers Pvt Ltd (RAPEPL) to 'CRISIL
B/Stable' from 'CRISIL B+/Stable', while reaffirming its rating on
the company's short-term facility at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          120        CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Letter of Credit     100        CRISIL A4 (Reaffirmed)

The rating downgrade reflects deterioration in RAPEPL's financial
risk profile, marked by a decline in its interest coverage ratio
and high reliance on bank borrowings for funding its large working
requirements. The company's interest coverage ratio is expected to
decline to 1.27 times in 2014-15 (refers to financial year, April
1 to March 31) from 1.62 times in 2012-13. Its working capital
cycle has been stretched owing to delays in payment by debtors,
leading to weakening of its financial flexibility and higher
reliance on bank borrowings. As a result, its bank limits were
utilised at an average of 99.9 per cent during 12 months through
January 2015.

The ratings also reflect RAPEPL's working-capital-intensive
operations and below-average financial risk profile, with
stretched liquidity. These rating weaknesses are partially offset
by the extensive experience of the company's promoters in the
diesel generator (DG) sets industry.

Outlook: Stable

CRISIL believes that RAPEPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its strong relationship with principal Ashok Leyland Ltd (ALL).
The outlook may be revised to 'Positive' if the company's revenue
and profitability improve significantly, or if there is sizeable
equity infusion, thereby strengthening its financial risk profile,
particularly its liquidity. Conversely, the outlook may be revised
to 'Negative' if RAPEPL's revenue and profitability deteriorate
further, or if its working capital management deteriorates,
leading to weakening of its financial risk profile, particularly
its liquidity.

RAPEPL was originally set up as proprietorship firm, Powergen
Engineers (PE) in 1998; this firm was reconstituted as a private
limited company with the current name in 2005. Until 2003, PE
traded in DG sets; thereafter, it began manufacturing DG sets, and
became an authorised original equipment assembler for ALL.


SANGITA SALES: CRISIL Reaffirms B+ Rating on INR200MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on bank facilities of Sangita Sales Pvt Ltd (SSPL)
continues to reflect SSPL's below-average financial risk profile
and modest scale of operations.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           200       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       50       CRISIL A4 (Assigned)
   Proposed Long Term
   Bank Loan Facility     70       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by its promoters'
extensive experience in the coal trading industry and established
relationships with customers.

Outlook: Stable

CRISIL believes that SSPL will continue to benefit from its
promoters' extensive industry experience and established
relationships with customers over the medium term. The outlook may
be revised to 'Positive' in case SSPL's capital structure improves
significantly through infusion of additional equity, coupled with
an increase in cash accruals. Conversely, the outlook may be
revised to 'Negative' if SSPL faces sizeable delays in realisation
of receivables, leading to weak liquidity, or the company's sales
and profitability decline significantly driven by subdued demand
for its products.

SSPL, incorporated in 1992, is based in Nagpur (Maharashtra). It
trades in coal, which it procures mainly from different
subsidiaries of Coal India Ltd (CIL). The company supplies to end
users in the steel, power and various other sectors. The day-to-
day operations of the company are managed by Mr. Anant Kumar
Agarwal, Mr. Sushil Bansal and Mr. Pradeep Bansal.

SSPL has achieved a profit after tax (PAT) of INR6.6 million on
net sales of INR1.4 billion for 2013-14 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.4 million on net
sales of INR527 million for 2012-13.


SHIRT COMPANY: CRISIL Reaffirms B- Rating on INR456.2MM Term Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shirt Company India Ltd
(SCL) continues to reflect SCL's stretched liquidity on account of
its working-capital-intensive operations and significant exposure
to its group entities, Together Textile Mills Pvt Ltd and Shiv
Bhoj Hotels and Restaurants.


                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bill Discounting        50       CRISIL A4 (Reaffirmed)
   Letter of Credit        25       CRISIL A4 (Reaffirmed)
   Overdraft Facility     108.8     CRISIL A4 (Reaffirmed)
   Packing Credit         160       CRISIL A4 (Reaffirmed)
   Term Loan              456.2     CRISIL B-/Stable (Reaffirmed)

The rating also factors in SCL's average financial risk profile,
marked by its weak debt protection metrics and moderate gearing.
These rating weaknesses are partially offset by the extensive
experience of the company's promoters in the textile industry and
their established relationship with customers and suppliers.

Outlook: Stable

CRISIL believes that SCL will continue to benefit over the medium
term from its promoters' extensive industry experience and their
established customer relationship. The outlook may be revised to
'Positive' in case the company reports sustained improvement in
its revenues and profitability, or improves its working capital
management, or there is a sizeable reduction in the exposure to
its group entities, leading to improvement in SCL's liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in the company's financial risk profile,
particularly liquidity, driven by decline in revenues or
profitability, or further increase in the exposure to its group
entities, or elongation in its working capital cycle.

Update
SCL has a stretched liquidity, primarily emanating from its
working-capital-intensive operations and significant exposure to
its group entities. The company's operations have remained
working-capital-intensive as reflected in its gross current assets
of 141 days as on March 31, 2014, primarily driven by its large
inventory holding and moderate receivable collection cycle. These
large working capital requirements are funded through external
borrowings. This is reflected in SCL's average utilisation of bank
lines at 97 per cent for the nine months through December 2014.
Coupled with its large working capital requirements, SCL's
exposure to its group entities has been significant to the tune of
around INR470 million as on March 31, 2014, thus impinging
pressure of its liquidity. Nevertheless, its cash accruals
estimated at around INR50 million during 2014-15 (refers to
financial year, April 1 to March 31) are expected to meet its
maturing debt obligations of INR43.4 million.

The large working capital requirements have led to high reliance
on external borrowings as reflected in its moderate capital
structure of 1.4 times as on March 31, 2014. Furthermore, its
debt-protection metrics have also remained subdued with interest
coverage and net cash accruals to total debt ratios at 1.5 times
and 0.06 times, respectively, for 2013-14 and are expected to
remain at similar levels over the medium term.

For 2013-14, SCL reported revenues of INR1.08 billion, registering
a year-on-year growth of 12 per cent, in line with CRISIL's
expectations. The company sells its ready-made garments under the
brands of 'Esprit', 'Pepe', 'Barbie', 'Hotwheels' and others. For
the nine months through December 2014, the company has recorded
revenues of around INR680 million and has an order book of around
INR400 million. With healthy order book position, SCL is expected
to register a moderate growth coupled with moderate operating
profitability in the range 12 to 14 per cent over the medium term.

SCL was established by Mumbai-based Mr. Shivanand Shetty in 1984.
The company manufactures shirts, T-shirts, tops, dresses, and
other ready-made garments for men, women, and children.


SHRI LAKSHMI: ICRA Puts SP 3D Grading on Weak Financial Strength
----------------------------------------------------------------
ICRA has assigned 'SP 3D' grading to Shri Lakshmi Ganapathy Solar
Systems (SLGSS), indicating 'Moderate Performance Capability' and
'Weak Financial Strength' of the channel partner to undertake off-
grid solar projects. The grading is valid till 25th February 2017
after which it will be kept under surveillance.

Grading Drivers

Strengths
   * Backward integrated operation with 10 MW of solar panel
manufacturing capacity
   * Good and satisfactory relationship with customers and
suppliers
   * Increasing awareness and support from both central and state
governments for the promotion of solar power resulting in good
demand in off-grid segment
Risk Factors
   * Small scale of operations with revenues of INR0.66 crore in
FY2014
   * Limited O& M network of the firm with presence in Telangana
and Andhra Pradesh
   * Financial profile of the firm is constrained by modest net-
worth of INR1.13 crore as on FY2014 end and modest interest
coverage ratio of 1.97 times for FY2014
   * High working capital intensity of 150% for FY2014 owing to
high debtor and inventory days
   * Large number of organized and unorganized players in solar PV
space indicating high level of competition leading to pressure on
margins

SI Related Business - Moderate Performance

Capability

   * Promoter's Track Record: The partners of the firm have varied
experience in construction, solar industry, education, IT etc. The
firm has a module manufacturing facility with a capacity 10 MW of
solar PV panels per year. The firm is also IEC 9001: 2008-TUV
Nord, IEC 61215 certified and it has completed 147.25 KW of solar
module installations and has 3 projects in hand for installation
of 464.52 KW.
   * Technical competence and adequacy of manpower: The firm has a
workforce of around 15 members who have prior experience in solar
space. The employed manpower has been adequate for the limited
number of projects undertaken so far.
   * Quality of suppliers and tie ups: SLGSS procures materials
such solar cells, batteries, and aluminum components etc. from
various suppliers like Motech, Luminous India, and First Solar
etc. The materials are tested for quality and reliability before
purchase orders are given to the suppliers. As per feedback from
the supplier, they are satisfied with the involvement, information
flow, payments etc.
   * Customer and O&M Network: The customer profile of SLGSS
mainly includes residential, commercial, and institutional
segments in India. The customers of SLGSS are located primarily in
Andhra Pradesh and Telangana. The firm's quality deliverables,
timely execution and prompt after sales service have led to
satisfactory feedback from customers. SLGSS has its' service
centers in Andhra Pradesh and Telangana. The firm is providing
warranty for solar panels for 25 years and also offers 5 year
service warranty to its customers.

Financial Strength - Weak

Revenues: The firm has reported revenue of INR0.66 crore for the
year FY2014

Return on Capital Employed (RoCE): 0.00 %

Total Outside Liabilities / Tangible Net worth: Low at 0.73 times
in FY2014

Interest Coverage Ratio: Moderate at 1.97 times in FY2014
Net-Worth: Net worth of the SLGSS and its promoter's is INR4.09
crore

Current Ratio: High at 2.35 times
Relationship with bankers: Bankers are satisfied with the firm

The overall financial profile of the firm is Weak.


SR BREWERIES: ICRA Reaffirms D Rating on INR39.51cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]D assigned to
the INR50.51 crore (revised from INR57.00 crore) fund based bank
limits of SR Breweries Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans           39.51         [ICRA]D Re-affirmed
   Cash Credit          11.00         [ICRA]D Re- affirmed

The rating re-affirmation takes into account, the continued delays
in debt servicing on account of stretched liquidity positions. The
rating also takes into account the debt coverage indicators, in
spite of infusion of additional equity by the promoters; as
reflected by a low interest cover as well as low cash accruals
relative to its debt levels. The rating also takes into
consideration the SRBPL's tie up with SAB Miller India (SKOL
Breweries Private Limited; SKOL) for 62.5% of its installed
capacity and the company's ability to increase the sales of its
own brand 'Concord' and 'Hunk' in the market.

Incorporated in the financial year 2008-09, SR Breweries Private
Limited (SRBPL) is engaged in the business of brewing beer and has
an installed capacity capable of producing 32.05 lakh cases per
annum. The company is a contract bottler for SAB Miller India
(SKOL Breweries Pvt. Ltd; SKOL) and has tied up to supply 20 lakh
cases of beer per annum for a period of three years in SKOL's
brand -- Haywards 5000 and Knockout. In addition to the tie up
with SKOL, SRBPL also brews and markets its own brand 'Concord'
and 'Hunk' in the state of Orissa. The company has been promoted
by Mr. Ranjan Kumar Padhi who is also the Director of the company.
The operations of the company commenced in November 2011.

SRBPL reported a net profit of INR0.20 crore on an operating
income of INR70.47 crore during the financial year 2013-2014, as
against a net loss of INR0.76 crore on an operating income of
INR62.63 crore during the financial year 2012-2013.


SRI RAVICHANDRA: CRISIL Reaffirms B+ Rating on INR230MM LT Loan
---------------------------------------------------------------
CRISIL rating to the bank facilities of Sri Ravichandra Textiles
Pvt Ltd (SRTPL) continues to reflect SRTPL's below-average
financial risk profile marked by small net worth, high gearing and
below-average debt protection metrics.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          100        CRISIL B+/Stable (Reaffirmed)
   Long Term Loan       230        CRISIL B+/Stable (Reaffirmed)

The rating also reflects susceptibility of SRTPL's margins to
volatility in cotton prices, and its large working capital
requirements. These rating weaknesses are partially offset by the
benefits that SRTPL derives from its promoters' extensive industry
experience.
Outlook: Stable

CRISIL believes that SRTPL will continue to benefit over the
medium term from promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is a substantial and
sustained improvement in the company's revenues and profitability
margins, or there is a sustained improvement in its working
capital management. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in the company's
profitability margins, or significant deterioration in its capital
structure caused most likely by a large debt-funded capital
expenditure or a stretch in its working capital cycle.

SRTPL, incorporated in 2010, manufactures cotton yarn, primarily
in counts of 10s and 20s. The company's manufacturing facilities
are in Guntur (Andhra Pradesh), and started commercial production
in November 2012.


V.N.M.S. AYYACHAMY: CRISIL Reaffirms B Rating on INR90MM Loan
-------------------------------------------------------------
CRISIL's rating on the long term bank loan facilities of V.N.M.S.
Ayyachamy Nadar and Bros (VNMS) continues to reflect VNMS's weak
financial risk profile, marked by a small net worth and below-
average interest coverage; the rating also factors in the firm's
susceptibility to intense competition in the highly fragmented
agro-commodities trading industry. These rating weaknesses are
partially offset by VNMS's established track record in the agro-
commodities trading business and extensive industry experience of
its partners.

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

Outlook: Stable

CRISIL believes that VNMS will continue to benefit over the medium
term from the extensive experience of its partners in the agro-
commodities trading industry. The outlook may be revised to
'Positive' in case of a sustained improvement in the firm's scale
of operations and profitability, or significant capital infusion
by the partners, leading to a better capital structure.
Conversely, the outlook may be revised to 'Negative' if VNMS's
cash accruals decline because of a decline in its scale of
operations or profitability, or if the firm's working capital
cycle stretches, weakening its financial risk profile.

Set up in 1929, VNMS trades in agro-commodities. The firm's daily
operations are managed by Mr. N C Muralidharan and Mr. N C
Ganesan.


VRAJBHUMI COTTON: ICRA Reaffirms B+ Rating on INR4cr Cash Credit
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ rating to the
INR4.00 crore cash credit facility and INR0.80 crore book debts
(sublimit of cash credit) of Vrajbhumi Cotton Industries. ICRA has
also reaffirmed the short term rating of [ICRA]A4 to INR2.00
commodity backed warehouse facility of VCI.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-          4.00          [ICRA]B+ reaffirmed
   Cash Credit

   Fund Based- Book     0.80          [ICRA]B+ reaffirmed
   Debts

   Fund Based-          2.00          [ICRA]A4 reaffirmed
   Commodity Backed
   Warehouse

The reaffirmation of ratings continue to take note of Vrajbhumi
Cotton Industries' (VCI) modest scale of operation and financial
profile characterized by thin profitability, high gearing and
modest debt coverage indicators. ICRA also takes note of the
highly competitive and fragmented industry structure with the
limited value additive nature of operations which leads to
pressure on profitability. The ratings further incorporate the
vulnerability of margins to adverse movements in agricultural
produce prices which are in turn dependent on agro climatic
condition and demand from international market especially China.
Also, being a partnership firm, any substantial withdrawal by the
partners can have an adverse impact on the capital structure of
the firm.

The ratings, however, favourably consider the long experience of
the partners in the cotton industry as well as the favourable
location of the firm, giving it easy access to high quality raw
cotton. The ratings also consider the growth in operating income,
followed by increased production and realization.

Vrajbhumi Cotton Industries (VCI) was established in 1999 as
partnership firm. It is engaged in ginning and pressing of raw
cotton. Six partners namely Mr. Ashokkumar Gandhi, Mr. Arvindbhai
Gandhi, Mr. Prataprai Gandhi, Mr. Bhavesh Mehta, Mr. Dharmesbhai
Mehta, and Mr. Bharatkumar Chudasama manage the firm. The firm's
manufacturing facility is located at Mahuva in Bhavnagar, Gujarat.
It currently has 24 ginning machines and one pressing machine with
the installed capacity to produce 160 cotton bales per day (24
hours operation).

In FY14, the firm reported an operating income of INR27.94 crore
and a net profit of INR0.25 crore.


WHITEGOLD CERAMICS: ICRA Ups Rating on INR3cr Cash Loan to B-
-------------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR3.00
crore cash credit facility and INR1.89 crore (reduced from INR2.37
crore) term loan facility of Whitegold Ceramics Pvt Ltd from
[ICRA]C+ (pronounced ICRA C plus) to [ICRA]B-. ICRA has also
reaffirmed the short term rating at [ICRA]A4 for INR1.85 crore
(enhanced from INR1.00 crore) bank guarantee facility of WCPL.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit          3.00          Upgraded to [ICRA]B-
   Term Loan            1.89          Upgraded to [ICRA]B-
   Bank Guarantee       1.85          [ICRA]A4 reaffirmed

The rating upgrade primarily factors in the improvement in
financial profile characterized by improved operating margins and
coverage indicators as well as decline in gearing in FY 14.The
rating also, continues to consider the promoter's extensive
experience of the promoters in ceramic industry and favorable
location of the company with its proximity to raw material
sources.

The ratings however, continues to be constrained by stretched
capital structure though the same has improved from 5.12 times in
FY 13 to 2.37 times in FY 14 end also the working capital seems
stretched as evident rom high payables resulting in high Tol/Tnw
of 4.37 times as on 31st March 2014. The ratings also continues to
be constrained by the competitive business environment in which
the company operates limiting improvement in realizations,
vulnerability of its profitability to cyclicality inherent in real
estate industry and to adverse fluctuations in raw material & fuel
prices.

Whitegold Ceramics Pvt. Limited is a wall tiles manufacturer with
its plant situated at Morbi, Gujarat. The company was established
in September 2010, while the company commenced its operations in
May 2011. The company was promoted by Mr.Jay Bhatt and Mr.Niraj
Patel. However, in January 2013 the company was taken over by
Mr.Kishor Detroja and Mr.Alpesh Patel and their family members.The
plant has an installed capacity of 30,660 MTPA to manufacture wall
tiles. WCPL currently manufactures wall tiles of sizes 12" X 18"
and 12" X 24" with the current set of machineries at its
production facilities.

During FY 2014, the company reported a profit after tax of INR0.10
crore on an operating income of INR15.15 crore.


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


MUFG CAPITAL: Moody's Puts Ba1 Pref. Stock Rating Under Review
--------------------------------------------------------------
Moody's Japan K.K. has announced rating actions on five Japanese
banking groups, following the March 16, 2015 publication of its
updated bank rating methodology.

Moody's has placed on review (1) two long-term and short-term
deposit ratings for upgrade; (2) preference stock ratings of three
banking groups for upgrade; and (3) four adjusted baseline credit
assessments (BCAs) for downgrade.

Listed below are all of the affected entities' ratings and BCAs.

Daishi Bank, Ltd. (The) (Lead analyst: Shunsaku Sato)

-- Long-term bank deposit rating (foreign and domestic
    currency): A3 placed under review for upgrade

-- Short-term bank deposit rating (foreign and domestic
    currency): P-2 placed under review for upgrade

-- BCA: baa2 placed under review for upgrade

-- Adjusted BCA: baa2 placed under review for upgrade

San-in Godo Bank, Ltd. (Lead analyst: Shunsaku Sato)

-- Long-term bank deposit rating (foreign and domestic
    currency): A3 placed under review for upgrade

-- Short-term bank deposit rating (foreign and domestic
    currency): P-2 placed under review for upgrade

-- BCA: baa2 placed under review for upgrade

-- Adjusted BCA: baa2 placed under review for upgrade

MUFG Capital Finance 1 Limited (Lead analyst: Raymond Mark
Spencer)

-- Pref. Stock Non-cumulative rating (foreign currency): Ba1
    (hyb) placed under review for upgrade

MUFG Capital Finance 2 Limited (Lead analyst: Raymond Mark
Spencer)

-- Pref. Stock Non-cumulative rating (foreign currency): Ba1
    (hyb) placed under review for upgrade

MUFG Capital Finance 4 Limited (Lead analyst: Raymond Mark
Spencer)

-- Pref. Stock Non-cumulative rating (foreign currency): Ba1
    (hyb) placed under review for upgrade

MUFG Capital Finance 5 Limited (Lead analyst: Raymond Mark
Spencer)

-- Pref. Stock Non-cumulative rating (foreign currency): Ba1
    (hyb) placed under review for upgrade

MUFG Capital Finance 6 Limited (Lead analyst: Raymond Mark
Spencer)

-- Pref. Stock Non-cumulative rating (foreign currency): Ba1
    (hyb) placed under review for upgrade

MUFG Capital Finance 7 Limited (Lead analyst: Raymond Mark
Spencer)

-- Pref. Stock Non-cumulative rating (foreign currency): Ba1
    (hyb) placed under review for upgrade

MUFG Capital Finance 8 Limited (Lead analyst: Raymond Mark
Spencer)

-- Pref. Stock Non-cumulative rating (foreign currency): Ba1
    (hyb) placed under review for upgrade

SMFG Preferred Capital GBP 1 Limited (Lead analyst: Tetsuya
Yamamoto)

-- Pref. Stock Non-cumulative rating (foreign currency): Ba1
    (hyb) placed under review for upgrade

SMFG Preferred Capital GBP 2 Limited (Lead analyst: Tetsuya
Yamamoto)

-- Pref. Stock Non-cumulative rating (foreign currency): Ba1
    (hyb) placed under review for upgrade

SMFG Preferred Capital JPY 1 Limited (Lead analyst: Tetsuya
Yamamoto)

-- Pref. Stock Non-cumulative rating (foreign currency): Ba1
    (hyb) placed under review for upgrade

SMFG Preferred Capital JPY 2 Limited (Lead analyst: Tetsuya
Yamamoto)

-- Pref. Stock Non-cumulative rating (foreign currency): Ba1
    (hyb) placed under review for upgrade

SMFG Preferred Capital USD 1 Limited (Lead analyst: Tetsuya
Yamamoto)

-- Pref. Stock Non-cumulative rating (foreign currency): Ba1
    (hyb) placed under review for upgrade

SMFG Preferred Capital USD 3 Limited (Lead analyst: Tetsuya
Yamamoto)

-- Pref. Stock Non-cumulative rating (foreign currency): Ba1
    (hyb) placed under review for upgrade

Mizuho Capital Investment (USD) 1 Limited (Lead analyst: Shunsaku
Sato)

-- Pref. Stock Non-cumulative rating (foreign currency): Ba2
    (hyb) placed under review for upgrade

Mizuho Capital Investment (JPY) 5 Limited (Lead analyst: Shunsaku
Sato)

-- Pref. Stock Non-cumulative rating (foreign currency): Ba2
    (hyb) placed under review for upgrade

Mitsubishi UFJ Trust and Banking Corporation (Lead analyst:
Raymond Mark Spencer)

-- Long-term bank deposit rating (foreign and domestic
    currency): Affirmed A1

-- Senior unsecured debt rating (foreign currency): Affirmed A1

-- Short-term bank deposit rating (foreign and domestic
    currency): P-1 unaffected

-- BCA: a3 unaffected

-- Adjusted BCA: a1 placed under review for downgrade

Trust & Custody Services Bank, Ltd. (Lead analyst: Shunsaku Sato)

-- Long-term bank deposit rating (foreign and domestic
    currency): Affirmed A1

-- Short-term bank deposit rating (foreign and domestic
    currency): P-1 unaffected

-- BCA: a3 unaffected

-- Adjusted BCA: a1 placed under review for downgrade

Saitama Resona Bank, Ltd. (Lead analyst: Tetsuya Yamamoto)

-- Long-term bank deposit rating (foreign and domestic
    currency): Affirmed A2

-- Subordinate MTN (domestic): Affirmed (P)A3

-- Junior subordinate MTN (domestic): Affirmed (P)Baa1

-- Short-term bank deposit rating (foreign and domestic
    currency): P-1 unaffected

-- BCA: baa2 unaffected

-- Adjusted BCA: a2 placed under review for downgrade

Kinki Osaka Bank, Ltd. (The) (Lead analyst: Tetsuya Yamamoto)

-- Long-term bank deposit rating (foreign and domestic
    currency): Affirmed A2

-- Short-term bank deposit rating (foreign and domestic
    currency): P-1 unaffected

-- BCA: baa2 unaffected

-- Adjusted BCA: a2 placed under review for downgrade

A full list with additional information can be found here:
http://is.gd/sGaj5o

Moody's has also withdrawn all of its bank financial strength
ratings (BFSRs) for business reasons, a list of which is available
here: http://is.gd/70yORa

These actions follow the March 16, 2015 release by Moody's of its
updated bank rating methodology, which incorporates several new
elements designed to help more accurately predict bank failures
and better determine how each creditor class is likely to be
treated when a bank fails and enters resolution. Key changes
include the addition of a Macro Profile, a new Financial Profile,
and a Loss Given Failure (LGF) analysis.  The first two elements
primarily affect the positioning of a bank's BCA, while the last
can lead, through assessment of subordination levels and expected
treatment by resolution authorities, to changes in long-term
issuer, deposit and debt ratings.

The updated rating methodology will be the primary methodology for
all bank ratings, including ratings that have not been placed on
review.  Moody's rates 26 Japanese banking groups, 21 of which are
unaffected by the publication of the methodology.

RATINGS RATIONALE:

The reviews will focus on:

- Banks with all ratings on review:

The new Financial Profile takes as its starting point five
solvency- and liquidity-related financial ratios which Moody's
considers predictive of bank failure (asset risk, capital,
profitability, funding structure and liquid resources). In
addition, the new Financial Profile incorporates a broader range
of supplementary ratios, forward-looking expectations and other
relevant qualitative considerations. Joining these as a new input
into the determination of BCAs is the Macro Profile, which
explicitly captures banking system-wide pressures that have been
shown to be predictive of the propensity of banks to fail. The
review will focus on the determination of the BCA, which is the
primary input in determining the final ratings.

- Ratings of preference shares on review

The ratings on the preferred securities issued by special purpose
companies of Japanese bank holding companies have been placed on
review for upgrade owing to a lower notching differential versus
the BCA under the LGF analysis.

- Banks with Adjusted BCA on review

An Adjusted BCA is determined by an assessment of support from
affiliates, layered onto the BCA. We integrate affiliate support
into our rating as a function of the following four factors:

The bank's unsupported probability of failure (its BCA); the
probability of the affiliate's providing support; the affiliate's
capacity to provide support; and the dependence, or correlation,
between the respective entities. The review will focus on these
factors to determine the appropriate level of affiliate support.

SCOPE OF THE REVIEW:

Whenever credit rating methodologies are revised, the updated
methodology is applied to all relevant credit ratings and,
accordingly, the ratings of those banks that are likely to be
affected are placed on review. Moody's expects to conclude the
majority of its reviews before the end of June 2015.  During the
review period, Moody's will assess the impact of the new
methodology on rated instruments and will focus on the following
in particular:

(1) BCA analysis, which will incorporate FYE3/2015 full year
     data, if available, and entail further assessment of
     fundamental credit trends in the context of the new
     scorecard

(2) Adjusted BCA analysis, which will entail assessment of the
     appropriate balance between affiliate and government support

(3) LGF analysis, which will incorporate FYE3/2015 full year
     data, if available, and further analysis of the notching
     differential versus the adjusted BCA

Moody's has withdrawn its bank financial strength ratings for
business reasons.  The long-term bank rating affirmations are
typically the result of a change in the standalone assessment or
affiliate support assumption, that is counterbalanced by other
components of the new rating framework, such as government
support.

The updated rating methodology will be the primary methodology for
all bank ratings.



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


HONG LEONG: Shares Trading to be Suspended on March 26
-------------------------------------------------------
The Star Online reports that Hong Leong Capital Bhd will be
suspended with effect from March 26 for not meeting the public
shareholding spread.

According to the report, Bursa Securities said on March 18 the
appeals committee -- after due deliberation and considered the
facts -- decided to dismiss Hong Leong's appeal and uphold the
Listing Committee's suspension decision.

"In the circumstances, the trading in the securities of Hong Leong
Capital will be suspended with effect from March 26, 2015," the
bourse said, notes the report.

On Feb 25, Hong Leong Capital announced it had not met the
requirement as set out in paragraph 8.02(1) of the Listing
Requirements where at least 25% of its total listed shares
(excluding treasury shares) are in the hands of public
shareholders, The Star relates.

Its public shareholding spread as at Dec 31, 2014 was 18.67%, the
report notes.

Hong Leong Capital Berhad is a Malaysia-based investment holding
company providing banking and financial services.



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


KIWI FORESTRY: Lender Repossesses HarvestPro Equipment
------------------------------------------------------
James Weir at Stuff.co.nz reports that HarvestPro appears to be in
financial difficulty, with a former joint managing director of its
parent company confirming that some harvest equipment has been
repossessed by a finance company.

HarvestPro's website said it employs about 200 staff on the East
Coast and in Northland combined. The company was understood to
have five crews on the East Coast and eight in Northland.

According to Stuff.co.nz, the Gisborne Herald has reported that at
least 60 East Coast forestry workers have lost their jobs at
HarvestPro.

HarvestPro is part of Kiwi Forestry International, which was
formed by the merger in 2011 of HarvestPro and Smith and Davies
which has one of the largest vehicle and equipment fleets
operating in the upper North Island.  The merger created a "forest
floor to market door" operation of harvesting and transport, the
report notes.

According to Stuff.co.nz, Smith and Davies managing director
Graham MacKinnon said on March 18 that he had resigned from the
Kiwi Forestry board last week.  Mr. MacKinnon was listed as joint
managing director of Kiwi Forestry, the report notes.

Stuff.co.nz relates that Mr. MacKinnon said HarvestPro had not
been placed in receivership, but its finance company had taken
back harvest plant and equipment.

Mr. MacKinnon said the merger of HarvestPro and Smith and Davies
was being "disintegrated," the report relates.

Companies Office records showed Mr. MacKinnon and others
associates owned 20.98 per cent of Kiwi Forestry as of January,
the report discloses.

According to the report, Mr. MacKinnon said Smith and Davies would
continue as normal and was not cutting any staff.


TRILL PRODUCTIONS: Creditors Mulling Court Action vs. Firm
-----------------------------------------------------------
Myles Hume at The Press report that two parties are weighing up
legal action against a controversial water slide operator alleged
to owe tens of thousands of dollars.

According to the report, the creditors said they have reached
boiling point in dealing with Trill Productions, which trades as
Monster Slide, and its sole director and chief executive Jamie
Templeton.

The Press relates that Structural Support & Panel NZ Ltd (SSPNZ)
and youth development worker Lolina Avia were involved with the
Christchurch leg of the slide event held in Christchurch six weeks
ago.

They spoke out earlier this month, frustrated in seeking payment
from event organisers, who have disputed invoices and made what
the creditors claim are incomplete payments, The Press relates.

The report notes that Ms. Avia supplied 32 volunteers and invoiced
Trill Productions through an organisation for NZ$2,300, including
GST.

They were paid NZ$1,600, with Mr. Templeton citing New Zealand tax
and fundraising laws for the payment, but Ms. Avia said it was
still NZ$700 short, the report relays.

There were also outstanding wages for four staff members she
supplied, the report notes.  According to the report, Mr.
Templeton fulfilled a promise to pay them last week but Ms. Avia
said they had been incorrectly taxed.

According to The Press, Ms. Avia said she was pursuing legal
avenues through the Inland Revenue Department over the tax dispute
and the Ministry of Business, Innovation and Employment for "poor
working conditions" and payment.

The Press relates Ms. Avia said the volunteers wanted to be
compensated over the working conditions in helping set up the
event, which included bad lighting and a lack of safety equipment.

The Press reports that Mr. Templeton said the four employees were
paid workers for the business and were required to pay 20 per cent
withholding tax. They were paid correctly, he said.

He admitted the working conditions were not ideal but they had
since "improved immensely" and gained approval from WorkSafe NZ.

In response to the threat of legal action against the company, Mr.
Templeton said he felt it was "more out of bitterness and than
having any actual legal standing (sic)," The Press relays.

An Inland Revenue spokesman said the department could not comment
on specific cases, the report adds.



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


SUNLIGHT INT'L: Facing Closure Over Permit Issues, Charges
----------------------------------------------------------
Redempto D. Anda at Inquirer.net reports that a Chinese resort
developer is in hot water over its spurious claim of ownership to
an island in Palawan, Philippines, that his company developed into
a high-end resort without permits. It is also facing criminal and
administrative charges for illegal logging and other environmental
cases, the report says.

Inquirer.net relates that the Department of Environment and
Natural Resources (DENR) said it would seek to revoke a land title
presented by the resort owner, a certain Giok EH Sy Brito who also
goes by a local name, Giok Brito, to prove ownership of the
property on Naglayan Island.

The report says the resort, known as Sunlight Eco Tourism Island
Resort and managed by Sunlight International Island Resort Inc.,
is facing closure after it was raided last week by provincial
government enforcers for possession of illegal wood. Its site
manager was detained.

The company has not replied to e-mail inquiries from the Inquirer
and did not reply to private messages in its social networking
sites.

Inquirer.net notes that Chinese businessmen in Palawan described
the company's owner as "not a participant in local business
circles."

On March 17, the provincial environment and natural resources
officer, Juan dela Cruz, said the land title and other documents
submitted to his office by the company "were dubious," the report
relates.

"We are digging up the LRA (Land Registration Authority) records,
but we are doubtful of the authenticity of their alleged land
title," Mr. Dela Cruz told the Inquirer.

According to the report, the company claimed the island was bought
by its current owner, Giok Brito, from the government on Feb. 15,
1972 through an agricultural sales patent. In
December 2013, it was able to obtain two transfer certificate
titles for the 18-hectare island.

Investigators doubt the authenticity of the company's ownership
documents, noting that in 1972, when a supposedly young Brito
bought the island from the government, it was still a leprosy
facility ran by the Department of Health, the report says.

While Brito claims he had already bought the land in 1972 and
obtained two titles for it two years ago, Mr. Dela Cruz insisted
that the island is still government property as part of
"unclassified public forest," Inquirer.net relays.

"Who in his right mind would buy an island from the government in
a leper colony, thinking of developing it into a resort 40 years
later?" Inquirer.net quotes a local resort owner as saying.

Inquirer.net adds that the provincial government is also
investigating the alleged collusion of local officials with the
company, the main reason it was able to acquire large volumes of
illegal wood and quarry materials during the resort's
construction.

Sunlight International also operates a hotel in downtown Puerto
Princesa City and a chain of Unitop Malls around the Philippines.


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


KEANGNAM ENTERPRISES: Banks Likely to Face More Bad Corp. Loans
---------------------------------------------------------------
Yonhap News reports that South Korean banks are expected to
shoulder snowballing corporate loan defaults in the upcoming
months as a growing number of cash-starved companies are turning
insolvent amid a long-protracted economic slump, industry data
showed.

Yonhap says Keangnam Enterprises, a local major builder, has been
in the red for the recent few years, posting losses of
KRW310.9 billion ($279.3 million) in 2013 and KRW182.7 billion in
2014 due to a deep slump in the local housing market, according to
the data obtained by Yonhap.

According to the report, the builders' creditors, led by the
state-run Export-Import Bank of Korea, have poured a total of
KRW2.2 trillion into the company to normalize it, with an
additional KRW230 billion in subsidies needed to prevent imminent
delisting.

Keangnam Enterprises' total capital fell less than the par value
of all its stocks earlier this month due to the sizable deficits,
Yonhap discloses.

If the creditor banks stop injecting more money into the builder
by the end of this month, the bourse operator will remove its
shares from the benchmark KOSPI, according to Yonhap. Stock
trading of Keangnam Enterprises has been suspended since
March 11, the report notes.

To make things worse, prosecutors raided its head office earlier
this week on allegations that the builder was involved in a
botched investment in a Russian oil project during the previous
Lee Myung-bak government, adds Yonhap.

But the creditors are tepid to give more money to revive the
nearly bankrupt company as they had seen KRW1 trillion worth of
corporate loans turn sour last year due to collapses of Dongbu
Corp., a construction affiliate of the 18th-largest Dongbu Group,
and Moneual Inc., a small-sized home appliance maker, the report
states.

Yonhap adds that local lenders are also on the verge of losing
KRW1 trillion in loans extended to KOSPI-listed Taihan Electric
Wire Co., which has received a warning from the bourse operator
due to impaired capital.

SPP Shipbuilding Co. and Sungdong Shipbuilding & Marine
Engineering Co. have absorbed KRW600 billion and KRW2 trillion
won, respectively, from their creditors and been asked to give an
additional KRW400 billion each, Yonhap relates.

"We can't support these companies indefinitely as we don't know
when the funding will end," said a high-ranking official from one
of the creditor banks, asking not to be named, the report relays.
"Maintaining the bank's financial health is our top priority."

Market insiders worried that the insolvencies of mid-sized
companies will likely undermine earnings of the local lenders this
year, citing that the banking industry posted KRW800 billion in
net profit in the fourth quarter of 2014, diving from
KRW1.7 trillion the previous quarter, the report 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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