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                      A S I A   P A C I F I C

           Friday, March 27, 2015, Vol. 18, No. 061


                            Headlines


A U S T R A L I A

BILLABONG INTERNATIONAL: Receives Shareholder Class Action Suit
BOBOS ENGINEERING: First Creditors' Meeting Set For April 2
CARPENTER INTERNATIONAL: First Creditors' Meeting Set For April 7
CERAMIC FUEL: Business and Assets Up for Sale
GARBOLOGIE PTY: First Creditors' Meeting Set For April 7

HOMEART PTY: To Close All 103 Stores; 550 Jobs Axed
KWIK KOPY: Franchisee Enters Voluntary Administration
NATIONAL BUILDING: First Creditors' Meeting Slated For April 2
PAPERLINX LTD: In Talks With Lenders Over Possible Loan Breach


C H I N A

KAISA GROUP: Offshore Creditors Tap Moelis as Financial Adviser
KAISA GROUP: Talks Continue After Creditors Reject Restructuring


H O N G  K O N G

HUTCHISON WHAMPOA: Creditors' Proofs of Debt Due April 27


I N D I A

BRATTLE FOODS: CRISIL Reaffirms B- Rating on INR10MM Cash Credit
CHALLANI JEWELLERY: CRISIL Reaffirms B+ Rating on INR110MM Loan
CHANDRA ENGINEERS: CARE Assigns B+ Rating to INR9.59cr LT Loan
GOLDEN JUBILEE: CARE Ups Rating on INR495cr LT Bank Loan to B
GNA UDYOG: CARE Assigns D Rating to INR30cr LT Bank Loan

GSR VENTURES: CRISIL Reaffirms B Rating on INR170MM Bank Loan
HARA PARBATI: CRISIL Reaffirms D Rating on INR40MM Cash Loan
HARIKRISHNA COTGIN: CARE Raises Rating on INR6.91cr LT Loan to B
INDIAN MARINE: CRISIL Puts B+ Rating on INR60MM Packing Credit
KC EDUCATIONAL: CARE Assigns D Rating to INR60cr LT Bank Loan

KUNAL LOHACHEM: CARE Reaffirms B Rating on INR6cr LT Loan
MAHAVEER GINNING: CARE Revises Rating on INR7.31cr LT Loan to B+
MILLION CERAMIC: CRISIL Assigns B+ Rating to INR60MM LT Loan
MINOP INNOVATIVE: CRISIL Assigns B+ Rating to INR10MM Cash Loan
OP MOTORS: CRISIL Assigns B Rating to INR45MM LT Bank Loan

PACIFIC PIPE: CRISIL Reaffirms D Rating on INR642MM Term Loan
RAUSHEENA UDYOG: CARE Assigns B+ Rating to INR22.45cr LT Loan
S.L.V. ENTERPRISES: CRISIL Assigns D Rating to INR90MM Term Loan
S.V. ELECTRONICS: CRISIL Reaffirms B+ Rating on INR140MM Loan
SAUMYA MINING: CARE Lowers Rating on INR77.79cr ST Loan to D

SEVEN STAR: CARE Reaffirms D Rating on INR8.52cr LT Bank Loan
SHAILJA TEXPRINTS: CARE Reaffirms B+ Rating on INR15.48cr Loan
SHIVANI COTEX: CARE Reaffirms B+ Rating on INR9.22cr LT Loan
SHREE LAXMI: CARE Reaffirms B+/A4 Rating on INR8.30cr Loan
SIYARAM GRANITO: CRISIL Assigns B+ Rating to INR267MM Term Loan

SKILLED CONSTRUCTION: CARE Places B+ Rating on INR2.5cr LT Loan
SRI BALAJI: CRISIL Lowers Rating on INR86.9MM LT Loan to D
SRI LAXMI: CRISIL Reaffirms B+ Rating on INR90MM Cash Credit
SRI VARALAKSHMI: CRISIL Reaffirms B Rating on INR45MM Loan
SRINIVASA EDIFICE: ICRA Assigns B- Rating to INR14cr FB Loan

SWAGAT SYNTHETIC: CARE Reaffirms B+ Rating on INR52.59cr LT Loan
T. S. JAYAPRAKASH: CRISIL Assigns B Rating to INR46.5MM Loan
VIKAS BUILDERS: CRISIL Cuts Rating on INR150MM Term Loan to D
VRUNDAVAN GINNING: CRISIL Ups Rating on INR60MM Cash Loan to B+


J A P A N

TOYO PROPERTY: S&P Affirms Then Withdraws 'BB+' CCR


N E W  Z E A L A N D

HANOVER FINANCE: Hotchin Reaches Settlement Deal With Perpetual


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


BILLABONG INTERNATIONAL: Receives Shareholder Class Action Suit
---------------------------------------------------------------
Billabong International Limited said it has received a statement
of claim filed in the Federal Court of Australia in relation to a
representative proceeding (shareholder class action) against the
Company.

Billabong said it wholly rejects and intends to vigorously defend
the claim, which focuses on market disclosures that occurred in
2011, nearly four years ago. A subcommittee of the Board chaired
by Dr Sally Pitkin has been appointed in respect of this matter.

The applicants comprise persons who are said to have acquired
ordinary shares or American Depository Receipts in Billabong
between February 18, 2011 and December 19, 2011.

The applicants are seeking declarations and unquantified damages.

The Billabong Board and Management team remain resolutely focused
on the ongoing turnaround of the Company's operations globally.
Billabong has established appropriate processes to defend this
proceeding.

Based in Australia, Billabong International Limited (ASX:BBG) --
http://www.billabongbiz.com/-- is engaged in the wholesaling and
retailing of surf, skate, snow and sports apparel, accessories and
hardware, and the licensing of its trademarks to specified regions
of the world.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 28, 2013, Bloomberg News said Billabong has closed 158
stores, canceled relationships with three-quarters of its
suppliers, and is cutting 15 percent of jobs in its European
division.

The value of its 13 brands fell to AUD90 million at the end of
June 2013 from AUD614 million in December 2011, and the Billabong
label itself is worthless, the company said in its financial
statements, Bloomberg said.  About AUD37 million of group brand
value was locked up in the DaKine outdoor clothing and backpack
label which Billabong sold to Altamont last month, relayed
Bloomberg.  Four other brands, including Element skateboards and
Palmers surfboard accessories, were also written down to a zero
valuation, according to the statements cited by Bloomberg.


BOBOS ENGINEERING: First Creditors' Meeting Set For April 2
-----------------------------------------------------------
Nicholas Gyss and Stephen Duncan of KordaMentha were appointed as
administrators of Bobos Engineering Australia Pty Ltd on
March 23, 2015.

A first meeting of the creditors of the Company will be held at
Restaurant Meeting Room, Musicians Club, 276 Crystal Street, in
Broken Hill, New South Wales, on April 2, 2015, at 10:30 a.m.


CARPENTER INTERNATIONAL: First Creditors' Meeting Set For April 7
-----------------------------------------------------------------
David Mark Hodgson, Andrew Stewart Reed Hewitt and Matthew James
Donnelly of Grant Thornton were appointed as administrators of
Carpenter International Pty Ltd on March 24, 2015.

A first meeting of the creditors of the Company will be held at
Institute of Chartered Accountants, Level 3, 600 Bourke Street, in
Melbourne, on April 7, 2015, at 11:00 a.m.


CERAMIC FUEL: Business and Assets Up for Sale
---------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that urgent expressions
of interest are sought for the sale of Ceramic Fuel Cells
Limited's business and assets.

Ceramic Fuel Cells develops solid oxide fuel cells technology. It
generates efficient and low emission electricity from renewable
fuels and natural gas.  According to the report, the highlights of
the sale include inventory, intellectual property and plant. The
business' intellectual property is in Melbourne while its
manufacturing plant is in Heinsberg, Germany, Dissolve.com.au
notes.

Ceramic Fuel Cells was placed into administration on March 1, 2015
with Adams Pauls Nikitins and Justin Walsh being appointed
administrators of the company, the report discloses.


GARBOLOGIE PTY: First Creditors' Meeting Set For April 7
--------------------------------------------------------
Dino Travaglini and Bruno A Secatore of Cor Cordis Chartered
Accountants were appointed as administrators of Garbologie Pty
Ltd, trading as Tipshop, on March 24, 2015.

A first meeting of the creditors of the Company will be held at
Cor Cordis Chartered Accountants, BGC Centre, Level 8, 28 The
Esplanade, in Perth, on April 7, 2015, at 11:00 a.m.


HOMEART PTY: To Close All 103 Stores; 550 Jobs Axed
---------------------------------------------------
Andrew Sadauskas at SmartCompany reports that Homeart Pty Ltd is
set to be liquidated, with all 103 stores nationwide set to close
and around 550 staff to lose their jobs.

The news comes after Daniel Austin Walley, Phil Carter and Mark
Robinson of PPB Advisory were appointed administrators of Homeart
on January 23. Rumours of a possible liquidation had circulated
among staff in recent days, the report notes.

SmartCompany says the only Homeart stores still trading in
Victoria are the outlets at Broadmeadows and Northland, with all
other stores closing and their staff made redundant as of
March 25.

Staff were told by store and state managers that administrators
PPB Advisory had not found any buyers for the chain and have
decided to close all its stores in Australia, according to
SmartCompany.

SmartCompany relates that along with a redundancy letter,
employees were given an information sheet from the Australian
Securities and Investments Commission about insolvency.

"We advise that your store has ceased to trade and the company no
longer requires your services under your contract of employment.
Accordingly, your employment is hereby terminated as at the date
of this letter," the redundancy letter, as cited by SmartCompany,
said. "Your payment summary will be forwarded to you at the end of
the financial year."

One of the chain's Victorian employees, who asked not to be named,
told SmartCompany March 24 was her last day with the company.

"Just before the administration our pay was late, which we realise
now was probably due to a lack of funds and we were receiving
emails telling us to pre-bank as much as we could during the day
so that our pay would go through," the report quotes the employee
as saying.  "The staff at my store were told all of the stores in
Victoria would be gone before Easter, so Broadmeadows and
Northland don't have long left," the employee said.

The employee says high shopping centre rents may have contributed
to the company's financial woes, the report adds.

Homeart Pty Ltd, previously known as Copperart, was one of
Australia's largest specialty retailers, selling a wide range of
consumer goods, electrical appliances and homewares.

Daniel Walley, Phil Carter and Mark Robinson of PPB Advisory were
appointed as Voluntary Administrators of Homeart Pty Ltd,
Copperart Pty Ltd and Copperart Holdings Pty Ltd on Jan. 22, 2015.

At the time of the appointment, the Homeart chain had 116 stores
nationwide, with around 600 employees, but no longer had any
franchises, SmartCompany said.


KWIK KOPY: Franchisee Enters Voluntary Administration
------------------------------------------------------
Wayne Robinson at ProPrint reports that following the closure of
Fairfax's sparkling new print site in Tullamarine, the Kwik Kopy
franchisee in the same suburb is also about to close its doors,
entering voluntary administration on March 20.

ProPrint says Glenn Sykes, who took over as sole owner 18 months
ago cites staffing and investment issues as the causes of his
difficulties.  According to the report, Mr. Sykes said print is a
'tough business as it is', but with the economic downturn and
declining volumes, last year was worse than 2013 -- when he took
over the business from his partner.

"It was worse than the GFC, and when a business spirals down, it
spirals pretty quickly. The last three months were disastrous. So
the best thing was to seek administration before I acquired more
debt," the report quotes Mr. Sykes as saying.  "The business
needed a change of direction and I took over the business to take
it further, I wanted to expand our services into digital and was
looking to get into the corporate sector. But the staff did not
like the changes, and did not want to be retrained, so I lost 80
years' worth of experience when two of my long term staff members
decided to retire. To make matters worse a lot of the equipment
failed, which I could not afford to fix or replace, which forced
me to send jobs out, hurting the business further."

The franchise first started in 1989, with Mr. Sykes and his former
partner buying it after the GFC, Mr. Sykes then taking sole
ownership 18 months ago. The business had four staff, although
only one is still there, the report adds.


NATIONAL BUILDING: First Creditors' Meeting Slated For April 2
--------------------------------------------------------------
Ozem Kassem and Dino Travaglini of Cor Cordis Chartered
Accountants were appointed as administrators of National Building
Network Pty Limited on March 23, 2015.

A first meeting of the creditors of the Company will be held at
Conference Room, Plaza Centre, BGC Centre, Level 8, 28 The
Esplanade, in Perth, on April 2, 2015, at 10:30 a.m.


PAPERLINX LTD: In Talks With Lenders Over Possible Loan Breach
--------------------------------------------------------------
The Australian reports that PaperlinX is in talks with its
European financiers amid fears it may have breached the terms of a
loan.

PaperlinX (PPX) put its shares in a trading halt on March 26,
telling investors it was in talks to work out if there had been a
breach of a banking covenant.

The Australian relates that the news comes just weeks after
PaperlinX announced a AUD90.8 million half year loss stemming from
problems in Europe.

The result was unveiled a week after its chief executive was
sacked and replaced, the report notes.

Based in Australia, PaperlinX Limited (ASX:PPX) --
http://www.paperlinx.com.au/-- is a fine paper merchant and
manufacturer of communication and packaging paper.  PaperlinX
employs over 9,600 people in 28 countries.

PaperlinX reported an annual loss of AUD108 million in the 2011
financial year, a loss of AUD225 million in 2010, and a loss of
AUD798 million in 2009.

PaperlinX made a net loss of AUD90.2 million in the 2012/13
financial year, an improvement on a AUD266.7 million loss in the
prior year, Australian Associated Press said.



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C H I N A
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KAISA GROUP: Offshore Creditors Tap Moelis as Financial Adviser
---------------------------------------------------------------
Lianting Tu and David Yong at Bloomberg News report that offshore
creditors of Kaisa Group Holdings have engaged Moelis & Co. as
their financial adviser to try and seek a better deal, people
familiar with the matter said March 24.

Bloomberg relates that the U.S. investment bank will review
Kaisa's proposal to trim interest payments on about $1.95 billion
of dollar bonds and some $531 million of yuan-denominated notes,
the people said, asking not to be identified because the details
are private. Offshore bondholders may make a counter proposal in
coming weeks, they said, Bloomberg relays.

"Both parties are looking for a resolution without going into
liquidation," Bloomberg quotes Thu-Ha Chow, the head of Asian
credit at Aberdeen Asset Management Plc in Singapore, as saying
prior to S&P's statement. "If the offshore bondholders get a good
deal in the end through the restructuring negotiation, it will be
positive for China's property sector because it shows there's some
teeth in offshore bond documentation."

Nine funds holding more than 25 percent of Kaisa's about $2.5
billion of offshore bonds formed a steering committee to consider
a counteroffer, people familiar with the matter said earlier this
month, Bloomberg recalls.

As reported in the Troubled Company Reporter-Asia Pacific on March
26 Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Kaisa Group Holdings Ltd. to
'D' from 'SD'.  S&P also lowered its long-term issue ratings on
the China-based property developer's senior unsecured notes to 'D'
from 'CC'.  As a result of the downgrade, S&P lowered its long-
term Greater China regional scale rating on Kaisa to 'D' from 'SD'
and on the notes to 'D' from 'cnCC'.

"We downgraded Kaisa after the company missed coupon payments on
its senior unsecured notes of US$250 million (maturing in 2017)
and US$800 million (2020)," said Standard & Poor's credit analyst
Dennis Lee.

Coupon payments of about US$52 million were due on March 18 and
March 19, 2015.

S&P do not anticipate that the company will make the payment
within the 30-day grace period, given its stressed liquidity.  S&P
also do not believe that Kaisa will pay its other debt
obligations, given its ongoing negotiations with onshore and
offshore creditors.

Frank Chen, a Kaisa investor relations official, confirmed by
phone the company didn't pay its two coupons, Bloomberg notes.

                        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.


KAISA GROUP: Talks Continue After Creditors Reject Restructuring
----------------------------------------------------------------
Paul Whitfield at The Deal reports that Kaisa Group Holdings said
that talks with a committee representing the holders of more than
50% of its bonds are continuing after the bondholders rejected its
restructuring proposal as unfair.

"The bondholder group has indicated its willingness to work
constructively with the company and it plans to engage a financial
adviser," Kaisa said in a stock market filing published March 22,
the report relays. "The . . . current liquidity situation requires
that the relevant parties quickly agree to the terms of any
revised proposal."

The Deal notes that Kaisa can't meet payments on its roughly $2.5
billion of loans and is running low on cash after legal action by
domestic creditors and a local government froze many of its
assets, leaving it unable to sell properties or access much of its
cash.  According to the report, Kaisa's loans include about $138
million of foreign loans from creditors including HSBC Holdings
(HSBC) and Industrial and Commercial Bank of China (IDCBF), as
well as offshore convertible notes and senior debt.

Kaisa warned this month that it will collapse if it can't finalize
a takeover by Hong Kong-listed property developer Sunac China
Holdings, the report says. That deal is, in turn, dependent on an
agreement on the debt restructuring.

Kaisa has asked its convertible bondholders to extend maturity
dates by five years to December 2020 and accept a new coupon rate
of 2.7%, down from 8%. It has also asked the holders of 2016 high-
yield notes to push their maturity date back to 2021 and cut their
coupon rate to 2.1%, from 6.88%, The Deal notes.

                        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.



================
H O N G  K O N G
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HUTCHISON WHAMPOA: Creditors' Proofs of Debt Due April 27
---------------------------------------------------------
The creditors of Hutchison Whampoa Finance (03/13) Limited are
required to file their proof of debt by April 27, 2015, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 27, 2015.

The company's liquidator is:

          Ying Hing Chiu
          Hopewell Centre, Level 54
          183 Queen's Road East, Hong Kong
          Telephone: (852) 2980-1988
          Facsimile: (852) 2882-6700



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BRATTLE FOODS: CRISIL Reaffirms B- Rating on INR10MM Cash Credit
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Brattle Foods Pvt Ltd
(BFPL; part of the Brattle group) continues to reflect the group's
small scale of operations in the fragmented industry;
fragmentation results in low profitability due to less bargaining
power with reputed customers and competition from the unorganised
sector.
                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit/Overdraft   10       CRISIL B-/Stable (Reaffirmed)
   facility

   Proposed Long Term
   Bank Loan Facility       4.6     CRISIL B-/Stable (Reaffirmed)

The rating also reflects the group's constrained financial
flexibility because of a small net worth and moderate gearing.
These rating weaknesses are partially offset by funding support
available from the Brattle group's promoters, and its established
customer base.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of BFPL and its wholly owned subsidiary
Laxman Logistics Pvt Ltd (LLPL). This is because the two companies
together referred to as the Brattle group, have significant
operational linkages and have common management.
Outlook: Stable

CRISIL believes that the Brattle group will continue to benefit
over the medium term from its established client base. The outlook
may be revised to 'Positive' if the group improves its operating
profitability and demonstrates efficient working capital
management. Conversely, the outlook maybe revised to 'Negative' in
case of sustained pressure on the Brattle group's revenue and
profitability or if the group's working capital requirements are
larger than expected, resulting in weakening of its financial risk
profile.

BFPL, set up in 2010, provides warehousing services to quick
service restaurants (QSRs). It provides cold storage facility for
fast food chains and brands at its warehouses located in nine
cities across the country.

LLPL, set up in 2009, is a wholly owned subsidiary of BFPL. It
undertakes transportation for QSRs for frozen products from their
kitchens to warehouses and restaurants. The company has its own
fleet of refrigerated trucks.

The group reported a net loss of INR150 million on revenue of
INR381 million for 2013-14 (refers to financial year, April 1 to
March 31) as against a net loss of INR90 million on revenue of
INR220 million for 2012-13.


CHALLANI JEWELLERY: CRISIL Reaffirms B+ Rating on INR110MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Challani
Jewellery Mart (CJM) continues to reflect CJM's limited track
record, modest scale of operations, and exposure to intense
competition in the retail jewellery industry. These rating
weaknesses are partially offset by the extensive experience of
CJM's partners in the retail jewellery industry.

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

Outlook: Stable

CRISIL believes that CJM will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' in case of significant and
sustainable growth in the firm's revenue and margins along with
steady capital structure. Conversely, the outlook may be revised
to 'Negative' if case of lower-than expected cash accruals or if
its working capital cycle lengthens considerably.

Update
CJM reported moderate operating income of INR411 million for 2013-
14 (refers to financial year, April 1 to March 31), supported by
healthy demand for its product and established relationships with
customers. Its operating profitability was low, at 2.20 per cent,
thereby constraining cash accruals to INR2.67 million in 2013-14.

CJM's moderate financial risk profile is marked by moderate net
worth of INR178 million and low total outside liabilities to
tangible net worth ratio of 0.51 times as on March 31, 2014. The
financial risk profile is expected to remain moderate over the
medium term, with stable accretion to reserves.

CJM's liquidity is restricted by its large working capital
requirements marked by gross current assets of 234 days as on
March 31, 2014. Hence, the firm utilised its bank line
extensively, at an average of 94 per cent over the 12 months
through January 2015. Its annual cash accruals are expected at
around INR4.6 million vis-a-vis nil debt obligations for 2014-15

Set up in 2012 as a partnership firm of Mr. R J Jayanthi Lal
Challani, Mr. J Goutham Chand, and Mr. J J Sripal, CJM retails
gold and diamond ornaments. The firm operates a single showroom in
Chennai.


CHANDRA ENGINEERS: CARE Assigns B+ Rating to INR9.59cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Chandra
Engineers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     9.59       CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Chandra Engineers
(CHE) is primarily constrained by the small and fluctuating scale
of operations, working capital intensive nature of operations,
leveraged capital structure, weak debt service indicators and
customer concentration risk. The rating is further constrained by
risk associated with residual project completion, CHE's presence
in a highly fragmented industry, susceptibility of margins to
fluctuation in raw material prices and its constitution as a
proprietorship concern.

The rating, however, draws strength from the experienced
proprietor, CHE's long track record of operations and moderate
profitability margins.

Going forward, CHE's ability to increase its scale of operations
while maintaining profitability margins, improving the capital
structure and efficient management of working capital requirements
will be the key rating sensitivities.

Chandra Engineers (CHE) is a proprietorship concern established by
Mr Satish Chandra in January 1968. CHE is engaged in the
manufacturing of engineering goods viz electrical stampings,
laminations and sheet metal components. The firm has its
manufacturing unit located in Manesar, Gurgaon (Haryana) which is
ISO 9001: 2000 certified for quality management systems. The firm
primarily procures the raw material (steel sheet, iron rivets,
copper sheet, magnets, and silicon sponge) from manufacturers
located in Haryana, Andhra Pradesh and Tamil Nadu. CHE directly
sells all products manufactured mainly to Original Equipment
Manufacturers (OEMs) located domestically.

For FY14 (refers to the period April 1 to March 31), CHE achieved
a Total Operating Income (TOI) of INR14.46 crore with PBILDT and
PAT of INR1.68 crore and INR0.33 crore respectively as against TOI
of INR10.02 crore with PBILDT and PAT of INR1.44 crore and INR0.24
crore respectively in FY13. As per the unaudited results, the firm
has achieved sales of INR10.08 crore for 9MFY15 (refers to the
period April 01 to December 31).


GOLDEN JUBILEE: CARE Ups Rating on INR495cr LT Bank Loan to B
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Golden
Jubilee Hotels Limited.

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long-term Bank Facilities    495        CARE B Revised from
                                           CARE D

   Long-term/Short-term Bank     50        CARE B/CARE A4 Revised
   Facilities                              from CARE D

Rating Rationale
The revision in the ratings take into account the improved
liquidity position on account of tie-up of cost overrun and
commencement of operation of the hotel Trident at Hyderabad.
Furthermore the ratings continue to factor in the experienced
promoters and agreement with EIH Ltd. for management & marketing
of the Hotel Trident. The ratings, however, continue to be
constrained by the relatively large-sized project with further
time and cost overrun in the project, high post project
implementation risk, significant time-lag required for
stabilization of operation and intense competition from the
existing and upcoming hotels in Hyderabad with the presence of
huge room inventory. Ability of the company to stabilize the
operation of Trident with improvement in profit from operations
and successfully complete the balance portion of the project
within the revised timeline without any further cost overrun are
the key rating sensitivities.

Golden Jubilee Hotels Ltd. (GJHL) was incorporated as Golden
Jubilee Estates Ltd in December, 1996 and remained dormant till
2004. The name of the company was changed to the current
nomenclature in December, 2006. GJHL is a special purpose vehicle
formed for the development of two five Star hotel properties under
the name of Trident and Oberoi at Hyderabad under a Public Private
Partnership basis with The Youth Advancement, Tourism and Culture,
Andhra Pradesh. The project Trident (branded as Five Star Deluxe)
has commenced soft operations from September 01, 2013.

However, there has been a change in plan with regard to
construction of The Oberoi and the same is being replaced with a
five star business hotel cum service apartment. The Commercial
operation date (COD) of the overall project is further extended to
September 15, 2015 from September 15, 2014.

GJHL is a JV between Core Hotel Ventures P. Ltd. and EIH Ltd.
(EIH, The Technical Member). CHVL is promoted by a consortium
comprising Maha Hotel Projects P. Ltd. (MHPL, lead developer for
the project, rated CARE BB), Basil Infrastructure Projects Ltd.
(BIPL), Financial Significant Consortium Member, JP Morgan India
Property Mauritius Company II (JPM) and others.

The project cost has been revised to INR1,148.42 crore (as against
INR1087.81 crore and initial envisaged cost of INR827.96
crore) which is proposed to be financed through debt of INR686.22
crore and equity of INR462.20 crore. The company has incurred
INR992.61 crore till Jan. 31, 2015.


GNA UDYOG: CARE Assigns D Rating to INR30cr LT Bank Loan
--------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of GNA Udyog
Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     30         CARE D Assigned

Rating Rationale
The rating assigned to the bank facilities of GNA Udyog Ltd.
(GNAUL) factors in the ongoing delays in the servicing of the
interest and principle repayment due to stressed liquidity
position GNA Udyog Ltd. was founded in 1980 and is a part of the
GNA group which was founded by late Mr. Amar Singh. The company is
led by Mr Rachpal Singh (Chairman) and Mr Gursaran Singh (Managing
director). GNAUL is an Original Equipment Manufacturer (OEM) for
various automobile companies. The product range of the company
includes Rear Axle Shafts and U. J. Crosses, Propeller Shaft
Assemblies, Hydraulic Lift Shafts, Steering components, Wheel
Spanners, Brake S-cam Shafts and forgings for the automobile
industry, for use in all types of light, medium and heavy
vehicles.

GNAUL registered a total operating income of INR62.40 crore during
FY14 (Prov.) (refers to the period April 1 to March 31) with net
losses of INR3.15 crore as against a total operating income of
INR98.62 crore with PAT of INR0.64 crore in FY13.


GSR VENTURES: CRISIL Reaffirms B Rating on INR170MM Bank Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of GSR Ventures Pvt Ltd
(GSR) continue to reflect GSR's small scale of operations in the
intensely competitive construction industry, its large working
capital requirements, and the high degree of geographic
concentration in its order book.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       250        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility   170        CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of GSR's promoters in the construction industry and the
company's above-average financial risk profile marked by low
gearing and moderate debt protection metrics.

Outlook: Stable

CRISIL believes that GSR will continue to benefit over the medium
term on the back of its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if there is a substantial
and sustained increase in the company's revenues, while
maintaining its 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.

GSR was set up as a partnership firm in 1971 by Mr. G. Sivakumar
Reddy and his family members; it was reconstituted as a private
limited company in 2008. The company is engaged in civil
construction, and mainly undertakes canal earthwork excavation and
construction of bridges. The company is based in Hyderabad.


HARA PARBATI: CRISIL Reaffirms D Rating on INR40MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the bank facilities of Hara Parbati Cold
Storage Pvt Ltd (HPCSPL) continues to reflect the instances of
delay by HPCSPL in servicing its debt; the delays have been caused
by the company's weak liquidity because of working-capital-
intensive operations.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee       1.2       CRISIL D (Reaffirmed)
   Cash Credit         40         CRISIL D (Reaffirmed)
   Term Loan           16.1       CRISIL D (Reaffirmed)
   Working Capital
   Loan                 7.7       CRISIL D (Reaffirmed)

HPCSPL also has a modest scale of operations and weak financial
risk profile marked by low net worth and low accruals. The ratings
also factor in the company's susceptibility to adverse regulatory
changes and to intense competition in the West Bengal (WB) cold
storage industry. These rating weaknesses are partially offset by
the extensive industry experience and established regional
position of HPCSPL's promoters.

Update
HPCSPL has contracted seasonal cash credit limit of around INR40
million with bank to extend financial assistance to farmers. As
per the terms, the CC facilities were to be completely repaid by
December 31, 2014. However, the entire limit could not be
completely repaid by the due date, as the company faced a
significant delay in realizations of payment from farmers, leading
to weak liquidity. As per latest available financials information
for 2012-13 (refers to financial year, April 1 to March 31),
HPSCL's revenues increased to around INR47.2 million from INR22.8
million for 2011-12. In 2012-13 due to increase in trading
revenues backed by better demand scenario for potatoes in 2012-13.
The operating margins have deteriorated to 12.2 per cent on
account of lower realizations arising out of the trading segment.
As a result the company's PAT have decreased to INR46.5 million in
2012-13 as against INR99 million in the previous year. HPCSPL's
net worth was negative as on March 31, 2013 and it is expected to
remain at such level in near term as well. HPCSPL's eroded net
worth exposes its credit risk profile to sudden changes in
business condition. CRISIL expects HPCSPL's financial risk profile
to remain weak over the medium term.

Incorporated in 1996, HPCSPL provides cold storage facilities to
potato farmers and traders. It also undertakes potato trading. Its
cold storage facility is in Hooghly district (WB).


HARIKRISHNA COTGIN: CARE Raises Rating on INR6.91cr LT Loan to B
----------------------------------------------------------------
CARE revises the rating assigned to bank facilities of Harikrishna
Cotgin Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    6.91        CARE B Revised from
                                            CARE D

Rating Rationale
The revision in the rating assigned to the bank facilities of
Harikrishna Cotgin Private Limited (HCPL) is primarily on account
of improvement in debt servicing track record. However, the rating
continues to remain constrained due to low profit margins,
leveraged capital structure and weak debt coverage indicators.
Furthermore, the rating continues to remain constrained on account
of modest scale of operations in highly fragmented cotton
industry, seasonality associated with the procurement of cotton,
susceptibility of profitability to cotton price fluctuation and
changes in the government policy. The rating also takes into
consideration decline in the total operating income (TOI) and cash
accrual along with deterioration in debt coverage indicators and
moderation in capital structure during FY14 (refers to the period
April 1 to March 31).

The rating, however, continue to derive benefit from the rich
experience of the promoters in cotton ginning business and
proximity to raw material procurement region of Gujarat.

HCPL's ability to increase its scale of operations, improvement in
its profit margins, capital structure and liquidity position with
better management of its working capital remain the key rating
sensitivities.

Rajkot-based (Gujarat) HCPL was incorporated in April 2007 by Mr
Manu Radadiya, Mr Maya Bhammar and Mr Arjan Bhammar. HCPL is
engaged in cotton ginning & pressing and oil extraction from
cottonseeds at its unit in Gariadhar, Rajkot. HCPL started its
commercial operations in FY09 with an installed capacity of 33
metric tonnes per day (MTPD) for cotton bales. Furthermore, in
December 2009, HCPL has diversified into cottonseed oil extraction
and established oil mill section with three expellers having a
production capacity of 6 MTPD.


INDIAN MARINE: CRISIL Puts B+ Rating on INR60MM Packing Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Indian Marine Industries (IMI).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term
   Bank Loan Facility      9.9         CRISIL B+/Stable

   Export Packing Credit  60.0         CRISIL B+/Stable

   Bank Guarantee          0.1         CRISIL A4

   Export Bill Purchase-
   Discounting            30           CRISIL A4


The ratings reflect IMI's modest scale of operations and low
profitability in the competitive marine food products export
industry. The ratings also factor in the firm's average financial
risk profile marked by its aggressive capital structure and
average debt protection metrics. These rating weaknesses are
partially offset by the extensive industry experience of IMI's
promoters and the firm's controlled working capital management.

Outlook: Stable

CRISIL believes that IMI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if significant improvement in
revenue and profitability leads to a substantial increase in the
firm's cash accruals. Conversely, the outlook may be revised to
'Negative' if low cash accruals, stretch in working capital cycle,
or any large capital expenditure weakens IMI's financial risk
profile, especially liquidity.

IMI, a partnership firm, was set up by Mr. A M Ruhaila and Mr. A U
Muhammed Ashraf. The firm processes and exports marine products
such as tuna, mackerel, cuttlefish, and squid and its processing
facilities are based in Kochi (Kerala).


KC EDUCATIONAL: CARE Assigns D Rating to INR60cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE D' ratings to the bank facilities of KC
Educational and Social Welfare Society.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     60         CARE D Assigned

Rating Rationale
The rating assigned to the bank facilities of KC Educational and
Social Welfare Society (KEWS) factors in the ongoing delays in the
servicing of the interest and principle repayment due to stressed
liquidity position

Established in 2008 by Mr Prem Pal Gandhi and his family members,
KEWS is a society registered under Himachal Pradesh
Societies Registration Act, 2006. KEWS is a family-run society
with the objective to provide education services. For the same,
the society started under graduate and post graduate courses under
the flagship brand of 'K.C Group of Institutions'. The first
academic session was started in 2009-'10. KEWS is also running a
school 'K.C Public School' in Pandoga, Himachal Pradesh affiliated
from Central Board of Secondary Education (CBSE) upto Class XII.
Currently, the society is running one campus having four colleges
and one school under the brand name of 'K.C Group of
Institutions'.

The society is offering courses in the field of management,
engineering, polytechnic and pharmaceutical along with the school
in Pandoga, Himachal Pradesh.

KEWS registered a total operating income of INR13.66 crore during
FY14 (refers to the period April 1 to March 31) with net losses of
INR2.28 crore as against a total operating income of INR8.44 crore
with net losses of INR0.96 crore in FY13.


KUNAL LOHACHEM: CARE Reaffirms B Rating on INR6cr LT Loan
---------------------------------------------------------
CARE reaffirms rating assigned to the bank facilities of Kunal
Lohachem Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6         CARE B Reaffirmed

Rating Rationale
The ratings for the bank facilities of Kunal Lohachem Pvt Ltd
(KLPL) continue to remain constrained by its relatively small size
of operation in the highly fragmented & competitive industry,
susceptibility of profitability to volatile trading material price
and weak financial risk profile marked by operating losses,
leveraged capital structure and weak debt service coverage
indicators.

The ratings, however, draw comfort from the long track record &
satisfactory experience of the promoters in the iron & steel
industry.

Going forward, the ability of the company to grow its scale of
operation with improvement in profitability margins along with
effective working capital management would be the key rating
sensitivities.

KLPL incorporated in May 1997, and was promoted by Mr Praveen
Kumar Jain and Mr S. K. Verma of Raipur, Chhattisgarh. KLPL is
engaged in the trading of H.B wire, G.I. wire and MS round bar,
barbed wire and wire nails. This apart, the company is also
engaged in converting HB wire into GI wires on job work basis. The
company sells its products to dealers and retailers located in
Chhattisgarh. The application of products sold by KLPL is largely
used in industries like power, construction, automobile,
engineering, etc. Besides, the company also undertakes money
lending activities whereby the company lent its own funds to
outside & associate companies and receives interest on them.

In FY14, the company has reported a total operating income of
INR79.83 crore (as against INR76.32 crore in FY13) and PAT INR0.13
crore (as against INR0.03 crore in FY13). Till December 2014, the
company has maintained to have achieved revenue of INR61.25 crore.


MAHAVEER GINNING: CARE Revises Rating on INR7.31cr LT Loan to B+
----------------------------------------------------------------
CARE revises/reaffirms the rating assigned to the bank facilities
of Mahaveer Ginning & Pressing Factory.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     7.31       CARE B+ Revised from
                                            CARE B

   Short term Bank Facilities    0.90       CARE A4 Reaffirmed

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

Rating Rationale
The revision in the long-term rating of Mahaveer Ginning &
Pressing Factory (MGPF) factors in the improvement in solvency
indicators along with high capacity utilisation. The ratings,
however, continue to derive strength from the experience of
proprietor, proximity to the cotton growing areas of Maharashtra
and geographically diversified customer base.

The ratings continue to be constrained on account of working
capital-intensive nature of business operations, presence in
competitive and fragmented cotton ginning industry, susceptibility
of operating margins to fluctuation in the cotton prices, and
seasonality associated with cotton availability. The ratings are
further constrained on account of its constitution as a
proprietorship firm and impact of the government policies related
to cotton.

The ability of the firm to increase its scale of operations while
moving up in the cotton value chain and improvement in the
financial risk profile while managing the price volatility of the
raw material continue to remain the key rating sensitivities.

Jalna-based (Maharashtra), MGPF was set up by Mr Devendra
Chhallani as a proprietorship firm in the year 2008. The firm was
set up to undertake the business of cotton ginning and cotton
seeds extraction. MGPF operates from its sole manufacturing plant
at Wadgaon (Jalna) with an installed capacity of 13,651 metric
tonnes per annum (MTPA) of cotton bales as on March 31, 2014.
Furthermore, the firm extracts around 8,600 MTPA of cotton seeds
in the ginning and pressing process as a by-product. The firm has
utilised around 85% of its installed capacity for cotton bales in
FY14 (refers to the period April 1 to March 31). MGPF operates
only for eight months during when cotton is available in abundant.

In FY14, MGPF reported a total operating income of INR30.50 crore
and net profit of INR0.20 crore as against a total operating
income of INR29.43 crore and net profit of INR0.17 crore in FY13.


MILLION CERAMIC: CRISIL Assigns B+ Rating to INR60MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Million Ceramic (Million).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Working Capital Loan    27.5        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       0.5        CRISIL B+/Stable
   Bank Guarantee          12.0        CRISIL A4
   Long Term Loan          60.0        CRISIL B+/Stable

The ratings reflect Million's start-up phase, and expected modest
scale of operations in the highly competitive ceramics industry.
The ratings also factor in the company's large working capital
requirements. These rating weaknesses are partially offset by the
promoters' extensive industry experience and strategic location of
upcoming factory.

Outlook: Stable

CRISIL believes that Million will benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the company improves its financial
risk profile and promptly stabilises its operations, leading to
substantial cash accruals. Conversely, the outlook may be revised
to 'Negative' if BTPL's financial risk profile weakens owing to
significantly low cash accruals, or substantial working capital
requirements or debt-funded capital expenditure.

Incorporated in Morbi, Gujarat in 2014, Million is promoted by Mr.
Khimjibhai Patel, Mr. Ashvinbhai Patel and Mr. Pareshbhai Patel
and family members. The company is setting up a unit to
manufacture digital wall tiles, and is likely to begin commercial
operations in May 2015.


MINOP INNOVATIVE: CRISIL Assigns B+ Rating to INR10MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities and 'FB+/Stable' rating to fixed deposit
programme of Minop Innovative Technologies Pvt Ltd (MITPL).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Short Term     10         CRISIL A4
   Bank Loan Facility
   Bank Guarantee          90         CRISIL A4
   Cash Credit             10         CRISIL B+/Stable

The ratings reflect MITPL's initial stage of operations and its
exposure to high project concentration risks. The ratings also
factor in the company's small net worth, constraining its
financial risk profile. These rating weaknesses are partially
offset by the extensive experience of MITPL's promoters in the
underground mining segment.

Outlook: Stable

CRISIL believes that MITPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its long-term contract with Bharat Coking Coal Ltd (BCCL),
providing it with healthy revenue visibility. The outlook may be
revised to 'Positive' in case of a substantial increase in the
company's accruals, driven by a significant ramp in its scale of
operations and an improvement in its operating profitability,
leading to better business profile liquidity. Conversely, the
outlook may be revised to 'Negative' in case of a slow ramp in
MITPL's scale of operations, low accruals, stretch in its working
capital, and debt-funded capital expenditure.

MITPL, incorporated in December 2005, has undertaken a contract
for development of the Muraidih underground mines (located in
Jharkhand) of BCCL and extraction of coal from Muraidih I and III
seam. The contract was awarded in 2011; the work includes
exploration and preparation of a mining plan, construction of
necessary infrastructure, supply of equipment, and operation and
maintenance of the mine. MITPL has obtained the contract under a
consortium with MITPL being the consortium leader.


OP MOTORS: CRISIL Assigns B Rating to INR45MM LT Bank Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of OP Motors Pvt Ltd (OPML).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             15         CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility    45         CRISIL B/Stable

   Cash Credit           10         CRISIL B/Stable
   Inventory Funding
   Facility              30         CRISIL B/Stable

The rating reflects OPML's weak financial risk profile marked by
moderate total outside liabilities to tangible net worth (TOLTNW)
and weak debt protection metrics, and modest scale of operations.
These rating weaknesses are partially offset by the benefits that
the company derives from its relationship with Nissan Motor India
Pvt Ltd (NMPL).

Outlook: Stable

CRISIL believes that OPML will benefit from its healthy
relationship with NMPL. The outlook may be revised to 'Positive'
in case OPML's financial risk profile improves driven by ramp up
in scale of operations, along with improvement in operating margin
or equity infusion by promoters. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in OPML's financial
risk profile due to low cash accruals, increase in working capital
requirement, or further debt-funded capital expenditure (capex).

Established in 2012, OPML is a NMPL dealer for passenger cars in
Sri Ganganagar (Rajasthan). It is operating one showroom and two
sales offices in the district. The company is promoted by Mr.
Saurabh Bathala and his father, Mr. Ashwani Bathala. OPML started
operations in October 2013.

OPML reported a net loss of INR0.2 million on net sales of INR60
million for 2013-14 (refers to financial year, April 1 to
March 31).


PACIFIC PIPE: CRISIL Reaffirms D Rating on INR642MM Term Loan
-------------------------------------------------------------
CRISIL ratings on the bank facilities of Pacific Pipe Systems Pvt
Ltd (PPSPL) continue to reflect instances of delay by PPSPL in
meeting its debt obligations owing to weak liquidity. The company
continued to incur cash losses in 2013-14 (refers to financial
year, April 1 to March 31) on account of operating losses and high
interest burden. Its financial risk profile is weak, marked by a
negative net worth and weak debt protection metrics.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          147        CRISIL D (Reaffirmed)
   Letter of credit &
   Bank Guarantee       332        CRISIL D (Reaffirmed)
   Term Loan            642        CRISIL D (Reaffirmed)

The ratings also reflect PPSPL's exposure to intense competition
from established and substitute products, such as ductile iron
pipes and mild steel pipes.

Incorporated in 2008, PPSPL manufactures glass-reinforced
polyester (GRP) and glass-reinforced epoxy pipes. The Doshion
group owns 85 per cent stake in PPSPL, while the remaining 15 per
cent is held by Pacific Composites India Pvt Ltd (PCIPL).

For 2013-14, PPSPL reported a provisional net loss of INR246
million on an operating income of INR447 million, against a net
loss of INR144 million on an operating income of INR891 million in
2012-13.


RAUSHEENA UDYOG: CARE Assigns B+ Rating to INR22.45cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Rausheena Udyog Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    22.45       CARE B+ Assigned
   Short-term Bank Facilities   21.50       CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Rausheena Udyog Ltd
(RUL) is constrained by low profitability margin due to stiff
competition, profitability susceptible to volatility in raw
material prices, working capital intensive nature of business,
vulnerable financial risk profile with tight liquidity position
and project implementation risk. The ratings weakness is, however,
partially offset by experienced promoters, diversified revenue mix
and increase in scale of operation during FY12-FY14 (refers to the
period April 1 to March 31). The ability of the company to
increase its profitability amidst competition and improvement in
financial risk profile are the key rating sensitivities.

Raushena Udyog Ltd. (RUL) was incorporated in 1998 by Mr Saroj
Agarwal in Shillong, Meghalaya. RUL is engaged in 3 divisions:
processed food, engineering and trading. The process food division
manufactures ready to eat food products and supplies to government
nutrition program. The engineering division manufactures steel
casting products and supplies to Indian Railways. The trading
division supplies school bags, sweaters, etc. to government
institutions. The products of the company are ISO 9001-2008
certified.

During FY14, RUL reported PAT of INR1.82 crore (Rs.0.45 crore in
FY13) on a total operating income of INR101.07 crore (Rs.57.21
crore in FY13).


S.L.V. ENTERPRISES: CRISIL Assigns D Rating to INR90MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long term bank
facilities of S.L.V. Enterprises (SLV).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             90         CRISIL D

The rating reflects instances of delay by SLV in servicing of term
debt obligations on account of the company's weak liquidity,
driven by its large working capital requirements. SLV also has a
below-average financial risk profile, marked by modest net worth,
high gearing and moderate debt protection metrics. These rating
weaknesses are partially offset by the extensive industry
experience of its promoters.

Set up in 2001 as a proprietorship firm by Mr. Raghavendra Achar,
SLV is involved in freight transportation services. Based out of
Bangalore, the firm is the preferred vendor for Hindustan Coca
Cola Beverages Pvt Ltd, Future Supply Chain Logistics among
others.


S.V. ELECTRONICS: CRISIL Reaffirms B+ Rating on INR140MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of S.V. Electronics
Limited(SVEL) continue to reflect SVEL's large working capital
requirements, below average financial risk profile marked by small
net worth, high total outside liabilities to tangible net worth
ratio and below average debt protection metrics, and exposure to
intense competition in the computer hardware dealership business.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       20         CRISIL A4 (Reaffirmed)
   Cash Credit         140         CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by SVEL's established
presence in the computer hardware, peripherals, and accessories
market in Telangana and Andhra Pradesh (AP), supported by its
promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that SVEL will continue to benefit over the medium
term from its established regional presence in the computer
hardware, peripherals, and accessories market, and its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the company registers a sustained improvement in its
working capital management or if its capital structure improves on
a substantial basis on the back of equity infusion by the
promoters. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in SVEL's profitability margins, or
deterioration in its capital structure on account of larger-than-
expected working capital requirements or large debt-funded capital
expenditure.

SVEL was incorporated in 1999 by Mr. Venkateshwar Rao and his
family members. SVEL deals in computer hardware, peripherals and
Accessories. The company operates four retail stores in Hyderabad
(Telangana) and one in Visakhapatnam (AP).


SAUMYA MINING: CARE Lowers Rating on INR77.79cr ST Loan to D
------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Saumya
Mining Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    53.21       CARE D Revised from
                                            CARE C
   Short-term Bank Facilities   77.79       CARE D Revised from
                                            CARE A4

Rating Rationale
The revision in the ratings of Saumya Mining Ltd (SML) is due to
ongoing delays in debt servicing on account of stressed liquidity
position of the company. The ability of the company to improve its
liquidity and regularise its debt servicing will be the key rating
sensitivity.

SML was originally promoted as a proprietorship firm by Mr.
Anoopchand Jain in September 1955 but got converted into private
limited company in August 1996. The company is engaged into
support services related to mining activities such as site
leveling, excavation, evacuation, surface mining, drilling &
blasting, transportation of overburden and ore, etc.

During FY14, SML reported a net loss of INR11.58 crore (PAT of
INR1.16 crore in FY13) and cash profit of INR4.27 crore (INR14.35
crore in FY13) on a total operating income of INR156.10 crore
(INR206.31 crore in FY13).


SEVEN STAR: CARE Reaffirms D Rating on INR8.52cr LT Bank Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of Seven
Star Hotel & Resorts Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    8.52        CARE D Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Seven Star Hotel &
Resorts Private Limited (SSL) continues to remain constrained by
ongoing delays in debt servicing by the company.

SSL was incorporated in September 2005 by Mr Daya Ram Mittal, Mr
Brij Mohan Mittal, Mr Ashok Gupta and Mr Rochak Gupta. SSL has
setup a Hotel-cum-Resort with a tented party lawn under the brand
name of Seven Star Hotel and Resorts in Village Khampur, GTK Road,
Delhi. The hotel is built on a land parcel of 52,000 Sq. Ft. It
comprises 18 double-bedded rooms, restaurant and banquet halls.
The total cost of the project was INR13.83 crore which was funded
by a term loan of INR9.17 crore and the balance from equity
contribution.


SHAILJA TEXPRINTS: CARE Reaffirms B+ Rating on INR15.48cr Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Shailja Texprints.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    15.48       CARE B+ Reaffirmed

Rating Rationale
The rating of Shailja Texprints (STP) continues to remain
constrained on account of its modest scale of operations with low
net worth base, constitution as a proprietorship concern, thin
profitability margin, weak solvency and weak liquidity position
and its limited presence in the textile value chain. The rating of
STP, further, remains constrained due to vulnerability of margins
to fluctuation in the raw material prices coupled with presence in
the highly fragmented and competitive industry.

The rating, however, continues to derive strength from vast
experience of the proprietor and presence in the textile belt of
India with easy access of raw material and labour.

The ability of the entity to increase its scale of operations
while maintaining of profitability margins in light of volatile
raw material prices and improvement in liquidity position is the
key rating sensitivities.

STP is a proprietorship concern, promoted by Mr. Dinesh Kumar
Digga in March 2007. Mr. Dinesh Kumar Digga has experience of more
than 15 years in the textile processing industry. He initially
started with Shailja Prints (SPS) in 2001 which was engaged in
hand made and table printing of fabrics. Due to the high level of
labour intensity and old technology-based machinery, he
established STP in March 2007 and shifted the entire operations of
SPS in STP.

STP mainly deals with the processing of cotton fabrics for ladies
night-wear and dress materials. It has installed processing
capacity of 300 Lakh Meter Per Annum (LMPA) as on March 31, 2014
at its processing capacity located at Balotra in Rajasthan. The
firm also has the team of experienced designers and technicians
with in-house design studio. It sells its products under
registered trademarks of 'Panihari', 'Panghat', 'Panchratna',
'Kundan', 'Shailja' and 'Pearl'. It sells its products mainly in
Maharashtra, Kolkata, Kerala, Karnataka, Tamil Nadu and Andhra
Pradesh through agents.

STP has associate concerns promoted by other family members and is
a part of 'Annapurna Group' which is engaged in dyeing of fabrics,
Shivan Mills which is engaged in value addition printing for
manufacturing of ladies suits, kurtis and tops and Shivani Cotex
Private Limited (Rated CARE B+) incorporated in 2009, engaged in
the processing of fabric.

During FY14 (Audited; FY; refers to Period April 1 to March 31),
STP reported a total operating income of INR101.21 crore
(FY13: INR85.35 crore) with a PAT of INR0.52 crore (FY13: INR0.43
crore).


SHIVANI COTEX: CARE Reaffirms B+ Rating on INR9.22cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Shivani Cotex Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    9.22        CARE B+ Reaffirmed

Rating Rationale
The rating of Shivani Cotex Private Limited (SCPL) continues to
remain constrained on account of its modest scale of operations in
the highly fragmented and competitive industry textile processing
industry and its financial risk profile marked by thin
profitability, weak solvency position and moderate liquidity
position. The rating of SCPL, further, continues to remain
constrained due to its limited presence in the textile value chain
and vulnerability of margins to fluctuation in the raw material
prices.

The rating, however, continues to derive strength from the vast
experience of the promoters with established distribution network
and presence in the textile belt of India with easy access of raw
material and labour.

The ability of the company to increase its scale of operations
while maintaining of profitability margins in light of volatile
raw material prices and improvement in liquidity position is the
key rating sensitivities.

SCPL, incorporated in 2009, is promoted by Mr Asha Ram Digga along
with his family members and is a part of 'Annapurna Group'. Group
concerns include Annapurna Texofin Private Limited (incorporated
in 1988) which is engaged in the dyeing of fabrics, Shailja
Texprints (formed in 2007, rated: CARE B+) which is engaged in the
processing of cotton fabrics for dress materials and ladies night
wears, Shivan Mills (formed in 2005) which is engaged in the
printing for manufacturing of ladies suits, kurtis and tops.
Further, being associated with Annapurna group, SCPL is benefitted
from the established marketing network and existing client base of
'Annapurna Group' which is involved in similar line of business.
SCPL has 8 agents located in the different regions of India.

SCPL is engaged in the business of processing of cotton fabrics
and produces dyed poplin and printed dress materials. It has total
installed capacity of 85 Lakh Metre Per Annum (LMPA) for poplin
and 75 LMPA for printed dress material as on March 31, 2014. In
FY14 (FY; refers to period April 1 to March 31), SCPL had utilised
95% of the total installed capacity.

SCPL also does job work for others located in the local market. It
sells its products under the brand name of 'Piya Basanti' and
'Gangaur'. The company purchases grey fabrics from Maharashtra.

During FY14, STP reported a total operating income of INR47.35
crore (FY13: INR36.54 crore) with a PAT of INR0.15 crore (FY13:
INR0.10 crore).


SHREE LAXMI: CARE Reaffirms B+/A4 Rating on INR8.30cr Loan
----------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of Shree
Laxmi Pulse Rice & Roller Flour Mills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/ Short-term        8.30        CARE B+/CARE A4
   Bank Facilities                          Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Shree Laxmi Pulse
Rice & Roller Flour Mills (SLPM) continue to remain constrained on
account of its weak financial risk profile marked by thin
profitability, leveraged capital structure, weak debt coverage
indicators and working capital intensive nature of operations. The
ratings are further constrained on account of its presence in the
fragmented and highly regulated industry with low entry barriers
and exposure to the volatility associated with the raw material
prices. The ratings factor in the stagnant turnover and net losses
incurred by the firm and deterioration in capital structure and
debt coverage indicators in FY14 (refers to the period April 1to
March 31).

The ratings, however, continue to take comfort from the vast
experience of the promoters in agro trading and processing
industry.

The ability of SLPM to increase its scale of operations with
improvement in profitability and liquidity position along with
improvement in its capital structure and continued financial
support from the promoters is the key rating sensitivity.

SLPM is Dahod-based partnership firm incorporated in 1981. It is
mainly engaged in the processing and milling of various
agro based products like Wheat Flour, Maida, Sooji, Rawa, Bran
etc. with an installed capacity of 200 Metric Tonne per
Day (MTPD) as on March 31, 2014. The firm markets its products
under brand name 'Ugato Suraj', 'Charminar', 'Double King' 'Apple'
'Strawberry' and 'Mango'. SLPM is promoted by Mr Rameshchandra H
Shah and Mr Kishanchandra H Shah holding 50% profit sharing ratio
each in the firm. In addition to this, the promoters of SLPM have
interest in the same line of business through their other business
concerns, Shree Balaji Pulses Mills based out at Dahod which is
engaged in trading of agro based commodities.

As per the audited results for FY14 , SLPM reported the net loss
INR0.45 crore on a TOI of INR64.43 crore as against the profit
after tax of INR0.10 crore on a TOI of INR64.12 crore in FY13. As
per the provisional result of 11MFY15, the firm has registered the
TOI of INR55 crore.


SIYARAM GRANITO: CRISIL Assigns B+ Rating to INR267MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Siyaram Granito Pvt Ltd (SGPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan            267         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    14.5       CRISIL B+/Stable

   Bank Guarantee        43.5       CRISIL A4

   Cash Credit          120.0       CRISIL B+/Stable

The ratings reflect the company's susceptibility to risks
associated with its ongoing project, and its expected large
working capital requirements. These rating weaknesses are
partially offset by the extensive experience of SGPL's promoters
in the ceramic industry, and the proximity of its manufacturing
facilities to sources of cheap raw material and labour.
Outlook: Stable

CRISIL believes that SGPL will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if the company stabilises operations at its
proposed plant on time, and reports substantial revenue and
profitability, leading to higher cash accruals. Conversely, the
outlook may be revised to 'Negative' if SGPL faces delays in
commencement of its operations, or generates low cash accruals
during the early phase of its operations, resulting in pressure on
its liquidity.

Incorporated in 2014, SGPL is a Morbi (Gujarat)-based company. It
is setting up a unit to manufacture vitrified floor tiles. SGPL is
likely to commence its commercial operations from August 2015. The
day-to-day operations of the company will be managed by Mr. Chirag
M Ujariya.


SKILLED CONSTRUCTION: CARE Places B+ Rating on INR2.5cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Skilled Construction Company Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    2.50        CARE B+ Assigned
   Short-term Bank Facilities   4.00        CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Skilled
Construction Company Limited (SCCL) are constrained by the small
scale of operations, fluctuating profitability margins, moderately
leveraged capital structure and weak debt coverage indicators. The
ratings are further constrained by the absence of price escalation
clause in few projects and low diversification of customer base.

The ratings, however, derive benefits derived from the promoters'
experience and comfortable order book position.

The ability of SCC to improve the scale of operations by
diversifying geographical and diversifying customer base are the
key rating sensitivities.

Background
Incorporated in 1991 as a private limited company, SCC (later
reconstituted into a public limited company in the year
1997) is a Class A contractor registered with Kerala State Public
Works Department and is engaged in the construction of bridges,
flyovers, railway over bridge and others miscellaneous work.

The company since inception has been engaged primarily in building
of road over bridges (ROB) mainly for government organisations
based in Kerala.

During FY14 (refers to the period April 1 to March 31), SCC
reported a total operating income of INR9.60 crore (up by 26.65%
vis-a-vis FY13) and PAT of INR0.20 crore (down by 7.30% vis-a-vis
FY13). In 9MFY15, SCC has posted total operating income of INR9.25
crore. Moreover, the company has an unexecuted order book of
INR30.95 crore (3.22x of the total income of FY14).


SRI BALAJI: CRISIL Lowers Rating on INR86.9MM LT Loan to D
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Sri
Balaji Poultry Farm (Sri Balaji) to 'CRISIL D ' from 'CRISIL
B/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan       86.9       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Open Cash Credit     40         CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Proposed Long Term   43.1       CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B/Stable')

The rating downgrade reflects the company's overdrawn cash credit
facility for more than 30 days owing to its weak liquidity.

Sri Balaji has large working capital requirements, and its
profitability margins are susceptible to volatility in raw
material prices. The firm is also exposed to intense competition
in the poultry industry, and is susceptible to risks inherent in
the poultry industry like outbreak of epidemics. The firm
continues to have a below-average financial risk profile marked by
its small net-worth, high gearing, and below-average debt
protection metrics. However, the firm benefits from its promoter's
extensive experience in the poultry industry.

Sri Balaji was established in 2008 as a proprietorship concern by
Mr. L.Kumar Goud. The firm is engaged in the production of
commercial eggs.


SRI LAXMI: CRISIL Reaffirms B+ Rating on INR90MM Cash Credit
------------------------------------------------------------
CRISIL's rating on the bank facilities of Sri Laxmi Enterprises
(SLE) continues to reflect SLE's below-average financial risk
profile marked by its small net worth, high gearing and weak debt
protection metrics.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           90        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      50        CRISIL A4 (Reaffirmed)
   Term Loan              7.5      CRISIL B+/Stable (Reaffirmed)

The ratings of the firm are also constrained on account of its
modest scale of operations, its large working capital
requirements, its exposure to intense competition in the cotton
ginning industry resulting in its low profitability margins, and
the susceptibility of its operations to regulatory changes and
volatility in cotton prices. These rating weaknesses are partially
offset by the firm's established presence in the cotton ginning
industry supported by its promoters' extensive industry experience
and established relations with customers.
Outlook: Stable

CRISIL believes that SLE will continue to benefit over the medium
term from its promoters' extensive industry experience and
established relations with customers. The outlook may be revised
to 'Positive' if there is substantial and sustained increase in
the firm's scale of oeprations and profitability margins, or there
is substantial improvement in its capital structure on the back of
sizeable equity infusion from promoters. Conversely, the outlook
may be revised to 'Negative' in case of a steep decline in the
firm's profitability margins, or significant deterioration in its
capital structure caused most likely by a stretch in its working
capital cycle.

SLE was established as a partnership firm in 2004 by Mr. Omprakash
Agarwal and his family members. The firm is engaged in ginning and
pressing of raw cotton. The firm's ginning unit is located in
Adilabad district in Telangana. The firm currently has four
partners ' Mr. Amit Agarwal, Mr. Omprakash Agarwal, Smt.Arti
Agarwal, and Smt.Usha Agarwal.


SRI VARALAKSHMI: CRISIL Reaffirms B Rating on INR45MM Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri
Varalakshmi Solvent Oils Pvt Ltd (SVSOPL) continues to reflect
SVSOPL's limited track record of operations, small scale of
operations, below-average financial risk profile marked by small
net-worth and presence in a fragmented industry with exposure to
intense competition. These rating weaknesses are partially offset
by the extensive experience of SVSOPL's promoters, and its
financial risk profile marked by marked by moderate gearing and
average debt protection metrics.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          28.5       CRISIL B/Stable (Reaffirmed)

   Proposed Cash        45.0       CRISIL B/Stable (Reaffirmed)
   Credit Limit

   Term Loan            26.5       CRISIL B/Stable (Reaffirmed)

CRISIL had on March 19, 2015, upgraded its rating on the long-term
bank facilities of SVSOPL to 'CRISIL B/Stable' from
'CRISIL B-/Stable'.

Outlook: Stable

CRISIL believes that SVSOPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is a substantial and
sustained improvement in the company's revenues, while maintaining
its profitability margins or there is an improvement in its
working capital management. Conversely, the outlook may be revised
to 'Negative' if there is a significant deterioration in its
capital structure on account of larger-than-expected working
capital requirements or large debt-funded capex.

SVSOPL, incorporated in the year 2010 is engaged in the business
of manufacturing of rice bran oil with a capacity of 200 tonnes of
rice bran per day. SVSOPL, promoted by Mr. Visweswara Rao and
family, has its plant in Kotabammali in Srikakulam district in
Andhra Pradesh. The commercial operations started from January
2012.


SRINIVASA EDIFICE: ICRA Assigns B- Rating to INR14cr FB Loan
------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B- to the INR14.00
crore fund based and short term rating of [ICRA]A4 to INR20.00
crore non fund based limits of Srinivasa Edifice Private Limited.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based Limits       14.00        [ICRA]B- assigned
   Non-Fund Based Limits   20.00        [ICRA]A4 assigned

The ratings assigned takes into account firm's small scale of
operations; significant de-growth in operating income by 15.72%
(Y-o-Y) during FY14 on account of lower order execution and
decline in profit margins during FY14. The ratings assigned also
factor in stretched liquidity position of the company resulting
into high utilization of working capital limits.

The ratings are also constrained by high geographical & sectoral
concentration with entire outstanding order book dependent upon
government departments of Andhra Pradesh & Telangana. The ratings
are further constrained with high competition in the industry
which keeps margins under check. However, the ratings assigned
positively factors in experienced promoter profile with long track
record of operations in the industry as reflected by repetitive
orders received from established client base of the company. The
rating also continue to factor in the company's presence in
diversified activities of small size and short duration projects
such as construction of roads, executing earth work for irrigation
projects and carrying out business of supplying railway ballast,
stone aggregates and sand to Indian Railways resulting into low
client and project concentration. The rating also positively
factor in moderate unexecuted order book/OI ratio of 1.01 times
providing revenue visibility for short term.

Srinivasa Edifice Private Limited (SEPL) is a Hyderabad based
infrastructure and engineering construction company providing
services in the field of Irrigation facilities works, Construction
of public buildings and Road works. The company was started as a
proprietorship in 1984 to carry on business of civil engineering
contract works and material manufacture, supply of crushed
aggregates to the works in connection with bridges, roads, and
railways.

Recent Results
As per financials for FY14, the company reported net profit of
INR0.41 crore on operating income of INR88.36 crore as compared to
net profit of INR0.90 crore on operating income of INR104.84 crore
for FY13.


SWAGAT SYNTHETIC: CARE Reaffirms B+ Rating on INR52.59cr LT Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Swagat Synthetic Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    52.59       CARE B+ Reaffirmed
   Short term Bank Facilities    0.25       CARE A4 Reaffirmed

Rating Rationale
The ratings continue to remain constrained on account of the
moderate financial risk profile of Swagat Synthetic Private
Limited (SSPL) marked by moderate profitability and solvency
position coupled with stressed liquidity position. The ratings are
further continue to constrained by SSPL's operations in the highly
fragmented and competitive segment of the textile industry,
vulnerability of margins to fluctuation in raw material prices and
risk associated with stabilization of operations in its project
for capacity expansion which is highly debt funded. The ratings,
further, constrained on account of traffic risk associated with
toll road collection business.

The ratings continue to derive comfort from the vast experience of
the promoters with sound financial profile, established marketing
network and its presence in the textile cluster of Bhilwara
regarding easy access to raw material.

Increase in the scale of operations through increase in revenue
from toll collection with maintaining of profitability margins
coupled with efficient working capital management are the key
rating sensitivities.

Incorporated in 1987, Bhilwara (Rajasthan) based SSPL was promoted
by Mr. Jagdish Prasad Nuwal, Mr. Anil Kumar Nuwal and Mr
Madhusudan Nuwal. SSPL is mainly engaged in the business of
manufacturing and trading of synthetic suiting fabrics as well as
doing job work for other entities. The company manufactures grey
fabrics and outsources the processing work. It has two plants
located at Bhilwara with total installed capacity of 100.58 Lakh
Mtrs Per Annum (LMPA) during FY14 and has utilized about 85-90% of
its installed capacity in FY14. As on March 31, 2014, the company
had 92 looms.

SSPL sells its fabrics under the brand name of "Sitaram" and
"Swiss Arrow".

During FY14, SSPL reported a total operating income of INR 60.72
crore (FY13: INR54.85 crore) with a PAT of INR0.86 crore
(FY13: INR0.59 crore).


T. S. JAYAPRAKASH: CRISIL Assigns B Rating to INR46.5MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of T.S. Jayaprakash (TSJ).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Proposed Working     13.5        CRISIL B/Stable
   Capital Facility
   Bank Guarantee       20.0        CRISIL A4

   Overdraft Facility   46.5        CRISIL B/Stable

The ratings reflect TSJ's modest scale, and working-capital-
intensive nature, of operations in the civil construction
industry. These rating weaknesses are partially offset by the
extensive industry experience of the firm's proprietor.

Outlook: Stable

CRISIL believes that TSJ will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant
increase in the firm's scale of operations while it maintains its
operating profitability, or if it improves its working capital
management, resulting in a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if TSJ's
accruals decline, or if its working capital requirements increase
substantially, leading to weakening of its financial risk profile.

TSJ is a Palakkad (Kerala)-based civil contractor. Its operations
are managed by its proprietor, Mr. T S Jayaprakash.

For 2013-14 (refers to financial year, April 1 to March 31), TSJ
reported a net profit of INR5.01 million on gross contract
receipts of INR55.35 million, against a net profit of INR4.18
million on gross contract receipts of INR55.01 million for
2012-13.


VIKAS BUILDERS: CRISIL Cuts Rating on INR150MM Term Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Vikas Builders (VB) to 'CRISIL D' from 'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             150        CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The rating downgrade reflects instances of delay by VB in
servicing its term loan. The delays were because of the firm's
weak liquidity, resulting from lower-than-expected customer
advances for its residential project.

VB is also susceptible to project implementation risks and to
cyclicality in the real estate industry in India. However, the
firm benefits from the extensive industry experience of its
promoter.

VB, set up in 2013, is executing a residential redevelopment
project at Kalyan in Thane (Maharashtra). The firm, a
proprietorship concern, is promoted by Mr. Harakchand Jain.


VRUNDAVAN GINNING: CRISIL Ups Rating on INR60MM Cash Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Vrundavan Ginning and Oil Mill (VGOM) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

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

   Proposed Long Term    40        CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

The rating upgrade reflects an improvement in VGOM's business and
financial risk profile marked by healthy offtake of capacities and
improved working capital management. VGOM reported net sales of
INR536.2 million in 2013-14 (refers to financial year, April 1 to
March 3), as compared to INR196.5 million in the previous year;
witnessing a year-on-year growth of 173 per cent. Additionally,
VGOM's working capital management has improved marked by gross
current assets of 78 days as on March 31, 2014 as compared to 218
days in the previous year. The financial risk profile has improved
with reduced reliance on external debt. Gearing remained around
1.72 times as on March 31, 2014 as compared to 2.57 times in the
previous year and is expected to remain at similar level over the
medium term.

The rating reflects VGOM's below-average financial risk profile,
marked by its small net worth, moderate gearing and below-average
debt protection metrics, and its susceptibility to erratic
rainfall. These rating weaknesses are partially offset by its
proximity to cotton growing belts and the promoters' extensive
experience in the cotton industry.

Outlook: Stable

CRISIL believes that VGOM will continue to benefit from its
promoters' extensive industry experience over the medium term. The
outlook may be revised to 'Positive' if the firm's scale of
operations and profitability improve significantly along with its
capital structure. Conversely, the outlook may be revised to
'Negative' if VGOM's profitability declines because of volatility
in cotton prices; or its financial risk profile, particularly its
liquidity, deteriorates because of stretched working capital cycle
or sizeable debt-funded capital expenditure.

Set up in 1997, VGOM is a partnership firm promoted by the
Bhavnagar-based Mr. Madhubhai Badarka, Mr. Panchubhai Bhadarka,
and six other partners. The firm gins and presses cotton with a
capacity of 200 bales per day.

VGOM reported a profit after tax (PAT) of INR2.7 million on net
sales of INR536.1 million for 2013-14 as compared to a PAT of
INR0.8 million on net sales of INR196.5 million for 2012-13.



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


TOYO PROPERTY: S&P Affirms Then Withdraws 'BB+' CCR
---------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
corporate credit rating on Japan-based realtor Toyo Property Co.
Ltd.  S&P then withdrew the rating at the company's request.  At
the time of the rating withdrawal, the outlook on the long-term
corporate credit rating on Toyo Property had remained stable.



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


HANOVER FINANCE: Hotchin Reaches Settlement Deal With Perpetual
---------------------------------------------------------------
BusinessDesk reports that Mark Hotchin, principal of failed
finance company Hanover, has reached a confidential settlement
with one of Hanover's trustees, Perpetual Trust, leaving only
Guardian Trust Co as a party to his Supreme Court bid to have the
trustees included in the Financial Markets Authority's civil case
against the former lender's directors and promoters.

In mid-2013, the High Court in Auckland's Justice Helen Winkelmann
agreed with New Zealand Guardian Trust Co and Perpetual Trust to
strike out a claim by Mr. Hotchin that would have drawn the
trustees into the FMA's civil case, which seeks compensation for
investors who lost money in the 2008 Hanover collapse,
BusinessDesk recalls.

BusinessDesk relates that appearing in the Supreme Court before
Chief Justice Sian Elias, Justice William Young, Justice Terence
Arnold, Justice Susan Glazebrook and Justice Mark O'Regan, Mr.
Hotchin's lawyer Nathan Gedye QC said the case against Perpetual
had been abandoned as Mr. Hotchin and Perpetual have reached a
settlement agreement.

David Cooper is appearing for the NZ Guardian Trust, BusinessDesk
notes.

According to the report, the appeal will cover "whether the Court
of Appeal was correct to uphold the striking out of Mr Hotchin's
third party claims against the respondents."

BusinessDesk says Mr. Gedye argued the facts concerning the
Hanover directors and the trustees are "intertwined" and should
appear together at the trial because of the information flows
between the two, which he said had been accepted by the FMA.

Mr. Gedye said the trustees and directors are linked by the harm
caused to Hanover investors, regardless of the different actions
on each side that may have led to the harm, BusinessDesk relates.

"It offends justice that the trustees are not required to
contribute," Mr. Gedye said, calling the previous decision a
"repugnance of justice," according to BusinessDesk.

The appeal continues in the Supreme Court, adds BusinessDesk.

                         About Hanover Finance

Hanover Finance Limited -- http://www.hanover.co.nz/-- was
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.

Hanover Finance's investors in December 2008 voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover
interests for shares in Allied Farmers Ltd.

The Serious Fraud Office commenced an investigation into the
affairs of Hanover Finance Ltd in September 2010 after
considering complaints received from the Securities Commission,
Allied Farmers and others.

The Financial Markets Authority, on March 30, 2012, filed civil
proceedings against directors and promoters of Hanover Finance
Ltd, Hanover Capital Ltd, and United Finance Ltd.  Proceedings
under the Securities Act have been filed against Mark Hotchin,
Eric Watson, Greg Muir, Sir Tipene O'Regan, Bruce Gordon and
Dennis Broit. They relate to statements made in the
December 2007 prospectuses, subsequent advertising, and the
March 2008 prospectus extension certificate.

SFO on April 30, 2013, said it has completed its investigation
of Hanover Finance, bringing to an end its investigations into the
2007/08 finance company collapses. That process, which saw SFO
investigate 15 separate companies, resulted in criminal
prosecutions in relation to nine companies. Overall, 23
individuals have faced charges laid by SFO.



===============
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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