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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, April 27, 2015, Vol. 18, No. 081


                            Headlines


A U S T R A L I A

DIGITAL (DIGEST): First Creditors' Meeting Set For May 5
FIVE STAR: First Creditors' Meeting Slated For May 4
LIBERTY FUNDING: Moody's Rates AUD3.5MM Class E Notes at (P)Ba2
SANDY SHORES: First Creditors' Meeting Slated For May 4
VIENTO GROUP: In Administration; 1st Meeting Set May 5

VIENTO GROUP: Directors, Administrators Work on Rescue Plan


C H I N A

GLORIOUS PROPERTY: Likely to Default on Bond Payment
HENGSHI MINING: Moody's Cuts Corporate Family Rating to B2
JINGRUI HOLDINGS: Fitch Gives B(EXP) Rating to Proposed USD Notes
ZHONG AN REAL: Moody's Withdraws B3 Corporate Family Rating


I N D I A

AMA INDIA: ICRA Reaffirms B+ Rating on INR9.50cr Capital Loan
ANNAM STEELS: CARE Assigns 'D' Rating to INR190cr LT Bank Loan
ARYA AUTOMOBILES: CARE Assigns B- Rating to INR10cr LT Bank Loan
BHUMI COTTEX: CRISIL Reaffirms 'B' Rating on INR140MM Term Loan
COSMIC SOFT: CARE Assigns B Rating to INR11cr LT Bank Loan

GMR CHHATTISGARH: ICRA Lowers Rating on INR7717cr Term Loan to D
GREEN GOLD: CRISIL Ups Rating on INR17MM Cash Loan to B
HARE KRISHNA: CRISIL Reaffirms B+ Rating on INR127.5MM Bank Loan
HEAVY METAL: CRISIL Cuts Rating on INR40MM Cash Loan to B
KAVERI COTEX: ICRA Reaffirms 'B' Rating on INR14cr Cash Credit

LAHLIWALA STEELS: CRISIL Reaffirms B Rating on INR80MM Cash Loan
LDPE INDIA: CARE Assigns B+ Rating to INR2.75cr LT Bank Loan
MA KAMALA: CARE Assigns B Rating to INR9.65cr LT Bank Loan
MAPSKO BUILDERS: CRISIL Reaffirms B+ Rating on INR2.2BB Term Loan
MUSKAN MEDICAL: CRISIL Reaffirms B Rating on INR110MM Term Loan

NORTH MALABAR: ICRA Assigns D Rating to INR7.43cr Term Loan
PADMASHREE INC: ICRA Assigns 'B' Rating to INR12.5cr LT Loan
POOJA SPONGE: CRISIL Reaffirms D Rating on INR90MM Cash Loan
PRECISION OPERATIONS: CRISIL Reaffirms B+ Rating on INR60MM Loan
RAJESHWARA FORGINGS: CRISIL Reaffirms D Rating on INR60MM Loan

RALSON PETROCHEMICALS: CRISIL Suspends B+ Rating on INR200MM Loan
RAMA AGRO: CRISIL Suspends 'D' Rating on INR130MM Cash Loan
ROHIT'S HERITAGE: CARE Assigns B+ Rating to INR11cr LT Loan
SALASAR STEEL: ICRA Cuts Rating on INR235.85cr Term Loan to D
SHARDA INTERNATIONAL: CARE Rates INR4cr LT Bank Loan at B+

SHREE BALAJI: CRISIL Puts B+ Rating on Notice of Withdrawal
TEMPUS INFRA: CRISIL Cuts Rating on INR330MM Bank Loan to D
TILAK RAM: CRISIL Reaffirms B Rating on INR145MM Cash Loan
TRISHAN METALS: CRISIL Suspends D Rating on INR53.2MM Cash Loan
VAIBHAV ISPAT: CARE Assigns B+ Rating to INR7.50cr LT Bank Loan

VAIBHAV LAXMI: ICRA Assigns B+ Rating to INR4cr Cash Credit
WONDER CONSTRUCTION: ICRA Reaffirms B- Rating on INR10cr Loan
XPRO IT: CARE Assigns B+ Rating to INR6.50cr LT Bank Loan


I N D O N E S I A

BUMI SERPONG: Fitch Gives 'BB-' Rating to 2020 Notes


N E W  Z E A L A N D

MEDIA COUNSEL: Former Owner Gets Home Detention on Fraud Charges


                            - - - - -


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


DIGITAL (DIGEST): First Creditors' Meeting Set For May 5
--------------------------------------------------------
Frank Lo Pilato and Peter Marsden of RSM Bird Cameron Partners
were appointed as administrators of Digital (Digest) Data Design
Pty Limited, trading as 4D Complete IT, on April 23, 2015.

A first meeting of the creditors of the Company will be held at
RSM Bird Cameron Partners, Level 1, 103-105 Northbourne Avenue, in
Canberra, on May 5, 2015, at 11:00 a.m.


FIVE STAR: First Creditors' Meeting Slated For May 4
----------------------------------------------------
Richard Andrew Stone, Peter William Marsden and Andrew William
Beck of RSM Bird Cameron Partners were appointed as administrators
of Five Star United Food (Aust) Pty Limited on April 22, 2015.

A first meeting of the creditors of the Company will be held at
RSM Bird Cameron Partners, Level 21, 55 Collins Street, in
Melbourne, on May 4, 2015, at 3:30 p.m.


LIBERTY FUNDING: Moody's Rates AUD3.5MM Class E Notes at (P)Ba2
---------------------------------------------------------------
Moody's Investors Service assigned the following provisional
rating to notes to be issued by Liberty Funding Pty Ltd:

Issuer: Liberty Funding Pty Ltd in respect of the Liberty Series
2015-1 Trust

   -- AUD370.0 million Class A1 Notes due August 2046, Assigned
      (P) Aaa (sf)

   -- AUD62.0 million Class A2 Notes due August 2046, Assigned
      (P) Aaa (sf)

   -- AUD41.5 million Class B Notes due August 2046, Assigned (P)
      Aa2 (sf)

   -- AUD11.0 million Class C Notes due August 2046, Assigned (P)
      A2 (sf)

   -- AUD5.5 million Class D Notes due August 2046, Assigned (P)
      Baa2 (sf)

   -- AUD3.5 million Class E Notes due August 2046, Assigned (P)
      Ba2 (sf)

   -- AUD2.5 million Class F Notes due August 2046, Assigned (P)
      B2 (sf)

The following class of notes are not rated by Moody's:

  -- AUD4.0 million Class G Notes due August 2046.

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

The transaction is an Australian prime and non-conforming RMBS
secured by a portfolio of residential mortgage loans. A portion of
the portfolio consists of loans extended to borrowers with
impaired credit histories (12.6%) or made on a limited
documentation basis (11.3%).

This is the seventeenth non-conforming RMBS transaction sponsored
by Liberty Financial Pty Ltd ("Liberty").

The provisional ratings take account of, among other factors:

   -- Class A1 Notes benefit from 26.0% credit enhancement (CE)
and Class A2 Notes benefit from 13.6% CE, while our MILAN CE
assumption, the loss we expect the portfolio to suffer in the
event of a severe recession scenario, is substantially lower at
12.70%. Moody's expected loss for this transaction is 1.1%. The
subordination strengthens ratings stability, should the pool
experience losses above expectations.

   -- A liquidity facility equal to 3.6% of the aggregate invested
amount of the notes less the redemption fund balance, subject to a
floor of AUD 600,000.

   -- The experience of Liberty in servicing residential mortgage
portfolios. This is Liberty's 17th non-conforming securitisation,
which highlights the lender's experience as a manager and servicer
of securitised transactions.

   -- Interest rate mismatch arises when the movements of the 30-
day BBSW are not (simultaneously) passed on to the variable rate
loans. To mitigate the basis risk, the threshold rate mechanism
obligates the Servicer to set interest rates on the mortgage loans
at a minimum rate above BBSW or higher if the trust's income is
insufficient to cover the obligations of the Trustee under the
transaction documents.

The key transactional and pool features are as follows:

   -- The notes will initially be repaid on a sequential basis
(however Class A1 & A2 will be pari passu) until, amongst other
serial paydown triggers, the later of: (1) the second anniversary
from closing; or (2) the subordination to the Class A & Class B
notes has doubled since closing at which point the Class A1, A2,
B, C, D, E, and F Notes will receive a pro-rata share of principal
payments (subject to additional conditions). The principal pay-
down switches back to sequential pay (Class A1 to be senior to
Class A2), once the aggregate loan amount falls below 20% of the
aggregate loan amount at closing, or the fourth anniversary of the
closing date.

   -- The portfolio is geographically well diversified due to
Liberty's wide distribution network.

   -- The portfolio contains 12.6% exposure with respect to
borrowers with prior credit impairment (default, judgement or
bankruptcy). Moody's assesses these borrowers as having a
significantly higher default probability.

   -- 11.3% of loans in the portfolio were extended to borrowers
on a limited documentation basis. Of the 11.3% low documentation
loans, 98.7% are classified as 'alternative documentation'. For
these alternative documentation loans Liberty performs additional
verification checks over and above the typical checks for a
traditional low documentation product. These checks include a
declaration of financial position and six months of bank
statements, 2 quarters of Business Accounting Statements or GST
returns. Liberty's alternative documentation loans have stronger
arrears performance when compared to traditional low documentation
loans. Given the additional verification checks and the stronger
arrears performance, these alternative documentation loans have
been assessed to have a lower default frequency than standard low
documentation loans.

   -- 21.1% of the loans in the portfolio were extended to self
employed borrowers. Moody's analysis of historical delinquency and
default data has indicated that loans granted to self employed
borrowers have a greater propensity to default compared to loans
granted to employed PAYG borrowers.

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

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the rating. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are
primary drivers of performance.

A factor that could lead to a downgrade of the rating is worse-
than-expected collateral performance. Other reasons for
performance worse than Moody's expects include poor servicing,
error on the part of transaction parties, a deterioration in
credit quality of transaction counterparties, fraud and lack of
transactional governance.

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

Based on the current structure, if the MILAN CE losses were to
increase to 19.05% from 12.7%, and the median expected loss were
to increase to 1.5% from 1.1%, the model-indicated rating for the
Class A1 Notes would remain unchanged, Class A2 Notes would drop
one notch to Aa1, Class B notes would drop one notch to Aa3 and
the Class C notes would drop 2 notches to Baa1. The over-
subordination at closing reduces the probability of ratings
migration.

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


SANDY SHORES: First Creditors' Meeting Slated For May 4
-------------------------------------------------------
Peter William Marsden and Richard Andrew Stone of RSM Bird Cameron
Partners were appointed as administrators of Sandy Shores
Developments Pty Limited on April 22, 2015.

A first meeting of the creditors of the Company will be held at
RSM Bird Cameron Partners, Level 12, 60 Castlereagh Street, in
Sydney, on May 4, 2015, at 10:00 a.m.


VIENTO GROUP: In Administration; 1st Meeting Set May 5
------------------------------------------------------
Hall Chadwick partners Richard Albarran, Brent Kijurina and
Cameron Shaw were appointed Voluntary Administrators of Viento
Group Limited and the following entities on April 22, 2015:

   * HVLV Pty Ltd;
   * Mineworks Pty Ltd;
   * Viento Utility Services Pty Ltd;
   * Viento Contracting Services Pty Ltd;
   * Viento Forestry Pty Ltd; and
   * Viento Equipment Hire Pty Ltd.

Viento Group Limited -- http://www.vientogroup.com/-- is an
ASX-listed company that specialises in Mining Services, Civil
Contracting and Switchroom Services and since being incorporated
in 2001 has acquired a number of the above entities to expand its
business and operations.

Early discussions indicate the difficult trading conditions in the
mining industry coupled with poor results from a HVLV project have
led the board to resolve to appoint Voluntary Administrators.

The Voluntary Administrators are continuing to trade the business
while working with the directors of the entities regarding a
proposal for a formal restructure of the Viento Group via a Deed
of Company Arrangement. Such a restructure may also include the
capital raising that was being undertaken prior to the appointment
of Voluntary Administrators.

The Group currently employs approximately 250 people and the
directors believe the restructure proposal will provide the best
opportunity to preserve employment and maximise the return to
creditors.

The Voluntary Administration does not affect the Joint Venture
companies of the group.

A first meeting of the creditors of the Company will be held at
The Terrace Ballroom at The Hyatt Regency Perth, 99 Adelaide
Terrace, in Perth, on May 5, 2015, at 12:00 p.m.


VIENTO GROUP: Directors, Administrators Work on Rescue Plan
-----------------------------------------------------------
Peter Williams at The West Australian reports that directors and
insolvency specialists are said to be working on a rescue plan for
Viento Group after the contracting company was put into
administration.

Losses stemming from a contract on Chevron's Wheatstone last year
led to Hall Chadwick being appointed on April 22, the report says.

According to the report, the administrators are continuing to
trade the group's businesses while considering a restructure via a
proposed deed of company arrangement.

The report relates the proposed package might include a capital
raising announced by Viento last month in the form of a
AUD7 million rights issue.

The West Australian says the collapse follows efforts by the board
to recapitalise Viento in the wake of a AUD14.5 million half-year
loss and the breach of a banking covenant.

The report notes that the company's malaise was blamed on
difficult conditions in the mining industry on top of the troubled
contract of switchroom-making subsidiary HVLV.
However, in the past month the group has won AUD47 million in
Pilbara contracts with BC Iron and Rio Tinto, and appointed a
managing director in former MACA boss Doug Grewar.

Its suspended shares last traded at 3.6 cents, valuing the company
at AUD3.5 million, The West Australian notes.

The report says formerly a minerals explorer and then a financial
services provider, Viento moved into mining services sector three
years ago. Industry heavyweights Ray Munro, John Silverthorne and
John Farrell became shareholders and directors.

A AUD21 million deal last year to buy Steve De Mol's HVLV made the
businessman Viento's biggest shareholder, the report says.

According to the report, Mr. De Mol became a director but quit the
board last August. When the problems emerged at Wheatstone, he
struck a deal with the directors to slash the cost of the HVLV
transaction by more than AUD10 million.

The report says the group's problems worsened in December when a
court put HVLV subsidiary Power Infrastructure Services into
liquidation.

Auditor Deloitte Touche Tohmatsu in February had expressed concern
about Viento's ability to continue as a going concern, saying the
uncertainties were "material and pervasive," the report adds.



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GLORIOUS PROPERTY: Likely to Default on Bond Payment
----------------------------------------------------
Lianting Tu at Bloomberg News reports that after Kaisa Group
Holdings Ltd. defaulted on its dollar bonds, attention has rapidly
shifted to Glorious Property Holdings Ltd., whose controlling
shareholder is billionaire Zhang Zhirong.

According to the report, Moody's Investors Service cut its senior
unsecured rating to Ca, just one step from the lowest grade
typically signaling default, on April 20 citing sliding sales.  It
settled $19.5 million of interest on April 24 on its $300 million
of 13 percent notes due Oct. 25, which have dropped 6.3 cents this
month to trade at 78.4 cents on the dollar.

Bloomberg notes that investors got a reminder of the risks of
investing in Chinese companies' some $275 billion of dollar bonds
outstanding when Kaisa missed a grace period to pay $52 million of
overdue interest on two of its U.S. currency notes, making it the
first developer from the nation to default on its dollar debt.
China's weakest economic growth since 1990 and a slumping real
estate market are only adding to concerns.

"Glorious is currently the most likely to default among Chinese
developers with dollar bonds outstanding," the report quotes Rui
Guo, a credit analyst at Mitsubishi UFJ Securities HK Ltd, as
saying. "The series of overdue debt payments reflects the very
weak cash flow and liquidity profile and heightened default risk
of Glorious, which are worsened by the sharp losses incurred by
the company."

Bloomberg relates that Doris Chung, a public relations officer at
Glorious, said by phone on April 24 that the semi-annual interest
on the 2015 notes had been settled. There was no information at
this stage about the principal repayment in October, she said.

Glorious, which according to its website focuses on developing
large scale and high quality properties in cities in the Shanghai
region, Yangtze River Delta and northeast China, had missed
scheduled payments as of Dec. 31 on loans of CNY149.6 million
($24 million) in principal and 46.4 million of interest, Bloomberg
discloses citing the company's annual results dated April 15.

Since the end of last year, the company also failed to meet
repayment deadlines on CNY500 million of principal and CNY397.3
million interest on unspecified borrowings this year, it said,
without giving further details. While the builder subsequently
settled the bulk of the missed payments, it was still delinquent
on CNY130.3 million, it said, Bloomberg relays.

Glorious's contracted sales plunged 45 percent to CNY4 billion in
2014 with revenue dropping 48 percent, it said. Cash and cash
equivalents including restricted cash slid to about CNY1.4 billion
as of the end of 2014 from about CNY3 billion at the end of 2013,
according to the results cited by Bloomberg.

"There are two major concerns with the company," the report quotes
Stephanie Lau, an analyst at Moody's in Hong Kong, as saying. "One
is its weakening sales execution and the other is its poor
liquidity."

Sales at Glorious have been declining in the past three years and
gross profit turned negative for the first time last year since
its initial public offering in 2009, Bloomberg-compiled data show.

"Compared to Kaisa, we don't think Glorious's current situation is
much better off, since the company has been experiencing operation
deterioration from 2012," Kenny Wu, a credit analyst at Citigroup
Inc., wrote in an April 21 report, Bloomberg relays.

Glorious's $400 million of 13.25 percent 2018 bonds have tumbled
17 cents since Dec. 31 to a three-month low of 56 cents on the
dollar as of April 23, Bloomberg notes. Kaisa's similar-maturity
$800 million of 8.875 percent debentures are at 55.2 cents.

Glorious was founded in 1996 by Zhang Zhirong in Shanghai. Zhang
stepped down as chairman of Glorious in November 2012 after a
different company he controlled agreed to pay $14 million to
resolve a U.S. insider-trading claim, Bloomberg recalls. Also at
that time, he resigned as chairman of shipbuilder China Rongsheng
Heavy Industries Group Holdings Ltd., which plans to start trading
under its new name China Huarong Energy Company Ltd. from Friday.
His departure was unrelated to that, his public relations firm
said at the time, Bloomberg notes.

                      About Glorious Property

Glorious Property Holdings Limited (HKG:0845) engages in the
development and sale of properties in the People's Republic of
China (PRC). As of 31 December 2011, the Company had property
development projects in Shanghai, Yangtze River Delta, Pan Bohai
Rim and Northeast China. The Company has 32 projects in 12 cities
including Beijing, Tianjin, Shanghai, Wuxi, Suzhou, Nanjing,
Nantong, Hefei, Harbin, Changchun, Shenyang and Dalian. The
Company's subsidiaries include Bright New Investments Limited,
Achieve Triumph Limited, Allied Honest Holdings Limited, Better
Score Limited, East Harbour Development Limited, East Plus
Enterprises Limited, Grand Target Group Limited, Highest Reach
Limited, Jolly Rich Limited and May Gain Limited, among others.

As reported the Troubled Company Reporter-Asia Pacific on
April 22, 2015, Moody's Investors Service downgraded Glorious
Property Holdings Limited's corporate family rating to Caa3 from
Caa1. At the same time, Moody's downgraded Glorious' senior
unsecured rating to Ca from Caa2. The rating outlook is negative.

The downgrade follows (1) the delay in Glorious' announcement of
its 2014 results -- which have now been released -- and the fact
that its external auditors have issued a Disclaimer of Opinion
based on uncertainty related to the company as a going-concern;
(2) its much weaker-than-expected liquidity and sales performance,
and (3) a heightened level of refinancing risk.


HENGSHI MINING: Moody's Cuts Corporate Family Rating to B2
----------------------------------------------------------
Moody's Investors Service downgraded Hengshi Mining Investments
Limited's corporate family rating to B2 from B1.

The rating is on review for further downgrade.

"The rating downgrade reflects the very weak iron ore
fundamentals, which will significantly weaken Hengshi's financial
profile and heighten liquidity risk over the next 6-12 months,"
says Franco Leung, a Moody's Vice President and Senior Analyst.

Iron ore prices (62% Fe CFR index) have plummeted to less than $50
per metric tonne over the last few weeks. Moody's expects slowing
steel production growth in China and significant oversupply issues
will keep prices at low levels through 2016. As a result, Moody's
has lowered the base case average price sensitivities for iron ore
to USD50/tonne for 2015 and USD45/tonne for 2016.

Moody's expects the weak iron ore prices will materially weaken
Hengshi's operating cash flow. Although the company has maintained
a certain liquidity buffer -- as represented by its cash balance
of about RMB167 million at end-2014, the weaker operating cash
flow and ongoing capital expenditure requirements will
significantly increase the company's liquidity risk.

"The depressed iron price levels will substantially weaken
Hengshi's earnings and key credit metrics compared to our previous
expectation," adds Leung.

Assuming prices of USD45-USD50/tonne through 2016, Moody's expects
Hengshi's adjusted debt/EBITDA will surge well above 3.5x in the
next 12-18 months, compared to around 0.4x in 2014.

Moody's also expects Hengshi's adjusted EBITDA margin to decline
further over the next 12 months, although the pressure will be
partially mitigated by continued improvement in its productivity
levels and the shift in its product mix towards premium
concentrates.

The ratings are on review for further downgrade, mainly reflecting
Moody's concerns over Hengshi's liquidity risk. As part of the
review, Moody's will consider the impact of the current iron ore
price on Hengshi's liquidity profile and its access to funding,
particularly its ability to refinance the maturing short-term
debt. The review will also focus on its ability to scale back its
planned capital expenditure to preserve its liquidity.

The principal methodology used in this rating was Global Mining
Industry published in August 2014.

Listed on the Hong Kong Exchange in November 2013, Hengshi Mining
Investments Limited was founded by Mr. Li Yanjun in 2004. Mr. Li
Ziwei is the settlor of a family trust, which held 72.4% of the
company as at end-June 2014. The company owns four iron ore mines
in Hebei Province. The mines' iron ore probable reserves totaled
308 million tons at end-2014.


JINGRUI HOLDINGS: Fitch Gives B(EXP) Rating to Proposed USD Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Chinese homebuilder Jingrui Holdings
Limited's (Jingrui; B/Stable) proposed US dollar senior notes an
expected rating of 'B(EXP)' and Recovery Rating of 'RR4'.
The notes are rated at the same level as Jingrui's senior
unsecured rating because they constitute direct and senior
unsecured obligations of the company. The final rating is subject
to the receipt of final documentation conforming to information
already received.

KEY RATING DRIVERS

Margin to Remain Under Pressure: Fitch expects Jingrui's EBITDA
margin to remain under pressure in 2015. Jingrui's adjusted EBITDA
margin was unchanged at 17% in 2014 from 2013. However, the
average selling price (ASP) of contracted sales, a large part of
which are pre-sales of uncompleted properties, dropped about 7% in
2014 to CNY9,210 per sqm, due to a bigger proportion of lower-
priced projects as well as the market downturn in 2014. The pre-
sale prices drop due to the market downturn will likely affect the
profit margin of properties to be delivered in 2015, but we expect
the margin to recover from 2016 as the sector sentiment improves.

High Leverage to Persist: Jingrui's leverage, measured by net debt
over adjusted inventory, dropped slightly to 43% at end-2014 from
45% at end-2013, mainly because the company halted land purchases
from the second quarter of 2014. However, the company restarted
its land acquisitions in 2015 and estimated its land premium in
2015 to be CNY4.5bn, which is about 45% of its full-year
contracted sales target. While Jingrui plans for its project level
equity partner to shoulder around CNY1.0bn of the land premium,
Fitch believes its expansion will drive leverage higher but
expects it to remain below 60% in the next 12 months.

Refocus on Higher-tier Cities: Jingrui plans to focus its business
on first- and second-tier cities within its current markets, and
sell down inventory in third-tier cities. The more resilient
demand in higher-tier cities could improve the ASP of contracted
sales and the profit margin. However, we expect the margin
improvements to be mild given the fierce competition in its target
cities such as Shanghai, Hangzhou and Chongqing.

Tight but Sustainable Liquidity: Jingrui's liquidity position is
tight as its short-term debt increased 64% to CNY5.1bn at end-
2014. It completed a HKD128m (CNY102m) rights issue in the fourth
quarter of 2014, which improved the company's cash position. Fitch
believes Jingrui's total cash of CNY4.4bn and undrawn credit
facilities of CNY5.1bn at end-2014 are sufficient to cover its
short-term debt maturing in 2015.

KEY ASSUMPTIONS

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

   -- Land premium of CNY4.5bn in 2015 with higher per sqm land
      costs due to the higher-tier city focus

   -- Contracted sales are estimated based on properties
      available for sale in 2015, and the sell-through ratio

   -- The company's ASP of contracted sales to recover from 2014
      levels and rise slightly in 2015 for comparable projects

   -- Jingrui to maintain its fast-churn and high cash-flow
      turnover business model

RATING SENSITIVITIES

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

   -- Net debt/ adjusted inventory sustained above 60% (end 2014:
      43%)
   -- EBITDA margin sustained below 15% (2014: 17%)
   -- Contracted sales/total debt sustained below 1.0x (2014:
      0.9x)

Positive: Future developments that may collectively lead to
positive rating actions include:

   -- Net debt/adjusted inventory sustained below 40%
   -- EBITDA margin sustained above 18%
   -- Maintaining its fast churn-out model, and contracted
      sales/total debt is sustained at over 1.3x


ZHONG AN REAL: Moody's Withdraws B3 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn Zhong An Real Estate
Limited's B3 corporate family rating with a stable rating outlook.

Moody's has withdrawn the rating for its own business reasons.

Zhong An Real Estate Limited develops residential and commercial
properties in the Yangtze River Delta. At end-2014, its land bank
totaled around 6.6 million square meters in gross floor area,
located mainly in Hangzhou and Ningbo in Zhejiang Province,
Huaibei and Hefei in Anhui Province, as well as Suzhou in Jiangsu
Province.

In addition, the company's investment portfolio includes a hotel
(Holiday Inn), a retail mall (Highlong Plaza) and a retail mall
with serviced apartments (International Office Centre) in
Hangzhou.

Zhong An listed on the Hong Kong Stock Exchange in November 2007.
Its chairman, Mr. Shi Kancheng, owned a majority stake of around
69.35% in the company on April 22, 2015.



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AMA INDIA: ICRA Reaffirms B+ Rating on INR9.50cr Capital Loan
-------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR9.95 crore fund based bank facilities of AMA India Enterprises
Private Limited.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Working Capital Limits     9.50       [ICRA]B+, Reaffirmed
   Term Loans                 0.45       [ICRA]B+, Reaffirmed

ICRA's rating continues to remain constrained on account of
AIEPL's modest scale of operations, high working capital intensity
and vulnerability of its profitability to foreign exchange
fluctuation risk. ICRA has taken note of the year-on-year decline
in AIEPL's revenue in 2013-14 on account of slowdown in its
exports and stiff competition faced in the domestic market. The
rating however derives comfort from the financial and technical
support available to AIEPL from its group companies -- the company
is a part of the AMA Group, which has an established presence
globally for outfitting and maintaining off-highway vehicles, and
agricultural and gardening machines.

Going forward, the company's ability to profitably scale up its
operations as well as diversify its customer and product profile
will remain the key rating sensitivities.

Incorporated in 1999, AIEPL manufactures tractor linkage spare
parts, such as linkage pin, hitch pin, machine trailer ball, top
link assembly, washer etc. The company is part of a global
conglomerate AMA Group, which holds a 75% stake in AIEPL, with the
balance being held by Mr. R.K. Magoo.

Recent Results

The company reported a net profit of INR0.43 crore on an operating
income of INR16.66 crore in FY 2013-14, as against a net profit of
INR0.02 crore on an operating income of INR18.47 crore in the
previous year. The company has reported, on a provisional basis, a
net profit of INR0.28 crore for the first ten months of FY 2014-15
on an operating income of INR13.44 crore.


ANNAM STEELS: CARE Assigns 'D' Rating to INR190cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE D' rating to bank facilities of Annam Steels
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     190        CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of Annam Steels Private
Limited (ASPL) factor in the on-going delays in debt servicing by
the company.

ASPL incorporated in December 2000, is promoted by Mr. C.
Vijayakumar along with Mr. Noor Mohammed Noorisha & Mr. E. T.
Firoz. The company is engaged in the business of scrap sale by
dismantling / demolition of plants, machineries and other
structures. In 2012, ASPL won a contract from Kudremukh Iron Ore
Company Limited (KIOCL) to acquire and dismantle the mining &
benefication equipment at its Iron Ore mine located at Kudremukh,
Karnataka. The company is currently engaged in the process of
dismantling and selling of scrap from Kudremukh.

For the year ended March 2014, Annam Steels has registered a PAT
of INR0.05 crore on a total operating income of INR4.8 crore.


ARYA AUTOMOBILES: CARE Assigns B- Rating to INR10cr LT Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B-' rating to the bank facilities of Arya
Automobiles.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      10        CARE B- Assigned

Rating Rationale

The rating assigned to the bank facilities of Arya Automobiles
(AAU) is primarily constrained by its small scale of operations
with low capital base, low profitability margins, leveraged
capital structure & weak debt service coverage indicators and
working capital-intensive nature of operations. The rating is
further constrained by the intense competition amongst dealers &
other alternative brands, fortune linked to the performance of
Chevrolet Sales India Private Limited (CSIPL) and constitution of
the entity being a partnership concern.

However, the rating draws comfort from the experienced partners
and positive outlook of passenger vehicle segment.

Going forward, the firm's ability to increase the scale of
operations while improvement in profitability margins, improvement
in its capital structure and effective working capital utilization
shall be the key rating sensitivities.

Delhi-based AAU is a partnership concern which was established in
2011 by Mr Baljeet Singh and Mr Ravinder Singh sharing profit and
losses in the ratio of 75% and 25%, respectively. The firm has the
dealership of CSIPL (a division of General Motors India Private
Limited). The firm has 3S facility (sales, services & spare-parts)
in New Delhi. In FY14 (refers to the period April 1 to March 31),
the firm generated 80% of its total operating income from sales of
cars, 18% from sale of spare parts and balance from servicing
activities.

For FY14 AAU achieved a total operating income of INR11.30 crore
and PAT of INR0.03 crore as compared with a total operating income
of INR20.50 crore and PAT of INR0.05 crore for FY13. Furthermore,
till February 12, 2015, the firm has achieved total operating
income of INR9.08 crore.


BHUMI COTTEX: CRISIL Reaffirms 'B' Rating on INR140MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bhumi Cottex Industry
Pvt Ltd (Bhumi Cottex) continue to reflect Bhumi Cottex's working-
capital-intensive operations, the susceptibility of its operating
performance to volatility in raw material prices and to changes in
government regulations, and its high gearing.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       10         CRISIL A4 (Reaffirmed)
   Cash Credit         100         CRISIL B/Stable (Reaffirmed)
   Term Loan           140         CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the company's promoters in the cotton industry, the
funding support it receives from them, and its moderate debt
protection metrics.
Outlook: Stable

CRISIL believes that Bhumi Cottex will continue to benefit over
the medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company reports a
substantial increase in its revenue and profitability, and
prudently manages its working capital, resulting in a better
capital structure. Conversely, the outlook may be revised to
'Negative' if Bhumi Cottex's accruals are low, or it undertakes a
large debt-funded capital expenditure programme, resulting in
further weakening of its financial risk profile, particularly its
liquidity.

Bhumi Cottex, established in April 2011 in Jalna (Maharashtra),
operates a solvent extraction plant. It extracts edible oil and
de-oiled cake from cotton seeds. The company is promoted by the
Runwal, Bhakkad, and Petty families; however, the Petty family
exited from Bhumi Cottex in 2013-14 (refers to financial year,
April 1 to March 31).


COSMIC SOFT: CARE Assigns B Rating to INR11cr LT Bank Loan
----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Cosmic Soft
Solution Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      11        CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Cosmic Soft Solution
Private Limited (CSPL) is primarily constrained by its small scale
of operations with low net-worth base, low occupancy ratio of its
leased building with revenue concentration and marketability risk,
its weak financial risk profile characterized by net losses in
FY14 (refers to the period April 1 to March 31), leveraged capital
structure and weak coverage indicators.

The rating is further constrained due to its presence in highly
fragmented and competitive industry, cyclicality associated with
real estate industry and exposure to local demand-supply dynamics.

The rating, however, draws strength from the experienced promoters
of the company.

Going forward, CSPL's ability to profitably scale up its
operations while improving its overall occupancy ratio along with
improvement in capital structure would be the key rating
sensitivities.

Incorporated in 2008, CSPL is promoted by Mr Rajeev Sharma and Ms
Monika Sharma. CSPL is engaged in providing services such as home
automation, lighting management, data and sound, home theatres,
CCTV, software support, etc. The company executes these contracts
for the domestic as well as for corporate clients based in Delhi-
National Capital Region (NCR). The company generally procures the
products directly from manufacturers or their representatives
based in India. The company has also entered into commercial real
estate activities and has constructed a building for leasing
purpose with the carpet area of 64,800 Sq. Ft. The property is
located in the sector 137 of Noida, Uttar Pradesh, and lies at the
Noida expressway. The building has 9 floors, ground floor and 2
level basement parking. The total cost of project has been INR28
crore funded with the term loan of INR15.80 crore, equity capital
of INR10 crore and rest through the unsecured loans. The group
company of CSPL includes Cosmic Architects Private Limited which
is engaged in providing architectural services.

For FY14, CSPL achieved a total operating income (TOI) of INR0.30
crore with loss at PBILDT level and net loss of INR0.02 crore and
INR0.05 crore, respectively, as against TOI of R.0.09 crore with
PBILDT and profit after tax of Rs0.02 crore and INR0.003 crore,
respectively, in FY13. The company has achieved TOI of INR0.65
crore up to February 28, 2015.


GMR CHHATTISGARH: ICRA Lowers Rating on INR7717cr Term Loan to D
----------------------------------------------------------------
ICRA has revised long-term rating assigned to the INR7717 crore
(including USD101 Million) term loan programme of GMR Chhattisgarh
Energy Limited to [ICRA]D from the [ICRA]BB+.

The rating revision primarily takes into accounts the delays in
debt servicing by the company. While the debt repayments, which
were earlier scheduled to commence from 1st March 2015 stands
revised to commence from 31st March 2016, which is in-line with
approval for extension in Commercial Operations Date (COD) from
1st March 2014 to March 31st 2015, however there have been delays
in servicing of interest during construction period. The delays in
debt servicing in-turn are driven by tight liquidity position,
which in-turn is driven by delays in funding tie-ups for the cost-
overruns. GCEL's project cost increased from initial budgeted cost
of INR8290 crore to INR11016 crore due to delays in project
execution and depreciation of Indian Rupee.

The rating continues to remain constrained on account of continued
delays in project as it is unlikely to meet the revised COD of
31st March 2015, as well as significantly high capital cost for
its 1370 MW supercritical coal-based power plant being developed
at Raipur, Chhattisgarh. The revised capital cost now stands
significantly high at INR8.04 crore/MW, as against INR6.05 crore
per MW budgeted earlier. While ICRA takes note of the coal mines
recently secured by the company in the auction conducted by
Government of India, which will partially reduce the uncertainties
related to fuel availability, however the project continues to
remain vulnerable to timely tie-up of Power Purchase Agreements
(PPAs). GMR Chhattisgarh had earlier tied up ~35% of its offtake
through a 20-year cost-plus PPA with the Chhattisgarh State Power
Trading Company Limited (CSPT), however during September 2013;
CSPT has indicated its unwillingness to offtake the power, which
the company has challenged.

Going forward, the ability of the company to secure funding tie-up
for the cost overruns, regularize the debt servicing, achieve the
COD, secure refinancing of debt; and tie-up remunerative PPAs will
be the key drivers of its credit profile.

GMR Chhattisgarh (100% held by GMR Energy Limited) is developing a
1370 MW (2 X 685 MW) supercritical unit at Raipur District,
Chhattisgarh, for which the land has been acquired and most major
approvals are in place. The GMR Group is an infrastructure
developer active in the power, roads and airports segments; at
present the Group operates power plants having a cumulative
capacity of ~2500 MW while an estimated 2318 MW is under
implementation. The project is scheduled to be commissioned in
FY16 with revised project cost of INR11016 crore, which is being
funded with debt of INR7717 crore as against initial commissioning
date of March 2014 and project cost of INR8290 crore.


GREEN GOLD: CRISIL Ups Rating on INR17MM Cash Loan to B
-------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Green Gold Tree Farmers Pvt Ltd (Green Gold) to 'CRISIL B/Stable'
from 'CRISIL B-/Stable' and reaffirmed its rating on the company's
short-term bank facility at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           17        CRISIL B/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Letter of Credit      40        CRISIL A4 (Reaffirmed)

The rating upgrade reflects CRISIL's belief that Green Gold's
liquidity will improve over the medium term. The company's topline
is estimated to have increased by 25 to 30 per cent year-on-year
in 2014-15 (refers to financial year, April 1 to
March 31). Increased topline and operating margin of around 3 per
cent are likely to have led to cash accruals in the range of INR2
million to INR3 million for the year. Against this, the company
does not have any long-term loan obligations and has improved its
working capital management, with gross current assets (GCAs)
expected at 120 to 130 days over the medium term as against over
150 days in the past. CRISIL believes that Green Gold's liquidity
will remain supported by healthy topline growth, which will result
in moderate cash accruals, and funding support from promoters in
the form of unsecured loans.

The ratings reflect Green Gold's weak financial risk profile and
small scale of operations in the highly fragmented timber
industry. These rating weaknesses are partially offset by the
extensive experience of Green Gold's promoters in the timber
industry.

Outlook: Stable

CRISIL believes Green Gold will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant and
sustained improvement in the company's scale of operations or if
its capital structure improves because of capital infusion or
substantial cash accruals. Conversely, the outlook may be revised
to 'Negative' if the company's liquidity weakens, most likely
because of increased working capital requirements or large debt-
funded capital expenditure.

Green Gold was incorporated in 1986 in Dehradun (Uttarakhand),
promoted by the Manglik family. The company manufactures wooden
articles such as doors, windows, furniture, packaging pallets etc.


HARE KRISHNA: CRISIL Reaffirms B+ Rating on INR127.5MM Bank Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of
Hare Krishna Jewellery House Pvt Ltd (HKJHPL) continues to reflect
HKJHPL's small scale of operations in the competitive gems and
jewellery industry.


                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             52.5     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     127.5    CRISIL B+/Stable (Reaffirmed)

The rating also factors in the company's average financial risk
profile, marked by high gearing, and its large working capital
requirements. These rating weaknesses are partially offset by the
extensive industry experience of HKJHPL's promoters.
Outlook: Stable

CRISIL believes that HKJHPL will continue to benefit over the
medium term from the extensive experience of its promoters in the
gold and diamond jewellery retail and wholesale segments. The
outlook may be revised to 'Positive' if HKJHPL significantly
increases its scale of operations, resulting in sizeable cash
accruals and hence in an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the company's capital structure, and consequently, its financial
risk profile, deteriorates, due to incremental working capital
requirements or debt-funded capital expenditure.

Update

HKJHPL's revenue registered a 10 per cent year-on-year growth to
around INR270 million in 2013-14 (refers to financial year,
April 1 to March 31), supported by its increasing customer base.
The company's operating margin remained stable at 4.2 per cent in
2013-14. The revenue is expected to grow at a moderate pace, with
expected annual revenue of INR350 million to INR400 million over
the medium term, while its operating margin is expected to be
sustained at the current level.

HKJHPL's operations have moderate working capital requirements as
reflected in its gross current assets (GCAs) of 103 days as on
March 31, 2014. The GCAs were driven by inventory of around 107
days. However, due to its low profitability, the dependency on
bank borrowings remains high, with average bank limit utilisation
at around 99 per cent during the 12 months through December 2014.
The company's operations are expected to remain working-capital-
intensive over the medium term.

HKJHPL's net worth is estimated to have remained small at around
INR35 million, as on March 31, 2015, thereby limiting its
financial flexibility to meet any exigency. The company has
moderate debt towards funding its working capital requirements;
this, coupled with its small net worth, has resulted in a moderate
total outside liabilities to tangible net worth ratio (TOLTNW) of
around 2 times as on March 31, 2015. On account of low
profitability and moderate dependency on bank borrowings, HKJHPL's
TOLTNW ratio is expected to remain at around 2 times over the near
term.

HKJHPL reported a profit after tax (PAT) of INR3.2 million on net
sales of INR270.8 million for 2013-14, vis-a-vis a PAT of INR2.9
million on net sales of INR244 million for 2012-13.

HKJHPL is promoted by Mr. Santosh Kumar Agarwal and his son, Mr.
Chetan Agarwal. The company retails gold jewellery, diamond
jewellery, silver jewellery, and precious stones through its
showroom in Ardali Bazaar, Varanasi (Uttar Pradesh).


HEAVY METAL: CRISIL Cuts Rating on INR40MM Cash Loan to B
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Heavy Metal Pipe Centre (HMPC) to 'CRISIL B/Stable' from
'CRISIL B+/Stable', while reaffirming its rating on the short-term
facilities at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        19        CRISIL A4 (Reaffirmed)
   Cash Credit           40        CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')
   Letter of Credit      40        CRISIL A4 (Reaffirmed)

The downgrade reflects CRISIL's belief that HMPC's business and
financial risk profiles will remain under pressure over the medium
term on account of stretched working capital requirements. The
firm's gross current assets increased to 172 days as on
March 31, 2014 as against 166 days a year ago on account of
stretched receivables and high inventory levels. Consequently,
HMPC's bank limit remained fully utilised leaving no headroom to
absorb any spikes in working capital requirements. CRISIL expects
HMPC's liquidity to remain modest on account of large working
capital requirements and stretched receivables over the medium
term.

The ratings continue to reflect the firm's below-average financial
risk profile marked by its small net worth, high total outside
liabilities to tangible net worth ratio, and below-average debt
protection metrics. The ratings also factor in the firm's large
working capital requirements, its small scale of operations, and
its exposure to intense competition in the steel trading business.
These rating weaknesses are partially offset by the extensive
experience of HMPC's promoters in the steel trading industry.

Outlook: Stable

CRISIL believes that HMPC will continue to benefit over the medium
term from its promoters' extensive industry experience and their
established relations with customers. The outlook may be revised
to 'Positive' if there is a substantial and sustained improvement
in the firm's revenue and profitability margins, or there is a
substantial improvement in its capital structure on the back of
equity infusion from its promoters. Conversely, the outlook may be
revised to 'Negative' if there is a steep decline in HMPC's
profitability margins, or there is a significant deterioration in
its capital structure on account of large working capital
requirements.

HMPC, a partnership firm based in Mumbai (Maharashtra), trades in
various steel pipes and tubes, including carbon steel seamless
pipes, alloy steel pipes, and stainless steel seamless pipes. The
firm is owned by Mr. Dakshesh Shah and his family members.

The firm reported a net profit of INR1.8 million on net sales of
INR448 million in 2013-14 (refers to financial year, April 1 to
March 31), vis-a-vis a net profit of INR2.5 million on net sales
of INR355 million in 2012-13.


KAVERI COTEX: ICRA Reaffirms 'B' Rating on INR14cr Cash Credit
--------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating to the INR14.00crore cash
credit facility and INR0.75 crore term loan facility of Kaveri
Cotex Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash
   Credit                14.00        [ICRA]B; reaffirmed

   Fund Based-Term
   Loan                   0.75        [ICRA]B; reaffirmed

The reaffirmation of rating continues to take note of Kaveri Cotex
Private Limited's (KCPL) modest scale of operations, weak
financial profile characterized by low profitability, weak debt
coverage indicators and stretched capital structure due to high
working capital borrowings. ICRA also takes note of the highly
competitive and fragmented industry structure and the limited
value additive nature of operations, which leads to pressure on
profitability. The rating further incorporates the vulnerability
of margins to adverse movements in cotton prices, which are in
turn dependent on agro climatic conditions, demand from the
international market and availability of cotton in the domestic
market.

The rating, however, continues to factor in the extensive
experience of the promoters in the cotton industry and the
favourable location of the firm, giving it easy access to high
quality raw cotton.

In 2006, Kaveri Cotex Private Limited (KCPL) was incorporated as a
private limited company. The company is engaged into the business
of ginning and pressing of raw cotton to produce cotton bales and
cottonseeds. Currently, two directors namely Mr. Hasmukhbhai Patel
and Mr. Vinodbhai Ranipa manage the operations of the company. The
company's manufacturing facility is located at Moti Banugar in
Jamnagar, Gujarat. It currently has 38 ginning machines and one
pressing machine (automatic) with an installed capacity to produce
400 cotton bales per day (considering 24 hours operation).

Recent Results

During FY14, KCPL reported an operating income of INR71.50 crore
and profit after tax of INR0.07 crore. Further, based on
provisional estimates the company has reported an operating income
of INR51.20 crore in the first 10 months of FY15.


LAHLIWALA STEELS: CRISIL Reaffirms B Rating on INR80MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lahliwala Steels Pvt
Ltd (LSPL) continue to reflect LSPL's below-average financial risk
profile on account of low profitability, volatility in raw
material prices, and cyclicality in the steel industry, and large
working capital requirements.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         3.5       CRISIL A4 (Reaffirmed)

   Cash Credit           80.0       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    15.5       CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of LSPL's promoters in the steel industry and
established relationships with suppliers and customers.
Outlook: Stable

CRISIL believes that LSPL will benefit over the medium term from
its promoters' extensive industry experience and its established
relationship with customers and suppliers. The outlook may be
revised to 'Positive' in case of substantial improvement in the
company's financial risk profile, driven most likely by better
working capital management, improvement in profitability and scale
of operations, or capital infusion. Conversely, the outlook may be
revised to 'Negative' in case of decline in LSPL's margin or large
working capital requirements, resulting in weaker financial risk
profile.

Update

LSPL's operating performance remained muted in 2013-14 (refers to
financial year, April 1 to March 31), with revenue of about INR402
million and operating margin of 1.7 per cent (Rs.477 million and
3.0 per cent, respectively, in 2012-13). The revenue declined due
to lower demand from the end-user industry. The operating margins
reduced in 2013-14 due to increased input costs for the company.
The revenue is expected to remain stagnant over the medium term at
INR420 million to INR430 million for 2014-15.

LSPL's gearing remained healthy, at 0.86 times as on March 31,
2014, backed by equity infusions by the promoters. The company has
repaid its term loan and does not have any long term debt on its
books. The company's bank limits are highly utilised at an average
of 95 per cent over the 12 months ended January 2015. The company
also has a low current ratio of 1.04 times for the year ended
March 2014. CRISIL believes that LSPL's gearing will continue to
remain below 2 times over the medium term.

LSPL reported a profit after tax (PAT) of INR0.2 million on
operating income of INR402 million for 2013-14, as against a net
loss of INR0.6 million on operating income of INR477 million for
2012-13.

LSPL was incorporated in December 2005 by Mr. Raj Kumar Agarwal
and his son Mr. Mohit Agarwal. In 2013, it was taken over by Mr.
Raj Kumar Goenka and his son Mr. Vikas Goenka. Its rolling mill in
Dhulagarh Industrial Park (West Bengal) has capacity of 20,000
tonnes per annum. LSPL manufactures structural products, such as
flat bars, angles, channels, beams/joists, rounds, and square
bars. It also undertakes opportunistic trading in structural
steel.


LDPE INDIA: CARE Assigns B+ Rating to INR2.75cr LT Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank facilities
of LDPE India.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      2.75      CARE B+ Assigned
   Short-term Bank Facilities     7.25      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of LDPE India (LDPE)
are primarily constrained by its small scale of operations, low
profitability margins, leveraged capital structure and weak debt
protection metrics. The ratings are further constrained by the
firm's exposure to foreign exchange fluctuation risk, presence in
a highly competitive and fragmented industry and its constitution
as a proprietorship firm.

The ratings, however, draw strength from the experienced
proprietor and moderate operating cycle.

Going forward, LDPE's ability to increase its scale of operations
while improving profitability margins and capital structure shall
be the key rating sensitivities.

LDPE India (LDPE) was established in January, 2009 as a
proprietorship concern by Mr Anirudh Gupta. The firm started its
commercial operations in February, 2009. The firm is engaged in
trading of various kinds of polymers products (i.e. plastic
granules). LDPE imports traded goods directly from the
manufacturers in the international market such as Thailand, Korea,
China, etc. The traded goods are sold directly to the
manufacturers of plastic products as well as to traders in the
local market mainly in Haryana and Delhi.

For FY14 (refers to the period April 1 to March 31), LDPE achieved
a total operating income of INR27.39 crore with PBILDT and PAT of
INR0.46 crore and INR0.14 crore, respectively, as against total
operating income of INR20.69 crore with PBILDT and PAT of INR0.46
crore and INR0.20 crore, respectively, for FY13. During FY15, the
firm achieved TOI of approximately INR27.36 crore till February
28, 2015.


MA KAMALA: CARE Assigns B Rating to INR9.65cr LT Bank Loan
----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Ma Kamala Sadhan Cold Storage Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     9.65       CARE B Assigned
   Short-term Bank Facilities    0.14       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Ma Kamala Sadhan
Cold Storage Pvt. Ltd. (MCSPL) are constrained by its short track
record and small scale of operations coupled with leveraged
capital structure, seasonality of business with susceptibility to
the vagaries of nature, risk of delinquency in loans extended to
the farmers, competition from other local players and regulated
nature of the business.

The aforesaid constraints are partially offset by the experience
of promoters and advantages arising out of the proximity to
potato-growing areas.

The ability of the company to grow its scale of operations and
improve its profitability margins along with effective working
capital management would be the key rating sensitivities.

MCSPL was incorporated in June 20, 2013, by the Ghosh Family of
Kolkata, West Bengal, to set up a cold storage facility. The
company commenced commercial operation from April 2014. MCSPL is
engaged in the business of providing cold storage facility for
potatoes to local potato farmers and traders on a rental basis,
having a storage capacity of 200,000 quintals of potatoes in
Medinipore district of West Bengal. Besides providing cold storage
facility, the company also works as a mediator between the farmers
and marketers of potato by taking advances from marketers on
behalf of the farmers in order to facilitate the sale of potato
stored, and it also provides advances to farmers for farming of
potato against the potato stored.

The cold storage facilities were setup at an aggregate cost of
INR8.79 crore, which was financed by way of equity/ promoter's
unsecured loans of INR2.79 crore and debt of INR6.00 crore (at a
debt equity mix of 2.15:1).

During FY15 (provisional; refers to the period April 1 to
March 31), MCSPL has achieved rental income of INR2.3 crore.


MAPSKO BUILDERS: CRISIL Reaffirms B+ Rating on INR2.2BB Term Loan
-----------------------------------------------------------------
CRISIL's ratings on bank facilities of Mapsko Builders Pvt Ltd
(MBPL) continue to reflect MBPL's exposure to implementation and
demand risks associated with its real estate projects, as well to
the risks and cyclicality inherent in the real estate sector in
India.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       450        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    50        CRISIL B+/Stable (Reaffirmed)

   Term Loan           2200        CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the company's
established position in the real estate sector and funding support
it receives from its promoters.

Outlook: Stable

CRISIL believes that MBPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of timely
implementation and high saleability of the company's on-going
projects, leading to sustained healthy cash accruals and hence to
a significant improvement in its business and financial risk
profiles. Conversely, the outlook may be revised to 'Negative' if
there are time and cost overruns in MBPL's on-going projects or
delays in receiving customer advances, leading to pressure on its
revenues and profitability and hence adversely impacting its
liquidity.

MBPL, incorporated in January 2003, develops residential real
estate projects and is a part of the Krishna Apra group that was
set up in 1997 by Mr. Amrit Singla (director, Apra Builders Ltd).
Mr. Singla, chairman and managing director, looks after the
company's day-to-day operations.


MUSKAN MEDICAL: CRISIL Reaffirms B Rating on INR110MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Muskan Medical
Centre Pvt Ltd (MMCPL) reflects the company's nascent stage, and
small scale, of operations and its weak financial risk profile.
These rating weaknesses are partially offset by the extensive
experience of MMCPL's promoters in the hospital industry and their
financial support.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          105        CRISIL B/Stable (Reaffirmed)
   Rupee Term Loan      110        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MMCPL will continue to benefit from the
extensive experience of its promoters in the hospital industry.
The outlook may be revised to 'Positive' if the company achieves
stabilisation of its revenue and has higher-than-expected
occupancy levels, leading to significantly higher cash accruals.
Conversely, the outlook may be revised to 'Negative' if there is
increased pressure on MMCPL's liquidity caused by low cash
accruals or if it undertakes any significant debt-funded capital
expenditure leading to deterioration in the financial risk
profile.

MMCPL, incorporated in 2012 by Dr. Rakesh Malhotra, Dr. Sandeep
Gulati, Dr. Rajeev Motiani, and Dr. Gulab Gupta, has set up a 120-
bed super speciality hospital in Noida (Uttar Pradesh). Dr.
Malhotra also operates a nursing home, Muskan Medical Centre,
whereas the other promoters are well reputed medical practitioners
in the Noida region. The registered office of the company is in
Noida.


NORTH MALABAR: ICRA Assigns D Rating to INR7.43cr Term Loan
-----------------------------------------------------------
ICRA has assigned long-term rating of [ICRA]D to the INR7.43 crore
term loan facilities of North Malabar Educational & Charitable
Trust. ICRA has also assigned a short-term rating of [ICRA]D to
the INR0.50 crore fund based facilities of the Trust.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term loan facilities     7.43       [ICRA]D assigned
   Fund based facilities    0.50       [ICRA]D assigned

The assigned ratings consider the delays in interest servicing on
account of liquidity constraints faced by the trust owing to the
Trust run institute being in nascent stage of operations resulting
in modest revenues which coupled with high fixed overheads have
resulted in constrained margins. The capital structure and
coverage indicators are also constrained on account of debt funded
capex incurred by the Trust in the past. ICRA also notes that
limited track record has impacted the ability to attract higher
ranker students, which are crucial to drive placements and
enrolment levels. Additionally, the highly regulated nature of
education sector in Kerala also limits the trust's ability to
increase fees. With the repayments expected to commence from
September 2015, the liquidity position is expected to remain under
pressure in the near term. Regularization of debt servicing by the
Trust is a key rating sensitivity factor and will be dependent on
its ability to increase enrolment levels and may also require
financial support from Trustees to meet any cash flow mismatches.
ICRA also takes note of experience of the trustees in the
education sector.

North Malabar Educational & Charitable Trust is a public
charitable trust registered in 2008 at Payyanur, Kerala with the
objective of providing educational facilities. The Trust
established the engineering college "North Malabar Institute of
Technology" in the year 2012 offering five specializations namely
Mechanical Engineering, Electronics & Communication Engineering,
Civil Engineering, Electrical and Electronics Engineering and
Computer Science with sanctioned strength of 60 students each.

Recent Results

The trust recorded net loss of INR0.5 crore on an operating income
of INR2.4 crore during the period 2013-14, as against profit
before tax of INR0.1 crore on an operating income of INR0.9 crore
in 2012-13.


PADMASHREE INC: ICRA Assigns 'B' Rating to INR12.5cr LT Loan
------------------------------------------------------------
ICRA has assigned its [ICRA]B rating to the INR12.5 crore proposed
long-term fund-based bank facilities of Padmashree Inc.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term; Proposed      12.5       [ICRA]B; assigned
   Fund Based Limits

ICRA's rating is constrained on account of the low occupancy in
the firm's warehouse, which commenced operations in Q1 FY15. While
there is lack of revenue visibility from the debt funded
warehousing project, the income from other revenue streams like
brokerage and trading of shares and agro commodities can exhibit
volatility. Further, the ratings also factor in the risks inherent
to the firm's partnership constitution, in terms of risk of
capital withdrawal, risk of dissolution etc. However, the ratings
favourably take into account the established track record and
extensive experience of the promoters in agro-commodities and the
favourable location of the warehouse near the Delhi border. Going
forward, the ability of the firm to increase the occupancy levels
of the warehouse and profitably scale up its operations while
maintaining its liquidity, and optimally managing its working
capital requirements, will be the key rating sensitivities.

Padmashree Inc, is a partnership firm, set up by Mr Vinod Kumar
Aggarwal and Mr Anshul Gupta in 2012 and is engaged in trading in
commodities and shares of listed companies. The firm also has a
warehouse with a storage capacity of around 20,000 metric tonnes
(MT) in District Sonipat, Haryana. The promoters of the company
are engaged in agro commodity trading through other entities like
Ishaan Metals Private Limited (rated [ICRA]B+). The firm also
plans to commence agro commodity storage and trading in the near
future.

Recent Results

The firm reported a net profit of INR0.65 crore on an operating
income of INR8.67 crore in 2013-14 as against a net profit of
INR0.25 crore on an operating income of INR1.07 crore in the
previous year.


POOJA SPONGE: CRISIL Reaffirms D Rating on INR90MM Cash Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Pooja Sponge Pvt Ltd
(PSPL) continue to reflect instances of delay by PSPL in servicing
its debt; the delays have been caused by the firm's weak
liquidity.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           90         CRISIL D (Reaffirmed)
   Letter of Credit      40         CRISIL D (Reaffirmed)
   Term Loan             70         CRISIL D (Reaffirmed)

PSPL also has working-capital-intensive operations and a weak
financial risk profile, marked by high gearing and a small net
worth. The company, however, benefits from its promoter's
extensive industry experience.

PSPL was incorporated in 2002 in Rourkela (Odisha). It was
initially promoted by the Odisha-based Gupta family. Subsequently
in 2006, PSPL was acquired by the Agarwal family. The company
manufactures sponge iron at its facility in Rourkela, which has a
kiln capacity of 200 tonnes per day. The company also trades in
steel flat and long products. Its day-to-day operations are looked
after by its director, Mr. Kavit Agarwal.


PRECISION OPERATIONS: CRISIL Reaffirms B+ Rating on INR60MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Precision Operations
Systems India Pvt Ltd (POSIPL) continue to reflect the company's
modest scale of operations, its large working capital
requirements, and its exposure to intense competition in the
security equipment trading business.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        60        CRISIL A4 (Reaffirmed)
   Cash Credit           60        CRISIL B+/Stable (Reaffirmed)

The ratings of the company are also constrained on account of its
below-average financial risk profile marked by its modest net
worth, moderate total outside liabilities to tangible net worth
ratio, and average debt protection metrics. These rating
weaknesses are partially offset by the benefit that the company
derives from its promoters' extensive experience in the security
equipment trading industry.

Outlook: Stable

CRISIL believes that POSIPL would continue to benefit over the
medium term from its promoters' extensive industry experience and
established relationships with customers. 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 POSIPL's profitability
margins, or significant deterioration in its capital structure,
caused most likely by a stretch in its working capital cycle.

POSIPL was set up in 1989 by Mr. Rajkumar Pandey and Mr. Kirit
Manilal Nanani. The company trades in security equipment, which
includes metal detectors, bomb detection systems, RDX detectors,
bullet proof equipment, and bomb suits.

The company is approved by the Ministry of Defence (MOD) to sell
security equipment to MOD, the Ministry of Home Affairs, police
departments, and paramilitary forces. POSPL buys most of the
products from Russia, and is the sole distributor of some of its
suppliers in India.


RAJESHWARA FORGINGS: CRISIL Reaffirms D Rating on INR60MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Rajeshwara
Forgings Pvt Ltd (RFPL) continue to reflect instances of delay by
RFPL in servicing its term debt. The delays have been caused by
the company's weak liquidity with its cash accruals not being
sufficient to meet its term debt repayment obligations.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           60        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     6.6      CRISIL D (Reaffirmed)

   Term Loan             21.4      CRISIL D (Reaffirmed)

RFPL has small scale of operations, large working capital
requirements, and its profitability margins are susceptible to
volatility in raw material prices. However, the company continues
to benefit from its promoters' extensive experience in the
automotive bearings business.

RFPL was set up in 1999 by Mr. Meesala Chandraiah and his family
members. The company manufactures steel bearing rings, which are
used in the automotive industry.


RALSON PETROCHEMICALS: CRISIL Suspends B+ Rating on INR200MM Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ralson
Petrochemicals Limited (RPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             200        CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by RPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RPL is yet to
provide adequate information to enable CRISIL to assess RPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

RPL is promoted by TP Roy Choudhary and Company Pvt Ltd (TPRCPL),
and was incorporated to set up a container freight station (CFS)
at the Haldia dock in West Bengal.


RAMA AGRO: CRISIL Suspends 'D' Rating on INR130MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Rama Agro and Food Products (RAFP).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          130         CRISIL D
   Term Loan             20.7       CRISIL D

The suspension of ratings is on account of non-cooperation by RAFP
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RAFP is yet to
provide adequate information to enable CRISIL to assess RAFP's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

RAFP was set up in 2004. The firm processes wheat, gram, and maize
to produce maida, atta, rava, sooji, and gram and maize grit.
Around 90 per cent of RAFP's revenues come from sales to
institutional customers, and the rest from sales to traders and
distributors. RAFP's plant in Bijnor (Uttar Pradesh) has wheat
processing capacity of 200 tonnes per day (tpd) and gram
processing capacity of 100 tpd.


ROHIT'S HERITAGE: CARE Assigns B+ Rating to INR11cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Rohit's
Heritage Jewellers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long Term Bank Facilities      11        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Rohit's Heritage
Jewellers Private Limited (RJPL) is primarily constrained by the
small scale of operations with low networth base, highly leveraged
capital structure, low profitability margins, long operating cycle
and susceptibility of the same to volatility in gold prices. The
rating is further constrained by its presence in a highly
fragmented and competitive gems & jewellery (G&J) industry.

The rating, however, draws comfort from the experienced promoters
and stable outlook for the G&J industry.

Going forward, the ability of the company to increase its scale of
operations while improving its profitability margins and capital
structure along with prudent working capital management would be
the key rating sensitivities.

RJPL was incorporated in 2000 as Nikkamal Dogarmal Jewellers
Private Limited and later in the year 2002 the name was changed to
its present name. The company is promoted by Ludhiana-based Singal
family and Jain family and currently being managed by its
directors Mr Rohit Jain and Ms Reema Jain. RJPL is engaged in
designing and retailing of gold and diamond studded gold jewellery
such as necklaces, earrings, rings, pendants and bangles and has
its retail outlet located in Ludhiana. The raw material for the
jewellery i e gold and diamond is procured locally from the open
market and designing and manufacturing operations are carried out
its facility located in Ludhiana, Punjab. The company also gets
its jewellery manufactured on job work basis from jewellery
designers based in Mumbai. RJPL is a part of Eastman Group engaged
in the diversified business of trading and manufacturing of
bicycle parts, tools and batteries, wind power. The group entities
include Eastman Cast and forge limited, Eastman Auto and power
Limited, Eastman Industrial Company, Eastman Industries Limited
and R. Jewels.

For FY14 (refers to the period April 01 to March 31), RJPL
achieved a Total operating income (TOI) of INR25.74 crore with
PBILDT and Profit After Tax (PAT) of Rs 1.81 crore and INR0.09
crore respectively as against TOI of INR30.85 crore with PBILDT
and PAT of INR2.19 crore and INR0.09 crore respectively in FY13.
During FY15, the company has achieved total income of INR27 crore
till February 28, 2015.


SALASAR STEEL: ICRA Cuts Rating on INR235.85cr Term Loan to D
-------------------------------------------------------------
ICRA has revised downwards the rating assigned to the INR235.85
crore term loans and the INR60.00 crore fund-based bank facilities
of Salasar Steel and Power Limited to [ICRA]D from [ICRA]B.  ICRA
has also revised downwards the rating assigned to the INR15.62
crore non-fund based bank facilities of SSPL to [ICRA]D from
[ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans           235.85       [ICRA]D (downgraded from
                                     [ICRA]B

   Fund-Based Limits
   (Cash Credit)         60.00       [ICRA]D (downgraded from
                                     [ICRA]B

   Non-Fund Based        15.62       [ICRA]D (downgraded from
   Limits                            [ICRA]A4

The downward revision of the ratings take into account the delays
by SSPL in payment of principal and interest due on the term
loans. The company has been reporting losses since 2012-13 on
account of lower plant load factor (PLF) for its 65 mega watt (MW)
independent power plant (IPP) and high interest burden.
Consequently, negative cash accruals has resulted in stretched
liquidity position.

Incorporated in 2003, SSPL is a closely held company belonging to
the Raipur-based Malani & Mohta Group. SSPL has facilities at
Raigarh, Chattisgarh for producing sponge iron, billets/ingots and
power, with annual capacities of 60,000 MT, 97,000 MT and 80 MW
respectively. Out of 80 MW power generation capacity, 15 MW is
from captive power plant (CPP) and 65 MW is from independent power
plant (IPP).


SHARDA INTERNATIONAL: CARE Rates INR4cr LT Bank Loan at B+
----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Sharda International School.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       4        CARE B+ Assigned
   Short-term Bank Facilities      4        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Sharda
International School (SIS) is primarily constrained by its small
scale of operations with low corpus base, low & declining
profitability margin and regulatory risk associated with the
education sector & high level competition. The ratings further
take into cognizance the future capex plan which is likely to
deteriorate its capital structure.

However, the ratings draw comfort from the experienced members
with long track record of operations and buoyant prospects of pre-
school and K-12 segment in India.

Going forward, SIS's ability to increase the scale of operations
while maintain the profitability margins and timely execution of
the project with-in a specified time and cost.

Gurgaon (Haryana) based Shri Hardhyan Singh Memorial Education
Society (SHS) is an education society which was formed in 1994 by
Mr K L Yadav, Mr Narender Yadav, Mr Krishan Yadav and other
members with an objective to provide education services. For the
same, the society set up a school under the name of 'SIS'. The
first academic session of the school started in 1994-95. The
school is affiliated to Central Board of Secondary Education
(CBSE). The school provides education up to class 12th. The school
is located at Pataudi Road, Gurgaon with a campus area of 1.25
acre. During the academic session 2014-2015, the school has
strength of 1557 students.

For FY14 (refers to the period April 1 to March 31) SIS achieved a
total operating income of INR5.15 crore and surplus of INR0.13
crore as compared with a total operating income of INR4.48 crore
and surplus of INR0.29 crore for FY13. Also till February 28,
2015, the school has achieved total operating income of INR5.50
crore.


SHREE BALAJI: CRISIL Puts B+ Rating on Notice of Withdrawal
-----------------------------------------------------------
CRISIL has placed its ratings on the bank facilities of Shree
Balaji Texspin Private Limited (SBTPL) on 'Notice of Withdrawal'
for a period of 180 days, at SBTPL's request. This is in line with
CRISIL's withdrawal policy. The ratings on the facilities will be
withdrawn at the end of the notice period.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           100       CRISIL B+/Stable (Placed on
                                   'Notice of Withdrawal')

Outlook: Stable

CRISIL believes that SBTPL will continue to benefit over the
medium term from its promoters' extensive experience in the cotton
yarn trading business. The outlook may be revised to 'Positive' if
SBTPL achieves a sustainable improvement in its margins and debt-
protection metrics while maintaining a steady quantum in revenues.
Conversely, the outlook may be revised to 'Negative' if the
company registers significant decline in its revenues or margins,
or if there is an elongation in its working capital cycle thereby
weakening its financial risk profile.

SBTPL was incorporated in 2009 by the Kolkata-based Agarwal
family. It trades in cotton yarn and spares of textile machinery;
yarn trading contributes the bulk of its revenue. Mr. Bijay
Agarwal and his brother, Mr. Udayram Agarwal oversee the
operations of SBTPL. The company's office is located in Kolkata,
West Bengal.


TEMPUS INFRA: CRISIL Cuts Rating on INR330MM Bank Loan to D
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Tempus
Infra Projects Private Limited (TIPPL) to 'CRISIL D/CRISIL D' from
'CRISIL C/CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       330        CRISIL D (Downgraded from
                                   'CRISIL A4')

   Bank Guarantee       250        CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit          470        CRISIL D (Downgraded from
                                   'CRISIL C')

   Funded Interest       49.6      CRISIL D (Downgraded from
   Term Loan                       'CRISIL C')

   Long Term Loan        38.1      CRISIL D (Downgraded from
                                   'CRISIL C')

   Proposed Long Term    21.8      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL C')

   Working Capital      440.5      CRISIL D (Downgraded from
   Term Loan                       'CRISIL C')

The rating downgrade reflects instances of delay by TIPPL in
servicing its debt. The delays have been caused by the weakening
in the company's liquidity arising from a stretch in its working
capital cycle.

TIPPL has a below-average financial risk profile marked by its
small net-worth, high gearing, and weak debt protection metrics.
The company also has large working capital requirements, and is
exposed to intense competition in the construction industry.
However the company benefits from its promoters' extensive
experience in the construction sector.

TIPPL was set up in 2008 by Mr. Y Maheedhar Reddy and Mr. N
Ravindranath Reddy. The company undertakes construction of roads
and real estate (residential and commercial) projects. It is based
in Hyderabad (Telangana).


TILAK RAM: CRISIL Reaffirms B Rating on INR145MM Cash Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities Tilak Ram Babu
Ram Pvt Ltd (TRBR) continues to reflect TRBR's limited pricing
flexibility due to its presence in the highly competitive and
fragmented cotton ginning and trading industry, and the
susceptibility of its operating margin to volatility in cotton
prices.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          145       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    45       CRISIL B/Stable (Reaffirmed)

The rating also factors in the firm's weak financial risk profile,
marked by a small net worth and highly geared capital structure.
These rating weaknesses are partially offset by the extensive
experience of TRBR's promoter in the cotton industry, and the
firm's well-established relationships with customers and
suppliers.

Outlook: Stable

CRISIL believes that TRBR will continue to benefit over the medium
term from its promoter's extensive industry experience and its
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if the firm increases its
scale of operations substantially, while improving its
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' if TRBR's profitability declines, most
likely because of adverse movements in cotton prices, thereby
weakening its financial risk profile.

Update

TRBR's turnover is estimated to have remained flat at INR1.3
billion in 2014-15 (refers to financial year, April 1 to
March 31) mainly because of the decline in cotton prices. The
firm's operating margin has remained low at 0.9 to 1.7 per cent
over the three years through 2014-15 due to low value addition and
the commodity nature of the product traded in. Its financial risk
profile is weak, with high gearing, estimated at around 5.0 times
as on March 31, 2015.

TRBR's liquidity remains stretched, with high bank limit
utilisation at an average of 90 per cent over the 12 months
through February 2015, and low cash accruals, estimated at INR1.0
million to INR1.5 million for 2014-15. However, the firm's
liquidity is supported by unsecured loans, the balance of which
stood at INR5.2 million as on March 31, 2014, and no repayment
obligations in the absence of any long-term debt.

TRBR reported a profit after tax (PAT) of INR0.9 million on net
sales of INR1.3 billion for 2013-14, against a PAT of INR1.4
million on net sales of INR932 million for 2012-13.

TRBR was incorporated on May 29, 2012, promoted by Haryana-based
Mr. Raj Kumar Garg. On April 1, 2013, TRBR purchased the business
of Tilak Industries (Tilak), the promoter's group concern, which
was established as a proprietorship firm in 1992 in Tohna
(Haryana). TRBR gins cotton and trades in cotton bales. The
company derives around 70 per cent of its revenue from trading in
cotton bales, while the remaining is through ginning operations.
TRBR's manufacturing unit is at Tohna, with a capacity of around
200 bales per day of cotton.


TRISHAN METALS: CRISIL Suspends D Rating on INR53.2MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Trishan
Metals Pvt Ltd (TMPL).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee         10          CRISIL D Suspended
   Cash Credit            53.2        CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility     14.5        CRISIL D Suspended
   Term Loan              20.0        CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by TMPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, TMPL is yet to
provide adequate information to enable CRISIL to assess TMPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

TMPL, located in Hoogly (West Bengal), manufactures cold-rolled
strips. Till November 2012, Walzen Strips Pvt Ltd and Walzen Steel
India Pvt Ltd (WSIPL) were part of the Kolkata (West Bengal)-based
Lyca group of companies promoted by Mr. Tejomoy Roychowdhury. In
November 2012, the ownership and management of WSIPL was
transferred to the Bagga family and the company was renamed as
TMPL. The Bagga family also exports to Bangladesh through Trishan
Exports Pvt Ltd (TEPL; holding company of TMPL). Furthermore, it
also operates a hotel under TEPL.


VAIBHAV ISPAT: CARE Assigns B+ Rating to INR7.50cr LT Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Vaibhav
Ispat Private Limited.

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

Rating Rationale

The rating assigned to the bank facilities of Vaibhav Ispat
Private Limited (VIPL) is primarily constrained by its small and
fluctuating scale of operations coupled with low net worth base
and its weak financial risk profile. The rating is further
constrained by cyclicality inherent to the steel industry and
highly fragmented nature of industry characterized by intense
competition.

These rating constraints are partially offset due to the support
from the experienced promoters and VIPL's moderate operating
cycle. Going forward, the ability of VIPL to scale up its
operations with improvement in the profitability margins and
capital structure shall be the key rating sensitivities.

Muzaffarnagar-based (Uttar Pradesh) VIPL was set up in February
2009, by Ms Mamtesh Rani and Mr Sompal Singh. VIPL is primarily
engaged in the manufacturing of mild steel ingots and by-products,
namely, runners and risers. VIPL has an installed capacity of
29,500 metric tonnes per annum (MTPA) as on March 31, 2014. The
company procures raw material in the form of sponge iron, mild
steel scrap, etc, from domestic players and manufactures ingots in
different sizes, which are further categorized based on their
carbon content. The company sells its products in the domestic
market located in Uttarakhand, Uttar Pradesh, Himachal Pradesh and
Jammu & Kashmir.

In FY14, VIPL has achieved a total operating income (TOI) of
INR60.94 crore with a profit after tax (PAT) of INR0.52 crore as
against TOI and PAT of INR43.27 crore and INR0.49, respectively,
in FY13. Furthermore, during FY15, the company achieved TOI of
INR63 crore till February 28, 2015.


VAIBHAV LAXMI: ICRA Assigns B+ Rating to INR4cr Cash Credit
-----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to INR9.00 crore
fund based bank facilities of Vaibhav Laxmi Tex Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based-Cash
   Credit                4.00        [ICRA]B+; Assigned

   Fund based-Term
   loans                 5.00        [ICRA]B+; Assigned

The assigned ratings takes into consideration the weak financial
profile of Vaibhav Laxmi Tex Private Limited (VLTPL) as evident
from the low profitability levels, stretched capital structure,
moderate coverage ratios and tight liquidity position resulting in
the higher utilizations of bank sanctioned limits. The ratings are
further constrained by the company's moderate scale of operations
with susceptibility of profitability to volatility in raw material
prices. ICRA also takes note of the competitive pressure due to
the presence of a large number of players in domestic as well as
international markets leading to weak profit margins.

However, the assigned ratings favourably factor in the promoters'
experience in the textile industry as well as the locational
advantage achieved by the company due to its presence in Surat,
which is one of the major textile hubs of India. ICRA also takes
note moderated customer concentration of the company during
initial years of operations.

Vaibhav Laxmi Tex Private Limited is incorporated in year 2009 and
the operation of the company commenced from July 2011. The company
is engaged into manufacturing of textured yarn from POY's
(Partially oriented yarns) and dyeing of the same. Mr. Vinay
Nandwani, Mr. Rajesh Nandwani, Mr. Neeraj Khurana and Mr. Amit
Khurana are the key directors of the company. They along with
their family members are shareholders of the company. The company
has its manufacturing facility located in Surat.


WONDER CONSTRUCTION: ICRA Reaffirms B- Rating on INR10cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B- and the short
term rating of [ICRA]A4 to the INR10.00 crore fund-based and non
fund based bank facilities of Wonder Construction.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based-Cash
   Credit               10.00       [ICRA]B- reaffirmed

   Non Fund Based
   (sublimit of Cash
   Credit )             (1.00)      [ICRA]A4 reaffirmed

Rating Rationale

The reaffirmation of the ratings takes into account the long
standing experience of the partners in construction business;
healthy profitability maintained by the firm over the last five
years; and moderate capital structure of the firm as reflected by
gearing of 1.37 times as on March 31,2014.

The ratings are, however, constrained by firm's small scale of
operations coupled with stagnant revenues in the last two fiscals;
modest order book position; and tight liquidity position arising
out of stretched receivables. The ratings also factor in the
firm's exposure to sectoral, client and geographical concentration
risks, as a majority of the orders in hand pertain to the building
construction sector, undertaken for government clients, mainly in
the Marathwada region of Maharashtra. ICRA also notes that WC is a
partnership firm and any substantial withdrawals from capital
account can impact the net worth and hence the capital structure
of the firm.

Incorporated in the year 2001, Wonder Construction is an
Aurabgabad based civil contractor engaged in the business of
construction of buildings and roads. The firm's presence is
restricted to Maharashtra. It executes construction projects for
government entities, primarily Public Works Department (PWD) and
Municipal Corporations/Councils of various cities/towns,
particularly in Marathwada region.

Recent Results

For the financial year ended March 31, 2014, the firm reported an
operating income of INR29.46 crore and profit after tax of INR1.00
crore as against an operating income of INR29.07 crore and profit
after tax of INR0.99 crore for the financial year 2012-13.
Further, in the current financial year, for the nine month period
ended December 31,2014, the firm reported an operating income of
INR22.35 crore and profit before tax of INR0.68 crore.


XPRO IT: CARE Assigns B+ Rating to INR6.50cr LT Bank Loan
---------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank facilities
of Xpro It Innovations Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     6.50       CARE B+ Assigned
   Short term Bank Facilities    2.50       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Xpro IT Innovations
Private Limited are constrained by the relatively small scale of
operations due to nascent stage of operations, moderate operating
profitability margins, leveraged capital structure and weak debt
coverage indicators. The ratings are further constrained by
working capital intensive nature of operations, foreign exchange
fluctuation risk and presence in the highly competitive and
fragmented industry.

The ratings, however, derive strength from experience of the
management in the industry, established client base and extensive
network of distributors and service centers.

Ability of the company to improve its overall scale of operation
and profitability margins amidst intense competition along with
efficient management of the working capital cycle would be the key
rating sensitivities.

Incorporated in February 2012 & commenced operations in June 2012,
Xpro IT Innovations Private Limited (XIPL) is engaged in the
wholesale trading of computer hardware products [i e keyboard,
desk set, mouse, accessories, high-definition multimedia interface
(HDMI) cable, web camera, laptop cooling pad, barcode scanner,
computer power supply, ATX cabinet, micro slim cabinet, micro ATX
cabinet] under the brand name 'Xpro'.

XIPL purchases these hardware products from the manufacturers
based in China, as per the designs & specifications provided/pre-
approved by XIPL and then subsequently sells to the clients
located in the domestic market.

The company has two major warehousing facilities located in
Bhiwandi (Thane) and Andheri (Mumbai) for meeting its storage
requirements. Apart from that, XIPL has a corporate office located
in Mumbai and 4 regional branches (having warehousing facilities
too) situated in Pune, Ahmedabad, Nasik, and Chennai.

During FY14 (refers to the period April 1 to March 31), the total
operating income of XIPL stood at INR17.27 crore (compared to
INR5.67 crore in FY13), while net profit of the company stood at
INR0.25 crore in FY14 (compared to INR0.11 crore FY13).


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


BUMI SERPONG: Fitch Gives 'BB-' Rating to 2020 Notes
----------------------------------------------------
Fitch Ratings has assigned Indonesia-based PT Bumi Serpong Damai
Tbk's (BSD; BB-/Stable) USD225 million 6.75% senior unsecured
notes due on April 27, 2020 a final rating of 'BB-'. The final
rating follows the receipt of documents conforming to information
already received, and is in line with the expected rating assigned
on 15 April 2015.

The notes were issued by Global Prime Capital Pte Ltd, a wholly
owned subsidiary of BSD, and guaranteed by BSD and its key
subsidiaries. The notes rank pari passu with senior unsecured
obligations of BSD and its key subsidiaries. Fitch expects BSD's
secured debt/EBITDA to remain below 2x-2.5x (end-2014: 1.6x), a
threshold beyond which the agency will consider notching the bond
rating below BSD's Long-Term Issuer Default Rating (IDR) of
'BB-'.

At the date of the indenture, subsidiaries that together account
for approximately 90% of BSD's consolidated EBITDA have guaranteed
the bond. The remaining material subsidiaries, including its
listed subsidiary PT Duta Pertiwi Tbk (Duta), will be restricted
subsidiaries, and will be subject to restrictive covenants that
prevent any meaningful subordination of potential bond investors.
Because of these reasons, Fitch has rated the bond at the same
level as BSD's Long-Term IDR.

KEY RATING DRIVERS

Strong Financial Profile: BSD has a track record of maintaining a
conservative financial profile. Its cash reserves exceeded its
debt in 2008-2013, while its leverage (measured as debt net of
unrestricted cash to the sum of inventory, land bank, advances
paid for land, less customer sales advances) has remained low at
other times. Fitch expects BSD's leverage to remain below 25% over
the medium term even though it plans to add to its land bank.
BSD's end-2014 EBITDA margin of 50% is strong compared to regional
and domestic peers. Although EBITDA margin is likely to decline
due to a lower proportion of landed property in its sales mix,
Fitch expects the company to maintain EBITDA margins of more than
40% over the medium term.

Geographic Concentration: Fitch expects BSD to generate more than
50% of its cash flow from its BSD City township over the medium
term. This limits the company's ability to discount its inventory
to speed up sales and increase liquidity in a downturn, as it
could impair the future profitability of a large part of its
development book. However this risk is mitigated by the products
within BSD City that target different price points and both the
residential and commercial segments. The diversity may help the
company to offer discounts on some products, if needed.

Good Quality Investment Property Portfolio: Significant recurring
cash flow is generated from BSD's investment property income
stream, which provides strong interest coverage (2014: 2.0x; 2015
projection: 2.2x). This mitigates the higher risk of its property
development business, which is more volatile across economic
cycles. At end-2014 BSD controlled 18 investment properties, which
comprised of two hotels, as well as its ITC-branded retail malls,
large-scale mixed-use developments, and office buildings. Average
occupancy in its malls and office buildings stood at 90% in 2014,
while occupancy at its hotels was 63%. Fitch expects occupancy to
remain healthy over the medium term. BSD has another 14 investment
properties under development that will start adding to its
recurring EBITDA over the medium term.

Good Project Execution, Large Land Bank: BSD has a track record of
maintaining high sales turnover, with presales/gross debt at 1.5x
in 2014. This reflects its strong brand and good execution of its
projects compared to domestic peers. BSD is the largest property
developer in Indonesia in terms of presales. Its land bank
available for development of around 45 million square meters is
large compared to regional peers, and provides BSD with more than
a decade of development potential. In 2014, BSD sold more than
USD500m worth of properties, and Fitch expects presales to
increase by a compounded annual growth rate of 15%-20% through
2017. Most of the company's land bank was acquired at low cost,
which supports its ability to maintain healthy profit margins.

KEY ASSUMPTIONS

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

   -- EBITDA margins will be sustained at over 40%
   -- Annual presales growth will hover in the mid-teens through
      2017
   -- Leverage will increase in 2015 due to the proposed bond
      issue, but improve thereafter
   -- Free cash flow will be neutral to negative over the medium
      term

RATING SENSITIVITIES

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

   -- Leverage sustained above 40% (2014: 10%)
   -- Presales / gross debt sustained below 1x (2014: 1.5x)
   -- Investment property EBITDA / cash interest costs sustained
      below 1.75x (end-2014: 2.0x)

Positive: Fitch doesn't expect a rating upgrade over the medium
term because of the concentration of BSD's cash flows in the
Tangerang region in the Greater Jakarta area, primarily through
its sales in BSD City, as well as the company's smaller
development scale compared to regional peers.



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


MEDIA COUNSEL: Former Owner Gets Home Detention on Fraud Charges
----------------------------------------------------------------
The New Zealand Herald reports that former director and owner of
The Media Counsel (TMC), Glenda Mary Wynyard, has been sentenced
to home detention.

Ms. Wynyard, 49, was found guilty of 11 counts laid by the Serious
Fraud Office after a judge-alone trial at Auckland District Court
last month, the Herald relates.

According to the report, the Crown urged Judge Brooke Gibson to
lock up the defendant for offending which essentially involved
diverting funds owed from one creditor to another. But the judge
opted for eight months home detention -- a sentence immediately
appealed by defence counsel Paul Davison, QC, on all but three of
the charges, the Herald says.

He applied for bail on Ms. Wynyard's behalf so she could rejoin
her family who since relocated to Australia, pending a Court of
Appeal fixture, the Herald notes.

Judge Gibson reserved his decision until April 24, the report
notes.

The Herald says TMC, established in 2005, was paid by clients to
place ads with organisations like TVNZ. After losing its industry
accreditation, it entered into an agreement with another placement
organisation, Aegis, the report recalls.

The report relates that Ms. Wynyard's company would get client
instructions to place the ads, Aegis would place the ad, the
clients would pay Aegis and the remainder would go to TMC.

But she did not inform Aegis of a pre-existing arrangement it had
with Marac Finance, which involved Marac lending money to TMC
based on invoices issued to ad clients that the financier
considered to be of good credit risk, according to the Herald.

Under the deal, TMC would get cash and the amounts in the invoices
would be payable by clients to Marac, the report relays.

But in December 2010, the business started to crumble as both
companies were owed money and Ms. Wynyard was "caught between a
rock and hard place" as only one could be paid, says the Herald.

"The business appeared to be under-capitalised and the growth
outstripped its capacity to meet its overheads," the report Judge
Gibson as saying.  "The motive was plainly to keep the company
going with the hope of a white knight arriving."

According to the report, the Crown put the loss to Aegis at more
than NZ$650,000 but that was disputed by the defence.

The report relates that Judge Gibson said in any case, Ms. Wynyard
was a discharged bankrupt and ordering reparation would be
pointless.

The matter was best pursued through the civil courts, he said, the
report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 28, 2010, BusinessDay said The Media Counsel was placed into
liquidation by managing director Glenda Wynyard.  Ms. Wynyard
sent out an email to clients apologizing for "what is about to
erupt", saying financial difficulties plaguing the company over
the last year could not be overcome.  "There are many reasons
that our business faces imminent closure but the most recent is
that the purchaser we had pinned our final hopes on offered to
take over our client and staff base for free, as at Jan. 25,
2010, leaving us with a financial hole that we will not be able
to pull ourselves out from," BusinessDay quoted Ms. Wynyard as
saying in the e-mail.

Media Counsel owes creditors nearly NZ$2.5 million, with
NZ$2.2 million of that unsecured and most likely lost, Fairfax NZ
News reported.

Based in Auckland, New Zealand, The Media Counsel is an
advertising media agency.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***