TCRAP_Public/150518.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Monday, May 18, 2015, Vol. 18, No. 096


                            Headlines


A U S T R A L I A

ALLOWWAY COUNTRY: First Creditors' Meeting Slated For May 25
BANK OF QUEENSLAND: S&P Assigns 'BB+' Issue Credit Rating
BERNSTEEN PTY: ASIC Intervenes in Proceedings vs. Liquidator
BIS INDUSTRIES: S&P Lowers Corp. Credit Rating to B-; Outlook Neg
FREEPORT PROPERTY: First Creditors' Meeting Slated For May 25

GLOBAL INCOME: First Creditors' Meeting Set For May 25
GLOBAL METALS: Fined For Failing to File Annual Reports
SERCO GROUP: Technically Insolvent; Books AUD395MM Annual Loss
SUPERFERT DONGBU: First Creditors' Meeting Set For May 25


B A N G L A D E S H

BANGLADESH: S&P Affirms BB-/B Sov. Credit Ratings, Outlook Stable


C H I N A

KU6 MEDIA: Shanda Media Now a 70% Owner
YUZHOU PROPERTIES: Moody's Says Share Placements Credit Positive


I N D I A

ARCHIT ORGANOSYS: ICRA Ups Rating on INR3.0cr Cash Loan to B+
ASSRM & CO: CRISIL Reaffirms B+ Rating on INR50MM Cash Credit
AUM UDYOG: ICRA Assigns 'B+' Rating to INR7cr Cash Loan
CHANDULAL CHANDRAKAR: CRISIL Puts B Rating on INR1.30BB Loan
COLOUR COTTEX: CARE Assigns B+ Rating to INR78.98cr LT Loan

CRAYON COLOR: ICRA Suspended B+ Rating on INR5cr LT Loan
DASHRATH PRASAD: CRISIL Reaffirms B+ Rating on INR57.3MM Loan
DEV METAL: ICRA Assigns 'C' Rating to INR7cr Fund Based Loan
EXPRESS INFOCOM: CRISIL Reaffirms B- Rating on INR199.4MM Loan
FAIRY FOOD: CARE Assigns B Rating to INR7.97cr LT Bank Loan

GIRIRAJ COTTON: CARE Assigns B+ Rating to INR6.38cr LT Loan
GLOBAL WIND: CARE Assigns 'D' Rating to INR346.50cr LT Loan
HAYATH FOODS: CARE Assigns 'B' Rating to INR10.41cr LT Loan
JAGDAMBAA AGRO: CARE Assigns 'B' Rating to INR15cr LT Loan
JANACHAITANYA HOUSING: CRISIL Reaffirms D Rating on INR53MM Loan

K N INTERNATIONAL: CRISIL Ups Rating on INR190MM Loan to B
KACHCHH VENEERS: ICRA Reaffirms B+ Rating on INR2cr Cash Loan
KALINGA ENTERPRISES: CRISIL Reaffirms B+ Rating on INR90MM Loan
KINGFISHER AIRLINES: CRISIL Reaffirms D Rating on INR35.27BB Loan
MYCON CONSTRUCTION: CRISIL Reaffirms C Rating on INR100MM Loan

NAV NIRMAN: CRISIL Reaffirms B- Rating on INR220MM Term Loan
NOOR INDIA: CARE Assigns 'B' Rating to INR7cr LT Bank Loan
NORTH EASTERN: ICRA Assigns 'IrB+' Issuer Rating
PRINCE CONTAINERS: CRISIL Reaffirms B+ Rating on INR120MM Loan
RASOYA PROTEINS: CARE Lowers Rating on INR247.27cr LT Loan to D

SAHUL FINANCE: CRISIL Suspends B Rating on INR59.9MM LT Loan
SAIGON INFRATECH: CARE Assigns B+ Rating to INR5cr LT Bank Loan
SHREY SOFTWARE: CRISIL Reaffirms B Rating on INR130MM Bank Loan
SLR CONSTRUCTION: CRISIL Puts B+ Rating on INR25MM Overdraft Loan
SUPER SEAL: CRISIL Reaffirms B+ Rating on INR20MM Cash Credit

TRIKOOT IRON: ICRA Lowers Rating on INR31.79cr LT Loan to 'D'
VETRIVEL EXPLOSIVES: CRISIL Reaffirms B+ Rating on INR50MM Loan


I N D O N E S I A

MNC INVESTAMA: S&P Puts 'BB-' CCR on CreditWatch Negative


J A P A N

SHARP CORP: Posts JPY222BB Annual Loss; To Cut Thousands of Jobs
SHARP CORP: S&P Lowers CCR to 'CCC-'; Still on Watch Negative


N E W  Z E A L A N D

MCVITTY PROPERTIES: Liquidation Leaves BNZ w/ NZ$2.6MM Shortfall


S I N G A P O R E

PRECISION CAPITAL: S&P Affirms Then Withdraws 'B+' CCR


                            - - - - -


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


ALLOWWAY COUNTRY: First Creditors' Meeting Slated For May 25
------------------------------------------------------------
Blair Pleash, Kathleen Vouris and Anne-Marie Barley of Hall
Chadwick were appointed as administrators of The Allowway Country
Club, on May 13, 2015.

A first meeting of the creditors of the Company will be held at
The Alloway Country Club, 4340 Goodwood Road, in Alloway,
Queensland, on May 25, 2015, at 10:30 a.m.


BANK OF QUEENSLAND: S&P Assigns 'BB+' Issue Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' issue credit
rating to Bank of Queensland's (BoQ; A-/Stable/A-2) proposed
capital notes issue.

To arrive at the rating on the capital notes, Standard & Poor's
deducts four notches from BoQ's stand-alone credit profile (SACP)
of 'a-'. S&P said the issue rating reflects the following factors:

  -- We deduct one notch for the securities' subordinated status;

  -- We deduct two notches for the risk of partial or untimely
     payment; and

  -- We deduct one notch for a contingency clause requiring
     mandatory conversion into common equity on activation of a
     non-viability trigger.

S&P said, "We have assessed the proposed issue as having
"intermediate" equity content, under our ratings criteria. This
reflects our view that the capital notes would be able to absorb
losses, if needed, on a "going concern basis" through non-payment
of coupons, principal write-down, or conversion into common
equity. Our opinion takes into account our expectation that the
capital notes will qualify as fully compliant Basel III Additional
Tier-1 regulatory capital under the Australian Prudential
Regulation Authority standard. Furthermore, the capital notes are
perpetual instruments with no fixed maturity date."


BERNSTEEN PTY: ASIC Intervenes in Proceedings vs. Liquidator
------------------------------------------------------------
Australian Securities and Investments Commission has intervened in
a private court proceeding involving South Australian liquidator,
Peter Ivan Macks, in which various allegations of improper conduct
were made against him.

In 2006, small businessman, Mr John Viscariello, commenced
proceedings against Mr Macks in his capacity as liquidator of two
companies -- Bernsteen Pty Ltd and Newmore Pty Ltd.

Late last year, the Chief Justice of the Supreme Court of South
Australia, Chris Kourakis, delivered his reasons for his decision
in the proceedings. Download the reasons here.

Following the delivering of his reasons, Justice Kourakis made
various declarations including that Mr Macks, in his capacity as
liquidator of one of the companies, failed to exercise the degree
of care and diligence required of him as an officer of the
company, failed to exercise his powers and discharge his duties in
good faith and in the best interests of the company, and engaged
in litigation to gain an advantage for himself to the detriment of
the company.

ASIC intervened in the proceedings to support an application made
by Mr Viscariello to remove Mr Macks as liquidator of the
companies and to appoint a new liquidator. On April 15, 2015,
Justice Kourakis made those orders

Mr Macks has lodged an appeal against orders made in the
proceedings. A date for the appeal is yet to be listed.

ASIC has also filed its own separate application against Mr Macks
seeking various orders, including that the court conduct an
inquiry into whether, as a consequence of Justice Kourakis'
reasons and declarations, Mr Macks should continue as liquidator
of his other external administrations, whether Mr Macks is a fit
and proper person to be registered as a liquidator and has
capacity to adequately and properly perform his duties and,
whether the court should cancel Mr Macks' registration as a
liquidator.

ASIC agreed to adjourn its application pending Mr Macks' appeal,
on the basis that Mr Macks expedites his appeal. ASIC's
application is listed for directions on Aug. 3, 2015.
Background

Mr Macks was appointed liquidator of the two companies in December
2001.


BIS INDUSTRIES: S&P Lowers Corp. Credit Rating to B-; Outlook Neg
-----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its corporate
credit rating on Australia-based resource logistics company Bis
Industries Ltd. (Bis) to 'B-', from 'B'. The outlook is negative.
At the same time, S&P lowered its rating on Bis' related
entity Artsonig Pty Ltd.'s payment-in-kind (PIK) notes to 'CCC'
from 'CCC+'.  The recovery rating on the PIK notes is '6',
reflecting its expectation of "negligible" recovery prospects (0%-
10%) in the event of default.

"The downgrades reflect our expectation that Bis' financial risk
profile will deteriorate due to weak underlying demand conditions,
while its highly leveraged capital structure renders it vulnerable
to deteriorating trading conditions," said Standard & Poor's
credit analyst Graeme Ferguson.

While Bis is not directly exposed to end-market demand, recent
price volatility has prompted mine owners to become increasingly
focused on cost reduction. Bis' contract structure and production
focus had previously provided some insulation from the cyclicality
and volatility. However, the severity of recent price movements
has forced mine owners to more closely scrutinize their cost
positions, putting downward pressure on resource contractors'
margins and earnings.

S&P said, "The negative outlook reflects our view that Bis' highly
leveraged capital structure renders it vulnerable to further
deterioration in business conditions. It also reflects our
expectation that persistently subdued market conditions could
pressure Bis' liquidity position."

Mr. Ferguson added: "The ratings could be lowered if the company's
liquidity were to materially weaken. This scenario could occur if
unfavorable business conditions led to further erosion of
earnings, if working capital requires additional funding
commitments, or if the company is unable to appropriately
manage its debt-maturity profile. A breach of Bis' senior secured
facility covenants or loss of support from the company's senior
lending group would also put downward pressure on the rating."

The outlook could be revised to stable if Bis were able to secure
profitable production-based contracts that would stabilize
earnings, as well as demonstrate adequate funding strategies for
any capital-expenditure requirements associated with any new
contracts.


FREEPORT PROPERTY: First Creditors' Meeting Slated For May 25
-------------------------------------------------------------
Domenic Calabretta of Mackay Goodwin was appointed as
administrator of Freeport Property Pty Ltd on May 13, 2015.

A first meeting of the creditors of the Company will be held at
Level 10, 239 George Street, in Brisbane, Queensland, on May 25,
2015, at 11:00 a.m.


GLOBAL INCOME: First Creditors' Meeting Set For May 25
------------------------------------------------------
Domenic Calabretta of Mackay Goodwin was appointed as
administrator of Global Income Assets Pty Ltd on May 13, 2015.

A first meeting of the creditors of the Company will be held at
Level 10, 239 George Street, in Brisbane, Queensland, on May 25,
2015, at 11:00 a.m.


GLOBAL METALS: Fined For Failing to File Annual Reports
-------------------------------------------------------
Global Metals Exploration NL has been convicted and fined
following an Australian Securities and Investments Commission
investigation.

Global Metals pleaded guilty in the Perth Magistrates' Court on
April 24, 2015, to nineteen charges.

The charges were based on the findings of ASIC's investigation.
The investigation found that Global Metals failed to:

   * hold an Annual General Meeting within five months after
     the end of the 2013 financial year;

   * keep a minute book and record within one month, the
     proceedings and resolutions from the company's meetings of
     members and directors from Oct. 20, 2011 to Sept. 18, 2013;

   * provide its financial report, directors' report and
     auditor's report to its members within four months of the
     end of its 2013 financial year;

   * lodge annual reports with ASIC within three months of the
     end of its 2013 and 2014 financial years;

   * lodge half-yearly report with ASIC within 75 days of the
     end of its 2013 half- year.

The company was convicted and fined a total of AUD8,400.

The law requires publicly listed companies, such as Global Metals,
to report to members and lodge reports with ASIC.

In sentencing, the Court noted the company's responsibility in
satisfying obligations under the Corporations Act,the seriousness
of the company's failures, the impact of the contraventions on
shareholders and the market at large.

ASIC Commissioner Greg Tanzer said, 'This matter reinforces ASIC's
determination in ensuring that investors and the public have
accurate and timely information, allowing them to make informed
financial decisions.

'ASIC will not hesitate in pursuing companies that are failing to
do the right thing.'

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.

In 2014, ASIC took action against Global Metals in relation to its
failure to meet disclosure obligations.


SERCO GROUP: Technically Insolvent; Books AUD395MM Annual Loss
--------------------------------------------------------------
Michael West at The Sydney Morning Herald reports that times are
tough in the detention centre business. Despite its AUD3 billion
government contract to run Christmas Island and another seven
onshore detention centres, Serco Group in Australia is technically
insolvent.

Serco has just handed down a AUD395 million loss on AUD1.1 billion
in revenue for the year to December 2014. It is cash-flow negative
to the tune of AUD22.5 million.

According to the report, the main reason for the red ink was a
AUD250 million onerous contract provision for a Royal Australian
Navy maintenance deal involving Armidale -- class patrol boats --
ironically, the ones that were hammered chasing illegal boat
arrivals, which were responsible for their lucrative contracts
with the Department of Immigration and Citizenship.  There was
another AUD140 million in losses arising from goodwill and
intangible-asset write-downs. Even putting these two aside, they
still struggled to make a profit.

SMH relates that although the parent company injected an
additional AUD100 million of equity late last year, Serco
Australia reported net assets of only AUD32 million at year end.

Its parent, Serco Group Pty Ltd, reported an even worse result
with a net loss of AUD490 million on revenues of AUD1.2 billion,
the report notes.  Despite the injection of equity, Serco Group
reported negative net assets of AUD43 million at the end of 2014.
This means the Serco Group in Australia is technically insolvent
as its liabilities exceed its assets by AUD43 million, the report
discloses.

Notwithstanding this result and the distress of negative net
assets, Deloitte has not qualified the accounts or challenged
management's assertion that the company's accounts are
appropriately prepared on a going-concern basis, according to SMH.
Their local clients such as Department of Immigration and the
governments of Queensland and Victoria probably won't worry too
much because there are guarantees from the Serco parent, the
report states.

The consolidated parent, Serco Group Limited, which is listed on
the London Stock Exchange, has recently raised GBP550 million in
an emergency rights issue that should ensure the group's survival.
They are, however, awaiting approval by their banks and a waiver
of debt covenants based on a new test at the end of May post-
rights issue, adds SMH.


SUPERFERT DONGBU: First Creditors' Meeting Set For May 25
---------------------------------------------------------
Dino Travaglini of Cor Cordis was appointed as administrator of
Superfert Dongbu Pty Limited on May 13, 2015.

A first meeting of the creditors of the Company will be held at
Level 15, BGC Centre, 28 The Esplanade, in Perth, on May 25, 2015,
at 11:00 a.m.


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B A N G L A D E S H
===================


BANGLADESH: S&P Affirms BB-/B Sov. Credit Ratings, Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services on May 13, 2015, affirmed its
'BB-' long-term and 'B' short-term sovereign credit ratings on the
People's Republic of Bangladesh. The outlook is stable. The
transfer and convertibility (T&C) assessment remains 'BB-'.

RATIONALE

The ratings on Bangladesh reflect the country's low economic
development and limited fiscal flexibility owing to a
combinationof constrained revenue generation capacity, significant
shortage of basic infrastructure and government services. The
country's volatile political setting combined with
administrative and institutional weaknesses represent additional
rating constraints. "We weigh these factors against a relatively
modest external debt burden, reflecting support from substantial
donor engagement, and large remittances from the Bangladeshi
diaspora."

Low economic development, as represented by per capita GDP of
US$1,250 for 2015, is Bangladesh's main rating constraint. This
income level offers a weak and narrow revenue base, in turn
limiting the fiscal and monetary flexibility needed to respond to
exogenous shocks. Nevertheless, Bangladesh's real per
capita GDP growth of about 5.2% is healthy and in line with peers'
at this income level. Despite numerous structural impediments to
growth, in particular the shortage of electricity, the economy has
a record of steady growth with minimal fluctuation.

Bangladesh's fractious domestic political conditions distract from
stable policymaking. In particular, widespread strikes and
blockades have caused substantial economic disruption. Combined
with a weak institutional setting and infrastructure deficiencies,
Bangladesh's foreign direct investment have
remained persistently low. Notably, opposition party-led strikes
since the 2014 elections have significantly hurt GDP growth for
the fiscal year ending June 30, 2015. Although economic activity
has resumed, the confrontational stance between the incumbent
Awami League and opposition Bangladesh Nationalist Party harbors
the potential for conflict.

On the fiscal front, Bangladesh tends to run moderate deficits.
S&P forecasts the change in general government debt to average
3.4% of GDP annually over fiscal 2015-2018. However, many basic
social and infrastructure needs remain unmet, which implies the
need for higher outlays over the longer term. Although the
government's debt burden is low, with net general government debt
at our projection of 26% of GDP as of the end of fiscal 2015, its
high interest expense at 18% of revenues limits fiscal
flexibility. The government's increasing use of a costlier
national savings certificates scheme rather than commercial bond
issuances suggests that its debt-servicing ratio will not
necessarily fall even if there is fiscal consolidation. In
addition, almost half the total government debt is denominated in
foreign currency. However, the availability of official
concessional funding tempers these negative effects.

Bangladesh's narrow revenue base limits the government's
flexibility to mitigate the effect of economic downturns or other
shocks. It has only 2 million registered taxpayers (out of a
population of 155 million). General government revenue was a low
10.9% of GDP in fiscal 2014. Nevertheless, numerous initiatives
are underway to expand the tax base, most notably the plan to
reform the complicated Goods and Services Tax (GST) system. The
government has set a target to standardize the GST rate at 15% by
fiscal 2016. However, the plan has been repeatedly delayed over
the past years.

S&P views Bangladesh's monetary assessment as below average. The
central bank's limited independence, multiple mandates, and
underdeveloped capital markets hamper monetary flexibility. In
addition, nonperforming loans remain high and capitalization low
in the banking sector, particularly at the state-owned banks.
However, the central bank has made progress in managing
inflationary expectations. In the past two years, inflationary
pressure subsided with reduced government borrowing from the
banking sector. Inflation has stayed in the single digits since
2011.

Bangladesh's low external borrowings support the ratings.
Remittance inflows averaging 9.1% of GDP over the past three years
and an internationally competitive garment export sector generally
ensure current account surpluses. Foreign exchange reserves (as of
end March) stood at US$23.1 billion,
equivalent to an estimated six months of imports. S&P expects
Bangladesh's gross external financing needs to average 77.6% of
current account receipts plus usable reserves over 2015-2018.

The country's significant reserve accumulation improved the narrow
net external debt position, and S&P projects it to average 5.6% of
current account receipts over 2015-2018. "We expect reserve
accumulation to moderate due to lower remittance flows and
stronger imports. Nonetheless, we believe external
balance and liquidity will remain credit-supporting factors," said
S&P.

Bangladesh's external profile draws substantial donor support,
ensuring that the bulk of public external debt is low-cost
borrowing with long maturity. Additionally, donors and
multilateral lenders condition policy formulation and provide
direct budgetary support.

OUTLOOK

S&P said, "The stable outlook reflects our expectation that
Bangladesh's steady growth path and strong donor support will
endure to raise average income and sustain the country's external
profile over the next 12 months. These factors are balanced
against lingering governance and fiscal weaknesses, infrastructure
deficiencies, and inflation risks.

"We may raise the ratings if measures aimed at expanding the
revenue base and boosting collection efficiency materially improve
fiscal performance. We may also upgrade Bangladesh if the
government materially reduces energy, infrastructure, and
administrative bottlenecks and boosts investment, leading
to a durable increase in trend growth for real per capita GDP.
Likewise, we may also raise the ratings if its monetary
flexibility strengthens, evident in well-controlled inflation over
a sustained period and deeper capital markets with market-based
tools.

"Conversely, we may downgrade the sovereign if fiscal slippages
result in rising public debt and external donor support declines
materially. We may also lower the ratings if Bangladesh undoes
what it has achieved under the International Monetary Fund's
Extended Credit Facility program.

"In accordance with our relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable (see 'Related Criteria And
Research'). At the onset of the committee, the chair confirmed
that the information provided to the Rating Committee by the
primary analyst had been distributed in a timely manner and was
sufficient for Committee members to make an informed decision."

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that the debt assessment has worsened. All
other key rating factors were unchanged.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating action
(see 'Related Criteria And Research').

RATINGS LIST

Ratings Affirmed

Bangladesh (People's Republic of)
Sovereign Credit Rating                BB-/Stable/B
Transfer & Convertibility Assessment
  Local Currency                        BB-


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C H I N A
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KU6 MEDIA: Shanda Media Now a 70% Owner
---------------------------------------
Ku6 Media Co., Ltd., announced that on May 11, 2015, the
controlling shareholder of the Company, Mr. Xudong Xu, has signed
and consummated a share purchase agreement with Shanda Media Group
Limited, to sell 1,938,360,784 ordinary shares of the Company
(amounting to approximately 40.7% of the Company's issued and
outstanding share capital) to Shanda Media.  Subsequent to the
consummation of the Transaction, Shanda Media holds 3,334,694,602
ordinary shares representing 70.0% of the Company's outstanding
shares and becomes the controlling shareholder of the Company.

As of May 11, 2015, Mr. Xu no longer owns ordinary shares of the
Company.

The aggregate consideration for the Sale Shares is the
cancellation of the Promissory Note issued by Mr. Xu to Shanda
Media in the amount of US$47,350,831 and the discharge of the
pledge over all the ordinary shares beneficially owned by Mr. Xu
in favor of Shanda Media pursuant to a share charge dated
April 3, 2014.

In connection with the closing of the Transaction, the Company
also announced the resignation of Mr. Xu and Mr. Jiangtao Li as
directors of the board and all board committee positions which
they held.  Mr. Feng Gao and Mr. Jason Ma were appointed as
directors of the board and Mr. Gao was also appointed as the
chairman of the board of directors as well as chairman of the
compensation and leadership development committee and the
corporate development and finance committee, effective as of
today.  Mr. Gao was also appointed as chief executive officer of
the Company and Mr. Ma appointed as acting chief financial officer
of the Company, with all those appointments effective as of May
11, 2015.

Mr. Gao has served as the Company's president since December 2014.
He has served as the Company's senior vice president of strategic
cooperation and the senior vice president of business development
since September 2011.  From 2005 to 2011, Mr. Gao served as
industry cooperation director in Shanda Online and Shanda
Computer, assistant president in Hurray!Holding and chief
executive officer in Sun Shine after he joined Shanda Group in
2005.  Prior to that, Mr. Gao served in Novell as China pre-sale
engineer, China product marketing manager, China channel marketing
manager and partner manager of the Asia Pacific region.  Prior to
that, Mr. Gao was an engineer in the Chinese Academy of Sciences.
Mr. Gao received a bachelor's degree of computer science from
Beijing Computer College.

Mr. Ma has served as director of internal audit of Shanda
Interactive Entertainment Limited since 2007.  Prior to that, Mr.
Ma served as internal control in APP CHINA, Sinar Mas Group from
2006 to 2007 and finance director of Shanghai Jiahai Investment
from 2002 to 2006.  Mr. Ma was a certified public accountant at
Zhengdexin CPA Firm from 1996 to 2002.  Mr. Ma has also been
qualified as an accountant since 1985 and a certified internal
auditor since 2005.  Mr. Ma received a bachelor's degree of
Mathematics from Northwest Institute for Nationalities.

                          About Ku6 Media

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

Ku6 Media reported a net loss of $10.7 million in 2014 following a
net loss of $34.4 million in 2013.

As of Dec. 31, 2014, the Company had $5.62 million in total
assets, $9.76 million in total liabilities, and a $4.13 million
total shareholders' deficit.

PricewaterhouseCoopers Zhong Tian LLP, in Shanghai, the People's
Republic of China, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31,
2014, citing that the Company's recurring losses, negative working
capital, net cash outflows, and uncertainties associated with
significant changes made, or planned to be made, in respect of the
Company's business model, raise substantial doubt about the
Company's ability to continue as a going concern.


YUZHOU PROPERTIES: Moody's Says Share Placements Credit Positive
----------------------------------------------------------------
Moody's Investors Service say that China Resources Land Limited
(Baa1 stable) and Yuzhou Properties Company Limited's (B1 stable)
plans to place equity shares are credit positive because they will
strengthen the companies' credit quality and liquidity.

CR Land plans to raise net proceeds of approximately HKD10.1
billion while Yuzhou plans to raise about HKD792 million.

"We believe the recent run-up in Chinese property developers'
share prices has made it more attractive for developers to raise
equity capital," says Franco Leung, a Moody's Vice President --
Senior Analyst.

"We believe that developers raising equity capital to support
their business operations will be positive for their credit
profiles and long-term development plans. The proceeds will expand
the companies' funding channels and reduce their reliance on debt,
which has been a major funding source for developers over the past
few years," add Leung.

Moody's notes that its rated developers' aggregate adjusted debt
rose by 29% in 2014, almost twice as fast as contracted sales and
revenue growth, contributing to the companies' weakened financial
performance for the year. The rise reflected developers'
aggressive debt-funded growth plans amid high land premium
payments.

The proposed equity issuance will also improve the developers'
liquidity profiles, which will help support their ongoing funding
needs such as land payments and construction expenses, says
Moody's.

The equity issue will help CR Land control its debt leverage, as
it has stepped up debt-funded land acquisitions in recent years
and its leverage has subsequently increased.

For Yuzhou, the proposed share placement will strengthen the
company's ability to access the equity market. It will be the
first time Yuzhou raises funds from the equity market since its
IPO in 2009.

Looking ahead, Moody's believes more Chinese developers will opt
for share placements to take advantage of rising share prices.

Moody's offers complimentary access to its new topic page, China -
- Reform and Rebalancing, a centralized source for Moody's
research related to key credit issues in China as the country's
rebalancing story unfolds. This report is part of Moody's ongoing
coverage on this theme.



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ARCHIT ORGANOSYS: ICRA Ups Rating on INR3.0cr Cash Loan to B+
-------------------------------------------------------------
ICRA has upgraded the long term rating from [ICRA]B to [ICRA]B+
for the INR3.00 crore (Increased from INR2.50 crore) cash credit
facility and INR0.38 crore term loans facility of Archit Organosys
Limited (AOL). ICRA has reaffirmed the short term rating of
[ICRA]A4 assigned to the INR5.00 crore (increased from INR4.50
crore) short term fund based facilities and INR4.00 crore
(increased from INR3.50 crore) non fund based facilities of AOL.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit facility    3.00       Upgraded to [ICRA]B+
                                      from [ICRA]B

   Term Loans              0.38       Upgraded to [ICRA]B+
                                      from [ICRA]B

   FDBP/FUDBP facility     5.00       [ICRA]A4 reaffirmed

   Letter of Credit        4.00       [ICRA]A4 reaffirmed

The ratings upgrade factors in the healthy revenue growth
witnessed by the company in FY14 and 9M FY15; and improvement in
the capital structure backed by modest accretion to reserves.
Further, the ratings favourably factor in the longstanding
experience of the promoters in the chemical industry; the
company's diversified revenue channels in the form of manufactured
and trading sales and its diversified customer base.
The ratings, however, continue to remain constrained by AOL's
modest scale of operations in an intensely competitive industry
and its weak financial profile characterized by low profit margins
and weak coverage indicators. Further, the rating factors in the
foreign exchange fluctuation risk given the high proportion of
exports of total manufacturing sales and the vulnerability of its
profitability to raw material price fluctuations. ICRA has also
taken a note of the significant contingent liability of the
company related to forex losses on matured derivative contracts
incurred in FY 2009 and interest thereon aggregating to INR1.47
crore as on 31st December 2014 (31% of Tangible net worth as on
31st March 2014); while the matter is currently under litigation,
any unfavourable developments on the matter may impair the
financial profile of the company and constitutes an event based
risk.

Archit Organosys Limited (formerly Shri Chlochem Limited) was
incorporated in 1989 for the production of organic intermediates
viz. Mono Chloro Acetic Acid (MCAA) and Sodium Mono Chloro Acetate
(SMCA). The company's sole manufacturing unit is located at Naroda
GIDC, Ahmedabad in Gujarat with a production capacity of 6000
metric tonne per annum (MTPA) of Mono Chloro Acetic Acid (MCAA).
The company sells its chemical products both in the domestic and
international markets. The company is also involved in trading of
organic and specialty chemicals namely Ethyl Acetate, Acetic
Anhydride, Toluene etc.

Recent Result
During FY 2014, AOL reported an operating income of INR49.21 crore
and profit after tax of INR0.59 crore as against operating income
of INR39.13 crore and profit after tax of INR0.51 crore during FY
2013. Further, in 9M FY 2015 (as per provisional financials), AOL
reported operating income of INR41.13 crore and profit after tax
of INR0.77 crore.


ASSRM & CO: CRISIL Reaffirms B+ Rating on INR50MM Cash Credit
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of ASSRM & Co (ASSRM)
continue to reflect ASSRM's below-average financial risk profile,
marked by a small net worth, high total outside liabilities to
tangible net worth (TOLTNW) ratio, and weak debt protection
metrics.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Buyer Credit Limit      70       CRISIL A4 (Reaffirmed)
   Cash Credit             50       CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the firm's exposure to risks related to
intense competition in the agricultural (agro)-commodities trading
business and to volatility in foreign exchange (forex) rate and
commodity prices. These rating weaknesses are partially offset by
ASSRM's established market position and strong relationships with
suppliers and customers.
Outlook: Stable

CRISIL believes that ASSRM will continue to benefit over the
medium term from its promoters' extensive experience in the agro-
commodities trading business. The outlook may be revised to
'Positive' if the firm significantly improves its profitability,
leading to a better capital structure, and sustains its improved
working capital management. Conversely, the outlook may be revised
to 'Negative' if ASSRM's financial risk profile deteriorates most
likely because of a decline in its margins caused by volatility in
forex rates or commodity prices, or withdrawal of capital by its
promoters.

Update
ASSRM, on a provisional basis, reported revenue of around INR719
million for 2014-15 (refers to financial year, April 1 to March
31), registering a year-on-year growth of around 75.5 per cent.
The operating margin, however, is estimated to decline to below 2
per cent from 5.35 per cent in 2013-14 due to fluctuations in
forex rate. The firm's business risk profile is expected to remain
stable over the medium term supported by its established market
position and healthy relationship with customers, though
constrained by its exposure to volatility in forex rate and
commodity prices.

ASSRM's financial risk profile is below average, marked by a small
net worth, high TOLTNW ratio, and weak interest coverage ratio.
The firm's net worth is estimated to be small at around INR20
million as on March 31, 2015. The TOLTNW ratio is estimated to be
high at around 8.07 times on the same date. The interest coverage
ratio is estimated to be weak at around 1.54 times for 2014-15.
ASSRM's financial risk profile is expected to remain below average
over the medium term, marked by its small net worth, high TOLTNW
ratio, and weak interest coverage ratio.

The firm's liquidity is expected to be adequate over the medium
term, marked by moderate bank limit utilisation and cash accruals,
and absence of any debt-funded capital expenditure (capex) plans.
The bank limits have been utilised moderately at around 86 per
cent for the 12 months through January 2015. The firm is expected
to generate cash accruals of INR4.8 million to INR5.2 million a
year over the medium term; however, it does not have any long-term
debt maturing over the same period. The liquidity is further
supported by absence of debt-funded capex plans.

ASSRM, based in Chennai, was set up by Mr. V S Sundaralingam and
his family. The firm trades in agro-commodities, including pulses
such as dal, moong, and lentils. It imports these pulses and sells
them to other group entities, and retailers, in and around
Chennai.


AUM UDYOG: ICRA Assigns 'B+' Rating to INR7cr Cash Loan
-------------------------------------------------------
ICRA has assigned its rating of [ICRA]B+ on the long-term scale to
the INR7.00 crore cash credit facility and its rating of [ICRA]A4
on the short-term scale to the INR8.00 crore letter of credit of
Aum Udyog. ICRA has also assigned its rating of [ICRA]B+/[ICRA]A4
to the INR5.00 crore unallocated limits of Aum Udyog.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           7.00       [ICRA]B+; assigned
   Letter of Credit      8.00       [ICRA]A4; assigned
   Unallocated Limit     5.00       [ICRA]B+/[ICRA]A4; assigned

ICRA's ratings are constrained by the firm's limited track record
and modest scale of operations; the vulnerability of the firm's
profitability to the fluctuations in raw material prices and
foreign exchange fluctuation risk although the risk is mitigated
to an extent through booking of forwards. The ratings also take
into account the limited value addition and fragmented nature of
the industry which exerts pressure on the firm's operating
margins. Further, the ratings consider the capital withdrawal risk
associated with the firm's status of being a partnership concern.
However, the ratings favourably take into account the extensive
experience of the promoters in the plastic industry; reputed and
diverse customer base of the firm and the favourable demand
outlook for PVC compounds in the domestic market.

Going forward, the firm's ability to increase its scale of
operations, improve its profitability and efficiently manage its
working capital requirements will be the key rating sensitivities.

Aum Udyog was established in 2011 by Mr. Manoj Kumar and Mr. Ashok
Kumar Dugar. The firm is engaged in the manufacturing of PVC
compounds for use in cable, wire, automobile and footwear
industry. The firm's plant is located at Kala Amb, Himachal
Pradesh and has an installed capacity of 9,858 metric tons per
annum (MTPA).

Recent Results As per provisional unaudited financials, Aum Udyog
recorded net profit of INR0.54 crore on an operating income of
INR61.10 crore, as against a net profit of INR0.35 crore on an
operating income of INR51.30 crore in the previous year.


CHANDULAL CHANDRAKAR: CRISIL Puts B Rating on INR1.30BB Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Chandulal Chandrakar Memorial Hospital Pvt Ltd
(CCMHPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan            1,300       CRISIL B/Stable

The rating reflects CCMHPL's small scale of operations in the
highly fragmented healthcare industry and its below-average
financial risk profile marked by high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of CCMHPL's promoters in the
healthcare industry and their funding support to the company.
Outlook: Stable

CRISIL believes that CCMHPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if CCMHPL registers sharp
growth in its scale of operations and profitability, or if its
promoters infuse substantial equity, thereby improving its
financial risk profile, particularly its liquidity. Conversely,
the outlook may be revised to 'Negative' in case of less-than-
expected support from promoters or if the company undertakes any
unanticipated debt-funded capital expenditure programme, weakening
its financial risk profile.

CCMHPL was set up in 1997 by Dr. Mangal Prasad Chandrakar. It
operates two hospitals and a medical college in Chhattisgarh.

CCMHPL reported a profit after tax (PAT) of INR15.8 million on net
sales of INR382.3 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR46.4 million on net
sales of INR231.6 million for 2012-13.


COLOUR COTTEX: CARE Assigns B+ Rating to INR78.98cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of Colour
Cottex Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     78.98      CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Colour Cottex
Private Limited (CCPL) is primarily constrained by the weak
financial risk profile marked by low profitability margins and
high overall gearing. The rating is also constrained by working
capital-intensive nature of operations, fragmented nature of the
industry and foreign exchange fluctuation risks faced by the
company. The rating, however, derives strength from the past
experience of the promoters and healthy scale-up of operations.
The ability of the company to profitably scale up its operations
with improvement in solvency position and efficient management of
the working capital will remain the key rating sensitivities.

CCPL incorporated in June 2012, is promoted by Mr Rajesh Dhanda
(Managing Director) and is engaged in the business of
manufacturing and trading of readymade garments and hosiery goods.
The manufacturing unit of the company is located in Ludhiana,
Punjab. As on March 31, 2014, the company has an installed
capacity of 9 lakhs pieces and 780 tons for the manufacturing of
readymade garments and knitted cloth, respectively. Major portion
of the income is derived from exports to various nations including
African countries, USA, Australia, etc.

CCPL registered a total operating income of INR288.94 crore during
FY14 with PBILDT and PAT of INR16.72 crore and INR0.19 crore,
respectively, as against a total operating income of INR46.92
crore with PBILDT and PAT of INR0.11 crore and INR0.07 crore,
respectively, in FY13.

CCPL achieved a total operating income of INR387 crore in 9MFY15.


CRAYON COLOR: ICRA Suspended B+ Rating on INR5cr LT Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR5.00
crore long term fund based facilities of Crayon Color Private
Limited (CCPL). The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Crayon Color Private Limited (CCPL) was incorporated in the year
2013 by Mr. Manish Patel, Mr. Bharat Soria and Mr. Atul Ghodasara.
The company is involved in trading of ceramic digital inks and
glaze materials which are used in ceramic tile and sanitary ware.
The warehouse of CCPL is located at Morbi, Gujarat and has a
storage capacity of ~30 MT. The promoters of the company have
experience in manufacturing and trading of ceramic raw materials
through their association with another entity.


DASHRATH PRASAD: CRISIL Reaffirms B+ Rating on INR57.3MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Dashrath
Prasad Fertilizers Pvt. Ltd (DPF) continues to reflect DPF's
stretched liquidity marked by its large working capital
requirements and its cash accruals expected to tightly match its
term debt repayment obligations.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan       42.7       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   57.3       CRISIL B+/Stable (Reaffirmed)

The ratings of the company are also constrained on account of the
susceptibility of its operations to changes in government policy
and erratic monsoons, and its small net-worth limiting its
financial flexibility. These rating weaknesses are partially
offset by the extensive experience of DPF's promoters in the
fertilizer industry.
Outlook: Stable

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

DPF incorporated in 2007, was promoted by Mr. Raj Kishore Soni and
his family members. The company manufactures granulated nitrogen-
phosphorous-potassium (NPK) mix fertilizers of various grades. The
company is based in Vijayawada, Andhra Pradesh.


DEV METAL: ICRA Assigns 'C' Rating to INR7cr Fund Based Loan
------------------------------------------------------------
ICRA has assigned long-term rating of [ICRA]C to the INR2.32 crore
term loan and INR7.0 crore fund based limits of Dev Metal & Alloys
Private Limited (DMAPL). ICRA has also assigned short-term rating
of [ICRA]A4 to the INR1.5 crore non-fund based facilities of Dev
Metal.

The ratings are constrained by DMAPL's weak financial profile
characterized by net losses, inadequate debt coverage indicators
and high total outside liabilities to tangible networth. The
ratings are further tempered by the company's stretched liquidity
position due to elongated working capital cycle resulting in
consistently high utilization of working capital limits. ICRA
notes that the build-up of debtors and low net cash accruals have
resulted in cash flow mismatches and consequent delays in debt
servicing in H1 FY 15. However, since last five months, the
company has been regular in debt servicing and there have not been
any delays or devolvement of bank facilities. The ratings also
factor in the company's small scale of operations, de-growth in
its revenues over the last two years due to fund constraints and
the highly competitive business environment. The ratings also take
into consideration, the susceptibility of the company's
profitability and cash flows to adverse fluctuations in prices of
raw materials. ICRA however positively notes the long track record
of the promoters in the aluminium alloy manufacturing business and
the company's established relationship with large die-caters
supplying components to automotive OEMs.

Incorporated in 2000, Dev Metals & Alloys Private Limited (DMAPL)
is engaged in the manufacturing of aluminium alloys which find
applications in the automotive and electronics industries. The
Company's primary manufacturing facility is located in Bhiwandi,
Maharashtra with an aggregate capacity of 500 tonnes per month
(based on 4 shift operations).

Recent Results
During FY 2014, the company reported a net loss of INR0.6 crore on
an operating income of INR26.8 crore. For the eleventh month
period ending February 2015, the company reported a loss of
INR1.12 crore on an operating income of INR14.5 crore.


EXPRESS INFOCOM: CRISIL Reaffirms B- Rating on INR199.4MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Express
Infocom Pvt Ltd (EIPL) continues to reflect EIPL's modest
occupancy level and operating profitability, its weak financial
risk profile, marked by high gearing and a small net worth, and
high geographic concentration in its revenue profile.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Overdraft Facility     41.5      CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     54.1      CRISIL B-/Stable (Reaffirmed)

   Term Loan             199.4      CRISIL B-/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the company's promoters in the real estate industry,
the favourable location of its hotel, and the benefits it derives
from its association with the Sarovar group.
Outlook: Stable

CRISIL's believes that EIPL's credit risk profile will remain
sensitive to timely infusion of funds by its promoters to service
its debt, given its low cash accruals because of its initial years
of operations. The outlook may be revised to 'Positive' if EIPL
achieves higher-than-expected average room rent and occupancy
rates in its initial phase of operations, resulting in comfortable
accruals, thus improving its financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of any delay in
funding support from the promoters to meet the company's term debt
obligations.

EIPL was incorporated in 2006 and is based in Delhi. The company
manages a hotel, Express Sarovar Portico, at Surajkund in
Faridabad (Haryana) and has an operations and maintenance
agreement with Express Sarovar Portico. The hotel has 70 rooms
along with amenities such as banquet hall, restaurant, and
conference halls. The hotel has been operational since June 2011.


FAIRY FOOD: CARE Assigns B Rating to INR7.97cr LT Bank Loan
-----------------------------------------------------------
CARE assigns 'CARE B' and CARE 'A4' rating to the bank facilities
of Fairy Food Products Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.97      CARE B Assigned
   Short-term Bank Facilities    41.00      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Fairy Food Products
Private Limited (FFPPL) are primarily constrained by its weak
financial profile marked by leveraged capital structure and weak
debt coverage indicators and seasonal availability of raw material
(mango, guava) resulting into working capital-intensive nature of
business. Furthermore, the ratings are constrained by its presence
in the highly fragmented and competitive food processing industry
and susceptibility of profitability to fluctuation in foreign
exchange prices.

The ratings, however, derive strength from the established track
record and experienced promoter with certified processing
facility, growth in the total operating income during FY13-FY15
(refers to the period April 1 to March 31) along with moderate
profitability, location advantage through presence in major mango-
cultivation area and healthy demand outlook for processed food.
The ability of the company to increase its scale of operations and
improve its profitability and capital structure in light of high
competition and manage its working capital requirement efficiently
are the key rating sensitivities.

Incorporated in 1983, Bengaluru-based, FFPPL was promoted by Mr
Syed Mateen Aga, Mr Syed Tanzeem Aga, Mrs Shahida Mateen Aga and
Mr Syed Tanzil Aga. The company is engaged in processing of mango
pulp, papaya pulp, guava pulp and pine apple pulp. FFPPL is an ISO
9001:2000 and Hazard Analysis and Critical Control Point (HACCP)
certified company which gives high preference to quality standards
and Food safety. The company procures its entire raw material
(fruits) from the local market i e, from local farmers and
dealers. FFPPL sells its products under the brand name 'Fairy'
both in the domestic market (spread across Andhra Pradesh,
Maharashtra, Tamil Nadu, Kerala and Karnataka states and also
exports to Saudi Arabia, U.A.E and Yemen Arab Republic. 80% of the
revenue was generated through sale of mango pulp during FY13-FY15.

During FY15, FFPPL reported a net profit of INR1.19 crore on a
total operating income of INR49.39 crore as against a profit of
INR0.76 crore on a total operating income of INR43.06 crore in
FY14.


GIRIRAJ COTTON: CARE Assigns B+ Rating to INR6.38cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Giriraj
Cotton Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.38      CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Giriraj Cotton
Limited (GCL) is primarily constrained on account of its small
scale of the operations in the highly fragmented industry with
limited value addition and its weak financial risk profile marked
by thin profit margins, leveraged capital structure and weak debt
coverage indicators. The rating is further constrained on account
of susceptibility of profit margins to fluctuation in cotton
prices, working capital intensive nature of operations,
seasonality associated with the cotton industry and prices and
supply of cotton being regulated by the government.

The rating, however, takes comfort from the experience of the
promoters in the cotton industry along with long track record of
the operations of GCL and location advantage in terms of proximity
to the cotton-growing belt of Gujarat.

The ability of GCL to increase the overall scale of operations by
integrating forward in the cotton value chain along with the
improvement in profit margins and capital structure are the key
rating sensitivities.

Limbdi-based (Gujarat) GCL was incorporated during August 1996 as
a Private Limited Company as Giriraj Cotton Private Limited. Later
on, during November 2009, its constitution was changed to Public
Limited Company with present name. Mr Apurva Shah, Mr Hasmukh
Shah, Mr Pradip Shah and Mr Ashok Shah are the present directors
of the company. GCL was originally promoted by Mr Chimanlal Khakhi
and Mr Babulal Khakhi and subsequently during 2007 the present
directors acquired the same and took charge over the management of
the company. GCL is engaged in the business of ginning and
pressing of raw cotton as well as trading of cotton bales and
cotton seeds. GCL operates from its manufacturing facility located
at Limbdi with an installed capacity of 600 cotton bales per day
as on March 31, 2014.

During FY14 (refers to the period April 1 to March 31), GCL
reported a total operating income (TOI) of INR35.10 crore and PAT
of INR0.04 crore as against a TOI of INR28.91 crore and a PAT of
INR0.09 crore during FY13. Furthermore, as per the provisional
results for 11MFY15, GCL registered a TOI of INR12.91 crore.


GLOBAL WIND: CARE Assigns 'D' Rating to INR346.50cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE D' to long term bank facilities of Global Wind
Power Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long Term Bank Facilities-
   Fund Based                    346.50     CARE D Assigned

Rating Rationale
The rating assigned to the bank facilities of Global Wind Power
Limited (GWPL) factors in the ongoing delay in debt servicing of
various bank facilities. The challenging industry scenario coupled
with adverse exchange rate translated into sub-optimal operating
performance for GWPL resulting in high financial losses in last
few years and weak liquidity profile.

Global Wind Power Limited (GWPL), a company in which China-based
Ming Yang Wind Power Group holds majority stake, caters to the
wind-based power projects in the country and has tower
manufacturing and Nacelle assembling unit at Silvassa Gujarat. In
March 2007, the company entered into technical collaboration
agreements with three European wind turbine generators (WTG) -
Norwin A/S, Fuhrl„nder Services Gmbh & Co and Lagerwey Wind BV for
sale of 750 KW, 2500 KW and 2000 KW WTG, respectively.

The company reported loss of INR146.18 crore on operating income
of INR9.70 crore for FY14 (period beginning April 1, 2013 to March
31, 2014) against loss of INR120.94 crore on operating income of
INR109.11 crore for FY13.


HAYATH FOODS: CARE Assigns 'B' Rating to INR10.41cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B' and CARE 'A4' rating to the bank facilities
of Hayath Foods.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.41      CARE B Assigned
   Short-term Bank Facilities    24.00      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Hayath Foods (HYF)
are primarily constrained by its weak financial profile marked by
leveraged capital structure and weak debt coverage indicators and
working capital intensive nature of business with long operating
cycle. Furthermore, the ratings are constrained by its presence in
the highly fragmented food processing industry characterized by
intense competition, seasonal availability of raw material (mango)
, constitution of the entity as a partnership concern and
susceptibility of margin to fluctuation in exchange rates.
The ratings, however, derive strength from the experience of the
partners in the industry, increase in turnover during FY13-FY15
(refers to the period April 1 to March 31), location advantage
with presence in major mango cultivation area (Chittor) resulting
in easy procurement of mangoes and healthy demand outlook for
processed food.

The ability of the firm to increase its scale of operations and
improve its profitability and capital structure along with
efficient manage its working capital requirement are the key
rating sensitivities.

HYF established in 2007 as a partnership firm and plant located at
Tirupathi By-pass road, Cherlapalli village post, Chitoor, Andhra
Pradesh. HYF was promoted by Mr Syed Mateen Aga, Mr Syed Tanzeem
Aga, Mr Syed Taheem Aga and Mr Syed Tanzil Aga. The firm is
engaged in the processing of various Mango pulp (totapuri &
alphonso) and tomato pulp, and papaya pulp. HYF is an ISO
9001:2000 certified firm. HYF procures its entire raw material
(fruits and vegetables) from the local market, ie, from local
farmers and dealers. HYF sells its products in the domestic market
across India like Andhra Pradesh, Maharashtra, Tamil Nadu, Kerala,
Uttar Pradesh, Gujarat and Karnataka which constituted to about
75% of the revenue during FY15 (Provisional) and rest of 25% is
exported to UAE, Saudi Arabia and Yemen Arab Republic. About 90%
of the revenue was generated through mango pulp during FY15.


JAGDAMBAA AGRO: CARE Assigns 'B' Rating to INR15cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Jagdambaa
Agro Mill Pvt. Ltd.

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

Rating Rationale
The rating assigned to the bank facilities of Jagdambaa Agro Mill
Pvt. Ltd. (JAMPL) are primarily constrained by its project
implementation and stabilisation risk, volatile agro-commodity
(paddy) prices with linkages to vagaries of the monsoon, presence
in regulated and intensely competitive industry marked by presence
of many unorganised players and high near term debt repayment
obligation. The rating, however, derives strength from its
experienced promoters although relatively new in rice milling,
proximity to raw material sources and entitlement to receive
government subsidy.

Going forward, the ability of the company to implement the project
without time and cost overrun and ability to achieve the envisaged
scale of operations and profit levels would be the key rating
sensitivities.

JAMPL incorporated in March 2014, was promoted by Mr Raj Kumar
Patwari and Mr Bijay Kumar Kishorepuria of Patna, Bihar, to set up
a non-basmati rice milling & processing unit and sale of its by-
products like husk, bran, etc, in the domestic market. The company
has initiated a green-field project to commission a rice milling
unit at Purnea district of Bihar with a proposed capacity of about
41,000 MTPA. Total cost of the project is estimated at INR28.92
crore which will be financed by promoter's contribution of INR5.0
crore, unsecured loan from the promoters and associates of INR7.0
crore and term loan of INR16.92 crore. The financial closure has
been achieved. Till April 30, 2015, the company has incurred about
INR12.75 crore (over 47% of the total capital expenditure)
financed through promoter's contribution of INR 5.0 crore,
unsecured loan of INR 3.13 crore and bank financing of INR4.62
crore.


JANACHAITANYA HOUSING: CRISIL Reaffirms D Rating on INR53MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Janachaitanya
Housing Pvt Ltd (JHPL) continues to reflect instances of delays by
JHPL in servicing its debt; the delays have been caused by the
company's weak liquidity.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan        53        CRISIL D (Reaffirmed)

JHPL is exposed to risks related to offtake of its large inventory
of plots and flats, and is susceptible to the cyclicality inherent
in the real estate sector in India. However, the company benefits
from its promoters' experience in the real estate business.

JHPL, promoted by Mr. M Sudhakar and Ms. M Sakuntala, became
operational in 1985 as Janachaitanya Real Estate Developers, a
partnership firm, in Guntur (Andhra Pradesh). In March 1990, the
firm was reconstituted as a private limited company with the
current name.

JHPL is engaged in development of residential and commercial
plots, and construction of buildings. The company also provides
finance for procurement of motor vehicles and farm equipment.


K N INTERNATIONAL: CRISIL Ups Rating on INR190MM Loan to B
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
K N International Limited (KNIL) to 'CRISIL B/Stable' from 'CRISIL
B-/Stable', while reaffirming its rating on the company's short-
term facility at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       350        CRISIL A4 (Reaffirmed)

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

   Term Loan            190        CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that KNIL will sustain
the improvement in its business and financial risk profiles over
the medium term. KNIL reported an operating income of around
INR800 million for 2014-15 (refers to financial year, April 1 to
March 31), and is expected to achieve around INR1 billion in 2015-
16 backed by its healthy order book of around INR2 billion. The
company reported an operating margin of 9.4 per cent for 2013-14
against 7.6 per cent for the previous year, on account of
undertaking the more profitable projects of construction of ash
dykes. The margin is estimated to have remained at 10 to 11 per
cent in 2014-15.

The rating upgrade also factors in KNIL's comfortable financial
risk profile, marked by a healthy gearing, estimated at 0.45 times
as on March 31, 2015, and comfortable interest coverage ratio,
estimated at 4.1 times for 2014-15. Its financial risk profile is
also supported by equity infusion of INR68 million in 2013-14.
CRISIL believes that KNIL will continue to benefit from its
promoters' support over the medium term.

The ratings reflect KNIL's small scale of operations and large
working capital requirements. These rating weaknesses are
partially offset by the benefits that KNIL derives from its
reputed clientele, healthy order book, and low gearing.
Outlook: Stable

CRISIL believes that KNIL will continue to benefit over the medium
term from its established market position. The outlook may be
revised to 'Positive' if the company's liquidity improves further,
driven by an increase in its operating income, profitability, and
net cash accruals. Conversely, the outlook may be revised to
'Negative' if an increase in working capital requirements
significantly weakens KNIL's liquidity, or if the company's scale
of operations and profitability decline.

KNIL, promoted by Mr. Narendra Singh Yadav, began operations in
1988. The company has its facility in Sonebhadra (Uttar Pradesh);
it undertakes construction of roads and ash dyke plants. Its
clientele comprises leading companies such as National Thermal
Power Corporation Ltd, Reliance Infrastructure Ltd, and Hindalco
Industries Ltd (for ash-dyke plants); and government bodies (for
roads construction).


KACHCHH VENEERS: ICRA Reaffirms B+ Rating on INR2cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR2.00 crore cash credit facility (sublimit of letter of credit)
of Kachchh Veneers Private Limited. ICRA has also reaffirmed the
short-term rating of [ICRA]A4 to the INR17.00 crore (enhanced from
INR12.00 crore) letter of credit facility of KVPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit          (2.00)       [ICRA]B+ reaffirmed
   Letter of Credit     17.00        [ICRA]A4 reaffirmed

Rating Rationale
The reaffirmation of the ratings factors in the modest scale of
the company's operations with low profitability and return
indicators on account of low value addition nature of business.
The ratings also factor in the highly competitive business
environment on account of the fragmented industry structure and
low entry barriers for new players. The ratings are further
constrained by the vulnerability of profitability to adverse
fluctuations in imported timber prices and exposure to currency
fluctuations in the absence of a formal hedging policy.
The ratings, however, favourably factor in the long track record
of the promoter group in the timber business coupled with the
group presence across the timber value chain which benefits in
terms of marketing and cross selling activities. The ratings also
take into consideration the location advantage arising due to the
presence of the manufacturing facility in close proximity to
Kandla port. The ratings also factor in the moderate growth in the
operating income of the company in FY 2014.

Kachchh Veneers Private Limited (KVPL) was incorporated in 1997
and is engaged in the business of manufacturing veneer, plywood,
block board, flush door etc and trading of timber. The company is
based out of Gandhidham (Kutch District of Gujarat), near to the
Kandla port. The company is part of the "Goyal Group" who have a
long standing experience in manufacture of timber products,
plywood and veneers. The other entities operating under the "Goyal
Group" includes, Lohit Boards & Panels Private Limited, Dolby
Plyboards Private Limited, Prestige Veneers Private Limited, Goyal
Timber Trades, Cha India Private Limited, and Loang Tong Tea
Company.

Recent Results
During FY 2015 (provisional financials), KVPL reported an
operating income of INR30.25 crore and profit before tax of
INR0.42 crore as against an operating income of INR28.92 crore and
profit after tax of INR0.23 crore during FY 2014.


KALINGA ENTERPRISES: CRISIL Reaffirms B+ Rating on INR90MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kalinga
Enterprises Pvt Ltd (KEPL) continues to reflect KEPL's small scale
of operations, and below-average financial risk profile, marked by
weak debt protection metrics, average total outside liabilities to
tangible net worth ratio, and modest net worth. These rating
weaknesses are partially offset by the extensive experience of
KEPL's promoters in the iron ore and steel products trading
business.

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

Outlook: Stable

CRISIL believes KEPL will continue to benefit over the medium term
from its promoters' extensive experience in iron ore and steel
products trading. The outlook may be revised to 'Positive' if the
company improves its scale of operations and its profitability,
leading to higher-than-expected cash accruals. Conversely, the
outlook may be revised to 'Negative' if KEPL's financial risk
profile deteriorates, most likely because of lower-than-expected
profitability, large debt-funded capital expenditure, stretch in
working capital cycle, or significant financial support to group
entities.

KEPL was originally incorporated in 2006 as Srinathji Iron Pvt
Ltd; the name was changed in May 2009. Since 2010-11, KEPL trades
in iron ore and steel products and also provides transportation
services to its customers on a case-to-case basis. Its operations
are managed by its current directors-Mr. Amit Gupta and Mr. Arup
Gupta.


KINGFISHER AIRLINES: CRISIL Reaffirms D Rating on INR35.27BB Loan
-----------------------------------------------------------------
CRISIL's ratings on bank loan facilities of Kingfisher Airlines
Ltd (KFAL) continue to reflect delays by KFAL in servicing its
debt; the delays have been caused by the company's weak liquidity
and continued losses at the operating level. Losses in the past
seven years have resulted in a complete erosion of KFAL's net
worth, leading to its weak financial risk profile. Presently, the
company does not carry out any commercial operations.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          8940       CRISIL D (Reaffirmed)

   Funded Interest
   Term Loan            2260       CRISIL D (Reaffirmed)


   Long Term Loan       5970       CRISIL D (Reaffirmed)

   Rupee Term Loan     35270       CRISIL D (Reaffirmed)

   Short Term Loan       390       CRISIL D (Reaffirmed)

   Working Capital
   Term Loan            2990       CRISIL D (Reaffirmed)

Incorporated in 2003, KFAL is a part of The UB group which
includes United Breweries Ltd, United Sprits Ltd, Mangalore
Chemicals and Fertilizers Ltd (rated 'CRISIL BBB/Negative/CRISIL
A3+'), and UB Engineering Ltd. KFAL was engaged in rendering
scheduled and unscheduled aircraft passenger and cargo services.
The airline started commercial operations in May 2005 operating a
flight from Mumbai to Delhi. It started its international
operations in September 2008 by connecting Bengaluru (Karnataka)
with London.

For 2012-13 (refers to financial year, April 1 to March 31), KFAL
reported a net loss of INR83.5 billion (Rs.23.3 billion for 2011-
12) on net sales of INR5 billion (Rs.54.85 billion). The company
has not released its financials since December 31, 2013.


MYCON CONSTRUCTION: CRISIL Reaffirms C Rating on INR100MM Loan
--------------------------------------------------------------
CRISIL's ratings continue to reflect Mycon Construction Ltd's
(MCL's) below-average financial risk profile marked by high
gearing and weak debt protection metrics.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        390       CRISIL A4 (Reaffirmed)

   Overdraft Facility    100       CRISIL C (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     20       CRISIL C (Reaffirmed)

   Bank Guarantee        120       CRISIL A4 (Reaffirmed)

   Bank Guarantee         70       CRISIL A4 (Reaffirmed)

The ratings also reflect the company's working-capital-intensive
operations and the geographical and customer concentration in its
revenue profile. These rating weaknesses are partially offset by
MCL's established market position in the construction business and
moderate order book.

MCL was set up as a partnership firm in 1946 by Mr. P C Malpani in
Bengaluru. It was reconstituted as a closely held public limited
company in 1989. The company is engaged in various civil and
structural construction activities for public and private sector
entities in Karnataka, Tamil Nadu, and Odisha.


NAV NIRMAN: CRISIL Reaffirms B- Rating on INR220MM Term Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Nav Nirman Sewa Samiti
(NNSS) continue to reflect NNSS's exposure to regulatory risks
governing educational institutions and to intense competition in
the education sector.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term
   Bank Loan Facility     53.5      CRISIL B-/Stable (Reaffirmed)

   Term Loan             220.0      CRISIL B-/Stable (Reaffirmed)

The rating also factors in the society's weak financial risk
profile, marked by a modest net worth, high gearing, and subdued
debt protection metrics. These rating weaknesses are partially
offset by the established regional position of NNSS's institute,
its diversified course offerings, and the healthy occupancy levels
across various disciplines.
Outlook: Stable

CRISIL believes that NNSS will continue to benefit from the
established regional position of its institute and its diversified
course offerings, over the medium term. The outlook may be revised
to 'Positive' if NNSS achieves sustainable improvement in its
scale of operations, while maintaining its healthy profitability
and improving its capital structure. Conversely, the outlook may
be revised to 'Negative' if the society undertakes a larger-than-
expected debt-funded capital expenditure programme, or if it is
adversely impacted by any regulatory change, resulting in
significant decline in its student intake or its cash accruals.

NNSS was established in 2008 by Mr. Ajay Goyal (chairman) and his
relatives. The society runs the Samalkha Group of Institutions
(SGI) which offers graduate and post-graduate courses in
engineering and management. SGI's campus is in Samalkha (Haryana).


NOOR INDIA: CARE Assigns 'B' Rating to INR7cr LT Bank Loan
----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Noor India
Buildcon Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       7        CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Noor India Buildcon
Private Limited (NBPL) is primarily constrained by its weak
financial risk profile marked by cash losses and decline in the
total operating income during FY14 (refers to the period April 1
to March 31), moderate capital structure, weak debt coverage
indicators and liquidity position, susceptibility of margins to
volatility in input prices in absence of price escalation clauses
and working capital-intensive nature of business. The rating is
further constrained by its presence in a highly fragmented and
competitive industry and customer and geographical concentration
risk.

The rating, however, derives strength from the reasonable track
record of the company and experience of the promoter for more than
five decades in similar industry, satisfactory order book and
long-term relationship with the customers.

The ability of the company to grow its operations, improve its
profitability and liquidity position through effective management
of its working capital requirement are the key rating
sensitivities.

Vapi-based NBPL was incorporated by Mr Amin Yasid Saiyed in the
year 2006. NIBPL is registered as a 'Class AA' contractor (highest
on a scale of AA to E2) with Public Work Department of Gujarat and
secures all the contracts through open bidding process. The
company is in the business of undertaking turnkey projects
involving civil works, erection, commissioning and electrical
works of industrial buildings. NBPL, has orders in hand worth
INR60 crore as on February 28, 2015. NBPL is executing the
contract works for public and private companies.


NORTH EASTERN: ICRA Assigns 'IrB+' Issuer Rating
------------------------------------------------
ICRA has assigned an Issuer Rating of IrB+ to North Eastern
Karnataka Road Transport Corporation.

Rationale
The rating takes into consideration NEKRTC's strategic importance
to the Government of Karnataka (GoK) as a provider of passenger
transport services in the north-eastern region of the State and a
track record of automatic fare revisions at regular intervals in
the past, though the same requires the approval of the State
Government, which could lead to delays. The extent of fare hike in
recent years has not kept pace with the rise in operating costs as
reflected by the losses reported by NEKRTC. The rating is,
however, constrained by NEKRTC's weak financial profile as
reflected by its losses and a consequent negative networth, and
depressed debt coverage indicators, despite regular capital
contributions by GoK for various capital projects. The
Corporation's financial performance is also impacted by the high
percentage (46% in 2013-14) of loss making schedules operated by
NEKRTC leading to its overall losses, and its large payables to
GoK towards motor vehicle (MV) tax. ICRA believes that continuity
of regular transfer of subsidy from GoK towards subsidised
services offered to select passengers would be critical for
NEKRTC's financial performance going forward.

NEKRTC was incorporated in 2000 by the State Government of
Karnataka (GoK) as an independent entity under Section 3 of the
Road Transport Corporation (RTC) Act, 1950, with the aim of
providing public transport system to the commuters in the north
eastern region of Karnataka. With its headquarter in Gulbarga,
NEKRTC provides services in the seven districts of Karnataka
(Bidar, Gulbarga, Bijapur, Yadgir, Raichur, Koppal and Bellary).
Currently, with a fleet strength of around 4,500, NEKRTC operates
close to 3,900 schedules daily through 48 depots.

Recent Results
As per the provisional financial statements, NEKRTC reported an
operating income of INR1,426.35 crore and a net loss of INR15.46
crore in 2014-15 as compared to an operating income of INR1,270.47
crore and a net loss of INR31.95 crore in 2013-14.


PRINCE CONTAINERS: CRISIL Reaffirms B+ Rating on INR120MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Prince Containers Pvt
Ltd (PCPL) continue to reflect PCPL's modest scale of operations
in the fragmented plastic packaging industry, and the company's
large working capital requirements.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           50        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit     110        CRISIL A4 (Reaffirmed)
   Term Loan            120        CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the company's below-average financial
risk profile, marked by a small net worth, high gearing, and
below-average debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of PCPL's promoters
in the plastic packaging industry and the consistent funding
support it receives from them.
Outlook: Stable

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

PCPL was incorporated in 2001, promoted by Mr. Mulchand Chheda,
Mr. Arvind Chheda, and Mr. Manish Chheda along with their family
members. The company manufactures blow-moulded plastic containers.
Its manufacturing facilities are in Daman, and its registered
office is in Mumbai.


RASOYA PROTEINS: CARE Lowers Rating on INR247.27cr LT Loan to D
---------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Rasoya Proteins Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    247.27      CARE D Revised from
                                            CARE BB

   Short-term Bank Facilities     4.43      CARE D Revised from
                                            CARE A4

Rating Rationale
The rating revision follows ongoing delays in debt servicing by
Rasoya Proteins Limited (RPL) due to its stressed liquidity
position.

RPL, incorporated in 1992, is engaged in soya solvent extraction
and refining of soya oil. RPL operates two integrated solvent
plants, with one located at Wani District, Yavatmal (Maharashtra)
and other at Malkapur district, Buldhana (Maharashtra). The Wani
plant has 900 tonnes per day (TPD) of seed crushing capacity, 150
TPD of oil refining capacity and 7 TPD of liquid lecithin
manufacturing capacity, while the Malkapur plant has a 1,000 TPD
of extraction facility, 150 TPD of oil refining capacity, 7 TPD of
liquid lecithin manufacturing capacity and soya floor capacity of
100 TPD.

RPL's product portfolio includes soya de-oiled cake (DOC), soya
hi-pro DOC, soya crude oil, soya refined oil, lecithin and wheat
flour (wheat flour accounted for 1% of the revenue in FY14 [refers
to the period April 1 to March 31]). The soy-based products are
sold under the brand name 'Rasoya', while wheat-based products are
sold under the brand name 'Mejwani'. The company has a 10-megawatt
(MW) captive thermal power plant at its Wani plant. The company
has a power purchase agreement with Maharashtra State Electricity
Distribution Company Limited to sell the excess power. RPL has a
UAE based wholly owned subsidiary named RPL International Trade
FZE (RITF) in Sharjah. RITF was incorporated in June 2011 and is
engaged in the trading of edible oil. RITF purchases refined
edible oil from Malaysia and sells the same outside India and most
of the refined oil sales by RITF are made under the brand name of
'Rasoya'.

As per the SEBI circular dated September 24, 2014, , RPL and five
of its directors have been restrained from accessing the
securities market and further prohibited from buying, selling or
dealing in securities or any instrument exchangeable or
convertible into securities, directly or indirectly, in any manner
whatsoever, till further directions.

During 9MFY15 (refers to the period April 1 to December 31), RPL's
total operating income stood at INR443.05 crore and the company
reported net loss of INR19.59 crore (provisional results).


SAHUL FINANCE: CRISIL Suspends B Rating on INR59.9MM LT Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Sahul
Finance Limited (Sahul Finance).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          40         CRISIL B/Stable
   Long Term Loan       59.9       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
Sahul Finance with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, Sahul
Finance is yet to provide adequate information to enable CRISIL to
assess Sahul Finance'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'.

Sahul Finance, incorporated in 1986 and promoted by Mr. Padam
Agarwal, is a registered non-banking finance company that finances
used heavy commercial vehicles and equipment. It is part of the
Sahul group; other Sahul group entities are Sahul India Ltd, Sahul
Research Foundation Ltd, Sahul Herbals Pvt Ltd, and Sahul Realty
Ltd. Sahul Finance operates predominantly in West Bengal, which
accounts for 70 per cent of portfolio outstanding as on March 31,
2014.

For 2013-14 (refers to financial year, April 1 to March 31), Sahul
Finance reported a profit after tax (PAT) of INR2.9 million on a
reported total income of INR26.7 million, against a PAT of INR1.66
million on a reported total income of INR23.0 million for the
previous year.


SAIGON INFRATECH: CARE Assigns B+ Rating to INR5cr LT Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Saigon Infratech Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       5        CARE B+ Assigned
   Short term Bank Facilities      5        CARE A4 Assigned

Rating Rationale
The ratings assigned to Saigon Infratech Private Limited (SIPL)
are primarily constrained by its initial year and small scale of
operations coupled with low net worth base, below average
financial risk profile and concentrated order book. The ratings
are further constrained by its presence in the highly fragmented
and competitive industry and challenging business environment
faced by the construction industry.

The ratings, however, draw comfort from experienced promoter in
the civil construction business and healthy unexecuted order book
position.

Ability of the company to scale up of its operations while
maintaining its profitability margins and capital structure along
with effective working capital management shall be the key rating
sensitivities. Furthermore, timely execution of order book
position shall also remain the key rating sensitivity.

Incorporated in 2011, SIPL is promoted by Mr Neeraj Tyagi and Mr
Abhimanyu Pratap Singh Tyagi. The company started its commercial
operations in June 2012 and is engaged in execution of civil
construction projects like construction of commercial building,
office complex, hard scaping stone work and residential projects
for both private organizations and government departments. The
company procures its raw material i e sand, cement, steel bars
etc. from domestic dealers and distributors. As on March 31, 2015,
SIPL has an unexecuted order book of INR61.06 crore with an
average tenure of 12 to 18 months. The group companies of SIPL
include Sai Shagun Buildtech Private Limited and Saigon Traders &
Contractors which are setup for the real estate development and
yet to commence its commercial operations.

SIPL reported a PAT of INR0.20 crore on a total operating income
of INR4.40 crore in FY14 (refers to the period April 1 to March
31) as against PAT of INR0.03 crore on a total operating income of
INR1.52 crore in FY13. During FY15, SIPL has reported total
operating income of around INR15 crore.


SHREY SOFTWARE: CRISIL Reaffirms B Rating on INR130MM Bank Loan
---------------------------------------------------------------
CRISIL ratings on the bank facilities of Shrey Software Pvt Ltd
(SSPL) continues to reflect SSPL's exposure to risks associated
with project execution and offtake, and susceptibility to
cyclicality in the Indian real estate industry. These rating
weaknesses are partially offset by the extensive experience of
SSPL's promoters in the real estate industry.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Proposed Long Term
   Bank Loan Facility    130        CRISIL B/Stable (Reaffirmed)

   Term Loan              70        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SSPL will continue to benefit over the medium
term from its promoters' extensive experience in the real estate
industry. The outlook may be revised to 'Positive' in case the
company successfully completes its project before the stipulated
timeline and records higher-than-expected realisations, leading to
better-than-expected profitability. Conversely, the outlook may be
revised to 'Negative' in case SSPL faces any time or cost overruns
in the successful completion of its project or in case of lower-
than-expected offtake of the project, resulting in further
weakening of its financial risk profile.

SSPL, incorporated in 2005, is part of the Ninex group, which has
been in the commercial and residential real estate development
business in and around the National Capital Region of Delhi for
nearly two decades. The key promoters of the company are Mr.
Sandeep Garg and his father, Mr. Ram Mehar Garg. SSPL is setting
up an information technology/software park in Noida (Uttar
Pradesh).


SLR CONSTRUCTION: CRISIL Puts B+ Rating on INR25MM Overdraft Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of SLR Construction Pvt Ltd (SLRPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term      2         CRISIL B+/Stable
   Bank Loan Facility

   Bank Guarantee         90         CRISIL A4

   Overdraft Facility     25         CRISIL B+/Stable


The ratings reflect SLRPL's small scale of its operations in the
intensely competitive civil construction industry and working-
capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of SLRPL's promoters
in the civil construction industry and average financial risk
profile marked by moderate gearing.
Outlook: Stable

CRISIL believes that SLRPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company improves its
capital structure either by equity infusion or higher-than-
expected cash accruals, backed by increase in the scale of
operations along with improvement in its working capital
management. Conversely, the outlook may be revised to 'Negative'
if SLRPL's financial risk profile deteriorates on account of
decline in its revenue and profitability or in case of any larger-
than-expected debt-funded capital expenditure or if the company's
liquidity weakens significantly on account of increase in its
working capital requirements.

SLRPL was incorporated in 2005 by Delhi-based Bansal family. The
company is a class 'A' civil contractor for Compressed Natural Gas
(CNG) stations and buildings. SLRPL is operating in Delhi/National
Capital Region, Rajasthan, Uttar Pradesh, Gujarat, Haryana,
Karnataka, and Tripura. Mr. Shiv Kumar Bansal is the key promoter
in the company and is also actively engaged in managing the day-
to-day business of the company.

SLRPL registered net profit of INR0.71 million on net sales of
INR85.41 million for 2013-14 (refers to financial year, April 1 to
March 31); it had registered net profit of INR2.50 million on net
sales of INR233.78 million for 2012-13.


SUPER SEAL: CRISIL Reaffirms B+ Rating on INR20MM Cash Credit
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Super Seal Flexible
Hose Limited (SSFHL) to continues to reflect SSFHL's modest scale
of operations in the intensely competitive hose manufacturing
industry coupled with working capital intensive nature of
operations.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Inland/Import
   Letter of Credit       10        CRISIL A4 (Reaffirmed)

   Proposed Cash
   Credit Limit           20        CRISIL B+/Stable (Reaffirmed)

   Standby Overdraft
   Facility               70        CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of SSFHL's promoters, and the financial support that
the company receives from them.

Outlook: Stable

CRISIL believes that SSFHL will continue to benefit from its
promoters' extensive experience and established relationships with
customers. The outlook could be revised to 'Positive' in case the
company reports higher than expected cash accruals while improving
its working capital cycle. Conversely, the outlook may be revised
to 'Negative' if there is a significant decline in revenues or
operating profitability or further stretch in working capital
cycle, leading to pressure on its liquidity.

Established in 1995, SSFHL is a Noida-based company, engaged in
the manufacturing of hydraulic and industrial hose. The company
also undertakes assembling of hose on job work basis. SSFHL is
managed by Mr. Sanjay Kumar Das and his family members.

SSFHL reported a net loss of INR26.6 million on net sales of
INR272 million for 2013-14 (refers to financial year, April 1 to
March 31), as against net loss INR 16.3 million on net sales of
INR 234.2 million for 2012-13.


TRIKOOT IRON: ICRA Lowers Rating on INR31.79cr LT Loan to 'D'
-------------------------------------------------------------
ICRA has revised its long term rating on the INR31.79 crore fund
based limits of Trikoot Iron & Steel Casting Limited (TISCL) to
[ICRA]D from [ICRA]B+. ICRA has also revised its short term rating
on the INR6.00 crore non fund based limits of the company to
[ICRA]D from [ICRA]A4.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund        31.79        [ICRA]D; revised from
   Based Limits                       [ICRA]B+

   Short Term Non         6.00        [ICRA]D; revised from
   Fund Based Limits                  [ICRA]A4

The revision in ratings is driven by continuous overutilization by
TISCL of its bank limits. This was on account of a liquidity
stretch as the company's manufacturing unit has been running at a
very low capacity utilization levels on account of high cost of
manufacturing. TISCL is also impacted by competitive pressures
from both large and medium sized players, as well as players in
the unorganized sector, in the TMT* bars and girders segment.
ICRA, however, takes note of the extensive experience of the
promoters in the steel industry.

Going forward, an improvement in TISCL's utilization of its
working capital limits due to an improvement in its liquidity
position and a sustained improvement in its cost structure will be
the key rating sensitivities.

TISCL was established in 1968 as a partnership firm named Bharat
Steels. Over the years, the company has undergone various changes
in its constitution and was converted into a public limited
company in 2005 and its name was changed to the present name in
2008. Mr. Satish Chand Goel, who has extensive experience in the
iron and steel industry, holds a majority stake in the company.
The company was initially involved only in the manufacture of mild
steel ingots, but from 2008, it commenced manufacture of TMT Bars
also. Currently the company manufactures Mild Steel Ingots, TMT
bars and Steel Girders.

Recent Results
For FY2014, the company reported a Profit After Tax (PAT) of
INR1.60 crore on an Operating Income (OI) of INR126.18 crore, as
compared to a PAT of INR(5.65) crore on an OI of INR134.63 crore
in the previous year. For the 11 months ended February, 2015, the
company reported revenues of INR71 crore.


VETRIVEL EXPLOSIVES: CRISIL Reaffirms B+ Rating on INR50MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vetrivel Explosives Pvt
Ltd (VEPL) continue to reflect the company's below-average
financial risk profile, marked by high gearing and average debt
protection metrics, and its modest scale of operations in the
intensely competitive civil explosives segment. These rating
weaknesses are partially offset by the extensive experience of
VEPL's promoters and the company's established regional presence
in the explosives industry.
                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee       40        CRISIL A4 (Reaffirmed)
   Cash Credit          50        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit     40        CRISIL A4 (Reaffirmed)
   Term Loan            42.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VEPL will continue to benefit over the medium
term from its established regional presence and healthy customer
relationships. The outlook may be revised to 'Positive' if the
company records significant growth in revenue and profitability,
with sizeable cash accruals, leading to significant improvement in
its capital structure and liquidity. Conversely, the outlook may
be revised to 'Negative' if the company's financial risk profile
deteriorates because of low cash accruals or substantial debt-
funded capital expenditure or deterioration in its working capital
requirement.

VEPL was set up as a partnership firm in Salem (Tamil Nadu) in
1999. The firm was reconstituted as a closely held private company
in 2000. Till 2012-13 (refers to financial year, April 1 to March
31), VEPL manufactured only civil explosives. Since 2013-14, post-
merger with Sivasakthi Hotels, the company also operates a 4-star
hotel at Salem.



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


MNC INVESTAMA: S&P Puts 'BB-' CCR on CreditWatch Negative
---------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
corporate credit rating and 'axBB+' long-term ASEAN regional scale
rating on PT MNC Investama Tbk. on CreditWatch with negative
implications.  S&P also placed its 'BB-' long-term issue rating on
the senior secured notes guaranteed by MNC Investama on
CreditWatch with negative implications.  Ottawa Holdings Pte. Ltd.
issued the notes.

MNC Investama is an Indonesia-based holding company with sizable
media interests and growing operations in financial services.

"Our CreditWatch placement reflects the prospects of weakened
interest coverage and higher consolidated leverage through 2016 at
MNC Investama," said Standard & Poor's credit analyst Katsuyuki
Nakai.  "This comes after subdued operating performance at the
holding company's media operations over the past six months, and
growing interest expense due to currency depreciation and higher
leverage at key subsidiaries."

MNC Investama relies on dividends from its operating subsidiaries
to service interest on US$365 million in senior notes at the
holding company.

S&P believes the coverage of interest expense at MNC Investama's
level by dividends received from its operating subsidiaries could
remain below 1.0x over the next 12 months.  S&P expects industry
conditions in Indonesia's media sector to remain tough for the
next 12 months at least as subdued consumer sentiment is
translating into slower advertising growth.  This will continue to
affect earnings growth and reduce prospective dividend payments to
MNC Investama.  The group's advertising and content revenues and
EBITDA rose only about 1% for the quarter ended March 31, 2015,
compared with the same period in 2014.

MNC Investama's consolidated debt is 80%-90% denominated in U.S.
dollars while almost 100% of its revenues and cash flows are in
Indonesian rupiah.  The rupiah depreciation over the past 18
months will also likely compound lower dividends from operating
companies and further compress the coverage ratio at the holding
company level, in S&P's view.

The interest burden across the group has increased with the rupiah
depreciation.  The interest expense coverage on MNC Investama's
US$365 million notes by dividends from its operating subsidiaries
weakened below 1.0x in 2014, compared with S&P's expectation of
more than 1.1x.  "We believe this ratio could remain below 1.0x in
2015, requiring the sale of financial assets to bridge the
shortfall," Mr. Nakai said.

Consolidated debt at MNC Investama increased to Indonesian rupiah
(IDR) 14.0 trillion in March 2015, excluding deposits from its
banking operations.  MNC Investama raised a US$250 million term
loan in September 2014 for capital expenditure and working
capital.

"We expect MNC Investama's consolidated capital spending could
exceed IDR2 trillion in 2015 as the company continues to spend on
studio construction, pay-TV infrastructure, and the roll-out of
broadband operations to increase penetration.  We believe this
capital spending will likely require additional debt, which could
in turn further erode MNC Investama's consolidated leverage
ratios," Mr. Nakai said.

S&P plans to resolve the CreditWatch status within the next four
weeks after a detailed review of the company's growth aspiration,
its capital spending plan through 2016, and the implications on
its capital structure.

S&P may lower the rating, most likely by one notch, if its
projections indicate that the adjusted debt-to-EBITDA ratio will
remain above 4.0x with no prospect of improvement, due to subdued
earnings performance or higher debt at the operating companies
because of aggressive capital spending.  S&P may also lower the
rating if it believes interest coverage at the holding company
level remains weak or if the group's liquidity position erodes
because of aggressive capital spending.



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


SHARP CORP: Posts JPY222BB Annual Loss; To Cut Thousands of Jobs
----------------------------------------------------------------
Japan Today reports that Sharp Corp. on May 14 said it was cutting
thousands of jobs in a fresh turnaround plan to keep it afloat as
the struggling firm posted a bigger-than-expected JPY222 billion
annual loss.

The report relates that the net loss -- much bigger than an
earlier 30 billion yen forecast -- came as Sharp said it would cut
about 10% of its 49,000-strong global workforce, including 3,500
jobs in Japan.

According to the report, the firm said it hoped to swing to an
JPY80 billion operating profit in the current fiscal year, but it
did not give a net profit forecast.

Japan Today relates that the embattled Aquos-brand maker said it
would sell the building that houses its Osaka headquarters to
raise cash, roll out unspecified pay cuts, and launch a drastic
capital reduction plan to wipe away huge losses.

Sharp -- a major Apple supplier and leader in screens for
smartphones and tablets -- also said it would issue
JPY200 billion worth of new shares with no voting rights to Mizuho
Bank and Bank of Tokyo-Mitsubishi UFJ as part of its bid to repair
a badly damaged balance sheet, Japan Today relays.

"Our company is facing an extremely difficult situation,"
president Kozo Takahashi told reporters, Japan Today relays.  "By
implementing these structural reforms, we believe we can see a
concrete path toward recovery."

Sales in the last fiscal year fell 4.8% to JPY2.78 trillion,
Sharp, as cited by Japan Today, said.

                        About Sharp Corp.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.


SHARP CORP: S&P Lowers CCR to 'CCC-'; Still on Watch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered by two
notches to 'CCC-' its long-term corporate credit rating on Japan-
based electronics company Sharp Corp.  S&P kept the rating on
CreditWatch with negative implications.  At the same time, S&P's
'CCC+' long-term debt rating and its 'C' short-term corporate
credit and commercial paper program ratings remain on CreditWatch
with negative implications.  In addition, S&P lowered its long-
term corporate credit rating on Sharp's overseas subsidiary Sharp
International Finance (U.K.) PLC to 'CCC-' and kept it on
CreditWatch with negative implications. Our 'C' short-term
corporate credit and commercial paper program ratings on Sharp
International Finance remain on CreditWatch with negative
implications.

S&P placed the long-term ratings on Sharp and its overseas
subsidiary on CreditWatch with negative implications on Feb. 4,
2015, following Sharp's announcement of a steep cut in forecast
earnings.  Later on March 3, 2015, S&P downgraded Sharp to reflect
S&P's view that the company is more likely than previously to ask
its main lender banks for support in a form S&P defines as 'SD',
and it kept the ratings on CreditWatch with negative implications.
The CreditWatch placement has continued to date.

Standard & Poor's downgraded Sharp and kept the ratings on
CreditWatch with negative implications following the company's
May 14 announcement that it had entered into a subscription
agreement with its two main lender banks to issue preferred
securities to repay borrowings from each bank as a part of the
company's medium-term management plan.  S&P regards this
transaction as a de facto debt-for-equity swap and view the
transaction and the ratings downgrade on the company to 'SD' as
likely.  When Sharp's shareholders approve the issuance of
preferred securities at the shareholders' meeting and S&P confirm
the company has issued such securities and repaid borrowings, it
plans to lower its long- and short-term corporate credit ratings
on Sharp to 'SD'.

S&P made no change to its 'CCC+' long-term debt rating on Sharp
and kept it on CreditWatch with negative implications.  As a
result, the long-term debt rating exceeds the long-term corporate
credit rating by two notches.  Before S&P took rating actions,
both ratings were the same.

The difference between the long-term credit and debt ratings on
Sharp reflects S&P's view that the likelihood of the company
fulfilling its obligations to bondholders over those to lenders
further increased because its main lender banks are likely to
accept a de facto debt-for-equity swap.  The difference also
incorporates S&P's downward notching of the long-term debt rating
on Sharp, which it has done based on the high ratio of the
company's priority liabilities to total assets at about 25%.  On
the other hand, S&P kept the ratings on CreditWatch with negative
implications given that realization of the company's plans is
subject to approval at a shareholders' meeting and that a
likelihood of debt exchange remains.



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


MCVITTY PROPERTIES: Liquidation Leaves BNZ w/ NZ$2.6MM Shortfall
----------------------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that the liquidation of
McVitty Properties has been completed leaving its creditor Bank of
New Zealand with a reported NZ$2.6 million shortfall. The
investment company was placed into receivership in March 2010 when
it failed to pay debts that included NZ$43 million it owed to BNZ.

The company owed unsecured creditors NZ$151,780. Grant Thornton's
David Ruscoe and Richard Simpson were the liquidators of the
company, the report notes.



=================
S I N G A P O R E
=================


PRECISION CAPITAL: S&P Affirms Then Withdraws 'B+' CCR
------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B+' long-term corporate credit rating and 'axBB' ASEAN regional
scale rating on Precision Capital Pte. Ltd., a Singapore-based
manufacturer of mechanical hard disk drive (HDD) components.  S&P
subsequently withdrew the rating at the company's request.  At the
same time, S&P affirmed and then withdrew the 'B+' issue rating on
the outstanding senior secured notes of MMI International Ltd., a
special purpose vehicle.  Precision Capital guarantees the notes.

The rating prior to its withdrawal reflected Standard & Poor's
opinion on Precision Capital's high customer concentration, risks
in the HDD industry, and the financial sponsor's controlling
ownership.  The company's established market position and positive
free operating cash flow tempered these weaknesses, in S&P's view.

The stable outlook at the time of the withdrawal reflected the low
risk, in S&P's view, that Precision Capital's ratio of debt to
EBITDA would rise beyond 5x over the next six to 12 months.  The
outlook also reflected S&P's view that the company's liquidity is
likely to remain adequate during the same period.

RATINGS SCORE SNAPSHOT

Corporate Credit Rating: B+/Stable/--

Business risk: Weak
     Country risk: Intermediate
     Industry risk: Moderately high
     Competitive position: Weak

Financial risk: Aggressive
     Cash flow/Leverage: Aggressive

Anchor: b+

Modifiers
     Diversification/Portfolio effect: Neutral (No impact)
     Capital structure: Neutral (No impact)
     Financial policy: FS-5 (No impact)
     Liquidity: Adequate (No impact)
     Management and governance: Fair (No impact)
     Comparative rating analysis: Neutral (No impact)



                             *********

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
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                 *** End of Transmission ***