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                      A S I A   P A C I F I C

          Tuesday, December 15, 2015, Vol. 18, No. 247


                            Headlines


C H I N A

UTSTARCOM HOLDINGS: Shah Capital Owns 15.2% of Ordinary Shares


I N D I A

BRINDHA COTTON: Ind-Ra Assigns BB- Rating; Outlook Stable
JSB ENTRADE: Ind-Ra Assigns B Issuer Rating; Outlook Stable
KAMACHI SPONGE: Ind-Ra Affirms 'D' Long-Term Issuer Rating
MEHADIA SALES: Ind-Ra Raises Rating to BB; Outlook Stable
PACIFIC CONSTRUCTIONS: Ind-Ra Assigns B+ Rating; Outlook Stable

PAMI METALS: Ind-Ra Assigns BB Rating; Outlook Stable
PRIVILEGE HEALTHCARE: Ind-Ra Lowers Rating to D; Outlook Stable
RAJ INFRASTRUCTURAL: Ind-Ra Withdraws BB+ Issuer Rating
RG INFRACITY: Ind-Ra Assigns BB- Rating; Outlook Stable
SRI VIDYA: Ind-Ra Lowers Rating to D; Outlook Stable

ST.MARY'S EDUCATIONAL: Ind-Ra Affirms B+ Rating on Bank Facility
V.G. PAPER: Ind-Ra Assigns B+ Rating; Outlook Stable


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C H I N A
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UTSTARCOM HOLDINGS: Shah Capital Owns 15.2% of Ordinary Shares
--------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, Shah Capital Management, Inc. disclosed that as of
Dec. 4, 2015, it beneficially owns 5,649,369 ordinary shares of
Utstarcom Holdings Corp., representing 15.2 percent of the shares
outstanding. A copy of the regulatory filing is available for free
at http://is.gd/vsZlHA

                       About UTStarcom, Inc.

UTStarcom, Inc. (Nasdaq: UTSI) -- http://www.utstar.com/-- is a
global leader in IP-based, end-to-end networking solutions and
international service and support. The Company sells its
solutions to operators in both emerging and established
telecommunications markets around the world. UTStarcom enables
its customers to rapidly deploy revenue-generating access services
using their existing infrastructure, while providing a migration
path to cost-efficient, end-to-end IP networks. The Company's
headquarters are currently in Alameda, California, with its
research and design operations primarily in China.

UTStarcom reported a net loss of $30.3 million in 2014, a net loss
of $22.7 million in 2013 and a net loss of $34.4 million in 2012.
As of Sept. 30, 2015, the Company had $209.41 million in total
assets, $105 million in total liabilities and $104 million in
total equity.



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I N D I A
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BRINDHA COTTON: Ind-Ra Assigns BB- Rating; Outlook Stable
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Brindha Cotton
Mills Private Limited (BCMPL) a Long-Term Issuer Rating of
'IND BB-'.  The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect BCMPL's small scale of operations and moderate
credit profile.  In FY15, revenue was INR361 mil. (FY14: INR359
mil.), net financial leverage (Ind-Ra adjusted net debt/operating
EBITDA) was 3.5x (3.6x) and EBITDA interest cover was 1.7x (1.8x).
EBITDA margins deteriorated in FY15 due to the increased raw
material cost but remained moderate at 9.6% (FY14: 12.2%).

The ratings benefit from management focus on rationalizing the
working capital which has resulted in the company's net working
capital cycle improving to 56 days in FY15 from 103 days in FY14.
BCMPL's liquidity is comfortable with around 95% average
utilization of the working capital limits for the 12 months ended
October 2015.

The ratings are also supported by the promoters' over 10 years of
experience in the cotton yarn manufacturing business.

RATING SENSITIVITIES

Positive: Substantial growth in the top line while maintaining the
profitability leading to a sustained improvement in the credit
metrics will lead to a positive rating action.

Negative: A substantial decline in the profitability resulting in
sustained deterioration in the credit profile will lead to a
negative rating action.

COMPANY PROFILE

Incorporated in 2000, Ambasamudram -based BCMPL is engaged in
cotton yarn manufacturing.  It utilizes around 95% of its
installed capacity of 35,750 spindles.


JSB ENTRADE: Ind-Ra Assigns B Issuer Rating; Outlook Stable
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned JSB Entrade
Private Limited (JSB) a Long-Term Issuer Rating of 'IND B'.  The
Outlook is Stable.  The agency has also assigned JSB's INR50 mil.
fund-based working capital limits an 'IND B' rating with Stable
Outlook.

KEY RATING DRIVERS

The ratings reflect JSB's weak credit profile due to the trading
nature of its business.  In FY15, interest coverage was 1.4x and
net financial leverage was 9.7x.  The ratings also factor in
deterioration in the company's working capital cycle to 163 days
in FY15 (FY14: 40 days) due to higher debtor days of 101 (40) to
maintain its positive revenue growth.

The ratings are supported by JSB's director's experience of around
two decades in the trading business.

RATING SENSITIVITIES

Positive: A sustained improvement in the interest coverage could
lead to a positive rating action.

Negative: Any deterioration in the interest coverage could lead to
a negative rating action.

COMPANY PROFILE

JSB was incorporated 2011; however, operations commenced from
2013.  The company trades rice, cement and oil seed.  The
company's operations are limited to north-eastern states such as
Assam, Arunchal Pradesh and Meghalaya.  A major portion of JSB's
revenue comes from rice trading.


KAMACHI SPONGE: Ind-Ra Affirms 'D' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kamachi Sponge &
Power Corporation Ltd's (KSPCL) Long-Term Issuer Rating at
'IND D'.

KEY RATING DRIVERS

The ratings reflect KSPCL's continued delays in servicing term
loan interest and installments in the 12 months ended October 2015
due to its tight liquidity.

RATING SENSITIVITIES

Timely debt service for three consecutive months will result in a
positive rating action.

COMPANY PROFILE

Incorporated in 2003, KSPCL manufacturers and trades in sponge
iron, mild steel billets and thermo-mechanical treated (TMT) bars.
The company has integrated steel plant comprising facilities to
manufacture 120,000MT of sponge iron; 205,000MT of steel billets
and 500,000MT of TMT bars.  It also operates a 10MW waste heat
recovery plant and a 70MW thermal power plant to generate power
for captive consumption.  The company's debt was restructured
under corporate debt restructuring in February 2013.


MEHADIA SALES: Ind-Ra Raises Rating to BB; Outlook Stable
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Mehadia Sales
Trade Corporation Private Limited's (MSTCPL) Long-Term Issuer
Rating to 'IND BB' from IND B+.  The Outlook is Stable.

KEY RATING DRIVERS

The upgrade reflects an improvement in MSTCPL's scale of
operations as well as gross and net interest coverage.  During
FY15, MSTCPL earned revenue of INR3,352 mil. (FY13: INR2,823
mil.), net interest coverage of 1.5x (1.2x) and the gross interest
coverage of 1.2x (1.1x).  The improvement in the interest coverage
was due to the interest realization from extended debtors.

The liquidity position of the entity remains tight with almost
full use of its working capital limits during the12 months ended
September 2015.

The ratings continue to benefit from the promoters' over two
decades of experience in the trading of iron and steel.

RATING SENSITIVITIES

Positive: Gross EBITDA interest coverage ratio being sustained
above 1.5x will be positive for the ratings.

Negative: Any material deterioration in the gross EBITDA interest
coverage ratio will lead to a negative rating action.

COMPANY PROFILE

MSTCPL was started by Pankaj Agarwal in 1999 as a proprietorship
concern Mehadia Sales Trade Corporation.  In June 2012, it was
changed into a private limited company.  MSTCPL trades mainly in
TMT bars in the states of Maharashtra, Karnataka, Orissa,
Chhattisgarh, and Madhya Pradesh. Its registered office is in
Nagpur.

The company is managed by two directors Pankaj Agarwal and
Balmukund Keyal.

During FY15, MSTCPL reported net revenue of INR3,352 mil. (FY14:
INR2,230 mil.) with operating EBITDA margins of 1.5% (1.6%).


PACIFIC CONSTRUCTIONS: Ind-Ra Assigns B+ Rating; Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Pacific
Constructions (PC) a Long-Term Issuer Rating of 'IND B+'.  The
Outlook is Stable.

KEY RATING DRIVERS

The ratings are constrained by PC's small scale of operations as
evident from the top line of INR122.15 mil. in FY14 (FY13:
INR75.25 mil.) coupled with a continuous decline in EBITDA margins
to 7.12% in FY14 (FY13: 11.30%, FY12: 9.09%).  The ratings are
further constrained by PC's low interest coverage of 1.72x in FY14
(FY13: 1.92x) and the partnership structure of the firm.

However, the ratings are supported by PC's comfortable liquidity
position as reflected in its 77% use of the working capital
facility on an average during the 10 months ended October 2015 and
more than 15 years of its partners' experience in executing
sewerage, water supply and building works.

RATING SENSITIVITIES

Positive: A significant improvement in the scale of operations
along with a sustained improvement in the interest coverage will
be positive for ratings.

Negative: An overall deterioration in the credit profile of the
firm will be negative for the ratings.


PAMI METALS: Ind-Ra Assigns BB Rating; Outlook Stable
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Pami Metals Pvt.
Ltd. (PAMI) a Long-Term Issuer Rating of 'IND BB'.  The Outlook is
Stable.

KEY RATING DRIVERS

The ratings are constrained by PAMI's moderate scale of operations
with revenue of INR808 mil. in FY15 (FY14: INR814 mil.).  The
ratings reflect PAMI's moderate credit profile in FY15 with
operating EBITDA interest coverage of 1.5x (FY14: 1.4x), net
leverage of 4.5x (3.6x) and fluctuating operating EBITDA margins
of 9.6% (FY14: 11.8%. FY13: 9.1%).

The ratings benefit from PAMI's diversified customer base as well
as over two decades of experience of the company's promoter in
manufacturing copper components and fabricated sheet metals.

PAMI's liquidity is comfortable as evident from its 89.42% average
working capital use over the 12 months ended November 2015.

RATING SENSITIVITIES

Positive: A sustained increase in the revenue along with an
improvement in the overall credit metrics will be positive for the
ratings.

Negative: Any deterioration in the overall credit metrics will be
negative for the ratings.

COMPANY PROFILE

Incorporated in 1989, PAMI is a Kolkata-based company promoted by
Mr. Gopi Kishan Damani and Mr. Rajesh Kumar Damani.  The company
manufactures copper components, copper extrusions and fabricated
sheet metals.  It also undertakes assembling of high tension
panels.  The company mainly caters to the power and infrastructure
sectors and has two manufacturing and assembly units, one in
Kolkata (West Bengal) and the other in Vadodara (Gujarat).


PRIVILEGE HEALTHCARE: Ind-Ra Lowers Rating to D; Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Privilege
Healthcare Services Private Limited's (PHSPL) Long-Term Issuer
Rating to 'IND D' from 'IND B+'.  The Outlook was Stable.  The
agency has also downgraded PHSPL's INR280 mil. term loans to
'IND D' from 'IND B+'.

KEY RATING DRIVERS

The ratings reflect PHSPL's delays in servicing interest on the
term loans for the 12 months ended September 2015 due to stretched
liquidity.

RATING SENSITIVITIES

Timely debt servicing for three consecutive months could result in
a positive rating action.

COMPANY PROFILE

PHS was incorporated in November 2009 by Dr. Nikita Trehan (99%
stake).  PHS has proposed to build a 174-bedded multi?speciality
hospital under the name Sunrise Hospital in Mumbai.  The entire
facility will be handed over to TSH under an operation and
management agreement.  TSH is jointly sponsored by Dr. Hafeez
Rahman (50%) and Dr. Nikita Trehan (50%).


RAJ INFRASTRUCTURAL: Ind-Ra Withdraws BB+ Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Raj
Infrastructural Technologies India Pvt. Ltd.'s (RITIPL) Long-Term
Issuer Rating of 'IND BB+' with a Stable Outlook.  The agency has
also withdrawn the 'IND BB+' rating on the company's INR170 mil.
fund-based limits.

The instrument rating has been withdrawn as it has been paid in
full.  Consequently, Ind-Ra has also withdrawn the Long-Term
Issuer Rating.

Ind-Ra will no longer provide ratings or analytical coverage on
RITIPL.


RG INFRACITY: Ind-Ra Assigns BB- Rating; Outlook Stable
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned RG Infracity
Private Limited (RGIPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.  The agency has also assigned RGIPL's
INR250 mil. term loan a Long-term 'IND BB-' rating with a Stable
Outlook.

KEY RATING DRIVERS

The ratings reflect the risk of time and cost overruns associated
with RGIPL's ongoing residential project ? RG Euphoria, which is
42.28% complete.

The ratings are however supported by the over four decades of
experience of the company's promoter in executing residential and
commercial real estate projects in Lucknow.  The ratings are also
supported by the project being located in Vrindavan Yojna which is
a rapidly developing area in Lucknow, and the company already
achieving bookings for around 50% of RG Euphoria.

RATING SENSITIVITIES

Negative: Time and cost overruns or cancellations of the sold
units leading to stressed cash flows could lead to a negative
rating action.

Positive: An improvement in the sales along with timely receipt of
advances from customers, leading to stronger cash flows, could
lead to a positive rating action.

COMPANY PROFILE

RGIPL was incorporated in 2008 and is engaged in the construction
of residential and commercial real estate projects in Lucknow.
Its registered office is in Lucknow (Uttar Pradesh).


SRI VIDYA: Ind-Ra Lowers Rating to D; Outlook Stable
----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sri Vidya Milk
Products' Long-Term Issuer Rating to 'IND D' from 'IND B+'.  The
Outlook was Stable.

KEY RATING DRIVERS

The ratings reflect Sri Vidya Milk Products' delays in debt
servicing for the 12 months ended November 2015 due to tight
liquidity.

RATING SENSITIVITIES

Timely debt servicing for three consecutive months could result in
a positive rating action.

COMPANY PROFILE

Incorporated in 2012 by Mahesh Yadav, SVMP processes milk and milk
products at its 50,000lpd unit in Ranga Reddy district, Hyderabad.
The firm has proposed to establish a 100,000lpd milk processing
facility at the existing location.|


ST.MARY'S EDUCATIONAL: Ind-Ra Affirms B+ Rating on Bank Facility
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed St. Mary's
Educational Society's (SMES) INR370 mil. bank facilities (reduced
from INR441 mil.) at 'IND B+' with a Stable Outlook.

KEY RATING DRIVERS

The rating reflects SMES' moderate revenue growth, declined
ability to service debt, lower debt service coverage ratio (DSCR)
and increased debt burden in FY15.  The rating continues to
benefit from SMES' strong market position due to its presence in
the education sector for the past three decades, and its ability
to maintain current balance before interest, depreciation and
lease rental (CBBIDR) margins above 45%.

SMES' revenue grew 7.93% yoy to INR263.55m in FY15, mainly due to
a 25% yoy increase in the number of students enrolled in its
international school. Despite a significant increase in the number
of teachers employed to 173 in FY15 from 135 in FY11, the
society's CBBIDR improved to INR118.68 mil. from INR43.00 mil. due
to higher margin international school enrolment.

The revenue is dominated by tuition fee income, constituting an
average of 98% of the total revenue over FY11-FY15.  However,
there have not been any delays in receiving tuition fees in the
past.  In FY15, earnings improved due to the broadening of revenue
base but operating margin excluding rent declined to 45.03% from
51.44% in FY14.

Other operating expenditure (average: 24.85%), interest (26.85%)
and staff costs (35.59%) were the prime contributors to the total
expenditure over FY10-FY15.  The staff costs as a percentage of
the total expenditure increased to 37.16% in FY15 from 31.42% in
FY14, while the student-teacher ratio was maintained at around 21.

Available funds - cash and unrestricted investments - declined to
INR0.67m in FY15 (FY14: INR4.86 mil.), resulting in the society's
lower ability to cover the operating expenditure at 0.46% (4.10%)
and a marginal increase in financial leverage to 4.88x (4.03x).

The society's cash flow from operations DSCR increased to 0.99x in
FY15 from 0.58x in FY14 and CBBIDR DSCR declined marginally to
0.81x from 1.16x.  The decline in DSCR to below unity in FY15 was
mainly due to additional borrowings for the construction of an
international school.  SMES has no planned capex except for minor
repairs and procurement of safety/security equipment.  Ind-Ra
expects DSCR to improve in FY16 on generation of revenue from the
international school revenue.

SMES' debt/CBBIDR remained high at 4.88x in FY15and interest
coverage ratio declined to 1.29x during the year from 1.65x in
FY14 due to an increased in debt to INR561.10 mil. from INR490.37
mil.

RATING SENSITIVITIES

Positive: A positive rating action could result from a sustained
improvement in the operating margins due to an increase in
international school enrolments and a decline in borrowings in
conjunction with further improvements in the liquidity profile.

Negative: Any unexpected fall in the student demand coupled with a
quantum jump in the debt resulting in weak coverage ratios will
lead to a negative rating action.

COMPANY PROFILE

SMES was formed in 1982 under the Andhra Pradesh Public Societies
Registration Act as a Christian minority institution to establish
educational institutions and improve the standard of education in
the state.


V.G. PAPER: Ind-Ra Assigns B+ Rating; Outlook Stable
----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned V.G. Paper &
Boards Ltd (VGPBL) a Long-Term Issuer Rating of 'IND B+'.  The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect Ind-Ra's expectation of a substantial
improvement in VGPBL's top line and profitability as it was taken
over by a new management in December 2014.  The new management
infused equity of INR219 mil. in FY15 and revamped the business by
increasing the customer portfolio and improving the company's
order book position.  In FY15, VGPBL's revenue was INR229 mil.
(FY14: INR836 mil.) while its EBITDA was negative INR78 mil.
(negative INR11 mil.).

Liquidity position is comfortable with the fund-based facilities
being utilized at an average of 68.8% during the nine months ended
October 2015.

RATING SENSITIVITIES

Positive: A substantial growth in top line while generating
positive EBITDA margin leading to a sustained improvement in the
credit metrics could be positive for the ratings.

Negative: Further deterioration in the revenue along with negative
EBITDA margin could be negative for the ratings.

COMPANY PROFILE

Incorporated in 1986, Tirupur-based VGPBL manufactures the paper
used for newspaper printing.  It was taken over by Mr R
Venkatapathy and his family in December 2014.



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Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
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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-
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Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
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Copyright 2015.  All rights reserved.  ISSN: 1520-9482.

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