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

                      A S I A   P A C I F I C

         Wednesday, February 11, 2015, Vol. 18, No. 029


                            Headlines


A U S T R A L I A

AGRIFRESH NSW: First Creditors' Meeting Set For Feb. 17
BBY LTD: Hit With AUD180,000 Fine Over Missed Margin Call Payout
FURNITURE SPOT: To Close Remaining Stores
HONICEL AUSTRALIA: First Creditors' Meeting Set For Feb. 17
PHARMORE PHARMACIES: In Admin.; Creditors Meeting on Feb. 16

TIGER AIRWAYS: Australia Unit Sale to Virgin Australia Completed


C H I N A

KAISA GROUP: Moody's Puts Ca CFR on Review for Upgrade


I N D I A

ADVANCE STIMUL: ICRA Cuts Rating on INR3cr Cash Credit to B+
AEZ INFRATECH: CRISIL Cuts Rating on INR100MM Overdraft Loan to D
AIM LAMINAR: ICRA Assigns B+ Rating to INR6.41cr Term Loan
AKLAVYA INDUSTRIES: ICRA Assigns B+ Rating to INR17cr Cash Credit
ALUPAN COMPOSITE: CRISIL Reaffirms B- Rating on INR140MM Loan

AMBER ELECTROTECH: CRISIL Cuts Rating on INR120MM Loan to B+
ARCHANA OIL: ICRA Suspends B+ Rating on INR12cr LT Loan
ASIAN NATURAL: ICRA Suspends D Rating on INR687cr Bank Loan
BHATIA COAL: ICRA Suspends B/A4 Rating on INR50cr Bank Loan
BHATIA GLOBAL: ICRA Suspends D Rating on INR1,043cr Bank Loan

CHETAN OVERSEAS: CRISIL Reaffirms B+ Rating on INR180MM Loan
ESHWAR TRUST: ICRA Upgrades Rating on INR14.58cr Term Loan to B
EVAN MULTI: ICRA Reaffirms B Rating on INR20cr Term Loan
FUCON TECHNOLOGIES: CRISIL Cuts Rating on INR116MM Loan to C
GEETHA KRISHNA: ICRA Assigns B+ Rating to INR13cr Term Loan

GILADA FINANCE: ICRA Suspends B+ Rating on INR6cr Bank Loan
GR CONSTRUCTIONS: ICRA Withdraws B+ Rating on INR26cr Bank Loan
HEMRAJ DEVKARANDAS: ICRA Rates INR7.87cr Proposed Loan at 'B'
JANAK GINNING: ICRA Suspends B+ Rating on INR7cr LT Loan
KRISHNA FOOD: ICRA Cuts Rating on INR3.47cr Term Loan to D

MANDONA HYUNDAI: ICRA Assigns B+ Rating to INR3.75cr Cash Credit
NAGAMMAL MILLS: ICRA Suspends B+ Rating on INR5.5cr Term Loan
NAP CONSTRUCTION: CRISIL Cuts Rating on INR195MM Cash Loan to D
NILKANTH COTTON: ICRA Assigns B Rating to INR6cr Cash Credit
PANCHAVATI POLYFIBRES: ICRA Reaffirms B+ Rating on INR21.3cr Loan

PATCO FOODS: ICRA Cuts Rating on INR5.0cr Cash Credit to D
PRAJAPATI DEVELOPERS: ICRA Rates INR35cr Proposed Loan at B
RAVI OFFSET: CRISIL Ups Rating on INR170MM Cash Loan to B-
S. P. SOLVENT: ICRA Suspends B+ Rating on INR11cr Bank Loan
SATYA POWER: ICRA Reaffirms B+ Rating on INR10cr Cash Credit

SHARIFA AGROTECH: ICRA Assigns B Rating to INR8cr Term Loan
SHITARAM INDUSTRIES: ICRA Reaffirms B Rating on INR4.50cr LT Loan
SHREE RUPANADHAM: ICRA Reaffirms B+ Rating on INR5cr Cash Credit
SHREEJI FOOD: ICRA Lowers Rating on INR3.57cr Term Loan to D
SREE KOPPAMMAL: ICRA Suspends D Rating on INR11cr Term Loan

SWATI ENTERPRISES: CRISIL Assigns B Rating to INR35MM Cash Loan
TAPTI VALLEY: ICRA Ups Rating on INR20CR Term Loan to B
TOSHNIWAL ENTERPRISES: CRISIL Rates INR120MM Cash Loan at B+
VIJ AGRO: CRISIL Reaffirms B Rating on INR600MM Cash Loan
WESTWELL IRON: CRISIL Reaffirms B+ Rating on INR95MM Bank Loan


I N D O N E S I A

XL AXIATA: FY2014 Results Supports Moody's B1 CFR


J A P A N

MITSUBISHI MOTORS: S&P Raises CCR to 'BB+'; Outlook Stable


N E W  Z E A L A N D

RIGHT HOUSE: Couple Left in Limbo After Paying Deposit


S O U T H  K O R E A

DOOSAN GROUP: Doosan Infracore Cuts Jobs Amid Restructuring


                            - - - - -


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A U S T R A L I A
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AGRIFRESH NSW: First Creditors' Meeting Set For Feb. 17
-------------------------------------------------------
Maxwell Prentice & Mitchell Ball of BPS Recovery were appointed as
administrators of Agrifresh Nsw Pty Ltd on Feb. 5, 2015.

A first meeting of the creditors of the Company will be held at
BPS Recovery, Level 18, 201 Kent Street, in Sydney, on Feb. 17,
2015, at 11:00 a.m.


BBY LTD: Hit With AUD180,000 Fine Over Missed Margin Call Payout
----------------------------------------------------------------
Leo Shanahan at The Weekend Australian reports that broker BBY Ltd
has been hit with a AUD180,000 fine after an ASX disciplinary
ruling found it was unable to pay tens of millions of dollars in
margin calls, coming perilously close to insolvency.

The ruling also found BBY failed to deposit AUD29 million of
clients' funds appropriately, the report says.

BBY, formally known as Burdett Buckeridge and Young, claims to be
Australia's largest independent stockbroker and is headed up Glenn
Rosewall, son of tennis great Ken Rosewall.  Ken Rosewall is also
a member of BBY's three-man board.

According to the report, the ASX disciplinary committee announced
on Jan. 30 it had made the decision to fine BBY AUD180,000
following a disastrous trade in Aquila Resources in June last year
worth AUD192 million.

The Weekend Australian relates that the ASX compliance officer
"formed the view that these were serious contraventions. Had ASX
required BBY to meet its margin obligations in full accordance
with ASX Clear Operating Rules, on its own admission BBY would not
have been able to meet its debts as they fell due".

The report adds that the compliance officer also said BBY
demonstrated "recklessness" as it entered into the transaction
"without having appropriate system and processes in place to
calculate, manage and fund its margin obligations".

The acquisition of 51,396,620 shares in Aquila came on June 11
last year when the West Australian miner was under a joint
takeover bid from Baosteel Resources and Arizon Operations, The
Weekend Australian recalls. Following a share price drop in Aquila
shares from AUD3.74 to AUD3.61, BBY lost AUD7 million on their
AUD192 million position that day.

This triggered a AUD40 million margin call by ASX Clear the
following day, but BBY informed the ASX it would not be able to
pay as it had only AUD5 million left under its funding facility
and was short AUD15 million, according to The Weekend Australian.

The report notes that the ASX agreed to delay its margin call as
it would potentially trigger an insolvency event for BBY.
However, by Friday June 13, following news that bidders for Aquila
would not be increasing the takeover bid, BBY was forced to admit
it could not pay the AUD22 million now owed on the variation
margin call due the following Monday morning.

"BBY confirmed it had exhausted all of its funding lines and would
not be able to pay AUD22 million Variation Margin call on Monday
morning." This caused ASX Clear to delay an insolvency event for a
second time against BBY, the report says.

The matter was not resolved until Tuesday, June 17, when AUD192
million had been received from BBY clients and the stock had been
delivered and the full position settled.

ASX also established that on June 11, BBY had requested and
received a security deposit of AUD29 million.

According to the report, ASX said "the security deposit appears to
have been deposited and held in BBY's general ledger account and
at no point was deposited in a BBY trust account", a possible
violation of the Corporations Act.

BBY Ltd is an Australian stock broking, corporate advisory and
asset management firm.


FURNITURE SPOT: To Close Remaining Stores
-----------------------------------------
Cliff Sanderson at Dissolve.com.au reports that the Furniture Spot
is closing its last four stores.  The furniture retailer's
employees in Port Kenney, Cockburn and Cannington were told
earlier that the outlets would stop trading in April, the report
says.  Dissolve.com.au relates that the warehouse of the company
is also set to close.

In June last year, The Furniture Spot Pty Ltd entered liquidation
reportedly owing around AUD7 million to its creditors. Hall
Chadwick was appointed liquidators of the company, the report
discloses.


HONICEL AUSTRALIA: First Creditors' Meeting Set For Feb. 17
-----------------------------------------------------------
John William Cunningham & Paul Eric Nogueira of Worrells Solvency
+ Forensic Accountants were appointed as administrators of Honicel
Australia Pty Ltd on Feb. 6, 2015.

A first meeting of the creditors of the Company will be held at
Caboolture Hub (Media Lab 1), 4 Hasking Street, in Caboolture,
Queensland, on Feb. 17, 2015, at 11:00 a.m.


PHARMORE PHARMACIES: In Admin.; Creditors Meeting on Feb. 16
------------------------------------------------------------
Kirsten Robb at SmartCompany reports that the company behind a 23-
year-old pharmacy chain with 17 stores across Melbourne has
collapsed.

Pharmore Pharmacies went into voluntary administration on February
5, with Brooke Bird's Robyn Erskine and Peter Goodin appointed as
administrators, the report says.

Brooke Bird confirmed to SmartCompany Pharmore performed various
head office administrative functions on behalf of the 17
independently owned and operated pharmacies.

SmartCompany relates that a joint statement from Erskine and
Goodin said the individual pharmacies were not subject to their
appointment and would continue to operate independently of the
administration process.

"We understand that our appointment occurred as a result of the
inability of the company to undertake a necessary restructuring of
its operations and an overhead structure that exceeded its revenue
base," the report quotes Erskine and Goodin as saying.

Brooke Bird confirmed employees of the pharmacy "ought not to be
impacted" by the administration, SmartCompany says.

Each of the stores has its own buying, supply and account payment
arrangements, according to the statement obtained by SmartCompany,
and suppliers have been requested to deal directly with the
individual pharmacies.

The first meeting of creditors will be held on February 16 in the
Melbourne suburb of Hawthorn, the report notes.

The Pharmore chain has 17 stores throughout metropolitan
Melbourne, mostly across the eastern suburbs. Pharmacist John
White founded the chain in 1992.


TIGER AIRWAYS: Australia Unit Sale to Virgin Australia Completed
----------------------------------------------------------------
Andrea at The Business Times reports that Tiger Airways has
completed the sale of its 40 per cent stake in loss-making low-
cost Tigerair Australia to Virgin Australia.

The report says the transaction to divest the stake for AUD1 to
Virgin Australia, which already owns the other 60 per cent stake,
was announced in October last year, and had been anticipated to be
completed by the end of last year.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 28, 2014, The Business Times said Singapore Airlines
(SIA) has come to the rescue of Tiger Airways again -- this time
with hard cash. The national carrier will be injecting up to
SGD140 million to plug the budget carrier's haemorrhage, the
report said. The funds will be part of a proposed rights issue
Tigerair announced on Oct. 17, 2014, to raise SGD234 million.

Tiger Airways Holdings is a Singapore-based airline company.



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C H I N A
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KAISA GROUP: Moody's Puts Ca CFR on Review for Upgrade
------------------------------------------------------
Moody's Investors Service has placed Kaisa Group Holdings Ltd's Ca
corporate family and senior unsecured debt ratings under review
for upgrade.

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

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

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

Ratings Rationale

"The review for upgrade reflects Moody's expectation that Sunac's
acquisition of Kaisa, if completed, will significantly improve the
repayment prospects for Kaisa's creditors, including offshore
bondholders," says Franco Leung, a Moody's Vice President and
Senior Analyst.

Moody's points out that recent developments - including Kaisa's
receipt of notices from its creditors demanding immediate
repayment of approximately RMB28 billion - reflect a serious
deterioration of the company's financial position. Such a
deterioration is reflected in its Ca ratings.

Nevertheless, Moody's believes that if Sunac's acquisition
conditions are met, Kaisa could return to normal operations. In
addition, Sunac -- which exhibits strong sales execution -- would
own and manage Kaisa.

Moody's expects that Kaisa will suffer a substantial deterioration
in its contracted sales and revenue in 1H 2015, because of the
sales restrictions it faces in Shenzhen, as well as the
operational disruptions of some of its projects.

Moody's expects that Kaisa's operations and credit profile will
recover in 2016, if the acquisition by Sunac is completed
satisfactorily, and if the acquisition does not involve additional
debt.

Moody's will monitor the development of Sunac's acquisition offer
and will review Kaisa's ability to: 1) remove the restrictions on
its projects in Shenzhen, 2) resolve disputes with suppliers and
joint venture partners, and 3) service its debt payments.

In addition, Moody's will review Kaisa's operations and financial
position when there is more clarity on its final portfolio, after
the acquisition is completed.

The principal methodology used in these ratings was Global
Homebuilding Industry published in March 2009.

Kaisa Group Holdings Ltd is a Shenzhen-based property developer
established in 1999. It listed on the Hong Kong Stock Exchange in
December 2009.

Kaisa's land bank totaled around 23.6 million square meters in
gross floor area at end-June 2014. Its land holdings were located
in the Pearl River and Yangtze River Deltas, Pan-Bohai Rim, and
central and western China.



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I N D I A
=========


ADVANCE STIMUL: ICRA Cuts Rating on INR3cr Cash Credit to B+
------------------------------------------------------------
ICRA has revised its long-term rating on the INR3 crore cash
credit limit of Advance Stimul Engineering Private Limited (ASEP)
to [ICRA]B+ from [ICRA]BB-. Further, ICRA has reaffirmed the short
term rating on the INR6.50 crore bank guarantee limits at
[ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit Limit      3.00       Revised to [ICRA]B+
                                     from [ICRA]BB-

   Bank Guarantee         6.50       [ICRA]A4; reaffirmed

The revision of ratings is driven by the deterioration in the
company's financial profile in FY 14, due to an increase in raw
material costs which have resulted in reduced operating profits
and losses at the net level. The ratings also take into account
the company's limited revenue visibility, with only two orders in
hand. Further, the ratings continue to be constrained by the
company's small scale of operations, limited track record of
operations and execution risk in ASEP's core business of laying of
pipelines, arising from delay in handing over the right of way by
the client. The ratings also factor in the geographical
concentration risk as ASEP's projects are concentrated in South
India, and client concentration risk with GAIL (India) Ltd (GAIL,
rated [ICRA]AAA/Stable, [ICRA]A1), being the sole client of the
company. Nevertheless, the ratings derive comfort from the
moderate entry barriers for new players on account of stringent
technical and financial qualification criteria which translate
into favourable business potential for pipeline laying companies.
The ratings also favourably take into account the low counter
party risk for the company, given GAIL's strong credit profile.
Going forward, the ability of the company to secure contracts and
execute them in a timely and profitable manner while effectively
maintaining its working capital intensity will be the key rating
sensitivities.

ASEP was established in April 2010 as a private limited company by
Mr. Aashish Agrawal and Mr. Chandra Bhushan Jee and is engaged in
laying of pipelines. ASEP executes contracts for 'Advance Stimul'
consortium formed by 'Advance Steel Tubes Limited' of India and
'PKP Stimul' of Russia. The company is presently executing two
projects for GAIL in South India with an aggregate contract value
of INR37 crore.

Recent Results
The firm reported a net loss of INR0.41 crore on an operating
income of INR14.11 crore in FY14 as against a net profit of
INR0.46 crore on an operating income of INR12.54 crore in the
previous year.


AEZ INFRATECH: CRISIL Cuts Rating on INR100MM Overdraft Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
AEZ Infratech Pvt Ltd (AEZIPL) to 'CRISIL D' from 'CRISIL B-
/Stable'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Overdraft Facility     100        CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The rating downgrade reflects AEZIPL's continuously overdrawn bank
limits for more than 30 days, because of weak liquidity.

AEZIPL is also susceptible to risks related to geographical
concentration in its revenue profile and to downturns in the real
estate sector. The company, however, benefits from its promoter's
extensive industry experience.

AEZIPL is the real estate arm of the AEZ group, promoted by Mr.
Sanjeev J Aeren. The promoter has experience of more than two
decades in the real estate sector. AEZIPL is a real estate
developer with operations in the National Capital Region. The
company develops residential, commercial, institutional, and
recreational properties. It has ongoing residential projects in
Rishikesh (Uttarakhand) and Gurgaon (Haryana), and commercial
projects in Ghaziabad (Uttar Pradesh) and Faridabad (Haryana).


AIM LAMINAR: ICRA Assigns B+ Rating to INR6.41cr Term Loan
----------------------------------------------------------
A rating of [ICRA]B+ has been assigned to the INR2.80 crore cash
credit facility and INR6.41 crore term loan facility of Aim
Laminar Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan              6.41       [ICRA]B+ assigned
   Cash Credit            2.80       [ICRA]B+ assigned

The assigned rating is constrained by early stages of production
with the plant yet to stabilize as per expected parameters. The
rating also takes into account the intense competition on account
of fragmented industry structure which restricts pricing
flexibility resulting in thin profitability and vulnerability of
profitability to fluctuations in raw material prices. Further, the
rating is constrained by predominantly debt funded capital
expenditure which is expected to result in a highly leveraged
capital structure and liquidity position which is likely to remain
under pressure in the near term owing to high debt repayment
obligations.

The rating, however, positively considers extensive experience of
the promoters in the laminates business through its group concern
which is also expected to provide marketing support and location
advantage enjoyed by the company.

Incorporated in 2000, AIM Laminar Private Limited is engaged in
manufacturing decorative laminates sheets of 0.8 mm and 1.0 mm
thickness. The manufacturing unit is located at Kanera, (District:
Kheda) in Gujarat and has a production capacity of ~11 lakh sheets
per annum. The company is promoted by Mr. Hitesh Patel and Mr.
Jignesh Patel who have more than a decade of experience in the
industry by virtue of the other group company  AMIT Laminates Pvt
Ltd. engaged in trading of laminates since past 20 years.


AKLAVYA INDUSTRIES: ICRA Assigns B+ Rating to INR17cr Cash Credit
-----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR7.00
crore working capital facilities and INR4.49 crore of term loans
facilites of Aklavya Industries Private Limited.ICRA has also
assigned short term rating of [ICRA]A4  to the INR0.0045 crore of
bank guarantee facility and INR2.65 crore of ILC/FLC facility
which is a sub-limit of working capital facility.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-Cash
   Credit Limit          I7.00       [ICRA]B+ assigned

   Fund Based-Term
   Loans                  4.49       [ICRA]B+ assigned

   Non Fund Based-Bank
   Guarantee             0.0045      [ICRA]A4 assigned

   Non Fund Based-
   ILC/FLC                (2.65)      [ICRA]A4 assigned

The ratings assignment take into account Aklavya Industries
Private Limited's (AIPL) moderate scale of operations and its
financial profile characterised by low profitability, weak
coverage indicators, high working capital intensity of operations
and adverse capital structure which may further stretch on account
of proposed capital expenditure. Further, the ratings incorporate
the vulnerability of operations to the cyclicality observed in the
textile industry and intensely competitive business environment
owing to the highly fragmented nature of the industry. ICRA also
notes the high level of gearing and weak coverage indicators which
may further stretch on account of proposed capital expenditure.
The ratings, however, draw comfort from the long track record of
the company's promoters in the fabric processing industry and
locational advantage on account of proximity to sources of key raw
materials and end customers. The ratings also factor in the fiscal
incentives in the form of Technology Upgradation Fund Scheme under
the proposed capex.

Aklavya Industries Private Limited (AIPL) was incorporated in 1998
as Sheetal Dyeing & Printing Mills Pvt. Ltd. The name of the
company was changed to Aklavya Industries Private Limited in
February 2007, when Mr. Abhishek Kanodia and Mr. Kamal Bhutra took
over. At present, Mr. Abhishek Kanodia and Mr Kamal Bhutra look
after the operations of the company.

The company is engaged in the processing of synthetic, polyester
cotton and viscose fabrics on a job work basis. The fabrics
processed by the company are used to make saris and dress
materials. AIPL's manufacturing unit is located in GIDC Schin,
Surat and has a capacity to dye 1,00,000 meters fabric per day and
print 35000 meters fabric per day.

Recent Results
AIPL recorded a net profit of INR0.31 crore on an operating income
of INR31.43 crore for the year ending March 31, 2014. AIPL
recorded a net profit before tax (provisional) of INR0.24 crore on
an operating income (provisional) of INR28.16 crore for the nine
months ending December 31, 2014.


ALUPAN COMPOSITE: CRISIL Reaffirms B- Rating on INR140MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Alupan Composite Panels
Pvt Ltd (ACPPL) continue to reflect ACPPL's weak financial risk
profile, marked by weak liquidity owing to large working capital
requirements, and its small scale of operations. These rating
weaknesses are partially offset by the extensive experience of
ACPPL's promoters in the aluminium composite panels industry.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           140        CRISIL B-/Stable (Reaffirmed)
   Letter of Credit      100        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     10        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ACPPL's liquidity will remain weak over the
medium term owing to high inventory requirements and stretched
receivables. The outlook may be revised to 'Positive' if ACPPL
improves its working capital management, resulting in better
liquidity. Conversely, the outlook may be revised to 'Negative' if
the company's profitability declines, or there is a considerable
increase in its working capital requirements, leading to pressure
on its debt protection metrics and liquidity.

Update
ACPPL's revenue declined by 6 per cent year-on-year to around
INR321.4 million in 2013-14 (refers to financial year, April 1 to
March 31); the decline was because the company has now stopped
supplying directly to real estate and construction players. Its
operating margin was 12.66 per cent in 2013-14. CRISIL estimates
the company's operating income at INR360 million to INR370 million
in 2014-15, while its operating margin is expected to remain at
12.0 to 12.5 per cent over the medium term.

ACPPL's operations are working capital intensive, as reflected in
its high gross current assets (GCAs) of 493 days as on March 31,
2014; the GCAs have increased from 431 days in a year earlier. The
increase has been driven by an increase in debtors to 155 days,
and in inventory to 359 days, as on March 31, 2014, as against 150
days and 301 days, respectively, as on March 31, 2013. The GCAs
are expected to remain in the range of 440 to 460 days over medium
term. Owing to its working-capital-intensive nature of operations,
ACPPL's cash credit facility has remained utilised at an average
of 98.2 per cent during the 12 months through October 2014.

ACPPL's financial risk profile remains average, marked by weak
debt protection metrics, though its gearing is low. Its gearing is
expected to remain at around 1 time, and its interest coverage and
net cash accruals to total debt ratios at 1.3 to 1.4 times and
0.05 to 0.07 times, over medium term. The weak interest coverage
ratio is driven by the company's substantial dependence on
external debt to fund its working capital requirements.

ACPPL reported a profit after tax (PAT) of INR8.1 million on net
sales of INR321.4 million for 2013-14, as against a PAT of INR14.1
million on net sales of INR343.1 million for 2012-13.

ACPPL, promoted by Mr. Vinod Kumar Garg in 2003, manufactures
aluminium composite panels. Its manufacturing facility is at
Haridwar (Uttarakhand).


AMBER ELECTROTECH: CRISIL Cuts Rating on INR120MM Loan to B+
------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Amber Electrotech Ltd (AEL) to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB/Stable/CRISIL A4+'.


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

  Letter Of Guarantee    200       CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

The rating downgrade reflects the deterioration in the business
risk profile of the company, marked by decline in revenues, and
the weakening in its liquidity. AEL is expected to report a
marginal decline in operating income to INR257milllion in 2014-15
as against INR326.9million reported in 2013-14. The decline in
operating income is due to stretch in payments from customers
resulting in delay in execution of available orders. Despite the
decline in revenues, AEL's working capital cycle remain stretched
on account of continued delay in payment from customers and the
inability of the company to liquidate inventory due to slow
execution of available orders. The increase in working capital
requirements has resulted in deterioration in AEL's liquidity
profile marked by full utilization of the bank limits of Rs120
million, and decline in net cash accruals to Rs9.4million in FY14
from Rs17.9million in the previous year. CRISIL believes the
liquidity profile of the company will remain stretched with slow
execution of orders leading to low net cash accruals, and delay in
payment from customers.

Outlook: Stable

CRISIL expects AEL to maintain a stable credit risk profile on the
back of promoters' extensive experience in the electrical
contracting industry and moderate capital structure driven by
moderate gearing. The outlook may be revised to 'Positive' if AEL
reports higher-than-expected accruals due to improvement in
profitability or scale of operations along with improvement in
working capital cycle. Conversely, the outlook may be revised to
'Negative' if delay in completion of ongoing projects, decline in
order book, or stretch in receivables cycle lead to deterioration
in its working capital management.

AEL, started in 1958 as Amber Electronics and incorporated in
2005, is engaged primarily in electrical contracting and providing
indoor & outdoor electrification solutions using low tension/high
tension (LT/HT) panels, diesel generator (DG) sets, transformers
and substations. The company was founded by Mr. Surinder Singh and
is currently managed by his son Mr. Amarjeet Singh Abbot. The
company is based in New Delhi.


ARCHANA OIL: ICRA Suspends B+ Rating on INR12cr LT Loan
-------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ outstanding on
the INR12.00 crore long term fund based limits of Archana Oil
Industries. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Established in 2004, AOI is a proprietorship concern promoted by
Mr. Rameshwar Tawani. The firm is engaged in ginning and pressing
of cotton. Ginning facility of the firm is located in Parbhani
district in Maharashtra having 24 gins with an installed capacity
of 200 bales per day. The ginning plant is taken on rental basis
and the firm has to pay rent on number of bales manufactures. The
firm also engaged in trading of cotton seed cake and cotton bales.


ASIAN NATURAL: ICRA Suspends D Rating on INR687cr Bank Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR687.00 Crore
bank facilities of Asian Natural Resources (India) Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Asian Natural Resources (India) Limited (ANRIL) was initially
incorporated as Bhatia International Limited (BIL) in 1999, and
took over Bhatia Coal Corporation's (BCC) business of imported
coal trading to become Flagship Company of Bhatia Group.
Thereafter, in 2003, the domestic coal trading business operations
of Bhatia Coal Sales Limited (BCSL) were merged with ANRIL
(erstwhile BIL), thereby bringing domestic and imported coal-
trading businesses under one umbrella. Subsequent to this merger
in 2003, BIL started offering value added services through forward
integration into coal beneficiation and coke manufacturing, and
backward integration into mining and shipping.

Looking at the growing footprint of the Company across business
verticals, its operations were restructured by hiving off three
business segments to different companies through a slump sale
process. Three individual Business Transfer Agreements (BTA) were
executed with Bhatia Global Trading Ltd. (BGTL) for transfer of
coal trading (stock & sale) business, Bhatia Coke & Energy
Ltd.(BCEL) for transfer of Coke manufacturing business and Bhatia
Coal Washeries Ltd. (BCWL) for transfer of Coal washery business.
The business division catering to Public Sector Units however
continued to be this Company.

The effective date for transfer of businesses was agreed to be
October 2009; however, actual transfer of assets and liabilities
happened in February 2011 after appraisal and approval by bankers.
During this period, ANRIL undertook the business on behalf of de-
merged entities and subsequently transferred profit of about
INR105 crore to them.

Subsequent to aforementioned restructuring, ANRIL is engaged in
the business of indigenous and imported coal trading, wherein it
primarily caters to the coal requirements of Public Sector Units
(PSU's) through participation in tenders. While ANRIL procures
indigenous coal from Coal India Limited; however, 95% of coal
volume traded by ANRIL is sourced from Indonesia through tie-ups
with Indonesian suppliers.

In 2012-13, ANRIL reported Operating Income (OI) of INR492.2 crore
and Net Loss of INR91.3 Crore against OI of INR1389.7 crore and
Profit after Tax (PAT) of INR2.5 Crore reported in 2011-12.


BHATIA COAL: ICRA Suspends B/A4 Rating on INR50cr Bank Loan
-----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B and short term
rating of [ICRA]A4 assigned to the INR50.00 Crore bank facilities
of Bhatia Coal Washeries Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Bhatia Coal Washeries Limited (BCWL) was initially incorporated as
Bhatia Steel & Power (India) Limited (BSPL) and didn't undertake
any significant operations till FY10. Subsequently, as a part of
the Bhatia Group's restructuring plans, BSPL's name was changed to
BCWL and it was vested with coal washing business of erstwhile
flagship company of Bhatia Group i.e. Bhatia International
Limited, which was renamed Asian Natural Resources (India) Limited
(ANRIL). The effective date of transfer of washeries having
aggregate coal beneficiation capacity of 9.0 million MTPA was
October 2009; however, actual transfer happened in February 2011
after appraisal and approval of bankers. During the interim
period, ANRIL undertook business on behalf of BCWL and transferred
to it profit of about INR20 crore earned from this business
division during the period October 2009 to February 2011.

Subsequent to aforementioned restructuring, BCWL operates five
coal washeries having aggregate coal beneficiation capacity of
12.5 million MTPA. In FY13, on a provisional basis, BCWL has
reported Operating Income (OI) of INR68.4 crore and Net Loss of
INR20.9 crore against OI of INR98.0 crore and PAT of INR0.6 crore
reported in FY12.


BHATIA GLOBAL: ICRA Suspends D Rating on INR1,043cr Bank Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR1043.00 Crore
bank facilities of Bhatia Global Trading Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Bhatia Global Trading Limited (BGTL) is promoted by Bhatia Group
of Indore, and is engaged in business of coal trading, whereby
coal is imported from coal fields in Indonesia and sold to
domestic companies. BGTL was initially incorporated as Bhatia Coal
Trading and Consignment Private Limited (BCCL) and didn't
undertake any significant operations till 2009-10. Subsequently,
as a part of the Bhatia Group's restructuring plans, BCCL's name
was changed to BGTL and it was vested with Stock & Sale coal
trading business of erstwhile flagship company of Bhatia Group
i.e. Bhatia International Limited, which has been renamed as Asian
Natural Resources (India) Limited (ANRIL). The effective date of
transfer of Stock & Sale business to BGTL was October 2009;
however, actual transfer happened in February 2011 after appraisal
and approval of bankers. During the interim period, ANRIL
undertook business on behalf of BGTL and transferred to it profit
of about INR61 crore earned from this business division during the
period October 2009 to February 2011.

In 2013-14, BGTL has reported Operating Income (OI) of INR2211.6
crore and PAT of INR24.5 crore against OI of INR2341.9 crore and
Net loss of INR97.8 crore reported in 2012-13.


CHETAN OVERSEAS: CRISIL Reaffirms B+ Rating on INR180MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Chetan Overseas Delhi
Pvt Ltd (CODPL) continue to reflect CODPL's weak financial risk
profile, marked by a modest net worth, a high total outside
liabilities to tangible net worth ratio, and weak debt protection
metrics, and its vulnerability to volatility in metal prices and
in foreign exchange rates. These rating weaknesses are partially
offset by the extensive experience of the company's promoters in
the non-ferrous metal trading industry and its established
customer base.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           180        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      120        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that CODPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's scale of
operations and profitability improve significantly, leading to a
substantial increase in its cash accruals, or if its financial
flexibility improves owing to infusion of fresh capital by its
promoters. Conversely, the outlook may be revised to 'Negative' if
CODPL's financial risk profile deteriorates, most likely because
of an increase in its working capital requirements, or lower than
expected cash accruals driven by lower profitability.

CODPL is promoted by the Maheshwari family of Delhi. It trades in
non-ferrous metals, including copper, zinc, lead, and nickel, and
their alloys. The company was originally incorporated as Krish
Vinimay Pvt Ltd (KVPL).This company was taken over by the current
promoters around six years ago and had no operations up to 2009-10
(refers to financial year, April 1 to March 31). In 2010-11,
trading in non-ferrous metals was started in KVPL. Most of the
promoters' trading business in non-ferrous metals was carried out
through another proprietorship firm, Chetan Overseas, established
in 1993. In June 2011, the operations of Chetan Overseas were
taken over by KVPL and the name was changed to the current one.


ESHWAR TRUST: ICRA Upgrades Rating on INR14.58cr Term Loan to B
---------------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]B from [ICRA]B-
for the INR14.58 crore term loan facilities of Eshwar Trust.

                         Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Long-term-Term Loan    14.58       [ICRA]B upgraded from
                                      [ICRA]B-

The rating upgrade takes into account the fund infusion by the
trustees during the current financial year and ICRA also takes
note of the healthy placements achieved by the college for its
outgoing batches. However, the ratings continue to remain
constrained by the small scale of operations of the Trust with a
single operational institute; it's stretched capital structure and
coverage indicators owing to continuous debt funded capital
expenditure undertaken to support its growth plans. The rating
also takes into account the intense competition prevalent in the
higher education industry and the presence of established players
in and around Coimbatore leading to over-supply which exerts
pressure on the Trust to retain qualified and experienced faculty
members as well as to maintain occupancy rates. The rating,
however, continues to factor in the locational advantage enjoyed
by the entity, and the healthy occupancy levels for under graduate
courses.

Eshwar Trust was registered in August 2007 with three trustees,
and is promoted by Mr. M Ramasamy. The Trust manages Sri Eshwar
College of Engineering near Coimbatore, Tamil Nadu. The college
commenced operations on September 1, 2008. The college currently
offers undergraduate courses in six specializations and has a
total strength of 2279 students and 163 faculty members. The
college is approved by the All India Council for Technical
Education (AICTE) and is affiliated to the Anna University,
Chennai. The college was recognized as The Best Industry-Linked
Emerging Technical Institute ' by the AICTE, in November 2014.

Recent Results
The Trust reported a net profit of INR0.5 crore on an operating
income of INR15.0 crore during 2013-14 as against a net surplus of
INR0.3 crore on an operating income of INR12.5 crore during 2012-
13.


EVAN MULTI: ICRA Reaffirms B Rating on INR20cr Term Loan
--------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B on the INR20
crore , fund-based bank facilities of Evan Multi Speciality
Hospital and Research Centre Private Limited.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term fund         20.0       [ICRA]B; (reaffirmed)
   based limits-
   Term Loans

ICRA's rating continues to factor in concentration risk inherent
to single-asset companies; and typically long gestation periods in
new hospital projects. The rating also factors in the residual
project risk, which has, however, seen some diminution, given that
the company had incurred about 60% of the total project cost till
December 31, 2014. However, given the scheduled commercial
operations date of April, 2015, there is limited cushion left for
execution missteps. EHRPL's ability to commence operations within
the budgeted time and costs and thereafter achieve the adequate
occupancies and per bed revenues would be crucial to generate the
required cash accruals to meet the scheduled debt repayments. ICRA
also notes that the company will have to tie up funds for working
capital, post commencement of operations, as well as for
additional medical equipment.

The rating however, derives strength from progress with regard to
the construction phase and timely infusion of the promoter's funds
into the project. ICRA has taken cognizance of the project's scope
and prospects supported by the presence of experienced promoters
from diverse medical fields; advantageous project location; and
favourable demand-supply scenario, as there are no major multi-
specialty hospitals in its proximity. ICRA also draws comfort from
the favourable maturity profile of the debt, with one year
moratorium post scheduled commercial operation date, followed by
ballooning repayments spread over seven years, which is expected
to moderate the pressure on its cash flows.

Going forward, the ability of the company to commence operations
in the timely manner within estimated costs, tie-up the funding
required for working capital and additional medical equipment, and
achieve adequate occupancies and per bed revenues, post
commencement of operations, will be the key rating sensitivities.

Incorporated in December 2012, EHRPL is a closely-held company
that is setting up a 130-bed multi-specialty hospital in
Muzaffarnagar, Uttar Pradesh. Amongst the ten promoters of the
company, eight are qualified doctors, having relevant experience
across different medical fields. The project is estimated to cost
INR29.76 crore and is being funded in a debt to equity ratio of
2:1. Term loan for funding the capex is repayable in 84 monthly
ballooning installments, starting April 2016.


FUCON TECHNOLOGIES: CRISIL Cuts Rating on INR116MM Loan to C
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Fucon Technologies Ltd (FTL) to 'CRISIL C' from 'CRISIL BB-
/Negative', and has reaffirmed its rating on the company's short-
term facility at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Overdraft Facility     29         CRISIL A4 (Reaffirmed)

   Working Capital
   Demand Loan           116         CRISIL C (Downgraded from
                                     'CRISIL BB-/Negative')

The rating downgrade reflects CRISIL's belief that FTL's liquidity
will remain weak over the medium term as a result of its
lengthening working capital cycle, mainly led by a stretch in its
debtors and lower sales due to slackening demand for automobile
products such as car-care products. As a result, FTL is expected
to generate insufficient cash accruals against repayment
obligations over the near term and will continue to depend on
external unsecured long term borrowings.

Also, due to weak demand, FTL has shut down its compressed natural
gas (CNG) kit-fitting operations. Its debtors are expected to be
about 180 days over the medium term compared with 120 days in the
past due to subdued growth in the automobile industry and
liquidity crunch being faced by car dealers. The company's
stretched receivables will, in turn, lead to higher reliance on
external funds to support its working capital requirements, as its
accruals from business will be low because of its small scale of
operations. FTL's revenue declined to INR401.49 million in 2013-14
(refers to financial year, April 1 to March 31) from INR448.84
million in 2012-13, reflecting significant slowdown in demand for
its products and services. Over the medium term, FTL is expected
to witness substantial pressure on its revenue and realisations
due to its low bargaining power in a highly fragmented industry.

The ratings reflect FTL's small scale of operations in the highly
fragmented car-care industry, its working-capital-intensive
operations, and its below-average debt protection metrics. These
rating weaknesses are partially offset by the extensive industry
experience of the company's promoter and its established
relationships with customers and suppliers.

FTL was promoted by Mr. Rahul Parikh in 1999. The company provides
various anti-ageing car-care services such as anti-corrosive
treatment, Teflon coating, car interior cleaning, engine coating,
and engine flushing. FTL is authorised by Maruti Suzuki India Ltd,
Hyundai Motors India Ltd and Mahindra & Mahindra for providing
car-care services.

FTL reported net loss of INR5.89 million on revenue of INR401.49
million for 2013-14 as against profit after tax of INR3.44 million
on revenue of INR448.84 million for 2012-13.


GEETHA KRISHNA: ICRA Assigns B+ Rating to INR13cr Term Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR13.00
crore  term loan facilities and INR12.00 crore fund based
facilities of Geetha Krishna Spinning Mills Private Limited.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Term loan facilities       13.00      [ICRA]B+ assigned
   LT-Fund based facilities   12.00

The assigned rating factors in the experience of promoter in the
textile industry and the established relationship with customers,
which ensures repeat orders in the domestic market. ICRA also
takes note of the diversification benefits arising from sales to
Myanmar through merchant exporters during 2013-14. The rating is
however constrained by the Company's small scale of operations,
which limits benefits from economies of scale; capital structure
characterized by high gearing and stretched coverage indicators on
the back of high working capital funding requirements and debt
funded capex undertaken; high competition which limits pricing
flexibility and vulnerability of earnings to volatility in cotton
and yarn prices.

M/s. Geetha Krishna Spinning Mills Private Limited, incorporated
in 1993 at Rajapalayam, is engaged in manufacturing and selling of
cotton yarn in both cone and hank form. The Company manufactures
carded and combed cotton yarn in the count range of 40s to 80s and
also manufactures value added yarns like compact yarn and doubled
yarn. The Company has a total installed capacity of 31,920
spindles. The company has also installed a wind mill with a
generation capacity of 750KW at Nagercoil.

Recent Results
The Company reported a net profit of INR0.7 crore on an operating
income of INR37.9 crore during 2013-14, as against a net profit of
INR0.5 crore on an operating income of INR28.1 crore during 2012-
13.


GILADA FINANCE: ICRA Suspends B+ Rating on INR6cr Bank Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR6.00
crore, long term loan facilities of Gilada Finance Investments
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Bank Loans             6.00       [ICRA]B+; Suspended

Gilada Finance and Investments Ltd (GFIL) is a registered NBFC and
is part of the GILADA Group. The company was incorporated in the
year 1994 and it commenced commercial operations in the year 1995.
GFIL is into vehicle financing (largely used vehicles) business
with a small portion of mortgage and other short term loans. The
company is expected to focus on vehicle loans going forward. The
company presently has 5 branches (including its Head Office in
Bangalore) in Karnataka.

During FY2014, GFIL reported a net profit of INR0.90 crore on a
total asset base of INR9.60 crore when compared to a net profit of
INR0.86 crore on a total asset base of INR9.58 crore during
FY2013. During H1FY2015, the company reported a net profit of
INR0.58 crore (provisional).


GR CONSTRUCTIONS: ICRA Withdraws B+ Rating on INR26cr Bank Loan
---------------------------------------------------------------
ICRA has withdrawn the [ICRA]B+ rating assigned to the INR26 crore
bank facility of GR constructions. The rating has been withdrawn
as the term loan has been repaid in full. There is no amount
outstanding against the rated instrument.


HEMRAJ DEVKARANDAS: ICRA Rates INR7.87cr Proposed Loan at 'B'
-------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR7.00
crore fund based bank facility and a short term rating of [ICRA]A4
to the INR0.13 crore non fund based bank facility of Hemraj
Devkarandas Metals And Minerals Private Limited. ICRA has also
assigned long term rating of [ICRA]B to INR7.87 cr of fund based
proposed limit.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   Based Limits-
   Cash Credit           7.00        [ICRA]B Assigned

   Short Term Non
   Fund Based Limits-
   Inland/Import LC     (2.50)       [ICRA]A4 Assigned

   Short Term Non
   Fund Based Limits-
   Forward Contract
   Limit                 0.13        [ICRA]A4 Assigned

   Proposed Limit
   (Rated on long
   term only)            7.87        [ICRA]B Assigned

The assigned ratings take into account significant increase in
debt levels of Hemraj Devkarandas Metals And Minerals Private
Limited (HDMMPL) in FY15 (September 30, 2014), leading to a
leveraged capital structure and weakened coverage indicators,
reflecting an adverse financial risk profile and nominal profits
and cash accruals from the company's business given its initial
year of operations. The rating also factors in HDMMPL's exposure
to price risks on account of fluctuation in the steel prices; and
the company's exposure to cyclicality associated with the steel
industry, which is currently passing through a period of weakness.

Nevertheless, the ratings continue to favorably factor in the
extensive experience of the promoters in the steel trading
business and stabilization of operations as evident in the
operating income achieved in the H1 FY14-15.

Hemraj Devkarandas Metals And Minerals Private Limited was
established in October, 2012 and has its registered office in
Mumbai, Maharashtra. The firm is a trading house engaged in the
business of trading of steel products such as cold rolled cold
annealed, hot rolled, cold rolled etc.

Recent Results
In FY14, the company reported a net profit of INR0.02 crore on an
operating income of INR5.38 crore. As for the six months ending
September 2014, provisional data, the company reported a profit
before tax of INR0.21 crore on an operating income of INR32.47
crore.


JANAK GINNING: ICRA Suspends B+ Rating on INR7cr LT Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ outstanding on
the INR7.00 crore long term fund based limits of Janak Ginning and
Pressing. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Established in 2003 as Godavari Trading Impex by Mr.Bharat
Mundhada and rechristened as Janak Ginning and Pressing in FY 08,
the firm is involved in ginning and pressing of cotton and trading
of lint. The firm has processing plant at Malkapur, Dist.Buldhana
(Maharashtra).


KRISHNA FOOD: ICRA Cuts Rating on INR3.47cr Term Loan to D
----------------------------------------------------------
ICRA has revised the long term rating assigned to INR3.47 crore
fund based term loan facility of Krishna Food Processing from
[ICRA]C+ to [ICRA]D. ICRA has also revised the short term rating
assigned to INR0.10 crore of KFP from [ICRA]A4 to [ICRA]D.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term Loan                3.47        Downgraded to [ICRA]D
   Credit Exposure Limit    0.10        Downgraded to [ICRA]D


CRA has factored in the business risk profiles of the Patco group
of companies, namely Patco Foods Private Limited, Jogi Food
Processing, Krishna Food Processing and Shreeji Food Processing,
in view of the significant cross holdings and operational linkages
among the four group companies.

The revision in ratings reflects the instances of delays in debt
servicing by the company in the last six months, owing to its poor
operational performance in FY 13 & FY 14 as reflected in inability
to achieve the estimated revenues and desired stabilization in
operations. The company's stressed financial profile characterized
by losses and consequent erosion of net worth along with high debt
levels due to debt funded capex as well as working capital
borrowing for inventory funding. The ratings also continue to
incorporate the risk arising from the limited experience of the
promoters in the food industry and intense competition in the FMCG
segment from the long established presence of a few organised
players and other local manufacturers which intensifies the
challenges being faced in marketing and selling and distribution
of its products. The ratings also take into account the
vulnerability to fluctuations in raw material prices which are
subject to seasonality and crop harvest.

However, the rating positively considers the group support derived
from the associate concerns involved in related line of businesses
and significant capital contribution from promoters to meet the
debt obligations.

KFP is a part of 'Patco' group of companies, established in 2010
to manufacture various ready-to-eat food products. The group is
promoted by Mr. Matur Savani, Mr. Rakesh Patel and Mr. Lalji
Patel. PFPL is the flagship company of group while the rest three
associate firms namely M/s Jogi Food Processing, M/s Krishna Food
Processing and M/s Shreeji Food Processing operate on job work
basis for PFPL. The manufacturing facility of all the four
companies are located in a single large campus spread over 58
acres of land. KFP is a proprietorship firm engaged in the
manufacturing of spices, khakara & papad and sorting & repacking
of tea. The installed capacity of the firm is 10800TPA, 300TPA and
4500TPA for spices, tea and Khakara & papad respectively.

Recent Results
For the period ended March 2014, the company reported an operating
income of INR0.10 crore and net losses of INR0.81 crore.


MANDONA HYUNDAI: ICRA Assigns B+ Rating to INR3.75cr Cash Credit
----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR1.15
crore  term loan, INR4.25 crore cash credit and INR0.60 crore
untied fund based bank facilities of Mandona Hyundai.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limit-
   Term Loan             1.15        [ICRA]B+ assigned

   Fund Based Limit-
   Cash Credit           0.50        [ICRA]B+ assigned

   Fund Based Limit-
   Cash Credit (e-DFS)   3.75        [ICRA]B+ assigned

   Fund Based Limit-
   Untied                0.60        [ICRA]B+ assigned

The assigned rating takes into account MH's small scale of current
operations with stagnancy in top-line during 2013-14 over previous
fiscal mainly due to sluggishness in the automobile industry, and
weak financial profile characterized by high gearing and subdued
debt coverage indicators. ICRA also takes note of the high
inventories maintained by the company during last two years, which
has resulted in high working capital intensity of operations. The
rating also takes into account pressure on MH's margins on account
of competition amongst the dealers of other automobile companies
and the commission structure decided by the principal. ICRA notes
that signs of gradual improvement in the passenger vehicle segment
have been witnessed in the recent few months of the current
fiscal, which is likely to have a positive impact on the top-line
of the company going forward. The rating also considers the
experience of the promoters in the automobile dealership business
through group company and MH's established position as an
authorised dealer of Hyundai Motors India Limited (HMIL), the
second largest OEM in the passenger car segment in India.

Incorporated in 2010, MH is engaged in the in the business of
automobile dealership for Hyundai Motor India Limited (HMIL). MH
is an authorised dealer for HMIL with its showroom and workshop
located at North Lakhimpur, Assam (3-S facility). Apart from the
sale of new passenger vehicles, the company is also engaged in the
sale of pre-owned vehicles, spare parts and servicing of vehicles.
The company commenced its commercial operations in November 2011.

Recent Results
During 2013-14, the company reported a net profit of INR0.13 crore
on an operating income of INR19.05 crore; as compared to a net
profit of INR0.12 crore on an operating income of INR19.18 crore
during 2012-13.


NAGAMMAL MILLS: ICRA Suspends B+ Rating on INR5.5cr Term Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR5.50 crore
term loans and INR3.00 crore fund based facilities of Nagammal
Mills Private Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the Company.


NAP CONSTRUCTION: CRISIL Cuts Rating on INR195MM Cash Loan to D
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Nap Construction Pvt Ltd (NAP) to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        30         CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Cash Credit          195         CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

   Corporate Loan        20         CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

   Standby Line of
   Credit                 5         CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

The rating downgrade reflects continuous delays by NAP in
servicing its debt; the delays have been driven by the company's
weak liquidity, caused by stretched receivables.

NAP has working-capital-intensive operations and is exposed to
risks related to the highly competitive and fragmented nature of
the construction sector. The company, however, benefits from the
extensive experience of its promoters in the infrastructure
industry.

Set up in 1983 as a proprietary concern by Mr. Nirmalya Ghosh and
reconstituted as a private limited company in 1994, NAP undertakes
civil construction projects. The company constructs housing
properties and railway platforms and renovates heritage properties
in West Bengal.


NILKANTH COTTON: ICRA Assigns B Rating to INR6cr Cash Credit
------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR6.00
crore1 cash credit facility and INR2.05 crore term loan facility
of Nilkanth Cotton Industries (NCI)2.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           6.00        [ICRA]B assigned
   Term Loan             2.05        [ICRA]B assigned

The assigned ratings are constrained by market risk associated
with greenfield venture in terms of uncertainty related to the
level of product off-take and commercial success as well as
possible stress on debt servicing ability in case lower than
anticipated ramp up of cash flows . The ratings are further
constrained by highly competitive and fragmented industry
structure owing to low entry barriers and vulnerability of the
firm's profitability to the adverse fluctuations in raw cotton
prices, which are subject to seasonality, crop harvest and
regulatory risks with regards to MSP for raw cotton as well as
restriction on cotton exports by GOI. ICRA also notes that NCI is
a partnership concern and any substantial withdrawal from capital
account in future could adversely impact the credit profile of the
firm.

The ratings, however, favourably take into account past experience
of the promoters in the cotton industry and the favourable
location of the firm's manufacturing facility in Rajkot giving
easy access to raw material.

Established in January 2014, Nilkanth Cotton Industries (NCI) has
set up a green field project for cotton ginning and pressing with
its facility located at Rajkot (Gujarat). The commercial
operations commenced from January 2015. The plant is equipped with
24 ginning machines, 1 pressing machine and 5 expellers with total
processing capacity of ~18,144 metric tonnes of raw cotton and
~2,160 metric tonnes of cotton seeds per annum.


PANCHAVATI POLYFIBRES: ICRA Reaffirms B+ Rating on INR21.3cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating outstanding on the
INR21.30  crore fund-based and INR5.35 crore non fund-based bank
facilities of Panchavati Polyfibres Limited at [ICRA]B+. ICRA has
also reaffirmed the short-term rating outstanding on the INR2.50
crore non fund-based bank facilities of PPL at [ICRA]A4.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit          21.30        [ICRA]B+ reaffirmed
   Bank Guarantee        5.35        [ICRA]B+ reaffirmed
   Letter of Credit      2.50        [ICRA]A4 reaffirmed

The ratings are constrained by the low scale of operations in the
fragmented and highly competitive domestic poly woven sacks
industry and the weak financial profile of the company as
reflected by low profit margins, working capital intensive
operations on account of stretched receivables and high dependence
on working capital borrowings. The ratings also take into account
the decline in operating income owing to subdued demand in cement
industry and the company's profitability being exposed to
volatility in polymer prices although the same is mitigated to an
extent with the price escalation being passed on to the customers.
The ratings are further constrained by PPL's exposure to
substantial counter party credit risk as a Del Credere Agent for
Indian Oil Corporation Limited in Andhra Pradesh. The ratings
however, favorably factors in the assured off take for poly woven
sacks from the group company - Sagar Cements Limited (SCL) and the
synergies between poly-woven sacks business and the polymer
trading business for distribution of polymer granules.

Panchavati Polyfibres Ltd. (PPL) was incorporated in the year 1984
and is in the production of Poly Woven Sacks. It is promoted by
Mr. S. Veera Reddy and Mr. P.V. Narasimha Reddy. The manufacturing
facility is located in I.D.A. Bolarum, Hyderabad. The current
installed capacity of PPL is 5.85 crore sacks or 5300 MT per
annum. PPL has also been running IOCL's polymer distribution
business since FY 11.

Recent Results
PPL recorded a net profit of INR0.39 crore on an Operating Income
of INR36.03 crore in FY14 when compared to INR0.42 crore on an
Operating Income of INR39.53 crore in FY13.


PATCO FOODS: ICRA Cuts Rating on INR5.0cr Cash Credit to D
----------------------------------------------------------
ICRA has revised the long term rating assigned to INR5.00 crore
fund based cash credit facility and the INR4.71 crore term loan
facility of Patco Foods Private Limited from [ICRA]C+ to [ICRA]D.
ICRA has also withdrawn the short term rating of [ICRA]A4 assigned
to the INR0.24 crore limits as the same no longer exist.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           5.00        Downgraded to [ICRA]D
   Term Loan             4.71        Downgraded to [ICRA]D
   CEL                   0.24        [ICRA]A4 withdrawn

CRA has factored in the business risk profiles of the Patco group
of companies, namely Patco Foods Private Limited, Jogi Food
Processing, Krishna Food Processing and Shreeji Food Processing,
in view of the significant cross holdings and operational linkages
among the four group companies.

The revision in ratings reflects the instances of delays in debt
servicing by the company in the last six months, owing to its poor
operational performance in FY 13 & FY 14 as reflected in inability
to achieve the estimated revenues and desired stabilization in
operations. The company's stressed financial profile characterized
by losses and consequent erosion of net worth along with high debt
levels due to debt funded capex as well as working capital
borrowing for inventory funding. The ratings also continue to
incorporate the risk arising from the limited experience of the
promoters in the food industry and intense competition in the FMCG
segment from the long established presence of a few organised
players and other local manufacturers which intensifies the
challenges being faced in marketing and selling and distribution
of its products. The ratings also take into account the
vulnerability to fluctuations in raw material prices which are
subject to seasonality and crop harvest.

However, the ratings continue to draw comfort from the wide range
of products being offered under a single brand and the support it
derives from associate concerns involved in related line of
businesses. The ratings also positively consider the significant
unsecured loan contribution by the promoters to meet the debt
obligations to the bank.

PFPL is a part of 'Patco' group of companies, established in 2010
to manufacture various ready-to-eat food products. The group is
promoted by Mr. Matur Savani, Mr. Rakesh Patel and Mr. Lalji
Patel. PFPL is the flagship company of the group while the rest
three associate firms namely M/s Jogi Food Processing, M/s Krishna
Food Processing and M/s Shreeji Food Processing operate on a job
work basis for PFPL. The manufacturing facility of all the four
companies are located in a single premises spread over 58 acres of
land. PFPL manufactures potato wafers, namkeen & kurkure and has
an installed capacity of 2700 TPA of wafers and 1800 TPA of
namkeen & kurkure.

Recent Results
For the period ended March 2014, the company reported an operating
income of INR30.61 crore and net losses of INR0.73 crore.


PRAJAPATI DEVELOPERS: ICRA Rates INR35cr Proposed Loan at B
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR35 crore
proposed limits of Prajapati Developers.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Proposed Limits       35.00       [ICRA]B assigned


The assigned rating takes into consideration the strength of the
promoter group in terms of its established track record of 20
completed projects, aggregating to a saleable area of 7.5 lakh
square feet, over a period of two decades. The rating also factors
in the clear land title and low regulatory risks for the project
under construction.

The rating is, however, constrained by the vulnerability to
execution risk, primarily time and cost overruns, with physical
construction yet to commence. It is a concern as well that only 2%
of the estimated project cost has been incurred till date on
account of land costs. The rating also factors in the project's
exposure to saleability risk, since 30% of the project funding is
to be met through customer advances that are contingent on timing
of bookings and collections from customers. Furthermore, the
market risk is high as the project has not been launched formally;
and the project location, i.e., Dronagiri, still being in the
development phase, coupled with the impending supply of
residential projects in the vicinity -- in addition to any
negative macro-economic headwinds -- can directly impact the
marketability of the project, going forward.

Incorporated in 1995, Prajapati Developers is a Navi Mumbai-based
real estate firm, which has completed 20 projects to add up to a
total saleable area of 7.5 lakh sq. ft. over the past two decades.
PD is currently undertaking the development of a residential
project, "Prajapati Magnum Phase I" at Dronagiri in Navi Mumbai,
which comprises three G+9 storey towers with a total saleable area
of 2.6 lakh sq. ft. The project would have about 210 units of 2
Bedroom Hall Kitchen (BHK) (carpet area of 800 sq. ft.) and 3 BHK
(carpet area of 1,100 sq. ft.) configurations.
PD is a family owned business, managed by Mr. Rajesh Prajapati
mechanical engineer from VJTI, Mumbai, and founder president of
the Builders Association of Navi Mumbai and Mr. Rakesh Prajapatia
commerce graduate of Mumbai University and founder of the Builders
Welfare Association of Navi Panvel. Both have more than 20 years
of experience in the real estate sector.

Recent Results
In FY 2014, the firm reported a profit after tax (PAT) of INR0.36
crore on an operating income of INR14.89 crore.


RAVI OFFSET: CRISIL Ups Rating on INR170MM Cash Loan to B-
----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Ravi Offset Printers and Publishers Pvt Ltd (Ravi Offset) to
'CRISIL B-/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        60         CRISIL A4 (Upgraded from
                                    'CRISIL D')

   Cash Credit          170         CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

The rating upgrade reflects timely servicing of debt by Ravi
Offset, driven by improvement in its liquidity because of
reduction in its working capital cycle. Furthermore, the company
is expected to generate yearly cash accruals of more than INR10.0
million during 2014-15 and 2015-16 (refers to financial year,
April 1 to March 31), which will be adequate to meet its debt
obligations of around INR4.3 million during both the years. The
improvement in liquidity is also supported by the absence of any
significant capital expenditure (capex) plan over the medium term.

The ratings reflect Ravi Offset's modest scale of operations in
the fragmented printing and publishing industry, and its below-
average financial risk profile, marked by a small net worth, high
gearing, and weak debt protection metrics.  These rating
weaknesses are partially offset by the extensive industry
experience of the company's promoters in publishing industry and
long term relationship with key customers.


Outlook: Stable
CRISIL believes that Ravi Offset 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 significant
increase in the company's net cash accruals, driven by substantial
improvement in its revenue and operating profitability, or if its
working capital cycle reduces, leading to improvement in its
financial risk profile, especially its liquidity. Conversely, the
outlook may be revised to 'Negative' if Ravi Offset's sales and
profitability decline, or if it has larger than expected working
capital requirements or debt-funded capex, resulting in weakening
of its liquidity.

Ravi Offset was established in 1994 by the Jain family in Agra
(Uttar Pradesh). The company undertakes printing and publishing
and has over 3000 publications. The promoter family has been in
this business for over five decades. All the publications of the
company are published under the name, Ravi.


S. P. SOLVENT: ICRA Suspends B+ Rating on INR11cr Bank Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR11.0
crore bank limits of S. P. Solvent Ltd. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


SATYA POWER: ICRA Reaffirms B+ Rating on INR10cr Cash Credit
------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the INR10.00
crore  cash credit facility of Satya Power & Ispat Limited. ICRA
has also reaffirmed the [ICRA]A4  rating to the INR5.00 crore non-
fund based bank facilities of SPIL.

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

   Non Fund Based
   Limits (Letter of
   Credit)                5.00       [ICRA]A4 reaffirmed

   Non Fund Based
   Limits (Bank
   Guarantee)            (3.00)      [ICRA]A4 reaffirmed

The reaffirmation of the ratings take into account the ongoing
weakness in the steel industry, sub-optimal level of capacity
utilization, which resulted in small scale of current operations
as also reflected by stagnant top-line during the past two years
and the lack of vertical integration in the company's stand-alone
sponge iron manufacturing business, making margins sensitive to
input and output prices. The ratings also factor in SPIL's weak
financial profile characterized by deterioration of profitability
as well as coverage indicators and a highly working capital
intensive nature of operations, which in turn impacts its
liquidity position. The ratings, however, consider the experience
of the promoters in the steel industry, the location of the
manufacturing unit in proximity to raw material sources, which
keeps inward freight costs under control, and a comfortable
capital structure of the company.

Incorporated in 2003, SPIL has been engaged in the manufacturing
of sponge iron. The company has two kilns with an installed
capacity of 60,000 metric tonne per annum (MTPA) for manufacturing
of sponge iron. The manufacturing facility of the company is
located at Bilaspur, Chhattisgarh. Agrawal Infrabuild Private
Limited, a company under the same management, is engaged in the
construction and maintenance of roads for various Government
departments in Chhattisgarh and is rated at [ICRA]BBB- (Stable)
and [ICRA]A3.

Recent Results
During the first half of 2014-15, the company has reported an
operating income of INR14.99 crore (provisional). The company
reported a net profit of INR0.34 crore on an operating income of
INR42.18 crore in 2013-14.


SHARIFA AGROTECH: ICRA Assigns B Rating to INR8cr Term Loan
-----------------------------------------------------------
ICRA has assigned [ICRA]B rating to the INR11.60 crore long term
fund based facilities of Sharifa Agrotech and Food Processing
Private Limited.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term, fund
   based limits-Term
   Loans                  8.00       [ICRA]B

   Long term, fund
   based limits-
   Cash Credit            3.60       [ICRA]B

The assigned ratings favorably factors in the long standing
experience of the promoters in the trading and export business as
well as the established relations with traders and exporters. The
ratings however are constrained by high gearing and stretched
capital structure on account of debt funded capex in the past as
well as its reliance on external working capital borrowings. The
company, having started its operations from Oct'13, has small
scale of operations, thin net margins and low cash accruals;
however the same is expected to improve going forward with the
increasing scale of operations. ICRA also notes, the agro based
nature of the industry; as the climatic conditions affect corn
harvest and hence its availability and prices.

Sharifa Agrotech and Food Processing Pvt. Ltd. is located in Miraj
in the Sangli district of Maharashtra. The company is into the
manufacturing and supplying of corn and maize products like corn
grits, corn flour, flaking grits and cattle feed. It has a total
installed capacity of 120MT/day and the company has started
operations from Oct'13. SAFPPL is located in the agricultural belt
of Karnataka and Maharashtra and is a family run business having
45 years of rich experience in trading and export of raw maize
with three other group companies namely Usman Mahamad & Sons
(started in 1969, engaged in trading of food grains), Sangli
Trading (engaged in maize trading) and Sharifa Manufacturing
(started in 1987, engaged in oil business).

Recent Results
The company has reported losses at net level of INR0.10 crore in
FY14 on an operating income of INR13.8 crore. The company has
reported operating profit before depreciation, interest,
amortization and tax (OPBDITA) of INR1.4 crore in the same period.


SHITARAM INDUSTRIES: ICRA Reaffirms B Rating on INR4.50cr LT Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR1.07
crore (reduced from INR1.31 crore) term loan and INR4.50 crore
fund based cash credit facilities of Shitaram Industries at
[ICRA]B.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   Based-Cash Credit     4.50        [ICRA]B reaffirmed

   Long Term Fund
   Based-Term Loan       1.07        [ICRA]B reaffirmed

The rating reaffirmation takes into account the small scale and
limited track record of the firm with operations commencing in
December 2013. The rating continues to factor in the vulnerability
of profitability to adverse movements in raw cotton prices which
are subject to seasonality and crop harvest; the regulatory risk
with regard to MSP; and the firm's low bargaining power given the
limited value addition and the highly competitive & fragmented
industry structure due to low entry barriers. The rating is
further constrained by the firm's weak financial profile
characterized by thin margins and leveraged capital structure on
account of primarily debt funded nature of the project resulting
in modest debt coverage indicators. ICRA also notes that SI is a
partnership firm and any significant withdrawals from the capital
account could affect its net worth and thereby its capital
structure.

The rating, however, favourably factors in the longstanding
experience of the promoters in the cotton industry and the
favourable location of the firm in Rajkot, Gujarat in proximity to
raw material suppliers and downstream processing units.

Established in April 2012 as a partnership firm, Shitaram
Industries (SI) is engaged in ginning and pressing of raw cotton.
The manufacturing facility is located in Rajkot, Gujarat and is
equipped with 18 ginning machines having an input capacity of
~11,860 MTPA. The commercial operations commenced in December
2013. The firm is promoted and managed by Mr. Harshad K Ratanpara,
Mr Suresh N Ratanpara, Mr. Bhudar R Chikani, Mr Harjivan V Bhadja
and Mr. Pravin B Vachhani along with other family members and
relatives.

Recent Results
During FY 2014 (4M), the firm reported an operating income of
INR16.27 crore and profit before tax of INR0.18 crore. Further
during the first eight months of FY 2015, the firm reported an
operating income of Rs 3.92 crore and profit before depreciation
and tax of Rs 0.18 crore (as per provisional unaudited
financials).


SHREE RUPANADHAM: ICRA Reaffirms B+ Rating on INR5cr Cash Credit
----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR5.0 crore  cash
credit facility of Shree Rupanadham Steel (P) Ltd. SRSPL's cash
credit facility has a sub-limit of INR1 crore non fund based
limits, which is entirely interchangeable between long term and
short term. ICRA has also reaffirmed the long term rating of
[ICRA]B+ and a short term rating of [ICRA]A4 to SRSPL's non fund
based limits. ICRA has withdrawn the long term rating of [ICRA]B+
outstanding on the INR3.75 crore term loan facility of SRSPL.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan              3.75       [ICRA]B+ Withdrawn
   Cash Credit            5.00       [ICRA]B+ Reaffirmed
   Non-fund based         1.00       [ICRA]B+/[ICRA]A4 Reaffirmed

The ratings reaffirmation takes into account SRSPL's weak
financial profile characterised by low profitability, nominal cash
accruals and weak business returns. The rating continues to be
constrained by SRSPL's limited financial flexibility because of
high utilisation of the bank limits, its modest scale of
operations with limited value addition in the existing stand-alone
ingot manufacturing unit and the inherent cyclicality in the steel
business. ICRA notes that SRSPL has achieved nominal operating
profits from manufacturing operations during FY14, with profits
largely driven by civil construction related income during the
year. The ratings, however, take into consideration the long track
record of the SRSPL's promoters in the ingot manufacturing
business, low working capital intensity of operations, high level
of capacity utilisation and a moderate capital structure, with
improvement in gearing during FY14 on the back of fresh equity
infusion and reduction of total debt.

Raigarh, Chhattisgarh based SRSPL was incorporated in 2007 and
operates a 16,750 MT Ingot manufacturing unit. The company
achieved a production of 17,506 MT during FY14 and 11,933 MT
during the period April - November 2014. SRSPL also undertook some
civil construction works during FY13 and FY14 and recorded a
profit of around INR2.42 crore and 1.25 crore respectively during
the said period.

Recent Results
SRSPL reported a net profit of INR0.18 crore during FY14 on an OI
of INR50.88 crores as against a net profit of INR0.17 crore and OI
of INR51.71 crores during FY13. As per the provisional financials
for April-November 2014 period, SRSPL reported a profit before
taxes of INR0.20 crore on an operating income of INR38.32 crores.


SHREEJI FOOD: ICRA Lowers Rating on INR3.57cr Term Loan to D
------------------------------------------------------------
ICRA has revised the long term rating assigned to INR3.57 crore
fund based term loan facility of Shreeji Food Processing from
[ICRA]C+ to [ICRA]D. ICRA has also revised the short term rating
assigned to INR0.11 crore of SFP from [ICRA]A4  to [ICRA]D.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term Loan                3.57        Downgraded to [ICRA]D
   Credit Exposure Limit    0.11        Downgraded to [ICRA]D

CRA has factored in the business risk profiles of the Patco group
of companies, namely Patco Foods Private Limited, Jogi Food
Processing, Krishna Food Processing and Shreeji Food Processing,
in view of the significant cross holdings and operational linkages
among the four group companies.

The revision in ratings reflects the instances of delays in debt
servicing by the company in the last six months, owing to its poor
operational performance in FY 13 & FY 14 as reflected in inability
to achieve the estimated revenues and desired stabilization in
operations. The company's stressed financial profile characterized
by losses and consequent erosion of net worth along with high debt
levels due to debt funded capex as well as working capital
borrowing for inventory funding. The ratings also continue to
incorporate the risk arising from the limited experience of the
promoters in the food industry and intense competition in the FMCG
segment from the long established presence of a few organised
players and other local manufacturers which intensifies the
challenges being faced in marketing and selling and distribution
of its products. The ratings also take into account the
vulnerability to fluctuations in raw material prices which are
subject to seasonality and crop harvest.

However, the rating positively considers the group support derived
from the associate concerns involved in related line of businesses
and significant capital contribution from promoters to meet the
debt obligations.

SFP is a part of 'Patco' group of companies, established in 2010
to manufacture various ready-to-eat food products. The group is
promoted by Mr. Matur Savani, Mr. Rakesh Patel and Mr. Lalji
Patel. PFPL is the flagship company of group while the rest three
associate firms namely M/s Jogi Food Processing, M/s Krishna Food
Processing and M/s Shreeji Food Processing operate on job work
basis for PFPL. The manufacturing facility of all the four
companies are located in a single large campus spread over 58
acres of land. SFP is a proprietorship firm engaged in the
processing and sorting of cereals & pulses and cashew nuts. The
installed capacity of the firm is 15000TPA and 300TPA for pulses
and cashews respectively.

Recent Results
For the period ended March 2014, the company reported an operating
income of INR0.24 crore and net losses of INR0.68 crore.


SREE KOPPAMMAL: ICRA Suspends D Rating on INR11cr Term Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR11.00 crore
term loans and INR11.00 crore fund based facilities, and [ICRA]D
rating to the INR5.00 crore short term, non-fund based facilities
of Sree Koppammal Cotton Spinning Mills Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
Company.


SWATI ENTERPRISES: CRISIL Assigns B Rating to INR35MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Swati Enterprises Nashik (SE).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Letter of Credit       5         CRISIL A4
   Bank Guarantee        15         CRISIL A4
   Cash Credit           35         CRISIL B/Stable

The ratings reflect the firm's below-average financial risk
profile, marked by high gearing and weak debt protection metrics,
and its small scale of operations in the highly fragmented and
competitive electrical products trading business. These rating
weaknesses are partially offset by the proprietor's extensive
experience in the electrical products trading business and funding
support.
Outlook: Stable

CRISIL believes that SE will benefit from its proprietor's
extensive industry experience and established customer base over
the medium term.  The outlook may be revised to 'Positive' if the
firm's financial risk profile improves, driven most likely by
increased cash accruals or sizable infusion of fresh funds by the
proprietor. Conversely, the outlook may be revised to 'Negative'
if SE's financial risk profile, particularly its liquidity,
deteriorates, most likely due to low cash accruals, further
elongation in receivables cycle, or any debt-funded capital
expenditure.

SE, set up in 1990 in Nashik (Maharashtra), is a proprietorship
firm of Mr. Satish Mohole. The firm is an authorised dealer of
electric products manufactured by Siemens Ltd and Schneider
Electric India Pvt Ltd in Maharashtra. The firm also undertakes
erection and commissioning of the products sold by it.


TAPTI VALLEY: ICRA Ups Rating on INR20CR Term Loan to B
-------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the term loan
facilities aggregating to INR20.00 crores of Tapti Valley
Education Foundation (TVEF) from [ICRA]B- to [ICRA]B.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits     20.00       [ICRA]B; upgraded from
   (Term Loan)                       [ICRA]B-

The upgrade in rating takes into account the improvement in
company's financial risk profile supported by healthy corporate
grants and increase in student enrolment levels. The rating also
draws comfort from the promoters experience as trustees in various
educational trusts across India and favourable demand prospects
for primary and secondary schools in Surat.

The rating is however constrained by the company's limited
operating track record, stretched capital structure and intense
competition from other established schools in Surat. ICRA notes
that the school is not affiliated to any existing educational
trust and hence the gestation period for gaining visibility as a
leading school in Surat is expected to be long. Further, the
future enrolments at the school could be affected as the school is
located far from Surat city. The rating is further constrained by
the high dependence of the company's operations on corporate
grants and ability of the school to ensure healthy enrolment
levels, going forward, remains crucial for sustainable operations.

Tapti Valley Education Foundation (TVEF) was incorporated on May
12, 2008 under Section 25 of the Companies Act, 1956 as a private
limited company by a group of fourteen Surat based businessman
with an aim to promote education and research in India through
development of educational institutions. The foundation has
established Tapti Valley International School (TVIS), an English
medium co-educational in Surat, Gujarat. The school currently has
affiliation from the Central Board of Secondary Education (CBSE)
to impart education from Nursery till Grade 10.

Recent Results
For the period April 1, 2014 - November 15, 2014, the company
reported profit after tax of INR8.05 crore on an operating income
of INR12.85 crore (provisional). For FY 2014, the company reported
net loss of INR1.88 crore on an operating income of INR5.85 crore.


TOSHNIWAL ENTERPRISES: CRISIL Rates INR120MM Cash Loan at B+
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Toshniwal Enterprises Controls Private
Limited (TECPL).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Inland/Import Letter    15         CRISIL A4
   of Credit
   Bank Guarantee          15         CRISIL A4
   Cash Credit            120         CRISIL B+/Stable

The ratings reflect the company's large working capital
requirements and continuously declining profitability margins.
These weaknesses are partially offset by the promoter's extensive
experience in the telecommunication industry.
Outlook: Stable

CRISIL believes that TECPL will maintain its business risk profile
on account of the extensive experience of the promoters in the
telecommunication industry. The outlook may be revised to
'Positive' in case of more than expected increase in scale of
operations of the company accompanied by improvement in
profitability or better working capital management, leading to
improvement in its liquidity. Conversely, the outlook may be
'Negative' in case of lengthening of its working capital cycle,
lower than expected accruals or more than expected debt funded
capex plans of the company.

Incorporated in the year 1991, Toshniwal Enterprises Control Pvt
Ltd (TECPL) provides telecommunication testing and measurement
products and services. The day to day operations of the company is
being managed by Mr. Rajesh Toshniwal.

TECPL reported a profit after tax (PAT) of INR10 million on net
sales of INR607 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR14 million on net sales
of INR417 million for 2012-13.


VIJ AGRO: CRISIL Reaffirms B Rating on INR600MM Cash Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of Vij Agro Exports Pvt
Ltd (VAPL) continue to reflect VAPL's below-average financial risk
profile, marked by a modest net worth, high gearing, and below-
average debt protection metrics. The ratings also factor in the
company's large working capital requirements and its
susceptibility to erratic rainfall. These rating weaknesses are
partially offset by the healthy growth prospects for the rice
processing industry, and the extensive industry experience of
VAPL's promoters.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           600        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VAPL will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if the company's liquidity improves, driven
by significant increase in its cash accruals due to an improvement
in scale of operations, or if it improves its capital structure.
Conversely, the outlook may be revised to 'Negative' if VAPL's
profitability declines, or if there is considerable increase in
its working capital requirements, or if it undertakes a large
debt-funded capital expenditure programme.
About the Company

Incorporated in 1999, VAPL mills and processes basmati rice (Pusa
1121 quality). The company was promoted by Mr. Sunil Kumar Vij and
his two brothers, Mr. Sachin Kumar and Mr. Pravin Kumar, and their
mother, Mrs. Naresh Kumari Vij. Its processing unit is in
Ferozepur (Punjab).


WESTWELL IRON: CRISIL Reaffirms B+ Rating on INR95MM Bank Loan
--------------------------------------------------------------
CRISIL has re-affirmed its ratings on the bank loan facilities of
Westwell Iron and Steel Pvt Ltd (Westwell). The ratings continue
to reflect Westwell's modest scale of operations, volatility in
its revenue profile, and high exposure to group companies,
constraining financial flexibility. These rating weaknesses are
partially offset by the promoters' extensive experience in diverse
business segments.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        30         CRISIL A4 (Reaffirmed)

   Cash Credit           55         CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    95         CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Westwell will benefit over the medium term
from the promoters' extensive experience in diverse business
segments. The outlook may be revised to 'Positive' if the company
improves its scale of operations, profitability, and working
capital management. Conversely, the outlook may be revised to
'Negative' in the event of significantly low revenue and
profitability or sizeable debt-funded capital expenditure (capex)
and an increase in exposure to group companies.

Update
Westwell's revenue dipped to INR343 million in 2013-14 (refers to
financial year, April 1 to March 31) from INR538 million in 2012-
13, with the closure of its iron ore crushing unit. Revenue is,
however, expected to improve over the medium term, supported by
operations of the toll plaza. As on date, Westwell's revenue is
estimated at INR470 million. The operating margin in the toll
plaza segment led to a moderate operating margin, at 10.4 per cent
in 2013-14. The financial risk profile remained moderate, with low
gearing and average debt protection metrics. Westwell's operations
remained working capital intensive, because of stretched
receivables. High bank limit utilisation and exposure to its
affiliates continue to constrain Westwell's liquidity.
About the Company

Incorporated in 1996, Westwell operates a stone crushing unit in
Rajgram (West Bengal). The company has entered into an operations
and maintenance contract for a toll plaza in Jharkhand on National
Highway-32 (NH-32). Until March 2013, Westwell was engaged in the
iron ore crushing and trading segments. Westwell is promoted by
Mr. Prashant Jaiswal, Mr. Manish Jaiswal, Mr. Ajay Kumar, and Mr.
Rajesh Kumar.



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


XL AXIATA: FY2014 Results Supports Moody's B1 CFR
--------------------------------------------------
Moody's Investors Service says that PT XL Axiata Tbk's ("XL")
full-year results for 2014 are broadly in line with expectations
and support XL's Ba1 corporate family rating and stable outlook,
despite its elevated leverage.

"Reported revenue for 2014 increased 10% to IDR23.6 trillion, with
strong revenue growth in data and value-added services supported
by marginal growth in voice and SMS," says Nidhi Dhruv, a Moody's
Assistant Vice President and Analyst.

"Increasing smartphone penetration supported a 127% year-on-year
(yoy) increase in data usage. However, increase in data prices
continue to lag increase in data consumption, thus resulting in a
4% decline in blended average revenue per user yoy," adds Dhruv,
who is also the Lead Analyst for XL.

Adjusted EBITDA for 2014 increased to approximately IDR12.2
trillion from IDR11.7 trillion for the same period last year,
whereas adjusted EBITDA margin declined to about 52% from 55%,
although margins remain strong for the rating level. The EBITDA
margin decline is mainly due to margin dilution following the
acquisition of Axis which reported negative EBITDA.

Moody's expects margins to contract slightly in 2015 owing to
lower revenues from XL's higher margin tower leasing operations
post sale of 3,500 towers to Solusi Tunas Pratama Tbk (STP,
unrated).

XL's leverage, as measured by adjusted debt/EBITDA, surged to
approximately 4.0x as of December 2014 from 2.6x for the same
period last year, driven largely by its debt funded acquisition of
Axis in March 2014.

"While XL's elevated leverage is not in line with its Ba1 rating,
this increase will be transient as Moody's expect the company will
use a majority of the proceeds from its IDR5.6 trillion sale of
3,500 towers to Solusi Tunas Pratama Tbk (STP, unrated) in
December to pay down debt," says Dhruv.

"We estimate adjusted leverage will decline to approximately 3.0x-
3.5x by 2015, and 2.5x-3.0x in 2016, which is more appropriate for
the rating level. The improvement will be partly driven by a
reduction in capex, particularly to expand its base stations, as
well as the achievement of cost synergies associated with the
acquisition of Axis," adds Dhruv.

Management has maintained capex guidance of about IDR7 trillion
for 2015, broadly in line with capex of IDR7 trillion in 2014 and
IDR7.4 trillion in 2013. This continuing trend of declining capex
to revenue is in line with Moody's expectations as the company has
substantially completed its 3G network infrastructure, and has
started enjoying some of the capex savings following its Axis
acquisition, particularly spending to support its 2G network
infrastructure.

Additionally, XL's recent tower sale to STP is credit positive for
XL as it allows the company to monetize its non-core tower assets
to improve its liquidity. Furthermore, the sale and leaseback
terms are quite favorable for XL, and will help to boost the
company's cash flows and future operating profits. The fixed lease
rental at IDR10 million per month is significantly lower than the
current market average, and there are no separate service fees or
inflation escalator. Such favorable deal terms are unprecedented
in the Indonesian tower sector.

The rating outlook is stable, based on Moody's expectation that XL
will maintain its credit profile by reducing operating expenses
and capex, whilst solidifying its market position following its
acquisition of Axis.

Further upward pressure on the rating is limited, given the degree
of competition in the Indonesian cellular market and the expected
increase in leverage. Moody's are also cognizant of emerging
market risks which need to be incorporated into the rating.

Downward pressure could emerge should there be any material
deterioration in XL's underlying credit strength, and which would
arise from diminishing operating margins, weaker operating cash
flow, or rising forex risk; all of which may be reflected in
adjusted debt/EBITDA remaining consistently above 3.0x, or free
cash flow/adjusted debt falling below 0%-5% on a sustained basis.

In addition, the one-notch uplift based on expected support from
Axiata could be removed if Axiata's shareholding in XL falls below
50%, or if Axiata indicates that it is no longer a core asset for
the group.

The principal methodology used in this rating was Global
Telecommunications Industry published in December 2010.

XL is one of the largest cellular providers in Indonesia in terms
of revenues. As of 31 December 2014, XL had 59.6 million
subscribers. It owns a nationwide cellular network covering all
major cities in Java, Bali and Sumatra, as well as populated
centers in Sulawesi and Kalimantan.

XL is 66.5%-owned by Axiata Group Berhad (Baa2 stable). Axiata is
in turn 59.2%-owned by Khazanah Nasional Berhad. and related
entities of Government of Malaysia (A3 positive). The UAE-based
Emirates Telecommunications Corp (Aa3 stable) holds 4.2% of XL's
shares and the public holds the remaining shares.

This publication does not announce a credit rating action.



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


MITSUBISHI MOTORS: S&P Raises CCR to 'BB+'; Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised to
'BB+' from 'BB' its long-term corporate credit rating on Japan-
based automaker Mitsubishi Motors Corp.  The outlook on the long-
term corporate credit rating is stable.

The upgrade reflects S&P's expectation that Mitsubishi Motors is
likely to maintain very low indebtedness over the next 24 months
since it eliminated preferred shares in March 2014.  S&P's
expectation of very low indebtedness is based on the company's
good prospects of generating positive free operating cash flow
through satisfactory profitability and prudent financial
management, indicating that its cash flow is less exposed to
industry volatility than in the past.

In S&P's opinion, Mitsubishi Motors will likely continue to
generate satisfactory profitability because of continued cost
reductions and relatively solid sales performance.  The company
has consistently cut about JPY20 billion or more in purchasing
costs every year over the past few years.  Moreover, the company's
overall sales performance remains relatively solid despite a
downturn in Southeast Asia, notably in Thailand.  For fiscal 2014
(ending March 31, 2015), S&P assumes its sales volume would be
largely flat compared with the previous year.

S&P believes Mitsubishi Motors' more prudent financial management
will also support its improved financial standing.  S&P expects
the company to finance capital expenditures primarily with
operating cash flow.  Following the elimination of preferred
shares, Mitsubishi Motors resumed dividends in fiscal 2014 for the
first time in 16 years.  Still, S&P expects dividends will not
prevent the company from generating positive discretionary cash
flow.

Nevertheless, S&P's assessment of Mitsubishi Motors' business risk
profile and negative comparable rating analysis incorporate the
company's relative weakness in its market presence, scale, and
diversity compared with similarly rated peers such as General
Motors Co. and Renault S.A.

S&P's base case assumes these:

   -- Mitsubishi Motors' unit sales will be largely flat in
      fiscals 2014 and 2015, reflecting a slow market recovery in
      Southeast Asia and weak economic conditions in Russia;

   -- Mitsubishi Motors' average sales price remains largely flat,
      reflecting a better sales mix offset by intense competitive
      pressures;

   -- Mitsubishi Motors consistently reduces costs by about JPY25
      billion-JPY30 billion per annum; and

   -- Capital expenditures will be about JPY90 billion-JPY100
      billion over the next two years.

Based on these assumptions, S&P arrives at these credit measures:

   -- EBITDA margins of 8%-9% in fiscals 2014 and 2015;

   -- Positive free operating cash flow in fiscals 2014 and 2015;
      and

   -- Virtually no net debt in fiscals 2014 and 2015.

S&P's assess Mitsubishi Motors' liquidity as "strong," according
to S&P's criteria, with sources of liquidity likely to exceed 1.5x
uses over the next year.

Primary liquidity sources include:

   -- Cash and marketable securities of JPY350 billion or more;
   -- Annual funds from operations (FFO) of about JPY160 billion
      or more; and
   -- Unused committed credit facilities.

Primary liquidity uses include:

   -- Moderate debt maturities; and
   -- Annual capital expenditures of about JPY100 billion or less.

The stable outlook reflects S&P's expectation that the company is
likely to maintain satisfactory profitability and sustain its
improved financial risk profile over the next 24 months.

S&P believes a further upgrade is unlikely, at least over the next
12 to 24 months because of the challenge of materially improving
its market presence, scale, and diversity amid intense competition
in the industry and volatile emerging markets.  S&P may raise its
rating on Mitsubishi Motors if S&P believes the company will
likely strengthen its competitive position and improve
profitability while maintaining a prudent financial management.

S&P may lower the ratings if it expects the company's competitive
position in Southeast Asia to weaken, potentially causing
profitability and cash flow to deteriorate significantly.  S&P may
also lower the rating if the company demonstrates an aggressive
financial policy, leading S&P to believe its improved financial
risk profile is unsustainable such that FFO to debt remains below
60% for a protracted period.



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


RIGHT HOUSE: Couple Left in Limbo After Paying Deposit
------------------------------------------------------
The Dominion Post reports that a Wellington couple have been stung
by the collapse of energy efficiency company Right House last
week.

Anna Smith and Douglas Wood paid a one-third deposit on a new
heating system worth thousands, but have been left hanging with no
idea if they will get the job done or their money back, the report
says.

The Dominion Post relates that Ms. Smith said they were "really
shocked" by the failure of Right House.

"There was nothing to suggest the company was in any trouble," the
report quotes Ms. Smith as saying. "We are deeply disappointed
because we have put down a third of the cost . . . we were looking
forward to having it all in place and nice and warm for next
winter."

According to the report, the collapse of Right House saw 133 staff
laid off around New Zealand and the company owed NZ$10 million to
creditors. However, Right House was left homeless on Feb. 9 after
the liquidators and remaining Right House staff were thrown out of
their Wellington headquarters building by the landlord.

That meant they were unable to complete the sale of the insulation
part of the business and could not access company files, says The
Dominion Post.

Late last year, Right House told Ms. Smith they were too busy to
install the new high efficiency heating system before Christmas,
so the couple put it off till this year, the report recalls. The
job was due to start next week, three months after they made the
initial deposit, and the radiators had already arrived last month.

But now Right House has failed and Smith and Wood have been left
unsure where they stand, the report states.

The Dominion Post relates that Right House liquidator John Fisk of
PricewaterhouseCoopers said legally the deposit would be an
unsecured claim against the company and the couple would have to
stand in line with other unsecured creditors.

But Mr. Fisk said they would need to look at the contract and see
if it was possible the work could be completed so that would be to
the benefit of all creditors, the report relays.

Right House was set up in 2007 by state-owned Meridian Energy and
sold in 2011 to international energy-saving company Mark Group.
Right House has operational bases in Auckland, Christchurch,
Hamilton, Dunedin and its head office in Wellington.



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


DOOSAN GROUP: Doosan Infracore Cuts Jobs Amid Restructuring
-----------------------------------------------------------
The Korea Herald reports that Doosan Infracore, the second-largest
affiliate of Doosan Group, has begun a restructuring program to
improve its financial health, the group confirmed on Feb. 6.

The report relates that the country's 12th-largest conglomerate by
assets said Doosan Infracore would cut about 100 jobs through an
early-retirement program. The early-retirement offer was given to
all 3,200 Doosan Infracore employees, including research and
development staff.

According to the report, the downsizing at the construction
equipment maker follows in the wake of a similar program last year
by another flagship affiliate, Doosan Heavy Industries &
Construction.

Financially struggling sister company Doosan Engineering &
Construction also reduced operation costs by cutting staff last
year, the report relates.

"We just want to make clear that this is not a group-wide
restructuring," Bae Gyun-ho, a representative for the group, told
The Korea Herald.

Industry watchers forecast the human capital restructuring would
increase this year as Doosan Engine and Doosan E&C are reviewing
their financial and business portfolios with help from management
consultants elsewhere, the report relates.

But speculation has it that the move is likely to be followed by
downsizing. An industry insider told The Korea Herald that Korean
companies usually receive outside consulting services before
making a decision on restructuring.

The Korea Herald reports that experts said this will likely be
Doosan's largest restructuring effort since it adopted a holding
company structure in 2009.

A wave of job losses was expected due to the prolonged business
slump of the group, affected by the uncertain global market
conditions, the report adds.



                             *********

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
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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 ***