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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 18, 2015, Vol. 18, No. 034


                            Headlines


A U S T R A L I A

COGS GROUP: First Creditors' Meeting Slated For Feb. 25
DL EMPLOYMENT: Quinn Family Steps up to Pay Darell Lea Workers
EASTMARK HOLDINGS: First Creditors' Meeting Set For Feb. 24
JOSH GOOT: Fashion House Up For Sale
NEWCASTLE JETS: New CEO Will Pay Off Jet Debts as No. 1 Priority


C H I N A

FOSUN INT'L: Acquisition of Club Med No Impact on Moody's Ba3 CFR
KAISA GROUP: Assets Now Frozen by Courts Rise to More Than $2BB
KAISA GROUP: Reveals $10.4BB Debt Load; Pushes For Deal
ROAD KING: Moody's Affirms 'B1' CFR, Outlook Positive
SUNAC CHINA: S&P Puts 'BB-' CCR on CreditWatch Negative


H O N G  K O N G

CHINA PRECISION: Incurs $5.4 Million Net Loss in 2nd Quarter
NORD ANGLIA: Moody's Affirms 'B1' CFR, Outlook Stable


I N D I A

AADIT ENTERPRISES: CARE Reaffirms D Rating on INR20cr LT Loan
ANR INTERNATIONAL: CRISIL Rates INR21MM LT Bank Loan at 'B+'
ARG ROYAL: CARE Revises Rating on INR11.50cr LT Loan to B
BALKRISHNA GINNING: CRISIL Reaffirms B+ Rating on INR175MM Loan
BHURJI SUPER-TEK: CRISIL Ups Rating on INR190MM Term Loan to 'C'

BRAWN SPACES: CRISIL Reaffirms B Rating on INR120MM LT Loan
CAUVERY POWER: CRISIL Assigns D Rating to INR250MM LT Loan
CONSTRUCTION TECHNIQUE: CRISIL Rates INR35MM Cash Credit at B
DECCAN CHRONICLE: Chairman Venkattram Reddy Arrested for Fraud
GARG ALUMINIO: CRISIL Suspends B+ Rating on INR35.4MM Cash Loan

GAYATRI BIOORGANICS: CRISIL Withdraws D Rating on INR130MM Loan
GEETA THREADS: CRISIL Reaffirms B Rating on INR62.5MM Cash Loan
H. M. FOODS: CRISIL Puts B+ Rating on INR30MM Cash Loan
H.R ENTERPRISE: CARE Assigns B Rating to INR9.50cr LT Bank Loan
HEMCO GARMENT: CRISIL Assigns B Rating to INR49MM Term Loan

HINDUPUR STEEL: CARE Revises Rating on INR25.91cr LT Loan to B
IFMR CAPITAL: ICRA Reaffirms B(SO) Rating on INR2.3cr Cert.
INDIABULLS REAL: Moody's Says Weak Sales is Credit Negative
INDIRA GANDHI: CRISIL Rates INR330 Million Term Loan at 'D'
INTERNATIONAL TRADING: CRISIL Ups Rating on INR30MM Loan to B-

JAGDAMBA INDUSTRIES: CARE Assigns D Rating to INR50.46cr LT Loan
JMC AUTOMOTIVE: CRISIL Assigns D Rating to INR67.5MM Cash Loan
JYOTI CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR70MM Loan
KHAZANCHI JEWELLERS: ICRA Suspends B+ Rating on INR10.2cr Loan
KINGSWOOD LOGISTICS: CARE Puts B Rating on INR8.50cr LT Bank Loan

KRS PHARMACEUTICALS: CRISIL Ups Rating on INR76.1MM Loan to B+
MAA JAYCHANDI: CARE Assigns B Rating to INR8.47cr LT Bank Loan
MAHER COTTON: CRISIL Cuts Rating on INR75MM Cash Credit to 'D'
MARGO PLYWOOD: CARE Lowers Rating on INR12.71cr ST Loan to D
NANDI PIPES: CARE Assigns B+ Rating to INR9.90cr LT Bank Loan

OZON VITRIFIED: CARE Reaffirms B+ Rating on INR15.28cr LT Loan
POLYLACE INDIA: CARE Reaffirms B+ Rating on INR3cr LT Bank Loan
RCIK FOODS: CARE Assigns B Rating to INR6.30cr LT Bank Loan
RICHI RICH: ICRA Suspends B+ Rating on INR13.66cr LT Loan
S. R. GLASS: CARE Reaffirms D Rating on INR10cr LT Bank Loan

SAI SPACECON: CRISIL Reaffirms D Rating on INR307.5MM Term Loan
SAURASHTRA GROUP: ICRA Suspends B+ Rating on INR14cr Loan
SAVLA FOODS: ICRA Upgrades Rating on INR72.15cr Term Loan to B
SHIV RICE: CRISIL Assigns B+ Rating to INR40MM Cash Credit
SHIVAM PHOTOVOLTAICS: ICRA Puts C Rating on INR5cr Buyers Credit

SREE SAI: CRISIL Ups Rating on INR50MM Long Term Loan to B+
SRI GURUKRUPA: CRISIL Assigns B+ Rating to INR120MM Cash Loan
STANDARD PHARMA: CRISIL Reaffirms D Rating on INR53.5MM Loan
TEJA INDUSTRIES: CARE Assigns B+ Rating to INR7cr LT Bank Loan
UNICURE REMEDIES: ICRA Cuts Rating on INR5cr LT Loan to B+

VA HOTELS: CRISIL Reaffirms B- Rating on INR92.5MM Bank Loan
VENKATESHKRUPA SUGAR: CRISIL Assigns B+ Rating to INR300M Loan
* INDIA: Fertilising Firms Facing Severe Liquidity Crunch


J A P A N

TAKATA CO: Honda Says Not Interested in Helping Firm


N E W  Z E A L A N D

NEW ZEALAND: Housing Demand Strong Despite eHome Receivership


P H I L I P P I N E S

PHILIPPINE WOMEN'S: STI Seeks Foreclosure of Another Property


S I N G A P O R E

OUE HOSPITALITY: Moody's Says REITs Shows Weaker Performance


S O U T H  K O R E A

HANMAG SECURITIES: Seoul Court Declares Firm Bankrupt
KOREAN AIR: 2014 Loss Widens to KRW457.82BB on Currency Loss
MAGNACHIP SEMICONDUCTOR: Moody's Affirms Caa1 Corp. Family Rating
PANTECH CO: Court Announcement of New Pantech Owner Deferred


T A I W A N

WAN HAI LINES: Moody's Raises CFR to 'Ba2', Outlook Stable


                            - - - - -


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


COGS GROUP: First Creditors' Meeting Slated For Feb. 25
-------------------------------------------------------
Con Kokkinos & Matthew Jess of Worrells Solvency & Forensic
Accountants were appointed as administrators of COGS Group Pty Ltd
on Feb. 16, 2015.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Level 15, 114 William
Street, in Melbourne, on Feb. 25, 2015, at 2:30 p.m.


DL EMPLOYMENT: Quinn Family Steps up to Pay Darell Lea Workers
--------------------------------------------------------------
Lucy Ardern at Gold Coast Bulletin reports that the Quinn family
looks set to pay out a group of disgruntled former Darrell Lea
employees who have been fighting for their entitlements for more
than a year.

Gold Coast Bulletin says the Australian Manufacturing Workers'
Union organised a protest at Robina of Feb. 17 outside Worrell's
offices because they were given the job of liquidating the
employment company connected to Darrell Lea, DL Employment.

But now it appears that Tony Quinn, who purchased Darrell Lea in
2012, has agreed to pay the more than AUD400,000 that the
employees are owed, Gold Coast Bulletin relates.

According to the report, the dispute was sparked in January when
the Fair Work Commission ordered DL Employment to pay out the six
workers because personal circumstances meant it was not reasonable
for the company to require them to travel to work at the new
factory. But instead of paying, DL Employment was placed in
voluntary administration and liquidator Jason Bettles was given
the job of trying to find the funds owed to employees.

The Gold Coast Bulletin relates that the protest was being staged
outside the Worrell's Gold Coast office to coincide with a
creditors meeting at 3:00 p.m.

In correspondence obtained by the Gold Coast Bulletin about the
dispute, it was stated: "Mr Quinn has advised . . . that he is
willing to personally fund the outstanding redundancy payments."

AMWU NSW secretary Tim Ayres on Feb. 17 appeared confident of a
good outcome for affected workers, the report notes.

"A good outcome is certain," the report quotes Mr. Ayres as
saying.  "These people felt cheated and that is why the union
stepped in.  Now it seems that the company is ready to settle
this, once and for all."


EASTMARK HOLDINGS: First Creditors' Meeting Set For Feb. 24
-----------------------------------------------------------
Philip Carter and Marcus Ayres of PPB Advisory were appointed as
administrators of Eastmark Holdings Pty Limited on Feb. 12, 2015.

A first meeting of the creditors of the Company will be held at
Wesley Conference Centre, 220 Pitt Street, in Sydney, on Feb. 24,
2015, at 10:30 a.m.


JOSH GOOT: Fashion House Up For Sale
------------------------------------
Kirsten Robb at SmartCompany reports that Australian fashion
designer Josh Goot's eponymous label is up for grabs, after it
collapsed into voluntary administration earlier this month.

SmartCompany says an advertisement in Australian Financial Review
on Feb. 16 indicates administrators are seeking expressions of
interest for the business and assets of the Josh Goot label.

The sale will include the trademarks and goodwill of the
established brand; the website and online store; and the finished
goods, raw materials, plant and equipment located in New South and
Victoria, SmartCompany relates.

A spokesperson for Goot on Feb. 16 told SmartCompany the business
is working with the administrators and "exploring all options to
protect the business and its key stakeholders including creditors,
staff and customers".

The spokesperson confirmed both stores are still trading and said
the business is focusing on delivering the label's next season.

"Beyond that, it's too early to make any further comment," the
spokesperson told SmartCompany.

Brian Walker, chief executive of the Retail Doctor Group, told
SmartCompany while Josh Goot may still be looking at a
restructure, the advertisement indicates administrators are at
least garnering interest in the label.

According to SmartCompany, Mr. Walker said at this point any guess
as to who will scoop up the label is pure speculation but he
believes the most likely buyer would be from the big end of town.

"I imagine it will be a larger business, if they are interested,"
the report quotes Mr. Walker as saying.

He said the most likely buyers would be David Jones, who could do
what Myer did when they acquired Sass & Bide, or successful high
end street fashion labels like Saba, SmartCompany adds.

The business, which had a turnover of AUD3 million in the 2014
financial year, was established by Goot in 2008 and has gone on to
become one of Australia's top fashion labels with standalone
retail outlets in Paddington NSW and Armadale VIC.  The label has
celebrity fans including Kim Kardashian and Lara Bingle, and is
also stocked at David Jones.

Michael Smith and Peter Hillig of Smith Hancock were appointed
administrators on February 2, with Mr. Goot saying at the time the
aim of the administration was to "restructure to protect the long-
term interests of the brand and all involved," reports
SmartCompany.


NEWCASTLE JETS: New CEO Will Pay Off Jet Debts as No. 1 Priority
----------------------------------------------------------------
abc.net.au reports that the new chief Executive officer of the
Newcastle Jets said his first priority is to clear the club's
outstanding debts.

Mitchell Murphy started in the job, filling a role left vacant by
Robbie Middleby who resigned in January, according to abc.net.au.

The report notes that Mr. Murphy was chief executive of Football
Federation Victoria until July 2014.

Mr. Murphy said he would be working hard to finalize player
entitlements and clearing other debts including a substantial tax
bill, the report relates.

"The first priority, and again, we are in open dialogue with the
FFA about that, is to resolve the outstanding superannuation
payments and that is my number one priority," the report quoted
Mr. Murphy as saying.  "Then to continue to work to work through
the issues one step at a time.  There's no doubt that there is an
issue with the ATO with Nathan's companies, but our legal team are
talking daily with the ATO," Mr. Murphy added.

The report notes that Mr. Murphy said he hopes to resolve
termination payments as quickly as possible for the remaining four
sacked Jets players.

The club disclosed that it had agreed to terms with former captain
Kew Jaliens, the report relays.

The terminated players are still turning up to training, but there
have been reports of verbal altercations with coach Phil Stubbins,
the report notes.

The report discloses that Mr. Murphy said he has already been
involved in talks with the players' union.



=========
C H I N A
=========


FOSUN INT'L: Acquisition of Club Med No Impact on Moody's Ba3 CFR
-----------------------------------------------------------------
Moody's Investors Service says Fosun International Limited's
acquisition of Club Mediterranee SA (Club Med, unrated) is credit
negative but will have no immediate impact on its Ba3 corporate
family and B1 bond ratings.

The deal will pressure Fosun's credit metrics in the near term.
However, it will increase the value of its investment portfolio
and add to its diversification over the long run.

The ratings outlook remains negative.

On Feb. 12, 2015, Fosun announced that it has acquired 92.81%
shares of Club Med with other investors.

Moody's expects that Fosun and its subsidiaries need to pay cash
consideration of EUR650 million-EUR700 million, in addition to the
around 20% stakes that Fosun already owns.

Although, Fosun has obtained funds from its Portuguese insurance
businesses as well as third-party sources to partially fund the
deal, it still needs to use additional debt or cash on hand to
fund majority of the considerations.

"We do not expect the investments in Club Med to materially
increase its recurring EBITDA and cashflow in the next 1-2 years.
As such, Fosun's credit metrics will be pressured," says Lina
Choi, a Moody's Vice President and Senior Analyst.

Nevertheless, Fosun's recent disposal of its stakes in China
Minsheng bank(unrated) - with estimated proceeds of around RMB2
billion - will help alleviate liquidity pressure.

"As a result of the acquisition, Fosun will have full control of
Club Med's businesses and will be able to leverage the synergies
between Fosun's expertise in China and Club Med's global
franchise," says Kai Hu, a Moody's Vice President and Senior
Credit Officer.

"However, there is still execution risk for Fosun.  It will also
be a challenge to achieve adequate returns to cover the high
premium paid for the acquisition," adds Hu.

Fosun has raised the bidding price for stakes in Club Med a number
of times.

Fosun's final price of EUR24.6 per share is around 40% higher than
Club Med's stock price at the beginning of 2014.

The willingness to pay a high premium and the size of the deal
also indicate Fosun's aggressive appetite; it has been aggressive
in overseas acquisitions in the past three years.

The negative ratings outlook reflects: (1) concerns whether Fosun
can reduce its reliance on debt-funded growth; (2) considerable
execution risk as a result of integrating its newly acquired
overseas businesses, including insurance, oil & gas, tourism and
healthcare; (3) the unfavorable industry conditions affecting its
core businesses in steel, property and mining.

The principal methodology used in this rating was Business and
Consumer Service Industry published in December 2014.

Fosun was founded in 1992. Its core businesses are: (1) insurance;
(2) steel; (3) property; (4) pharmaceuticals and healthcare; and
(5) mining.  Apart from these core businesses, Fosun also has a
growing presence in other areas such as asset management.  It also
has a significant portfolio of Chinese and overseas investments in
listed companies, equity interests in operating businesses, and
investment partnerships that are not publicly listed.


KAISA GROUP: Assets Now Frozen by Courts Rise to More Than $2BB
----------------------------------------------------------------
Reuters reports that Kaisa Group said on Feb. 17 that assets
frozen by courts to protect its creditors have risen to more than
$2 billion, sending its shares sharply lower in early trading in
Hong Kong.

Saying it is preparing a restructuring proposal for offshore
creditors for early March, the company disclosed in a statement
that assets ordered to be frozen by courts under 21 civil rulings
increased to CNY12.8 billion ($2.05 billion) as of February 16,
Reuters relates.  A total of 63 applications requesting
preservation of Kaisa's assets have been filed by onshore
creditors so far, the report notes.

Reuters says the developer disclosed on Feb. 16 that its debts now
exceed $10 billion, of which it may have to repay more than half
this year, and said it was in discussions with its creditors to
try to restructure its borrowings urgently. It described a meeting
with onshore lenders on Feb. 16 as positive, Reuters notes.

Kaisa said its financial advisor Houlihan Lokey is in the process
of identifying its offshore bondholders and has been in contact
with a number of them, adds Reuters.

                        About Kaisa Group

China-based Kaisa Group Holdings Ltd. (HKG:1638) --
http://www.kaisagroup.com/english/-- is an investment holding
company, and its subsidiaries are engaged in property development,
property investment and property management.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 11, 2015, Moody's Investors Service 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 February 6, 2015, Sunac China Holdings Limited (Ba3 stable) and
Kaisa jointly announced that Sunac conditionally agreed to acquire
49.25% of Kaisa's outstanding shares from its major shareholder,
Mr. Kwok Ying Shing and his family members.

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


KAISA GROUP: Reveals $10.4BB Debt Load; Pushes For Deal
-------------------------------------------------------
Esther Fung at The Wall Street Journal reports that Kaisa Group
Holdings Ltd. told foreign bond investors Feb. 16 that it faces a
$10.4 billion debt load -- more than double the amount it
previously disclosed -- and pressed them to cut a deal to avert a
blow to its operations.

The Journal says the disclosure is likely to increase investor
fears over Chinese property developers and their potential
exposure to nontraditional debt that may be held off their balance
sheets. It also renews questions about Kaisa's fate just a week
after it struck a HK$4.55 billion (US$587 million) deal with
another property developer, Sunac China Holdings Ltd., that
appeared to address many of its problems, the Journal relays.

According to the Journal, Kaisa said in a filing with the
Hong Kong stock exchange that its total debt amounted to
CNY65 billion as of Dec. 31, including CNY48 billion in mainland
China. In addition, Kaisa said it expects that it needs to repay
as much as CNY35.5 billion before the end of this year. It also
said it expects a "substantial decline" in 2014 net profit,
without elaborating, the Journal reports.

The disclosure marks a sharp jump from the debt load it disclosed
in September, the report notes. It said in a filing then that it
had CNY6.01 billion in current borrowings and another
CNY23.77 billion in longer-term borrowings as of June 30.

The company didn't explain the difference between the old and new
figures, and a Kaisa spokesman declined to comment further on Feb.
16, the Journal notes.

The Journal adds that Kaisa said the figures should prompt its
bondholders to come to the table and reach a quick settlement.

"In light of the financial position at the group and its future
obligations, it is anticipated that the restructuring will need to
be conducted on an expedited basis," the company, as cited by the
Journal, said.

According to the Journal, HSBC analyst Keith Chan said in a note
that he was "negatively surprised by the ballooned interest-
bearing debt obligations" and attributed it to borrowings from
nontraditional Chinese lenders. China's informal or shadow-banking
sector has been a major lender to Chinese real-estate developers,
particularly the investment vehicles known as trusts, the report
states.

"As to the implication to the rest of the China property sector,
we see most of the China property high-yield bond issuers
recognizing trust financing exposures as on-balance sheet debt
obligations," the Journal quotes Mr. Chan as saying.

                        About Kaisa Group

China-based Kaisa Group Holdings Ltd. (HKG:1638) --
http://www.kaisagroup.com/english/-- is an investment holding
company, and its subsidiaries are engaged in property development,
property investment and property management.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 11, 2015, Moody's Investors Service 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 February 6, 2015, Sunac China Holdings Limited (Ba3 stable) and
Kaisa jointly announced that Sunac conditionally agreed to acquire
49.25% of Kaisa's outstanding shares from its major shareholder,
Mr. Kwok Ying Shing and his family members.

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


ROAD KING: Moody's Affirms 'B1' CFR, Outlook Positive
-----------------------------------------------------
Moody's Investors Service affirmed Road King Infrastructure
Limited's B1 corporate family rating.  Moody's has also affirmed
the B1 ratings on the $350 million senior unsecured notes issued
by Road King Infrastructure Finance (2012) Ltd, and the RMB2.2
billion senior unsecured notes issued by RKI Finance (2013)
Limited.  Both entities are wholly owned subsidiaries of Road
King.

The ratings outlook remains positive.

"The rating affirmation reflects our expectation that Road King's
credit metrics will remain stable despite a decline in contracted
sales in 2014," says Franco Leung, a Moody's Vice President and
Senior Analyst.

Road King delivered weaker-than-expected contracted sales of
RMB9.4 billion in 2014, representing a 23% year-on-year decline in
property sales from 2013.  The decline reflects the challenging
operating conditions prevalent in the regions in which the company
operates.

Moody's expects Road King's contracted sales to grow at a moderate
rate in 2015, slower than the double-digit growth rate seen in
2011-2013.

However, Moody's expects that its adjusted EBITDA margins will
remain above 20% over the next 12 months, owing to the company's
strategy to protect profitability.

As a result, Moody's expects Road King's interest coverage -- as
measured by adjusted EBITDA/interest -- to remain stable at 2.3x-
2.7x in the next 12-18 months, as the company will control debt
growth at a moderate level.

"Road King's liquidity remains adequate despite lower contracted
sales and increased land purchases in 2014," adds Leung, who is
also the lead analyst for Road King.

Moody's estimates Road King's liquidity position remains adequate
for the next 12-18 months as its cash balance, together with
operating cash flow, will be sufficient to meet its contractual
land payment obligations.

Also, its credit profile remains supported by the recurring income
from its toll road operations.

Dividends from its toll road operations accounted for around 0.54x
of interest expense in 2013.  Average daily traffic volume of the
toll road projects was 201,000 vehicles in 2014 compared to
203,000 in 2013. While it will take time for its new expressways
to contribute meaningful cash flows, Moody's expects that interest
coverage from its toll roads will slightly improve over the next
18-24 months.

The next significant debt maturities are in December 2016 and
September 2017, when its RMB2.2 billion senior unsecured notes and
$350 million senior unsecured notes fall due respectively.

Its good access to funding and solid financial metrics position
the company strongly relative to its B1 rated peers.

The positive outlook reflects Moody's expectation that Road King
will continue to exhibit financial discipline while growing its
property development segment, thereby maintaining both stable
credit metrics and an adequate liquidity position.

Upward rating pressure could emerge if Road King (1) continues to
demonstrate stability in contracted sales growth, profit margins
and liquidity; (2) maintains its toll road dividend above RMB450-
RMB500 million; or (3) maintains stable credit metrics -- EBITDA/
interest above 2.0x-2.5x, revenue/adjusted debt above 75%-80%, and
cash/short-term debt ratio above 1.0x.

Downward rating pressure could emerge if (1) Road King's liquidity
position deteriorates due to weaker sales or aggressive land
acquisitions; (2) it increases debt-funded land purchases; or (3)
its profit margins decline.

Financial ratios indicating downgrade pressure include EBITDA
margins below 20%, EBITDA/interest below 2.0x, or revenue/adjusted
debt below 65%-70%.

The principal methodology used in this rating was Global
Homebuilding Industry published in March 2009.

Road King Infrastructure Limited is a Hong Kong-listed company
that invests in: (1) toll road projects, comprising 11 major
expressways and highways spanning approximately 554 kilometers and
in six provinces in China: Anhui, Guangxi, Hebei, Hunan, Jiangsu
and Shanxi; and (2) a property development portfolio of more than
28 major projects with a total gross floor area of approximately
5.7 million square meters across eight provinces and
municipalities in China as of June 30, 2014.


SUNAC CHINA: S&P Puts 'BB-' CCR on CreditWatch Negative
-------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
'BB-' long-term corporate credit rating and 'cnBB+' long-term
Greater China regional scale rating on Sunac China Holdings Ltd.
on CreditWatch with negative implications.  S&P also placed its
'B+' long-term issue rating and 'cnBB' long-term Greater China
regional scale rating on the company's outstanding senior
unsecured notes on CreditWatch with negative implications.  Sunac
is a China-based property developer.

"The CreditWatch reflects our expectation that Sunac's cash flows
and leverage could deteriorate over the next six to 12 months
because of the company's proposed acquisition of about 49% of
Kaisa Group Holdings Ltd. (SD/NM/--), another Chinese developer,"
said Standard & Poor's credit analyst Christopher Yip.  "We also
expect integration risks from the acquisition to weaken Sunac's
profitability."

Sunac would have to pay up to Chinese renminbi (RMB) 8 billion,
including a likely mandatory general offer, for the stake in
Kaisa.  In addition, Sunac will pay RMB2.4 billion to acquire
Kaisa's four projects in Shanghai.  S&P anticipates that Sunac is
most likely to use debt to fund the acquisitions, leading to
weaker leverage in 2015.

S&P believes regulatory risks affecting Kaisa's property sales in
Shenzhen remain heightened.  Visibility on the timing and method
of resolution of sales restrictions on the company's projects in
Shenzhen remains limited.  Also, uncertainty surrounds Kaisa's
ability to restructure its debt and fulfill other conditions
related to the proposed acquisition before Sunac buys the stake.

In S&P's view, Sunac's financial discipline has weakened as
reflected in its aggressive acquisition appetite.  S&P expects
management to continue to be aggressively acquisitive to
significantly expand its scale.

In S&P's opinion, Sunac's recent execution of a number of
acquisitions, including that of Greentown China Holdings Ltd., has
been poor.  Also, the company's information risk has risen
following less timely and transparent disclosures.  S&P has
revised Sunac's management and governance score to "weak" from
"fair."

S&P believes event risks such as large acquisitions and Sunac's
volatile and unpredictable corporate strategy could weigh on the
company's credit profile.  S&P has lowered its assessment of
Sunac's financial policy to "negative" from "neutral" to reflect
S&P's view.  This adjustment also captures S&P's earlier view that
the company has a short track record of consistent financial
management.  Therefore, S&P has revised its comparative rating
adjustment score to "neutral" from "negative."

"We expect to resolve the CreditWatch placement within three
months, or when we have greater visibility on the impact of the
potential acquisition on Sunac's credit profile," said Mr. Yip.
"This resolution will depend on Kaisa's progress in completing the
conditions, including debt restructuring, related to the
acquisition."

S&P could downgrade Sunac by one notch if S&P believes the
acquisition will significantly weaken the company's leverage and
liquidity.  This could happen if Sunac funds the acquisition
mostly with debt, which will increase its total debt significantly
more than S&P expects.

S&P could affirm the rating with a stable outlook if the Kaisa
acquisition does not materialize, or Sunac funds the acquisition
mostly with equity such that S&P assess that the transaction will
have only a limited impact on the company's cash flow and
leverage.



================
H O N G  K O N G
================


CHINA PRECISION: Incurs $5.4 Million Net Loss in 2nd Quarter
------------------------------------------------------------
China Precision Steel, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $5.37 million on $5.18 million of sales revenues for
the three months ended Dec. 31, 2014, compared to a net loss of
$12.9 million on $11.9 million of sales revenues for the same
period a year ago.

For the six months ended Dec. 31, 2014, the Company reported a net
loss of $12.2 million on $10.9 million of sales revenues compared
to a net loss of $22.5 million on $23.6 million of sales revenues
for the same period during the prior year.

As of Dec. 31, 2014, the Company had $66.3 million in total
assets, $63.7 million in total liabilities, all current, and $2.61
million in total stockholders' equity.

"In June and July 2012, the Company defaulted on the repayment
obligations of its short-term and long-term bank loans totaling
$43.9 million at Dec. 31, 2014.  The Company aims to resolve this
by working out a repayment plan with the banks but there can be no
assurance that the Company will be able to successfully do so or
otherwise fulfill its obligations under the loans.  The
uncertainty surrounding our lack of readily available liquidity
provided by other third party sources raises substantial doubt
about our ability to continue as a going concern.  Our
consolidated financial statements do not include any adjustments
that might be necessary should the Company be unable to continue
as a going concern," the Company stated in the Form 10-Q.

A full-text copy of the Form 10-Q is available for free at:

                        http://is.gd/KJC9z9

                   About China Precision Steel

China Precision Steel -- http://chinaprecisionsteelinc.com/-- is
a niche precision steel processing company principally engaged in
the production and sale of high precision cold-rolled steel
products and provides value added services such as heat treatment
and cutting medium and high carbon hot-rolled steel strips. China
Precision Steel's high precision, ultra-thin, high strength (7.5
mm to 0.05 mm) cold-rolled steel products are mainly used in the
production of automotive components, food packaging materials, saw
blades, steel roofing and textile needles.  The Company sells to
manufacturers in the People's Republic of China as well as
overseas markets such as Nigeria, Ethiopia, Thailand and
Indonesia.  China Precision Steel was incorporated in 2002 and is
headquartered in Sheung Wan, Hong Kong.

China Precision reported a net loss of $37.5 million on
$47.2 million of sales revenues for the year ended June 30, 2014,
compared to a net loss of $68.9 million on $36.5 million of
sales revenues in 2013.

MSPC Certified Public Accountants and Advisors, A Professional
Corporation, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended June
30, 2014.  The independent auditors noted that the Company
suffered very significant losses for the years ended June 30,
2014, and 2013, respectively.  Additionally, the Company defaulted
on interest and principal repayments of bank borrowings that raise
substantial doubt about its ability to continue as a going
concern.


NORD ANGLIA: Moody's Affirms 'B1' CFR, Outlook Stable
-----------------------------------------------------
Moody's Investors Service affirmed Nord Anglia Education, Inc's B1
corporate family rating and the B1 ratings on its senior secured
term loan B, which is being upsized to $638 million from $513
million, and the $75 million senior secured revolving credit
facility, both issued by Nord Anglia Education Finance LLC.

The rating outlook remains stable.

The rating actions follow NAE's Feb. 13, 2015 announcement that it
will acquire British International Schools (BIS) in Vietnam, to be
funded with a $125 million term loan, which is incremental to the
company's existing $513 million term loan B, and $20 million in
equity issuance.  BIS has four schools, two in Ho Chi Minh City
and two in Hanoi that have a total of about 3,350 full-time
equivalent students.

"In our view, any impact from NAE's acquisition in Vietnam on its
financial profile should be modest, given that the schools that
NAE will acquire are immediately accretive to its earnings.  In
addition, this acquisition is consistent with the company's
expansion strategy," says Joe Morrison, a Moody's Vice President
and Senior Analyst.

"We also expect the company's financial profile to continue to
improve over the next 12-18 months, driven by increasing
earnings," adds Morrison.

The increase in earnings will be driven by the full-year
recognition of its newly acquired schools since 2014 as well as a
continued hike in tuition rates at greater than the growth rates
of staff costs and lease expenses.

In this regard, Moody's expects its adjusted debt to EBITDA, pro
forma for acquisitions, to decrease to about 5.0x for the fiscal
year ending August 2016 (FY2016) from 6.8x in FY2014. Likewise,
adjusted EBITA to interest expense should improve to over 3.0x for
FY2016 from about 1.6x in FY2014.

NAE's ratings continue to benefit from stable and predictable
demand for its premium educational services product.  The company
has a high level of financial leverage because of its strong
appetite for inorganic growth, but this is balanced by favorable
demand dynamics, resilience through economic cycles, and
predictable revenue streams.

The stable outlook reflects Moody's expectation that NAE will
generate positive free cash flow (cash from operations less capex
and dividends) and will continue to progress toward a financial
profile more consistent with the ratings.

Positive pressure on the ratings could develop over time if the
company's utilization rate and revenue per student improves,
leading to the adjusted debt to EBITDA ratio trending below 4.0x
on a sustained basis and the company sustaining positive adjusted
free cash flow to debt above 10%.

Negative pressure on the ratings could arise if deteriorating
business conditions or debt-funded acquisitions result in the
company's leverage as measured by adjusted debt to EBITDA not
trending lower toward around 5.0x-5.5x over the next 12-18 months.
In addition, material deterioration in the company's liquidity
position would also bring downward pressure on the ratings.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in December 2014.

Nord Anglia Education, Inc. is headquartered in Hong Kong and
operates 31 international premium schools in Asia, Europe, the
Middle East, and North America, with more than 20,200 students
ranging in level from pre-school through to secondary school.  NAE
also provides outsourced education and training contracts with
governments and curriculum products through its Learning Services
division. For the 12 months ended Nov. 30, 2014, NAE generated
revenues of about $494 million.



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


AADIT ENTERPRISES: CARE Reaffirms D Rating on INR20cr LT Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of Aadit
Enterprises.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     20         CARE D Reaffirmed

Rating Rationale
The rating continues to be constrained by delays in debt servicing
by Aadit Enterprises (AAE) due to delay stressed liquidity
position.

AAE was established in December 2012 as a proprietorship concern
by Ms Pinky Gupta. Ms Pinky Gupta is supported by her son, Mr
Kapil Gupta, for managing the operations of the firm. The firm is
engaged in the wholesale and retail trading of gold jewellery,
diamond-studded gold jewellery and silver jewellery. AAE has its
retail outlet located at Kamla Nagar, New Delhi. The firm also
sources gold jewellery, diamond-studded gold jewellery and silver
jewellery from other wholesalers. The firm caters to the retailers
and customers including corporate clients in Delhi and NCR region.


ANR INTERNATIONAL: CRISIL Rates INR21MM LT Bank Loan at 'B+'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of ANR International Pvt Ltd (ANR).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term      21        CRISIL B+/Stable
   Bank Loan Facility

   Letter of Credit       160        CRISIL A4

   Overdraft Facility      19        CRISIL A4

The ratings reflect the company's below-average financial risk
profile marked by high total outside liabilities to tangible net
worth ratio and weak debt protection metrics. The ratings also
factor in ANR's modest scale of operations with low profitability.
These rating weaknesses are partially offset by the promoters'
extensive experience in the chemical trading industry and their
funding support.

Outlook: Stable

CRISIL believes that ANR will continue to benefit over the medium
term from the promoters' extensive industry experience and their
funding support. The outlook may be revised to 'Positive' if the
company reports better-than-expected scale of operations and
profitability along with substantial equity infusion while
managing its working capital requirements prudently. Conversely,
the outlook maybe revised to 'Negative' in case of lower-than-
expected cash accruals or large working capital requirements or if
ANR undertakes any large debt-funded capital expenditure exerting
further pressure on the company's financial risk profile.

ANR was incorporated in 1988 as Single Agencies Pvt Ltd; it was
given the current name in 2011. The company is primarily engaged
in the trading of polyvinyl chloride (PVC) resin and other
chemicals such as plasticiser chemicals, pthalic anhydride, maleic
anhydride, ethylene vinyl acetate, calcium carbonate, and
polyethylene resin, which primarily find application in
manufacturing of PVC pipes, footwear, and the plastic industry.
The company is based in New Delhi and is promoted by Mr. Anoop
Kumar Chhawchharia and his family members.


ARG ROYAL: CARE Revises Rating on INR11.50cr LT Loan to B
---------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
ARG Royal Ensign Developers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    11.50       CARE B Revised from
                                            CARE B+
Rating Rationale

The revision in the rating of ARG Royal Ensign Developers Private
Limited (ARPL) is mainly on account of slow booking of residential
flats in its real estate project. The rating continues to remain
constrained on account of project implementation risk and inherent
risk associated with the cyclical real estate sector.

The rating continues to derive strength from the experienced
management with established track record of 'ARG' and 'Royal
Ensign' group in the real estate business.

Improvement in the booking status with timely receipt of booking
advances and successful completion of its ongoing real estate
project without any time and cost overrun are the key rating
sensitivities.

ARPL was initially incorporated in January 2006, in the name of
City Star Hospitality Private Limited (CSHPL) which was promoted
by the Meel family and belongs to the Royal Ensign Group, a
leading real estate developer in Rajasthan. CSHPL had a land in
Alwar (Rajasthan) on which the company was operating a marriage
garden. However, during FY12 (refers to the period April 1 to
March 31), ARG group, real estate developer based in Jaipur and
promoted by Mr Atma Ram Gupta, had entered in the management of
the company with a purpose to construct residential flats in Alwar
on the same land and name of the company was changed to its
current name, ARPL. Subsequently, in August 2012, 50% shareholding
in ARPL was acquired by the ARG group in the name of "ARG
Developers Private Limited" by infusion of fresh share capital and
remaining 50% is held by the Meel family.

ARPL started construction of 162 residential flats under the
project name 'ARG Royal Ensign' from April 2012 onwards and
construction work is envisaged to be completed by December 2015.
Out of the 162 flats, 36 flats are proposed to be of 2BHK
specifications, 108 flats of 3BHK and 18 flats of 4BHK. The
building will have three blocks (Block A, Block B and Block C)
with each block having nine floors. It has envisaged total cost of
the project at INR53.45 crore to be financed through share capital
of INR7.41 crore, term loan of INR9.00 crore, bank overdraft of
INR3.00 crore, unsecured loans of INR3.27 crore and remaining
amount of INR30.77 through advance from the customers.


BALKRISHNA GINNING: CRISIL Reaffirms B+ Rating on INR175MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Balkrishna
Ginning and Pressing Factory (BGPF) continue to reflect to reflect
BGPF's below-average financial risk profile, marked by a modest
net worth and weak debt protection metrics, and its susceptibility
to adverse regulatory changes. These rating weaknesses are
partially offset by the extensive experience of BGPF's promoters
in the cotton ginning industry.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           175        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term     25        CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that BGPF will continue to benefit over the medium
term from its promoters' experience in the cotton ginning
business. The outlook may be revised to 'Positive' if the firm
strengthens its capital structure while as a result of increase in
its scale of operations and accruals or infusion of capital by
partners. Conversely, the outlook may be revised to 'Negative' if
BGPF undertakes a large, debt-funded capital expenditure (capex)
programme and/or if its working capital management weakens,
leading to deterioration in its debt protection metrics or capital
structure.

Update
For the year 2013-14 (refers to April 1st to march 31st), BGPF's
turnover grew ~13 per cent year on year (y-o-y) at INR957 million
backed by stable demand. Till June 2014, the firm posted turnover
of INR115 million reflecting some uptick in its overall growth.
Over the medium term CRISIL expects the firm to maintain the
turnover growth in the range of 10 to 15 per cent, although the
turnover growth continues to be is susceptible to the economic
scenario and government policies. In current year 20114-15 due to
demand supply correction the cotton prices have dipped leading to
some pressure on the operating level margin for the firm. Over the
medium term CRISIL believes that the fragmented nature of industry
will restrict the firm's bargaining power thus leading to similar
low operating margins range bound at 1.5 to 2.5 per cent. CRISIL
expects BGPF's GCA -days in the range of 75-80 days; however the
overall working capital requirements are expected to rise with its
scale of operations over the medium term. As of March 2014 the
gearing of the firm marginally decreased y-o-y to 3.85 times on
account of capital infusion of INR10 million to support its
networth at INR46 million coupled with increasing debts levels by
INR23 million for incremental working capital requirements. Over
the medium term, the gearing is expected to remain high and be
close to 4.0 times on account of incremental debt to service its
working capital requirements vs. modest accruals. Over the medium
term, the financial risk profile is expected to be constrained by
its high gearing, below avg. debt protection metrics and stretched
liquidity.

BGPF was set up as a partnership firm in 1999 by Mr. Arvind
Raichura and his family. The firm is involved in the ginning and
pressing of raw cotton to make cotton bales and also manufacturing
of cotton seed wash oil, cotton seed linter, and de-oiled cake
from them.

BGPF   reported a net profit of INR2.5 million on net sales of
INR956.7 million for 2013-14, against a book profit of INR1.6
million on net sales of INR841.6 million for 2012-13.


BHURJI SUPER-TEK: CRISIL Ups Rating on INR190MM Term Loan to 'C'
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Bhurji Super-tek Industries Ltd (BSIL) to 'CRISIL C/CRISIL A4'
from 'CRISIL D/CRISIL D'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        5         CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Cash Credit          25         CRISIL C (Upgraded from
                                   'CRISIL D')

   Letter of Credit     30         CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Term Loan           190         CRISIL C (Upgraded from
                                   'CRISIL D')

The rating upgrade is driven by BSIL's track record of timely
servicing of its debt over the past 12 months, driven by regular
funding support from its promoters. The company is likely to
generate cash accruals of INR20 million, which will be just
adequate to meet its term debt obligations of INR19.4 million, in
2015-16 (refers to financial year, April 1 to March 31). However,
CRISIL believes that BSIL will continue to receive funding support
from its promoters to meet its debt obligations in a timely
manner.

The ratings reflect BSIL's small scale of operations in the
consumer durables segment, its large working capital requirements
leading to constrained liquidity, and the susceptibility of its
profitability to fluctuations in raw material prices. These rating
weaknesses are partially offset by the extensive experience of the
company's promoters in the consumer durables segment and its
established relationships with key customers.

Incorporated in 1986, BSIL provides end-to-end solutions for
manufacturing electronic goods, including coolers, water filters,
and geysers. The company also manufactures moulded plastic
structures/bodies, primarily for original equipment manufacturers,
catering mainly to the electronics industry. BSIL is promoted by
Mr. Kamaljeet Singh Bhurji and his son Mr. Amanpreet Singh Bhurji.
Mr. Kamaljeet Singh Bhurji has experience of more than three
decades in the plastic moulding industry.


BRAWN SPACES: CRISIL Reaffirms B Rating on INR120MM LT Loan
-----------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility of
Brawn Spaces Pvt Ltd (BSPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Long Term Loan        120        CRISIL B/Stable (Reaffirmed)

The rating reflects BSPL's susceptibility to risks related to the
implementation and commercialization of its upcoming commercial
real estate project in Hyderabad (Telangana), and to cyclicality
in the Indian real estate industry. These rating weaknesses are
partially offset by its promoters' extensive entrepreneurial
experience and their funding support.

Outlook: Stable

CRISIL believes that BSPL will continue to benefit from its
promoters' entrepreneurial experience over the medium term. The
outlook may be revised to 'Positive' if BSPL generates more-than-
expected cash flows, aided by earlier-than-expected completion of
its ongoing project and healthy occupancy rates, improving the
company's financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of time and cost overruns in the
project, or lower-than-expected occupancy resulting in
deterioration of financial risk profile.
Incorporated in 2013 and based in Hyderabad (Telangana), BSPL
develops commercial real estate project at Hydershakote in
Hyderabad. The company is promoted by Mr. Syed Mohammed and Mr.
Syed Reyhan Saif.


CAUVERY POWER: CRISIL Assigns D Rating to INR250MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Cauvery Power Generation Chennai Pvt Ltd (CPGCPL). The
rating reflects instances of delay by CPGCPL in servicing its term
debt; the delays are primarily because of the company's weak
liquidity.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Long Term Loan        250        CRISIL D

CPGCPL also has a below-average financial risk profile, marked by
weak debt protection metrics. However, the company benefits from
its promoters' extensive experience in the power generation
industry and the high demand for power in Tamil nadu.

CPGCPL, set up by Mr. S Elangovan and Mr. S A Prem Kumar, operates
a 63-megawatt coal-based power plant in Chennai (Tamil Nadu).

On a provisional basis, CPGCPL reported profit before tax of
INR225 million on a total income of INR1.93 billion for the nine
months ended December 31, 2014. CPGCPL reported a loss of INR85
million on a total income of INR1.89 billion for 2013-14 (refers
to financial year, April 1 to March 31), against a profit after
tax of INR1.64 million on a total income of INR0.54 billion for
2012-13.


CONSTRUCTION TECHNIQUE: CRISIL Rates INR35MM Cash Credit at B
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Construction Technique (CT).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term      35        CRISIL B/Stable
   Bank Loan Facility

   Bank Guarantee          15        CRISIL A4

   Cash Credit             35        CRISIL B/Stable

The ratings reflect the firm's weak financial risk profile, marked
by high gearing and weak debt protection metrics driven by large
working capital requirements vis-a-vis low profitability. The
rating also factors in the firm's small scale of operations in a
fragmented and tender-based industry. These rating weaknesses are
partially offset by the benefits that CT derives from the
extensive industry experience of its partners and moderate order
book.

Outlook: Stable

CRISIL believes that CT will continue to benefit over the medium
term from its partners' extensive experience in the construction
industry. The outlook may be revised to 'Positive' if the firm
significantly scales up its operations and registers sizeable cash
accruals while managing its working capital requirements
efficiently. Conversely, the outlook may be revised to 'Negative'
in case of pressure on CT's financial risk profile, especially
liquidity, on account of further stretch in the receivables cycle,
low cash accruals, or any debt-funded capital expenditure.

CT was established in 1992 as a partnership firm by Mr. Harish
Ruparel and Mr. Bipin Fafadia. The firm undertakes construction of
factories and residential and commercial buildings, along with
restoration of heritage monuments.


DECCAN CHRONICLE: Chairman Venkattram Reddy Arrested for Fraud
--------------------------------------------------------------
The Hindu BusinessLine reports that T Venkattram Reddy, Chairman
of Deccan Chronicle Holdings Limited, has been arrested by the
sleuths of the Central Bureau of Investigation (CBI) on Feb. 14 in
a case relating to fraudulent banking.

According to the report, the owner and publisher of Deccan
Chronicle and earlier promoter of Indian Premier League team
Deccan Chargers, is facing number of cases both civil and criminal
with regard to funds the company raised to meet its investment
requirements, including for the IPL team, a retail business run
under Odyssey and an aviation venture.

Hindu BusinessLine relates that sources said a CBI team from
Bangalore questioned Reddy on various issues relating to
transactions he had made with Canara Bank. He was then arrested
and taken away from the office premises of Deccan Chronicle
newspaper located in Secunderabad, the report says.

The report says the cash-strapped Deccan Chronicle Holdings
Limited had indiscriminately borrowed from a number of banks,
pledging the same titles. It is estimated that the company had
piled up a debt of over INR4,000 crore and is facing a number of
civil claims, Hindu BusinessLine notes.

The report adds that some of the properties have already been
attached and the company shares pledged have been taken away by
lenders. These include SREI and ICICI Bank.

Known for his ostentatious life style, he owned a fleet of luxury
cars. Apart from being a Steward at Hyderabad race Club, he
sponsors horse racing, the report adds.

India-based Deccan Chronicle Holdings Limited engages in the
printing and publishing of newspapers and periodicals.  The
company publishes Deccan Chronicle, an English daily; Financial
Chronicle, a financial daily; and Andhra Bhoomi, a regional daily.
It also owns franchise rights for the Hyderabad team of the Indian
Premier League.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 17, 2013, The Times of India said Deccan Chronicle has become
the second biggest defaulter in the latest credit crunch, after
Kingfisher AirlinesBSE 3.57 % went down owing lenders more than
INR7,000 crore.  The company declared itself sick in September
2013 and checked into the Board for Industrial and Financial
Reconstruction, TOI disclosed.


GARG ALUMINIO: CRISIL Suspends B+ Rating on INR35.4MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Garg Aluminio Pvt Ltd (GAPL; formerly known as Yash Ceramics Pvt
Ltd).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         20        CRISIL A4 Suspended
   Cash Credit            35.4      CRISIL B+/Stable Suspended
   Packing Credit         30        CRISIL A4 Suspended
   Post Shipment Credit    4        CRISIL A4 Suspended
   Proposed Long Term
   Bank Loan Facility      5.4      CRISIL B+/Stable Suspended
   Term Loan              35.2      CRISIL B+/Stable Suspended

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

Garg Aluminio private limited (GAPL); formerly known as Yash
Ceramics Pvt Ltd (YCPL) manufactures aluminium wires, aluminium
alloy wires, and copper clad aluminium wires. The company
manufactured ceramic items in the past and shifted to the wire
manufacturing business in 2008-09. Thus, recently in 2012-13
company has changed its name to Garg Aluminio private limited
(GAPL). GAPL operates a manufacturing unit in Bahadurgarh. The
Garg family has been in the metal wires business for the past two
decades through another company, Garg Inox Ltd (GIL). GIL
manufactures stainless steel wires, bright bars, zinc wires,
aluminum wires, and copper clad aluminium wires.


GAYATRI BIOORGANICS: CRISIL Withdraws D Rating on INR130MM Loan
---------------------------------------------------------------
CRISIL has withdrawn its rating on the term loan facility of
Gayatri BioOrganics Limited (GBL), as the same has been has fully
repaid. CRISIL has also withdrawn its rating on GBL's proposed
long term bank loan facility, and the rating on the company's
other bank facilities have been placed on 'Notice of Withdrawal'
for a period of 180 days at GBL's request. The ratings will be
withdrawn at the end of the notice period, in line with CRISIL's
policy on withdrawal of ratings on bank loans.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        100        CRISIL D (Placed on Notice of
                                    Withdrawal)

   Cash Credit           150        CRISIL D (Placed on Notice of
                                    Withdrawal)

   Proposed Long Term
   Bank Loan Facility    130        CRISIL D Withdrawn

   Term Loan             100        CRISIL D Withdrawn

GBL was promoted in 1994 by Mr. T Sandeep Kumar Reddy, Mr. P
Maruthi Babu, and Mr. C V Rayudu. The company processes and sells
maize products; its product portfolio includes starch, sorbitol,
maize germ, fiber, and gluten. The company is based in Hyderabad.


GEETA THREADS: CRISIL Reaffirms B Rating on INR62.5MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Geeta Threads Ltd (GTL)
continues to reflect GTL's weak financial risk profile, marked by
a small net worth and high gearing, resulting from the company's
low accretion to reserves and working-capital-intensive
operations. The rating also factors in GTL's low pricing
flexibility, driven by the commodity nature of its products and
its susceptibility to volatility in cotton prices. These rating
weaknesses are partially offset by the extensive industry
experience of GTL's promoters.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           62.5       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    10.0       CRISIL B/Stable (Reaffirmed)

   Term Loan             57.5       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GTL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in GTL's financial risk profile and liquidity or
higher-than-expected cash accruals driven by ramp up in scale of
operations coupled with significant improvement in profitability.
Conversely, the outlook may be revised to 'Negative' if GTL's
financial risk profile deteriorates significantly, most likely
because of adverse impact of volatility in cotton prices, any
adverse changes in government regulations, or any large, debt-
funded capital expenditure.

GTL, incorporated in 1992 as a closely held public limited
company, manufactures open-ended cotton yarn of the counts 6' to
20's used for blankets and towels. The company is managed by Dr. B
S Garg, and its manufacturing facility is at Barnala (Punjab).


H. M. FOODS: CRISIL Puts B+ Rating on INR30MM Cash Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of H. M. Foods (HMF).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Warehouse Receipts      20         CRISIL B+/Stable
   Rupee Term Loan          7.5       CRISIL B+/Stable
   Cash Credit             30         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       2.5       CRISIL B+/Stable

The rating reflects HMF's average financial risk profile, marked
by modest debt protection metrics, and its susceptibility to
regulatory changes in the rice industry. These rating weaknesses
are partially offset by the extensive industry experience of HMF's
partners and their financial support to the firm, and the healthy
growth prospects of the basmati rice industry.

Outlook: Stable

CRISIL believes that HMF will benefit over the medium term from
its promoters' industry experience; however, its financial risk
profile will remain constrained by small net worth and modest debt
protection metrics over the period. The outlook may be revised to
'Positive' if the firm scales up its operations while improving
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' in case of low cash accruals or large working
capital requirements and debt-funded capital expenditure.

HMF is a partnership firm set up in 2008. It was taken over by the
Goyal family from Bhanbhori Rice and General Mill in 2012. The
firm's partners are Mrs. Raj Rani, Mr. Vishal Goyal, and Mr.
Shubham Goyal. The firm mills rice. Its manufacturing unit in
Cheeka (Haryana) has milling capacity of 3 tonnes per hour. HMF
sells basmati and non-basmati rice to merchant exporters and
domestic wholesalers.

HMF reported a book profit of INR1.60 million on net sales of
INR153.5 million for 2013-14 (refers to financial year, April 1 to
March 31), against a book profit of INR1.62 million on net sales
of INR140.2 million for 2012-13.


H.R ENTERPRISE: CARE Assigns B Rating to INR9.50cr LT Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of H.R
Enterprise.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     9.50       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of H.R Enterprise (HRE)
is primarily constrained on account of the ongoing project
implementation and stabilisation risk, partnership nature of
constitution, susceptibility to fluctuations in raw material
prices, monsoon-dependent operations and its presence in a
fragmented industry with high level of government regulation.

However, the rating derives strength from the promoters'
experience in the field of trading of agro products.
The ability of HRE to successfully complete its debt-funded capex,
quickly stabilise its operations and achieve the envisaged level
of operations and profitability are the key rating sensitivities.

Ahmedabad-based HRE was established as a proprietorship firm in
2012 by Mr Rajubhai Solanki and was later converted into a
partnership firm with the induction of his wife, Mrs Nilofer
Solanki in July 2013. In October 2014, Mrs Nilofer exited
the firm followed by the entry of Mr Parshotam Goswami as the new
partner. Furthermore, on November 1, 2014, Mr Rajubhai Solanki
retired and he was replaced by Mr Narendrapuri Bava.

Currently, HRE is engaged into trading of rice. However, the firm
plans to undertake processing of rice and for that is in the
process of installing a rice mill. The total cost of the project
undertaken by HRE is INR5.23 crore and is expected to be completed
by March 2015. The installed capacity of the rice mill is proposed
to be 36,000 metric tonne per annum (MTPA).


HEMCO GARMENT: CRISIL Assigns B Rating to INR49MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Hemco Garment Pvt Ltd (HGPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             49         CRISIL B/Stable

   Cash Credit           15         CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility     1         CRISIL B/Stable

The rating reflects HGPL's below-average financial risk profile
marked by modest net worth, high gearing, and weak debt protection
metrics. The rating also factors in the limited track record of
HGPL in the homecare and personal products industry. These rating
weaknesses are partially offset by the funding support that the
company receives from its promoters.

Outlook: Stable

CRISIL believes that HGPL will benefit over the medium term from
funding support from its promoters. The outlook may be revised to
'Positive' in case of substantial improvement in the company's
scale of operations and profitability with efficient working
capital management and substantial capital infusion, leading to
improvement in its financial risk profile. Conversely, the outlook
maybe revised to 'Negative' in case of low cash accruals or
lengthening of working capital cycle or large debt-funded capital
expenditure, leading to deterioration in the company's liquidity.

HGPL was incorporated in 2009 and is based in Dehradun
(Uttarakhand). The company manufactures and sells detergent
powders, cakes, soaps, shampoos, and other personal and homecare
products. It is promoted by Mr. Rajiv Rana and his family members.


HINDUPUR STEEL: CARE Revises Rating on INR25.91cr LT Loan to B
---------------------------------------------------------------
CARE revises the rating assigned to bank facilities of Hindupur
Steel & Alloys Pvt. Ltd.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    25.91       CARE B Revised from
                                            CARE B+
Rating Rationale
The revision in the rating of Hindupur Steel & Alloys Pvt. Ltd.
(HSAPL) takes into account net loss incurred in FY14 (refers to
the period April 1 to March 31), deteriorated capital structure
with increase in overall gearing ratio and weakening of debt
service coverage indicators. The rating for the bank facilities of
HSAPL continues to remain constrained by its short track record of
operations, raw material price fluctuation risk, intense
competition due to fragmented nature of the industry, weak
financial risk profile and sluggish growth in user industries and
cyclicality in the industry. The rating, however, derives strength
from its wide experience of the promoters in iron and steel
industry and presence of forward integration for manufacturing of
rolled products from MS ingots.

Going forward, the ability to scale up operations along with
improvement in profit margins and the ability to manage its
working capital effectively will be the key rating sensitivities.

HSAPL, incorporated in May 2009, was promoted by brothers Mr
Suresh Goyal and Mr Vikas Goyal, based in Raipur, Chhattisgarh.
The company has initially set up a M.S. Ingots plant at Anantpur,
Andhra Pradesh, with an installed capacity of 18,000 MTPA. The
commercial production commenced since July 2011. Furthermore, with
a view of forward integration, HSAPL has set up a rolling mill for
manufacturing bars, angles and beam at its existing manufacturing
facility with an installed capacity of 300,000 MTPA. The
commercial operation from the same has started in March 2013.

During FY14, the company reported a total operating income of
INR105 crore (FY13: INR31.48 crore) and a net loss of INR2.35
crore (net loss in FY13: INR0.99 crore). The company has achieved
a total operating income of INR160.6 crore during 9MFY15 (refers
to the period April 1 to December 31).


IFMR CAPITAL: ICRA Reaffirms B(SO) Rating on INR2.3cr Cert.
-----------------------------------------------------------
ICRA has reaffirmed the ratings of PTCs (Pass Through
Certificates) in case of a transaction backed by Multi-Originator
Small Business Loan pool. The summary of the rating actions taken
by ICRA is given below.

Transaction Name: IFMR Capital SBL Mosec I
Originators (initial share):
   CDIPL (33%)
   ISFCL (19%)
   Vistaar (48%)

                                        O/s after
                              Initial   Dec-14
                Initial       Amount    Payout    Rating
   Facilities   Rating        (INR cr)  (INR cr)  Action
   ----------   -------       --------  -------   ------
   PTC Series   [ICRA]BBB+(SO)   17.73    8.51    [ICRA]BBB+ (SO)
   A1                                              Reaffirmed

   PTC Series   [ICRA]B (SO)      2.30    2.30    [ICRA]B(SO)
   A2                                              Reaffirmed

The selected pool consists of small business loans given by the
Originators, to borrowers in urban, semi-urban and rural areas.
The companies target small and medium businesses. The presence of
multiple Originators provides the overall pool a reasonable
geographical diversity, with the pool spread across 7 states. The
aggregate pool consists of monthly repaying contracts with
moderate seasoning, long residual tenure of contracts (70 months)
and no overdue on the selected loans as of cut-off date
In this transaction, a pool of receivables was assigned by the
Originators to a Special Purpose Vehicle (SPV) at a premium, which
issued two series of PTCs backed by the receivables. The promised
cashflow schedule for PTC A1 will comprise interest (at the pre-
determined yield) on the outstanding principal on each payout date
and the entire principal on the final maturity date; however, the
excess collections in a month will be used to amortize the
principal payout to PTC A1. This is done till all payment has been
made to PTC A1, post which the collections are passed to PTC A2,
towards its principal repayment and later by way of residual
cashflows such that a specified yield is achieved (this is not
promised).

A brief performance summary for the pools is given below.

Performance Summary - till December 2014 payouts

Payout Frequency                          Monthly
----------------                          -------
Number of payouts post securitisation     12
Pool amortization                         31.81%
PTC amortisation:
PTC A1                                    52.03%
PTC A2                                     0.00%

Cumulative Cash Collateral Utilisation     0.00%
Cash Collateral:
As % of balance Pool principal            16.60%
As % of PTC A1 and A2 principal           17.92%
Break Even Collection Efficiency
PTC A1                                    46.65%
PTC A2                                    68.42%

As can be seen from the table above, the pool has exhibited strong
performance with nil cash collateral has been utilisation till
date. Also the pool and PTC A1 has amortised by 32% and 52%
respectively owing to which the cash collateral build up in the
transaction is high.

Nevertheless, there are certain gaps in the monthly reporting for
the transaction. For instance, split between collections from
current billing, overdues and prepayments is not available; also
the detailed future cashflow schedule is not available. In view of
these limitations, the ratings have reaffirmed at the initial
level, despite the significant credit enhancement build up and low
break even collection efficiency requirement for the PTCs.
ICRA will continue to monitor the performance of these
transactions. Any further rating action on these pools will be
based on the performance of the pools, the availability of credit
enhancement and the credit profile of the Servicers.

                       About the Originators

Corporate Deposits and Investments Private Limited (CDIPL), also
known as India School Finance Company Private Limited (ISFC)
India School Finance Company Private Limited (ISFC) is an NBFC in
the business of providing credit facilities to the Affordable
private school (APS) segment, i.e. providing loans to private
schools for improvement, capacity expansion and growth. The
company commenced operations from October 2008 after Gray Ghost
Ventures (GGV) acquired the NBFC. ISFC defines APS as one which
collects fees in the range of INR300 to INR1500 per month as
tuition fees. Currently the company operates out of nine states
with Delhi as its head office. As on September, 2014 ISFC had a
client base of more than 820 schools and had a portfolio INR68.35
crore. The Company is managed and controlled by GGV post
acquisition of majority stake (68%) in the Company. Caspian
advisors private limited, a private equity providing company has
minority 32% stake in ISFC. For the FY ended March 2014, the
company reported a PAT of INR0.7 crore on a total income of about
INR10.6 crore.

India Shelter Finance Corporation Limited (ISFCL)
ISFCL is a Housing Finance Company, engaged in providing home
loans and Loans against property to low income borrowers for a
period of up to 15 years. These loans can be used by borrowers for
home improvements, home extension and for construction of dwelling
units on plots owned by borrowers. ISFC is operating out of 32
branches as on September 30, 2014 and the head office being
Gurgaon. The company has branches in areas of Rajasthan,
Chhattisgarh, Maharashtra and Madhya Pradesh, Delhi and Gujarat.
The company had a loan portfolio of INR187 crore as on November
30, 2014. The company reported a profit of INR0.68 crore on an
asset base of INR164.58 crore in H1FY15 vis-a-vis profit of
INR1.40 crore on an asset base of INR139.59 crore in 2013-14.
Gross NPA% of the company were 0.24% as on September 30, 2014
(0.26% as on March 31, 2014). ICRA has a rating outstanding of
[ICRA]BBB-(stable) for the long term bank limits of ISFCL.

Vistaar Financial Services Private Limited (Vistaar)
Vistaar is a Bangalore based Non Banking Financial Company (NBFC)
catering to small businesses in the rural and semi-urban market.
The company's current products could be broadly classified as
Small Business Hypothecation Loans (SBHL) and Small Business
Mortgage Loans (SBML). SBHL generally has tenure of about 24
months with ticket size in the range of INR30,000- INR95,000,
while the same for SBML is 48 months and in the range of 1 lakh to
25 lakh. In the six month period ended September 2014, the company
reported a provisional net profit of INR3.8 crore on a total
managed asset base of INR449 crore. Vistaar's 90+ delinquency rate
(including write off) increased to about 1.35% in Sep 2014 from
about 1.21% in Mar 2014, on account of slippages in their Small
Business Mortgage Loan portfolio. ICRA had assigned a rating of
[ICRA]BBB(positive) to the long term bank limits and NCDs of
Vistaar and a short term rating of [ICRA]A2 to the CP programme of
the company.


INDIABULLS REAL: Moody's Says Weak Sales is Credit Negative
-----------------------------------------------------------
Moody's Investors Service said that Indiabulls Real Estate Limited
(B1 stable) weaker-than-expected sales performance in the nine
months to December 2014 is credit negative.

"Continued weakness in sales performance will delay revenue
recognition and cash flow generation, which eventually will delay
the expected improvement in Indiabulls' credit metrics," says
Vikas Halan, a Moody's Vice President and Senior Credit Officer.

The company achieved sales of 1.2 million square feet (INR14.8
billion) in the nine months to December 2014, against Moody's
expectation of annual sales of 3-4 million square feet (INR25-
INR30 billion).

"The shortfall in sales was mainly attributable to slow sales and
delays for its two projects in Gurgaon, which together accounted
for over 50% of Indiabulls' total saleable area remaining unsold
as of December 2014," adds Halan.

Halan was speaking on Moody's just-released report on Indiabulls,
entitled "Continued Weakness in Sales Performance Will Put
Negative Pressure on Ratings".

Indiabulls' net borrowings also increased significantly to INR56.9
billion as of December 2014 from INR26.7 billion as of March 2014,
following its acquisitions in London and Mumbai in 2014.

Nevertheless, Moody's notes the company liquidity has improved
with cash and cash equivalents of INR12.9 billion as of December
2014, compared to INR3.0 billion as of March 2014.  In addition,
the company also has current investments of INR3.3 billion.  This
level of cash and investments will be sufficient to fund INR6.8
billion of debt maturing over the next 12 months and repayment of
INR7.5 billion of debt in the UK.


INDIRA GANDHI: CRISIL Rates INR330 Million Term Loan at 'D'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Indira Gandhi Memorial Trust (IGMT). The rating
reflects instances of delay by IGMT in servicing its term debt;
the delays are primarily because of weak liquidity.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             330        CRISIL D

IGMT also has a below-average financial risk profile, marked by
moderate net worth and subdued debt protection metrics. However,
the society benefits from the extensive industry experience of its
management.

Established in 2000 by Mr. K.M. Pareeth, IGMT operates seven
education institutions in Kerala.

IGMT reported, on a provisional basis, a surplus of INR78 million
on net income of INR351 million for 2013-14 (refers to financial
year, April 1 to March 31), against a surplus of INR59 million on
net income of INR301 million for 2012-13.


INTERNATIONAL TRADING: CRISIL Ups Rating on INR30MM Loan to B-
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank loan facilities of
International Trading Company (ITC) to 'CRISIL B-/Stable/CRISIL
A4' from 'CRISIL D/CRISIL D'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bill Discounting      30         CRISIL A4 (Upgraded from
                                    'CRISIL D')

   Cash Credit           30         CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Letter of credit &    20         CRISIL A4 (Upgraded from
   Bank Guarantee                   'CRISIL D')

   Packing Credit        20         CRISIL A4 (Upgraded from
                                    'CRISIL D')

   Term Loan             10         CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

The rating upgrade follows ITC's timely servicing of its term
debt, driven by improved cash accruals and fund support from its
promoters. The firm is likely to report cash accruals of around
INR12 million in 2014-15 (refers to financial year, April 1 to
March 31), driven by a healthy operating margin of around 20 per
cent expected for the year. ITC's liquidity is also supported by
need-based funding by its promoters, as reflected in capital
infusion of INR70 million in 2014-15.

The ratings reflect ITC's below-average financial risk profile,
marked by a weak capital structure, its exposure to intense
competition, its small scale of operations in the domestic ready-
made garments (RMG) industry, and customer concentration in its
revenue profile. These rating weaknesses are partially offset by
the extensive industry experience of the firm's promoters.
Outlook: Stable

CRISIL believes that ITC will continue to benefit over the medium
term from its promoters' extensive experience in the ready-made
garments industry. The outlook may be revised to 'Positive' in
case of an increase in the firm's revenue and profitability, along
with efficient working capital management, leading to improved
cash accruals and liquidity. Conversely, the outlook may be
revised to 'Negative' if ITC's scale of operations reduces, or if
its financial risk profile deteriorates, most likely because of
increased working capital borrowings or low cash accruals.

Set up in 2004, ITC manufactures knitted garments for both the
domestic and international markets at its facility in Salem (Tamil
Nadu). The firm is managed by partners Mr. Zahir Sait, Mr. Osman
Sait, and Ms. Niza Osman.


JAGDAMBA INDUSTRIES: CARE Assigns D Rating to INR50.46cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE D' to bank facilities of Jagdamba Industries
Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    50.46       CARE D Assigned

Rating Rationale
The rating takes into account the ongoing delays in debt servicing
amidst deteriorating financial position of the company, delay in
project completion and subdued steel industry scenario.

The company, promoted by Sri P. K. Kedia, was incorporated in the
year 1993 as Jagdamba Fiscal Services (P) Ltd. Which was later
changed to Jagdamba Industries Limited (JIL) during FY10. The
company, after incorporation, remained dormant for about seven
years. The Company had set up the Cement Grinding Unit in the year
2001 with an annual capacity of 0.18 Million tons p.a. for
manufacturing of Portland Slag and Pozzolana Cement. JIL markets
its product across Eastern India under the brand name of "Durgapur
Cement"

The Structural Steel Plant commenced commercial production in the
year 2011 and markets its products (i.e. angles, channels, beams
etc.) under the trademark of 'JSS'. The company is in the process
of setting up a Rolling Mill unit with an installed capacity of
0.16 million tons p.a.

JIL earned PBILDT and PAT(after def. tax) of INR0.3 crore & INR4.5
crore (loss) respectively on a Total Operating Income of INR91.1
crore in FY14 against PBILDT and PAT of INR2.8 crore and INR0.5
crore respectively on Total Income of INR141.6 crore in FY13.


JMC AUTOMOTIVE: CRISIL Assigns D Rating to INR67.5MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of JMC Automotive Components Pvt Ltd (JMCPL). The
rating reflects instances of delay by JMCPL in servicing its debt;
the delays are because of the company's stretched liquidity.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          67.5        CRISIL D
   Term Loan            42.5        CRISIL D


JMCPL is also exposed to risks related to its small scale of
operations in the intensely competitive automotive components
industry, its large working capital requirements, and its weak
financial risk profile marked by high gearing and weak debt
protection measures. However, the company benefits from its
promoter's extensive industry experience.

JMCPL was incorporated in 2006 by Faridabad (Haryana)-based Mr. R
P Arora. JMCPL manufactures sheet metal components, stay rods (for
rear view mirrors), wiring harnesses, windscreen wiper blades,
automotive horns, aluminum die castings, plastic moldings, and
tubular components. Mr. Arora is actively engaged in managing the
company's day-to-day operations.

JMCPL reported a net loss of INR13.72 million on net sales of
INR219.61 million for 2013-14 (refers to financial year, April 1
to March 31), against a net profit of INR2.53 million on net sales
of INR227.28 million for the previous year.


JYOTI CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR70MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jyoti Construction (JC)
continue to reflect JC's small scale of operations in the tender-
driven construction works segment for Indian Railways and the
firm's average financial risk profile, constrained by a small net
worth. These rating weaknesses are partially offset by the firm's
efficient working capital management and its promoters' extensive
industry experience.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        40         CRISIL A4 (Reaffirmed)
   Cash Credit           20         CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term    70         CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that JC will continue to benefit over the medium
term from its moderate order book. The outlook may be revised to
'Positive 'if the firm significantly scales up its operations
while maintaining its profitability and financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the firm's
financial risk profile weakens, most likely because of low cash
accruals, or any substantial debt-funded capital expenditure, or a
stretch in its working capital requirements.

Update
JC's operating income is expected at around INR135 million in
2014-15 (refers to financial year, April 1 to March 31), up 48 per
cent year-on-year driven by the firm's healthy unexecuted order
book of INR600 million as on December 31, 2014; its operating
margin is expected to remain around 11 per cent over the medium
term.

JC has average financial risk profile marked by expected gearing
of 0.8 times and expected interest coverage and net cash accrual
to total debt ratios of 6 times and 38 per cent, respectively,
over the medium term. However, the firm's financial risk profile
is constrained by its small net worth, expected at INR33 million
over the medium term.

The firm's working capital management is efficient; its gross
current assets are expected at 73 days over the medium term driven
by low debtors and inventory of around 5 days and 10 days,
respectively. JC's working capital requirements arise from earnest
money deposits and security deposit maintained with customers.
JC's efficient working capital management is reflected in its
moderate utilisation of its overdraft facility of INR20 million,
at an average of 77 per cent over the 12 months through December
2014. The firm is likely to generate cash accruals of INR10 and to
INR13 million per annum in 2014-15 and 2015-16
vis-a-vis annual debt obligation of INR3 million to INR4 million.
Its liquidity is expected to remain moderate driven by efficient
working capital management.

JC reported a book profit of INR8.2 million on net sales of INR91
million in 2013-14, as against a book profit of INR6.2 million on
net sales of INR74 million in 2012-13.
About the Firm

JC was founded by Mr. Surjeet Singh and his family members in
Bihar in 2001 and commenced operations in 2008. The firm
undertakes contract works for Indian Railways in Bihar and
Jharkhand.


KHAZANCHI JEWELLERS: ICRA Suspends B+ Rating on INR10.2cr Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating outstanding on the INR10.2
crore fund based facilities of Khazanchi Jewellers Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


KINGSWOOD LOGISTICS: CARE Puts B Rating on INR8.50cr LT Bank Loan
-----------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Kingswood
Logistics Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    8.50        CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Kingswood Logistics
Private Limited (KLPL) is constrained by its short track record of
operation, thin profitability, working capital intensive nature of
operations and low bargaining power against the customers and
fleet owners owing to intense competition in the fragmented
logistic industry.

The rating, however, derives strength from the long experience and
diversified operations of the Kingswood Group in Karnataka.
Going forward, the ability of the company to grow its revenues and
improve its profitability while managing its working capital
requirements prudently are the key rating sensitivities.

Kingswood Logistics Private Limited (KLPL) was incorporated in
October, 2013 by Mr Farooq Ali Khan (Managing Director) and Ms
Mubeena (Director), part of Kingswood Group for rendering
transportation and logistic services to its sister concerns. The
company is managed by the managing director along with, Mr
Nooruddin Khan (Director). Both the promoters have an overall
experience of 15 years in the logistics and transportation
industry gained through their partnership firm 'Kingswood
Transport' (established in 1998 and closed in 2014). Kingswood
Transport used to arrange the fleet and render the transportation
services.

Presently, KLPL renders transportation services to its sister
concern- Kingswood Suppliers Private Limited which is engaged in
trading of wood pulp. KLPL arranges trucks to transport wood pulp
to paper manufacturing companies on trip hire basis. Pricing is
based on the tonnage of material transported and the distance of
the destinations covered. KLPL has agreements with its customers
for a tenure ranging between 3 months to 1 year. KLPL does not own
any trucks; it hires trucks on a trip basis from the lorry owners
based on its established contacts.

During FY14 (Audited; refers to the period April 1 to March 31),
KLPL reported a PAT of INR 0.08 crore on a total operating income
of INR11.25 crore.


KRS PHARMACEUTICALS: CRISIL Ups Rating on INR76.1MM Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
KRS Pharmaceuticals Pvt Ltd (KPPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'; while reaffirming its rating on the short-term
facilities at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        5        CRISIL A4 (Reaffirmed)

   Cash Credit          15        CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

   Term Loan            76.1      CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

The rating upgrade reflects the improvement in KPPL's capital
structure with a sustained improvement in its working capital
cycle resulting in lower reliance on debt. The company's
receivables cycle is expected to decline to around 100 days as on
March 31, 2015 as against 143 days as on March 31, 2013.
Subsequently, its gearing is expected to decline to 0.8 times as
on March 31, 2015 from 1.5 times as on March 31, 2013 on account
of decline in debt levels. CRISIL believes that the company would
sustain the improvement in its working capital cycle on the back
of its cautious strategy to offer lower credit to its customers,
and its enhanced collection efforts.

The ratings continue to reflect KPPL's small scale of operations
in the intensely competitive bulk drugs industry, its working-
capital-intensive nature of operations, and its small net-worth
limiting its financial flexibility. These rating weaknesses are
partially offset by the extensive experience of KPPL's promoters
in the pharmaceuticals industry, and its above-average financial
risk profile marked by its low gearing and moderate debt
protection metrics.

Outlook: Stable

CRISIL believes that KPPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relations with customers. The outlook may be revised
to 'Positive' if the company registers a substantial and sustained
increase in its scale of operations, while maintaining its
profitability margins, or there is a substantial improvement in
its net-worth on the back of sizeable equity infusion by its
promoters. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in KPPL's profitability margins, or
significant deterioration in its capital structure caused most
likely by a stretch in its working capital cycle.
KPPL was set up in 2004 by Mr. B Narendra and Mr. B L Swamy. The
company manufactures bulk drugs and intermediates. The company's
plant is located in Hyderabad (Telangana) and Visakhapatnam
(Andhra Pradesh).


MAA JAYCHANDI: CARE Assigns B Rating to INR8.47cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of MAA
Jaychandi Multipurpose Cold Storage Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     8.47       CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Maa Jaychandi
Multipurpose Cold Storage Pvt. Ltd. (MPL) is constrained by its
small scale of operation in the regulated and highly competitive
industry, leveraged capital structure, seasonality of business
with susceptibility to the vagaries of nature and risk of
delinquency in loans extended to the farmers.

The aforesaid constraints are partially offset by the experience
of the promoters in the cold storage business and advantage
arising out of its proximity to potato-growing areas. The ability
to grow its scale of operations and improve its profitability
margin and the ability to manage working capital effectively are
the key rating sensitivities.

MPL, incorporated in 2008 by the Samui family of Paschim
Medinipur, West Bengal. The company is engaged in the business of
providing cold storage facility primarily for potatoes. The cold
storage facility of the company is located at Anandapur of Paschim
Medinipur district, West Bengal, with a storage capacity of
200,000 quintals. Besides providing cold storage facility, the
unit also works as a mediator between the farmers and marketers of
potato, to facilitate sale of potatoes stored and it also provides
interest-free advances to farmers for farming purposes of potato
against potato stored.

As per the audited results of FY13 (refers to the period April 01
to March 31), MJMCSPL reported a PBILDT of INR1.91crore
(INR1.45 crore in audited FY12) and PAT of INR0.04 crore (INR0.04
crore in audited FY12), on a total income of INR3.23 crore
(INR2.39 crore in audited FY12). Furthermore, MJMCSPL has achieved
a total operating income of INR3.52 crore during FY14
(Provisional).


MAHER COTTON: CRISIL Cuts Rating on INR75MM Cash Credit to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Maher Cotton Industries (MCI) to 'CRISIL D from 'CRISIL B-
/Stable'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           75         CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Term Loan              8.2       CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by MCI in
servicing its debt for more than 30 days because of pressure on
its liquidity; the firm's cash credit limits are overdrawn by more
than 30 days.

Moreover, MCI is exposed to risks related to its small scale of
operations in the intensely fragmented and competitive cotton
ginning industry, leading to low bargaining power. However, the
firm benefits from its promoters' extensive experience in the
textile industry.

MCI was set up in March 2009 by Mr. Hasanali Momin, Mr. Zahirabbas
Momin, Mr. Nijamuddin Bhurawal, and Mr. Ibhrahim Kadiwal. It is
engaged in cotton ginning, and is based in Ahmedabad (Gujarat).


MARGO PLYWOOD: CARE Lowers Rating on INR12.71cr ST Loan to D
-------------------------------------------------------------
CARE revises the ratings assigned to bank facilities of Margo
Plywood Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     4.14       CARE D Revised
                                            from CARE B+

   Short-term Bank Facilities   12.71       CARE D Revised
                                            from CARE A4

Rating Rationale
The revision in the ratings assigned to the bank facilities of
Margo Plywood Private Limited (MPPL) were primarily on account of
various instances of irregularities in its debt servicing owing to
the stressed liquidity position.

Establishing a track record of timely debt servicing along with
improvement in the liquidity position is the key rating
sensitivity.

Kutch-based (Gujarat) MPPL, incorporated on August 26, 2008, is
promoted by Mr Sandeep Gupta and Mr Ajay Gupta. It is engaged in
the manufacturing of plywood, block board and flush door with an
installed capacity of 20 lakh square metres per month. The company
procures raw material (timber logs) from Taiwan and sells its
final products in local market in the states of Gujarat,
Rajasthan, Punjab, Uttar Pradesh, Maharashtra, etc.

During FY14 (refers to the period April 1 to March 31), MPPL
reported PAT of INR0.18 crore on a total operating income (TOI) of
INR30.86 crore as against PAT of INR0.17 crore on TOI of INR20.85
crore during FY13.


NANDI PIPES: CARE Assigns B+ Rating to INR9.90cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B+ and CARE A4' rating to the bank facilities
Nandi Pipes Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     9.90       CARE B+ Assigned
   Short term Bank Facilities    1          CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Nandi Pipes Pvt Ltd
are constrained by its limited track record of business
operations, susceptibility of profit margins to volatility in raw
material prices and presence in a highly fragmented and
competitive industry. The ratings, however, derive strength from
the experience of the promoters and established track record of
the group, reasonable achievement of revenues and profit margins
during the first year of its operations. Furthermore, the ratings
also favorably factor in the moderate capital structure and debt
coverage indicators and diversified client base.

The ability of the firm to increase its operations and maintain
profitability in light of competition will remain as the key
rating sensitivity.

Nandi Pipes Private Limited (NPPL) was incorporated in October,
2011 by Mrs V Aravinda Rani, Mrs S Sujala and Mrs S Parvathi. The
company is engaged in manufacturing of PVC pipes with an installed
capacity of 14,000 Metric tons with the manufacturing facilities
located at Nandyal, Andhra Pradesh. NPPL started its commercial
production from June 2013 and FY14 (refers to the period April 1
to March 31) was the first year of operations. The key raw
material being PVC resin and PVC stabilizers procured from
domestic traders (Chennai and Andhra Pradesh) and the final
products being PVC pipes are sold in the domestic market either
directly to the end customers or through dealers in both domestic
as well as global markets. During FY14, about 98% of the sales
were to the domestic segment and the rest 2% with exports to
Taiwan.


OZON VITRIFIED: CARE Reaffirms B+ Rating on INR15.28cr LT Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Ozon Vitrified Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    15.28       CARE B+ Reaffirmed
   Short-term Bank Facilities    2.80       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Ozon Vitrified
Private Limited (OVPL) continue to remain constrained primarily on
account of its modest scale of operations and its presence in a
highly competitive tiles manufacturing industry with fortunes
linked to demand from cyclical real estate sector. The ratings
further continue to remain constrained on account of its modest
profitability; modest liquidity indicators coupled with
susceptibility of its profitability to volatile raw material and
natural gas prices and working capital-intensive nature of
operations. The ratings factor in the slight decline in operating
income and cash accruals along with improvement in capital
structure during FY14 (refers to the period April 1 to March 31).
The ratings, however, continue to derive strength from the
experience of the promoters in ceramic tile industry and its
location in the ceramic tiles hub with easy access to raw
material, fuel and labor. The ratings also factor in its moderate
capital structure and moderate debt coverage indicators.

The ability of OVPL to improve the overall financial risk profile
by increasing the scale of operations and improve profitability
through efficient management of raw material price fluctuations
along with better working capital management are the key rating
sensitivities.

Morbi-based (Gujarat) OVPL was incorporated in July 2010 as a
private limited company by Mr Bhaveshbhai Patel along with five
other directors. OVPL is engaged in the business of manufacturing
vitrified tiles with an installed capacity of 43,000 metric tonnes
per annum (MTPA) as on March 31, 2014. The commercial production
of OVPL commenced from August 2011.

As per the audited results of FY14, OVPL reported a profit after
tax (PAT) of INR0.24 crore on a total operating income (TOI) of
INR38.53 crore as against PAT of INR0.21 crore on a TOI of INR39
crore. As per the provisional results for 9MFY15 (refers to the
period April 1 to December 31), OVPL registered a TOI of INR29.73
crore.


POLYLACE INDIA: CARE Reaffirms B+ Rating on INR3cr LT Bank Loan
---------------------------------------------------------------
CARE reaffirms ratings to bank facilities of Polylace India
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     3.00       CARE B+ Reaffirmed

   Long term/ Short term Bank   19.24       CARE B+/CARE A4
   Facilities                               Reaffirmed

Rating Rationale

The ratings continue to be constrained by the execution risk
associated with Polylace India Private Limited (PIPL)'s debt-
funded project, its weak financial risk profile marked by small
scale of operations coupled with deterioration in capital
structure and weak coverage indicators. The ratings also take
cognizance of increase in PIPL's inventory holding days resulting
in deterioration in working capital cycle.

The ratings, however, continue to favourably take into account the
experienced and resourcefulness of the promoters. Going forward,
stabilisation of the production process of the newly set up
manufacturing activities, its ability to scale up its operations
with improvement in profitability margins and capital structure
shall be the key rating sensitivities

PIPL was initially incorporated as a proprietorship firm by Mr
Rajinder Sharma and Mr Sanjeev Kalra. The firm was later converted
into a private limited company in January 1993. The company is
currently engaged in the manufacturing of zip fasteners, commonly
known as zippers. PIPL manufactures a wide range of zippers which
find its usage in different industries like garments, automobiles
seat covers, shoes, etc. PIPL has a manufacturing facility located
in Wazirpur (New Delhi) having five different units with an
aggregate installed capacity of 1,800,000 kg per annum as on March
31, 2014. The company sells its products all over India through an
established network of 50 wholesale distributors under the brand
name 'TONI' all over India. The main raw materials used for
manufacturing zippers are monofilament yarn, polyester yarn,
aluminum wire and brass wire, which are mainly procured
domestically (around 95% of the total raw material purchased) from
Gujarat. The company also uses imported raw material from Taiwan
and China (around 5% of the total raw material purchased is
imported during the last 2 years).

PIPL reported a PAT of INR1.06 crore on a total income of INR25.60
crore in FY14 (refers to the period April 1 to March 31) as
against a PAT of INR0.12 crore on a total income of INR23.65 crore
in FY13. PIPL has achieved a total operating income of INR19.23
crore till December 31, 2014.


RCIK FOODS: CARE Assigns B Rating to INR6.30cr LT Bank Loan
-----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of RCIK Foods.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     6.30       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of RCIK Foods (RCIK) is
constrained by RCIK's short track record and small scale of
operations and low profitability margin. The rating is further
constrained by RCIK's presence in a highly competitive industry,
susceptibility of its margins to fluctuation in raw material
prices with monsoon-dependent operations and constitution of the
entity as a proprietorship firm.

The rating, however, favourably takes into account the reasonable
experience of the proprietor in paddy processing business. The
ability of the firm to increase the scale of operations while
improving profitability margin and managing its working capital
requirements efficiently would be the key rating sensitivities.

RCIK was established as a proprietorship firm in August 2013 by Mr
Inder Kumar Mehta. The firm is engaged in the processing of paddy
and trading of rice at its manufacturing facility located in
Sirsa, Haryana, with total installed capacity of 18,000 metric ton
per annum (MTPA) as on March 31, 2014. The main raw material is
paddy, which is procured from dealers and agents from the state of
Haryana. The firm sells rice in the states of Delhi, Haryana and
Punjab through a network of commission agents and traders. The
firm has three group concerns, namely, 'Shree Shiv Shakti
Fertilizers', 'Om Fertilizers' and 'Ram Chand Inder Kumar' engaged
in trading of fertilisers.

For FY14 (refers to the period April 01 to March 31), RCIK
reported a total operating income of INR5.18 crore and PAT of
INR0.02 crore. Furthermore, the firm has achieved gross sales of
INR12 crore till December 31, 2014.


RICHI RICH: ICRA Suspends B+ Rating on INR13.66cr LT Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR13.66 crore fund based bank facilities and short term
rating of [ICRA]A4 assigned to the INR29.00 crore fund based bank
facilities of Richi Rich Agro Foods Private Limited.

                       Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund
   Based Limits            13.66        [ICRA]B+; Suspended

   Short term Fund
   Based Limits            29.00        [ICRA]A4; Suspended

The ratings were suspended due to lack of cooperation by the
client to provide any further information.

Business was established in the year 1997 as partnership firm.
However, in the year 2009 partnership firm was converted into a
private limited company with Mr Neeraj Goel and Mr. Atul Goel as
directors. As per the management milling capacity is 12 tonnes/hr
of paddy. Company is engaged in the business of processing and
trading of rice. Company sells its product in domestic market as
well as export to countries in Middle East. Company is having its
manufacturing unit at Railway Road, Barara, Haryana.


S. R. GLASS: CARE Reaffirms D Rating on INR10cr LT Bank Loan
------------------------------------------------------------
CARE reaffirms the long-term rating assigned to the bank
facilities of S. R. Glass Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10         CARE D Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of S.R. Glass
Industries (SRG) continues to be constrained by the delays in debt
servicing by the firm due to delay in stabilization of the
operations of the newly commenced glass bottles business.

SRG was constituted in April 2005 as a partnership concern. The
firm was engaged in the manufacturing of glass bangles.
The same was discontinued in FY13 (refers to the period April 1 to
March 31) and the firm undertook a new project to manufacture
glass bottles. The commercial operations of the same started in
January 2013. The manufacturing facility of the firm is located at
Firozabad, Uttar Pradesh, with an installed capacity of glass
bottles of 90 tonnes per day (TPD). The products find its
application in used in packaging of liquor and soft drinks.


SAI SPACECON: CRISIL Reaffirms D Rating on INR307.5MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sai Spacecon
India Pvt Ltd (SSIPL) continues to reflect instances of delay by
SSIPL in servicing its debt on account of weak liquidity arising
from delay in receivables from customers and minimal bookings in
its real estate projects.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           25         CRISIL D (Reaffirmed)

   Proposed Long Term   267.5       CRISIL D (Reaffirmed)
   Bank Loan Facility

   Term Loan            307.5       CRISIL D (Reaffirmed)

Also, SSIPL faces high demand risk for its ongoing project, and
high implementation, funding, and saleability risks for its
upcoming projects. The company is also exposed to the risk of
geographical concentration in revenue and to risks and cyclicality
inherent to the Indian real estate industry. It, however, benefits
from its promoters' significant track record in the real estate
industry.

SSIPL was set up as a proprietorship firm, Sai Erectors, in 1993
by Mr. Subhash Nelge, and was reconstituted as a private limited
company with the current name in May 2011. The company is a part
of Pune (Maharashtra)-based Sai group and is engaged in
residential and commercial real estate development, primarily in
and around Pune.


SAURASHTRA GROUP: ICRA Suspends B+ Rating on INR14cr Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR14.00 crore proposed fund based limits of Saurashtra Group
Developers. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Saurashtra Group Developers (SGD) is presently engaged in
construction of residential & commercial space in Surat, Gujarat.
The firm is promoted by Mr. Vaju Katrodiya and Mr. Jitu Sabhadiya.
The promoters of the firm have experience of about a decade in the
real estate industry and have successfully executed several
projects in the past.


SAVLA FOODS: ICRA Upgrades Rating on INR72.15cr Term Loan to B
--------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR72.15
crore1 term loans and INR2.50 crore long-term, fund based
facilities of Savla Foods and Cold Storage Private Limited to
[ICRA]B from [ICRA]D.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long-term, term loans    72.15       Upgraded to [ICRA]B
                                        from [ICRA]D

   Long-term, fund-based     2.50       Upgraded to [ICRA]B
   Facilities                           from [ICRA]D

The rating upgrade reflects the regularization of debt servicing.
The rating is supported by the fact that the company operates one
of the biggest multi-product, multi-temperature cold storage
facilities in the Navi Mumbai area. The rating also derives
comfort from the high operating margins associated with the
business by virtue of the low operating costs, the positive fund
flow from operations, and the long standing experience of the
promoters in the cold storage industry.

The rating is, however, constrained by the stretched financial
risk profile of the company marked by leveraged capital structure
and weak debt coverage indicators. The modest scale of operations
and the capital intensive nature of the cold storage business
which necessitates frequent investment for scaling up capacities
continue to be a credit concern. ICRA also notes the slowdown in
food imports, and consequent demand for cold storage, given the
subdued demand in the domestic market on account of high level of
inflation and fluctuation of rupee.

The company currently owns cold storage facilities at Turbhe, Navi
Mumbai with a total capacity of 2.7 million cubic feet (28,000 MT)
capable of handling temperatures ranging from +22oC to -20oC. It
also operated a leased cold storage facility in Navi Mumbai with a
capacity of 0.3 million cubic feet (3,500 MT), which it has
discontinued from December 2013.

The company, in April 2013, commenced operations of the new
0.5-0.6 million cubic feet cold storage facility at MIDC, Turbhe,
near its existing facility. The storage has advanced facilities
such as repackaging, ripening and pre-cooling, This facility
became operational in March 2013. In addition the company intends
to set up Container Freight Station (CFS) and a one million cubic
feet cold storage facility at a land parcel it owns near JNPT;
however currently no work is ongoing in the project.

The company is promoted by the Savla family and is closely held.
The Savla family is the promoter of the Benzer group which apart
from cold storage has presence also in retail, manufacturing,
jewellery and real estate. The flagship company of the group is
Benzer Departmental Stores Private Limited which runs the Benzer
chain of retail stores. The Group owns and manages the Center One
mall in Vashi, Navi Mumbai.

Recent Results
SFCSPL reported a profit after tax (PAT) of INR0.4 crore on an
operating income of INR21.2 crore in 2013-14 as against a PAT of
INR2.1 crore on an operating income of INR23.4 crore in 2012-13.


SHIV RICE: CRISIL Assigns B+ Rating to INR40MM Cash Credit
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' to the long-term bank
facilities of Shiv Rice Mill (SRM).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility      26.5       CRISIL B+/Stable

   Cash Credit             40         CRISIL B+/Stable

   Long Term Loan          13.5       CRISIL B+/Stable

The rating reflects SRM's small scale of operations, exposure to
raw material price risk, dependence on monsoon, and vulnerability
to changes in regulations. These rating weaknesses are partially
offset by the considerable experience of SRM's promoters in the
rice milling business and the firm's average financial risk
profile marked by low gearing and above-average debt protection
metrics.

Outlook: Stable

CRISIL believes that SRM will continue to benefit over the medium
term from its promoters' considerable industry experience and its
diversified customer base. The outlook may be revised to
'Positive' if the firm substantially scales up operations while
maintaining its profitability and prudent working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of low accruals, stretch in working capital cycle, or any
large debt-funded capital expenditure, leading to deterioration in
SRM's financial risk profile, particularly liquidity.

Established in 2008, SRM mills non-basmati parboiled rice. Its
manufacturing facility is in Murshidabad (West Bengal). SRM is
equally owned by Murshidabad-based Mr. Goutam Bhakat and Mrs.
Nafisa Begam and their family members. The firm's day-to-day
operations are managed by Mr. Goutam Bhakat. The firm markets its
products under the Shiv Rice brand in the open market; it also
mill rice on jobwork basis for government agencies.


SHIVAM PHOTOVOLTAICS: ICRA Puts C Rating on INR5cr Buyers Credit
----------------------------------------------------------------
ICRA has assigned a rating of [ICRA]A4 to the INR2.00 crore, bill
discounting under LC facility, INR5.00 crore import/inland LC
facility and INR1.00 crore (sub limit of import/inland LC
facility) short term non fund based facilities of Shivam
Photovoltaics Private Limited. ICRA has also assigned a rating of
[ICRA]C to the INR3.50 crore (sub limit of import/inland LC
facility) cash credit facility and INR5.00 crore (sub limit of
import/inland LC facility) fund based facilities of SPPL.

                             Amount
   Facilities             (INR crore)      Ratings
   ----------             -----------      -------
   Cash Credit               (3.50)        [ICRA]C assigned
   EPC/PCFC/FDBP/FUDBP       (3.50)        [ICRA]C assigned
   Buyers Credit             (5.00)        [ICRA]C assigned
   Bill Discounting
   under LC                   2.00         [ICRA]A4 assigned
   Import/Inland LC limit     5.00         [ICRA]A4 assigned
   Bank Guarantee            (1.00)        [ICRA]A4 assigned

The assigned ratings are constrained by the stretched liquidity
position of the company resulting in LC devolvement in the recent
past, precipitated by high inventory levels and initial
operational losses. The ratings also take into account SPPL's
small scale of operations, its weak financial profile
characterized by book losses and high gearing levels, and
vulnerability of its profitability to volatility in raw material
prices and currency related fluctuations in the absence of a
formal hedging policy. The ratings also take into account the
fragmented nature of the industry with competition from both
established players and large number of unorganized players in
addition to competition emanating from China based players leading
to pressure on margins.

The ratings, however, factor in the favourable outlook for the
solar segment and successful commissioning of the module
manufacturing plant by the company without incurring any major
cost over-run.

Incorporated in FY2013, Shivam Photovoltaics Private Limited
(SPPL) is engaged in the business of manufacturing solar modules
ranging between 3 to 300 watts. The company is promoted by Mr
Praful Bavishiya and Mr Shailesh Bavishiya who prior to entering
the renewable energy space have been engaged in the real estate
business for more than two decades.The company's manufacturing
facility is located at Changodar near Ahmedabad with a capacity to
fabricate 25 MW's of poly crystalline based solar modules per
annum. The modules manufactured by SPPL are certified by SGS,
Germany with IEC 61215 and IEC 61730-1&2 certifications. SPPL also
undertakes execution of solar roof top projects on an EPC basis
and trading of solar modules, though the contribution of the same
remains limited.

Recent Results
During FY 2014, SPPL reported an operating income of INR3.90 crore
and a net loss of INR1.90 crore.


SREE SAI: CRISIL Ups Rating on INR50MM Long Term Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Sree Sai
Rajeswari Complex (SSRC) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Long Term Loan        50         CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Long Term     8.5       CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')



The rating upgrade reflects improvement in SSRC's liquidity
supported by healthy cash accruals against its maturing debt
obligations, backed by better-than-expected scale of operation and
profitability, resulting in higher-than-expected cash accruals.
The rating continues to reflect SSRC's below-average financial
risk profile, marked by a small net worth and modest scale of
operations. These rating weaknesses are partially offset by the
benefits that SSRC derives from its promoters' extensive industry
experience.

Outlook: Stable

CRISIL believes that SSRC will continue to benefit over the medium
term from its experienced promoters. The outlook may be revised to
'Positive' if there is improvement in its revenues and
profitability, leading to higher cash accruals. Conversely, the
outlook may be revised to 'Negative' if SSRC's profitability
declines, impacting its debt servicing ability, or the firm
undertakes any large debt-funded capital expenditure.

SSRC was set up as a partnership firm in September 2008 by Mr. B
Rajeshwara Reddy and his wife, Mrs. B Venkata Subamma. It runs a
shopping mall at Prodattur in Cuddapah (Andhra Pradesh).

SSRC, on provisional basis, reported a profit after tax (PAT) of
INR2.2 million on net sales of INR38.9 million for 2013-14 (refers
to financial year, April 1 to March 31); it had reported a net
loss  of INR0.1 million on net sales of INR22.7 million for 2012-
13.


SRI GURUKRUPA: CRISIL Assigns B+ Rating to INR120MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Sri Gurukrupa Agro Industries (SGAI).

                             Amount
   Facilities              (INR Mln)      Ratings
   ----------              ---------      -------
   Cash Credit                120         CRISIL B+/Stable
   Long Term Bank Facility      5         CRISIL B+/Stable

The rating reflects SGAI's below-average financial risk profile,
marked by high gearing and weak debt protection metrics, modest
scale of operations, and exposure to intense competition in the
rice milling industry. These rating weaknesses are partially
offset by the extensive industry experience of SGAI's promoter in
the rice milling industry.

Outlook: Stable

CRISIL believes that SGAI will benefit over the medium term from
the extensive industry experience of its promoter in the rice
milling industry. The outlook may be revised to 'Positive' in case
of a significant and sustained increase in the firm's revenues and
profitability, or a substantial infusion of capital by its
promoter, resulting in an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
SGAI's revenues and profitability decline substantially, or it
undertakes a larger-than-expected, debt-funded capital expenditure
programme, or its promoter withdraws capital from the firm,
leading to weakening in its financial risk profile.

Set up in 2008, SGAI is engaged in milling and processing of paddy
into rice, rice bran, broken rice and husk. The firm is promoted
by Mr. G. Sreenivas his family members.

For 2013-14 (refers to financial year, April 1 to March 31), SGAI
is reported a profit after tax (PAT) of INR2 million on net sales
of INR291 million, as against a PAT of INR3 million on net sales
of INR198 million during 2012-13.


STANDARD PHARMA: CRISIL Reaffirms D Rating on INR53.5MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Standard
Pharmaceuticals Ltd (SPL) continue to reflect instances of delay
by SPL in repaying its term loan. Though this loan has been
transferred via a slump sale in 2013-14 (refers to financial year,
April 1 to March 31) to Standard Incredible Trade Link Ltd,
requisite permission for the transfer was not availed from the
concerned lender.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        5.0        CRISIL D (Reaffirmed)

   Cash Credit          53.5        CRISIL D (Reaffirmed)

   Proposed Long Term   38.8        CRISIL D (Reaffirmed)
   Bank Loan Facility

   Term Loan             5.2        CRISIL D (Reaffirmed)

SPL also has a weak financial risk profile, marked by a small net
worth, average gearing, and below-average debt protection metrics.
However, the firm benefits from its top management's experience in
the pharmaceuticals industry and its established relationships
with clients.

SPL was incorporated in 1932, promoted by Mr. Hemen Ghosh and Dr.
Vikram Sarabhai. In 1996, SPL was bought by the Mall group of
companies and in 2013-14 it was acquired by Mr. Omesh Sethi. SPL
manufactures formulations for government as well as private
parties.


TEJA INDUSTRIES: CARE Assigns B+ Rating to INR7cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' the long-term rating and reaffirms the
short-term ratings assigned to the bank facilities of Teja
Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     7.00       CARE B+ Assigned
   Short-term Bank Facilities   12.25       CARE A4 Reaffirmed

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

Rating Rationale

The rating assigned to the bank facilities of Teja Industries
(TAI) is primarily constrained by the relatively small scale of
operations, low net profitability margin, weak debt coverage
indicators, moderately leveraged capital structure and working
capital intensive nature resulting in elongated operating cycle.
The rating is further constrained by foreign exchange fluctuation
risk, presence in the highly competitive leather industry and
partnership nature of constitution.

The rating derives strength from experienced partners, established
relationship with clients and strategic location of the
manufacturing plant.

Going forward, the ability of TAI to scale up its operation along
with improvement in profitability and efficient management of
working capital cycle are the key rating sensitivities.

Established in 1985 as a partnership firm, Teja Industries (TAI)
is engaged into manufacturing of leather goods such as Belts,
Wallets, Ladies Bag, Men's Bag and luggage Bag. The manufacturing
plant of the firm is located at Urappakkam (Chennai) [with total
installed capacity of 775,000 units per annum with around 90%
average capacity utilization] and Mumbai [with total installed
capacity of 120,000 units per annum with around 85% average
capacity utilization]. The main raw materials (tanned leather) is
primarily procured domestically with imports (from Taiwan, Brazil,
Hong Kong, and China) forming 26% of the purchases. The exports to
customers based in UK, Germany, USA and Spain formed around 53% of
the total sales in FY14 (refers to the period
April 1 to March 31).

During FY14, TAI recorded a total operating income of INR31.02
crore (up by 8.06% vis-a-vis FY13) and PAT of INR0.18 crore
(up by 22.73%). Furthermore, during 9MFY15, TAI has posted total
income of INR29.92 crore.


UNICURE REMEDIES: ICRA Cuts Rating on INR5cr LT Loan to B+
----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR2.18
crore (reduced from INR5.29 crore) term loan and the INR5.00 crore
(enhanced from INR4.00 crore) long-term fund based cash credit
facility of Unicure Remedies Private Limited (URPL) from [ICRA]BB-
to [ICRA]B+. ICRA has also reaffirmed the short term rating of
[ICRA]A4 to the INR0.40 crore short term non fund based facilities
of URPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund           5.00        Revised to [ICRA]B+
   Based-Cash Credit                    from [ICRA]BB- (Stable)

   Long Term Fund           2.18        Revised to [ICRA]B+
   Based-Term Loan                      from [ICRA]BB- (Stable)

   Short Term Non-
   Fund based Limits        0.40        [ICRA]A4 reaffirmed

The rating revision takes into consideration the weakening of the
financial risk profile which is characterized by reduced operating
profitability, net losses and weak coverage indicators during the
last two financial years; caused due to low capacity utilization
in the new disinfectant unit which has resulted in under recovery
of high fixed costs and exerted pressure on profitability.
Further, the rating continues to factor in the small scale of
operations with future growth dependant on increase in exports to
semi regulated countries in South America, South East Asia and
Africa as well as the high competitive pressure due to the
presence of a large number of generic formulation drug
manufacturers, including units set up in notified zones, who enjoy
fiscal benefits and scale advantages. The ratings also factor in
the exposure of company's operations to regulatory restrictions
such as drug price control which could impact margins of the
company although focus on oral formulation powder and exports
mitigates the risk to a certain extent.

The ratings, however, favourably consider the long standing
experience of URPL's promoters in the pharmaceutical industry,
extensive product portfolio coupled with approved status for
export of drugs to several South East Asian, African and South
American countries. The ratings also factor in the technical
competence and ability of the company to develop new formulations
on a continuous basis apart from growing visibility and brand
presence of its powdered formulation "VITAL Z" across pharmacies
in Gujarat.

Unicure Remedies Private Limited (URPL) is a pharmaceuticals
company engaged in manufacturing of formulation drugs,
disinfectants and prescription based energy powders. URPL is
promoted by Mr V. P. Divanji who set up the entity in 1993. URPL
operates from its three plants located at Gorwa and Manjusar in
Vadodara, Gujarat with a total installed capacity of manufacturing
6 crore general tablets, 9 crore hormonal tablets and 7.8 lakh kgs
of powder formulation per year. URPL has developed more than 130
generic drugs for the export market and about 40 drugs for the
domestic market since inception; manufactured in its WHO GMP
compliant manufacturing facilities.

Recent Results
In FY 2014, URPL reported an operating income of INR22.14 crore
and net loss of INR0.05 crore as against an operating income of
INR22.42 crore and net loss of INR1.83 crore in FY 2013.


VA HOTELS: CRISIL Reaffirms B- Rating on INR92.5MM Bank Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of VA Hotels Pvt
Ltd (VAHPL) continues to reflect the company's weak financial risk
profile, marked by its small net worth, high gearing and weak debt
protection metrics. Rating also factors in VAHPL vulnerability to
cyclical demand in the hotel industry and high degree of
geographic concentration in its revenue profile.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            5         CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    92.5       CRISIL B-/Stable (Reaffirmed)

   Rupee Term Loan       55         CRISIL B-/Stable (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
VAHPL derives from the funding support it receives from its
promoters and tie-ups with established brands and corporates.

Outlook: Stable

CRISIL believes that VAHPL will continue to benefit over the
medium term from the financial support that the company receives
from its promoters; and its association and tie-ups with
established brands and corporate entities. The outlook may be
revised to 'Positive' if there is a substantial and sustained
improvement in the company's revenues and profitability margins,
or there is a substantial improvement in its net-worth on the back
of sizeable equity infusion from its promoters. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
the company's profitability margins, or significant deterioration
in its capital structure caused most likely by a large debt-funded
capital expenditure.

VAHPL was incorporated in Hyderabad (Telangana) in 2005. The
company operates a three-star hotel named Fortune Park Vallabha in
Hyderabad. The hotel was set up under an operational agreement
with Fortune Park Hotels Ltd, with 68 rooms and includes a
restaurant, banquet hall, lounge, and others facilities. The hotel
commenced commercial operations in February 2010.


VENKATESHKRUPA SUGAR: CRISIL Assigns B+ Rating to INR300M Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the proposed
long-term bank loan facility of Venkateshkrupa Sugar Mills Ltd
(VSML).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term      300        CRISIL B+/Stable
   Bank Loan Facility

The rating reflects VSML's below-average financial risk profile,
marked by a leveraged capital structure and weak debt protection
metrics, though its net worth is moderate. The rating also factors
in the company's working-capital-intensive operations, and its
vulnerability to risks associated with its planned capital
expenditure and with changes government regulations. These rating
weaknesses are partially offset by the location advantage of
VSML's plant and the healthy ramp up in its operations.

Outlook: Stable

CRISIL believes that VSML will continue to benefit over the medium
term from easy availability of cane and its stabilised plant
operations. The outlook may be revised to 'Positive' if the
company executes its planned project within the scheduled time and
cost estimates, and stabilises operations at the increased
capacity,  while sharply improving its accruals and sustaining its
working capital cycle. Conversely, the outlook may be revised to
'Negative' in case of a significant time or cost overrun in
execution of VSML's project, or if a considerable fall in sugar
realisations significantly impacts its profitability.

VSML, based in Shirur, Pune (Maharashtra), manufactures sugar; its
plant has a sugarcane crushing capacity of 2500 tonnes per day.
The company is promoted by Mr. Sandeep Taur and his friends and
relatives. It has been set up recently, with 2012-13 (refers to
financial year, April 1 to March 31) being is first full year of
operations.


* INDIA: Fertilising Firms Facing Severe Liquidity Crunch
---------------------------------------------------------
The Times of India reports that with outstanding subsidy bills
estimated to cross INR40,000 crore by March, the fertiliser
industry is in a tight spot and is facing a severe liquidity
crunch. Domestic urea manufactures have been the worst hit with
subsidy dues totaling INR30,000 crore, the Fertiliser Association
of India (FAI) said.

"In fact, a number of urea plants have shut down partly due to
policy parameters and partly because of liquidity crisis," FAI
said.  "Some other urea units are also likely to stop production
for want of funds unless payment of subsidy is resumed urgently,"
FAI cautioned, TOI relays.

According to the report, the total outstanding subsidy excluding
freight bills for P & K fertilisers alone is estimated to touch
INR12,700 crore by March. "The government is not paying any
interest on undue delay in payment of subsidy and freight bills
resulting in huge monthly interest cost to the industry," the
association, as cited by TOI, stated.

TOI relates that the capacity utilisation for P&K (phosphatic and
potassic) fertiliser plants is also very low at 65% in the current
year, it said. The industry has sent an 'SOS' to union finance
minister Arun Jaitley on Feb. 12. "While domestic urea industry is
gasping for breath, payments for imported urea are being made
upfront. This flies in the face of agenda of 'Make in India'," FAI
stated.

TOI relates that FAI said the level of subsidy has reached almost
75% of cost of production due to gross under provision in the
union budget. "There was a provision of INR36,000 crore for
domestic urea against the then estimated requirement of INR58,000
crore," the report quotes the association as saying. "The
requirement has now increased by more than INR1,500 crore due to
the increase in price of domestic gas from October 1, 2014," FAI
said. Out of the total budget allocation of INR36,000 crore, about
INR18,000 crore was used for clearing the backlog of
2013-14, the report relays.

"Thus, balance amount available for 2014-15 was only INR18,000
crore. No additional fund was allocated in the winter session of
the Parliament. Payment of 'on account' monthly subsidy bills were
(also) held up after making part payment for August," FAI stated.

The industry is also yet to receive 'on account' monthly payments
estimated at INR23,000 crore and pending since August last year,
the report adds.



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


TAKATA CO: Honda Says Not Interested in Helping Firm
----------------------------------------------------
Yoko Kubota at The Wall Street Journal reports that Honda Motor
Co. isn't interested in offering financial support to Takata
Corp., the Japanese auto maker's chief executive officer said,
dismissing speculation that his company would take the lead in
assisting the embattled air bag maker.

"We have no interest" in financially supporting Takata, Takanobu
Ito told reporters on Feb. 13 on the sidelines of a test-driving
event in Asahikawa, northern Japan, the Journal relays.  "Takata
itself needs to figure out how to fulfill its duties, but if it
makes any request to auto makers, then we would think about that."

The Journal relates that the CEO added that many auto makers would
be in serious trouble if Takata stops supplying replacement air
bag inflaters for recalled vehicles that are at risk of exploding
and shooting out shrapnel, a problem linked to at least five
deaths, all in Honda cars.

According to the Journal, Takata faces growing costs to replace
parts in recalled cars. In the future, it could also be hit with
fines or settlement fees and it risks losing future business if
auto makers shift component orders to rival suppliers, the report
states.

In the case of Toyota Motor Corp., which went through a safety
crisis starting in 2009 involving complaints of unintended
acceleration in some of its vehicles, the auto maker recalled more
than 10 million vehicles in the U.S. It also faced a class-action
suit and a criminal investigation that the company paid $1.2
billion to settle, the Journal relates.

Since late 2008, more than 10 auto makers have recalled around
25 million vehicles over Takata-made air bags, note the report.
Recalls by Honda account for more than half of those vehicles, the
report notes.

As of end-September, Takata had JPY86.5 billion ($728 million) in
cash or cash equivalents, not much changed from a year earlier and
analysts aren't concerned about short term financial troubles, the
Journal discloses.

The Journal says Honda has already stopped relying solely on
Takata for parts to replace inflaters in recalled vehicles, and
has begun working with Takata rivals Autoliv and Daicel Corp.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 24, 2014, 24/7 Wall St. said Takata Corporation faces huge
fines, and almost certainly lawsuits (which have already begun),
over its defective airbags.  The report related that some experts
believe that the Japanese company was not forthcoming about the
technical failure that caused several serious accidents and
deaths. If Takata goes bankrupt, which could certainly happen,
claims against the company would be in limbo, 24/7 Wall St. said.
According to the report, Takata's revenue in the first half of its
fiscal 2015 was just above $2.5 billion. It would barely make the
Fortune 500, said 24/7 Wall St.  Due to its modest size, hundreds
of millions of dollars in repairs and recalls and billions of
dollars in liabilities for drivers harmed by its airbags could
easily render it insolvent, according to
24/7 Wall St.

Takata Corporation (TYO:7312) develops, manufactures and sells
safety products for automobiles.  The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts. The Company
has subsidiaries located in Japan, the United States, Brazil,
Germany, Thailand, Philippines, Romania, Singapore, Korea, China
and other countries.



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


NEW ZEALAND: Housing Demand Strong Despite eHome Receivership
-------------------------------------------------------------
newstalkzb.co.nz reports that growing demand for houses in parts
of New Zealand makes eHome NZ's fall into receivership a huge loss
to the industry.

New Zealand's largest house prefabricator overspent and clocked up
nine million dollars of debt, according to newstalkzb.co.nz.

The report notes that ASB economist Jane Turner said one of the
key challenges is for supply to meet demand in affordable areas.
"We do expect to see further growth in construction activity.
There is still plenty of unmet demand in Auckland and Canterbury,"
she said, the report relates.

eHome NZ did a lot of its work on social housing projects.

The report discloses that Ms. Turner said it comes at a time
construction is growing and housing suppliers are desperately
needed, the report notes.

"The lift in demand in housing fairly widespread, but it does seem
to be fairly concentrated at the affordable housing end," the
report quoted Ms. Turner as saying.



=====================
P H I L I P P I N E S
=====================


PHILIPPINE WOMEN'S: STI Seeks Foreclosure of Another Property
-------------------------------------------------------------
Krista Angela M. Montealegre at BusinessWorld Online reports that
STI Education Systems Holdings, Inc. has asked a trial court to
foreclose another property of Philippine Women's University (PWU)
-- the Jose Abad Santos Memorial School (JASMS) in Quezon City.

BusinessWorld relates that the Eusebio H. Tanco-led firm told the
stock exchange on Feb. 13 that it filed on Feb. 11 a petition for
the extra-judicial foreclosure of real estate mortgage with the
Regional Trial Court of Quezon City over parcels of land
registered under Unlad Resources Development Corp., a sister firm
of PWU.

The property was mortgaged in favor of STI as security under a
facility agreement the listed company executed with PWU, the
report says.

In a mobile phone message, PWU Media Director Lyca Benitez-Brown
said the property in Quezon City houses JASMS, the university's
basic education arm, BusinessWorld relates.

STI earlier moved to foreclose the PWU campus in Manila, the
report notes.

According to BusinessWorld, the Tanco group had been threatening
since December to take over the PWU campus after it failed to
collect what it said was PHP925 million the Benitezes now owed
STI, three years after bailing out PWU from a PHP223-million bank
loan.

That debt ballooned after counting interest, penalties, lawyers'
fees and value-added taxes, the report says. PWU President Jose
Francisco Benitez had said the family would only pay Mr. Tanco his
original PHP448-million investment, or a more reasonable amount,
says BusinessWorld.

That PHP448 million included the PHP223-million PWU loan with
Banco De Oro Unibank, Inc. which Mr. Tanco offered to buy when he
came in as a white knight for the university in 2011; another
PHP26.5 million he lent to the school, and another PHP198 million
he lent to Unlad, BusinessWorld discloses.



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


OUE HOSPITALITY: Moody's Says REITs Shows Weaker Performance
------------------------------------------------------------
Moody's Investors Service says that of the three hospitality
trusts that it rates, Far East Hospitality Trust (FEHT, Baa2
stable), and OUE Hospitality Real Estate Investment Trust (OUE H-
REIT, Ba1 stable) are the most adversely affected by the lower
visitor numbers in Singapore.

Moody's conclusions were released after the Singapore Tourism
Board announced on Feb. 11, 2015 that tourist arrivals fell 3.1%
year-over-year in 2014, and total tourism receipts for 2014 were
at the same level as that in 2013.

"FEHT and OUE H-REIT are the most affected by the fall in visitor
numbers because their focus is on the Singapore market," says
Jacintha Poh, a Moody's Assistant Vice President and Analyst.

"We expect FEHT and OUE H-REIT's aggregate EBITDA to grow by less
than 2% in 2015," adds Poh.

Moody's analysis is contained in its recently-released report
titled " Softer Performance of Singapore-Focused Hospitality
REITs, Due to Lower Tourist Numbers," and is co-authored by Poh,
and Agnes Lee, an Associate Analyst.

Moody's report points out that tourist arrivals in Singapore fell
for the first time in five years during 2014.

As for Singapore's hospitality sector as a whole, Moody's expects
the sector's operating environment to remain challenging at least
over the next 12 months, as the supply of new hotel rooms
continues to grow, while demand for accommodation tapers.

In the fiscal year ending Dec. 31, 2015 (FY2015), Moody's expects
that FEHT's adjusted debt/total deposited assets and adjusted
EBITDA interest coverage will weaken to 32%-35% and 4.5x-5.0x, as
it continues to draw down debt for the funding of its Sentosa
hotel development joint venture with Far East Organization Centre
Pte Ltd (unrated).

Moody's report says that in FY2014, FEHT was the most affected by
the slowdown in tourist arrivals, because the trust derived 67% of
its total revenue from hotels during the year, 14% from serviced
residences, and 19% from commercial premises.

Its hotels' revenue per available room (RevPar) fell by 6% year-
over-year to SGD155 while its serviced residences' revenue per
available unit fell 3% year-over-year to SGD219.

As for OUE H-REIT, over the next 12 months, Moody's expects that
the trust's adjusted debt/total deposited assets will be around
40%-45%, and adjusted EBITDA interest coverage will fall in the
range of 6.4x-6.6x, assuming the trust takes on additional debt of
around SGD400-SGD500 million to fund the acquisition of Crowne
Plaza Changi Airport.

In January 2015, the trust completed Phase 1 of the acquisition of
the hotel.  The SGD290 million partial acquisition was fully
funded by a five-year secured term loan.

OUE H-REIT reported RevPar of SGD249 in FY2014.  The result was 3%
lower than the trust's forecast of SGD257.

The third Singapore hospitality REIT that Moody's rates is Frasers
Hospitality Trust (FHT, Baa2 stable). Moody's report says that FHT
is the least exposed of the three trusts to the weaker hospitality
outlook for the Singapore market, because only around one-third of
its revenue is from the city state.

Moody's expects FHT's financial metrics in FY2015 to improve, with
adjusted debt/total deposited assets of 38%-40%, and adjusted
EBITDA interest coverage of around 5.5x, post receipt of tax
refund to repay debt.

Like OUE H-REIT, FHT Singapore portfolio's RevPar in 2014
outperformed the trust's own forecast.  Its RevPar of SGD267 for
the period from inception on July 14, 2014 to Dec. 31, 2014 was
higher than its forecast of SGD259.

The higher RevPar was due to the stable performance achieved by
its InterContinental Singapore luxury hotel, which helped cushion
the softer performance of its serviced residences Frasers Suites
Singapore against the backdrop of a weaker Singapore rental
market.



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


HANMAG SECURITIES: Seoul Court Declares Firm Bankrupt
-----------------------------------------------------
Yonhap News Agency reports that HanMag Securities Co., a
South Korean brokerage house, has been declared bankrupt, a local
court said on Feb. 17, following a trading mistake in late 2013
that left the firm with tens of millions of dollars in losses.

According to Yonhap, the decision by the Seoul Central District
Court came about a year after the company made a numerical error
in its options trading that incurred a loss of KRW46 billion
(US$41.75 million).

The report relates that the one-time mistake has left the
brokerage house with no choice but to file for bankruptcy when the
country's financial regulator, the Financial Services Committee,
suspended the firm's license as there is little possibility for
financial improvement.

The court decision marks the first time for a South Korean
securities firm to go bankrupt from a trading mistake, Yonhap
notes.

HanMag Securities Co. is a small-scale local securities firm
specializing in futures trading.


KOREAN AIR: 2014 Loss Widens to KRW457.82BB on Currency Loss
------------------------------------------------------------
Yonhap News Agency reports that Korean Air Lines Co., South
Korea's largest air carrier, said Feb. 12 its losses widened last
year from a year earlier as it braced for widened currency losses
from its foreign debts.

The carrier's net loss came to KRW457.82 billion (US$412.45
million) last year, widening from a loss of KRW384 billion a year
earlier, the company said in a regulatory filing, Yonhap relays.

Its operating profit, however, swung back to the black, reaching
KRW395.05 billion last year, shifting from an operating loss of
KRW19.56 billion a year earlier, Yonhap reports.

Headquartered in Seoul, South Korea, Korean Air Lines Co. Ltd.
-- http://kr.koreanair.com/-- is a Korea-based company engaged
in the passenger airline transportation business.  Its principal
activities consist of the provision of domestic and
international airline services; the production of aircraft,
including military aircraft; the provision of aircraft
maintenance and engineering services, and the sale of duty-free
goods. Korean Air Lines offers four classes of service: Economy
Class, Business Class, First Class and Premium Class, and
provides in-flight services, including cabin crew, in-flight
entertainment, meal and other services.  It is also involved in
the provision of in-flight meals for third parties.  In addition
to passenger transportation services, Korean Air Lines is a
cargo carrier that operates freighters worldwide. During the
year ended December 31, 2007, its operations spanned 101 cities
in 36 overseas countries with a fleet of 126 aircraft and it
carried 22,850,000 passengers and 2,280,000 tons of freight.


MAGNACHIP SEMICONDUCTOR: Moody's Affirms Caa1 Corp. Family Rating
-----------------------------------------------------------------
Moody's Investors Service affirmed MagnaChip Semiconductor
Corporation's Caa1 corporate family rating, as well as the Caa1
senior unsecured bond rating on its US$225 million, 6.625% notes
due 2021, following the filing of the company's restated financial
results with the Securities and Exchange Commission (SEC) on Feb.
12, 2015.

The outlook on the ratings remains negative.

MagnaChip filed its financial statements for the fiscal year ended
Dec. 31, 2013 (FY2013) on Form 10-K, which also included restated
financial statements for 2011 and 2012.  In addition, the company
filed its quarterly reports on Form 10-Q for the first three
quarters of 2014, with each report including the comparative
quarterly financials for 2013 on a restated basis.

"The rating affirmations reflect MagnaChip's vulnerable business
and financial profile, as revealed in its most recent filings of
financial statements for the reporting periods from Dec. 31, 2011
to Sept. 30, 2014," says Annalisa DiChiara, a Moody's Vice
President and Senior Analyst.

The impact of MagnaChip's restatement of its revenues and earnings
was more significant than Moody's had expected.  In particular,
the restatement adjustments on revenue recognition were the most
severely negatively affected in the first nine months of 2013, and
totaled US$78 million, and additional factors contributing another
US$2 million.

Company explained that the revenue adjustments were mainly related
to correcting the timing and amount of revenue recognized on the
sale of products sold through certain distributors.

The company also made adjustments to costs, which, when combined
with the revenue adjustments, resulted in a restated operating
profit for the first nine months of 2013 of just US$6 million; an
amount which was significantly lower than the US$84 million the
company had originally reported for the same period.

"Moreover, the weak financial results for fiscal year 2013 and
also in the first nine months of 2014 indicate significant
operational challenges, which, when coupled with the company's
high level of expenses related to the restatement process and
legal costs, have significantly deteriorated the company's
profitability and cash flows," adds DiChiara.

According to the restated financials, the company reported a 9%
year-on-year fall in revenues in 2013, and a 5% fall for the first
nine months of 2014.  The company attributed some of the revenue
decline to a slower than anticipated growth of certain high-end
smartphone OEMs, and the resultant inventory correction in parts
of the semiconductor supply chain.

Lower revenues, combined with lower fab utilization rates, and the
slower rate of business development also negatively affected the
company's gross margins.  As a result, MagnaChip's restated gross
margins contracted to around 20% for FY2013 and for the first nine
months of 2014 versus 30% achieved in FY2012.

In early 2014, the company started incurring significant costs
associated with the internal investigation into the company's
internal controls and the restatement of its financials, as well
as shareholder litigation. Such costs totaled US$29 million as at
Sept. 30, 2014; further widening the company's operating losses,
which totaled approximately US$80 million for the 12 months to
Sept. 30, 2014.

Moody's notes that the company's profitability and credit metrics
deteriorated significantly in 2013 and 2014.

Nonetheless, the company reported a cash balance of US$125 million
as at Sept. 30, 2014.  While MagnaChip does not have any scheduled
debt maturities over the next 12 months, its interest expenses
total approximately USD14 million in 2015.

The US$225 million, 6.625% senior unsecured notes due 2021 is the
only debt outstanding.

On June 20, 2014, the company was served a notice of default for
breaching a financial reporting covenant under the bond indenture.
Moody's current ratings for MagnaChip assume that the recent
filing of the financial reports has cured the covenant breach and
has averted a potential notes acceleration, which was due to
trigger on Feb. 14, 2015.

Management has also indicated that capex for 2015 will total just
USD25 million, an amount which is approximately half the US$50
million three-year average for capex between FY2011 and FY2013.
The lower spending will help preserve cash against the backdrop of
weak industry fundamentals.

However, Moody's does not expect any significant cash flow
generation from MagnaChip's operations over the next 6-12 months,
given that the company's operating profit is expected to remain
under pressure over this period.

While the company's cash position remains adequate at this time,
higher than expected costs associated with efforts to resolve the
material weaknesses in the company's internal controls and
potential cash outlays associated with shareholder lawsuit, could
deplete cash more quickly than Moody's expects, and present a more
fragile liquidity position over time, particularly given that the
company has no back up banking facilities in place.

Moody's notes that any delay in the filing of its financial
reports could once again trigger a breach of the financial
reporting covenant under the company's bond indenture.

The negative ratings outlook reflects the challenges the company
needs to overcome to restore its operating and financial profile,
including generating positive earnings and cash flows, as well as
the successful completion of the remediation of material
weaknesses in its internal controls.

Given the negative outlook, an upgrade of the company's ratings is
unlikely over the near-term.

However, the outlook could revert to stable if the company:

   -- resumes the timely filing of its financial statements with
      the SEC;

   -- successfully turns around its operations such that
      operating profit turns positive on a meaningful and
      sustained basis;

   -- maintains an adequate liquidity profile; and

   -- demonstrates evidence of improved financial controls and
      practices.

Furthermore, a change in the ratings outlook would only occur if
the pending litigation with respect to the class action lawsuit is
resolved, and if the SEC's investigation is resolved, with limited
adverse impact on the company's operating performance, including
revenue growth, liquidity and cash flows.

On the other hand, downward ratings pressure could emerge if the
company:

   -- fails to file its quarterly statement for 1Q2015 or annual
      report for 2014 in a timely manner;

   -- encounters any significant delays or hurdles in completing
      by 2015, the remediation of material weaknesses in internal
      controls;

   -- fails to turn around its operations, such that it continues
      reporting operating losses; or

   -- reports cash on hand below US$50 million.

Moreover, any additional findings of material weaknesses related
to internal controls and any adverse outcomes of litigation or SEC
investigation proceedings, such that the company incurs
significant cash outflows, will also be negative for the ratings.

The principal methodology used was the Global Semiconductor
Industry Methodology published in December 2012.

MagnaChip Semiconductor Corporation is a Korean-based designer and
manufacturer of analog and mixed-signal semiconductor products,
mainly for high-volume consumer applications, such as TVs, PCs,
mobile phones, and tablets.


PANTECH CO: Court Announcement of New Pantech Owner Deferred
------------------------------------------------------------
Yonhap News Agency reports that a court announcement on the new
owner of Pantech Co. has been postponed due to unprepared
paperwork, court officials said on Feb. 17, although a U.S. asset
management firm was still in the lead to buy South Korea's No. 3
handset maker.

The news agency relates that an announcement has been expected for
days, but the Seoul Central District Court said a decision has
been delayed until after the Lunar New Year holidays this week.

"The final decision will be made after the holiday, as the
potential consortium failed to hand in some of the necessary
documents," Yonhap quotes a court official as saying.

According to the report, industry watchers said Pantech will be
sold for about KRW100 billion (US$90.7 million), matching the
estimate by Samjong KPMG, the sale manager, to a consortium led by
One Value Asset Management based in Los Angeles.

Yonhap says Pantech was placed under court receivership six months
ago, and the open bidding for its sale failed twice last year. The
current deal is expected to be a private contract, Yonhap notes.

Yonhap relates that sources close to the deal said Pantech's
employees were promised their jobs for at least three years, and
workers who had gone on temporary leave would be brought back.

The consortium had said last week that once named the winner, it
will work with Tmall Global, an online shopping mall operated by
Chinese e-commerce giant Alibaba, to widen the market for Pantech,
according to the report.

The company's creditors, led by the Korea Development Bank, in
September attempted to sell the company and received letters of
intent from a handful of tech firms in and out of the country. But
none applied for the final bid even after the deadline was
extended, Yonhap recalls.

According to Yonhap, Pantech graduated from a five-year debt
rescheduling program in December 2011, but its financial footing
weakened again as it struggled with falling sales and stifling
competition with other homegrown tech giants such as Samsung
Electronics Co. and LG Electronics Inc.

The firm split off in 1991 from pager manufacturer Maxon and once
ranked No. 2 in the local smartphone market. The company now takes
up about 10 percent of the domestic market, behind Samsung's 60
percent and LG's 15 percent, the report notes.

                           About Pantech

Founded in 1991, Pantech Co. is a Korean manufacturer and seller
of mobile devices.  Major shareholders include Qualcomm (11.96%),
Korea Development Bank (11.81%), and Samsung Electronics Co., Ltd
(10.03%).

Pantech filed for court receivership in Seoul, Korea in
August 2014 after its latest flagship smartphone failed to take
off.

The company filed for Chapter 15 bankruptcy protection at the U.S.
Bankruptcy Court in Atlanta (Bankr. N.D. Ga. Case No.: 14-70482)
on Oct. 16, 2014.

Joonwoo Lee, the Seoul-court appointed custodian, serving as
foreign representative in the U.S. case, is represented by
attorneys at Jacobs Legal, LLC, and H.C. Park & Associates.

The Debtor is estimated to have assets and debt ranging from
$100 million to $500 million.



===========
T A I W A N
===========


WAN HAI LINES: Moody's Raises CFR to 'Ba2', Outlook Stable
----------------------------------------------------------
Moody's Investors Service has upgraded Wan Hai Lines Ltd.'s
corporate family rating to Ba2 from Ba3.

Moody's has also upgraded the senior unsecured rating for the
bonds issued by Wan Hai Lines (Singapore) Pte. Ltd. and guaranteed
by Wan Hai to Ba3 from B1.

The ratings outlook is stable.

"The ratings upgrade reflects Wan Hai's ability to generate
revenue growth, as well as its improved profitability," says
Chenyi Lu, a Moody's Vice President and Senior Analyst.

Despite challenging market conditions in the liner market, Wan Hai
increased its revenue by 12.2% in 2014 through a growth in sales
volume, which Moody's estimates at 7%, and higher average freight
rates.

Moody's notes that Wan Hai's improved revenue was due to its
operating strengths, including its: (1) established presence in
the intra-Asia liner service over the last four decades; (2)
ability to provide one of the most comprehensive levels of liner
service coverage and frequencies in Asia; a region exhibiting
stronger economic growth; and (3) strength in managing a large and
diversified customer base.

Wan Hai has improved its adjusted EBITDA margin to 18.0% in the 12
months to 30 September 2014 from 15.4% in 2013, owing mainly to
its implementation of operating efficiencies and cost improvement
measures.  Moody's expects that Wan Hai's EBITDA margin will stay
at the same 18% level over the next 12-18 months.

"Our upgrade of Wan Hai's ratings is also supported by the
company's ability to generate strong operating cash flow, which in
turn has improved its credit metrics," says Lu, who is also the
Lead Analyst for Wan Hai.

Wan Hai has generated positive operating cash flow.  It reported
unadjusted cash flow from operations of NTD10.3 billion for the 12
months ended Sept. 30, 2014; representing a 45% increase over the
NTD7.1 billion reported at end-2013.

Moody's points out that Wan Hai's strong cash generation improved
the company's debt leverage -- as measured by adjusted net
debt/EBITDA -- to 2.8x for the 12 months ended Sept. 30, 2014 from
3.9x at end-2013.  In addition, its adjusted EBITDA/interest
coverage improved to 6.9x from 5.5x over the same period.

Moody's notes that Wan Hai's strategy in addressing growing demand
for its services through: (1) cautious vessel acquisitions; (2)
short term vessel chartering; and (3) the purchase of slot
capacity from partners, adds visibility to its debt leverage
profile.

Moody's expects that Wan Hai will maintain an adjusted net
debt/EBITDA of 2.6x-2.8x and adjusted EBITDA/interest coverage of
around 6.7x-6.9x over the next 12-18 months.  Such credit metrics
position the company well in the Ba2 rating level.

The Ba2 corporate family rating reflects Wan Hai's leading
position in the intra-Asia liner market, track record of operating
through industry cycles, good access to domestic capital and
banking markets, proactive operational and financial management,
and sound liquidity position through industry cycles.

Wan Hai's strong liquidity position is reflected by its cash and
cash equivalents of NTD22.4 billion at end-September 2014; an
amount which was more than two times its short-term debt of
NTD10.8 billion. Its cash and cash equivalents were also able to
cover its projected capital expenditure of NTD2.4 billion over the
12 months after Sept. 30, 2014.

On the other hand, Wan Hai's corporate family rating is
constrained by its narrow business diversity; in particular, the
company's focus on providing liner services mainly.

Nevertheless, such concentration risk is mitigated by its
established and broad customer base in different industries.

Wan Hai's senior unsecured bond rating of Ba3 reflects the risk of
legal subordination.  Its total secured debt accounted for
approximately 20% of total assets at end-September 2014, and is
likely to stay in about 20%.

The stable ratings outlook reflects Moody's expectation that Wan
Hai will maintain its: (1) strong market position in the intra-
Asia liner market; (2) current profitability levels; (3) prudent
vessel acquisition strategy; and (4) sound liquidity position.

Upward ratings pressure could emerge if Wan Hai lowers its debt
levels, such that its adjusted net debt/EBITDA falls below 2.5x on
a sustained basis.

Downward ratings pressure could emerge if the company's: (1)
liquidity reserve depletes materially; or (2) debt leverage rises
such that its adjusted net debt/EBITDA exceeds 3.5-4.0x either due
to declining revenue, deteriorating profitability or substantial
debt funded acquisitions.

The principal methodology used in these ratings was Global
Shipping Industry published in February 2014.

Established in Taiwan in February 1965 as a lumber-transport
company, Wan Hai Lines Ltd.'s shares listed on the Taiwan Stock
Exchange in May 1996.

The company operates a fleet of 88 container vessels.  It owned 72
container vessels and chartered 16 such vessels at Sept. 30, 2014.

Its service network extends across Asia, including to major ports
in Taiwan, Japan, China, Korea and Southeast Asia.



                             *********

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-
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Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
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Copyright 2015.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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