/raid1/www/Hosts/bankrupt/TCRAP_Public/150227.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Friday, February 27, 2015, Vol. 18, No. 041


                            Headlines


A U S T R A L I A

CHIRON COMMERCIAL: First Creditors' Meeting Slated for March 6
DIRECT TRAFFIC: First Creditors' Meeting Slated for March 6
GOLD COAST TITANS: Club Appoints Voluntary Administrators
GOLD COAST TITANS: National Rugby League Acquires Club
PAUL FRIENDS: First Creditors' Meeting Set for March 5

PERFAB ENGINEERING: Placed Into Voluntary Administration
SAHARA ROOFING: First Creditors' Meeting Set for March 5
* Senate to Probe Effect of Building Industry Insolvency


C H I N A

SUNTECH POWER: Official Liquidators Named; Meeting Set March 16


I N D I A

AERON EXPORTS: CRISIL Ups Rating on INR150MM Cash Loan to B+
AGARTALA RUBBER: ICRA Lowers Rating on INR10cr Cash Credit to D
AXITA COTTON: ICRA Assigns 'B' Rating to INR11cr Cash Credit
BCPL CONDUCTORS: ICRA Revises Rating on INR2.10cr Loan to 'B'
BELLAD AND CO: CRISIL Reaffirms B+ Rating on INR110MM Cash Loan

BEST TANNING: CRISIL Reaffirms B+ Rating on INR45MM Cash Credit
BONAFIDE ARTS: CARE Assigns B+ Rating to INR9.49cr LT Bank Loan
CAUVERY POWER: CRISIL Reaffirms D Rating on INR1.70BB LT Loan
DARRICK INSECTISIDES: CRISIL Reaffirms B+ Rating on INR80MM Loan
DISHMAN INFRASTRUCTURE: CARE Cuts Rating on INR39.31cr Loan to D

GOURISHANKAR COTEX: CARE Reaffirms B+ Rating on INR9cr LT Loan
GUGAN PAPER: CARE Assigns D Rating to INR45.36Cr LT Bank Loan
H B OIL: ICRA Assigns 'B' Rating to INR3.50cr Cash Credit
K.C. SINGLA: CARE Assigns B+ Rating to INR5.67cr LT Bank Loan
KAILASH ROOFING: CRISIL Cuts Rating on INR68MM Bank Loan to B

KAIRALI GRANITES: CARE Cuts Rating on INR8.58cr LT Loan to B+
KELACHANDRA POLYMERS: CRISIL Puts B Rating on INR53MM Term Loan
KRISHNAMMAL TRUST: CRISIL Cuts Rating on INR80MM Bank Loan to B
LOKNATH RICE: CRISIL Reaffirms B+ Rating on INR59.5MM Cash Loan
M.P.AGARWALA: CRISIL Reaffirms B- Rating on INR60MM Cash Loan

MA SARADA: ICRA Reaffirms C+ Rating on INR4.75cr Term Loan
MAA MAHAMAYA: ICRA Suspends B+ Rating on INR4.95cr FB Loan
MANIL JEWELLERS: CARE Reaffirms B+ Rating on INR19cr LT Loan
MEHALA MACHINES: CARE Reaffirms D Rating on INR27.43cr LT Loan
MOBILESTORE SERVICES: CARE Reaffirms B+ Rating on INR70.66cr Loan

MUTHU SILK: CRISIL Ups Rating on INR50MM Cash Credit to B+
PARMATMA COTTONS: CRISIL Reaffirms B+ Rating on INR50MM Loan
PARTH CHEM: ICRA Downgrades Rating on INR11cr LOC to D
R. P. MOTORS: ICRA Assigns B Rating to INR4.10cr Cash Credit
RAJALAXMI EDUCATION: ICRA Ups Rating on INR21cr Term Loan to B+

SATIA SYNTHETICS: CARE Reaffirms B- Rating on INR100.92cr Loan
SATYENDRA AGRO: CRISIL Assigns B Rating to INR70MM Cash Credit
SPICEJET LTD: Ajay Singh Back as Promoter as Marans Exit
SRI SAI: CRISIL Reaffirms B Rating on INR120MM LT Loan
TIGERSONS GLASS: ICRA Suspends D Rating on INR21.24cr Bank Lines

TORP SYSTEMS: ICRA Puts SP 2D Grading on Weak Financial Strength
VARAHA LAKSHMI: CRISIL Reaffirms D Rating on INR110MM LT Loan


N E W  Z E A L A N D

BELGRAVE FINANCE: Lawyer Fails in Bid to Reduce Sentence
SHANTON FASHIONS: Up to 70 Jobs Axed as Shop Closes


P H I L I P P I N E S

PHILIPPINE WOMEN'S: STI Seeks Foreclosure of Asset in Davao
PHILIPPINE WOMEN'S: Foreclosure Suits Hurt Enrolment


S O U T H  K O R E A

KUMHO ASIANA: To Compete With Shinsegae for Building Arm


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


CHIRON COMMERCIAL: First Creditors' Meeting Slated for March 6
--------------------------------------------------------------
Peter Krejci & Robyn Karam of BRI Ferrier were appointed as
administrators of Chiron Commercial Vehicles Pty Limited on
Feb. 24, 2015.

A first meeting of the creditors of the Company will be held at
Level 30, Australia Square, 264 George Street, in Sydney, on
March 6, 2015, at 10:00 a.m.


DIRECT TRAFFIC: First Creditors' Meeting Slated for March 6
-----------------------------------------------------------
Peter Andrew Amos of Amos Insolvency was appointed as
administrator of Direct Traffic Pty Ltd on Feb. 24, 2015.

A first meeting of the creditors of the Company will be held at
25/ 185 Airds Road, in Leumeah, New South Wales, on March 6, 2015,
at 11:30 a.m.


GOLD COAST TITANS: Club Appoints Voluntary Administrators
---------------------------------------------------------
At a meeting of the directors of the Gold Coast Titans Pty Limited
held on Feb. 24, 2015, it was resolved that the Company was likely
to become insolvent and that Robert Moodie of Rodgers Reidy and
Greg Parker of Parker Advisory be appointed as the Voluntary
Administrators of the Company pursuant to section 436A of the
Corporations Act.

The club will continue to trade while the Company is in
administration. The Administrators will work with the NRL to
ensure that there are minimal disruptions to club members,
sponsors and the 2015 NRL season. The NRL is determined to support
the club in the future and committed to rugby league in the
region.

The plans are that the Administrators will consider the Company's
financial problems which will enable the Titans to continue in the
NRL without disrupting its involvement in the 2015 NRL competition
and beyond.

Separate to the statutory requirements to be followed by the
Administrators pursuant to the Corporations Act, the NRL will be
keeping club members, sponsors and the public informed about the
steps to be taken by the NRL in the current circumstances.

The Gold Coast Titans are an Australian professional rugby league
football club, based in Gold Coast, Queensland.


GOLD COAST TITANS: National Rugby League Acquires Club
------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that National Rugby
League (NRL) has taken ownership of the Gold Coast Titans.

Dissolve.com.au says the club experienced serious financial
problems. It has been confirmed that the present board of the club
would stay and the NRL will be the club's main shareholder.

The Gold Coast Titans are an Australian professional rugby league
football club, based in Gold Coast, Queensland.


PAUL FRIENDS: First Creditors' Meeting Set for March 5
------------------------------------------------------
Robert Kite and Mark Hutchins of Cor Cordis Chartered Accountants
were appointed as administrators of Paul Friends Pty Limited on
Feb. 23, 2015.

A first meeting of the creditors of the Company will be held at
Cor Cordis Chartered Accountants, Level 6, 55 Clarence Street, in
Sydney, on March 5, 2015, at 11:00 a.m.


PERFAB ENGINEERING: Placed Into Voluntary Administration
--------------------------------------------------------
Kirsten Robb at SmartCompany reports that Perfab Engineering has
been placed into voluntary administration in what has been
described as "a difficult decision" for the business' long-term
director.

Perfab Engineering, which was established in 1989, is the latest
engineering company to collapse amid rising pressures in the
industry.

Jirsch Sutherland's Bradd William Morelli and Stewart William Free
were appointed administrators of the company on February 23.

Mr. Morelli told SmartCompany the collapse was due to the lack of
future work for the business, which he says is currently
consistent within the engineering industry in general.

"There was just too little light at the end of the tunnel," the
report quotes Mr. Morelli as saying.

According to SmartCompany, Mr. Morelli said the company's
director, who has been with the company from the start, made "a
difficult decision" to place Perfab into voluntary administration
and stand down 26 staff. These included engineers, draftsmen and
other skilled tradesmen.

"Twenty-six staff were stood down on appointment and we have re-
engaged a handful to complete jobs over the coming weeks," Mr.
Morelli told SmartCompany.

SmartCompany relates that Mr. Morelli confirmed the director was
unlikely to be in a position to put forward a deed of company
arrangement for the business and said the company's assets will
now be advertised for sale.

He did not confirm the amount owed to creditors, but said Perfab's
main creditors were its bank and the Australian Tax Office, as
well as employees, the report notes.

"There are employee entitlements also, that's the big one," Mr.
Morelli told SmartCompany.

Perfab's revenue had been declining in recent years, according to
Mr. Morelli, and was around AUD7 million to AUD8 million last
financial year, SmartCompany relays.

Perfab Engineering is a 26-year-old Newcastle engineering and
manufacturing company. It had clients across a range of industries
including pharmaceutical, food and beverage, dairy, chemical and
wastewater treatment and mining.


SAHARA ROOFING: First Creditors' Meeting Set for March 5
--------------------------------------------------------
Richard Albarran and Brent Kijurina of Hall Chadwick were
appointed as administrators of Sahara Roofing Pty Limited on
Feb. 23, 2015.

A first meeting of the creditors of the Company will be held at
Level 40, 2 Park Street, in Sydney, New South Wales, on March 5,
11:00 a.m.


* Senate to Probe Effect of Building Industry Insolvency
--------------------------------------------------------
Jonathan Chancellor at Property Observer reports that
Senator Sam Dastyari, the chair of the Senate Economics References
Committee, will be undertaking an inquiry into how tradies have
been affected by insolvency in the construction industry.

"In the latter half of this year, the Senate Economics Committee
will make recommendations to the Abbott government," Senator
Dastyari said.

Property Observer relates that Senator Dastyari claimed the legal
and regulatory framework continued to be manipulated with many
insolvencies that involved "no more than a simple refusal to pay
bills".

"It is often alleged that head contractors have used their
subcontractors as cash flow while a project is being built and
then refuse to pay on completion," the report quotes Senator
Dastyari as saying.

"And then there is the practice of phoenixing, where the assets of
an insolvent company are transferred to a new company that has the
same directors.

"To an outsider, it seems that our legal system often serves to
protect the bad guys, and it comes as no surprise that
unscrupulous means are used to recover debts, further damaging the
reputation of the industry.

"We want to hear from everyone who has ideas about what we, in the
parliament, can do to help, whether they are developers or
suppliers, lead contractors or sub-contractors.

"We will be seeking the advice of lenders, insurers, and lawyers
involved in debt recovery, and of course, insolvency
practitioners," Senator Dastyari, as cited by Property Observer,
said.


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


SUNTECH POWER: Official Liquidators Named; Meeting Set March 16
---------------------------------------------------------------
The Grand Court of Cayman Islands, on Jan. 27, 2015, appointed
David A.K. Walker of PwC Corporate Finance & Recovery (Cayman)
Limited and Yat Kit "Victor" Jong of PricewaterhouseCoopers
Consultants (Shenzhen) Limited as joint official liquidators of
Suntech Power Holdings Co., Ltd.

The first meeting of the creditors of the company will be held on
March 16, 2015, at Level 5, Strathvale House, 90 North Church
Street, George Town, Grand Cayman, Cayman Islands at 8:00 p.m. US
EST.

Suntech Power Holdings Co., Ltd. (OTC: STPFQ) produces solar
products for residential, commercial, industrial, and utility
applications.  Suntech has delivered more than 25,000,000
photovoltaic panels to over a thousand customers in more than 80
countries.

Suntech Power Holdings Co., Ltd., received from the trustee of its
3 percent Convertible Notes a notice of default and acceleration
relating to Suntech's non-payment of the principal amount of
US$541 million that was due to holders of the Notes on March 15,
2013.  That event of default has also triggered cross-defaults
under Suntech's other outstanding debt, including its loans from
International Finance Corporation and Chinese domestic lenders.

Suntech Power had involuntary Chapter 7 bankruptcy proceedings
initiated against it on Oct. 14, 2013, in U.S. Bankruptcy Court in
White Plains, New York (Bankr. S.D.N.Y. Case No. 13-bk-13350), by
holders of more than $1.5 million of defaulted securities under a
2008 $575 million indenture.  The Chapter 7 Petitioners are
Trondheim Capital Partners, L.P., Michael Meixler, Longball
Holdings, LLC, and Jiangsu Liquidators, LLC.  They are
represented by Jay Teitelbaum, Esq., at Teitelbaum & Baskin LLP,
in White Plains, New York.

Suntech Power on Jan. 31, 2014, disclosed that it has signed a
Restructuring Support Agreement relating to the petition for
involuntary bankruptcy filed against it under chapter 7 of the
U.S. Bankruptcy Code.  Under the RSA, the parties agreed that
chapter 7 proceedings will be dismissed following recognition of
the provisional liquidation proceeding previously filed by the
Company in the Cayman Islands under chapter 15 of the U.S.
Bankruptcy Code.

On Feb. 21, 2014, David Walker and Ian Stokoe, the joint
provisional liquidators of Suntech Power Holdings Co., Ltd.,
appointed by the Grand Court of the Cayman Islands, commenced a
Chapter 15 proceeding (Bankr. S.D.N.Y. Case No. 14-10383).  The
Chapter 15 Petitioners are represented by Jennifer Taylor, Esq.,
and Diana Perez, Esq., at O'Melveny & Myers LLP.  According to the
Chapter 15 petition, Suntech has more than $1 billion in both
assets and debts.

In November 2014, Judge Bernstein issued Findings of Fact and
Conclusions of Law granting the petition for Chapter 15
recognition of Suntech Power Holdings's provisional liquidation in
the Cayman Islands as a foreign main proceeding.



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


AERON EXPORTS: CRISIL Ups Rating on INR150MM Cash Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Aeron Exports Pvt Ltd (AEPL) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit             150        CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The rating upgrade is driven by improvement in AEPL's business
risk profile. The company commenced operations in November 2013
and recorded revenue of around INR510 million in 2013-14 and an
operating margin of 1.9 per cent for 2013-14 (refers to financial
year, April 1 to March 31). It generated cash accruals of INR4.8
million in 2013-14. The company has already recorded revenue of
around INR400 million for the nine months ended December 31, 2014,
and CRISIL expects its revenue for 2014-15 at around INR650
million. AEPL's operating profitability is also expected to
improve in 2014-15 on the back of a shift in its product mix in
scrap sales as it has started trading in higher-margin aluminum
scrap. CRISIL expects AEPL's accruals at INR11.9 million in 2014-
15.

The rating reflects AEPL's small scale of operations and large
working capital requirements in the highly fragmented steel
trading business. The rating also factors in the company's average
financial risk profile, marked by a high total outside liabilities
to tangible net worth ratio and modest debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of AEPL's promoters in the steel trading business.

Outlook: Stable

CRISIL believes that AEPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
increases its scale of operations and profitability while
maintaining its working capital management. Conversely, the
outlook may be revised to 'Negative' if AEPL's financial risk
profile, including its liquidity, deteriorates because of
substantial increase in its working capital requirements or low
cash accruals.

Incorporated in 2012 and based in Vadodara (Gujarat), AEPL is
promoted by Mr. Jainam Shah and his family members. The company is
into trading of products such as iron dust and steel scrap.

For 2013-14, AEPL registered a net profit of INR4.8 million on net
sales of INR510 million.


AGARTALA RUBBER: ICRA Lowers Rating on INR10cr Cash Credit to D
---------------------------------------------------------------
ICRA has revised its ratings on the INR17.63 crore bank facilities
of Agartala Rubber Industry (ARI) to [ICRA]D from the long-term
rating of [ICRA]B+ and the short-term rating of [ICRA]A4.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Long Term Fund        10.00       [ICRA]D; revised from
   Based/Cash Credit                 [ICRA]B+

   Long Term Fund         2.83       [ICRA]D; revised from
   Based/Term Loan                   [ICRA]B+

   Short Term Fund        1.80       [ICRA]D; revised from
   Based/SLC                         [ICRA]A4

   Long Term/Short        3.00       [ICRA]D/[ICRA]D; revised
   Term Interchangeable              from [ICRA]B+/[ICRA]A4

The revision in the ratings is driven by delays in debt servicing
by the firm which have been caused by its stretched liquidity
position. ICRA takes note of the partnership constitution of the
firm leading to inherent risks with respect to capital
withdrawals, dissolution etc, as also its weak financial risk
profile, its geographic concentration of operations and exposure
to agro-climatic risks attached with rubber harvesting. ICRA also
takes note of the fact that the firm belongs to the 'Kuber Group',
which has an established distribution network and long standing
presence in the rubber trading business, and also the favourable
location of the firm's factory in Rubber Park, Agartala, which
assures supply of the key raw material.

Going forward, a track record of timely debt servicing and a
sustained improvement in the firm's liquidity position will be the
key rating sensitivities.

Established in April 2007, ARI is primarily engaged in
manufacturing of Technically Specified Block Rubber in its unit
based in Rubber Park at Industrial Growth Centre, Agartala,
Tripura. The firm's factory has an installed capacity of 24 metric
tonnes per day, and is located on a land parcel admeasuring 2
acres, which was taken on a 30 year lease beginning 2007 from
Tripura Industrial Development Corporation Ltd (TIDCL), and
commercial production commenced in the first quarter of 2010-11.
Majority of ARI's production finds end use in the tyre and tube
manufacturing industry.


AXITA COTTON: ICRA Assigns 'B' Rating to INR11cr Cash Credit
------------------------------------------------------------
A rating of [ICRA]B has been assigned to the INR11.00 crore cash
credit facility and INR3.60 crore term loan facility of Axita
Cotton Pvt. Ltd.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             3.60        [ICRA]B assigned
   Cash Credit          11.00        [ICRA]B assigned

The assigned rating is constrained by the absence of track record
of the company as the commercial production commenced in January
2014 and modest scale of planned operations. The rating also takes
into account the low value additive nature of the cotton ginning
and crushing industry and intense competition on account of
fragmented industry structure which restricts pricing flexibility
resulting in thin profitability; and vulnerability of
profitability to fluctuations in raw material prices which are in
turn subject to seasonality and crop harvest. The rating also
takes into account the highly working capital intensive nature of
the industry and the predominantly debt funded capital expenditure
which is expected to result in a highly leveraged capital
structure for the company in the medium term.

The rating, however, positively considers the experience of the
promoters in the cotton industry through associate concerns,
location advantage enjoyed by the company and mitigation of
project execution risk with the commencement of commercial
operations at the newly set up plant.

Axita Cotton Pvt Ltd. was incorporated in 2013 and is engaged in
ginning & pressing of raw cotton to produce cotton seeds & cotton
bales. The company is promoted jointly by Mr. Kushal Patel, Mr.
Nitin Patel and Mr. Amit Patel along with other family members.
The company's plant is located in Kadi (Gujarat) with an installed
capacity of processing 10,000 MT of raw cotton per annum.


BCPL CONDUCTORS: ICRA Revises Rating on INR2.10cr Loan to 'B'
-------------------------------------------------------------
ICRA has revised its long term rating on the INR2.00 crore fund
based and INR2.10 crore non-fund based bank facilities of
BCPL Conductors Private Limited to [ICRA]B from [ICRA]B+. ICRA has
reaffirmed its short term rating on the INR1.30 crore non-fund
based bank facilities (reduced from INR3.00 crore) of BCPL at
[ICRA]A4. ICRA has also assigned its long-term rating of [ICRA]B
and its short term rating of [ICRA]A4 to the INR1.70 crore
unallocated bank facilities of BCPL.

                        Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term Fund Based    2.00       [ICRA]B; Revised from
   Facility-Cash credit               [ICRA]B+

   Long-term Non Fund      2.10       [ICRA]B; Revised from
   Based Facility-Bank                [ICRA]B+
   Guarantee


   Short-term Non-Fund     0.50       [ICRA]A4; Reaffirmed
   Based Facility-BE
   under LC

   Short-term Non-Fund     0.80       [ICRA]A4; Reaffirmed
   Based Facility-LC

   Unallocated             1.70       [ICRA]B/[ICRA]A4; Assigned

The revision in ratings is driven by the deterioration in the
company's profitability in 2013-14, wherein it incurred an
operating loss due to realisation of lower processing rates
accompanied by an increase in overhead costs; the company's
operating income also declined 12% relative to the previous year
on account of lower order inflows. The declining trend continued
during the first half of FY2015, as well. ICRA's ratings also take
into account the company's small scale of operations, the highly
competitive and fragmented industry structure, the tender based
contract awarding system which pressurizes margins and the
company's exposure to foreign exchange fluctuation risk on account
of import of insulating materials. However, the ratings favourably
factor in the experience of the promoters in the conductor
business, BCPL's reputed but concentrated client base and the
limited risk of volatility in the prices of raw materials as
majority of the revenue is derived from job work where customers
supply bulk of the raw materials. ICRA also notes the conservative
capital structure maintained by the company despite working
capital intensive nature of operations.

Going forward, the ability of the company to improve its
profitability while scaling up operations and manage its working
capital cycle optimally will be the key rating sensitivities.

Incorporated in 2001, BCPL manufactures copper conductors and has
a capacity to manufacture 3,240 metric tonnes per annum (MTPA).
The company does job work for transformer manufacturing companies
like Bharat Heavy Electricals Limited, Crompton Greaves Limited
and others.

Recent Results
BCPL reported operating income of INR7.61 crore and a net loss of
INR0.19 crore for 2013-14 as against an operating income of
INR8.68 crore and a profit after tax of INR0.09 crore for the
previous year.


BELLAD AND CO: CRISIL Reaffirms B+ Rating on INR110MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bellad and Company Pvt
Ltd (BCPL) continue to reflect BCPL's below-average financial risk
profile, marked by a high total outside liabilities to tangible
net worth ratio, and its susceptibility to intense competition in
the automobile dealership industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          15       CRISIL A4 (Reaffirmed)

   Cash Credit            110       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      19       CRISIL B+/Stable (Reaffirmed)

   Term Loan              104.2     CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the company's
established market position as a commercial vehicle dealer for
Ashok Leyland Ltd (ALL) in North Karnataka.

Outlook: Stable

CRISIL believes that BCPL will continue to benefit over the medium
term from its established position as an automobile dealer for ALL
in North Karnataka. The outlook may be revised to 'Positive' if
BCPL's financial risk profile, particularly its liquidity,
improves, most likely driven by an increase in its scale of
operations and better profitability and cash accruals. Conversely,
the outlook may be revised to 'Negative' in case of a slowdown in
the automobile industry, adversely affecting the company's revenue
and profitability, or if it undertakes a large debt-funded capital
expenditure programme and extends support to its group entities,
thereby further weakening its financial risk profile.

BCPL was set up in 1991; it is the exclusive authorised dealer for
commercial vehicles of ALL in North Karnataka. The company
currently operates through four showrooms (Hubli, Bellary,
Belgaum, and Hospet) in Karnataka.

BCPL is a part of the Bellad Combine, which was promoted by Mr.
Chandrakant Bellad. The combine has two other entities, Bellad &
Company (B&C) and Bellad Enterprises Pvt Ltd (BEPL). B&C has a
dealership of Swaraj brand tractors from Mahindra and Mahindra Ltd
(rated CRISIL AAA/Stable/CRISIL A1+), Sony India Pvt Ltd ('CRISIL
AA/Stable'), Hero MotoCorp Ltd ('CRISIL AAA/FAAA/Stable/CRISIL
A1+'), and Hyundai Motor India Ltd ('CRISIL A1+'). BEPL has a
dealership for passenger vehicles of General Motors India Pvt Ltd.


BEST TANNING: CRISIL Reaffirms B+ Rating on INR45MM Cash Credit
---------------------------------------------------------------
CRISIL's ratings continue to reflect Best Tanning Industries
Private Limited (BTIPL's) large working capital requirements,
small scale of operations, susceptibility to intense competition
in the leather industry, and weak financial risk profile marked by
small net worth, high gearing, and weak debt protection metrics.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           45        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      10        CRISIL A4 (Reaffirmed)
   Packing Credit         5        CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by BTIPL's strong
track record in the leather industry with diversified revenue
profile.

Outlook: Stable

CRISIL believes that BTIPL will continue to benefit over the
medium term from its strong industry track record and increasing
presence in the export market. The company's liquidity is expected
to remain constrained by its large working capital requirements.
The outlook may be revised to 'Positive' in case of significant
growth in scale of operations, leading to substantial increase in
cash accruals and improved liquidity. Conversely, the outlook may
be revised to 'Negative' if BTIPL's liquidity deteriorates because
of increase in working capital requirements or if its capital
structure weakens because of large debt-funded capital
expenditure.

BTIPL was incorporated in 1993, promoted by Mr. Mohsin Sharif and
his family. Its capacity utilisation is around 80 per cent. Its
facility is in Kanpur (Uttar Pradesh). It manufactures chrome and
vegetable-tanned leather, and uppers, among other types of
leather.


BONAFIDE ARTS: CARE Assigns B+ Rating to INR9.49cr LT Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Bonafide
Arts Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     9.49       CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Bonafide Arts
Private Limited (BAPL) is primarily constrained on account of the
stabilization risk associated with the recently commissioned
predominantly debt-funded green field project for manufacturing of
Mild Steel (MS) Billets. The rating is further constrained on
account of its presence in the highly competitive and fragmented
segment of the steel industry with susceptibility of the company's
profitability to fluctuations in the raw material prices.

The rating, however, favourably takes into account the extensive
experience of the promoter in the iron and steel industry along
with backward integration for its group concern. The ability of
the company to quickly stabilize its newly established facility
with achievement of the envisaged levels of income and
profitability will be the key rating sensitivity.

BAPL was initially incorporated in 2005 as 'Prerna Land Developers
Private Limited' promoted by Jaipur-based (Rajasthan) promoters.
However, on December 30, 2005, the present promoter group, headed
by Mr Jaswant Singh took over the management of the company and
the name of the company changed to present one. The company had
set up a greenfield project at Bagru (Rajasthan) for manufacturing
of mild steel billet, a step towards the backward integration,
which will result in supply of M.S. Billets, a key raw material
utilized by its group company, Amar Partap Steels Private Limited
(APSPL;rated: "CARE BB-") for manufacturing of Thermo Mechanically
Treated (TMT) bars. The plant has been set up on the land area of
13,727.50 square meters (Sq. Mtrs.) for manufacturing of billets
with a capacity of 32,400 Metric Tonnes Per Annum (MTPA).

Initially, BAPL had estimated to complete the project and started
commercial production from December, 2013 at a total project cost
of INR8.92 crore; however, the project got delayed by six months
with marginal cost overrun. BAPL completed its project in June,
2014 and incurred total cost of INR8.93 crore funded through term
loan of INR4.50 crore, equity share capital of INR3.65 crore and
the remaining INR0.78 crore through unsecured loans.The company
started commercial production from December 2013. The company will
cater to the domestic market as well as supply billets to its
group concern. Furthermore, BAPL will meet its raw material
requirement mainly by purchase from local market as well as
import from outside market.


CAUVERY POWER: CRISIL Reaffirms D Rating on INR1.70BB LT Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Cauvery Power Generation Chennai Pvt Ltd (CPGCPL) and assigned
the rating of 'CRISIL D' to the short term bank facilities.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee          30         CRISIL D (Reaffirmed)
   Long Term Loan       1,706.1       CRISIL D (Reaffirmed)
   Letter of Credit        80         CRISIL D (Reaffirmed)
   Cash Credit            420         CRISIL D (Reaffirmed)

The rating continues to reflect instances of delay by CPGCPL in
servicing its term debt; the delays are primarily because of the
company's weak liquidity.

The rating also reflects the company's 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.

CRISIL had assigned its 'CRISIL D' rating to the long term bank
facility of CPGCPL vide its rationale dated February 11, 2015.

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

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.


DARRICK INSECTISIDES: CRISIL Reaffirms B+ Rating on INR80MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Darrick Insectisides
Ltd (DIL) continue to reflect its weak financial risk profile,
driven by its low operating profitability, large working capital
requirements and small scale of operations. These rating
weaknesses are partially offset by the promoters' extensive
industry experience and DIL's diverse product portfolio.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           80         CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      10         CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    29.5       CRISIL B+/Stable (Reaffirmed)
   Term Loan             30.5       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that DIL will maintain its business risk profile
backed by the promoters' extensive experience in the pesticides
industry. The outlook may be revised to 'Positive' if a
significant improvement in the scale of operations and
profitability enhance the company's cash accruals and capital
structure. Conversely, the outlook may be revised to 'Negative' if
DIL's liquidity is stretched by a sizeable increase in its working
capital requirements, or substantial debt-funded capital
expenditure (capex).

DIL was founded in Delhi in 1995 by the Bansal family. The company
manufactures pesticide formulations under the Darrick brand. DIL's
product portfolio comprises insecticides, weedicides, herbicides,
fungicides and termites. The company has manufacturing plants in
Bahadurgarh (Haryana) and Jammu & Kashmir. Mr. A K Bansal, Mr.
Ravi Bansal, Mr. Deepak Bansal and Mr. Harish Bansal (brothers),
oversee DIL's operations.


DISHMAN INFRASTRUCTURE: CARE Cuts Rating on INR39.31cr Loan to D
----------------------------------------------------------------
CARE revises rating assigned to bank facilities of Dishman
Infrastructure Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     39.31      CARE D Revised from
                                            CARE C

Rating Rationale
The revision in the rating factors in the reported delays in the
servicing of debt obligation by Dishman Infrastructure Ltd (DIL)
on account of weak cash flow position due to significant delay in
project execution.

DIL is a Special Purpose Vehicle (SPV) floated for the purpose of
development and leasing out of a pharmaceutical Special Economic
Zone (SEZ) near Ahmedabad. The SEZ being developed is located in
Village Gangad & Kalayangadh, Taluka-Bavala, District- Ahmedabad.
It is in proximity to Bavala (4 km) and Ahmedabad (33 km). DIL had
planned to develop a total leasable area of 83 hectares, however,
subsequent to levy of Minimum Alternate Tax (MAT) on the
developers of SEZ and units operating under SEZ, the project
became less lucrative and DIL has not received any registration
for its project except from its group company, Dishman
Pharmaceuticals and Chemicals Ltd. (DPCL; rated CARE BBB+/CARE
A3+).


GOURISHANKAR COTEX: CARE Reaffirms B+ Rating on INR9cr LT Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Gourishankar Cotex.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       9        CARE B+ Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Gourishankar Cotex
(GCX) continues to remain constrained on account of its modest
scale of operations with its presence in fragmented and
competitive cotton ginning industry coupled with its weak
financial risk profile marked by thin profitability, leveraged
capital structure and weak debt coverage indicators. The rating
continues to be constrained also on account of exposure of its
profitability to the volatility associated with the raw material
prices, seasonality associated with raw material availability,
susceptibility to the change in the government policies and its
constitution as partnership firm resulting in limited financial
flexibility. The rating factors in the decline in cash accruals
and elongation of working capital cycle along with slight
moderation in leverage position during FY14 (refers to the period
April 1 to March 31).

The above constraints continue to outweigh the benefits derived
from the promoters' experience in the cotton ginning business and
location advantage in terms of proximity to the cotton-growing
region in Maharashtra.

The ability of GCX to increase its scale of operations and move up
in the cotton value chain thereby improving its overall financial
profile and better working capital management are the key rating
sensitivities.

Sillod-based (Maharashtra) GCX was incorporated as a partnership
firm in March 2007 by four partners, namely, Mr Omprakash Garg, Mr
Chittarmal Agarwal, Mr Nandkishore Garg and Mr Rakesh Garg to
undertake the business of cotton ginning and pressing from with
equal profit sharing ratio. It operates from its sole
manufacturing plant located at Sillod (Maharashtra) with installed
capacity for cotton bales of 300 bales per day and 900 quintal per
day for cotton seeds as on March 31, 2014.

As per the audited results for FY14, GCX reported net profit of
INR0.09 crore on a total operating income (TOI) of INR37.67
crore as against PAT of INR0.09 crore on a TOI of INR36.08 crore.
As per the provisional results for 10MFY15, GCX registered a
turnover of INR26.50 crore.


GUGAN PAPER: CARE Assigns D Rating to INR45.36Cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE D' ratings to the bank facilities of Gugan
Paper Mills Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     45.36      CARE D Assigned
   Short-term Bank Facilities     3.50      CARE D Assigned
   Long/Short-term Bank
   Facilities                     1.00      CARE D Assigned

Rating Rationale
The ratings assigned to the bank facilities of Gugan Paper Mills
Private Limited (GPMPL) factor in the on-going delays in the debt
servicing due to constrained liquidity position.

Gugan Paper Mills Private Limited (GPMPL) was promoted in 2008 by
Mr P Nagarajan, Mr K R Gunaseelan and Mr R Satyanarayanan along
with close friends to manufacture test liner/kraft liner paper
board using waste paper as the primary raw material.

GPMPL has put up a 150 TPD (Tonnes per day) kraft liner paper
board plant in the paper belt of Madathukulam on the banks of
river Amaravathi in Dindigul District, Tamilnadu.  The
manufacturing unit comprises of 1 paper machine with 150
TPD capacity and other capacities for pulping, packing etc.,
within the premises. The plant started operations in July 2012
and mainly produces uncoated kraft paper and board used in various
industries like FMCG, automobiles etc.

As per the audited results for FY14 (refers to the period April 1
to March 31), GPMPL has generated PAT of INR2.11 crore on total
operating income of INR33.27 crore.


H B OIL: ICRA Assigns 'B' Rating to INR3.50cr Cash Credit
---------------------------------------------------------
The long term rating of [ICRA]B has been assigned to the INR1.53
crore term loans and INR3.50 crore fund based cash credit
facilities of H B Oil Industries.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long Term Fund Based     3.50       [ICRA]B Assigned
   Cash Credit

   Long Term Fund Based     1.53       [ICRA]B Assigned
   Term Loan

The assigned rating is constrained by the lack of track record of
the firm's operations due to the start up nature of the firm;
highly competitive business environment given the fragmented
nature of the cottonseed crushing industry and the vulnerability
of the firm's profitability to adverse fluctuations in raw
material prices due to seasonality of crop harvest. While
assigning the rating, ICRA also notes that the capital structure
of the firm is expected to remain leveraged due to debt funded
capital expenditure and high working capital intensity of the
cottonseed crushing business. Further, HBOI is a proprietorship
firm and any significant withdrawals from the capital account
could adversely affect its net worth and thereby its capital
structure.

The assigned rating, however, factors in the long experience of
the promoter in the cottonseed oil industry; the strategic
location of the plant with respect to raw material procurement and
favourable demand outlook for cottonseed oil.

H B Oil Industries was established in June 2013 as a
proprietorship firm to engage in crushing of cottonseeds to
produce cottonseed oil and cottonseed oil cake and is promoted and
managed by Mr. Haresh N Jani. The manufacturing unit located in
Mehsana, is equipped with 10 expellers having a total installed
capacity of crushing 60 MT of cottonseeds per day. The firm
started production in May 2014 and the sales commenced in
September 2014.


K.C. SINGLA: CARE Assigns B+ Rating to INR5.67cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' ratings assigned to the bank facilities of
K.C. Singla Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.67       CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of K.C. Singla
Industries (KCSI) is primarily constrained on account of its
modest scale of operation in the highly fragmented and government
regulated industry and its constitution as a partnership concern.

The rating is, further, constrained on account of seasonality
associated with the agro commodities, fluctuating profitability
margins, weak solvency position and working capital intensive
nature of the business.The rating, however, favourably takes into
account the experience of the promoters with long standing
experience in the processing and trading of agricultural
commodities. The ability of the firm to improve its scale of
operations while sustaining profitability margins in light of the
volatile raw material prices and improvement in the liquidity
position would be the key rating sensitivities.

Hanumangarh (Rajasthan) based KCSI was formed in July 2000 as a
partnership concern by four partners who shares profit & loss
equally. KCSI is mainly engaged in the processing of basmati and
non-basmati paddy and is also engaged in the trading of paddy and
rice as well as other agricultural commodities such as barley,
binola khal, cotton seeds, gram and mustard seeds. The processing
plant of the firm has an installed capacity of 60 Quintals Per Day
(QPD) for processing of paddy as on March 31, 2014. The firm
purchases paddy and other agricultural commodities from traders as
well as mandis and sells rice (both basmati and non-basmati rice)
and other agro commodities to traders all over Rajasthan. It also
sells its product through 6 dealers and third party for indirect
export. It markets rice under the brand name of
"Ardhan".

Furthermore, during FY14 (refers to the period April 1 to
March 31), the firm has installed 1 sorting machine and 15 grading
machines and incurred total cost of INR2.72 crore towards the
purchase of machineries as well as building construction which was
funded through term loan of INR1.71 crore and the remaining
through unsecured loans from partners and their relatives.

During FY14 (refers to the period April 1 to March 31), KCSI has
reported a total operating income of INR13.73 crore (FY13:
INR10.11 crore) with a PAT of INR 0.35 crore (FY13: INR0.01
crore).


KAILASH ROOFING: CRISIL Cuts Rating on INR68MM Bank Loan to B
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Kailash Roofing Solutions Pvt Ltd (KRSPL) to 'CRISIL
B/Stable/CRISIL A4' from 'CRISIL BB/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee          15         CRISIL A4 (Downgraded from
                                      'CRISIL A4+')

   Letter of Credit       110         CRISIL A4 (Downgraded from
                                      'CRISIL A4+')

   Cash Credit             67.5       CRISIL B/Stable (Downgraded
                                      from 'CRISIL BB/Stable')

   Long Term Loan           2.5       CRISIL B/Stable (Downgraded
                                      from 'CRISIL BB/Stable')

   Proposed Long Term      68.0       CRISIL B/Stable (Downgraded
   Bank Loan Facility                 from 'CRISIL BB/Stable')

The rating downgrade reflects sharp deterioration in KRSPL's
liquidity because of sustained stretch in its working capital
cycle. The company's customer profile has changed with its
increasing focus on end-to-end roofing solutions, which has also
led to a stretch in its receivables; its debtors are estimated at
well over 120 days as on January 31, 2015, as against around 60
days two years earlier. The consequent increase in dependence on
fund-based bank lines to meet cash flow mismatches resulted in
extensive utilisation of limits over the 11 months ended January
31, 2015, limiting the company's financial flexibility. Correction
in KRSPL's working capital cycle and timely infusion of funds by
the promoters in case of cash flow mismatches will remain key
rating sensitive factors over the medium term.

The ratings reflect KRSPL's below-average financial risk profile
marked by an aggressive capital structure, inadequate debt
protection metrics, and stretched liquidity. The ratings also
factor in KRSPL's large working capital requirements, the
susceptibility of its operating margin to volatility in raw
material prices, and its exposure to intense competition in the
roofing materials segment. These rating weaknesses are partially
offset by the company's established market position and the
extensive experience of its promoters in the roofing materials
segment.

Outlook: Stable

CRISIL believes that KRSPL 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 and
sustained correction in the company's working capital cycle,
leading to better liquidity. Conversely, the outlook may be
revised to 'Negative' if KRSPL's revenue and profitability
decline, or if its working capital cycle lengthens, weakening its
liquidity.

Incorporated in 2008, KRSPL manufactures roofing materials. The
company is promoted by Mr. Kishore Singh.

KRSPL reported profit after tax (PAT) of INR23 million on net
sales of INR942 million for 2013-14 (refers to financial year,
April 1 to March 31), as against PAT of INR12 million on net sales
of INR1 billion for 2012-13.


KAIRALI GRANITES: CARE Cuts Rating on INR8.58cr LT Loan to B+
-------------------------------------------------------------
CARE revises/reaffirms rating assigned to the bank facilities of
Kairali Granites.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      8.58      CARE B+ Revised from
                                            CARE BB-

   Short term Bank Facilities     1.15      CARE A4 Reaffirmed

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

Rating Rationale
The revision in the long-term rating of Kairali Granites (KG)
factors in the decline in profitability and the deterioration in
the capital structure and debt coverage indicators in FY14 (refers
to the period April 1 to March 31). The ratings continue to be
constrained by the small size of operations, the firm's exposure
to cyclicality associated with the end-user industry, working
capital-intensive nature of operations, and constitution of the
entity as a proprietorship firm.

The ratings, however, derive comfort from the long experience of
the proprietor, established operational track record of the firm,
long association with customers and suppliers as well as the
continuous growth in income over the last 3-year period.

Going forward, the ability of the firm to improve its
profitability and prudently manage its working-capital
requirements would be the key rating sensitivities.

KG is a proprietorship business engaged in the trading of marbles,
granites and allied products. The business was originally
established as a partnership in 1989 by Mr V. R. Narayanan Embran
(aged 64 years) and Mr Raghavan, sharing profits and losses
equally. Later in 1991, Mr Narayanan took over the share of Mr
Raghavan and converted the business into a proprietorship concern
by paying a consideration of INR0.08 crore. Mr Narayanan Embran
has been engaged in the granite business for more than three
decades. He worked with a mining company in Hyderabad for 5 years
as head of marketing department after which KG was established in
later 1989. While the firm primarily trades in marbles, granites,
vitrified tiles, allied products traded include artificial marble,
artificial granite, nano glass, etc. The firm sells the vitrified
tiles in the brand name, KG2.

As the profit margin from vitrified tiles is low, the firm is
slowly reducing the proportion of sales of vitrified tiles. KG has
a showroom (owned), covering an area of about 96,840 sqft in Kochi
along with a warehousing yard. Apart from domestic purchases from
Rajasthan, Karnataka, Andhra Pradesh and Tamil Nadu, the firm
imports granites from China, Brazil, Spain, Oman and Italy.

KG has achieved a PAT of INR0.38 crore on a total operating income
of INR26.14 crore in FY14 as compared with PAT of INR0.62 crore on
a total operating income of INR24.27 crore in FY13. In 9MFY15
(provisional), the firm has achieved total operating income of
INR20.39 crore.


KELACHANDRA POLYMERS: CRISIL Puts B Rating on INR53MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Kelachandra Polymers (KP).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Term Loan               53         CRISIL B/Stable
   Cash Credit             10         CRISIL B/Stable
   Letter of Credit        10         CRISIL A4

The ratings reflect KP's modest scale of operations and its below-
average financial risk profile, marked by weak debt protection
metrics. These rating weaknesses are partially offset by the
entrepreneurial experience of KP's promoters and their financial
flexibility.

Outlook: Stable

CRISIL believes that KP will continue to benefit over the medium
term from its promoters' extensive entrepreneurial experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the firm's scale of operations and profitability,
or substantial equity infusion, leading to a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
KP's liquidity deteriorates, most likely because of reduced cash
accruals, or considerably large working capital requirements, or
debt-funded capital expenditure.

Set up in 2013, KP manufactures blow-moulded water tanks. The
firm's operations are managed by Mr. Titten Thomas and Mr. Teddy
Thomas.

KP reported a net loss of INR13.8 million on sales of INR19.7
million for 2013-14 (refers to financial year, April 1 to
March 31).


KRISHNAMMAL TRUST: CRISIL Cuts Rating on INR80MM Bank Loan to B
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Krishnammal Trust (KT) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Long Term Loan          40         CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Overdraft Facility      30         CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Proposed Long Term      80         CRISIL B/Stable (Downgraded
   Bank Loan Facility                 from 'CRISIL B+/Stable')

The rating downgrade reflects CRISIL's belief that the trust's
liquidity will remain stretched on account of insufficient cash
accruals to meet repayment obligations. The trust is expected to
generate cash accruals of INR3.5 to 7 million to meet its
repayment obligation of INR8.4 million to 12 million over the
medium term. However, the promoters are expected to provide timely
support to meet its debt obligations over the medium term.

The ratings reflect KT's small scale of operations, geographical
concentration and below average financial risk profile. These
rating weaknesses are partially offset by the established position
in Theni (Tamilnadu) and experience of the management.

Outlook: Stable

CRISIL believes that Krishnammal Trust (KT) will continue to
benefit over the medium term from its long track record in the
healthcare industry. The outlook may be revised to 'Positive' if
KT scales up its operations significantly while maintaining its
profitability, resulting in sustained improvement in its cash
accruals and capital structure. Conversely, the outlook may be
revised to 'Negative' if the trust reports a decline in its cash
accruals or undertakes a larger-than-expected debt-funded capital
expenditure programme, adversely impacting its financial risk
profile.

Krishnammal was set up as a trust in 2001 by Dr. Suganthi
Manivannan and Mr. Manivannan. It runs a 100-bed multi-speciality
hospital in Theni (Tamilnadu) and also a nursing college offering
diploma courses.


LOKNATH RICE: CRISIL Reaffirms B+ Rating on INR59.5MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Loknath Rice Mill (LRM)
continues to reflect LRM's modest scale of operations in the
intensely competitive rice-milling industry and the susceptibility
of the firm's operating profitability to adverse government
regulations and to raw material price volatility.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          59.5       CRISIL B+/Stable (Reaffirmed)
   Term Loan            10.9       CRISIL B+/Stable (Reaffirmed)

The rating also factors in the firm's below-average financial risk
profile, which is marked by small net worth, moderately high
gearing, and weak debt protection metrics. These rating weaknesses
are partially offset by the extensive experience of LRM's
promoters in the rice industry and healthy demand prospects for
the same.

Outlook: Stable

CRISIL believes that LRM will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' if the firm's revenue and
profitability increase substantially, resulting in larger-than-
expected cash accruals and a consequent improvement in its
financial risk profile particularly liquidity. Conversely, the
outlook may be revised to 'Negative' if its financial risk
profile, especially liquidity, deteriorates further, because of
larger-than-expected working capital requirements or debt-funded
capital expenditure or declined cash accruals.

Set up in 1997 as a partnership firm, LRM is engaged in the
milling and processing of paddy into rice. It has paddy-milling
capacity of 8 tonnes per hour at West Godavari district (Andhra
Pradesh). The firm's capacity utilisation was around 80 per cent
in 2012-13 (refers to financial year, April 1 to March 31).
Promoted by Mr. Nageswara Rao, the firm is currently being managed
by his son, Mr. MNVS Murthy. Mr. Rao has been associated with the
rice industry for more than four decades. The firm manufactures
both raw and boiled rice and sells to Food Corporation of India
and in the open market.

For 2013-14, LRM reported profit after tax (PAT) of INR1.25
million on net sales of INR242.6 million as against PAT of INR1.35
million on net sales of INR187.2 million for 2012-13.


M.P.AGARWALA: CRISIL Reaffirms B- Rating on INR60MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of M.P.Agarwala (MPA)
continue to reflect MPA's small scale, and working-capital-
intensive nature, of operations. These rating weaknesses are
partially offset by the extensive experience of the firm's
proprietor in the civil construction industry, and its moderate
profitability.

                       Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          90        CRISIL A4 (Reaffirmed)
   Cash Credit             60        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MPA will continue to benefit over the medium
term from the extensive industry experience of its proprietor. The
outlook may be revised to 'Positive' if MPA reports significant
growth in its scale of operations and profitability, while
improving its working capital cycle. Conversely, the outlook may
be revised to 'Negative' if the firm's financial risk profile
deteriorates, most likely due to lengthening of its operating
cycle, a decline in its revenue or profitability, or large debt-
funded capital expenditure.

Update
MPA recorded sales of INR196.6 million in 2013-14 (refers to
financial year, April 1 to March 31), vis-a-vis INR362.8 million
in 2012-13. The decline in sales was due to a slowdown in the
infrastructure segment and delay in receipt of payment from
customers. The firm recorded an operating margin of 12.4 per cent
for 2013-14.

MPA's operations are highly working capital intensive, with high
gross current assets of 430 days as on March 31, 2014, against 250
days as on March 31, 2013. The firm's receivables were at 12 days,
but its inventory was high at 297 days as on March 31, 2014.
Delays in receiving payment from clients resulted in the firm
treating executed work as work-in-progress inventory; this led to
the increase in inventory. The firm funds its large working
capital requirements through credit from suppliers (outstanding
payables of 67 days as on March 31, 2014) and utilisation of
short-term borrowings. MPA's bank borrowings have been utilised at
an average of 98 per cent over the 12 months through November
2014.

MPA's financial risk profile remains below average marked by a
modest net worth, high gearing, and subdued debt protection
metrics. It had a net worth of INR46.9 million, and a gearing at
2.6 times, as on March 31, 2014. The gearing is expected to
improve marginally over the medium term due to repayment of a term
loan. The firm's debt protection metrics are subdued, with net
cash accruals to total debt and interest coverage ratios estimated
at 0.08 times and 2.6 times, respectively, for 2013-14.

MPA reported a profit after tax of INR7.4 million on net sales of
INR196.6 million for 2013-14, against a net profit of INR15
million on net sales of INR362.8 million for 2012-13.

Established in 2010, MPA is a proprietorship firm set up by Mr.
Mahabir Prasad Agarwala. The firm undertakes civil construction of
buildings, roads, and bridges for the public works departments of
Assam and Meghalaya, and for the North-East Council.


MA SARADA: ICRA Reaffirms C+ Rating on INR4.75cr Term Loan
----------------------------------------------------------
ICRA has reaffirmed the [ICRA]C+ rating to the INR0.80 crore
(reduced from INR5.65 crore)working capital and INR4.75 crore
(enhanced from INR0.06 crore) term loan of Ma Sarada Cold Storage
Private Limited.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Working Capital      0.80        [ICRA] C+ Reaffirmed
   Term Loan            4.75        [ICRA] C+ Reaffirmed

The rating reaffirmation takes into account MSCSPL's weak
financial profile as characterised by nominal profits, an adverse
capital structure and weak debt coverage indicators. The rating
also factors in the significant decline in trading income during
FY14 leading to further decline in scale of operations, high
working capital intensity of MSCSPL's operations leading to
stretched liquidity position and high utilisation of the bank
limits limiting the company's financial flexibility. The rating
also takes into account MSCSPL's exposure to agro-climatic risks,
with its business performance being entirely dependent upon a
single agro commodity, i.e. potato, counter party risk arising
from loans extended to farmers by MSCSPL, which may lead to
delinquency, if potato prices fall to a low level and the
regulated nature of the industry, making it difficult to pass on
the increase in the operating costs in a timely manner.

The rating however, continues to factor the long track record of
the promoters in the cold storage business, and the locational
advantage of MSCSPL by way of presence of its cold storage unit in
West Bengal, a state with large potato production.

MSCSPL operates one cold storage unit at Jayrambati in the Bankura
district of West Bengal. The storage capacity of the unit is
21,000 tonnes. MSCSPL provides cold storage facilities to potato
growing farmers and traders and also engages in trading of
potatoes.

Recent Results
MSCSPL reported a net profit of INR0.04 crore during FY14 on an OI
of INR4.36 crore as against a net profit of INR0.05 crore and an
OI of INR6.31 crore during FY13.


MAA MAHAMAYA: ICRA Suspends B+ Rating on INR4.95cr FB Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR2.05
crore term loans and INR4.95 crore fund-based bank facilities of
Maa Mahamaya Steels Pvt. Ltd. Also, ICRA has suspended the
[ICRA]A4 rating assigned to the INR1.00 crore non-fund based bank
facilities of MMSPL. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


MANIL JEWELLERS: CARE Reaffirms B+ Rating on INR19cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Manil Jewellers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      19        CARE B+ Reaffirmed

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the entity at present.
The rating may undergo change in case of withdrawal of the 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 Manil Jewellers
(MNJ) continues to be constrained by the relatively modest scale
of operations, low profitability margins, highly leveraged capital
structure, and weak debt coverage indicators. The rating further
continues to be constrained by working capital intensive nature of
operations, presence in the highly competitive and fragmented
industry and partnership constitution of the entity. The rating,
however, continues to derive strength from experienced management
and financial support in the past from the partners.

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

Established in 2008, Manil Jewellers (MNJ) is a partnership
concern engaged in the manufacturing and trading of hallmarked
certified gold jewellery. MNJ procures gold bars from the bullion
traders and gold jewellery through dealers based in the domestic
market. In FY14 (refers to the period April 1 to March 31), the
entity generated 50% of the total revenue through trading and the
rest from the sales of manufactured jewellery in the domestic
market.

MNJ has manufacturing facility located at Zaveri Bazar, Mumbai;
having an installed capacity of 35 kg per month and average
utilization approximately 80% in FY14.

During FY14, the total operating income of MNJ stood at INR91.52
crore (compared to INR73.02 crore in FY13), while net profit of
the entity stood at INR0.79 crore in FY14 (compared to INR0.02
crore in FY13).


MEHALA MACHINES: CARE Reaffirms D Rating on INR27.43cr LT Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Mehala Machines India Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     27.43      CARE D Reaffirmed
   Short-term Bank Facilities     6.50      CARE D Reaffirmed

Rating Rationale
The ratings of Mehala Machines India Limited (MMIL) continue to be
constrained by the ongoing delays and irregularities in debt
servicing by Mehala Machines India attributed to the weak
liquidity position of the company.

MMIL was started as a proprietorship concern in 1974, with Mr C
Subramaniam as its proprietor and was later incorporated as a
limited company in 1991. The company is engaged in the trading of
sewing machines, motors, embroidery machines, cutting machinery
and finished equipment. It also manufactures industrial clutch and
induction motors for sewing machines. The company is the sole
selling agent of Siruba Sewing Machines in India, Sri Lanka,
Singapore and Bangladesh. The company imports and distributes
industrial sewing products to cater to the entire textile
manufacturing value chain. MMIL has 13 branches in India and
overseas branches in Sri Lanka, Bangladesh and Singapore for the
distribution of Siruba sewing machines. In 2007, MMIL acquired
Sanmarco Texmac Private Limited, a manufacturer of worsted ring
frames.

For FY13 (refers to the period April 1 to March 31), the company
has reported net losses of INR2.1 crore on a total operating
income of INR56.7 crore as compared to a PAT of INR2.7 crore on a
total operating income of INR68.2 crore achieved in FY12.


MOBILESTORE SERVICES: CARE Reaffirms B+ Rating on INR70.66cr Loan
-----------------------------------------------------------------
CARE reaffirms the long-term rating and assigned short-term rating
to the bank facilities of the Mobilestore Services Limited; also
withdraws rating assigned to term loans.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities
   (working capital limits)      70.66      CARE B+ Reaffirmed

   Short term Bank Facilities    90.00      CARE A4 Assigned

Rating Rationale
The ratings of The Mobilestore Services Limited (TMSSL) reflect
the stretched liquidity position of the company primarily due to
working capital intensive nature of operations and significant
dependence of its revenue from a group company, The MobileStore
Limited, which is incurring losses. The rating is also constraint
by the thin profit margin due to the trading nature of operations
and increasing competition in mobile handset retailing segment
from e-commerce players in India.

The rating derives strength from the established promoter group,
association with the leading mobile handset brands and low
inventory risk.

Ability of the company to manage its working capital cycle in an
efficient manner and improve its profitability remains key rating
sensitivity.

Furthermore, CARE has withdrawn the rating assigned to the term
loan facility of TMSSL with immediate effect, due to
extinguishment of the said facility and there is no amount
outstanding under the facility as on date.

The Mobilestore Services Limited (TMSSL), a part of the Essar
Group, is engaged in the business of distribution of telecom,
consumer electronics and related products including mobile
handsets, accessories, domestic appliances and other consumer
durable products. The company is a step-down subsidiary of Essar
Global Limited (the ultimate holding company). The Essar Group is
engaged in diversified activities like infrastructure, steel, oil
and gas, power, telecom and technology, shipping and logistics and
construction.

TMSSL is the owner of the brand "The MobileStore" and has licensed
it to TMSL for usage of the brand. As on October 1, 2014, TMSL
operated through over 670 retail stores in India using the brand
name "The MobileStore" and has presence through other channels
such as E-Commerce, Franchisees and Institutional Sales.

TMSSL has posted a total income of INR1,728.39 crore and PAT of
INR0.26 crore during FY14 (refers to the period April 1 to
March 31) as compared with a total income of INR1,418.89 crore and
PAT of INR1.13 crore during FY13.


MUTHU SILK: CRISIL Ups Rating on INR50MM Cash Credit to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Muthu Silk House (MSH) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit             50         CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Proposed Cash Credit
   Limit                   12.5       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Proposed Long Term
   Bank Loan Facility       2.5       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that MSH will maintain
its improved financial risk profile over the medium term marked by
steady accretion to reserves due to stable operating performance.
The firm's TOLTNW ratio improved to 3.88 times as on March 31,
2014, from 11.91 times as on March 31, 2013, driven by capital
infusion of INR16.7 million during the year. CRISIL believes that
MSH's TOLTNW ratio would be improve to around 3.50 times over the
medium term.

The rating reflects MSH's small scale of operations in the
intensely competitive retail textile industry, and its below-
average financial risk profile, marked by a modest net worth and a
high TOLTNW ratio. These rating weaknesses are partially offset by
the extensive industry experience of the firm's promoters and its
established brand.

Outlook: Stable

CRISIL believes that MSH will continue to benefit over the medium
term from its established market position, and its promoters'
extensive experience, in the retail trading segment. The outlook
may be revised to 'Positive' if the firm registers a significant
increase in its revenue and profitability, or if it receives
substantial capital infusion from its promoters, thereby enhancing
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if MSH reports a considerable decline in its revenue
and profitability or an increase in its working capital cycle, or
if it undertakes a significant debt-funded capital expenditure
programme, or if its partners withdraw a substantial amount from
the business, thus weakening its financial risk profile.

MSH was set up as a partnership firm in Puducherry in 1960. The
firm trades in silk and synthetic sarees and ready-made garments.
It operates an 11,000-square-foot retail outlet on Nehru Street,
Puducherry. The firm's operations are managed by its partners, Mr.
P Namassivayam and his wife Mrs. Mandjoula Namassivayam.


PARMATMA COTTONS: CRISIL Reaffirms B+ Rating on INR50MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Parmatma
Cottons Private Limited (PCPL) continues to reflect PCPL's below-
average financial risk profile, marked by a small net worth, high
gearing, and average debt protection metrics.

                    Amount
   Facilities      (INR Mln)      Ratings
   ----------      ---------      -------
   Cash Credit         50         CRISIL B+/Stable (Reaffirmed)
   Term Loan           32         CRISIL B+/Stable (Reaffirmed)

The rating also factors in the susceptibility of the PCPL's
profitability margins to volatility in cotton prices, and its
exposure to changes in government regulations and intense
competition in the cotton ginning industry. These rating
weaknesses are partially offset by the extensive industry
experience of PCPL's promoters.

Outlook: Stable

CRISIL believes that PCPL will continue to benefit over the medium
term from its promoter's extensive experience in the cotton
ginning business. The outlook may be revised to 'Positive' if the
company registers substantial and sustained improvement in its
revenues and profitability margins, or an improvement in its
capital structure driven most likely by 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 weakening in its capital structure most likely on
account of a stretch in its working capital cycle or large debt-
funded capital expenditure.

Incorporated in 2011 and located in Adilabad (Telangana), PCPL is
engaged in cotton ginning. The company is promoted by Mr. Vinod
Kumar Agarwal and Mr. Rajesh Agarwal. It has a processing capacity
of around 400 bales per day.


PARTH CHEM: ICRA Downgrades Rating on INR11cr LOC to D
------------------------------------------------------
ICRA has downgraded the long term rating assigned to INR7.50 crore
fund based cash credit facility and INR11.00 crore non fund based
letter of credit facility of Parth Chem Impex Private Limited from
[ICRA]B- to [ICRA]D.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits-
   Cash Credit             7.50       [ICRA]D; downgraded

   Non Fund Based
   Limits-Letter of
   Credit                 11.00       [ICRA]D; downgraded


The revision in ratings reflect the instances of delays in
interest servicing on cash credit facility and consistent
overutilization of cash credit facility by PCIPL in the past six
months owing to its stretched liquidity position. The ratings are
further constrained by PCIPL's low profitability, adverse capital
structure and susceptibility of its margin to inventory price risk
on account of high inventory holding. ICRA also notes that, the
chemical trading business is exposed to intense competition from a
large number of unorganized players which exerts pricing
pressures.

The ratings, however, favourably factors in the established
experience of the directors in the chemical trading business and
PCIPL's diversified product portfolio catering to various end user
industries.

Parth Chem Impex Private Limited is incorporated in 2005 by Mr.
Mehul Bhuta and Mr. Ambrish Doshi. The company is engaged in the
trading of industrial chemicals which finds use in industries like
paints, plastic, textiles, soap, pharmaceuticals, laminates and
ceramics. The company has its registered office in Kandivali
(West), Mumbai.

Recent Results
PCIPL has recorded a net profit after tax of INR 0.21 crore on an
operating income (OI) of INR94.27 crore for the year ending
March 31, 2014. During the first nine months of FY15 ended
December 31, 2014 the company has registered an OI (provisional)
of INR51.83 crore.


R. P. MOTORS: ICRA Assigns B Rating to INR4.10cr Cash Credit
------------------------------------------------------------
ICRA has assigned the [ICRA]B rating to the INR1.86 crore term
loans and INR4.10 crore fund-based bank facilities of R. P.
Motors.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loans            1.86       [ICRA]B; assigned
   Fund-Based Limits
   (Cash Credit)         4.10       [ICRA]B; assigned

The rating takes into account the successful stabilisation of
RPM's sales outlet for passenger cars and its sole dealership of
Ford India Pvt. Ltd. (Ford) in the State of Meghalaya, which
provides business comfort to an extent, though risk associated
with competition from other original equipment manufacturer (OEM)
dealerships remains. The rating, is however, constrained by the
relatively small size and the relatively short period of RPM's
operations; its low operating and net profitability which is
inherent in the automobile dealership business; and the working
capital intensive nature of RPM's operations on account of high
inventory levels, resulting in almost fully utilized working
capital limits. The rating is also constrained by the limited
financial flexibility on account of RPM's moderately high gearing
and modest debt coverage indicators. Going forward, RPM's ability
to grow its operations, improve its operating profitability and
manage its working capital efficiently would remain key rating
sensitivities.

R. P. Motors, incorporated in 2013 as a proprietorship firm by Mr.
Renikton Lyngdoh, is an authorized dealer of Ford India Pvt. Ltd.
(Ford). The firm deals in new cars, accessories, spares, and also
provides service for Ford's passenger cars. Currently, the firm
owns one showroom and one service workshop in Shillong
(Meghalaya).

Recent Results
In 2013-14, as per the audited financial statements, RPM reported
an operating income of INR2.53 crore and a net profit of INR0.04
crore. During the first nine months in 2014-15, as per the
un-audited financial statements, RPM reported an operating income
of INR10.22 crore and a profit before tax of INR0.16 crore.


RAJALAXMI EDUCATION: ICRA Ups Rating on INR21cr Term Loan to B+
---------------------------------------------------------------
ICRA has upgraded the long term rating from [ICRA]C+ to [ICRA]B+
for the INR21.0 crore term loan of Rajalaxmi Education Trust.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Term loan              21.0       Upgraded from [ICRA]C+
                                     to [ICRA]B+

The revision in rating factors in the promoters' established
presence in the education industry, the trust's diversified
offerings across the education spectrum both at the undergraduate
and postgraduate levels and the company's ability to maintain
timeliness of debt servicing and internal financial discipline in
the recent years. The rating takes into consideration the good
placement track record and the healthy occupancy levels thus
translating to good operating accruals in the past few years. In
addition, good infrastructure facilities for sports, extra-
curricular activities and research & development provide good
learning environment for the students. The rating also factors in
the healthy financial profile marked by healthy profit margins,
low gearing and adequate coverage indicators.

The rating is, however, constrained by the high regulatory norms
in the education sector thus exposing the trust to any regulatory
changes in the future and the high competitive intensity in
Karnataka with the presence of large number of Engineering and MBA
institutes. The rating is further constrained by the stretched
liquidity position of the trust on account of regular debt funded
capital expenditure towards setting up of administration and
hostel blocks. Going forward, the trust's ability to maintain high
occupancy levels and improve its liquidity position will be the
key rating sensitivities.

Rajalaxmi Education Trust was established in the year 2005. RET
started Mangalore Institute of Technology & Engineering (MITE) in
the year 2007-08, which is approved by All India Council for
Technical Education (AICTE), New Delhi and affiliated to
Visveshwariah Technological University (VTU), Belgaum. The college
started with offerings in engineering courses with an intake of
240 and subsequently introduced MBA and M-Tech courses. For the
year 2014-15, the college had a student intake of 710 in
Engineering, 102 in MBA and 120 in M-Tech courses. The college is
located in Moodabidri, around 30 km from Mangalore city.

Recent results
During 2013-14, the trust reported a net profit of INR9.4 crore on
an operating income of INR27.2 crore as against a net profit of
INR5.5 crore on an operating income of INR20.8 crore during 2012-
13.


SATIA SYNTHETICS: CARE Reaffirms B- Rating on INR100.92cr Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Satia Synthetics Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    100.92      CARE B- Reaffirmed
   Short term Bank Facilities    18.50      CARE A4 Reaffirmed

Rating Rationale
The ratings for Satia Synthetics Limited (SSL) continue to remain
constrained due to its weak financial risk profile, low
profitability margins and working capital intensive nature of
operations. However, the ratings derive strength from experienced
promoters, established dealer network and close proximity to raw
material sources. Going forward, SSL's ability to improve its
profitability margins and efficient management of its working
capital limits would remain the key rating sensitivities.

Satia Synthetics Limited (SSL), incorporated in the year 1992, is
a joint venture between by Mr Anil Satia (57%) and Punjab State
Industrial Development Corporation (PSIDC-28%) and commenced
commercial operations in 1997. The company is engaged in
manufacturing of cotton yarn. SSL had its manufacturing facilities
located at Muktsar, Punjab. SSL started manufacturing cotton yarn
with 6048 spindles in 1997 and gradually expanded the capacity to
current level i e 55,248 spindles as on March 31,2014. The
promoter of SSL, Mr Anil Satia is also a promoter director of T.C.
Terrytex Limited (TCTL) which is engaged in manufacturing of terry
towels, grey yarn and dyed yarn.

SSL registered a total operating income of INR266.11 crore during
FY14 (refers to the period April 1 to March 31) with PBILDT and
PAT of INR25.62 crore and INR1.08 crore, respectively, as against
a total operating income of INR240.06 crore with PBILDT and PAT of
INR28.96 crore and INR3.65 crore, respectively, in FY13. In
9MFY15, SSL has achieved a turnover of INR190 crore.


SATYENDRA AGRO: CRISIL Assigns B Rating to INR70MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facility of Satyendra Agro Products (SAP).

                        Amount
   Facilities          (INR Mln)        Ratings
   ----------          ---------        -------
   Cash Credit             70           CRISIL B/Stable

The rating reflects SAP's modest scale of operations in the highly
fragmented agro-commodity industry, and its modest net worth.
These rating weaknesses are partially offset by the extensive
industry experience of the firm's promoters.

Outlook: Stable

CRISIL believes SAP will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the firm improves its scale of
operations and operating profitability, or if its promoters infuse
substantial capital, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
SAP generates substantially low accruals, its working capital
cycle is stretched, or it undertakes a large debt-funded capital
expenditure programme, leading to deterioration in its financial
risk profile.

SAP, established in 2009, processes toor daal. The firm's day-to-
day operations are handled by Mr. Bijendra Shah, Mr. Pravinkumar
Shah, and Mr. Viralkumar Shah. It sells its product under the
brand name, Srivdevi.

SAP reported a net profit of INR1.50 million on net sales of
INR538 million for 2013-14 (refers to financial year, April 1 to
March 31), as against a net profit of INR1.16 million on net sales
of INR381 million for 2012-13.


SPICEJET LTD: Ajay Singh Back as Promoter as Marans Exit
--------------------------------------------------------
The Times of India reports that completing its ownership transfer,
SpiceJet Ltd said Feb. 24 Ajay Singh has become the promoter after
acquiring the entire 58.46 per cent stake from the Marans.

Singh, the original promoter of SpiceJet, is now back at the helm
as part of a revival plan that would also be seeing a capital
infusion of INR1,500 crore into the low-cost carrier, according to
the report.

TOI relates that SpiceJet said in a regulatory filing that as part
of a share sale and purchase agreement, Marans have transferred
their 58.46 per cent to Singh on February 23.

"Ajay Singh has become the promoter of the company and Kalanithi
Maran and Kal Airways Private Limited have ceased to be promoters
of the company," the filing said, the report relays.

Kalanithi Maran and Kal Airways have transferred over 35 crore
shares or 58.46 per cent stake to Singh, the report notes.

In late January, SpiceJet board had approved transfer of entire
58.46 per cent stake of Marans to Singh, while the company would
raise INR1,500 crore through issuance of fresh securities under a
revival plan, TOI recalls.

After approval from the Home ministry, Singh would be appointed as
director on the board of SpiceJet with majority stake in his hand,
sources had said.

The deal has already received clearance from the Competition
Commission of India (CCI), the report notes.

Under the revival plan, SpiceJet would see a capital infusion of
INR1,500 crore from Singh in a staggered manner by April, TOI
relates.  As per the plan, Singh would pump in another INR500
crore by March, followed by another instalment of INR500 crore by
April end.

On Feb. 24 Singh had said SpiceJet received INR100 crore infusion
and the "second tranche of [INR]400 crore should happen Feb. 25 or
day after," the report adds.

                          About Spicejet

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights
between major cities in India. The carrier is India's second-
biggest budget airline, after IndiGo.

As reported in the Troubled Company Reporter-Asia Pacific on
May 21, 2014, The Times of India said SpiceJet has posted its
highest ever annual loss of INR1,003.2 crore in the financial year
2013-14 up five times from INR191 crore in the previous fiscal.

As reported in the TCR-AP on Nov. 17, 2014, The Times of India
said auditors of financially struggling SpiceJet airlines have
cast 'significant' doubts on the ailing company's future.  The
low-cost carrier incurred a loss of INR310 crore in the quarter
ended Sept. 30, 2014, down 45% from the loss of INR560 crore in
same period last fiscal.

"As of that date (Sept. 30, 2014) the company's total liabilities
exceed its total assets by INR1,459.7 crore. These conditions
. . . indicate the existence of a material uncertainty that may
cast significant doubt about the company's ability to continue as
auditors point out that SpiceJet had made no provision for
interest of INR7.5 crore. "Had the same been accounted for, the
net loss for the quarter ended Sept.30, 2014, would have been
higher by INR7.5 crore," the auditor said.


SRI SAI: CRISIL Reaffirms B Rating on INR120MM LT Loan
------------------------------------------------------
CRISIL's ratings on the long term bank facilities of Sri Sai Pavan
Industries Private Limited (SSPIL) continues to reflect SSPIL's
modest scale of operations in the intensely competitive rice
milling industry and its small net worth limiting its financial
flexibility.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         120        CRISIL B/Stable (Reaffirmed)
   Cash Credit             80        CRISIL B/Stable (Reaffirmed)

The rating of the company is also constrained on account of the
susceptibility of its profitability margins to changes in paddy
prices and government regulations. These ratings weaknesses are
partially offset by the extensive experience of SSPIL's promoters
in the rice industry, and the company's above-average financial
risk profile marked by its low gearing and above average debt-
protection metrics.
Outlook: Stable

CRISIL believes that SSPIL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is substantial and
sustained increase in the company's scale of operations, while it
maintains its profitability margins, or there is a substantial
increase in its net-worth on the back of equity infusion by its
promoters. Conversely, the outlook may be revised to 'Negative' if
there is a steep decline in the company's profitability margins,
or there is a significant deterioration in its capital structure
on account of larger-than-expected working capital requirements or
large debt-funded capital expenditure.

Incorporated in 2009, SSPIL is engaged in milling of raw and
parboiled rice in Miryalguda (Telangana). The company is promoted
by Mr. Gouru Venkateswarulu and Mr.Ranga Sridhar.


TIGERSONS GLASS: ICRA Suspends D Rating on INR21.24cr Bank Lines
----------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR21.24 crore,
bank lines of Tigersons Glass Industries Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


TORP SYSTEMS: ICRA Puts SP 2D Grading on Weak Financial Strength
----------------------------------------------------------------
ICRA has assigned 'SP 2D'* (pronounced solar power two D) grading
to Torp Systems Private Limited, indicating 'High Performance
Capability' and 'Weak Financial Strength' of the channel partner
to undertake off-grid solar projects. The grading is valid till
February 15th 2017 after which it will be kept under surveillance.

Grading Drivers

Strengths
   * Long standing experience of the promoters in the power
     conditioning and solar industry.

   * Established relationship with technological giants like
     REC, MEMC and SERIS.

   * Backward integrated business model with group concern
     involved in manufacturing of silicon wafers.

   * Strong relationship with corporate clients due to past
     experience in the Solar Industry and with suppliers who are
     well established in the solar space.

   * The prospect of growth and favourable outlook in the solar
     industry assisted by the favourable government policies.

Risk Factors
   * Modest financial profile as characterized by small scale of
     operations with turnover of INR1.12 crore and thin margins
     of 2.34% in FY2014.

   * Limited O&M network of the company restricted mainly to
     Tamil Nadu.

   * Presence of strong competition from the organized and
     unorganized sectors and highly fragmented nature of the
     market.

Fact Sheet
Year of Establishment: 2007
Office Address: F91 & 92, SIPCOT Industrial Complex,
                Gummidipoondi, Chennai 601201
Managing Director: Mr. V. Narayanan

Torp Systems Private Limited was incorporated in 2007 as a group
concern of Unega Pte Ltd (Unega) of Singapore (the holding company
of Poseidon Solar Services Private Limited). The company is
involved in the solar EPC business. The promoters have leveraged
the linkages established by their group concerns with technology
partners and suppliers of raw materials. Unega Pte Limited is a
Singapore based group company. The shareholders of Torp are
Poseidon Lighting Private Limited which is a subsidiary of Unega.
They provide strong customer and technical linkages through their
existing partnerships with some of the prominent global solar PV
companies. Poseidon Solar Services Private Limited, another Group
entity based out of Chennai, is involved in the silicon recycling
business. It has internally designed a fully automated plant which
has the capability to recycle silicon from broken cells/modules
and from the entire PV value chain.

Promoter Track Record: The promoters of the company have vast
experience in the solar industry and are also involved in the
silicon industry for more than 10 years. The promoters of the
company Mr. Narayanan, who is a director holds a Bachelor degree
in Chemical Engineeering and Management studies from IIM-
Ahmedabad. He has expertise in the chemicals space as well as
silicon preparation. Mr. V Ramakrishnan, who in the board of
Poseidon lighting Pvt Ltd has work experience in the semi
conductor industry for 12 years in Singapore and Malaysia. He
holds a Masters degree in Chemical Engineering from the University
of Toronto. Mr. Prasad Bhamre, a director in Poseidon Lighting has
15 years of experience in the renewable energy sector. Mr.
Burkhard Holder, a director in Poseidon Lighting has extensive
experience in the solar PV industry. Its group company is involved
in recycling and manufacturing of silicon wafers. Over the years
the company has a design and development team involved in the
development of customer friendly solutions like hybrid inverters;
solar displays etc. and aspire to grow the Solar PV segment with
customized solutions.

   * Technical competence and adequacy of manpower: The Company
     has technical support of its group company involved in
     recycling and manufacturing of solar wafers. The company has
     a technical team which is involved in development of hybrid
     inverters, solar maximiser and controllers and is offered
     along with the solar installations. The company has a total
     of 12 employees in its payrolls and also recruits workers on
     contract basis when required.

   * Quality of suppliers and tie ups: The Company has
     technological tie ups with leading international companies
     in the renewable energy segment like REC, MEMC and Laure for
     various research and supply of products. The company chooses
     its suppliers based on quality efficiency and also
     recommends quality choices for its customers. The company
     procures panels from REC Solar from Singapore and inverters
     from SMA solar from Germany.

   * Customer and O&M Network: The Company's operations are
     currently concentrated in Tamil Nadu. The Company, however,
     has a diversified customer base having installed products in
     both the residential and corporate segments. The quality of
     company's products, timeliness in execution and after sales
     service has led to satisfactory feedback from customers. The
     company extends one year warranty for its installations. The
     company provides innovative and customer friendly solutions
     like Text messaging facilities, solar displays etc. for
     tracking of generated capacity on a day-to-day basis.

Financial Strength: Weak

Revenues: Revenues of INR1.12 crore in FY2014
Return on Capital Employed (RoCE): 3.52%
Total Outside Liabilities/Tangible Net worth: 19.31 times
Interest Coverage Ratio: 2.88 times
Net-Worth: Net worth of INR0.14 crore on 31st March 2014
Current Ratio: 1.19 times
Relationship with bankers:
Bankers are satisfied with company's conduct

The overall financial profile of the company is Weak.


VARAHA LAKSHMI: CRISIL Reaffirms D Rating on INR110MM LT Loan
-------------------------------------------------------------
CRISIL ratings on the bank loan facilities of Varaha Lakshmi
Narasimha Swamy Educational Trust (VLN) continue to reflect delays
by VLN in servicing its debt; the delays have been caused by the
trust's weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             10        CRISIL D (Reaffirmed)
   Long Term Loan         110        CRISIL D (Reaffirmed)

VLN is also susceptible to adverse regulatory changes. However, it
partially benefits from the extensive experience of VLN's
promoters in the education sector.

Incorporated in 2007 by Mr. K V Satyanarayana, VLN runs two
educational institutions in Visakhapatnam (Andhra Pradesh),
offering graduate and post-graduate courses in engineering and
management.



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


BELGRAVE FINANCE: Lawyer Fails in Bid to Reduce Sentence
--------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that a former
North Island mayor who intentionally facilitated crime by
providing legal help has failed to reduce his sentence.

The Herald relates that Hugh Edward Staples Hamilton, who did
legal work for failed finance company Belgrave Finance, was in May
guilty on 14 charges of theft by a person in a special
relationship and jailed later that year.

Belgrave's 2008 collapse left more than 1,200 investors
NZ$22 million out of pocket, the report says.

A former partner of DAC Legal who was struck off as a lawyer in
2013, Mr. Hamilton advised Belgrave Finance until its
receivership, according to the Herald.

He served as Central Hawke's Bay mayor for six years and was
Waipukurau Rotary Club president, the report discloses.

According to the Herald, Mr. Hamilton earlier this month
challenged the length of his four year nine month jail sentence,
with his lawyer telling Court of Appeal the sentence should have
been "significantly lower".

This was because the starting point the judge took of five years
in jail should have been three years and the reduction for
Hamilton's "extensive community involvement and previous good
character" was far too small, the report relates.

Mr. Hamilton's lawyer Jonathan Krebs argued trial judge had not
adequately separated Hamilton's role in the offending from
Belgrave directors Stephen Smith and Shane Buckley -- both of whom
were also jailed on theft charges, says the Herald.

The report relates that while Mr. Krebs said the directors were
the principal offenders, Crown lawyer Nick Williams argued in some
ways Mr. Hamilton was more culpable than them.

The Herald reports that the Court of Appeal, in a decision given
by Justice John Wild on Feb. 26 said the five year sentencing
starting point "appropriately reflected Mr Hamilton's real
involvement, as a solicitor, in the dishonest related party
lending by Belgrave".

On the level of the discount for past character, the appellate
court said that Mr. Hamilton had little credit left, given the
offending went on for three years and that unrelated misuse of
client funds led to him being struck off as a lawyer, the Herald
relates.

The Court dismissed the appeal, the report notes.

Based in Auckland, New Zealand, Belgrave Finance Limited --
http://www.belgrave.co.nz/-- was engaged in property development
financing.

Belgrave Finance was placed into receivership in May 2008, owing
an estimated 1,000 investors approximately NZ$22 million.  The
company's trustee, Covenant Trustee Company Limited, appointed
Grant Graham and Brendan Gibson from KordaMentha as receivers.
The company was liquidated in April 2010.


SHANTON FASHIONS: Up to 70 Jobs Axed as Shop Closes
---------------------------------------------------
Stuff.co.nz reports that staff at Shanton Fashions have been told
up to 70 of them will lose their jobs and 17 of the firm's 37
shops will close.

The company, which is in voluntary administration, is up for sale
and in the middle of a restructuring process, the report says.

According to Stuff.co.nz, Shanton's administrator Bryan Williams
said some staff would be relocated to other stores.

"It is with a great deal of regret that the store footprint needs
to reduce, but this is the first step towards the rehabilitation
of a brand that has been an icon in the New Zealand marketplace
for more than 30 years," the report quotes Mr. Williams as saying.

Stuff.co.nz relates that Mr. Williams said it was a difficult
decision to close the stores but some were a legacy from a
previous receivership in 2012.

"The stores are too big for the type of commercial activity
Shanton should be doing and therefore uneconomic," Mr. Williams,
as cited by Stuff.co.nz, said.

Shanton's troubles were made public in mid-January and further
investigation shows it owes 206 creditors NZ$7.79 million,
according to Stuff.co.nz.

Mr. Williams said the sale process would be concluded on March 3,
and there were five possible buyers, Stuff.co.nz relays.

Shops to close include six in Auckland: Westgate, Sylvia Park,
Botany, Manukau Supa and Albany; Eastgate and Northlands in
Christchurch; Whakatane, Masterton, The Base in Hamilton,
Palmerston North, Feilding, Thames, Gisborne, Napier, Nelson and
Fraser Cove in Tauranga, the report adds.

Bryan Williams of BWA Insolvency was appointed as administrator of
Shanton Fashions on Jan. 11, 2015.

Shanton Fashions Ltd operates a well-known women's fashion chain.
It has 37 stores across New Zealand and employs approximately 240
people.



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


PHILIPPINE WOMEN'S: STI Seeks Foreclosure of Asset in Davao
-----------------------------------------------------------
Krista Angela M. Montealegre at BusinessWorld Online reports that
STI Educations Systems Holdings, Inc. is seeking the foreclosure
of another asset of the Benitez family as their squabble over
Philippine Women's University (PWU) continues.

BusinessWorld relates that the Eusebio H. Tanco-led firm told the
stock exchange it filed, on Feb. 18, a petition for the extra-
judicial foreclosure of real estate mortgage with the Regional
Trial Court of Davao City of a parcel of land registered under the
name of Unlad Resources Development Corp., a sister company of
PWU.

BusinessWorld says the property was mortgaged in favor of STI and
Attenborough Holdings Corp. (AHC) as security under the omnibus
agreement in 2012.  The listed company recently gained full
control of AHC.

According to the report, the listed firm said the foreclosure suit
is the last petition initiated by STI, on its own or together with
AHC, for the satisfaction of Unlad's obligations amounting to
PHP294.07 million and PWU's obligations amounting to PHP702.45
million.

STI earlier moved to foreclose the PWU campus in Manila and the
Jose Abad Santos Memorial School (JASMS) in Quezon City,
BusinessWorld notes.

In December, STI issued notices of default to PWU and Unlad for
allegedly failing to meet its obligations, the report recalls. The
Tanco group required the Benitez family to pay nearly a billion
pesos in debt, which also covers interest, penalties, lawyers'
fees and value-added taxes within seven days, according to
BusinessWorld.

The Benitez family failed to meet that debt deadline, prompting
STI to wrest control of PWU -- a move that the family challenged
in court last month, adds the listed firm.

The Philippine Women's University is a private non-stock, non-
profit, non-sectarian educational institution based in Manila.


PHILIPPINE WOMEN'S: Foreclosure Suits Hurt Enrolment
----------------------------------------------------
Jenniffer B. Austria at Manila Standard Today reports that the
Benitez group of Philippine Women's University on Feb. 24 asked
STI Education Holdings Inc. of businessman Eusebio Tanco to
withdraw a petition to foreclose the campuses in Manila, Quezon
City and Davao City.

According to the report, PWU media director Lydia Benitez-Brown
said in a statement the foreclosure move against PWU and Jose Abad
Santos Memorial School campuses could affect student enrolment in
the 96-year-old institution.

"Since the problems with STI began, we have seen a slight decrease
in enrollment. However, the moves to foreclose on the school
campuses rather than find an amicable resolution to the problem
are clearly inimical to the interest of the school," the report
quotes Ms. Benitez-Brown as saying.

Manila Standard recalls that STI early this month filed separate
foreclosure petitions against PWU properties on Taft Ave. and
Indiana Street in Manila, the JASMS Quezon City campus and a
property in Davao City under the name of Unlad Resources
Development Corp., which serves as the corporate arm of the
Benitez family.

The report relates that STI said the Benitez group failed to
settle its obligations worth nearly PHP1 billion.  According to
the report, Ms. Benitez-Brown said by moving to foreclose the PWU
campuses, STI Holdings was putting "business ahead of education."

"This foreclosure issue merely highlights the concerns we had last
year, concerns shared by the PWU-JASMS community, that the not-
for-profit character of PWU and JASMS would be in conflict with
STI," Ms. Benitez-Brown, as cited by Manila Standard, said.

The Philippine Women's University is a private non-stock, non-
profit, non-sectarian educational institution based in Manila.



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


KUMHO ASIANA: To Compete With Shinsegae for Building Arm
---------------------------------------------------------
Kim Jae-won at The Korea Times reports that Shinsegae Group and
Kumho Asiana Group will fight over the management of Asiana
Airlines as the nation's largest retail company is seeking to buy
a controlling stake in Kumho Industrial, sources said on Feb. 25.

Kumho Industrial is the largest shareholder of Asiana owning a
30.08 percent stake in the nation's second-biggest carrier, the
report discloses.

Shinsegae sent a letter of intent (LOI) to buy a 57.5 percent
stake in Kumho Industrial, an official of the company said, the
Korea Times says.  The report relates that Shinsegae's bid heats
up the sales process as Kumho Asiana Chairman Park Sam-koo was
granted the primary option to either buy back a 50 percent stake
in the builder or not enter a bid at all, depending on how much he
is willing to pay.

This means Mr. Park will get control of the company if he offers
more than Shinsegae is willing to pay, the report notes.  For
Shinsegae, it is expected to offer more money than Mr. Park can
afford, market watchers said, the report relays.

Shinsegae Vice Chairman Chung Yong-jin has adopted an aggressive
investment strategy, the report says.

According to the report, five local private equity funds (PEFs)
-- IBK-Keistone PEF, Mirae Asset PEF, Jabez Partners, MBK Partners
and IMM Private Equity -- also sent their LOIs to the Korea
Development Bank (KDB) and Credit Suisse, which are lead managing
the sale of the 57.5 percent stake owned by the KDB and other
creditors.

Hoban Construction, a mid-sized builder which owns a 4.95 percent
stake in the builder, also entered a bid, the Korea Times notes.

The report says KDB confirmed that multiple companies participated
in the sales process, but did not unveil the number and names of
the applicants.

According to the Korea Times, market watchers expect the deal
price to be between KRW800 billion and KRW1 trillion, much higher
than the market price of KRW510 billion.

The Korea Times notes that KDB and Credit Suisse plan to make a
shortlist in the near future and move forward with the sale by
letting investors conduct due diligence on the company.

Late last month, the two announced the sale of 19.55 million
shares in Kumho Industrial, which graduated from a five-year debt
workout program in December, the report recalls. The builder is
the de facto holding company of Kumho Asiana Group, which has
Asiana Airlines under its wing.

The Korea Times notes that the builder had been struggling from
mounting debt amid adverse real estate market conditions. Kumho
Asiana Group had also been mired in chronic debt after purchasing
a 72.1 percent stake in Daewoo Engineering & Construction in 2006
for KRW6.4 trillion ($5.8 billion), a deal that was mostly funded
by a group of financial investors, including KDB, the report
relates.

The construction company is ranked No. 20 among local builders,
according to an annual report released in 2014, but its true value
lies in some of its more profitable affiliates over which it holds
control, according to the report.

The Korea Times adds that despite having over a three-week period
to submit a letter of intent, none of the bidders came forward
until the final day, as prospective buyers waited for potential
competitors and weighed the pros and cons of acquiring the Kumho
Asiana Group package.

The Troubled Company Reporter-Asia Pacific on Aug. 6, 2009, citing
The Korea Herald, reported that Kumho Asiana Group has been
suffering from a liquidity crisis, which observers describe as a
typical case of acquisition indigestion.  In a bid to ease a cash
shortage, the conglomerate in July 2009 decided to re-sell the
controlling stakes and management rights of Daewoo Engineering,
after acquiring it in 2006 for KRW6.4 trillion.  The creditors
decided on Dec. 30, 2009, to put two other ailing units -- Kumho
Industrial Co. and Kumho Tire Co. -- under a debt rescheduling
program.  Meanwhile, the group's other two units -- Korea Kumho
Petrochemical Co. and Asiana Airlines Inc. -- will have to improve
their financial health through rigorous self- restructuring
efforts as earlier agreed with creditors.  Kumho
Asiana unveiled a restructuring plan on Jan. 5, 2011, that
involves raising KRW1.3 trillion (US$1.1 billion) by selling off
assets, while cutting costs via a 20% reduction in executive
positions and wages.

                        About Kumho Asiana

Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields.  The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.



===============
X X X X X X X X
===============

* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                         Total     Shareholders
                                        Assets           Equity
  Company                Ticker        (US$MM)          (US$MM)
  -------                ------         ------     ------------


AUSTRALIA

360 CAPITAL OFFI          TOF            88.94        -33.19
AAT CORP LTD              AAT            32.50        -13.46
AAT CORP LTD              AAT            32.50        -13.46
ATLANTIC LTD              ATI            64.03       -517.87
AUSTRALIAN ZI-PP        AZCCA            14.89        -65.04
AUSTRALIAN ZIRC           AZC            14.89        -65.04
BESRA GOLD -CDI           BEZ            67.38        -22.27
BIRON APPAREL LT          BIC            19.71         -2.22
BLUESTONE GLOBAL          BUE            46.32         -2.40
CLARITY OSS LTD           CYO            13.99        -15.57
KASBAH RESOURCES          KAS            18.24         -0.85
KASBAH RESOUR-NS         KASN            18.24         -0.85
LEGEND MINING             LEG            20.24         -0.66
MACQUARIE ATLAS           MQA         1,643.30     -1,018.14
MIRABELA NICKEL           MBN           158.54       -375.82
NATURAL FUEL LTD          NFL            19.38       -121.51
QUICKFLIX LTD             QFX            12.12         -4.38
QUICKFLIX LTD-N          QFXN            12.12         -4.38
RIVERCITY MOTORW          RCY           386.88       -809.13
SAVCOR GRP LTD            SAV            25.90        -10.32
STERLING PLANTAT          SBI            55.20        -11.32
STONE RESOURCES           SHK            21.01         -5.58
STRAITS RESOURCE          SRQ           185.04        -65.47
TZ LTD                    TZL            12.45        -10.10
VDM GROUP LTD             VMG            17.70         -2.10


CHINA

ANHUI GUOTONG-A            600444        75.69         -6.25
BAIOO                        2100        88.34         -3.21
CHANG JIANG-A                 520        85.63       -803.28
HUNAN TIANYI-A                908        56.58         -1.61
JIANGXI CHANG-A            600228       110.07         -9.15
LUOYANG GLASS-A            600876       203.45         -2.05
LUOYANG GLASS-H              1108       203.45         -2.05
NANNING CHEMIC-A           600301       344.15         -9.59
SHAANXI QINLIN-A           600217       349.25        -14.52
SHANG BROAD-A              600608        35.87         -0.22
SHANGHAI CHAOR-A             2506       577.79       -465.36
TIANGE                       1980       139.51        -13.82
WUHAN BOILER-B             200770       203.68       -218.32


HONG KONG

BEIJINGWEST INDU             2339        28.39        -57.06
BIRMINGHAM INTER             2309        59.86        -21.91
C FOOD&BEV GP                8272        50.10         -4.36
CHINA E-LEARNING             8055        13.33         -4.07
CHINA HEALTHCARE              673        27.19        -12.96
CHINA OCEAN SHIP              651       315.16        -76.51
CNC HOLDINGS                 8356        42.92        -52.59
CROWN INTERNATIO              727        64.61         -5.12
EFORCE HLDGS LTD              943        55.72        -17.55
GR PROPERTIES LT              108        17.83        -52.36
GRANDE HLDG                   186       205.00       -295.25
HARMONIC STR                   33        32.93         -2.03
MASCOTTE HLDGS                136        18.90        -12.88
MEGA EXPO HOLDIN             1360        17.00         -0.53
PALADIN LTD                   495       148.01        -14.35
PROVIEW INTL HLD              334       314.87       -294.85
SINO DISTILLERY                39        72.30         -7.54
SINO RESOURCES G              223        30.65        -17.93
SURFACE MOUNT                 SMT        41.44         -9.21
TITAN PETROCHEMI             1192       422.49     -1,073.54


INDONESIA

APAC CITRA CENT          MYTX           172.86        -12.52
ARPENI PRATAMA           APOL           182.55       -333.91
ASIA PACIFIC             POLY           330.86       -853.09
BAKRIE & BROTHER         BNBR           956.98       -156.77
BAKRIE TELECOM           BTEL           748.76       -111.71
BERLIAN LAJU TAN         BLTA         1,074.01     -1,177.97
BERLIAN LAJU TAN         BLTA         1,074.01     -1,177.97
BUMI RESOURCES           BUMI         6,764.90       -242.51
ICTSI JASA PRIMA         KARW            54.93         -6.88
JAKARTA KYOEI ST         JKSW            23.75        -35.86
MATAHARI DEPT            LPPF           282.58        -74.21
ONIX CAPITAL TBK         OCAP            11.39         -1.66
PRIMARINDO ASIA          BIMA            11.89        -16.86
RENUKA COALINDO          SQMI            17.04         -0.33
SUMALINDO LESTAR         SULI            77.74        -33.80
UNITEX TBK               UNTX            18.83        -18.53


INDIA

ABHISHEK CORPORA         ABSC            53.66        -25.51
AGRO DUTCH INDUS          ADF            85.09        -22.81
ALPS INDUS LTD           ALPI           201.29        -41.70
AMIT SPINNING            AMSP            12.85         -7.68
ARTSON ENGR               ART            11.64        -10.64
ASHAPURA MINECHE         ASMN           162.39        -16.64
ASHIMA LTD               ASHM            63.23        -48.94
ATV PROJECTS              ATV            48.47        -43.93
BELLARY STEELS           BSAL           451.68       -108.50
BENZO PETRO INTL          BPI            26.77         -1.05
BHAGHEERATHA ENG         BGEL            22.65        -28.20
BINANI INDUS LTD          BZL         1,163.38        -38.79
BLUE BIRD INDIA          BIRD           122.02        -59.13
CELEBRITY FASHIO         CFLI            24.96         -8.26
CHESLIND TEXTILE          CTX            20.51         -0.03
CLASSIC DIAMONDS          CLD            66.26         -6.84
COMPUTERSKILL             CPS            14.90         -7.56
DCM FINANCIAL SE        DCMFS            18.46         -9.46
DFL INFRASTRUCTU         DLFI            42.74         -6.49
DIGJAM LTD               DGJM            99.41        -22.59
DISH TV INDIA            DITV           462.53        -52.19
DISH TV INDI-SLB       DITV/S           462.53        -52.19
DUNCANS INDUS             DAI           122.76       -227.05
ENSO SECUTRACK           ENSO            15.57         -0.46
EURO CERAMICS            EUCL           110.62         -6.83
EURO MULTIVISION         EURO            36.94         -9.95
FERT & CHEM TRAV          FCT           314.24        -76.26
GANESH BENZOPLST          GBP            44.05        -15.48
GANGOTRI TEXTILE         GNTX            54.67        -14.22
GOKAK TEXTILES L         GTEX            46.36         -0.29
GOLDEN TOBACCO            GTO            97.40        -18.24
GSL INDIA LTD             GSL            29.86        -42.42
GSL NOVA PETROCH         GSLN            16.53         -1.31
GUJARAT STATE FI          GSF            15.26       -304.68
GUPTA SYNTHETICS        GUSYN            44.18         -6.34
HARYANA STEEL            HYSA            10.83         -5.91
HEALTHFORE TECHN         HTEC            14.74        -46.64
HINDUSTAN ORGAN           HOC            57.24        -51.76
HINDUSTAN PHOTO          HPHT            49.58     -1,832.65
HIRAN ORGOCHEM             HO            14.56         -4.59
HMT LTD                   HMT           106.62       -454.42
ICDS                     ICDS            13.30         -6.17
INDAGE RESTAURAN          IRL            15.11         -2.35
INDOSOLAR LTD            ISLR           193.78         -6.91
INTEGRAT FINANCE          IFC            49.83        -51.32
JCT ELECTRONICS          JCTE            80.08        -76.70
JENSON & NIC LTD           JN            16.49        -71.70
JET AIRWAYS IND         JETIN         2,856.84       -697.07
JET AIRWAYS -SLB      JETIN/S         2,856.84       -697.07
JOG ENGINEERING           VMJ            45.90         -5.28
KALYANPUR CEMENT         KCEM            23.39        -42.66
KERALA AYURVEDA          KERL            13.97         -1.69
KIDUJA INDIA              KDJ            11.16         -3.43
KINGFISHER AIR           KAIR           515.93     -2,371.26
KINGFISHER A-SLB       KAIR/S           515.93     -2,371.26
KITPLY INDS LTD           KIT            14.77        -58.78
KLG SYSTEL LTD           KLGS            40.64        -27.37
KM SUGAR MILLS           KMSM            19.14         -0.47
KSL AND INDUSTRI        KSLRI           269.42        -14.19
LML LTD                   LML            43.95        -78.18
MADHUCON PROJECT        MDHPJ         1,226.74        -21.90
MADRAS FERTILIZE          MDF           289.78        -34.43
MAHA RASHTRA APE         MHAC            14.49        -12.96
MALWA COTTON             MCSM            44.14        -24.79
MAWANA SUGAR             MWNS           142.07        -32.88
MILTON PLASTICS          MILT            17.67        -51.22
MODERN DAIRIES            MRD            38.61         -3.81
MOSER BAER INDIA          MBI           727.13       -165.63
MOSER BAER -SLB         MBI/S           727.13       -165.63
MTZ POLYFILMS LT          TBE            31.94         -2.57
MURLI INDUSTRIES         MRLI           262.39        -38.30
MYSORE PAPER             MSPM            87.99         -8.12
NATL STAND INDI          NTSD            22.09         -0.73
NAVCOM INDUS LTD          NOP            10.19         -3.53
NICCO CORP LTD           NICC            71.84         -4.91
NICCO UCO ALLIAN         NICU            23.25        -83.90
NK INDUS LTD              NKI           141.35         -7.71
NRC LTD                  NTRY            63.70        -53.01
NUCHEM LTD                NUC            24.72         -1.60
PANCHMAHAL STEEL          PMS            51.02         -0.33
PARAMOUNT COMM           PRMC           124.96         -0.52
PARASRAMPUR SYN           PPS            99.06       -307.14
PAREKH PLATINUM          PKPL            61.08        -88.85
PIONEER DISTILLE          PND            53.74         -5.62
PREMIER INDS LTD         PRMI            11.61         -6.09
PRIYADARSHINI SP         PYSM            20.80         -2.28
QUADRANT TELEVEN         QDTV           127.72       -153.54
QUINTEGRA SOLUTI          QSL            16.76        -17.45
RAMSARUP INDUSTR         RAMI           433.89        -89.28
RATHI ISPAT LTD          RTIS            44.56         -3.93
RELIANCE MED-SLB        RMW/S           276.99        -88.49
RENOWNED AUTO PR          RAP            14.12         -1.25
RMG ALLOY STEEL           RMG            66.61        -12.99
ROYAL CUSHION            RCVP            14.70        -75.18
SAAG RR INFRA LT         SAAG            12.54         -4.93
SADHANA NITRO             SNC            16.74         -0.58
SANATHNAGAR ENTE         SNEL            49.23         -6.78
SANCIA GLOBAL IN         SGIL            53.12        -30.47
SBEC SUGAR LTD          SBECS            92.44         -5.61
SERVALAK PAP LTD         SLPL            61.57         -7.63
SHAH ALLOYS LTD            SA           168.13        -81.60
SHALIMAR WIRES           SWRI            21.39        -24.28
SHAMKEN COTSYN            SHC            23.13         -6.17
SHAMKEN MULTIFAB          SHM            60.55        -13.26
SHAMKEN SPINNERS          SSP            42.18        -16.76
SHREE GANESH FOR         SGFO            44.50         -2.89
SHREE KRISHNA            SHKP            14.62         -0.92
SHREE RAMA MULTI         SRMT            38.90         -4.49
SHREE RENUKA SUG         SHRS         2,162.34        -82.52
SHREE RENUKA-SLB       SHRS/S         2,162.34        -82.52
SIDDHARTHA TUBES          SDT            44.95        -15.37
SIMBHAOLI SUGAR          SBSM           268.76        -54.47
SPICEJET LTD             SJET           489.96       -170.22
SQL STAR INTL             SQL            10.58         -3.28
STATE TRADING CO          STC           556.35       -392.74
STELCO STRIPS            STLS            14.90         -5.27
STI INDIA LTD            STIB            21.69         -2.13
STL GLOBAL LTD           SHGL            30.73         -5.62
STORE ONE RETAIL         SORI            15.48        -59.09
SUPER FORGINGS            SFS            14.62         -7.00
SURYA PHARMA             SUPH           370.28         -9.97
SUZLON ENERG-SLB       SUEL/S         5,061.62        -53.02
SUZLON ENERGY            SUEL         5,061.62        -53.02
TAMILNADU JAI            TNJB            17.07         -1.00
TATA METALIKS             TML           122.76         -3.30
TATA TELESERVICE         TTLS         1,311.30       -138.25
TATA TELE-SLB          TTLS/S         1,311.30       -138.25
TODAYS WRITING           TWPL            18.58        -25.67
TRIUMPH INTL             OXIF            58.46        -14.18
TRIVENI GLASS            TRSG            19.71        -10.45
TUTICORIN ALKALI         TACF            19.86        -19.58
UDAIPUR CEMENT W          UCW            11.38        -10.53
UNIFLEX CABLES           UFCZ            47.46         -7.49
UNIWORTH LTD               WW           149.50       -151.14
UNIWORTH TEXTILE          FBW            22.54        -35.03
USHA INDIA LTD           USHA            12.06        -54.51
VANASTHALI TEXT           VTI            14.59         -5.80
VENUS SUGAR LTD            VS            11.06         -1.08
WANBURY LTD              WANB           141.86         -3.91
WEBSOL ENERGY SY         WESL           105.10        -23.79


JAPAN

GOYO FOODS INDUS             2230        11.93         -1.86
LCA HOLDINGS COR             4798        19.37         -7.17
OPTROM INC                   7824        17.71         -2.66
PIXELA CORP                  6731        15.08         -1.63


KOREA

HYUNDAI CEMENT               6390       454.92       -262.92
SHINIL ENG CO               14350       199.04         -2.53
STX CORPORATION             11810     1,275.13       -484.08
STX ENGINE CO LT            77970     1,170.67        -62.72
TEC & CO                     8900       139.98        -16.61
TONGYANG INC                 1520     1,068.15       -452.52
TONGYANG INC-2PF             1527     1,068.15       -452.52
TONGYANG INC-3RD             1529     1,068.15       -452.52
TONGYANG INC-PFD             1525     1,068.15       -452.52
VERITAS INVESTME            19660        16.04         -0.09


MALAYSIA

DING HE MINING            705            75.97        -26.38
HAISAN RESOURCES          HRB            39.97        -11.83
HIGH-5 CONGLOMER         HIGH            34.30        -46.85
ML GLOBAL BHD             MLG            17.74         -3.63
PERWAJA HOLDINGS         PERH           632.62         -7.46
PETROL ONE RESOU         PORB            51.39         -4.00


PHILIPPINES

CYBER BAY CORP           CYBR            13.72        -23.36
DFNN INC                 DFNN            13.15         -2.31
FILSYN CORP A             FYN            23.11        -11.69
FILSYN CORP. B           FYNB            23.11        -11.69
GOTESCO LAND-A             GO            21.76        -19.21
GOTESCO LAND-B            GOB            21.76        -19.21
LIBERTY TELECOMS          LIB            91.11        -40.80
METRO GLOBAL HOL           FC            40.90        -15.77
PICOP RESOURCES           PCP           105.66        -23.33
STENIEL MFG               STN            21.07        -11.96
UNIWIDE HOLDINGS           UW            50.36        -57.19


SINGAPORE

ADVANCE SCT LTD          ASCT            19.68        -22.46
CHINA GREAT LAND          CGL            16.52        -19.01
HL GLOBAL ENTERP         HLGE            83.11         -4.63
OCEANUS GROUP LT        OCNUS            85.03         -5.53
QT VASCULAR LTD          QTVC            10.21        -25.76
SCIGEN LTD-CUFS           SIE            46.71        -55.42
SINGAPORE EDEVEL          SGE            20.68         -9.36
TERRATECH GROUP          TEGP            13.55         -5.24
TT INTERNATIONAL          TTI           399.33        -11.36
UNITED FIBER SYS          UFS            51.61        -76.05


THAILAND

ABICO HLDGS-F         ABICO/F            15.28         -4.40
ABICO HOLDINGS          ABICO            15.28         -4.40
ABICO HOLD-NVDR       ABICO-R            15.28         -4.40
ASCON CONSTR-NVD      ASCON-R            59.78         -3.37
ASCON CONSTRUCT         ASCON            59.78         -3.37
ASCON CONSTRU-FO      ASCON/F            59.78         -3.37
BANGKOK RUBBER            BRC            77.91       -114.37
BANGKOK RUBBER-F        BRC/F            77.91       -114.37
BANGKOK RUB-NVDR        BRC-R            77.91       -114.37
BIG CAMERA COP-F        BIG/F            19.86        -13.03
BIG CAMERA CORP           BIG            19.86        -13.03
BIG CAMERA -NVDR        BIG-R            19.86        -13.03
CIRCUIT ELEC PCL       CIRKIT            16.79        -96.30
CIRCUIT ELEC-FRN     CIRKIT/F            16.79        -96.30
CIRCUIT ELE-NVDR     CIRKIT-R            16.79        -96.30
ITV PCL-NVDR            ITV-R            36.02       -121.94
K-TECH CONSTRUCT        KTECH            38.87        -46.47
K-TECH CONSTRUCT      KTECH/F            38.87        -46.47
K-TECH CONTRU-R       KTECH-R            38.87        -46.47
KUANG PEI SAN          POMPUI            17.70        -12.74
KUANG PEI SAN-F      POMPUI/F            17.70        -12.74
KUANG PEI-NVDR       POMPUI-R            17.70        -12.74
PATKOL PCL              PATKL            52.89        -30.64
PATKOL PCL-FORGN      PATKL/F            52.89        -30.64
PATKOL PCL-NVDR       PATKL-R            52.89        -30.64
PICNIC CORP-NVDR      PICNI-R           101.18       -175.61
PICNIC CORPORATI        PICNI           101.18       -175.61
PICNIC CORPORATI      PICNI/F           101.18       -175.61
SHUN THAI RUBBER        STHAI            19.89         -0.59
SHUN THAI RUBB-F      STHAI/F            19.89         -0.59
SHUN THAI RUBB-N      STHAI-R            19.89         -0.59
TONGKAH HARBOU-F        THL/F            62.30         -1.84
TONGKAH HARBOUR           THL            62.30         -1.84
TONGKAH HAR-NVDR        THL-R            62.30         -1.84
TRANG SEAFOOD             TRS            15.18         -6.61
TRANG SEAFOOD-F         TRS/F            15.18         -6.61
TRANG SFD-NVDR          TRS-R            15.18         -6.61
TT&T PCL                 TTNT           589.80       -223.22
TT&T PCL-NVDR          TTNT-R           589.80       -223.22
TT&T PUBLIC CO-F       TTNT/F           589.80       -223.22
WORLD CORP -NVDR      WORLD-R            15.72        -10.10
WORLD CORP PCL          WORLD            15.72        -10.10
WORLD CORP PLC-F      WORLD/F            15.72        -10.10


TAIWAN

BEHAVIOR TECH CO        2341S            34.54         -2.57
BEHAVIOR TECH-EC        2341O            34.54         -2.57
HELIX TECH-EC           2479T            23.39        -24.12
HELIX TECH-EC IS        2479U            23.39        -24.12
HELIX TECHNOL-EC        2479S            23.39        -24.12
POWERCHIP SEM-EC        5346S         1,761.34       -296.10
TAIWAN KOL-E CRT        1606U           507.21       -147.14
TAIWAN KOLIN-EN         1606V           507.21       -147.14
TAIWAN KOLIN-ENT        1606W           507.21       -147.14




                             *********

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

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

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


                            *********


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

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

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

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

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



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