TCRAP_Public/150417.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, April 17, 2015, Vol. 18, No. 075


                            Headlines


A U S T R A L I A

30THIRTY PTY: Marketing Agency Placed Into Administration
BCD RESOURCES: PwC Appointed as Administrators
GVB SHELF: First Creditors' Meeting Set For April 22
MAIN INDUSTRIAL: Administrators Seek Expression of Interest
PFSI PTY: First Creditors' Meeting Slated For April 22

SPECIAL TASK: In Liquidation; Creditors' Meeting Set April 24
* AUSTRALIA: Over 6K Independent Hardware Stores to Close by 2024


C H I N A

CHINA METALLURGICAL: S&P Hikes LT Corp Credit Rating From 'BB+'
KAISA GROUP: Public Float at 20.81pc, Below 25pc Requirement


I N D I A

ADITYA STEEL: CRISIL Reaffirms B Rating on INR170MM Cash Loan
AKT INTERNATIONAL: CRISIL Reaffirms B Rating on INR280MM Loan
AMRIT BIO-ENERGY: CRISIL Suspends D Rating on INR216MM Loan
ANRAK ALUMINIUM: CARE Revises Rating on INR2,995cr Loan to D
ASHIRWAD CHAIN: CRISIL Suspends D Rating on INR105MM Bank Loan

B S TAR: CRISIL Suspends B+ Rating on INR55MM Cash Credit
BELGACHI TEA: CARE Revises Rating on INR12.34cr Loan From B+
BENTEC INDIA: CRISIL Ups Rating on INR150MM Cash Loan to B
BMC FERROCAST: CRISIL Suspends B+ Rating on INR57.5MM Term Loan
BUDHIA AGENCIES: CRISIL Suspends B+ Rating on INR152.5MM Loan

BUSH FOODS: CRISIL Suspends D Rating on INR2.67BB Packing Loan
CHITRA UTSAV: CRISIL Ups Rating on INR162M Discounting Loan to B-
CLASSIC WEARS: CRISIL Suspends D Rating on INR92.2MM Term Loan
DINESH INFRAPROJECTS: CRISIL Suspends B- Rating on INR27MM Loan
HYGIENE FEEDS: CRISIL Suspends B Rating on INR90MM Cash Loan

INDIAN YARN: CARE Reaffirms D Rating on INR67.25cr LT Loan
ISPAT ALLOYS: CRISIL Suspends D Rating on INR120MM Term Loan
JAGDAMBA TIMBERS: CARE Reaffirms B/A4 Rating on INR2cr Bank Loan
LAVASA HOTEL: CARE Reaffirms B Rating on INR18.81cr LT Loan
NAV DURGA: CARE Reaffirms B Rating on INR85.97cr LT Loan

NAV ENGINEERS: CRISIL Suspends D Rating on INR49.7MM Term Loan
NIRBHAI TEXTILES: CRISIL Suspends B- Rating on INR157MM Loan
ORBIT RESORTS: CARE Reaffirms B+ Rating on INR232.74cr LT Loan
PARVATI AGRO: CARE Reaffirms B+ Rating on INR17.27cr LT Loan
PREMIER COTSPIN: CRISIL Suspends B+ Rating on INR115MM Term Loan

PULSE POWER: CRISIL Suspends B Rating on INR32.5MM Cash Loan
R. PIYARELALL: CRISIL Suspends D Rating on INR550MM LOC
R. PIYARELALL IRON: CRISIL Suspends D Rating on INR250MM Loan
RADHA-RUKMAN: CARE Reaffirms B+ Rating on INR22.11cr Loan
RAJEEV KUMAR: CARE Assigns B Rating to INR0.8cr LT Bank Loan

ROCK REGENCY: CARE Reaffirms B- Rating on INR5.41cr LT Loan
RR FABS: CARE Reaffirms B+ Rating on INR3.80cr LT Bank Loan
SANWARIYA IMPEX: CARE Assigns B+ Rating to INR6.52cr LT Loan
SHRESHT INDUSTRIES: CRISIL Rates INR110MM Bank Loan at B
SHRI GURU: CARE Revises Rating on INR30cr LT Bank Loan to B+

SONARCH INT'L: CARE Revises Rating on INR22.5cr Loan From B+
SRI RAM: CRISIL Suspends B- Rating on INR270MM Cash Credit
STAR WIRE: CARE Lowers Rating on INR53.60cr LT Loan to D
STERIMED SURGICALS: CRISIL Ups Rating on INR30MM Cash Loan to B
SUNIL GARG: CRISIL Suspends B+ Rating on INR35MM Cash Credit

TRANSSTROY (INDIA): CARE Lowers Rating on INR938.32cr Loan to D
VARAD EXTRUSIONS: CARE Revises Rating on INR5.68cr Loan From B+
WHITE LOTUS: CRISIL Reaffirms B Rating on INR104.5MM Bank Loan


I N D O N E S I A

BUMI SERPONG: Fitch Publishes 'BB-' IDR; Outlook Stable
BUMI SERPONG: Moody's Assigns Ba3 Corporate Family Rating
LIPPO KARAWACI: Fitch Affirms 'BB-' IDR; Outlook Stable


N E W  Z E A L A N D

KIWI FORESTRY: Two Units' Collapse Hurt Truck Firms


S I N G A P O R E

JONES THE GROCER: Singapore Unit's Assets Up For Sale


S R I  L A N K A

SRILANKAN AIRLINES: Is 'Technically' Insolvent


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


30THIRTY PTY: Marketing Agency Placed Into Administration
---------------------------------------------------------
30thirty Pty Ltd, a marketing agency which represented well-known
businesses including Everready, Adriano Zumbo, Magnum, Nikon and
Schick, has collapsed into administration.

SmartCompany says the business had turnover last financial year of
AUD4.4 million but it ran into trouble, with Kathleen Vouris and
Blair Pleash of Hall Chadwick appointed as administrators this
week.

Ms. Vouris told SmartCompany creditors are owed around $670,000.

"We are still assessing the financial position of the company but
obviously the goal of an administration is to see if a
restructuring process can be put in place," the report quotes Ms.
Vouris as saying.

30thirty's remaining 10 employees were already let go prior to the
appointment of the administrators, the report notes.
SmartCompany relates that Ms. Vouris said cash flow was the major
issue behind 30thirty's collapse.

The report says the administrators are "exploring all the options"
including a potential sale of the business.

"We just need to get our heads around the financial position," Ms.
Vouris told SmartCompany.

30thirty -- http://3030.com.au/-- was founded in 2001 and billed
itself as a "multi award winning integrated marketing agency," the
report discloses.  Its services included marketing strategy,
social media, photography, art direction, licensing and
sponsorship.


BCD RESOURCES: PwC Appointed as Administrators
----------------------------------------------
BCD Resources NL announced on April 10 the appointment of
Administrators Messrs Gregory Hall and William Honner of
PricewaterhouseCoopers, Sydney, acting on behalf of MKS Precious
Metals (formerly MKS Capital Limited).

The appointment of Voluntary Administrators provides a brief
moratorium period during which the Administrators will work with
various parties to develop proposals to put to creditors, who will
then decide the future of the company.

"We understand that a Deed of Company Arrangement may be proposed,
which the Administrators would put to creditors in the meeting to
decide the Company's future.  BCD will remain in voluntary
suspension throughout the appointment of the Receivers and
Managers and Administrators," BCD said in statement to the stock
exchange.

As previously advised, in January 2015, BCD advised the ASX that
MKS Precious Metals had appointed Messrs Chris Palmer and Bryan
Collis of O'Brien Palmer as Receiver and Manager of BCD.

Prior to this appointment site works at Lorena were put on hold so
that the Company could review the development costs and negotiate
its funding requirements to complete the development and
commissioning of Lorena.

Following the Company's review of the cost and timing to complete
the development of Lorena, BCD has been in discussions with
Malachite regarding a potential restructure of the current JV
agreement to assist the Company with its additional funding
requirements.

"BCD and its Receiver and Manager have now been advised by
Malachite that BCD has to date not fully met its obligations to
develop the Lorena Gold Project and that Malachite has a right to
terminate the agreement with BCD. Notwithstanding this, Malachite
remains in discussions with the Receiver and Manager and is
awaiting information from them to consider their latest proposal
together with details of the proposed DOCA," the company said.

                        About BCD Resources

Based in Australia, BCD Resources NL, formerly Beaconsfield Gold
NL, -- http://www.bcdresources.com.au/-- engages in the gold
production and exploration at the Tasmania Mine in north-east
Tasmania and mineral exploration in Tasmania and Victoria.
Beaconfield gold mine is located in Beaconsfield, Tasmania,
Australia.


GVB SHELF: First Creditors' Meeting Set For April 22
----------------------------------------------------
Bradd William Morelli of Jirsch Sutherland was appointed as
administrator of GVB Shelf Pty Ltd on April 10, 2015.

A first meeting of the creditors of the Company will be held at
Jirsch Sutherland, Level 4, 55 Hunter Street, in Sydney, on
April 22, 2015, at 10:00 a.m.


MAIN INDUSTRIAL: Administrators Seek Expression of Interest
-----------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that urgent expressions
of interest are being sought for the sale of the assets and
business or equity investment of Main Industrial and Electrical
Pty Ltd.

Assets for sale include goodwill and related intellectual property
that includes established customer base, equipment and plant,
fully fitted out motor vehicles, office equipment, stock and
leased premises. The sale may also include the Laser Group
membership which is subject to the consent of the group.

Main Industrial and Electrical operates an electrical business
mainly offering maintenance services to retail and commercial
customers in Adelaide Metropolitan, South Australia and CBD areas.

The company, which trades as Laser Electrical Adelaide CBD, was
placed into administration on April 8, 2015 with Desmond Robert
Munro, Alan Scott and Stuart Otway of BRI Ferrier being appointed
administrators.


PFSI PTY: First Creditors' Meeting Slated For April 22
------------------------------------------------------
Gavin Moss & Nick Combis of Vincents Chartered Accountants were
appointed as administrators of PFSI Pty Ltd, formerly known As
"Pro-Finish Shop Fitting & Interiors Pty Ltd, on April 10, 2015.

A first meeting of the creditors of the Company will be held at
The Theatrette, Wollongong Central Library, 41 Burelli Street, in
Wollongong, New South Wales, on April 22, 2015, at 4:00 p.m.


SPECIAL TASK: In Liquidation; Creditors' Meeting Set April 24
-------------------------------------------------------------
Timothy Clifton and Simon Miller of Clifton Hall were appointed as
Joint and Several Liquidators of Special Task Group Pty Ltd on
April 14, 2015.

A meeting of creditors will be held at 11:00 a.m. on April 24,
2015, at Clifton Hall, Level 3, 431 King William Street, in
Adelaide.


* AUSTRALIA: Over 6K Independent Hardware Stores to Close by 2024
-----------------------------------------------------------------
Cara Waters at SmartCompany reports that the number of hardware
stores in Australia is set to fall from 20,920 to 14,050 over the
next 10 years, with 6142 independent retailers set to close by
2024, according to a GDC Advisory forecast.

Intensifying competition in the hardware market between
Wesfarmers-owned Bunnings and Woolworths-owned Masters led the
Australian Competition and Consumer Commission in 2012 to oppose
Woolworths' proposed acquisition of an independent chain of three
hardware stores owned by G Gay & Co in Ballarat, Victoria,
according to the report.

SmartCompany relates that the latest GDC Advisory report, titled
Home Improvement Industry Market Report 2014, showed specialist
hardware companies, including Reece Plumbing, Dulux and Kresta,
accounted for 46% of the AUD45.3 billion Australian market in
2014.

This was followed by a 23% share by big box retailers, including
Bunnings and Masters, 9% through buying groups, 3% through
independents, 1% through online retailers and 18% through other
sources, SmartCompany relays.

But spending at independent hardware retailers is set to contract
at a compound annual growth rate of 2% per year over the next
decade, with total revenues dropping from AUD1.2 billion in 2014
to just AUD994 million in 2024, according to SmartCompany.

By contrast, over the same period, spending at specialist
retailers is set to grow from AUD20.8 billion to AUD28 billion,
big box revenues will surge from AUD10.2 billion to AUD22 billion,
and online will grow from AUD252 million to AUD670 million,
SmartCompany states.

But it's in the number of stores that the independent hardware
sector is really going to be hammered, according to GDC Advisory.

According to SmartCompany, the figures show the number of
independent hardware stores has fallen from 18,251 in 2012 to
15,948, with the number of independents set to collapse further to
just 9756 in 2014.

A similar report, published in March by IBISWorld, titled Hardware
and Building Supplies Retailing in Australia, showed 80,027 people
are employed in the hardware and building supplies retailing
industry, meaning thousands of jobs will potentially be lost as a
result of the closures, SmartCompany reports.

GDC Advisory director Geoff Dart told SmartCompany a number of
factors are contributing to the closure of independent hardware
stores.

"The first thing is it's a pretty tough market, and the second
thing is the competition is intensifying from the corporates --
Woolies with Masters and Wesfarmers with Bunnings -- and Mitre 10
are still aggressive," the report quotes Mr. Dart as saying.

"Mitre 10 is owned by Metcash, who also own IGA. With IGA, many of
the stores are joint ventures where Metcash might own 26% and the
independent store owner will own the rest, and they're doing
something similar with Mitre 10 joint ventures."

"You also have the issue of succession planning. A lot of baby
boomers are getting close to retirement and no one wants to take
over the business, even if it's doing well."

SmartCompany says the growing market penetration of big box
retailers is also leading many independents to form their own
buying groups.

"HBT -- which is a growing buying group for independent hardware
stores -- has now grown to over 500 members," Mr. Dart, as cited
by SmartCompany, said.




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C H I N A
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CHINA METALLURGICAL: S&P Hikes LT Corp Credit Rating From 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on China Metallurgical Group
Corp. (MCC) to 'BBB-' from 'BB+'. The outlook is stable.

"We also raised our Greater China regional scale rating on the
China-based engineering and construction (E&C) company to 'cnA-'
from 'cnBBB+'. At the same time, we raised the long-term issue
rating on the US$500 million senior unsecured notes issued by MCC
Holding (Hong Kong) Corp. Ltd. and guaranteed by MCC to 'BBB-'
from 'BB+'. We also raised our long-term Greater China regional
scale rating on the notes to 'cnA-' from 'cnBBB+'."

"The upgrade reflects our expectation that MCC will continue to
generate positive operating cash flows over the next one to two
years," said Standard & Poor's credit analyst Leo Hu.

"MCC's business risk profile has improved following enhanced
operating efficiency, as shown in the company's sustained
generation of positive operating cash flows over the past two
years. We therefore revised MCC's business risk profile to
"satisfactory" from "fair." In 2012, the company's senior
management shifted its strategic focus back to the core E&C
business, although still maintaining the supplementary business
segments, and placed high priority on cash collection and strict
working capital management. As a result, the company materially
reduced its working capital outflow, leading to positive operating
cash flows in 2013 and 2014, compared with negative Chinese
renminbi (RMB) 30 billion in 2010."

"We see a limited likelihood of further material losses in MCC's
resources segment over the next 12-24 months. The performance of
MCC's resources segment has improved, as shown by 50% lower
operating losses in 2014 compared with 2013. The enhanced
performance was a result of the company's significant efforts over
the past two years to reorganize and ramp up production at its
existing resource projects."

"In our view, MCC will continue to use its free operating cash
flows [FOCF] to repay debt, as it has been doing over the past two
years," said Mr. Hu. "We expect the company's tight working
capital management and reduced capital expenditure to support its
debt-reduction initiative."

"MCC's bills and accounts receivables increased moderately by
about RMB2 billion in 2014 because of the focus on cash
collection, while the inventory level was largely unchanged. In
addition, the company reduced its total capital expenditure to
less than RMB2 billion in 2014, from RMB6 billion in 2012, as it
slashed investments aimed at non-core business expansion. We
expect MCC's continued focus on its core business to further
reduce working capital outflows while keeping capital expenditure
at maintenance levels, thereby keeping FOCF positive."

"The stable outlook reflects our expectation that MCC will
maintain its steady financial performance over the next 12-24
months. We anticipate that the company will maintain its
profitability while continuing to limit working capital outflow,
and use positive FOCF to repay debt, leading to steadily improving
credit metrics. We also assume that MCC will continue to restrict
its capital expenditure while ramping up production at its
resources projects to reduce net operating losses in that segment.
However, the company's financial leverage will remain high over
the next 12 months, despite improving."

"We could raise the rating if MCC materially improves its
financial risk profile, such that its debt-to-EBITDA ratio is less
than 4.5x on a sustained basis with EBITDA interest coverage of
more than 3x. This could happen if the company's profitability and
working capital are higher than we anticipate and it continues to
use most of its FOCF to repay debt."

"We could lower the rating if MCC's financial risk profile
deteriorates, as indicated by EBITDA interest coverage approaching
2x. Weaker-than-expected profitability or working capital as a
result of increasing competition in the Chinese E&C industry, or
MCC's increasing appetite for debt-funded acquisition or expansion
could lead to such a scenario, in our view."


KAISA GROUP: Public Float at 20.81pc, Below 25pc Requirement
------------------------------------------------------------
The South China Morning Post reports that Kaisa Group Holdings
said on April 16 its public float fell to 20.81 per cent, below
the minimum regulatory requirement of 25 per cent.

Trading in Kaisa shares has been suspended since March 31, 2015,
the report says.

According to the report, the Shenzhen-based developer said in a
stock exchange filing that the family of chairman Kwok Ying-shing
holds a 49.25 per cent stake in the company, while 29.94 per cent
is owned by the Sino Life group.

Kaisa's outstanding shares stood at 1.06 billion, the report
notes.

Kwok, who resigned about three months ago, returned as chairman
last week, SCMP recalls.

SCMP relates that Houlihan Lokey (China), the financial advisor in
the restructuring of the group's debt obligations, said they will
take into account the current shortfall of the public float.

It would assist Kaisa in reviewing and assessing various options
and in formulating a plan to implement an appropriate debt
restructuring, the report relays citing a company statement.

Kaisa, which is reportedly under an anti-graft investigation, is
struggling to restructure US$7.6 billion of debt, the report
notes. It failed to pay US$52 million in interest due on March 18
and March 19 on offshore notes, but was given a one-month grace
period, says SCMP.

                        About Kaisa Group

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

As reported in the Troubled Company Reporter-Asia Pacific on March
9, 2015, Moody's Investors Service said that Kaisa Group Holdings
Ltd's proposed onshore debt restructuring, if successful, will
constitute a distressed debt exchange -- a default event under
Moody's definition -- but has no immediate impact on its Ca
corporate family and senior unsecured debt ratings.  The
transaction will also help reduce near-term liquidity stress.  The
ratings remain under review for upgrade.

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

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

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



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I N D I A
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ADITYA STEEL: CRISIL Reaffirms B Rating on INR170MM Cash Loan
-------------------------------------------------------------
CRISIL ratings on the bank facilities of Aditya Steel Rolling
Mills Pvt Ltd (ASRM) continue to reflect ASRM's below-average
financial risk profile marked by its small net worth, high total
outside liabilities to tangible net worth ratio and below-average
debt protection metrics.

                    Amount
   Facilities      (INR Mln)     Ratings
   ----------      ---------     -------
   Bank Guarantee      40        CRISIL A4 (Reaffirmed)
   Cash Credit        170        CRISIL B/Stable (Reaffirmed)
   Term Loan           10        CRISIL B/Stable (Reaffirmed)

The ratings also factor in the company's large working capital
requirements, and its exposure to intense competition in the steel
trading segment. These rating weaknesses are partially offset by
the extensive experience of ASRM's promoters in the steel trading
business, and its established relations with customers.

Outlook: Stable

CRISIL believes that ASRM will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relations with customers. The outlook may be revised
to 'Positive' if the company registers a substantial and sustained
improvement in its revenues and profitability margins, or there is
a sizeable increase in its net worth on the back of capital
additions by the promoters. Conversely, the outlook may be revised
to 'Negative' if there is a substantial decline in ASRM's
profitability margins, or deterioration in its capital structure
because of larger-than-expected working capital requirements.

Incorporated in 1994, ASRM manufactures and trades in thermo-
mechanically treated bars and other steel intermediaries (blooms,
billets, and ingots). The company is promoted by Mr. S K Khemka
and Mr. P K Khemka, who have about three decades' experience in
the steel business.


AKT INTERNATIONAL: CRISIL Reaffirms B Rating on INR280MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of AKT
International Pvt Ltd (AKT) continue to reflect small scale of and
short track record of operations in an intensely competitive gold
jewellery retailing market and below-average financial risk
profile.

                     Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Adhoc Limit           50        CRISIL B/Stable (Reaffirmed)

   Cash Credit          280        CRISIL B/Stable (Reaffirmed)

   Drop Line
   Overdraft Facility    30        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    40        CRISIL B/Stable (Reaffirmed)

These rating strengths are partially offset by the strong brand
presence of AKT's principal 'Tanishq'.

Outlook: Stable

CRISIL believes that AKT will benefit from the strong brand
presence of its principal 'Tanishq' in the gold jewellery business
over the medium term. The outlook may be revised to 'Positive' if
the company records significant and sustained improvement in its
revenue and operating margin resulting in improvement in capital
structure and debt protection metrics. Conversely, the outlook may
be revised to 'Negative' if there is low growth in revenue and
margins, or its working capital cycle stretches or if AKT
undertakes a large debt-funded capex leading to weakening of its
financial risk profile.

Update
AKT registered sales of around INR540 million for the nine months
through December 2014 and will report sales expected at INR650
million to INR700 million for 2014-15 (refers to financial year,
April 1 to March 31). It registered an operating income of around
INR327 million in 2013-14, on account of first full year of
operations. It reported operating margin of 7.0 per cent in 2013-
14. CRISIL believes that AKT's operating margin will remain around
7.0 per cent over the medium.

AKT's financial risk profile remained weak marked by low net worth
of INR47 million and high total outside liabilities to tangible
net worth ratio of 7.0 times for 2013-14. Its debt protection
metrics remained weak with low interest coverage and net cash
accruals to total debt of 1.69 times and 0.03 times respectively,
in 2013-14. CRISIL believes that AKT's financial risk profile will
remain weak over the medium term on account of low profitability
and working-capital-intensive operations leading to high reliance
on bank borrowings.

AKT's liquidity is expected to remain weak marked my sufficient
cash accruals of INR10 million to INR13 million expected over the
medium term against debt obligation of INR10 million. The
company's bank limits remained utilised at 91 per cent for the 12
months through December 2014. However, liquidity is supported by
equity infusion of INR9 million by promoters in 2014-15.

Incorporated in 2012 by Mr. Ashok Kumar Tiwari and his son Mr.
Akash Tiwari, AKT retails branded gold and diamond jewellery under
a franchise agreement with Tanishq (jewellery brand of Titan
Company Ltd [rated, 'CRISIL AA+/Stable/CRISIL A1+']). The company
has showrooms in Bareilly (Uttar Pradesh) and Haldwani
(Uttarakhand).


AMRIT BIO-ENERGY: CRISIL Suspends D Rating on INR216MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Amrit Bio-Energy and Industries Ltd (ABEIL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Funded Interest        44        CRISIL D Suspended
   Term Loan

   Term Loan             216        CRISIL D Suspended

   Working Capital        35        CRISIL D Suspended
   Term Loan

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

ABEIL was incorporated in 2004 under the Amrit group. The Amrit
group is mainly engaged in real estate development in West Bengal.
ABEIL set up a 10-megawatt biomass power plant in Bankati (West
Bengal) and has signed a power purchase agreement with West Bengal
State Electricity Board.


ANRAK ALUMINIUM: CARE Revises Rating on INR2,995cr Loan to D
------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Anrak Aluminium Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     2995       CARE D Revised
                                            from CARE BB

Rating Rationale
The revision in the ratings assigned to the bank facilities of
Anrak Aluminium Limited (AAL) factors in delays in the debt-
servicing on account of the delay in commencement of operations.

AAL was incorporated in 2007 and is promoted by Penna Group along
with Ras Al Khaimah Investment Authority (RAKIA - Investment Body
of Government of Ras Al Khaimah) to set up a 1.5 million tons per
annum (MTPA) alumina refinery along with 3*75 (225 MW) coal-based
co-generation power plant at Vishakhapatnam.

AAL executed Bauxite supply agreement with Andhra Pradesh Mineral
Development Corporation Ltd (APMDC). As per the agreement, APMDC
shall supply bauxite from four blocks covering an area of 1162
Hectares of Jerrala deposits with mineable reserves of 200 Million
tons. However, APMDC is waiting for Stage II clearance from the
Ministry of Environment and Forestry (MoEF). Despite completion of
the project and achieving commercial operations on March 31, 2013,
AAL's operations from the alumina refinery segment did not takeoff
due to non-availability of raw material (Bauxite) from Jerrala
mines. Currently AAL is operating 150 MW co-generation power
plants from November 2013. AAL has entered into short term Power
Purchase Agreement with power distribution companies in AP for
supply of 130MW of power at a tariff of INR5.45 per unit valid
till May 28, 2015.

During FY14 (refers to the period April 1 to March 31), AAL
reported operating income of INR73.77 crore and incurred loss of
INR40.65 crore. During 9MFY15 (UA), AAL achieved operating income
from power generation of INR361.75 crore and incurred loss of
INR0.79 crore.


ASHIRWAD CHAIN: CRISIL Suspends D Rating on INR105MM Bank Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ashirwad Chain Company (ACC, part of the Ashirwad group).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           95         CRISIL D

   Proposed Long Term
   Bank Loan Facility   105         CRISIL D

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

ACHPL, set up in 2012 by Mr. Amit Singla and his family, commenced
operations in April 2012 after taking over the operations of
Ashirwad Jewellery House (AJH). The company manufactures and sells
gold jewellery, particularly gold chains, in Delhi. Like ACHPL,
ACC is also in the gems and jewellery business.


B S TAR: CRISIL Suspends B+ Rating on INR55MM Cash Credit
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of B S Tar
Pvt Ltd (BS Tar).

                       Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              55       CRISIL B+/Stable
   Letter of Credit         10       CRISIL A4
   Standby Line of Credit    5       CRISIL B+/Stable

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

BS Tar was originally set up as a proprietorship firm in 1941; it
was reconstituted as a partnership concern, Bhagwandas Sagarmal,
in 1983. This firm was again reconstituted as a private limited
company with the current name in 1999. Owned by Mr. Santosh Kumar
Kedia and his family members, BS Tar is based in Kolkata (West
Bengal). The company manufactures coal tar pitch, dehydrated coal
tar, and a by-product, creosote oil; it also trades in coal tar.


BELGACHI TEA: CARE Revises Rating on INR12.34cr Loan From B+
------------------------------------------------------------
CARE revises/reaffirms the rating assigned to the bank facilities
of The Belgachi Tea Co. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    12.34       CARE BB- Revised
                                            from CARE B+

   Short-term Bank Facilities    0.58       CARE A4 Reaffirmed

Rating Rationale
The revision in the long-term rating of The Belgachi Tea Co. Ltd.
(TBL) takes into cognizance the successful commissioning of
capacity expansion project without any cost & time overrun and
improvement in profitability margins in FY14 (refers to the period
April 1 to March 31) vis-…-vis FY13. However, the ratings continue
to be constrained by its small scale of operation, leveraged
capital structure, inherent susceptibility of green leaf
availability to vagaries of the nature, highly labour-intensive
nature of business entailing substantial employee expenses and its
presence in a fragmented & competitive industry.

The ratings, however, draw comfort from the long track record &
satisfactory experience of the promoters in the tea industry,
moderate operational parameters and presence of backward
integration for the major raw material (i e, tea leaf).
The ability of the company to grow its scale of operation while
sustaining its profitability margin amidst agro-climatic risks as
well as the inherent cyclicality of the fixed cost intensive tea
industry would be the key rating sensitivities.

The Belgachi Tea Company Limited (TBL) was incorporated in 1921 by
Mr Musaddilal Dalmia, Mr Mathuraprasad Saroff and Mr Makhanlal
Saroff of West Bengal for cultivating and processing of black tea.
Over the years, there was multiple change of hands, the company,
in 2011, was acquired by the present promoter, Mr Apurba Guha, Mr
Amit Agarwal, Mr Vivek Agarwal and Mr Ankit Agarwal. The revamped
unit commenced operation from April, 2011 with processing capacity
of 5 Lakhs Kg per annum. After acquisition, the company undertook
expansion in phases and has increased the processing capacity to
32.50 Lakhs Kg Per Annum of CTC (Crush, Tear and Curl) tea by
August, 2014. Tea is sold by TBL through auctions and brokers.

Currently, TBL owns one tea estate named The Belgachi Tea Estate
in Darjeeling, West Bengal and its tea processing facility is
located near the tea estate, which process the leaf from the
garden. The aggregate area available for cultivation is 632.19
hectares; of which, the area under cultivation is 462.89 hectare,
having average yield of 24.80 kgs per hectare in FY14.


BENTEC INDIA: CRISIL Ups Rating on INR150MM Cash Loan to B
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Bentec India Ltd (BIL) to 'CRISIL B/Stable' from 'CRISIL B-
/Stable', while reaffirming its rating on the company's short-term
facilities at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        420       CRISIL A4 (Reaffirmed)

   Cash Credit           150       CRISIL B/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Letter of Credit       50       CRISIL A4 (Reaffirmed)

   Proposed Long Term     50       CRISIL B/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B-/Stable')

The rating upgrade reflects slight improvement in BIL's working
capital management backed by better collection of receivables and
receipt of retention money from its customers. This has resulted
in lower bank limit utilisation, and hence, to improvement in the
company's liquidity. CRISIL believes that the liquidity will
improve further backed by faster collection of receivables and
better working capital management.

The ratings reflect BIL's modest scale of operations and its
stretched liquidity because of working-capital-intensive
operations. These rating weaknesses are partially offset by the
extensive experience of BIL's promoter in the meter manufacturing
industry, the company's diverse customer profile, and its moderate
financial risk profile, marked by a strong net worth, low gearing
and moderate debt protection metrics.
Outlook: Stable

CRISIL believes that BIL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company's working
capital cycle improves on account of faster realisation of
receivables, or if its revenue and profitability increase
substantially, leading to higher cash accruals, thereby
strengthening its liquidity. Conversely, the outlook may be
revised to 'Negative' in case of any further stretch in BIL's
working capital cycle, or unanticipated capital expenditure, or a
decline in its profitability, leading to weakening of its
financial risk profile.

Incorporated in 1987, BIL (formerly known as Bentec Electricals
and Electronics Pvt Ltd) manufactures electric meters and
electrical wires. The company is promoted by Mr. Anup Bhartia.
BIL's main customers are various state electricity boards,
corporates such as Damodar Valley Corporation Ltd and National
Hydel Power Corporation Ltd, and various housing cooperatives. BIL
is based in Kolkata.

BIL reported a profit after tax (PAT) of INR4.98 million on net
sales of INR966.2 million for 2013-14 (refers to financial year,
April 1 to March 31), as against a PAT of INR5.72 million on net
sales of INR1227.4 million for 2012-13.


BMC FERROCAST: CRISIL Suspends B+ Rating on INR57.5MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of BMC
Ferrocast Pvt Ltd (BMC).

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          15.5      CRISIL B+/Stable Suspended
   Term Loan            57.5      CRISIL B+/Stable Suspended

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

BMC manufactures rear hubs and other castings with a capacity of
1200 tonnes per annum. The company, promoted by Mr. Mahabir Ram
and Mr. Deepak Dokania, started commercial operations in November
2012.


BUDHIA AGENCIES: CRISIL Suspends B+ Rating on INR152.5MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Budhia
Agencies Pvt Ltd (BAPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           25        CRISIL B+/Stable Suspended

   Inventory Funding
   Facility             152.5      CRISIL B+/Stable Suspended

   Proposed Long Term
   Bank Loan Facility     5.0      CRISIL B+/Stable Suspended

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

BAPL was set up in 2002 by Mr. Rahul Budhia and his family in
Ranchi (Jharkhand). The company is a dealer of TML's commercial
vehicles.


BUSH FOODS: CRISIL Suspends D Rating on INR2.67BB Packing Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Bush
Foods Overseas Pvt Ltd (Bush Foods).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          1980        CRISIL D Suspended
   Packing Credit       2670        CRISIL D Suspended
   Proposed Long Term    100        CRISIL D Suspended
   Bank Loan Facility
   Cash Credit          1850        CRISIL D Suspended
   Cash Credit           500        CRISIL D Suspended

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

Bush Foods was originally set up as a partnership firm in 1992 by
Mr. Virkaran Awasty; the firm was reconstituted as a private
limited company in 2005. Bush Foods mills and processes basmati
rice for the domestic and export markets. The company markets its
basmati rice under the brands Neesa, Indian Star, and Himalayan
Crown, with Neesa being the dominant brand. Bush Foods'
manufacturing unit is in Sonepat (Haryana). In March 2013, HNBV
acquired a controlling stake in Bush Foods.


CHITRA UTSAV: CRISIL Ups Rating on INR162M Discounting Loan to B-
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Chitra Utsav Video Pvt Ltd (CUPL) to 'CRISIL B-/Stable' from
'CRISIL D'.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Lease Rental          162        CRISIL B-/Stable (Upgraded
   Discounting Loan                 from 'CRISIL D')

The rating upgrade reflects CUPL's timely servicing of its debt
over the past six months. CRISIL believes that CUPL will maintain
its improved liquidity over the medium term, supported by its
rental income receipts from its marquee tenants which will be
adequate to meet its maturing debt obligations.

The rating reflects CUPL's susceptibility to cyclicality in the
real estate industry and its average financial risk profile. These
rating weaknesses are partially offset by the strategic location
of its commercial building.
Outlook: Stable

CRISIL believes that CUPL will continue to benefit over the medium
term due to presence of marquee tenants. The outlook may be
revised to 'Positive' if the company's financial risk profile,
particularly liquidity, improves with increase in rental income.
Conversely, the outlook may be revised to 'Negative' if CUPL's
liquidity weakens because of a decline in lease rentals or if the
company contracts a large debt funded capital expenditure program.

CUPL was founded by Mr. Anil Khanna in Gurgaon in 1989. The
company has developed a six-storey commercial building in Sector
32, Gurgaon, with a total floor area of over 100,000 square feet,
which has been completely leased out.


CLASSIC WEARS: CRISIL Suspends D Rating on INR92.2MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Classic
Wears Pvt Ltd (CWL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee         2         CRISIL D Suspended
   Cash Credit           90         CRISIL D Suspended
   Proposed Long Term    15.8       CRISIL D Suspended
   Bank Loan Facility
   Term Loan             92.2       CRISIL D Suspended

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

Set up in 1984 by Mr. Raj Awasthy and his wife, CWL manufactures
ready-made woollen garments at its facility in Ludhiana (Punjab).
CWL mainly sells its products in retail through its own network of
7 showrooms, and through its associate company, Sobhagia Sales
Private Limited (SSPL), 52 showrooms.


DINESH INFRAPROJECTS: CRISIL Suspends B- Rating on INR27MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Dinesh
Infraprojects Pvt Ltd (DIPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       19.5       CRISIL A4 Suspended
   Cash Credit          27.0       CRISIL B-/Stable Suspended
   Overdraft Facility   23.0       CRISIL A4 Suspended
   Proposed Long Term
   Bank Loan Facility   10.0       CRISIL B-/Stable Suspended

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

DIPL was established in Chakbad (West Bengal) in 2011 by Mr.
Dinesh Mahoto by reconstituting partnership firm, Dinesh
Infraprojects, founded by his father in 1988. The company
undertakes civil construction, the scope of which includes
construction of residential complexes, buildings, roads, and
platforms.


HYGIENE FEEDS: CRISIL Suspends B Rating on INR90MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Hygiene
Feeds & Farms Pvt. Ltd. (HFPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           90        CRISIL B/Stable
   Term Loan             50        CRISIL B/Stable

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

Established in 2010 by Mr. Robin Dahiya and Mr. Jitender Dahiya;
HFPL is setting up plant to manufacture poultry feeds. The
facility is located at Adhiana Village, Panipat.


INDIAN YARN: CARE Reaffirms D Rating on INR67.25cr LT Loan
----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Indian Yarn Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     67.25      CARE D Reaffirmed
   Short term Bank Facilities     3.36      CARE D Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Indian Yarn Limited
(IYL) continue to factor in the ongoing delays in debt servicing
due to stressed liquidity position.

IYL incorporated in 1992 was promoted by Mr V K Indrayan. IYL is
engaged in the manufacturing of synthetic yarn with its
manufacturing facilities at SAS Nagar (Punjab) and has installed
capacity of 38,616 spindles. During H1FY13, the promoters of Shiva
Texfab Limited (Ludhiana-based group) have entered into an
agreement with the erstwhile promoters of IYL to acquire 100%
stake in IYL. The transaction was completed at the end of FY13
(refers to the period April 1 to March 31).

IYL registered a total operating income of INR147.15 crore during
FY14 (Aud.; refers to the period April 1 to March 31) with a
PBILDT of INR8.08 crore and net losses of INR2.68 crore as against
total operating income of INR142.78 crore during FY13 with a
PBILDT of INR18.12 crore and net losses of INR7.94 crore.


ISPAT ALLOYS: CRISIL Suspends D Rating on INR120MM Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ispat
Alloys India Pvt Ltd (IAIPL).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Packing Credit        20         CRISIL D
   Term Loan            120         CRISIL D

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

IAIPL was established in 2008-09 (refers to financial year,
April 1 to March 31) by Mr. Rajiv Gupta. The company manufactures
ferromanganese, ferrosilicon, and silico manganese alloys. Its
manufacturing unit is in Deogarh district (Odisha).


JAGDAMBA TIMBERS: CARE Reaffirms B/A4 Rating on INR2cr Bank Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Jagdamba Timbers Private Limited.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-term/ Short-term     2         CARE B/CARE A4
   Bank Facilities                     Reaffirmed

   Short-term Bank
   Facilities               10         CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Jagdamba Timbers
Private Limited (JTP) continue to be constrained by its small
scale coupled with short track record of operations and its weak
financial risk profile. The ratings are further constrained by the
foreign exchange fluctuation risk and intense competition and
dependence on the real estate sector.

The ratings, however, take comfort from the experience of its
promoters in the trading of timber.

Going forward, the ability of JTP to increase its scale of
operations while improving its profitability margins and capital
structure shall be the key rating sensitivities. The ability of
the company to manage foreign currency fluctuation risk shall also
be a rating sensitivity.

Incorporated in 2010, JTP is promoted by Mr Radhey Shyam Jain and
his son, Mr Niraj Jain. The company commenced its business
operations from 2012. JTP is engaged in the business of trading
and processing of timber logs. The timber logs are imported mainly
from Malaysia, Canada and Russia which is subsequently sized at
its saw mill units in Gandhidham, Gujarat, into various commercial
sizes. The company has its offices located in Gandhidham (Gujarat)
and Karnal (Haryana). The company sells its products mainly in
Punjab, Delhi and Haryana regions. The customers of JTP primarily
include traders.

For FY14 (refers to the period April 01 to March 31), JTP achieved
a total operating income (TOI) of INR23.61 crore with PBILDT and
profit after tax (PAT) of INR0.58 crore and INR0.07 crore,
respectively, as against TOI of INR23.18 crore with PBILDT and PAT
of INR0.33 crore and INR0.07 crore, respectively, in FY13. During
FY15, the company has achieved a total income of INR30.00 crore in
8MFY15.


LAVASA HOTEL: CARE Reaffirms B Rating on INR18.81cr LT Loan
-----------------------------------------------------------
CARE reaffirms rating assigned to bank facilities of Lavasa Hotels
Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     18.81      CARE B Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Lavasa Hotels
Limited (LHL) is constrained by continuous losses in the past, low
number of rooms and weak financial indicators. The weak financial
indicators are a cause of additional borrowing undertaken for
repayment of loan along with high interest thereon to Lavasa
Corporation Limited (LCL).

However, the rating also takes into consideration operational
nature of the hotel and established operator -- Fortune Park
Hotels Limited.

Ability of LHL to achieve revenue growth along with an improvement
in the occupancy levels and improvement in the average room rates
are the key rating sensitivities.

LHL is a full service hotel promoted by Lavasa Corporation Limited
(rated 'CARE C/CARE D') situated at the Sahyadri Mountains across
the Warasgaon Lake in Dasve district, Lavasa, Maharashtra. Lavasa
is India's first planned city spread over 23,000 acres and at a
very close proximity to Mumbai and Pune. The hotel is spread over
1.5 acres of land with 48 standard rooms, 6 suites and 6 executive
suites. The hotel also has three banquet halls with capacity for
around 300 guests, 24 hour coffee shop and a lounge bar. The hotel
is operated by Fortune Park Hotels Limited (100% subsidiary of ITC
Limited) at a fee of 3% of the gross operating income.


NAV DURGA: CARE Reaffirms B Rating on INR85.97cr LT Loan
--------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Nav Durga Fuel Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     85.97      CARE B Reaffirmed
   Short term Bank Facilities    23.50      CARE A4 Reaffirmed

Rating Rationale
The ratings continue to be constrained by the low capacity
utilisation of the manufacturing facilities of Nav Durga Fuel Pvt.
Ltd (NDFPL), lack of backward integration for primary raw
materials, deterioration in financial performance in FY14 (refers
to the period April 01 to March 31) resulting in net loss, working
capital intensive operation leading to stretched liquidity
position and inherent cyclicality of the steel industry. The above
constraints are partially offset by the long business experience
of the promoters and continuous equity infusion by the promoters
over the years leading to satisfactory capital structure. Ability
of the company to increase scale of operation, improve
profitability levels and margin, manage working capital
effectively and outlook of the domestic steel industry would
remain the key rating sensitivities.

Nav Durga Fuel Pvt. Ltd. belonging to Gadodia family of Orissa is
engaged in manufacturing of sponge iron (90,000 MTPA), ingots
(66,000 MTPA) and TMT Bars (90,000 MTPA). The company also has a
captive coal based thermal power plant of 5 MW (from April 2010),
a waste heat recovery based power plant of 5 MW (from April 2012)
and a coal washery unit. NDFPL sells its products under the brand
name "Shristi". Apart from this, NDFPL is also involved in trading
of iron & steel related products, though contributing a small
portion of revenue in FY14.

NDFPL registered net loss of INR23.62 crore on total operating
income of INR143.99 crore in FY14 (refers to the period April 1 to
March 31) as compared to net loss of INR30.38 crore on a total
operating income of INR107.92 crore in FY13 (refers to the period
April 1 to March 31). Further, NDFPL posted net loss of INR2.4
crore on a net sale of INR89.0 crore during the half year ended
September 30, 2014.


NAV ENGINEERS: CRISIL Suspends D Rating on INR49.7MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Nav
Engineers Private Limited (NEPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           11         CRISIL D Suspended
   Letter of Credit       7.4       CRISIL D Suspended
   Term Loan             49.7       CRISIL D Suspended
   Working Capital
   Term Loan              3.5       CRISIL D Suspended

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

NEPL was incorporated in 1988, promoted by Mr. Navin Gupta. It
manufactures woven and printed labels used in the garment and home
furnishing segments. The company also undertakes schiffli
embroidery on a job-work basis. Its plant is in Noida (Uttar
Pradesh).


NIRBHAI TEXTILES: CRISIL Suspends B- Rating on INR157MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Nirbhai
Textiles Pvt Ltd (NTPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           157       CRISIL B-/Stable
   Term Loan              23       CRISIL B-/Stable

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

NTPL, incorporated in 1994 and promoted by Mr. Pramod Kumar in
Ludhiana (Punjab), manufactures suiting and shirting fabrics. The
promoters have been trading in fabrics in Gujarat and Punjab since
1975. NTPL has capacity to manufacture about 7.6 million metres of
fabric per annum.


ORBIT RESORTS: CARE Reaffirms B+ Rating on INR232.74cr LT Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Orbit Resorts Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank facilities    232.74      CARE B+ Reaffirmed

Rating Rationale
The rating for the bank facilities of Orbit Resorts Pvt. Ltd.
(ORPL) continues to be constrained by weak financial risk profile
of the company, exposure to group companies in the form of
investments and corporate guarantees and cyclical nature of the
hotel industry.These constraints are, however, partially offset by
the strength derived from operating and marketing arrangement with
one of the leading hotel chains, EIH Ltd (Oberoi hotels group),
and favourable location of the hotel properties.

Going forward, the ability of the company to improve the average
room revenue (ARR) and occupancy for hotels and improve its
capital structure will remain the key rating sensitivities.

ORPL, incorporated in March 1988, is engaged in the hospitality
and transport business. The company owns two 5-star hotels in
Gurgaon, Haryana, i e Trident and The Oberoi. Trident has been
operational since February 2004. It is a 5-Star hotel having 136
rooms, three dining restaurant, two bars, a spa and conference and
banquet facilities. The Oberoi commenced operations in March 2011
and is a 202 rooms property with two restaurants, a bar, a cigar
lounge, a private club, a bakery shop, fitness and spa facility
and conference and banquet facilities. Both the hotels run under
operations management agreement with EIH Limited. ORPL also
provides transport services by the name of Indo Canadian Transport
and operates between Indira Gandhi International Airport, New
Delhi to over 40 locations in Punjab and Haryana.

During FY14 (refers to the period April 1 to March 31), ORPL has
reported total operating income of INR245.01 crore with PAT of
INR5.23 crore as compared to total operating income of INR189.96
crore with net loss of INR21.26 crore during FY13.


PARVATI AGRO: CARE Reaffirms B+ Rating on INR17.27cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to bank facilities of
Parvati Agro Plast.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     17.27      CARE B+ 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 loan brought in by the proprietor in
addition to the financial performance and other relevant factors.

Rating Rationale
The rating assigned to the bank facilities of Parvati Agro Plast
continues to be tempered by below average financial risk profile
characterised by small scale of operations, leveraged capital
structure, stretched liquidity position, and constitution as a
proprietorship firm. The above mentioned constraints far outweigh
the benefits derived from the experience of the proprietor, and
positive industry outlook.

Ability of the firm to improve its capital structure and
efficiently manage its working capital requirements with
increasing scale of operations remains the key rating sensitivity.

Established in 1994 as a proprietorship firm, Parvati Agro Plast
(PAP) is engaged in manufacturing of Rigid Polyvinyl Chloride
(PVC) pipes & High Density Polyethylene (HDPE) pipes. PAP has two
manufacturing units located at Sangli, Maharashtra, with an
installed capacity of manufacturing 18500 metric tons of PVC and
HDPE pipes per annum. PAP manufactures ISI marked pipes which find
application in irrigation, water supply & chemical industry. The
products are sold under the brand name of 'PARVATI', 'MOVILEX',
'SUNBLESS' & 'VASANT'. PAP is a registered supplier for water
supply schemes in Maharashtra & Karnataka under Maharashtra Jeevan
Pradhikaran and Jal Nirmal of Karnataka state. PAP mainly requires
PVC resin as a raw material which it procures entirely from
domestic market.

PAP reported a PAT of INR 0.97 crore on the total operating income
of INR 44.24 crore in FY14 (refers to the period April 1 to March
31) as compared to the PAT of INR 1.24 crore on the total sales of
INR 43.96 crore in FY13.


PREMIER COTSPIN: CRISIL Suspends B+ Rating on INR115MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Premier
Cotspin Ltd (PCL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           35        CRISIL B+/Stable
   Term Loan            115        CRISIL B+/Stable

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

Incorporated in 2006 in Samana (Punjab) and promoted by Mr.
Virendra Kumar Garg, PCL commenced operations in April 2008. The
company manufactures cotton yarn in the count range of 10s to 20s.


PULSE POWER: CRISIL Suspends B Rating on INR32.5MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Pulse Power Technologies Pvt Ltd (Pulse Power).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           32.5      CRISIL B/Stable Suspended
   Letter of credit
   & Bank Guarantee      30        CRISIL A4 Suspended
   Proposed Long Term
   Bank Loan Facility    12.7      CRISIL B/Stable Suspended
   Standby Line of
   Credit                 4.8      CRISIL A4 Suspended

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

Established in 1995 in Kolkata by Mr. T Banerjee, Pulse Power
initially manufactured and assembled uninterrupted power supply
(UPS) units, charge controllers, and control panels, and carried
out in-house design and testing of solar inverters. In 1997-98,
Pulse Power was acquired by Mr. Swarna Kumar Ray Chaudhuri, and it
ventured into the solar power conditioning segment. In 2001, the
company entered into a technical collaboration with Optimal Power
Solutions Pty Ltd, Australia, to undertake manufacturing and
assembly of solar power conditioning equipment, mainly solar power
conditioning units.


R. PIYARELALL: CRISIL Suspends D Rating on INR550MM LOC
-------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of R.
Piyarelall Import and Export Limited (RPIE).

                     Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           260       CRISIL D Suspended
   Letter of Credit      550       CRISIL D Suspended

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

Incorporated in 1981, RPIE mainly imports pulses, which include
split green peas, whole yellow peas, whole green peas, dun peas,
chick peas, and black maple. It also occasionally imports other
agri-commodities, such as sugar, wheat, mustard seed, depending on
the market scenario.


R. PIYARELALL IRON: CRISIL Suspends D Rating on INR250MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
R. Piyarelall Iron and Steel Private Limited (RPISPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        100       CRISIL D Suspended
   Packing Credit        250       CRISIL D Suspended

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

RPISPL was formed in 2005 to export minerals and agricultural
commodities. Currently, the company exports only minerals. It
mainly exports iron ore fines, which are exported mostly from
Paradip and Visakhapatnam ports.


RADHA-RUKMAN: CARE Reaffirms B+ Rating on INR22.11cr Loan
---------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of
Radha-Rukman Packages Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     22.11      CARE B+ Reaffirmed
   Short-term bank Facilities     0.50      CARE A4 Reaffirmed

Rating Rationale
The ratings of Radha-Rukman Packages Pvt Ltd (RPL) continue to be
constrained by its short track record coupled with small size of
operations, susceptibility of profitability to volatile raw
material price and its presence in highly fragmented and
competitive packaging industry. Furthermore, the ratings also
factors in high working capital intensity of the operations and
losses incurred by the company at the net level in FY14 (refers to
the period April 1 to March 31), resulting in erosion of networth
and leveraged capital structure.

The ratings, however, draw comfort from the experience of the
promoters in packaging & printing industry.

Going forward the company's ability to grow its scale of
operations coupled with improvement in profitability margins while
managing the working capital effectively would be the key rating
sensitivity.

RPL was incorporated in August 2008 and was promoted by Mr
Govardhan Lal Sikaria and his family members based out of Kolkata.
The company, after remaining dormant for three years, commenced
operation from January 2012. RPL is engaged in the manufacturing
of corrugated & duplex boxes and providing offset printing
services. The facilities of the company are located at Howrah,
West Bengal, with an installed capacity to manufacture of 8,400
tonnes per annum (TPA) of corrugated & duplex boxes. RPL carries
out manufacturing & printing as per the designs and specification
provided by the customers and its products are used for packaging
in different industries like pharmaceuticals, textiles,
automobile, engineering, consumer goods industry, etc.

During FY14, RPL had reported a total operating income of INR22.23
crore (vis-a-vis INR5.13 crore in FY13) and a loss of INR0.26
crore (vis-a-vis INR0.61 crore in FY13).


RAJEEV KUMAR: CARE Assigns B Rating to INR0.8cr LT Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Rajeev Kumar.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      0.8       CARE B Assigned
   Short-term Bank Facilities     5.0       CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of M/s. Rajeev Kumar
(RKR) are primarily constrained by its small size of the operation
in the highly fragmented & competitive industry, its weak
liquidity position, susceptibility to volatility in input prices
and customer & geographical concentration risk. The ratings also
factor in its proprietorship form of constitution with inherent
risk of withdrawal of capital in time of contingency and risk of
dissolution on account of poor succession planning.

The aforesaid constraints are partially offset by the long-
standing experience of the proprietor in the construction
business, moderate order book position and comfortable capital
structure.

The ability of the entity to grow its scale of operations and
profitability margins along with effective working capital
management would be the key rating sensitivities.

RKR was set up as a proprietorship entity in the year 2006 by Mr
Rajeev Kumar of Patna, Bihar, for carrying out different types of
construction activities. The entity is engaged in the business of
construction and maintenance of roads for Rural Works Department
(RWD), Bihar and Road Construction Department (RCD), Jharkhand and
other government departments. The entity mainly caters clients and
projects present in Bihar & Jharkhand. The entity has a status of
'Class 1' (highest in the scale of 1 to 3) class contractor from
RWD, Bihar. The entity has an unexecuted order book of INR43.25
crore as on February 28, 2015, to be executed over the next 2
years.

During FY14 (refers to the period April 1 to March 31), RKR
reported a total operating income of INR7.83 crore and a profit of
INR0.36 crore. In 11MFY15, the entity has maintained to achieve
sales of around INR10.0 crore.


ROCK REGENCY: CARE Reaffirms B- Rating on INR5.41cr LT Loan
-----------------------------------------------------------
CARE reaffirms 'CARE B-' rating to the bank facilities of
Rock Regency Hotels Private Limtied.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.41       CARE B- Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Rock Regency Hotels
Private Limited (RHPL) continues to remain constrained by its
small scale of operations, weak financial profile marked by
increase in operating income, continuing net losses in FY14
(refers to the period April 1 to March 31), highly leveraged
capital structure and weak debt coverage indicators along with
slowdown in the industrial growth in the Bellary region, thereby
impacting the business and geographical concentration of the
company's business.

The rating, however, derives strength from the experience of the
promoters and comfortable operating cycle.

The ability of the company to improve its overall financial
profile and scale up its operations by achieving optimum occupancy
and average room rent along with rationalization of debt levels
remain the key rating sensitivities.

Rock Regency Hotels Private Limited (RHPL) was incorporated in the
year 2007 by Mr Pola Radha Krishna, Mr Y Satish, Mr Y Harish, and
Mr K V R Prasad who are the directors of the company. RHPL
operates a three-star hotel, Hotel Rock Regency, in Bellary. The
hotel is setup in four floors with 117 rooms, two restaurants,
four conference halls, a pub, a health centre, beauty parlour and
a lease store for super market (MORE super market). The hotel
commenced its operations in January 2010.

The company has generated around 54% of its total revenues from
room rentals, around 43% from restaurant food and liquor billing
(including food billing for banquets), 1.5% from super market rent
and 1.5% from Spa & Saloon and leasing of banquet halls.
During FY14, the average occupancy rate of RHPL stood at 56% and
average room rent stood at INR2570.

During FY14, RHPL reported net loss of INR1.10 crore on a total
operating income of INR5.76 crore as against a loss of INR0.92
crore on a total operating income of INR3.84 crore in FY13.


RR FABS: CARE Reaffirms B+ Rating on INR3.80cr LT Bank Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
RR Fabs Constructions.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     3.80       CARE B+ Reaffirmed
   Short-term Bank Facilities    4.50       CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of RR FAB
Constructions (RFC) continue to remain constrained by its small
scale with working capital intensive nature of operations, tender
driven nature of operations with intense competition, volatility
in input prices in the absence of price escalation clause in
contracts and constitution of the entity as a partnership firm.
The reaffirmation of ratings also factor in decline in total
operating income and profit and elongated operating cycle with
improvement in capital structure during FY14 (refers to the period
April 1 to March 31).

However, the ratings continue to derive strength from the
experienced management, moderate order book position with
established customer base and satisfactory capital structure and
debt coverage indicators.

The ability of the firm to increase its scale of operations by
diversifying its client base amidst high competition and manage
its working capital efficiently is the key rating sensitivities.

RR FAB Constructions (RFC), formerly known as R&R Fabricators was
initially established in the year 1985 by Mr. S. Ramachandra as a
proprietorship concern, for executing civil construction works.
Subsequently it was converted into partnership firm on May 05,
2010. Mr. S. Ramachandra and Mr. R. Somesh are serving as partners
of RFC. RFC is engaged in execution of civil construction works
like structural, road, ancillary, plumbing, drainage and other
electrical works in the state of Karnataka under direct tender
basis. The firm is currently executing civil construction works
for private and Govt. entities.

During FY14, RRFC reported a PAT of INR 0.32 crore on a total
operating income of INR10.59 crore as against PAT of INR0.31 crore
and a total operating income of INR 10.75 crore in FY13.


SANWARIYA IMPEX: CARE Assigns B+ Rating to INR6.52cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' and CARE 'A4' rating to bank facilities of
Sanwariya Impex Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.52       CARE B+ Assigned
   Short-term Bank Facilities    0.06       CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Sanwariya Impex
Private Limited (SIPL) are primarily constrained on account of
small scale of operations in the highly fragmented textile
industry, declining profitability with loss reported during FY14
(refers to the period April 1 to March 31), leveraged capital
structure and weak debt coverage indicators coupled with project
execution and stabilization risk.

The above constraints outweigh the benefits derived from the
promoter's experience and location advantage by way of proximity
to the textile hub.

The ability of SIPL to increase the scale of operations along with
improvement in profit margins, capital structure and better
working capital management are the key rating sensitivities.

SIPL was incorporated during October, 2010 by Mr Hari Prakash
Bajaj and Ms Sangeeta Bajaj as a private limited company.
Subsequently, Mr Harikrishna Agrawal, Mr Manojkumar Agarwal joined
the business during FY13. SIPL is into the business of knitting of
fabric. The manufacturing unit of the firm is located near Surat,
Gujarat which has an installed capacity of 10,98,000 Meters Per
Annum (MPA) as on March 31, 2014. During FY12, SIPL started
manufacturing of knitted fabrics. Currently, SIPL is undertaking
expansion project for manufacturing of yarn and additional
machinery for knitting fabrics with total cost of INR3.03 crore
which is to be funded through term loan of INR2.15 crore, INR0.35
crore of share capital and INR0.53 crore of unsecured loan.
Installed capacity of SIPL will increase to 1,692,000 MPA after
completion of project. Commercial production from new machinery
will start from the end of Q1FY16.

During FY14, SIPL reported TOI of INR10.66 crore and loss of
INR0.08 crore as against PAT of INR0.04 crore on a TOI of INR8.13
crore during FY13. Up to March 30, 2015 (Provisional), SIPL has
achieved TOI of INR12.87 crore.


SHRESHT INDUSTRIES: CRISIL Rates INR110MM Bank Loan at B
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Shresht Industries Pvt Ltd (SIPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             15        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     110        CRISIL B/Stable

The rating reflects SIPL's nascent and small scale of operations.
The rating also reflects SIPL's below-average financial risk
profile marked by low networth levels. These rating weaknesses are
partially offset by moderate revenue visibility of the company and
promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that SIPL will benefit over the medium term
supported by its moderate revenue visibility. The outlook may be
revised to 'Positive' in case of significant and sustained
increase in its scale of operations leading to higher cash
accruals and substantial improvement in networth levels driven by
higher-than-expected equity infusion. Conversely, the outlook may
be revised to 'Negative 'in case of lower-than-expected revenues
and profitability, or if it undertakes a large debt funded capital
expenditure program, impacting its business risk profile.

Incorporated in 2013, SIPL is engaged in manufacturing of water
purifiers for domestic and industries purpose. Promoted by
Mr.Pattela Gaurav and Mrs. Sailaja Pattela and based out of
Hyderabad, the company manufactures water purifiers under the
brand name 'Shresht RO'.

SIPL reported a PAT (profit after tax) of INR0.3 million on an
operating income of INR2.5 million for 2013-14.


SHRI GURU: CARE Revises Rating on INR30cr LT Bank Loan to B+
------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Shri Guru Gorakhnath Rice Mill.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      30        CARE B+ Revised
                                            from CARE B

Rating Rationale
The revision in the rating of Shri Guru Gorakhnath Rice Mill
(SGRM) factors in improvement in profitability margins and debt
service coverage indicators. The rating continues to derive
strength from experience of the partners in the rice milling
industry and proximity of its processing unit to the paddy-growing
areas.

The rating, however, continues to remain constrained by its modest
scale of operations, low profitability margins and leveraged
capital structure. The rating is further constrained by its
elongated operating cycle, partnership nature of constitution,
susceptibility to fluctuation in raw material prices and its
presence in a highly competitive and fragmented agro-processing.

Going forward, SGRM's ability to scale-up its operations while
improving its capital structure along with effective working
capital management would be the key rating sensitivities.

SGRM was established in 1990 as a partnership firm. The firm has
four partners Ms Dayawati Devi, Ms Pushpa Devi, Mr Brijesh Kumar
and Mr Bankey Lal with profit sharing ratio of 3:3:2:2. Mr Bankey
Lal looks after the overall operations of the firm. The firm is
primarily engaged in the milling and processing of basmati rice at
its sole processing facility situated at Dadri, Uttar Pradesh,
which has a processing capacity of 8 metric tonnes per hour (MTPH)
of paddy as on March 31, 2013. The firm sells its product under
the brand name 'Pankhi' and 'Ten Star' in the domestic market.
SGRM has reported a net profit of INR2.05 crore on a total
operating income of INR103.22 crore during FY14 (refers to the
period April 1 to March 31) as compared with a net profit and TOI
of INR0.09 and INR119.68 crore in FY13. During FY15, the firm had
achieved total sales of INR70.00 crore till December 31, 2014.


SONARCH INT'L: CARE Revises Rating on INR22.5cr Loan From B+
------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Sonarch
International Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    22.50       CARE BB Revised from
                                            CARE B+

Rating Rationale
The ratings assigned to Sonarch International Pvt. Ltd. have been
revised on account of Increased scale of operations and
Subordination of unsecured loans leading to improved capital
structure.

The ratings assigned to the bank facilities of Sonarch
International Private Limited (SIPL) continue to be constrained by
low profitability margins, weak debt coverage indicators, working
capital intensive nature of operations and presence in competitive
and fragmented nature of industry.

The ratings however, continue to derive strength from experienced
promoter and demonstrated financial support from promoters.
Ability of the company to continue to improve its scale of
operations and also improve profitability margins amidst intense
competition along with efficient management of working capital
cycle with continued financial support from promoters are the key
rating sensitivities.

Established in 1996, Sonarch International Private Limited (SIPL)
is engaged in trading and manufacturing (entirely outsourced) of
vitrified and ceramics tiles under the brand name '"Picasso
Ceramica". SIPL mainly deals in tile imported from China (98% of
the total imports) and European countries. SIPL supplies tiles to
dealers & distributors (forming 26% of overall sales in FY14;
refers to period April 1 to March 31) and institutional clients
(viz. Lodha Group, Hiranandani builders, Marthon Builders and
others; forming 74% of overall sales) across India.

SIPL has also started retail showrooms under the name "Urban
Posch" in Kandivali (leased) and Andheri, were it sells multi-
brand products (however, it forms around 12% of the total sales
which is a miniscule portion of overall sales in FY14 SIPL also
has warehouses across various cities of India viz. Mumbai, Navi
Mumbai, Bangalore, Pune, Chennai and Ahmadabad.


SRI RAM: CRISIL Suspends B- Rating on INR270MM Cash Credit
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sri Ram
Cables Pvt Ltd (SCPL).

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee       173       CRISIL A4 Suspended
   Cash Credit          270       CRISIL B-/Stable Suspended
   Letter of Credit      90       CRISIL A4 Suspended
   Term Loan             23       CRISIL B-/Stable Suspended

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

SCPL is promoted by the Garg family. Its operations are currently
being managed by Mr. Anil Garg, Mr. Sunil Garg, and Mr. Satish
Garg. The company manufactures a variety of cables, including
high-tension cross-linked polyethylene and low-tension power
cables, and control, railway signaling, telecommunication, and
aerial-bunched cables. It has a 40,000-square-metre manufacturing
facility at Rico Industrial Area in Bhiwadi (Rajasthan).


STAR WIRE: CARE Lowers Rating on INR53.60cr LT Loan to D
--------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Star Wire India Vidyut Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    53.60       CARE D Revised
                                            from CARE BB

Rating Rationale
The revision in the rating assigned to the bank facilities of Star
Wire India Vidyut Private Limited (SWP) takes into account the
delays in debt servicing due to the stretched liquidity attributed
to delay in realization of payment.

Star Wire (India) Vidyut Private Limited (SIVL) is running a 9.9
MW biomass-based power plant in village Khurawata of Mahendargarh
district in Haryana. The purpose of the project is to utilize
biomass fuel (mustard crop residue, julia flora, etc) which is an
agriculture waste, to generate electricity. The power plant has
been set up at a total cost of INR59.51 crore and commenced
commercial production from May 2013.

Key updates
There are regular delays in the payment of interest and principal
amount for term loan. The delays were primarily on account of weak
liquidity attributable to delay in realization from debtors i e a
government department which led to cash flow mismatches.

The company achieved a total operating income (TOI) of INR33.56
crore with net losses of INR1.67 crore during FY14 (refers to the
period April 01 to March 31).


STERIMED SURGICALS: CRISIL Ups Rating on INR30MM Cash Loan to B
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sterimed Surgicals India Private Limited (SSPL) to 'CRISIL
B/Stable' from 'CRISIL B-/Stable', while reaffirming its rating on
the company's short-term bank facilities at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           30         CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Letter of Credit      15         CRISIL A4 (Reaffirmed)

   Term Loan             15         CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Working Capital       15         CRISIL B/Stable (Upgraded
   Term Loan                        from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that SSPL's financial
risk profile, particularly its financial flexibility and debt
protection metrics, will improve over the medium term, driven by
the company's healthy growth in turnover and improved
profitability. The company's interest coverage ratio is estimated
at around 3 times for 2014-15 (refers to financial year, April 1
to March 31) and gearing is estimated at 1.3 times as on March 31,
2015. Its turnover is estimated at around INR320 million and
operating profitability is estimated in the range of 8.5 to 9.0
per cent for 2014-15; the turnover is expected to improve to
around INR340 million in 2015-16 with sustained profitability.
Furthermore, SSPL's working capital cycle has also improved, with
gross current assets at 130 days as on March 31, 2014, down from
147 days a year earlier, and is estimated at a similar level in
2014-15. The company's working capital limits were utilised at an
average of 90 per cent over the 12 months through December 2014.

The ratings reflect SSPL's modest scale of operations, average
operating profitability, and weak financial risk profile, marked
by small net worth. These rating weaknesses are partially offset
by the extensive experience of the company's promoters in the
medical disposables and industrial and medical adhesive tapes
industry.

Outlook: Stable

CRISIL believes that SSPL will continue to benefit over the medium
term from its promoters' extensive experience and its strong
technical expertise in the self-adhesive tapes and medical
disposables industry. The outlook may be revised to 'Positive' in
case of a significant improvement in SSPL's scale of operations
and operating margin, or in its working capital management.
Conversely, the outlook may be revised to 'Negative' in case of a
significant decline in SSPL's revenues or operating margin, or
large debt-funded capital expenditure, leading to deterioration in
its financial risk profile.

SSPL was incorporated in 2002-03, promoted by Mr. S B Singh Narang
and his two sons, Mr. Sabjot Singh Narang and Mr. Sarabdeep Singh
Narang. SSPL manufactures medical disposables and industrial and
medical adhesive tapes.


SUNIL GARG: CRISIL Suspends B+ Rating on INR35MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sunil
Garg & Co (SGC).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        50         CRISIL A4
   Cash Credit           35         CRISIL B+/Stable

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

SGC was established in April 2004 as a partnership firm. It is
based in Ghaziabad (Uttar Pradesh) and undertakes civil
construction and other allied activities for several government
and public works departments. It is registered as a 'Class A'
contractor with Uttar Pradesh Public Works Department, Uttar
Pradesh Irrigation Department, Ghaziabad Development Authority,
and Hapur Pilakhua Development Authority (organizations located in
western Uttar Pradesh and neighbouring regions). The firm is
managed by three brothers: Mr. Sunil Garg, Mr. Anil Garg, and Mr.
Praveen Garg.


TRANSSTROY (INDIA): CARE Lowers Rating on INR938.32cr Loan to D
---------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Transstroy (India) Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    938.32      CARE D Revised from
                                            CARE BBB-

   Short-term Bank Facilities   552.63      CARE D Revised from
                                            CARE A3

   Long-term/ Short-term Bank
   Facilities                  1,730.20     CARE D Revised from
                                            CARE BBB-


Rating Rationale
The revision in the ratings of Transstroy India Limited
(Transstroy) is on account of delay in servicing debt obligations
owing to deterioration in the liquidity position of the company.

Transstroy established in 2001, is a civil engineering and
construction company mainly engaged in the construction and
development of infrastructure projects. Transstroy initially
undertook sub-contracting works from key players in the
infrastructure sector. Having gained requisite experience over the
years, the company forayed into infrastructure development segment
on public private partnership (PPP) basis through joint ventures
(JVs). Transstroy has bagged over 10 build operate and transfer
(BOT) projects during FY11-FY14 (FY refers to the period April 01
to March 31) pertaining majorly to the road sector with its JV
partner, Transstroy Corporation OJSC, Russia on 74:26 sharing
criteria. Each BOT project is handled by a special purpose vehicle
(SPV). During FY14 (refers to the period April 01 to March 31),
the company has earned a net profit of INR266.2 crore on a total
operating income of INR4,535.8 crore.


VARAD EXTRUSIONS: CARE Revises Rating on INR5.68cr Loan From B+
---------------------------------------------------------------
CARE revised the ratings assigned to the bank facilities of
Varad Extrusions Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.68       CARE BB Revised
                                            from CARE B+

   Short-term Bank Facilities    1.50       CARE A4 Reaffirmed

Rating Rationale
The revision in the long-term rating takes into account the
improvement in Varad Extrusions Private Limited's (VEPL) financial
profile marked by stabilization of its operations, increase in
operating income and improvement in profitability and capital
structure during FY14 (refers to the period April 1 to March 31).

The ratings, however, continue to remain constrained by its small
scale of operations, leveraged capital structure, stretched
liquidity position with working capital intensive nature of
business and presence in competitive aluminum extrusion industry
and susceptibility of margins to fluctuation in raw material and
foreign exchange rates.

The ratings, however, draws comfort from the experience of the
promoters and moderate growth prospects for aluminum products.
The ability of the company to scale up its operations and improve
its overall financial risk profile remain the key rating
sensitivities.

Incorporated in the year 2008 as a private limited company, Varad
Extrusions Private Limited (VEPL) is promoted by Mr Ravi Kiran
Patha and commenced its business operation from May 06, 2011. VEPL
is engaged in the business of manufacturing of aluminium
profiles/sections of different shapes and sizes through extrusion
process at its manufacturing facility located at Medak, Andhra
Pradesh with an overall installed capacity of 2000 Metric Tonnes
Per Annum (MTPA). VEPL is an ISO 9001:2008 certified company
registered by International Registrar "QA TECHNIC" and accredited
by "TGA" German Association for Accreditation GMBH. The products
developed by the company are used in various industrial segments
such as solar systems applications, air flow & air condition,
ladder, infrastructure applications and other related areas.


WHITE LOTUS: CRISIL Reaffirms B Rating on INR104.5MM Bank Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of White Lotus
Cotyledon Pvt Ltd (WLCPL) continues to reflect WLCPL's modest
scale of operations in the intensely competitive cotton ginning
industry and its moderate working capital requirements.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           70.5      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term   104.5      CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan             25        CRISIL B/Stable (Reaffirmed)

The rating also factors in the company's below-average financial
risk profile, particularly liquidity, marked by a leveraged
capital structure and low cash accruals. These rating weaknesses
are partially offset by the extensive industry experience of
WLCPL's promoters in the cotton ginning industry and the expected
ramp-up in its operations.

Outlook: Stable

CRISIL believes that WLCPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the company's financial risk profile, particularly
liquidity, on account of increase in cash accruals or equity
infusion by promoters, and improvement in its business risk
profile, most likely driven by ramp-up in its operations.
Conversely, the outlook may be revised to 'Negative' if WLCPL's
financial risk profile deteriorates due to steep increase in debt-
funded working capital requirements or lower profitability leading
to low cash accruals or deterioration in capital structure.

Update
WLCPL's operating income is estimated at around INR380.0 million
in 2014-15 (refers to financial year, April 1 to March 31),
slightly lower than the INR409.5 million for the previous year,
with increase in volume sales offsetting lower realizations of
cotton prices. The company's operating margin is estimated at
around 4.8 per cent in 2014-15, higher than previous year on
account of increase in manufacturing business; the margin is
expected at a similar level over the medium term.

WLCPL's financial risk profile remains below average, marked by
high gearing, small net worth, and weak debt protection metrics.
The company's gearing and net worth are estimated at around 5.8
times and around INR240 million as on March 31, 2015, because of
low accretion to reserves. WLCPL's debt protection metrics remain
weak, with interest coverage and net cash accruals to total debt
ratios estimated in the range of 1.4 to 1.5 times and 0.3 to 0.5
times, respectively, for 2014-15, because of its moderate
profitability. The company's financial risk profile is likely to
remain below average over the medium term.

WLCPL's liquidity is stretched, marked by extensive utilisation of
bank limit on account of moderate working capital requirements.
The company's cash accruals are expected in the range of INR5
million to INR8 million over the two years through 2015-16, vis-a-
vis debt obligations of INR3.5 million to INR5.0 million during
the period. WLCPL's operations are moderately working capital
intensive, marked by estimated gross current assets of 105 to 120
days as on March 31, 2015, on account of large inventory. WLCPL
utilised its bank facilities at an average of 94 per cent over the
11 months through February 2015.

WLCPL, established by the Shah family in Aurangabad (Maharashtra),
gins and presses raw cotton. The company's unit at Vaijapur in
Aurangabad (Maharashtra) has a manufacturing capacity of 1500
quintals per day.



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


BUMI SERPONG: Fitch Publishes 'BB-' IDR; Outlook Stable
-------------------------------------------------------
Fitch Ratings has published Indonesia-based property developer PT
Bumi Serpong Damai Tbk's (BSD) Long-Term Foreign Currency Issuer
Default Rating (IDR) of 'BB-' with a Stable Outlook.  The agency
has also assigned an expected rating of 'BB-(EXP)' to the
company's proposed five-year US dollar notes, issued by Global
Prime Capital Pte Ltd (a wholly owned subsidiary of BSD), and
guaranteed by BSD and its subsidiaries.  The final rating on the
notes is contingent upon the receipt of final documents conforming
to the information already received.

The proposed notes will rank pari passu with senior unsecured
obligations of BSD and its key subsidiaries.  Fitch expects BSD's
secured debt/EBITDA to remain below 2x-2.5x (end-2014: 1.6x), a
threshold beyond which the agency will consider notching the bond
rating below BSD's Long-Term IDR.

At the date of the indenture, subsidiaries that together account
for 90% of BSD's consolidated EBITDA will guarantee the bond.  The
remaining material subsidiaries, including its listed subsidiary
PT Duta Pertiwi Tbk (Duta), will be restricted subsidiaries, and
will be subject to restrictive covenants that prevent any
meaningful subordination of potential bond investors.  Because of
these reasons, Fitch has rated the proposed bond at the same level
as BSD's Long-Term IDR.

KEY RATING DRIVERS

Strong Financial Profile: BSD has a track record of maintaining a
conservative financial profile.  Its cash reserves exceeded its
debt in 2008-2013, while its leverage (measured as debt net of
unrestricted cash to the sum of inventory, land bank, advances
paid for land, less customer sales advances) has remained low at
other times.  Fitch expects BSD's leverage to remain below 25%
over the medium term even though it plans to add to its land bank.
BSD's end-2014 EBITDA margin of 50% is strong compared to regional
and domestic peers.  Although EBITDA margin is likely to decline
due to a lower proportion of landed property in its sales mix,
Fitch expects the company to maintain EBITDA margins of more than
40% over the medium term.

Geographic Concentration: Fitch expects BSD to generate more than
50% of its cash flow from its BSD City township over the medium
term.  This limits the company's ability to discount its inventory
to speed up sales and increase liquidity in a downturn, as it
could impair the future profitability of a large part of its
development book.  However this risk is mitigated by the products
within BSD City that target different price points and both the
residential and commercial segments.  The diversity may help the
company to offer discounts on some products, if needed.

Good Quality Investment Property Portfolio: Significant recurring
cash flow is generated from BSD's investment property income
stream, which provides strong interest coverage (2014: 2.0x; 2015
projection: 2.2x).  This mitigates the higher risk of its property
development business, which is more volatile across economic
cycles.  At end-2014 BSD controlled 18 investment properties,
which comprised of two hotels, as well as its ITC-branded retail
malls, large-scale mixed-use developments, and office buildings.
Average occupancy in its malls and office buildings stood at 90%
in 2014, while occupancy at its hotels was 63%.  Fitch expects
occupancy to remain healthy over the medium term.  BSD has another
14 investment properties under development that will start adding
to its recurring EBITDA over the medium term.

Good Project Execution, Large Land Bank: BSD has a track record of
maintaining high sales turnover, with presales/gross debt at 1.5x
in 2014.  This reflects its strong brand and good execution of its
projects compared to domestic peers.  BSD is the largest property
developer in Indonesia in terms of presales.  Its land bank
available for development of around 45 million square meters is
large compared to regional peers, and provides BSD with more than
a decade of development potential.  In 2014, BSD sold more than
USD500m worth of properties, and Fitch expects presales to
increase by a compounded annual growth rate of 15%-20% through
2017.  Most of the company's land bank was acquired at low cost,
which supports its ability to maintain healthy profit margins.

Senior Unsecured Debt Not Notched: Fitch's senior unsecured rating
of 'BB-' is based on average recovery in a distressed scenario,
despite senior unsecured creditors ranking behind secured
creditors.  Fitch expects BSD's prior-ranking debt/EBITDA to
remain below 2.0x-2.5x, a threshold above which Fitch may consider
notching senior unsecured debt below the IDR.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

   -- EBITDA margins will be sustained at over 40%
   -- Annual presales growth will hover in the mid-teens through
      2017
   -- Leverage will increase in 2015 due to the proposed bond
      issue, but improve thereafter
   -- Free cash flow will be neutral to negative over the medium
      term

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to a negative rating action include:

   -- Leverage sustained above 40% (2014: 10%)
   -- Presales / gross debt sustained below 1x (2014: 1.5x)
   -- Investment property EBITDA / cash interest costs sustained
      below 1.75x (end-2014: 2.0x)

Positive: Fitch doesn't expect a rating upgrade over the medium
term because of the concentration of BSD's cash flows in the
Tangerang region in the Greater Jakarta area, primarily through
its sales in BSD City, as well as the company's smaller
development scale compared to regional peers.

FULL LIST OF RATING ACTIONS

PT Bumi Serpong Damai Tbk

   -- Long-Term Foreign Currency Issuer Default Rating published
      at 'BB-'; Outlook Stable
   -- Long-term senior unsecured debt class rating published at
      'BB-'

Global Prime Capital Pte Ltd
   -- Proposed five-year senior unsecured US dollar bonds
      assigned 'BB-(EXP)'


BUMI SERPONG: Moody's Assigns Ba3 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service assigned a corporate family rating of
Ba3 to Bumi Serpong Damai TBK (P.T.) (BSD), a leading Indonesian
property company.

Moody's has also assigned a provisional senior unsecured bond
rating of (P)Ba3 to the proposed senior unsecured notes to be
issued by Global Prime Capital Pte. Ltd. -- a wholly owned
subsidiary of BSD -- and guaranteed by BSD and some of its
subsidiaries.

The ratings outlook is stable.

This is the first time Moody's has assigned ratings to BSD.

Moody's will remove the provisional status on the senior unsecured
rating after completing a satisfactory review of the final bond
documentation.

BSD plans to use the bond issuance proceeds to finance land
acquisitions, current development projects, and other related fees
and expenses.

The Ba3 ratings reflect BSD's established position as one of the
largest property developers in Indonesia with diversification
across multiple projects and property segments.

As of 31 December 2014, the company had a land bank of 4,667 ha
-- of which 83% are located in the Greater Jakarta region --
supporting 20-25 years of development.

The bulk of BSD's land bank is located in its flagship township,
BSD City, whilst the rest is spread across three townships and one
industrial estate. It also has a portfolio of investment
properties comprising office buildings, retail space and hotels
that is largely held under its 89%-owned subsidiary, PT Duta
Pertiwi Tbk (unrated).

Duta Pertiwi is also listed on the Indonesia Stock Exchange.

Duta Pertiwi and its subsidiaries are excluded as guarantors of
the senior unsecured notes to be issued by Global Prime Capital
Pte. Ltd., but remain as restricted subsidiaries and are bound by
a similar set of terms and conditions.

"Although BSD derives approximately 80% of its revenue from non-
recurring sources, its focus on the sale of land lots and low-rise
properties entails lower development risks and provides it with
the flexibility to scale operations in line with demand," says
Jacintha Poh, a Moody's Assistant Vice-President and Analyst.

As of 31 December 2014, BSD generated approximately 17% of its
total revenue from recurring sources. Moody's expects its
recurring EBITDA to be sufficient to cover at least 1.0x of its
interest expenses, after taking into account its proposed bond
issuance.

"BSD's ratings are anchored by its healthy financial profile and
solid liquidity position, supported by an expected continued
strong operating performance over the next 12 months. The company
is also expected to maintain strong profitability ratios, backed
by its extensive low-cost land bank," adds Poh, who is also the
Lead Analyst for BSD and other companies in the Indonesian
property sector.

In FY2015, BSD targets to achieve marketing sales of IDR7,500
billion. Moody's expects the company to exhibit adjusted
revenue/debt of around 100% and adjusted EBITDA/interest expenses
of around 6.5x. As of 31 December 2014, the company exhibited
adjusted revenue/debt of 124% and adjusted EBITDA/interest expense
of 7.7x.

In terms of profitability, Moody's expects the company's EBITDA
margin to decline marginally to 50%-52% in FY2015 -- due to the
rising cost of construction -- from 54% in FY2014.

Nonetheless, BSD's ratings are constrained by its small scale
relative to global peers, complex corporate structure and
concentration in the Greater Jakarta region. The company is also
exposed to the volatile property sector and evolving regulatory
environment of Indonesia.

The stable rating outlook reflects our expectation that BSD will
achieve its sales target and maintain financial discipline as it
pursues growth.

An upgrade is unlikely over the near to medium term, but could
emerge if BSD is able to successfully execute its business plans
and grow revenue to above IDR10 trillion, and keep its healthy
financial and liquidity profile.

Credit metrics that will support an upgrade include adjusted
EBITDA/interest coverage above 5.0x, adjusted revenue/debt above
120%, and a consistent level of positive free cash flow on a
sustained basis.

On the other hand, BSD's rating could face downward pressure if:
(1) the company fails to implement its business plans; (2) there
is a deterioration in the property market, leading to protracted
weakness in its operations and credit profile; and/or (3) evidence
emerges of cash leaking from BSD to fund affiliated companies, for
example, through inter-company loans, aggressive cash dividends,
or investments in affiliates.

Moody's considers adjusted EBITDA/interest coverage below 3.0x and
adjusted revenue/debt below 80% on a sustained basis as
indications that a downgrade may be necessary

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

Established in 1984, Bumi Serpong Damai TBK (P.T.) is the largest
listed developer on the Indonesia Stock Exchange by market
capitalization. The company and its subsidiaries are engaged in
the development, management and operation of residential
townships, condominium towers, office buildings, retail malls and
hotel properties. BSD has a presence in nine cities across
Indonesia, but remains focused on the Greater Jakarta region. It
is sponsored by Sinarmas Land Limited (unrated) with a
shareholding of approximately 61% in BSD as at 31 December 2014.


LIPPO KARAWACI: Fitch Affirms 'BB-' IDR; Outlook Stable
-------------------------------------------------------
Fitch Ratings issued an announcement correcting the version
published on April 1, 2015, to clarify that the US dollar bonds
are issued by Theta Capital.

Fitch Ratings has affirmed PT Lippo Karawaci Tbk's (Lippo) Long-
Term Foreign and Local Currency Issuer Default Ratings (IDR) at
'BB-' with Stable Outlook.  The agency has also affirmed Lippo's
senior unsecured rating and outstanding notes issued by Theta
Capital at 'BB-' and its National Long-Term Rating at 'A+(idn)'
with Stable Outlook.

Lippo's rating reflects its strong market position and
demonstrated track record in the property development and
investment property businesses, the adequate coverage provided by
the recurring EBITDA generated by its retail, healthcare,
hospitality and fee-based income business of interest and lease
rental expenditures, comfortable liquidity and low refinancing
risk due to its well spread out debt maturity profile.  The Stable
Outlook reflects the stable outlook in Indonesia for the key real
estate sub-markets Lippo operates in - residential, healthcare,
retail and hospitality.

'A' National Ratings denote expectations of low default risk
relative to other issuers or obligations in the same country.
However, changes in circumstances or economic conditions may
affect the capacity for timely repayment to a greater degree than
is the case for financial commitments denoted by a higher rated
category.

KEY RATING DRIVERS

Property Development Strategy Modified: Lippo has successfully
changed its property development strategy to focus on
condominiums, mid-market properties, and property development in
suburbs and Tier 2 cities.  In 2014, marketing sales revenue rose
to IDR5.2trn from IDR4.1trn in 2013, with condominiums accounting
for 52% (2013: 25%), followed by townships with 41% (2013: 58%)
and offices with 7% (2013:16%).

Robust Marketing Sales: The change in the property development
strategy in response to market conditions and buyers' preferences
drove the 26% increase in its property marketing sales.  Lippo's
sales to the two REITs it has sponsored, First REIT (FREIT) and
Lippo Malls Indonesia Retail Trust (LMIRT), more than doubled to
IDR3.3trn in 2014 (2013: IDR1.5trn), which has strengthened the
company's liquidity and will allow it to finance its 2015 capital
expenditure without tapping additional debt.  Lippo's consolidated
unrestricted cash balance increased to IDR3,529bn as of end-2014
from IDR1,855bn in end-2013.

Stable Recurring Businesses: Lippo's portfolio of businesses that
generate recurring revenues - retail malls, healthcare, hotels and
hospitality, and fee-based business - recorded robust revenue
growth of 28% to IDR4.7trn in 2014.  EBITDA margin from these
businesses was also maintained at 21.37% in 2014 (2013:20.47%).
These businesses are more stable than the cyclical property
development business and generate adequate cash flows for Lippo to
meet its fixed finance costs, that is, interest and lease rental
expenses.

Asset Disposal Funded Capex: Lippo has proposed to sell its stable
retail and healthcare assets to FREIT and LMIRT, and use the
proceeds to fund its capex.  This strategy, if implemented
successfully, would result in the development property leverage,
as measured by the ratio of net debt to net inventory, declining,
and Lippo's gross debt remaining below the end-2014 level of
IDR10trn till end-2017.  Lippo's capex is scalable and the company
has the flexibility to limit capex to the amount of cash raised
from asset sales to FREIT and LMIRT.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for the issuer
include:

   -- Property marketing sales will increase by 16% to IDR6,000bn
      in 2015 and growth in Indonesian rupiah terms will be
      sustained till end-2017
   -- EBITDA margin to remain steady at over 30%
   -- Asset sales to FREIT and LMIRT to be significantly lower in
      2015 (2014: IDR3.3trn)
   -- Starting 2015, Lippo will fund its capex through asset
      sales and accumulated cash balance.  Hence gross debt will
      not exceed the end-2014 level of IDR10trn till end-2017.

RATINGS SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

   -- Failure to sustain development property leverage (net
      debt/net inventory) at below 30% due to a prolonged
      weakness in property demand, while assuming the investment
      property fixed charge cover remains at 1.75x.
   -- Inability to pre-fund capex

Positive rating action is not anticipated due to the geographical
concentration of Lippo's businesses in Indonesia and the company's
smaller scale in relation to international peers.

The full list of rating actions is:

Long-Term Foreign Currency IDR affirmed at 'BB-'; Outlook Stable
Long-Term Local Currency IDR affirmed at 'BB-'; Outlook Stable
Senior unsecured rating affirmed at 'BB-'
USD250m senior unsecured notes due in 2019 issued by Theta Capital
affirmed at 'BB-'
USD403m senior unsecured notes due in 2020 issued by Theta Capital
affirmed at 'BB-'
USD150m senior unsecured notes due in 2022 issued by Theta Capital
affirmed at 'BB-'
National Long-Term Rating affirmed at 'A+(idn)'; Outlook Stable



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


KIWI FORESTRY: Two Units' Collapse Hurt Truck Firms
---------------------------------------------------
Imran Ali at The Northern Advocate reports that the Companies
Office will not investigate alleged irregularities in two logging
companies that have gone bust owing NZ$26 million unless an
official complaint is made after both businesses are liquidated.

HarvestPro and Smith and Davies (NZ) -- both 100 per cent owned
subsidiaries of Kiwi Forestry International -- owe a string of
non-secured creditors NZ$1.7 million, including NZ$192,916 to
seven Northland trucking firms. Three secured creditors are owed
more than NZ$24 million, the report discloses.

According to the report, HarvestPro's sub-contractors in the Far
North were forced to lay off about 100 forestry workers three
weeks ago while all 120 staff of Smith and Davies (NZ) in
Whangarei were terminated on March 16.

Whangarei truck owner Dave Sills is owed more than NZ$29,000 by
Smith and Davies, but will only receive NZ$5,862 if he agrees to
the company's proposal to pay 20 cents in the dollar, The Northern
Advocate relates.

The Northern Advocate notes that the collapse of the two companies
led to questions over whether it had been trading while insolvent,
but the Companies Office said it did not hold information on the
financial position of the companies and was therefore unable to
comment on their solvency or the directors' apparent efforts to
restructure the companies' affairs.

"In the event that a liquidator is appointed to the companies,
they will be required under section 258A of the Companies Act 1993
to report any suspected offending to the Registrar of Companies,"
the report quotes the Companies Office as saying.

"The registrar will review allegations of offending and take
action in a manner consistent with the Companies Office
enforcement policy guidelines."

According to the report, the Companies Office said the board of
directors of a company had all the powers necessary for managing,
and for directing and supervising the management of the business
and its affairs until the company was placed into liquidation,
receivership or was subject to another insolvency procedure.

Since HarvestPro and Smith and Davies (NZ) were not in
liquidation, receivership or other insolvency procedure, it
appeared the directors were able to facilitate the sale of company
assets, the report notes.

"It should be noted, however, that the law imposes a duty on
directors to consider the interests of creditors once a company
becomes insolvent, and if a director continues to trade or
authorises the disposition of assets to the detriment of creditors
they may become personally liable for company losses," the
Companies Office, as cited by The Northern Advocate, said.

Both companies owe secured creditors GE Finance, Mercedes Benz
Financial and Itochu Corporation NZ$24.9 million, the report
discloses.

The Northern Advocate says the former two have repossessed assets
of HarvestPro New Zealand and Smith and Davies (NZ) and have yet
to determine the recovered amount.

The directors of HarvestPro and Smith and Davies have proposed to
pay non-secured creditors 20 cents for every one dollar of debt as
a final settlement, the report adds.



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


JONES THE GROCER: Singapore Unit's Assets Up For Sale
-----------------------------------------------------
Debbie Yong at The Business Times reports that things have gone
further south for Jones the Grocer Singapore (JTG), three months
after the gourmet grocer from Down Under assured that it was
business as usual.

BT relates that the Singapore arm of the Louis Vuitton-backed
Australian gourmet cafe and retail chain has been placed under
judicial management, and its assets are now up for public sale.

When contacted, a manager from PriceWaterhouseCoopers, the
appointed judicial manager for Singapore-registered Jones The
Grocer International Pte Ltd, said that bids will close on
May 22, with a view to a completion of the sale by late June,
according to the report. There is no minimum sum for bids. In the
meantime, JTG's outlets on Dempsey Hill and in the Mandarin
Gallery will continue trading as usual, The Business Times
relates.

The report says the assets up for sale include the two Singapore
outlets at 6,200 square feet and 2,200 sq ft respectively, its
current payroll of staff, and its existing kitchen, bar and retail
inventory. Buyers also have the option to purchase the Singapore
franchise rights from its Australia-registered counterpart, Jones
the Grocer IP Pty Ltd, the report notes.

Parent company Jones the Grocer Pty Ltd in Australia, which is
majority-owned by LVMH Moet Hennessy Louis Vuitton's private
equity arm L Capital, was placed under voluntary administration in
its home market in mid-December last year, days after its
Australian chief executive John Manos resigned from his position,
BT recalls.

Related Australian entities including its distribution arm
Senselle Foods Distribution, Jones Group Franchising, Jones Group
Holdings, Jones the Grocer IP and 3GS Holdings were also placed in
administration.

In Singapore, L Capital Asia chairman and managing partner Ravi
Thakran had in December assured that JTG's Singapore operations
would be fine and that "the prognosis is good", even as the chain
was in the midst of withdrawing from its outlets in Orchard Ion,
the report states.

When contacted, Mr Manos, who is still a 37 per cent shareholder
in JTG and a director of its Singapore operations, told BT that
the decision to put the business on sale "is being led by
differences in vision at the board level between myself and the
other shareholders."

Saying that he had not been operationally involved and even
"excluded from some aspects of the business" since last November,
Mr Manos nevertheless believed that JTG's Singapore stores are
still performing well and that "there is no fundamental issue with
the brand, its offering and its following," the report adds.

"These are all internal issues, and we are going through the
process of resolving shareholder issues, not fundamental
operational issues," the report quotes Mr. Manos as saying.

He added that potential buyers should be "strategic buyers" rather
than financial investors, the report relates. "They need to be
someone who understands the food industry, the brand, and can
invest appropriately while expecting a reasonable investment."

BT relates that insiders familiar with the company's financials
said, however, that poorly managed operating expenses and overly
aggressive growth plans in Singapore's costly retail landscape may
have been the cause of JTG's swift decline, and going under
administration was a way to free itself from debts.

"They opened multiple outlets in Orchard Ion within the span of
one year, where their turnover was even less than their rent
alone," noted a former staff member, the report relays. JTG opened
subsidiary burger joint Charlie & Co in the basement of the
upscale shopping mall last February, followed by two outlets of
Becasse Bakery in Orchard Ion and Dempsey two months later. The
Ion outlets closed last year, while Becasse's Dempsey space and
existing staff of 10 was taken over by local restaurant group
GToken and rebranded as casual eatery G House on April 1.

BT understands that several suppliers to JTG have been left
several thousands of dollars out of pocket, and the first
creditors' meeting will be held tomorrow. According to retail
manager Rashmi Pandey, however, their roster of around 140 part-
time and full-time staff in both outlets are still being paid on
time.


================
S R I  L A N K A
================


SRILANKAN AIRLINES: Is 'Technically' Insolvent
----------------------------------------------
Azhar Razak at The Nation reports that Sri Lanka's state-owned
flagship carrier, SriLankan Airlines (SLA) is presently
technically insolvent (though not legally) as it is in a negative
working capital position, the report by the Board of Inquiry (BoI)
has outlined.

According to the BoI report, the total liabilities of the airline
as at January 31, 2015, amount to INR160 billion approximately, of
which current liabilities stand at INR109.5 billion while Current
Assets are a mere INR57 billion, The Nation relays.

"It is important to realize that the company is technically (not
legally) insolvent with a gross negative situation in net current
assets and total debts far exceeding its equity resulting in a
negative working capital position," the report released by the
four member investigation panel headed by J.C. Weliamuna has
stated, relates The Nation.

According to The Nation, the BoI report notes that the Company's
total liabilities at March 31, 2014, had however stood at
US$124 billion of which the current liabilities amounted to
INR71, 346 million while current assets stood at INR54, 905
million.

"It is also important to realize that the serious loss of capital
of the company. It is noted that the SLA could not meet the
covenants of the bridging finance facility taken for Mashreq and
this has compelled the company to substitute the loan using
Treasury bonds," the BoI report said indicating the struggle the
airline had underwent to meet its previous debt obligation.

The Nation relates that the BoI report further alleged that the
airline's management in 2011 had made a seriously wrong decision
to pursue a re-fleeting exercise at a time when its Financial
Position was critical with financial position score at a negative
1.85.

"Re-Fleeting and Financing of new Aircraft acquisitions for Sri
Lankan Airways was entered into during the period 2010 - 2013,
when the Airline had substantial accumulated losses and there
appeared to be no real hope of breaking -- even and moving to
profitability in the very short term. A colossal capital
commitment of approximately USD 2.3 billion or approximately LKR
290 billion on the Re-Fleeting and Financing of new Aircraft
acquisitions for Sri Lankan Airways was entered into during the
period 2010 - 2013, when the Airline had substantial accumulated
losses and there appeared to be no real hope of breaking-even and
moving to profitability in the very short term".

"Currently INR105 billion of Accumulated losses & INR65 billion of
Negative Net Assets only show a further slide downwards in the
Airlines profitability and financial status from then. At these
levels of operation, the big question now is how the Airline would
meet all lease payment when they fall due in the future. It is
important to realize that in addition to the white body aircrafts,
SLA is committed to purchase narrow body plans and this led the
SLA to a grave situation," the panel observed, The Nation relays.

Consequently, the investigators have concluded that there is prima
facie evidence to initiate a high level criminal investigation
into the entire re-fleeting exercise although there is no material
for the BoI to point to specific individuals, The
Nation adds.



===============
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

ACONEX LTD                ACX             36.38        -152.68
ADCORP AUSTRALIA          AAU             17.86          -0.81
ATLANTIC LTD              ATI             64.03        -517.87
AUSTRALIAN ZI-PP        AZCCA             16.99         -71.67
AUSTRALIAN ZIRC           AZC             16.99         -71.67
AXXIS TECHNOLOGY          AYG             19.18          -1.88
BIRON APPAREL LT          BIC             19.71          -2.22
BLUESTONE GLOBAL          BUE             46.32          -2.40
BRIDGE GLOBAL CA          BGC             19.38        -121.51
BULLETPROOF GROU          BPF             11.11          -2.99
CLARITY OSS LTD           CYO             13.99         -15.57
CONTINENTAL COAL          CCC            141.26          -6.69
IPH LTD                   IPH             22.71          -7.54
LOVISA HOLDINGS           LOV             19.02          -3.43
MBD CORP LTD              MBD             14.63          -0.20
MIRABELA NICKEL           MBN            158.54        -375.82
NORSEMAN GOLD PL          NGX             36.28         -43.40
OPUS GROUP LTD            OPG             63.26          -8.99
RIVERCITY MOTORW          RCY            386.88        -809.13
RUTILA RESOURCES          RTA             34.45          -3.90
SAVCOR GRP LTD            SAV             25.90         -10.32
SIGNATURE METALS          SBL             33.09         -18.85
SPHERE MINERALS           SPH            108.81         -64.95
STERLING PLANTAT          SBI             59.64         -12.67
STONE RESOURCES           SHK             21.76         -14.91
SUBZERO GROUP LT          SZG             31.95          -3.19


CHINA

ANHUI GUOTONG-A           600444          75.07          -7.31
BAIOO                       2100          88.34          -3.21
CHINA ESSENCE GR            CESS          48.99        -108.56
GCL SYSTEM INT-A            2506         577.79        -465.36
JIANGXI CHANG-A           600228         109.53         -11.09
LINEKONG INTERAC            8267          40.79        -112.57
LUOYANG GLASS-A           600876         203.45          -2.05
LUOYANG GLASS-H             1108         203.45          -2.05
NANNING CHEMIC-A          600301         257.94         -14.09
SHAANXI QINLIN-A          600217         339.47         -24.55
SHANG BROAD-A             600608          39.94          -0.31
SONGLIAO AUTO -A          600715          27.06          -6.12
TIANGE                      1980         139.51         -13.82
WUHAN BOILER-B            200770         193.47        -235.12
XIAKE COLOR-A               2015         268.17         -18.47

CHINA HEALTHCARE             673          26.86         -17.33
CHINA MINING RES             340          97.56          -1.90
CHINA OCEAN SHIP             651         315.16         -76.51
CNC HOLDINGS                8356          50.95         -10.22
GR PROPERTIES LT             108          17.83         -52.36
GRANDE HLDG                  186         194.96        -302.44
HARMONIC STR                  33          33.31          -2.82
MASCOTTE HLDGS               136          17.72          -4.61
TITAN PETROCHEMI            1192         422.49      -1,073.54


INDONESIA

APAC CITRA CENT          MYTX            174.01         -17.22
ARPENI PRATAMA           APOL            166.39        -336.11
ASIA PACIFIC             POLY            323.36        -862.79
BAKRIE & BROTHER         BNBR            937.98        -160.00
BAKRIE TELECOM           BTEL            627.41        -271.18
BENTOEL INTL INV         RMBA            854.30         -17.77
BERAU COAL ENERG         BRAU          1,876.65         -29.46
BERLIAN LAJU TAN         BLTA            766.11      -1,173.91
BERLIAN LAJU TAN         BLTA            766.11      -1,173.91
BORNEO LUMBUNG           BORN          1,050.10        -541.61
BUMI RESOURCES           BUMI          6,595.57        -320.93
ICTSI JASA PRIMA         KARW             53.53         -10.11
JAKARTA KYOEI ST         JKSW             24.64         -34.00
MERCK SHARP DOHM         SCPI             92.25          -0.08
ONIX CAPITAL TBK         OCAP             13.75          -2.96
RENUKA COALINDO          SQMI             15.99          -0.30
SUMALINDO LESTAR         SULI             77.28         -34.38
TRUBA ALAM ENG           TRUB            216.87         -34.67
UNITEX TBK               UNTX             20.62         -17.28


INDIA

ABHISHEK CORPORA         ABSC             53.66         -25.51
AGRO DUTCH INDUS          ADF             85.09         -22.81
ALPS INDUS LTD           ALPI            201.29         -41.70
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
BHARATI SHIPYARD         BHSL          1,428.69         -17.76
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
ELECTROTHERM IND          ELT            501.15         -96.22
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             48.71          -5.00
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
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
MODERN DAIRIES            MRD             38.61          -3.81
MOSER BAER INDIA          MBI            727.13        -165.63
MOSER BAER -SLB         MBI/S            727.13        -165.63
MPL PLASTICS LTD         MPLP             17.67         -51.22
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             55.11         -52.44
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            105.10        -183.38
QUINTEGRA SOLUTI          QSL             16.76         -17.45
RADHA MADHAV COR         RMCL             10.33         -48.95
RAMSARUP INDUSTR         RAMI            433.89         -89.28
RATHI ISPAT LTD          RTIS             44.56          -3.93
RELIANCE MED-SLB        RMW/S            279.61        -144.47
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 SUGARS         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             11.65          -5.73
STI INDIA LTD            STIB             21.69          -2.13
STL GLOBAL LTD           SHGL             30.73          -5.62
STORE ONE RETAIL         SORI             15.48         -59.09
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
TIMEX GROUP IND          TIMX             20.14          -0.42
TIMEX GROUP-PREF        TIMXP             20.14          -0.42
TODAYS WRITING           TWPL             18.58         -25.67
TRIUMPH INTL             OXIF             58.46         -14.18
TRIVENI GLASS            TRSG             19.71         -10.45
TUTICORIN ALKALI         TACF             17.17         -22.86
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          11.13          -1.81
LCA HOLDINGS COR            4798          21.73          -1.75
OPTROM INC                  7824          15.63          -4.50
PIXELA CORP                 6731          13.97          -0.02


KOREA

HYUNDAI CEMENT              6390         454.92        -262.92
SAMWHAN CORP                 360         624.46          -9.54
SAMWHAN CORP-PRE             365         624.46          -9.54
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


MALAYSIA

BIOSIS GROUP BHD          BGH             10.39          -7.66
DING HE MINING            705             48.83         -57.14
HAISAN RESOURCES          HRB             23.80         -20.90
HIGH-5 CONGLOMER         HIGH             29.86         -65.83
LION CORP BHD            LION          1,128.18        -160.72
ML GLOBAL BHD             MLG             13.23          -4.07
OCTAGON CONSOL           OCTG             14.55         -53.99
PERWAJA HOLDINGS         PERH            515.46        -163.63


NEW ZEALAND

PULSE ENERGY LTD          PLE             15.04          -4.52


PHILIPPINES

CYBER BAY CORP         CYBR               13.68         -25.95
DFNN INC               DFNN               14.84          -2.76
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
METRO GLOBAL HOL        MGH               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

CHINA GREAT LAND        CGL               12.24         -21.26
GPS ALLIANCE HOL        GPS               15.91          -0.61
OCEANUS GROUP LT      OCNUS               81.89         -13.92
QT VASCULAR LTD        QTVC               17.99         -11.99
SCIGEN LTD-CUFS         SIE               46.71         -55.42
SINGAPORE EDEVEL        SGE               12.81          -3.18
SINOPIPE HLDS          SPIP              146.50         -80.06
TERRATECH GROUP        TEGP               13.55          -5.24
UNITED FIBER SYS        UFS               46.83         -87.24


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/F               38.87         -46.47
KTECH CONSTRUCTI      KTECH               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
PAE THAI PUB CO         PAE               42.42          -0.28
PAE THAI-FRGN         PAE/F               42.42          -0.28
PAE THAI-NVDR         PAE-R               42.42          -0.28
PATKOL PCL               PK               52.89         -30.64
PATKOL PCL-FORGN       PK/F               52.89         -30.64
PATKOL PCL-NVDR        PK-R               52.89         -30.64
PROFESSIONAL WAS        PRO               10.68          -1.71
PROFESSIONAL-F        PRO/F               10.68          -1.71
PROFESSIONAL-N        PRO-R               10.68          -1.71
SHUN THAI RUBBER      STHAI               13.16          -6.13
SHUN THAI RUBB-F    STHAI/F               13.16          -6.13
SHUN THAI RUBB-N    STHAI-R               13.16          -6.13
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              169.38        -510.60
TT&T PCL-NVDR        TTNT-R              169.38        -510.60
TT&T PUBLIC CO-F     TTNT/F              169.38        -510.60
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


                             *********

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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