TCRAP_Public/150508.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, May 8, 2015, Vol. 18, No. 090


                            Headlines


A U S T R A L I A

DOUGLAS AEROSPACE: Goes Into Voluntary Administration
FORTESCUE METALS: Remains Open to Asset Sales
KEAT ENTERPRISES: Fined AUD160K For Advertising Fake Job Ads
OSTRAVA EQUITIES: Court Orders Surrender of Directors' Passports
PETON PROPERTIES: Director Pleads Guilty of Misappropriation

SAILMOVE PTY: First Creditors' Meeting Slated For May 19
WEALTH PLANNING: First Creditors' Meeting Set For May 19


C H I N A

EVERGRANDE REAL: S&P Lowers CCR to 'B+' on High Leverage
FOSUN INTERNATIONAL: Moody's Ba3 CFR Unaffected by Acquisition
GOLDEN WHEEL: Fitch Affirms 'B' IDR; Outlook Stable
GREENTOWN CHINA: Moody's Says B1 CFR Unaffected by Asset Sale
JINGRUI HOLDINGS: Fitch Affirms 'B' IDR; Outlook Stable

UTSTARCOM HOLDINGS: Delays Form 20-F Report Filing


M A C A U

MACAU: Decline in Gaming Revenue is Credit Negative, Moody's Says


I N D I A

AMRIT TRADING: CRISIL Reaffirms B+ Rating on INR25MM Cash Loan
ANDHRA GINNING: CRISIL Reaffirms D Rating on INR60MM Cash Loan
ANJANA ADORABLES: CRISIL Suspends B+ Rating on INR25MM LT Loan
ARKBIRD PUBLICATIONS: CRISIL Suspends B+ Rating on INR40MM Loan
BALAJI RICE: CRISIL Assigns B Rating to INR70MM Cash Loan

BHAWANI CONSTRUCTIONS: CRISIL Reaffirms D Rating on INR70MM Loan
CAPITAL OVERSEAS: ICRA Suspends B Rating on INR12.5cr Bank Loan
CHIRACKAL ROLLER: CRISIL Assigns B+ Rating to INR70MM Cash Loan
CORE JEWELLERY: CRISIL Suspends B+ Rating on INR82.5MM Loan
DHANSHREE DEVELOPERS: ICRA Suspends D Rating on INR59cr Loan

DURGAPUR IRON: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
EVERFLOW PETROFILS: ICRA Suspends B+ Rating on INR38cr Loan
GANGAPUTRA: CRISIL Lowers Rating on INR327.6MM Term Loan to B-
GANPATI AGRO: ICRA Suspends D Rating on INR65cr Cash Loan
GREEN WOODCRAFTS: CRISIL Assigns B+ Rating to INR30MM Cash Loan

GUPTA TRANSFORMER: CRISIL Puts B+ Rating on INR79.2MM Bank Loan
JAYESH INDUSTRIES: CRISIL Reaffirms B- Rating on INR102.5MM Loan
KALYAN AQUA: CRISIL Reaffirms B+ Rating on INR58.3MM Term Loan
KAMDHENU FOODS: ICRA Suspends B+ Rating on INR11cr Bank Loan
L.R. INTERNATIONAL: ICRA Suspends D Rating on INR65cr Cash Loan

LAKHOTIA MEDICAL: CRISIL Cuts Rating on INR52MM Cash Loan to D
LAND MARK: CRISIL Suspends B+ Rating on INR100MM LT Loan
LEXUS GRANITO: ICRA Withdraws B Rating on INR32.75cr Bank Loan
MANGLAM AGROTECH: CRISIL Assigns 'D' Rating to INR60MM Loan
MFAR HOTELS: CRISIL Reaffirms D Rating on INR467.6MM Term Loan

MOHAN MEAKIN: ICRA Reaffirms B+ Rating on INR73.37cr LT Loan
MUKAND ENGINEERS: ICRA Suspends B Rating on INR20cr FB Loan
NIPSO POLYFABRIKS: ICRA Ups Rating on INR3.90cr Loan to C+
ORTEL COMMUNICATIONS: ICRA Ups Rating on INR103.34cr Loan From C+
OSWAL OVERSEAS: CRISIL Cuts Rating on INR100MM Cash Loan to D

PARAMESWARA TIMBER: CRISIL Reaffirms B Rating on INR20MM Loan
PARSVNATH DEVELOPERS: CRISIL Assigns C Rating to INR1.05BB Loan
POONAM ENTERPRISES: CRISIL Assigns B Rating to INR100MM Cash Loan
RELIANCE COMMUNICATIONS: Fitch Rates USD300MM Sr. Sec. Notes BB-
RELIANCE COMMUNICATIONS: Moody's Rates $300MM Notes at 'Ba3'

S.V. PATEL: ICRA Assigns B+ Rating to INR6.5cr Cash Credit
SANJAY RICE: ICRA Lowers Rating on INR4.20cr Term Loan to D
SATYAMAHARSHI POWER: CRISIL Reaffirms D Rating on INR100MM Loan
SHIVAM JEWELMART: CRISIL Assigns B+ Rating to INR80MM Cash Loan
SHREE SHARANAM: CRISIL Assigns B Rating to INR125MM Term Loan

SRI SARVARAYA: CRISIL Reaffirms D Rating on INR972.3MM LT Loan
SRI SATYALAKSHMI: CRISIL Rates INR70MM Cash Credit at 'B+'
SRI SHARADHA: ICRA Reaffirms B+ Rating on INR5cr LT Loan
SRI VENKATARAMANA: CRISIL Suspends C Rating on INR30MM LT Loan
SUNRISE PROCESS: CRISIL Reaffirms B Rating on INR30MM Cash Loan

THAKKAR PLASTIC: ICRA Suspends B+ Rating on INR10cr Loan
VEDANTA RESOURCES: Unit's FY2015 Results Meet Expectations
VENKY HI-TECH: ICRA Reaffirms B+ Rating on INR24cr Cash Credit
WIN PET: ICRA Suspends B+ Rating on INR2.5cr Cash Loan


N E W  Z E A L A N D

SHANTON FASHIONS: To Close Timaru Shop This Month
SOLID ENERGY: Confirms 151 Job Losses at Stockton Mine


P A K I S T A N

PAKISTAN MOBILE: S&P Revises Outlook to Pos. & Affirms 'B-' CCR


S I N G A P O R E

TIGER AIRWAYS: Net Loss Narrows to SGD18.8MM in Qtr Ended Mar. 31


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


DOUGLAS AEROSPACE: Goes Into Voluntary Administration
-----------------------------------------------------
ABC News reports that the Mayor of Wagga Wagga is confident
council will not lose any money with Douglas Aerospace moving into
administration.

There were claims it was risky for council three years ago, when
it lent the firm $2.5 million to build a hangar at the council
owned airport, according to ABC News.

The report notes that Wagga Mayor, Rod Kendall, said the aircraft
refurbisher has had a dispute with a builder in the Supreme Court
which has led to the move into voluntary administration.

Mr. Kendall said creditors will meet in a week.

"Wagga City Council is the most significant creditor of the
company, but that is secured overall through security overall of
the assets of the company," the report quoted Mr. Kendall as
saying.  "The administrator indicated there is no other secured
creditor of the company other than a couple of operating leases."

Councillor Kendall said council is owed just over AU$2 million.

"Council is of course very mindful of its position as a secured
creditor and potentially the only significant secured creditor,"
Mr. Kendall said, notes ABC News.  "We will be extremely mindful
of protecting that position and making sure we get the best
possible result for Wagga and the council."

The company Wagga Council had hoped would be the major investor in
the Riverina Intermodal Freight and Logistics (RIFL) hub also went
into voluntary administration, the report notes.

The first creditors meeting for Traxion will be held in Sydney
tomorrow, the report relays.

The administrator of Traxion expects to make a decision on
recapitalizing, selling or liquidating the business by the end of
May, the report adds.


FORTESCUE METALS: Remains Open to Asset Sales
---------------------------------------------
The Australian reports that Fortescue Metals said it remains open
to asset sales, despite recently overhauling its multibillion-
dollar debt to push out the timing of repayments.

"We've completely derisked our assets and therefore it's a good
time to be thinking about (sales), but we don't have anything
under active consideration and we'll just take it as it comes,"
the report quotes chief executive Nev Power as saying on the
sidelines of a Sydney conference.   "As you saw from our balance
sheet, there's no imperative for us to do anything," he added.

Last month, Fortescue (FMG) raised US$2.3 billion in debt just a
month after it scrapped a similar-sized bond offering saying it
couldn't agree on terms with investors, The Australian recalls.

The Australian relates that to secure the refinancing, Fortescue
agreed to pay an interest rate of 9.75 per cent on its newest
seven-year bonds, which were sold mostly to US-based investors.
That is higher than the 9 per cent coupon investors were pushing
for at the time of the pulled bond deal in March, the report says.

According to the report, Fortescue said in a presentation to the
conference on May 7 that with no debt repayments until June 2019,
the group had around US$2 billion cash on hand.

The miner said its 2016 forecast of capital spending at US$330
million per year, which works out to around US$2 per wet metric
tonne or iron ore sold, was sustainable, the report relays.

The report relates that Fortescue said its long-term fundamentals
were positive, with China's growth remaining strong, despite GDP
growth falling to its slowest rate in 24 years.

The company said it was continuing to pursue moves down the global
cost curve, targeting a position in the bottom quartile of low-
cost iron ore producers, The Australian adds.

                      About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western Australia
and exporting it from Port Hedland.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 24, 2015, Standard & Poor's Ratings Services said that it
had lowered its corporate credit rating on Fortescue Metals Group
Ltd. to 'BB' from 'BB+'.  The outlook is negative.

At the same time, S&P lowered the ratings on the company's senior
secured debt to 'BBB-', from 'BBB', and the senior unsecured
rating to 'BB-' from 'BB'.  The recovery rating remains unchanged
at '1' for the senior secured debt rating, and '5L' for the senior
unsecured debt.  S&P has also removed all ratings from CreditWatch
with negative implications.


KEAT ENTERPRISES: Fined AUD160K For Advertising Fake Job Ads
------------------------------------------------------------
Kirsten Robb at SmartCompany reports that a Melbourne training
provider that advertised jobs that did not exist in order to lure
potential employees into paying for training or internships with
the company has been fined AUD66,000 in the Melbourne Magistrates'
Court.

SmartCompany recalls that Consumer Affairs Victoria took action
against collapsed entity Keat Enterprises in the court last week,
after it investigated several complaints last year over Keat
Enterprises' "bait and switch" tactics.

Keat Enterprises, which collapsed into voluntary administration in
June 2014 after the accusations reached the media, was found to
have posted fake ads for graduate accountants and interns on
Seek.com.au in order to lure applicants into its unaccredited in-
house training, according to SmartCompany.

At the end of the fake job interviews, applicants were instead
marketed training courses for work in the accounting industry, at
a cost of between AUD2,000 and AUD3,000, the report relates.

SmartCompany says the majority of the ads did not mention any
extra costs and those that did mention fees referred to them as
"software licensing and CPA mentoring costs".

The report relates that Consumer Affairs Victoria also found Keat
Enterprises undertook very little accountancy work as its main
business was providing training services.

At the time of the investigation, Daniel Leong, chief executive of
Keat Partners according to his LinkedIn profile, denied all
allegations about his business to Fairfax, saying the claims
seemed to have originated from "a few disgruntled ex-employees,"
SmartCompany states.

But Keat Enterprises was last week convicted of 23 counts of
engaging in misleading conduct in relation to employment, and 10
counts of making false and misleading representations about the
supply of services, including making false representations that it
was a tax agent, the report discloses.

"We are pleased that the court recognised the serious breaches
committed by Keat Enterprises; this will serve as a reminder to
other employment and training agencies that they will not get away
with false and misleading conduct," the report quotes Consumer
Affairs Victoria's acting director Phil D'Adamo as saying in a
statement.

However, a spokesperson from Consumer Affairs Victoria confirmed
to SmartCompany Consumer Affairs will not take further action to
obtain compensation.

"Obtaining compensation for affected consumers was considered in
this case, however, due to the company being in liquidation such
an order would not have been able to be granted without the leave
of the Supreme Court," the spokesperson told SmartCompany.
"Practically, in the circumstances of this case, there would most
likely be insufficient resources to make good any compensation
order."

Keat Enterprises appointed Mathew Campbell Muldoon and Ken Sellers
of Sellers Muldoon Benton as administrators of the company on June
3, 2014.

Fairfax reported that a liquidator's assessment from last year
showed the company owed more than AUD65,000 to 15 employees and
AU160,000 to other unsecured creditors, including nearly AUD40,000
to the Australian Tax Office, according to SmartCompany.

SmartCompany contacted Sellers Muldoon Benton but did not receive
a response prior to publication.


OSTRAVA EQUITIES: Court Orders Surrender of Directors' Passports
----------------------------------------------------------------
Following an application by ASIC, the Federal Court in Melbourne
May 7 ordered the surrender of the passports of two directors of a
Melbourne-based financial services business which ASIC is
investigating.

The interim orders are part of an ongoing ASIC investigation into
alleged unauthorised withdrawals of client funds and charging of
fees by Ostrava Equities Pty Ltd, a company which provides
financial services including establishment of self-managed
superannuation funds (SMSFs).

The orders prevent Vanessa Ash, a lawyer and former ASIC employee,
and her husband Bradley Grimm from leaving Australia.

On April 17, 2015, ASIC obtained ex parte orders which restrained
the travel of Ms. Ash and Mr. Grimm, and also froze the assets of
the defendants, including the personal assets of Ms. Ash and
Mr. Grimm and all assets owned or otherwise held by Ostrava
Equities Pty Ltd, Ostrava Asset Management Pty Ltd, and Ostrava
Securities Pty Ltd. Following a hearing on April 21, 2015, at
which the defendants were represented, the orders were extended on
an interim basis.

ASIC appeared on May 7, 2015, for the Court's decision following a
further hearing on May 4, 2015 at which ASIC sought an adjournment
of the matter and a continuation of the orders. Her Honour Justice
Davies did not continue the asset restraint orders.

The matter is back before the court on May 26, 2015.

ASIC's investigation is at an early stage and cannot comment
further on the status of the investigation at this time.

ASIC's application was brought under section 1323 of the
Corporations Act 2001.

Ostrava Equities Pty Ltd is a corporate authorised representative
of Marigold Falconer International Limited (previously known as
Falconer & Company Limited) (AFSL No 244315).

Ms. Ash is a current director of Ostrava Equities Pty Ltd, Ostrava
Asset Management Pty Ltd and Ostrava Securities Pty Ltd.

Mr. Grimm, a financial planner, is a joint director of Ostrava
Asset Management Pty Ltd and former director of Ostrava Equities
Pty Ltd. Mr. Grimm is also an authorised representative of Ostrava
Securities Pty Ltd and Marigold Falconer International Limited.

Ostrava Equities has offices in Melbourne and Sydney, and
approximately 100 clients. Advertised services include SMSF
establishment and management, financial advice, insurance and
legal services.


PETON PROPERTIES: Director Pleads Guilty of Misappropriation
------------------------------------------------------------
Anthony Nicholls, 63, of Mitcham pleaded guilty on May 7, 2015, in
the Victorian County Court to 3 charges of dishonestly using his
position as a company director to misappropriate over AUD750,000.
The charges related to Mr. Nicholls' position as a director of
Zantholls International Pty Ltd and Peton Properties Pty Ltd.

These companies raised AUD2.68 million from around 20 investors to
be used for property developments in Ballarat, Victoria.

Between October 2004 and August 2006, Mr Nicholls authorised the
withdrawal of AUD756,908.31 from those funds for his own personal
benefit.

Each of the three charges carries a maximum penalty of five years
jail or a AUD220,000 fine.

Mr Nicholls was bailed to appear on June 25, 2015, for a plea
hearing and sentencing.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.

Peton was placed into liquidation during October 2007, owing
creditors more than AUD4 million.

The liquidator of Peton received funding from ASIC via the
Assetless Administration Fund to prepare a detailed report on his
investigation into the company.

Zantholls was deregistered by ASIC in April 2009.

In 2014, Mr Nicholls was ordered to stand trial on range of
criminal charges as a director of Zantholls and Peton.


SAILMOVE PTY: First Creditors' Meeting Slated For May 19
--------------------------------------------------------
Jonathan Paul McLeod of McLeod & Partners was appointed as
administrators of Sailmove Pty Ltd, formerly trading as SES
Trailers, on May 7, 2015.

A first meeting of the creditors of the Company will be held at
McLeod & Partners, Hermes Building, Level 1, 215 Elizabeth Street,
in Brisbane, Queensland, on May 19, 2015, at 11:00 a.m.


WEALTH PLANNING: First Creditors' Meeting Set For May 19
--------------------------------------------------------
Jonathan Paul McLeod of McLeod & Partners was appointed as
administrators of Wealth Planning Group Pty Ltd, formerly known as
Digital Billboard Media Pty Ltd and formerly trading as Wealth
Planning Group, on May 7, 2015.

A first meeting of the creditors of the Company will be held at
McLeod & Partners, Hermes Building, Level 1, 215 Elizabeth Street,
in Brisbane, Queensland, on May 19, 2015, at 10:00 a.m.



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


EVERGRANDE REAL: S&P Lowers CCR to 'B+' on High Leverage
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on China-based developer
Evergrande Real Estate Group Ltd. to 'B+' from 'BB-'.  The outlook
is negative.  S&P also lowered its long-term Greater China
regional scale rating on the company to 'cnBB-' from 'cnBB'.

At the same time, S&P lowered its long-term issue rating on the
company's senior unsecured notes to 'B' from 'B+'.  S&P also
lowered its Greater China regional scale rating on the notes to
'cnB+' from 'cnBB-'.

"We downgraded Evergrande because the company's financial position
has deteriorated more than we expected following the release of
its 2014 annual results, and we do not anticipate any significant
improvement over the next 12 months," said Standard & Poor's
credit analyst Matthew Kong.

Evergrande's leverage has weakened materially, with the debt-to-
EBITDA ratio rising to 8.92x at the end of Dec. 31, 2014, from
5.8x a year earlier.  EBITDA interest coverage also declined to
1.3x compared with 2.6x in 2013 and S&P's downgrade threshold of
2.0x.

S&P expects Evergrande's aggressive growth appetite and debt-
funded expansion to keep its leverage high over the next 12
months.  S&P expects land acquisitions to remain high in 2015,
albeit moderately lower than in 2014, given that Evergrande needs
to replenish its land bank in tier-one and tier-two cities.
Moreover, the company's construction costs are likely to rise to
support its fast-growing contracted sales targets.  S&P estimates
its debt-to-EBITDA ratio will deteriorate to 9.5x-10.0x; and the
EBITDA-to-interest ratio to decline to 1.0x-1.2x.

The downgrade also reflects Evergrande's large refinancing
requirements and tightening liquidity.  The company's short-term
debt more than doubled in 2014 to RMB79.7 billion, compared with
an increase of only 31% in contracted sales.  The ratio of total
cash (including restricted cash) to short-term debt weakened to
0.75x in 2014 versus 1.5x in 2013.  In S&P's opinion, Evergrande
has limited room for slippage in sales launches or a slowdown in
cash collection.  Inventory clearance will also likely reduce its
pricing and profitability.

Evergrande's refinancing risk rises because the company has funded
its expansion since 2012 with high-cost capital, including hybrid
capital.  The company continues to rely on trust funding, where
lenders are turning cautious, given tighter regulations and
increased credit risks.  S&P expects most of Evergrande's RMB24.4
billion perpetual bonds issued in 2013 to have their first
effective due dates in 2015.  The interest rates for these bonds
have a steep step-up after the effective due date.

S&P notes that Evergrande has some financial flexibility.  The
company may benefit from the opening up of the domestic bond
market.  Also, the bullish stock market raises the prospect that
Evergrande may consider an equity issue, in S&P's view.  S&P also
notes the company signed a cooperation framework with People's
Insurance Co. of China.  However, S&P is uncertain about the
timing of such initiatives.

S&P anticipates that Evergrande's large portfolio of
geographically diversified projects, largely stable profitability,
and good sales will continue to underpin its "satisfactory"
business risk profile.

"The negative outlook reflects our expectation that Evergrande's
leverage and EBITDA interest coverage will remain weak over the
next 12 months because of aggressive debt-funded growth," said
Mr. Kong.  S&P also expects the company's liquidity to tighten
because of its large short-term debt maturities.

S&P could lower the rating if: (1) Evergrande continues to
materially increase its borrowings, such that the EBITDA interest
coverage is below 1.5x on a sustainable basis; and (2) the
company's liquidity weakens--a material decline in the cash
balance or cash collections or a shorter maturity profile would
indicate such deterioration; or (3) Evergrande's debt structure
deteriorates such that its reliance on high-cost alternative
funding increases.

S&P could revise the outlook to stable if (1) Evergrande improves
its leverage.  This could happen if the company adopts a more
cautious expansion strategy and a more conservative financial
policy; or (2) the company secures significant new funding to
improve its maturity profile or capital structure.  The EBITDA
interest coverage increasing toward 2x would indicate such
improvement.


FOSUN INTERNATIONAL: Moody's Ba3 CFR Unaffected by Acquisition
--------------------------------------------------------------
Moody's Investors Service said that Fosun International Limited's
proposed acquisition of Ironshore Holdings (U.S.) Inc. (Ironshore,
Baa3 stable) has no immediate rating impact on its Ba3 corporate
family ratings, Ba3 senior unsecured bond rating, or on the Ba3
rating on the bond issued by Sparkle Assets Limited and guaranteed
by Fosun International Limited.

The ratings outlook remains stable.

On May 3, 2014, Fosun announced its proposed acquisition of the
US-based specialty insurance company Ironshore for a total
consideration of around $1.84 billion to $2billion. The proposed
transaction is Fosun's largest overseas acquisition since 2011.

Moody's expects Fosun will fund the acquisition through a
combination of debt, equity placement, proceeds from asset
disposals and cash. Moody's also expects Fosun's market value
based-leverage to remain below 45% upon completion of the
acquisition. Therefore, there is no immediate impact on Fosun's
Ba3 corporate family rating and its stable outlook.

In addition to the consideration for Ironshore, Moody's estimate
that Fosun's unpaid investment obligations totaled around $3
billion at the end of 2014. The company also had RMB46 billion in
short-term debt at the end of 2014.

These sizeable payments due before the end of 2015 and its
reliance on short-term debt funding pressure Fosun's liquidity
position.

The company thus will need to secure adequate equity and debt
and/or dispose of assets in the near term to settle the
acquisition of Ironshore , even though regulatory approval and the
closing of the acquisition could take place as late as the first
quarter of 2016.

Moody's will monitor Fosun's fund raising plan and will consider
downgrading the rating if the company is unable to secure equity
and asset disposals to strengthen cash at the holding company
level, or substantially raises its debt leverage.

At the same time, Ironshore will improve the quality of Fosun's
investment portfolio. Ironshore Inc is a well-run insurance
company that provides specialty property and casualty insurance on
a global basis to commercial customers through regional and global
brokers.

The Baa1 insurance financial strength ratings of Ironshore's
principal operating subsidiaries reflects the company's good
capitalization, high-quality investment portfolio, moderate
financial leverage and increasing market presence in the U.S. and
European specialty insurance markets.

The acquisition of Ironshore is also consistent with Fosun's
"insurance plus investment" twin-driver core strategy.

In terms of executions risk associated with the acquisition,
Moody's notes that the integration of Fosun's insurance companies
in Portugal -- Fidelidade (unrated), Multicare (unrated), and
Cares (unrated) -- has been smooth following their acquisition in
May 2014.

The principal methodology used in these ratings was Global
Investment Holding Companies published in October 2007.

Fosun International Limited was founded in 1992. Its core
businesses comprise: (1) insurance; (2) steel; (3) property; (4)
pharmaceuticals and healthcare; and (5) mining.

Apart from these core businesses, Fosun also has a growing
presence in other areas such as asset management. It also has a
significant portfolio of Chinese and overseas investments in
listed companies, equity interests in operating businesses, and
investment partnerships that are not publicly listed.


GOLDEN WHEEL: Fitch Affirms 'B' IDR; Outlook Stable
---------------------------------------------------
Fitch Ratings has affirmed China-based homebuilder Golden Wheel
Tiandi Holdings Company Limited's (GWTH) Long-Term Foreign and
Local Currency Issuer Default Ratings at 'B' with a Stable
Outlook.  Fitch has also affirmed GWTH's senior unsecured rating
at 'B', with Recovery Rating at 'RR4'.  The ratings for its rated
issue have also been affirmed.

KEY RATING DRIVERS

Niche Positioning: GWTH remained focused on developing small
commercial and residential projects linked to metro stations.  The
company has six such projects under development and targets to
sell them from the fourth quarter of 2015.  These kinds of
projects usually fetch higher average selling prices because of
their more convenient locations and the better foot traffic for
the commercial property components.  Potential competition from
large national developers for metro-linked projects may squeeze
GWTH's margin over the longer term, though volume-driven
developers are less likely to participate in these small niche
projects.

Still Healthy Margins: Over the medium term, the company's EBITDA
margins are likely to stay above 25%, supported by its metro-
linked integrated projects, particularly in Nanjing.  GWTH's
EBITDA margins may fluctuate depending on the type of project
sold: Its 2014 margin was 23%, much lower than 30% in 2013 and 43%
in 2012.  Higher land costs will be the main pressure on GWTH's
margin, though the company's plan to sell completed projects along
metro lines that are already operating is supportive of its
selling prices.

Limited Headroom for Land Acquisition: Fitch expects GWTH's
leverage as measured by net debt/adjusted inventory to trend
towards 40% (end-2014: 21%) as development expenditure in 2015 is
unlikely to be offset by sales because of the company's limited
completed property inventory.  The large development expenditure
budget will restrict the company's ability to make further large
land acquisitions.  Fitch expects GWTH to maintain a land
acquisition budget of 30%-35% of the company's yearly contracted
sales from 2016.

Rising Recurring Income: GWTH's recurring income is likely to
gradually improve from 2015, with a new mall in Nanjing making
full contribution in 2015, and as its new business of leasing out
shops in metro stations matures from 2016.  After the successful
operation of a business leasing out shops in Nanjing's Xinjiekou
metro station, GWTH recently became the master lessee of shops in
another 11 metro stations in three other cities, with the master
rental contract running for 10 to 15 years.  Fitch considers
GWTH's commitment for the rental under the master lease as fixed
costs, and failure to turn a profit from this metro leasing
business may negatively impact the ratings.

KEY ASSUMPTIONS

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

   -- GWTH's annual sales by GFA to stabilise between 160,000 sqm
      and 200,000 sqm for 2015-2017
   -- Substantial sales to be achieved from the third year after
      land is acquired, and mostly from completed units
   -- Only investment properties that are completed or under
      development, and existing metro leasing businesses will
      contribute to recurring EBITDA

RATING SENSITIVITIES

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

   -- Net debt/ adjusted inventory rising above 40% on a sustained
      basis (end-2014: 21%)
   -- Deviation from the current focus on metro-linked projects
   -- EBITDA margin falling below 25% on a sustained basis (2014:
      23%)
   -- Metro leasing business suffering sustained losses

Positive: No positive rating action is expected over the next 12-
18 months given the company's current small scale.  However,
positive rating action may result from:

   -- Investment properties' value exceeding CNY5bn (2014:
      CNY4.2bn) and annual development property sales sustained
      above CNY3bn (2014: CNY725m)
   -- Recurrent EBITDA interest coverage rising over 1.0x on a
      sustained basis (2014: 0.6x)

The list of rating actions is:

   -- Long-Term Foreign-Currency IDR affirmed at 'B'; Outlook
      Stable
   -- Long-Term Local-Currency IDR affirmed at 'B'; Outlook
      Stable
   -- Senior unsecured rating affirmed at 'B' and Recovery Rating
      at 'RR4'
   -- 11.25% CNY600m senior unsecured notes due 2016 affirmed at
      'B' and Recovery Rating at 'RR4'


GREENTOWN CHINA: Moody's Says B1 CFR Unaffected by Asset Sale
-------------------------------------------------------------
Moody's Investors Service said that the proposed acquisition and
disposal between Greentown China Holdings Limited (B1 review for
upgrade) and Sunac China Holdings Limited (B1 stable) will boost
Greentown's liquidity profile and strengthen Sunac's controls over
jointly owned assets.

Nevertheless, the positive developments -- if the acquisition and
disposal go ahead -- will not immediately impact the two
companies' B1 corporate family ratings, or their B2 senior
unsecured debt ratings.

The ratings outlook for Greentown remains under review for
upgrade.

Sunac's ratings outlook remains stable.

On May 4, 2015, Greentown and Sunac announced that they entered
into a framework agreement on the sale and purchase of their
joint-venture (JV) assets. Sunac will buy more JV projects from
Greentown than it sells to the latter under the latest terms of
the agreement.

The transactions will result in net cash flows of about RMB3.4
billion to Greentown. The transactions are still subject to
approval from both Sunac's and Greentown's shareholders.

"If the transactions complete, Greentown's weak liquidity profile
will improve because its pro-forma cash to short term debt will
improve to around 103% from around 75% at end-2014," says Fiona
Kwok, a Moody's Analyst.

Moody's points out that the aggregate cash inflow of RMB3.4
billion from the proposed transaction would be equivalent to 37%
of Greentown's reported cash balance at end-2014.

"As for Sunac, the transactions will strengthen the company's
management controls in terms of its acquired projects, including
the management of project cash flows," says Franco Leung, a
Moody's Vice President and Senior Analyst.

The two companies were previously in dispute over the sale and
purchase of their JV assets, because of the considerable
differences between their business philosophies. According to
Greentown, the latest framework agreement aims to resolve the
dispute.

Moody's expects that both companies will exhibit more independent
management controls over the acquired projects upon completion of
the transactions. The better controls over the projects will
mitigate Moody's previous concerns that the dispute between
Greentown and Sunac could adversely affect the operations of the
JV projects.

Moody's notes that the improved management controls will benefit
Sunac more than they will benefit Greentown, because the former
will acquire more projects than Greentown.

On the other hand, the transactions will weaken Sunac's liquidity
profile slightly. Such an adverse development is manageable, given
Sunac's substantial liquidity buffer to absorb the transactions.
Moody's notes that the total cash outflow will account for only
14% of Sunac's reported cash balance of RMB25 billion at end-2014.

In addition, the cash outflow amount for Sunac is less than
Moody's had previously expected, because Sunac is selling its
shareholdings for three JV projects to Greentown. In the previous
agreement, only Sunac was expected purchase assets from Greentown.

The principal methodology used in these ratings was the
Homebuilding and Property Development Industry published in April
2015.

Greentown China Holdings Limited is one of China's major property
developers, with a primary focus in Hangzhou City and Zhejiang
Province. At end-2014, the company had 98 projects with a total
gross floor area of 34.89 million square meters. Of this total,
19.06 million square meters were attributable to the company.

Sunac China Holdings Limited was incorporated in the Cayman
Islands on April 27, 2007 and listed on the Hong Kong Stock
Exchange on Oct. 7, 2010. At end-2014, it owned 71 projects and
its land bank totaled 21.6 million square meters.


JINGRUI HOLDINGS: Fitch Affirms 'B' IDR; Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed Chinese homebuilder Jingrui Holdings
Limited's (Jingrui) Long-Term Foreign-Currency Issuer Default
Rating (IDR) with Stable Outlook.  The agency has also affirmed
Jingrui's senior unsecured rating at 'B' and Recovery Rating at
'RR4'.

The affirmation reflects the Chinese homebuilder's continued
business expansion, moderate leverage and sufficient liquidity.
The ratings are mainly constrained by the consistently low profit
margin and the company's limited scale.

KEY RATING DRIVERS

Margin to Remain Under Pressure: Fitch expects Jingrui's EBITDA
margin to remain under pressure in 2015.  Jingrui's adjusted
EBITDA margin was unchanged at 17% in 2014 from 2013.  However,
the average selling price (ASP) of contracted sales, a large part
of which are pre-sales of uncompleted properties, dropped about 7%
in 2014 to CNY9,210 per sqm, due to a bigger proportion of lower-
priced projects as well as the market downturn in 2014.  The pre-
sale price drop due to the market downturn will likely affect the
profit margin of properties to be delivered in 2015, but Fitch
expects the margin to recover from 2016 as the sector sentiment
improves.

High Leverage to Persist: Jingrui's leverage, measured by net debt
over adjusted inventory, dropped slightly to 43% at end-2014 from
45% at end-2013, mainly because the company halted land purchases
from the second quarter of 2014.  However, the company restarted
its land acquisitions in 2015 and estimated its land premium in
2015 to be CNY4.5bn, which is about 45% of its full-year
contracted sales target.  While Jingrui plans for its project
level equity partner to shoulder around CNY1.0bn of the land
premium, Fitch believes its expansion will drive leverage higher
but expects it to remain below 50% in the next 12 months.

Refocus on Higher-tier Cities: Jingrui plans to focus its business
on first- and second-tier cities within its current markets, and
sell down inventory in third-tier cities.  The more resilient
demand in higher-tier cities could improve the ASP of contracted
sales and the profit margin.  However, Fitch expects the margin
improvements to be mild given the fierce competition in its target
cities such as Shanghai, Hangzhou and Chongqing.

Tight but Sustainable Liquidity: Jingrui's liquidity position is
tight as its short-term debt increased 64% to CNY5.1bn at end-
2014.  It completed a HKD128m (CNY102m) rights issue in the fourth
quarter of 2014, which improved the company's cash position.
Fitch believes Jingrui's total cash of CNY4.4bn and undrawn credit
facilities of CNY5.1bn at end-2014 are sufficient to cover its
short-term debt maturing in 2015.

KEY ASSUMPTIONS

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

   -- Land premium of CNY4.5bn in 2015 with higher per sqm land
      costs due to the higher-tier city focus (the possible CNY1bn
      contribution from the JV partner is not built into Fitch's
      forecast)

   -- Contracted sales are estimated based on properties available
      for sale in 2015, and the sell-through ratio

   -- The company's ASP of contracted sales to recover from 2014
      levels and rise slightly in 2015 for comparable projects

   -- Jingrui to maintain its fast-churn and high cash-flow
      turnover business model

RATING SENSITIVITIES

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

   -- Net debt/ adjusted inventory sustained above 50% (end-2014:
      43%)
   -- EBITDA margin sustained below 15% (2014: 17%)
   -- Contracted sales/total debt sustained below 0.8x (2014:
      0.9x)

Positive: Future developments that may collectively lead to
positive rating actions include:
- Net debt/adjusted inventory sustained below 40%

   -- EBITDA margin sustained above 18%
   -- Maintaining its fast churn-out model, and contracted
      sales/total debt is sustained at over 1.3x

The list of rating actions is:

Long-Term Foreign-Currency IDR affirmed at 'B'; Outlook Stable
Senior unsecured rating affirmed at 'B' and Recovery Rating at
'RR4'

13.625% USD150m senior unsecured notes due 2019 affirmed at 'B'
and Recovery Rating at 'RR4'13.25% USD150m senior unsecured notes
due 2018 affirmed at 'B' and Recovery Rating at 'RR4'


UTSTARCOM HOLDINGS: Delays Form 20-F Report Filing
--------------------------------------------------
UTStarcom Holdings Corp. filed with the U.S. Securities and
Exchange Commission a Notification of Late Filing on Form 12b-25
with respect to its annual report on Form 20-F for the year ended
Dec. 31, 2014.

The Company was unable to compile the necessary financial
information required to prepare a complete filing in a timely
manner without unreasonable effort or expense.  The Company said
it is investigating and assessing several control deficiencies
noted recently that could be material weaknesses and needs more
time to finalize its assessment on controls over financial
reporting.  The Company expects to file within the extension
period.

                       About UTStarcom, Inc.

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

For the 12 months ended Dec. 31, 2014, the Company reported a net
loss of $30.3 million on $129 million of net sales compared with a
net loss of $22.7 million on $164 million of net sales during the
previous year.

As of Dec. 31, 2014, the Company had $279 million in total assets,
$164 million in total liabilities, and $115 million in total
equity.


=========
M A C A U
=========


MACAU: Decline in Gaming Revenue is Credit Negative, Moody's Says
-----------------------------------------------------------------
Moody's Investors Service said that the continued decline in Macau
gaming revenue -- a result of China's economic slowdown and the
government's anti-corruption campaign -- is credit negative for
rated gaming companies.

Moody's analysis is included in its just-published report "Gaming
- Macau: Weak Gaming Revenue Is Credit Negative for Rated
Companies," by Kaven Tsang, a Moody's Vice President -- Senior
Analyst and Billy Wong, a Moody's Associate Analyst.

On May 4, the Gaming Inspection and Coordination Bureau of Macau
reported a 38.8% year-on-year decline in gross gaming revenue to
MOP19.2 billion in April, the eleventh consecutive month of
decline.

"The decline is credit negative for our rated gaming companies. We
expect overall gross gaming revenue to remain weak for the rest of
the year, and decline 25% to 30% year on year," says Tsang.

Lower gaming revenue will weaken the companies' -- MCE Finance
Limited (Ba3 positive), Melco Crown (Macau) Limited (Ba3 positive)
and Studio City Finance Limited (B2 stable)-- overall revenue and
EBITDA generation, and so diminish their debt-servicing capacity,
says Moody's.

The decline is largely due to the material decline in VIP gaming
revenue, which plummeted by 42% year on year in the first quarter
of 2015, as the Chinese government continues its efforts to combat
corruption. The slowing Chinese economy and the high base of
comparison for the same period last year also contributed to the
decline, says the rating agency.

Moody's notes that the gaming companies differ in their resilience
to the weaker operating environment.

MCE Finance's strong financial profile and established operations
buffer the company from the slowing Macau gaming market, but
Studio City will face challenges in realizing its planned revenue
growth and deleveraging, says Moody's. In addition, the scheduled
opening of another integrated resort by Galaxy Entertainment Group
Limited (unrated) will further increase competition.

Still, Studio City's emphasis on non-gaming activities and mass-
market gaming will partly mitigate the challenges, says Moody's.


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


AMRIT TRADING: CRISIL Reaffirms B+ Rating on INR25MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Amrit Trading Company
(ATC) continue to reflect ATC's weak financial risk profile marked
by a small net worth and weak debt protection matrices.

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

   Foreign Letter
   of Credit            100        CRISIL A4 (Reaffirmed)

The ratings also factor in the firm's susceptibility to supplier
concentration risks and to volatility in foreign exchange (forex)
rate. These rating weaknesses are partially offset by the
extensive experience of ATC's promoter in the timber trading and
saw mill business.
Outlook: Stable

CRISIL believes that ATC will continue to benefit over the medium
term from its promoter's extensive experience in the timber
industry. Its financial risk profile is expected to remain
constrained over the medium term due to large working capital
requirements and low profitability. The outlook may be revised to
'Positive' in case of significant improvement in ATC's scale of
operations and sustained improvement in working capital management
leading to better liquidity. Conversely, the outlook may be
revised to 'Negative' if ATC's liquidity deteriorate because of
more-than-expected working capital requirements, large debt-funded
capital expenditure, significant decline in revenue and
profitability, or substantial foreign exchange losses.

Update
ATC's sales increased 17 per cent year-on-year to INR241 million
in 2013-14 (refers to financial year, April 1 to March 31) owing
to increased customer base. However, during 2014-15, its revenue
is estimated to remain at around INR200 million mainly on account
of slowdown in the real estate segment. CRISIL believes that ATC
will deliver muted growth of 5 per cent over the medium term due
to moderate revival of the real estate sector in the country.
Also, ATC's operating profitability is expected to be 3 to 4 per
cent over the medium term. The firm's operations are working-
capital-intensive mainly on account of high margin money to avail
of non-fund based limits. ATC has gross current assets of 179 days
as on March 31, 2014 including receivables of 67 days and
inventory of 68 days.

ATC has moderate liquidity marked by low net cash accruals, and
moderate bank limit utilisation of 85 per cent for the 12 months
ended February 2015. However, the liquidity is supported by
promoter funding in the form of unsecured loans which stood at
INR11.6 million as on March 31, 2014.

Due to high working capital requirements, ATC has weak financial
risk profile with small net worth and weak debt protection
matrices.  Its net worth of around INR26 million as on 31 March,
2014  is expected to improve over medium term with expected
sustained operating profitability. ATC's net cash accruals to
total debt and interest coverage ratios is expected to remain at
0.02 to 0.05 times and 1.0 to 1.5 times, respectively, for 2014-
15.

ATC, based in Jind (Haryana), is a proprietorship firm of Mr.
Mukesh Kumar since 1992. It processes and trades in timber. The
firm, set up in 1957, was earlier owned by Mr. Geetaramji (father
of Mr. Mukesh Kumar).

ATC reported a profit after tax (PAT) of INR1.7 million on net
sales of INR241 million for 2013-14, against a PAT of INR1.4
million on net sales of INR205.1 million for 2012-13.


ANDHRA GINNING: CRISIL Reaffirms D Rating on INR60MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Andhra Ginning
Lane Pvt Ltd (AGLPL) continues to reflect instances of delay by
AGLPL in servicing its debt; the delays have been caused by the
company's weak liquidity resulting from its large working capital
requirements.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           60        CRISIL D (Reaffirmed)
   Term Loan             50        CRISIL D (Reaffirmed)

AGLPL's profitability margins are susceptible to volatility in
cotton prices, and are exposed to changes in government
regulations and to intense competition in the cotton ginning
industry. However, the company benefits from the extensive
experience of its promoters in the cotton industry.

AGLPL was established in 2008 by Mr. Kunkalaguntla Gopi Krishna
and Mrs. Kunkalaguntla Pallavi. The company, based in Guntur
(Andhra Pradesh), is primarily engaged in ginning and pressing of
raw cotton; it also trades in cotton.


ANJANA ADORABLES: CRISIL Suspends B+ Rating on INR25MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Anjana Adorables (Anjana).

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Long Term Loan       25        CRISIL B+/Stable
   Packing Credit       40        CRISIL A4

The suspension of ratings is on account of non-cooperation by
Anjana with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Anjana is yet to
provide adequate information to enable CRISIL to assess Anjana'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 as a proprietorship firm in 2004, Anjana manufactures
ready-made garments, mainly for women. The firm's day-to-day
operations are managed by its partners, Mr. V Gnanasiva Moorthy
and Mr. V Rajendran.


ARKBIRD PUBLICATIONS: CRISIL Suspends B+ Rating on INR40MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Arkbird
Publications (ABP).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        10         CRISIL A4
   Cash Credit           40         CRISIL B+/Stable
   Letter of Credit      10         CRISIL A4

The suspension of ratings is on account of non-cooperation by ABP
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ABP is yet to
provide adequate information to enable CRISIL to assess ABP'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'

ABP, a partnership firm set up by Mr. Narendra Rao, Mr. Ravinder
Rao, Mrs. Uma Rao, and Mrs. Sumana Rao in 1991, publishes school
text books. The firm, based in Hyderabad (Andhra Pradesh),
receives around 80 per cent of its revenues from publishing text
books of the school boards of Andhra Pradesh, Karnataka, and Tamil
Nadu. It also supplies books under its own brands.


BALAJI RICE: CRISIL Assigns B Rating to INR70MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Balaji Rice Mill (BRM).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term      10        CRISIL B/Stable
   Bank Loan Facility
   Key Cash Credit         30        CRISIL B/Stable
   Open Cash Credit        70        CRISIL B/Stable

The rating reflects BRM's modest scale of operations in the
intensely competitive rice-milling industry, and the
susceptibility of the firm's operating profitability to changes in
government regulations and to volatility in raw material prices.
The rating also factors in the firm's below-average financial risk
profile, marked by weak capital structure and debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of BRM's promoters in the rice industry and
benefits expected from the healthy demand prospects for this
industry.
Outlook: Stable

CRISIL believes that BRM will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's revenue and
profitability increase substantially or in case of significant
infusion of capital into the firm, resulting in an improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if BRM undertakes a large debt-funded capital
expenditure programme or if its partners withdraw capital from the
firm, leading to deterioration in its financial risk profile.

Set up in 1984 as a partnership firm, Balaji Rice Mill (BRM) is
engaged in the milling and processing of paddy into rice. The firm
is promoted by Mr. Jagannadha Raju, Mr. Rama Koti Raju, Mr. Dharma
Raju and Mr. Ramachandra Raju.

For 2013-14 (refers to financial year, April 1 to March 31), BRM
reported a profit after tax (PAT) of INR1.02 million on total
sales of INR265.75 million, against a PAT of INR1.11 million on
total revenue of INR215.77 million for 2012-13.


BHAWANI CONSTRUCTIONS: CRISIL Reaffirms D Rating on INR70MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Bhawani
Constructions Pvt Ltd (BCPL) continues to reflect instances of
delay by BCPL in servicing its debt; the delays have been caused
by mismatches in the company's cash flows.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Rupee Term Loan       70         CRISIL D (Reaffirmed)

BCPL has a below-average financial risk profile, marked by a small
net worth and high gearing, and a modest scale of operations.
Moreover it is susceptible to downturns in the Indian real estate
sector. These rating weaknesses are partially offset by the
extensive experience of BCPL's promoters in the real estate
industry.

BCPL, based in Kolkata (West Bengal) was set up in 1986 by Mr.
Ashok Kumar Lakhotia and his wife, Mrs. Punam Devi Lakhotia. The
company is involved in construction and development of residential
and commercial complexes in Kolkata and Odisha.


CAPITAL OVERSEAS: ICRA Suspends B Rating on INR12.5cr Bank Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR12.50 crore bank facilities of Capital Overseas Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


CHIRACKAL ROLLER: CRISIL Assigns B+ Rating to INR70MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Chirackal Roller Flour Mills (CRFM; part of the
Chirackal group).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Proposed Working
   Capital Facility      10         CRISIL B+/Stable

   Cash Credit           70         CRISIL B+/Stable

   Long Term Loan        16.4       CRISIL B+/Stable

The rating reflects the extensive experience of the Chirackal
group's promoters in the rice and wheat flour milling business.
This rating strength is partially offset by the group's below-
average financial risk profile, marked by high gearing and modest
net worth, and modest scale of operations in a highly fragmented
industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of CRFM, Chirackal Food Products (CFP),
and Chirackal Agro Mills (CAM). This is because all the three
entities, together referred to as the Chirackal group, are in a
similar line of business, and have a common management and
significant operational and financial linkages among themselves.
Outlook: Stable

CRISIL believes that the Chirackal group will continue to benefit
over the medium term from its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if
significant increase in revenue and profitability strengthens the
group's financial risk profile. Conversely, the outlook may be
revised to 'Negative' if the group undertakes a sizeable debt-
funded capital expenditure programme or its sales volumes and
profitability decline sharply, or, if there is a stretch in its
working capital cycle, leading to deterioration in its financial
risk profile, particularly its liquidity.

Set up in 2011 as a partnership firm, CRFM mills wheat flour into
wheat, maida, and atta. CFP and CAM mill and process paddy into
rice, rice bran, broken rice, and husk.

The Chirackal group reported a profit after tax (PAT) of INR5.5
million on net sales of INR556.1 million for 2013-14 (refers to
financial year, April 1 to March 31), against a PAT of INR4.8
million on net sales of INR513.3 million for 2012-13.


CORE JEWELLERY: CRISIL Suspends B+ Rating on INR82.5MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Core Jewellery Pvt Ltd (CJPL).

                             Amount
   Facilities              (INR Mln)    Ratings
   ----------              ---------    -------
   Export Packing Credit     82.5       CRISIL B+/Stable
   Post Shipment Credit     167.5       CRISIL A4
   Proposed Long Term
   Bank Loan Facility        30.0       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by CJPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, CJPL is yet to
provide adequate information to enable CRISIL to assess CJPL'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'

CJPL incorporated in 1999, is engaged in manufacturing and export
of gold, platinum and diamond studded jewellery. The company's
registered office is located at Seepz. The promoters, Mr. Kamal
Bhansali and Mr.Vivek Jadhav oversee the day to day operations of
the company.


DHANSHREE DEVELOPERS: ICRA Suspends D Rating on INR59cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
fund based bank facility of INR59.00 crore and the non-fund based
bank facility of INR8.00 crore of Dhanshree Developers Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


DURGAPUR IRON: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Durgapur Iron & Steel
Co Pvt Ltd (DISCO) continue to reflect DISCO's marginal market
share in the fragmented mild steel (MS) ingots industry, the
susceptibility of its operating margin to downturns in the end-
user industry and to volatility in steel prices, and its weak
financial risk profile. These rating weaknesses are partially
offset by the experience of the company's promoters in the steel
industry.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           100        CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       13.4      CRISIL A4 (Reaffirmed)

   Proposed Cash
   Credit Limit           20.0      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that DISCO will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company increases its
scale of operations and operating margin, while maintaining its
working capital cycle. Conversely, the outlook may be revised to
'Negative' if DISCO's financial risk profile deteriorates, most
likely because of low net cash accruals, a stretch in its working
capital cycle, or significant debt-funded capital expenditure.

Update
DISCO reported revenue of INR890.8 million for 2013-14 (refers to
financial year, April 1 to March 31) against INR828.4 million for
the previous year. The company had a low operating margin of 0.1
per cent in 2013-14, against 2.7 per cent in the previous year;
the decline was because of lower realisations due to lower selling
prices and increased power costs.

DISCO had low gross current assets of 43 days as on March 31,
2014. This was primarily driven by better control over debtors,
which reduced to about 16 days as on March 31, 2014, from 78 days
as on March 31, 2012, and low inventory of 14 days as on
March 31, 2014. The company funds its working capital requirements
through short-term bank borrowings; its average bank limit
utilisation was 75 per cent for the 12 months through December
2014.

DISCO's financial risk profile remained below average, with a
small net worth and high gearing. The company's net worth was
INR49 million and gearing 1.96 times, on March 31, 2014. It had
total outstanding debt of INR96.2 million as on March 31, 2014,
with short-term bank borrowings of INR79.7 million, and unsecured
loans of INR16.4 million from its promoters.

DISCO reported a net loss of INR16.8 million on net sales of
INR890.8 million for 2013-14, against a profit after tax of INR7.9
million on net sales of INR828.4 million for 2012-13.

Incorporated in 2004, DISCO is promoted by Mr. Sanjeev Ganeriwala,
his brother, Mr. Rajeev Ganeriwala, and Mr. Vimal Saraf. It
commenced operations in August 2006. The company manufactures MS
ingots and has an installed capacity of 150 tonnes per day.


EVERFLOW PETROFILS: ICRA Suspends B+ Rating on INR38cr Loan
-----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ and the short-
term rating of [ICRA]A4 assigned to the fund based and non-fund
based limits aggregating to INR38.00 crore of Everflow Petrofils
Limited (EPL). The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Everflow Petrofils Limited (EPL) was incorporated in 2003 under
the name of Everflow Mercantile Company Private Limited. However,
the company was dormant till 2005, when its name was changed to
Everflow Petrofils Limited (EPL). Since then, the company has been
engaged in the trading of Recycled Polyester Spun Yarn (RPSY) and
greige fabric. The former, which constituted ~75% of the total
revenue base of EPL in FY 13, is primarily imported from Xiamen
Ming Cheng Corporation Limited (XMCCL), based in China, and sold
to domestic traders and brokers. EPL is the sole selling agent of
XMCCL in India.


GANGAPUTRA: CRISIL Lowers Rating on INR327.6MM Term Loan to B-
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of Gangaputra (GGR) to 'CRISIL B-/Negative' from
'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          12.4       CRISIL B-/Negative (Downgraded
                                   from 'CRISIL B/Stable')

   Term Loan           327.6       CRISIL B-/Negative (Downgraded
                                   from 'CRISIL B/Stable')

The rating downgrade reflects CRISIL's belief that GGR's liquidity
will deteriorate over the medium term, driven by the trust's
expected low operating revenue on the back of non-receipt of
approval to start a medical college; this will lead to weak cash
accruals against sizeable debt obligations. Commencement of the
medical college and the consequent ramp-up in revenue will remain
key rating sensitivity factors.

The rating reflects GGR's modest scale of operations with
geographical concentration in its revenue profile, and its weak
financial risk profile, marked by high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of GGR's trustees in the medical
industry and the funding support that the trust receives from
them.
Outlook: Negative

CRISIL believes that GGR's liquidity will remain susceptible over
the near term to the level of its operating revenue, which is
dependent upon receipt of approval to start a medical college. The
rating may be downgraded in case of lower-than-expected ramp up in
operations or insufficient funding support from its promoters,
further constraining the trust's liquidity. Conversely, the
outlook may be revised to 'Stable' if GGR receives timely approval
to start its medical college, leading to sustainable improvement
in its revenue and cash accruals.

Set up in 2008, GGR provides free healthcare services through
mobile clinics and health camps in Jind (Haryana). The trust has
set up Gangaputra Hospital and Research Centre, a 300-bed
hospital, in Jind. It commenced commercial operations in April
2013. GGR is also setting up a medical college, through which it
will offer 150 seats for the bachelor in medicine and surgery
(MBBS) course and 100 seats for the bachelor in dental surgery
(BDS) course. The trust is currently awaiting Medical Council of
India (MCI) approval for the medical college.

GGR registered a net surplus (excess of income over expenditure)
of INR1.19 million on net sales of INR71.3 million for 2013-14
(refers to financial year, April 1 to March 31), against a net
surplus of INR0.16 million on net sales of INR20.8 million for
2012-13.


GANPATI AGRO: ICRA Suspends D Rating on INR65cr Cash Loan
---------------------------------------------------------
ICRA has suspended [ICRA] D rating assigned to the INR65 crore
cash credit limits and INR10 crore packing credit limit of Ganpati
Agro Foods (P) Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


GREEN WOODCRAFTS: CRISIL Assigns B+ Rating to INR30MM Cash Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Green Woodcrafts Pvt Ltd (GWPL) and has assigned its
'CRISIL B+/Stable/CRISIL A4' ratings to the company's bank
facilities. CRISIL had, on April 2, 2015, suspended the ratings as
GWPL had not provided the necessary information required for a
rating review. The company has now shared the requisite
information, enabling CRISIL to assign ratings to its bank
facilities.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           30       CRISIL B+/Stable (Assigned;
                                  Suspension revoked)

   Letter of Credit     130       CRISIL A4 (Assigned;
                                  Suspension revoked)

   Proposed Long Term     6.8     CRISIL B+/Stable (Assigned;
   Bank Loan Facility             Suspension revoked)

   Term Loan              3.2     CRISIL B+/Stable (Assigned;
                                  Suspension revoked)

The ratings reflect GWPL's large working capital requirements,
marked by large inventory and receivables, and modest scale of
operations in the plywood industry. These rating weaknesses are
partially offset by GWPL's moderate financial risk profile, driven
by comfortable gearing and interest coverage ratios, and its
promoters' extensive experience in the plywood segment.
Outlook: Stable

CRISIL believes that GWPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a substantial
increase in GWPL's scale of operations and profitability, with
steady capital structure. Conversely, the outlook may be revised
to 'Negative' if GWPL reports a significant increase in its
working capital cycle, weakening its financial risk profile.

GWPL was founded in 1996 by the Delhi-based Khetawat family. The
company has a manufacturing facility in Rohtak (Haryana), and
sells plywood and veneer under the Flamingo and Saffron brands.


GUPTA TRANSFORMER: CRISIL Puts B+ Rating on INR79.2MM Bank Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Gupta Transformer Products (GPT).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Proposed Cash
   Credit Limit          23         CRISIL B+/Stable

   Proposed Bank
   Guarantee             79.2       CRISIL B+/Stable

   Bank Guarantee        15.8       CRISIL A4

   Cash Credit           17         CRISIL B+/Stable

The ratings reflect GPT's modest scale of operations in the
intensely competitive transformer industry and its working-
capital-intensive operations. These rating weaknesses are
partially offset by the partners' extensive experience in the
transformer industry and GPT's moderate financial risk profile.
Outlook: Stable

CRISIL believes that GPT will continue to benefit from the
partners' extensive industry experience over the medium term. The
outlook maybe revised to 'Positive' in case of significantly
better-than-expected cash accruals or capital infusion along with
efficient working capital management. Conversely, the outlook
maybe revised to 'Negative' in case of low cash accruals or large
working capital requirements or if GPT undertakes large debt-
funded capital expenditure, exerting pressure on its liquidity.

Established in 1990, GTP is a partnership firm based in
Muzzaffarnagar (Uttar Pradesh) and manufactures distribution and
power transformers. The firm is owned and managed by Mr. Sanjay
Gupta, Mr. Gopal Gupta, and Mr. Aman Gupta.


JAYESH INDUSTRIES: CRISIL Reaffirms B- Rating on INR102.5MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jayesh Industries Ltd
(Jayesh Industries) continue to reflect Jayesh Industries' below-
average financial risk profile, marked by a small net worth, high
gearing, and weak debt protection metrics.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         2        CRISIL A4 (Reaffirmed)
   Cash Credit          102.5      CRISIL B-/Stable (Reaffirmed)
   Letter of Credit      45        CRISIL A4 (Reaffirmed)
   Proposed Cash
   Credit Limit           4.9      CRISIL B-/Stable (Reaffirmed)
   Proposed Term Loan    35        CRISIL B-/Stable (Reaffirmed)
   Standby Line of
   Credit                10        CRISIL B-/Stable (Reaffirmed)

The ratings also factor in the company's large working capital
requirements, limited pricing flexibility, and the susceptibility
of its profitability margins to volatility in raw material prices.
These rating weaknesses are partially offset by the extensive
experience of Jayesh Industries' promoters in the ferroalloy
industry, and its established relationships with customers.

Outlook: Stable

CRISIL believes that Jayesh Industries will continue to benefit
over the medium term from its promoters' extensive industry
experience and its established relationships with customers. The
outlook may be revised to 'Positive' if there is a substantial and
sustained increase in the company's revenue and profitability
margins, or a significant improvement in its capital structure on
the back of sizeable equity infusion by its promoters. Conversely,
the outlook may be revised to 'Negative' in case of a steep
decline in Jayesh Industries' profitability margins, or
significant deterioration in its capital structure caused most
likely by large debt-funded capital expenditure or a stretch in
its working capital cycle.

Jayesh Industries was earlier known as Amson Polymer Pvt Ltd, a
company which was taken over by the Shah family in 1995; following
the takeover, the name was changed to the current one. Mr. Jayesh
Shah, the company's director, manages its day-to-day activities.
Jayesh Industries manufactures ferroalloy powders and lumps for
the electrodes industry and steel plants, respectively. It is
based in Navi Mumbai (Maharashtra).


KALYAN AQUA: CRISIL Reaffirms B+ Rating on INR58.3MM Term Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kalyan Aqua & Marine
Exports India Pvt Ltd (KAMPL) continue to reflect KAMPL's
company's large working capital requirements, its exposure to
regulatory changes and intense competition in the seafood
processing industry, and the susceptibility of its profitability
margins to fluctuations in foreign exchange rates. The ratings of
the company are also constrained on account of the company's
average financial risk profile marked by its small net worth, high
gearing, and average debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
KAMPL's promoters in the seafood industry.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee       3.4       CRISIL A4 (Reaffirmed)
   Foreign Bill
   Discounting        200.0       CRISIL A4 (Reaffirmed)
   Letter of Credit    10.0       CRISIL A4 (Reaffirmed)
   Packing Credit     149.0       CRISIL A4 (Reaffirmed)
   Standby Letter
   of Credit           12.5       CRISIL B+/Stable (Reaffirmed)
   Term Loan           58.3       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KAMPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is a sustained
improvement in the company's working capital management, or there
is a substantial improvement in its capital structure on the back
of sizeable equity infusion by its promoters. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
the company's profitability margins, or substantial deterioration
in its capital structure caused most likely by a large debt-funded
capex or a stretch in its working capital cycle or.

KAMPL was established as a partnership firm ' Kalyan Aqua and
Marine Exports ' by Mr. P Rajendra Prasad and his family members
in 2004. The firm was reconstituted as a private limited company
in 2007. KAMPL processes and exports shrimps.


KAMDHENU FOODS: ICRA Suspends B+ Rating on INR11cr Bank Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR11.00 crore bank facilities of Kamdhenu Foods Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


L.R. INTERNATIONAL: ICRA Suspends D Rating on INR65cr Cash Loan
---------------------------------------------------------------
ICRA has suspended [ICRA] D rating assigned to the INR65 crore
cash credit limits and INR10 crore packing credit limit of
L.R. International (P) Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


LAKHOTIA MEDICAL: CRISIL Cuts Rating on INR52MM Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Lakhotia Medical Centre Pvt Ltd (LMCPL) to 'CRISIL D' from 'CRISIL
B+/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           52        CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The rating downgrade reflects delays by LMCPL in payment of
interest on its cash credit account for more than 30 days
consecutively. The delays were because of the company's weak
liquidity.

LMCPL is exposed to risks related to implementation and
saleability of its ongoing project, and is vulnerable to
cyclicality in the real estate industry. However, the company
benefits from its promoters' extensive industry experience.

LMCPL was set up in September 2007 by Kolkata (West Bengal)-based
Mr. Ashok Kumar Lakhotia and Mr. Anup Kumar Lakhotia. It is
developing RD Ganges View Enclave, a residential real estate
project, at Sreerampur in Hooghly (West Bengal).


LAND MARK: CRISIL Suspends B+ Rating on INR100MM LT Loan
--------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Land
Mark Infra Developers (LMD).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Long Term Loan       100         CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by LMD
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, LMD is yet to
provide adequate information to enable CRISIL to assess LMD'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'

LMD was set up as a proprietary firm in April 2013 by Mr. Valluru
Ravindranath for the purpose of executing real estate projects.
The firm is currently developing a real estate property at
Labbipet in Vijayawada (Andhra Pradesh).


LEXUS GRANITO: ICRA Withdraws B Rating on INR32.75cr Bank Loan
--------------------------------------------------------------
ICRA has withdrawn the suspended rating of "[ICRA]B" assigned to
the INR32.75 crore Bank Loans Programme of Lexus Granito (India)
Private Limited. As per ICRA's policy on withdrawals, ICRA can
withdraw the rating in case the rating remains suspended for more
than three years.

Lexus Granito India Private Limited (LGPL) was incorporated in May
2008 for the manufacture of vitrified tiles. LGPL plans to start
production from May 2011. LGPL has set up its registered office
and factory at Lakhdipur, Taluk Morbi, Gujarat with planned
manufacturing capacity of about 52,080 MTPA. The company also
plans to open marketing office at Mumbai in June 2011.


MANGLAM AGROTECH: CRISIL Assigns 'D' Rating to INR60MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Manglam Agrotech Pvt Ltd (MAPL). The ratings reflect
the delay by MAPL in servicing its term debt obligations; the
delays have been caused by the company's weak liquidity.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             34         CRISIL D
   Proposed Long Term
   Bank Loan Facility    24         CRISIL D
   Bank Guarantee        10         CRISIL D
   Cash Credit           60         CRISIL D

MAPL also has a small scale of operations in the fragmented rice-
milling business and is exposed to raw material price risk and
vagaries of monsoon. The company, however, benefits from its
diversified customer base and stable demand for rice in India.

Incorporated in 2008, MAPL mills non-basmati parboiled rice. Its
manufacturing facility is located at Bhadrak (Odisha). The
company's day-to-day operations are looked after by its director
Mr. Alok Khemka. MAPL markets its product under the Mangalam
brand.


MFAR HOTELS: CRISIL Reaffirms D Rating on INR467.6MM Term Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of MFAR Hotels and Resorts
Pvt Ltd (MFAR; formerly MFAR Hotels & Resorts Ltd) continue to
reflect instances of delays by MFAR in servicing its term debt.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee      31.5        CRISIL D (Reaffirmed)

   Cash Credit         30.0        CRISIL D (Reaffirmed)

   Foreign Currency
   Term Loan          467.6        CRISIL D (Reaffirmed)

   Letter of Credit     1.5        CRISIL D (Reaffirmed)

   Long Term Loan       836.7      CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   961.9      CRISIL D (Reaffirmed)

MFAR also has a below-average financial risk profile, marked by
weak debt protection metrics. The company, however, benefits from
stable operations at its hotel in Kochi (Kerala) and its
promoter's extensive experience in the hospitality industry.

Update
MFAR is likely to report revenue of INR880 million for 2014-15
(refers to financial year, April 1 to March 31) as against INR760
million for 2013-14. The occupancy rate at its Chennai and Kochi
hotels remains low, in the range of 45 to 50 per cent. The
company's operating margin is estimated to have remained low, at
about 13 per cent for 2014-15; also, owing to its high interest
cost, the company's cash accruals are likely to have remained
negative during the year. CRISIL believes that because of excess
supply in the hospitality industry, MFAR's business performance
will remain average over the medium term.

The company's financial risk profile is below average, marked by
weak debt protection metrics, with negative interest coverage and
net cash accruals to total debt ratios for 2014-15. CRISIL
believes that MFAR's financial risk profile will remain weak over
the medium term.

The company's liquidity remains weak, with instances of delays in
servicing of its term loan. CRISIL believes that with only
moderate growth in scale of operations and low profitability over
the medium term, MFAR's liquidity will remain weak, marked by
insufficient cash accruals to meet its term debt obligations.

MFAR was set up in 1997 by Dr. P Mohamad Ali and is headquartered
in Kochi. The company owns a five-star deluxe hotel, Le Meridian,
and a convention centre in Kochi, and a five-star hotel, The
Westin, in Chennai.


MOHAN MEAKIN: ICRA Reaffirms B+ Rating on INR73.37cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ for the
INR90.20 crore fund-based bank facilities of Mohan Meakin Limited.
ICRA has also reaffirmed the short term rating of [ICRA]A4 for the
INR10.00 crore non fund-based bank facilities of MML.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund-       73.37        [ICRA]B+; (Reaffirmed)
   based bank facilities

   Short term non
   fund-based bank
   facilities            10.00        [ICRA]A4; (Reaffirmed)

   Unallocated/Proposed  16.83        [ICRA]B+/[ICRA]A4;
   bank facilities                    (Reaffirmed)

The ratings continue to remain constrained because of weak
operational and financial profile of the company. Given the
operational inefficiencies like high fixed overhead expenses and
employee costs, and obsolete machinery, MML barely uses its in-
house distillery capacities, and mainly relies on outside
purchases of raw-spirit requirements, which adversely impacts the
profitability. Though ICRA is cognizant of ongoing recovery in
profitability due to discontinuation of loss making glass bottles
segment and leasing out of a brewery on profit sharing basis, DSCR
is expected to remain below 1x in FY15 due to sizeable repayment
burden. Also, despite the decline in repayment burden from FY16
onwards, sustainability of this improved profitability will remain
critical given the track record of volatility in profitability in
the past.

During FY14, MML's performance was severely impacted due to
increased natural gas prices, which lead to large losses for glass
factory. Subsequently, in order to curtail these losses, the
company discontinued the glass bottles factory operations, and
initiated a debt-funded voluntary retirement scheme for the
employees. Also, MML has leased out the Solan brewery on profit
sharing basis from May'14 onwards, which will cap the annual loss
of this unit at about INR1 crore. To improve its operational
profile further, MML plans to establish a new manufacturing unit
also; the funding mix for this capital expenditure will remain a
key rating sensitivity.

ICRA notes that MML has stopped accepting fixed deposits and the
existing deposits are being paid off as per maturity. Accordingly,
MML had repaid deposits to the tune of INR9.2 crore till December
2014. Besides the compensation of about INR4 crore received
against sale of assets of glass factory, incremental security
deposits of about INR2 crore received from customers/partners, and
corporate loan of INR1 crore availed for funding the aforesaid
repayments of fixed deposits, the decline in debtor and inventory
levels subsequent to closure of the glass factory has funded these
sizeable repayments. However, while this repayment of fixed
deposits largely funded through sale of assets held for sale and
marginal decline in working capital will result in a decline in
debt level; this has in the interim further weakened the cash
flows and liquidity profile of the company. So, despite the
marginal decline in net working capital, the dependence upon
working capital debt has increased. Also, notwithstanding the
aforementioned decline in debt, the overall dependence upon debt
is still expected to continue to remain high vis-a-vis operating
profits and cash accruals. The ratings are also constrained by
concentration risks arising out of high dependence on single brand
i.e. "Old Monk" for majority of its sales.

The ratings are however supported by MML's long operating history
of over 16 decades in the Indian liquor industry; especially the
rum segment, and pan-India presence of its brands either through
its own selling and distribution network (largely North India), or
through tie-ups with various bottling units in other states.


MUKAND ENGINEERS: ICRA Suspends B Rating on INR20cr FB Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR20.0 crore
fund based facilities of Mukand Engineers Limited (MEL). ICRA has
also suspended the rating of [ICRA]A4 assigned to the INR65.0
crore non-fund based limits of MEL. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Incorporated in 1987, Mukand Engineers Limited (MEL) was carved
out of the engineering division of Mukand Limited and the latter
holds 35% in the company. MEL is in the business of engineering
procurement and construction (EPC) activities including project
and design engineering, civil and structural work, includes
mechanical, electrical, instrumentation and piping for the clients
in petroleum, power generation, steel and aluminium manufacturing
sectors. Over the years, the company has built up considerable
expertise in its core segments and has executed numerous projects
for various reputed customers.


NIPSO POLYFABRIKS: ICRA Ups Rating on INR3.90cr Loan to C+
----------------------------------------------------------
ICRA has upgraded its ratings to [ICRA]C+ on the long-term scale
and [ICRA]A4 on the short-term scale from [ICRA]D on the INR7.72
crore* bank facilities of Nipso Polyfabriks Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            1.55        Upgraded to [ICRA]C+
                                     from [ICRA]D

   Cash Credit           3.90        Upgraded to [ICRA]C+
                                     from [ICRA]D

   Short-term, Non
   fund-based Limits     0.55        Upgraded to [ICRA]A4
                                     from [ICRA]D

   Unallocated Limits    1.72        [ICRA]C+/[ICRA]A4 Assigned

The upward revision in ratings primarily reflects the slight
improvement in liquidity position of the company resulting in
satisfactory debt servicing record for the past six months. The
ratings continue to be constrained by the modest scale of
operations of the company; high competition in the woven sacks
industry with low entry barriers and limited product
differentiation which, in turn, results in modest profitability;
vulnerability of profitability to fluctuations in polymer prices;
high customer and sector concentration risks; weak bargaining
power of the company with customers and suppliers due to their
relatively large scale of operations; and the high working capital
intensive nature of the business.

Nevertheless, while assigning the rating, ICRA favourably factors
in the established track record of the promoters in the poly-woven
sacks industry; steady medium to long-term demand prospects from
end user sectors namely cement and fertilisers; favourable
location of the manufacturing unit with proximity to customers and
suppliers and the established customer base of the company. Going
forward, a track record of timely debt servicing and a sustained
improvement in the company's liquidity position will be the key
rating sensitivities.

Incorporated as a private limited company in 1984, NPL commenced
commercial production of Polypropylene (PP) and High-density poly
ethylene (HDPE) woven fabrics and bags in October 1986. The
company was promoted by Mr. Narinder Singh Josan and Mr. Amarjit
Singh who have around four decades of experience in the industry
and was converted into a Public Limited in the year 1995. The
company has two manufacturing facilities located in Una district
of Himachal Pradesh and the total production capacity, as on date,
stands at 4,800 MTPA. Currently, the company is supplying only PP
woven fabrics and bags to its customers. These woven fabrics and
bags are used as a packaging material in various industries like
cement, sugar, fertilizers, chemicals, textiles and food grains
etc; the company has been primarily focused on sales to the cement
and sugar sectors. It uses polymers such as PP granules, colour
master batches as raw materials, which are sourced domestically by
the company.

Recent Results
In 2013-14, NPL reported a net profit of INR0.05 crore on an
operating income of INR32.47 crore as against a net profit of
INR0.18 crore on an operating income of INR28.78 crore in 2012-13.


ORTEL COMMUNICATIONS: ICRA Ups Rating on INR103.34cr Loan From C+
-----------------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR26.66
crore term loans, INR10.00 crore long term fund based bank limits
and INR103.34 crore unallocated limits of Ortel Communications
Limited (Ortel) to [ICRA]BB- from [ICRA]C+. The outlook on the
rating is stable.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             26.66       Upgraded to [ICRA]BB-
                                     (stable) from [ICRA]C+

   Fund Based Limits     10.00       Upgraded to [ICRA]BB-
                                     (stable) from [ICRA]C+

   Unallocated Limits   103.34       Upgraded to [ICRA]BB-
                                     (stable) from [ICRA]C+

The rating revision primarily takes into account Ortel's recently
concluded initial public offer, through an offer for sale as well
as fresh issue of shares, leading to a cash inflow of around
INR101 crore for the company and thus resulting in substantial
improvement in the capital structure of the company. While
revising the rating, ICRA also notes that Ortel was able to turn
operations around to record a net profit during the first nine
months of 2014-15 on the back of improvement in the average
revenue per user (ARPU), as well as increase in the company's
subscriber base, although the profit remains nominal on an
absolute basis. ICRA, however, notes that INR96 crore of the funds
raised through the initial public offering have been earmarked for
capital expansion plans, including expansion of Ortel's network in
the distribution of cable television services. While such capital
expansion is likely to strengthen the operating profile of the
company, it also limits the availability of the funds raised for
debt servicing requirements. Given the ballooning structure of the
company's debt repayment obligations, which result in large
repayments falling due from 2015-16 onwards, Ortel's ability to
continue servicing its debt obligations from accruals from
business operations in a timely manner going forward will remain a
key rating sensitivity. The rating also continues to favourably
factor in the established market presence of Ortel as one of the
largest MSOs in Odisha, with an increasing presence in other
states as well. The company's promoters also have experience of
over two decades in the industry. The company has a well developed
network infrastructure for cable and broadband services, with
legal rights of way' for laying cable granted in the areas in
which it operates, which enables it to focus on the last mile
connection and gain direct access to cable television subscribers,
thereby ensuring capture of the entire subscription revenues paid
by the subscribers. This infrastructure is also expected to result
in lower costs for transitioning of the cable TV systems from
analog to digital, as per the enactment of the regulatory
framework for digitisation of cable TV systems in India with an
extended sunset date of December 31, 2016. The increasing
digitization has also led to an improvement in Ortel's ARPU over
the past year, as digital connections carry higher monthly
subscriptions. However, the rating continues to be constrained by
the capital intensive nature of Ortel's business, which requires
high amounts of funding. The company's rapid growth in past years
has been mostly inorganic in nature, with debt-funded acquisition
of smaller multi-system operators (MSOs) and local cable operators
(LCOs) leading to high capital charges for the company. Although
the funds obtained from the initial public offering are likely to
support such growth over the medium term, the ability of the
company to generate further funding over the long term would
remain critical going forward. Moreover, the intense competition
present in the industry is likely to keep profit margins under
check.

Ortel Communication Limited (Ortel) was incorporated on June 2,
1995 by the Panda family (promoters of the Indian Metals and Ferro
Alloys Ltd. (IMFA) Group). The company is a regional multi-system
operator (MSO), engaged in the distribution of analog and digital
cable television services, high speed broadband services and voice
over internet protocol (VoIP) services, with services being
provided under the brand names "Ortel Home Cable", "Ortel Digital"
and "Ortel Broadband". At present, the company is providing only
cable and broadband services, as government regulations currently
prohibit commercial voice services. Cable services are the main
drivers of revenue, followed by broadband services and other
ancillary revenues, such as carriage fees, uplinking charges etc.
Its business is focused in the state of Odisha, with presence in
Chhattisgarh, Andhra Pradesh and West Bengal as well.

Recent Results
During 2013-14, Ortel recorded a net loss of INR13.79 crore on the
back of an operating income of INR130.15 crore. During the first
nine months of 2014-15, the company posted an operating income and
net profit of INR113.57 crore and INR0.59 crore respectively.


OSWAL OVERSEAS: CRISIL Cuts Rating on INR100MM Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Oswal Overseas Ltd (OOL) to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Negative/CRISIL A4'.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        2        CRISIL D (Downgraded from
                                  'CRISIL B-/Negative')

   Cash Credit         100        CRISIL D (Downgraded from
                                  'CRISIL A4')

   Proposed Long Term   28        CRISIL D (Downgraded from
   Bank Loan Facility             'CRISIL B-/Negative')

   Term Loan            80        CRISIL D (Downgraded from
                                  'CRISIL B-/Negative')

The rating downgrade reflects recent instances of delay by OOL in
meeting its debt obligations; the delays have been caused by weak
liquidity.

The company's sales declined by more than 60 per cent year-on-year
to INR327 million in 2013-14 (refers to financial year, April 1 to
March 31), resulting in a net loss of INR102 million for the year.
The situation has worsened in 2014-15 with net sales of INR67
million in the nine months through December 2014, 60 per cent
lower than the corresponding period the previous year; net losses
for the first nine months of 2014-15 stood at INR82 million.

The company operates a non-integrated sugar mill in Bareilly
(Uttar Pradesh [UP]), and the high state administered prices
(SAPs) of sugarcane (Rs.280 per quintal) amid weak sugar prices at
INR2700/Kg-2800/Kg, have affected the margins of sugar mills in
UP. OOL's liquidity is weak on account of heavy losses and large
cane arrears. The company is partly meeting its interest and debt
obligations through unsecured loans from the promoters. Till date
the promoters have extended unsecured loans of INR147.3 million
against unsecured loans of INR37 million as on March 31, 2014.

Recently, the bank has sanctioned a fresh term loan of INR76.2
million under Scheme for Extending Financial Assistance to Sugar
Undertakings, 2014 ' a central government initiative to clear cane
arrears of previous and current sugar season. This has partly
reduced the cane arrears dues of OOL.

OOL has a weak financial risk profile owing to losses from
operations and large working capital requirements, and low
operating margin driven by high SAPs of sugarcane. Also, the
company is exposed to risks related to susceptibility of cane
supply and yield to climatic conditions. However, the company
benefits from its moderate operational efficiencies.

Incorporated in 1984, OOL was promoted by (late) Sh Manjeet Singh
and his brother Sh Paramjeet Singh. It is engaged in manufacturing
of sugar (more than 90 per cent of the revenue) and steel ingots.
The company's manufacturing unit in Bareilly has a crushing
capacity of 3500 tonnes of sugarcane per day.

Post demise of Sh Manjeet Singh, Sh Paramjeet Singh is looking
after day to day affairs of the company.
OOL reported a loss after tax of INR102 million on net sales of
INR327 million for 2013-14, as against a loss after tax of INR55
million on net sales of INR842 million for 2012-13.


PARAMESWARA TIMBER: CRISIL Reaffirms B Rating on INR20MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Parameswara Timber Hub
Pvt Ltd (PTPL) continue to reflect PTPL's modest scale, and
working-capital-intensive nature, of operations in the intensely
competitive timber trading industry; the ratings also factor in
the company's average financial risk profile, marked by a small
net worth.


                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           20        CRISIL B/Stable (Reaffirmed)
   Letter of Credit      30        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     2        CRISIL B/Stable (Reaffirmed)
   Term Loan              8        CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of PTPL's promoters in the timber trading industry, and
the company's established relationships with suppliers and
customers.
Outlook: Stable

CRISIL believes that PTPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with customers. The outlook may be
revised to 'Positive' if the company significantly increases its
revenue and profitability, while it maintains its comfortable
capital structure and improves its working capital management.
Conversely, the outlook may be revised to 'Negative' if PTPL
undertakes a large debt-funded capital expenditure programme,
thereby negatively impacting its debt protection metrics, or if it
reports a significant decline in its revenue and profitability, or
if its working capital management deteriorates, leading to
weakening of its financial risk profile.

Update
PTPL has sustained its business risk profile with an estimated
year-on-year sales growth of about 20 per cent to around INR60
million in 2014-15 (refers to financial year, April 1 to March 31)
against INR50 million in the previous year; its operating margin
is estimated at around 8 per cent for 2014-15. CRISIL believes the
extensive experience of the company's promoters in the timber
industry and their established relationships with customers will
enable it to maintain moderate sales growth and sustain its
profitability over the medium term.

PTPL's financial risk profile is estimated to have remained
average in 2014-15, with a modest net worth of around INR7 million
and a high total outstanding liabilities to tangible net worth
ratio of above 4 times, as on March 31, 2015. Its interest
coverage ratio is estimated at around 1.5 times for 2014-15. In
the absence of any capital infusion and with low accretion to
reserves, PTPL's financial risk profile is expected to remain
average over the medium term.

PTPL's liquidity continues to be stretched due to inadequate cash
accruals to meet term loan obligations. Though the company is
estimated to have generated low net cash accruals of around INR1
million in 2014-15, unsecured loans of about INR2.5 million
extended by the promoters in a timely manner have ensured that the
repayment obligations of about INR2.4 million during the year
period were met as per schedule. The company's operations are
highly working capital intensive, resulting in almost fully
utilised bank limits in the 12 months through February 2015.

PTPL reported a profit after tax (PAT) of INR1 million on net
sales of INR50 million for 2013-14, as against a PAT of INR0.09
million on net sales of INR23 million for 2012-13.

PTPL was originally set up as a proprietorship firm, Parameswara
Timbers, in 2000 by Mr. T Nagendra Kumar. This firm was
reconstituted as a private limited company with the current name
in April 2012. PTPL is promoted by Mr. T Nagendra Kumar and Mr. T
Shaila.  The Ananthpur (Andhra Pradesh)-based company trades in
sawn timber and log wood.


PARSVNATH DEVELOPERS: CRISIL Assigns C Rating to INR1.05BB Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the long-term bank
facilities of Parsvnath Developers Ltd (PDL).  CRISIL has
downgraded its rating on the non-convertible debentures (NCDs) of
PDL to 'CRISIL C' from 'CRISIL B (SO)/Stable'.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility      461        CRISIL C (Assigned)

   Cash Credit             989        CRISIL C (Assigned)

   Long Term Loan        1,050        CRISIL C (Assigned)

   Non Convertible         600        CRISIL C (Downgraded from
   Debentures                         CRISIL B(SO)/Stable)

The downgrade of the NCD rating factors in the company's lower-
than-expected cash flows from its premium residential real estate
project, Parsvnath Exotica (PEx), in Gurgaon (Haryana), due to
delay in launch of  its one tower.

The rating reflects the company's marginal operating performance
on account of low customer advances and subdued demand in the real
estate industry; and moderate construction and implementation risk
on its ongoing projects. These rating weaknesses are partially
offset by the extensive experience of the promoters in the real
estate industry.

PDL is a large real estate developer with a well-diversified
portfolio that includes residential apartments, townships,
commercial, retail, special economic zones, information technology
parks, and hotels. It is also engaged in the construction
contracting business. The company has a pan-India presence with a
major presence in Delhi and the National Capital Region.

PDL, on a standalone basis, reported a profit after tax (PAT) of
INR233.9 million on net sales of INR3.98 billion for 2013-14
(refers to financial year, April 1 to March 31), as against a PAT
of INR736.7 million on net sales of INR4.27 billion for 2012-13.


POONAM ENTERPRISES: CRISIL Assigns B Rating to INR100MM Cash Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Poonam Enterprises (PE).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           100        CRISIL B/Stable

The rating reflects PE's modest scale of operations,
susceptibility to volatility in foreign exchange rates, and large
working capital requirements. The rating also factors in the
firm's below-average financial risk profile marked by high total
outside liabilities to tangible net worth ratio, modest net worth,
and weak interest coverage ratio. These rating weaknesses are
partially offset by the extensive experience of PE's proprietor in
the steel products trading business.
Outlook: Stable

CRISIL believes that PE will continue to benefit over the medium
term from its proprietor's industry experience. The outlook may be
revised to 'Positive' if the firm's financial risk profile
improves, driven by increased cash accruals, efficient working
capital management, or capital infusion by its proprietor.
Conversely, the outlook may be revised to 'Negative' if the firm's
financial risk profile, particularly liquidity, deteriorates
because of low cash accruals or large working capital
requirements.

Established in 1982 as a proprietorship firm, PE trades in
stainless steel pipes, flanges and fittings. The firm is based in
Mumbai and its daily operations are managed by its proprietor Mr.
Ravindra Angara.

PE reported a profit after tax (PAT) of INR2.2 million on net
sales of INR343.4 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR2.5 million on net sales
of INR331.0 million for 2012-13.


RELIANCE COMMUNICATIONS: Fitch Rates USD300MM Sr. Sec. Notes BB-
----------------------------------------------------------------
Fitch Ratings has assigned India-based telecom service provider,
Reliance Communications Limited's (Rcom; BB-/Stable) USD300
million 6.5% senior secured notes due 2020 a final rating of 'BB-
'.  The final rating follows the receipt of documents conforming
to information already received, and is in line with the expected
rating assigned on April 17, 2015.

Rcom will use part of the note proceeds to fund the capex.  The
notes are rated at the same level as Rcom's Issuer Default Rating
(IDR).  Although the notes are secured, under Fitch's methodology
for "Country-Specific Treatment of Recovery Ratings", India is
classed as a category D country, and, as such, the ratings of
senior obligations in India are generally capped at same level as
the IDR, even if they are secured.

KEY RATING DRIVERS

Higher Leverage than Peers: Rcom's 'BB-' IDR is constrained due to
its higher leverage and weaker market position than average for
Fitch's-rated Asian telcos.  Fitch's forecast for Rcom's funds
flow from operations (FFO)-adjusted net leverage of 4.8x for the
financial year ended March 31, 2015, (FY15) is much higher than
for its Indian peers.  Market leader Bharti Airtel Limited's
(Bharti; BBB-/Stable) leverage is around 2.5x and third-largest
operator Idea Cellular Ltd's is around 3.5x.  The forecast
leverage assumes up-front payments in FY16 for spectrum acquired
in the March 2015 spectrum auction.

Commitment to Deleverage: The ratings incorporate management's
commitment to deleverage and Fitch's expectation that Rcom will
manage its leverage below 4.5x during 2015-16.  Fitch believes
that deleveraging will be mainly driven by an EBITDA expansion and
a planned sale of non-core assets.  Fitch acknowledges
management's commitment to repay part of its USD6bn in net debt
through the moentisation of assets, including its sub-sea cable
subsidiary Global Cloud Xchange (GCX; B+/Stable), real estate
properties and its pay-TV business.  Management intends to achieve
a target debt/EBITDA of below 3.0x by end-March 2017.

Weaker Market Position: Rcom's IDR is currently capped at 'BB-'
given its market position as the fourth-largest telco in India,
with a revenue market share of only 8% in the USD30bn Indian
telecom services industry.  The top three operators - Bharti,
Vodafone India and Idea - collectively have about 70% revenue
market share.  However, Rcom's integrated approach and high cash
generation visibility with large proportion of recurring and
contractual revenue contribution from its wireless post-paid,
enterprise, tower and sub-sea cable businesses mitigate its weaker
market position.

Positive FCF on Low Capex: Fitch believes that Rcom will generate
at least USD200m in annual free cash flow (FCF) during FY16-18 as
capex and interest costs decline following its debt reduction.
Fitch forecasts that Rcom's FY15 cash flow from operations of
USD700m-750m will be sufficient to fund its capex of around
USD500m-550m and dividends.  Fitch expects Rcom to pay about
USD400m-450m in interest and taxes.  Rcom's lower capex/revenue
ratio of 15%-16% (top three telcos: 20%) is mainly due to its
infrastructure-sharing with Reliance Jio, part of Reliance
Industries Ltd (RIL, BBB-/Stable), an under-utilised asset base,
and a lower spectrum payment of USD173m (25% of USD693m) for March
2015 auction.

During FY14 and FY15, Rcom agreed to share around 43,000 towers
and 120,000km of inter-city and 70,000km of intra-city fibre
network with Reliance Jio for 17-20 years.  Rcom's FY15 cash
generation and leverage will benefit due to an up-front cash
benefit and recurring revenue each year from Reliance Jio.  Under
the agreement, Rcom has reciprocal access to existing and future
tower and fibre assets of Reliance Jio, on similar terms.

Lower Spectrum Payments: Following the March 2015 auctions, Rcom
has a pan-India 800MHz/850MHz footprint with at least 5MHz
spectrum in 21 circles.  It was least affected by the auction as
it committed INR43bn (USD693m) to renew its expiring spectrum in
four circles and to acquire additional spectrum.  The three
circles where it did not renew its 900MHz spectrum account for
around 5% of its revenue.  The company plans to transition
subscribers in these circles to the 2100MHz and 800MHz spectrum,
besides leveraging its intra-circle roaming arrangements with
other telcos.  In comparison, the top three telcos each committed
about USD4bn-5bn to renew expiring spectrum and to acquire
additional spectrum.  Also, Fitch expects Rcom's future spectrum
outlays to be minimal given the majority of its spectrum assets
expire only in 2021.

Improving Competition: Rcom's ratings factor in a gradual increase
in average revenue per user (ARPU) as we expect industry
overcapacity to reduce and major telcos to increase tariffs during
2015 in response to high spectrum prices, inelastic demand and
lower competition from smaller telcos.  However, Fitch believes
that the benefits of improving voice tariff realizations will be
diluted by a decline in data tariffs caused by the increase in
competition in the data segment as Reliance Jio is expected to
enter the market in 2015.

Price competition in the Indian telco industry has declined
significantly since 2012, when three-four smaller operators exited
or scaled-back operations after the Indian Supreme Court cancelled
122 licences.  Further, during 2013-14, some pricing power
returned to the top companies as high costs prevented the
financially weaker bottom-six operators from acquiring spectrum in
auctions.

KEY ASSUMPTIONS

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

   -- Revenue to grow by mid-single-digit percentage in FY16
      driven by improvement in ARPUs, increase in data services
      and income from assets leased to Reliance Jio.

   -- Operating EBITDAR margin to improve by 150-200bp
      (FY14:31.3%) driven by improving voice tariff realization
      and growing economies of scale in data segment.

   -- Rcom to generate at least USD200m in annual FCF.

   -- Effective interest rate of about 6.5%-7%.

RATING SENSITIVITIES

Positive: Although unlikely in the short term, future developments
that may, individually or collectively, lead to a positive rating
action include:

   -- Improvement in competitive environment leading to higher
      cash generation, resulting in Rcom's funds from operations
      (FFO)-adjusted net leverage improving to below 3.5x on a
      sustained basis.

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

   -- Higher-than-expected competition and/or an indication of
      that management is less committed to deleverage, resulting
      in funds from operations (FFO)-adjusted net leverage
      remaining above 4.5x on a sustained basis.


RELIANCE COMMUNICATIONS: Moody's Rates $300MM Notes at 'Ba3'
------------------------------------------------------------
Moody's Investors Service assigned a definitive Ba3 rating to the
USD300 million 6.50% senior secured notes due 2020, issued by
Reliance Communications Limited ("RCOM"). The outlook on the
rating is stable.

The rating on the notes is in line with the corporate family
rating of RCOM as the notes are senior secured obligations of the
company.

Moody's definitive rating on this debt obligation confirms the
provisional rating assigned on 17 April 2015. The proceeds from
the issue of the notes will be used for capital expenditure or any
other permissible end-use as prescribed by the Reserve Bank of
India.

"RCOM's Ba3 rating reflects its meaningful market position as the
fourth largest integrated mobile operator in India's growing
telecommunications industry. In addition, its large domestic and
international asset base of telecommunications infrastructure
support the diversification of revenues and position the company
to benefit from the oncoming growth in data demand in India," says
Nidhi Dhruv, a Moody's Assistant Vice President and Analyst.

RCOM's various network and infrastructure-sharing agreements with
other operators will enable it to efficiently improve capacity and
coverage. In particular, the agreement with Reliance Jio, the
telecom subsidiary of Reliance Industries Limited (Baa2
positive(m)), will allow RCOM to tap into the latter's network,
leading to further reductions in operating and capital
expenditure.

"The rating is constrained by RCOM's high leverage and strained
liquidity profile, thereby weakly positioning it in its rating
category. However, management has undertaken a deleveraging
initiative that is premised largely on the monetization of various
non-core assets, alongside continued improvements in the operating
performance of its core Indian operations," adds Dhruv, also
Moody's Lead Analyst for RCOM.

In addition, RCOM's spectrum payments for the recently completed
Indian spectrum auction was at the higher end of our expectation,
totaling INR43 billion. However, the company has opted for a
deferred payment schedule, which has limited its upfront cash
outflow at around INR11 billion. Nonetheless, Moody's will treat
the deferred portion of the spectrum payments as debt which will
keep leverage at the higher end of our tolerance for the Ba3
rating.

While RCOM has begun to reduce its debt level -- most recently
with the USD1 billion equity raised via the issue of warrants and
a qualified institutional placement completed in June 2014 -- its
leverage, as measured by adjusted debt/EBITDA, remained high at
5.2x for the 12 months ending 31 December 2014.

"The company plans to raise funds through various non-core asset
sales, including its submarine cable subsidiary, GCX Limited (B2
stable), its Direct-To-Home (DTH) business, and some real estate
assets. However, risks remain around the quantum and timing of the
planned transactions," adds Dhruv.

The company's liquidity profile, in the absence of the planned
asset sales, remains weak. The upfront payment of INR11 billion
for the recently completed spectrum auctions will further strain
RCOM's liquidity profile. As at 31 December 2014, the company had
cash and cash equivalents (including short term investments) of
INR19 billion, against short-term debt maturities of INR70
billion.

Cash flow from operations will not be sufficient to meet the
company's funding needs, including capex and spectrum payments,
over the next 12-18 months. In the absence of the asset sales,
RCOM will need to raise about INR50-60 billion - including the
recent bond issuance proceeds - over the next twelve months, but
given the company's banking relationships Moody's do not consider
the refinancing risk to be substantial.

"Any delays in the company's deleveraging plans on the back of
asset sales, will exert downward pressure on the rating. Moody's
will closely review the progress on RCOM's stated plans over the
next 6-9 months," adds Dhruv.

Moreover, given that a significant portion of its debt
(approximately 66%) is USD-denominated, foreign-currency risk
persists. The company is also reliant on covenant waivers,
including for the most recent testing period (30 September 2014),
for which RCOM management has indicated it has received waiver
consents from a majority of its banks.

The ratings outlook is stable, based on the expectation that RCOM
will continue to grow and improve the profitability of its core
Indian operations, while also continuing to execute on its
deleveraging plans in a timely manner.

An upgrade is unlikely over the near term, given RCOM's need to
delever. However, upward rating pressure could arise if RCOM (1)
continues to grow its core-Indian operations' revenues and
earnings by expanding the number of subscribers and data revenue
without compromising its EBITDA margins; (2) continues to generate
positive free cash flow on a sustained basis; and (3)
significantly improves its liquidity profile.

Specific indicators that Moody's would consider for upgrading the
rating include: adjusted debt/EBITDA below 3.0x; adjusted EBITDA
margins in excess of 35%; and adjusted FCF/debt in excess of 5% on
a sustained basis.

Downward pressure on the ratings could emerge if RCOM (1)
experiences a significant deterioration in market share and/or
competition intensifies, such that profitability deteriorates; (2)
fails to execute on its deleveraging plans; (3) encounters
difficulty in complying with its financial covenant requirements,
accessing capital to fund growth or repay/refinance debt, as and
when it falls due; or (4) implements aggressive investment and/or
shareholder return policies.

Specific indicators that Moody's would consider for a downgrade
include: adjusted debt/EBITDA failing to trend in line with
expectations towards 4.0x by March 2016; adjusted EBITDA margins
falling below 30%; and adjusted (FFO+interest)/interest remaining
below 3.0x.

Furthermore, any unexpected regulatory developments in the Indian
telecommunications sector will also be negative for the rating.

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

RCOM is an integrated telecommunications operator in India with
presence across wireless, enterprise, broadband, tower
infrastructure and DTH businesses. Through its wholly-owned
subsidiary, GCX Limited, the company also provides data
connectivity solutions to major telecommunications carriers and
large multinational enterprises in the US, Europe, Middle East and
Asia Pacific which need multi-national IP-based solutions and
connectivity.

RCOM is fourth-largest mobile operator in India based on number of
subscribers, which totaled 106.3 million (or approximately 11.3%
of total market share by subscribers) as of 31 December 2014. As
on March 31, 2015, RCOM's promoter and largest shareholder, Anil
Dhirubhai Ambani, owns 59.70% of the company. Life Insurance
Corporation of India (LIC) owns 6.62% and foreign institutional
investors own 21.17%.


S.V. PATEL: ICRA Assigns B+ Rating to INR6.5cr Cash Credit
----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR6.50
crore cash credit facility of S.V. Patel & Sons.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           6.50        [ICRA]B+ assigned

The assigned rating takes into account SVP's small scale of
current operations and weak financial profile characterized by
moderate profitability levels, owing to the limited value addition
in the business and the highly competitive and fragmented industry
structure; and stretched capital structure. The rating is also
constrained by the vulnerability of the firm's profitability to
raw material prices which are subject to seasonality and crop
harvest. ICRA also notes that SVP is a partnership firm and any
significant withdrawals from the capital account could affect its
net worth and thereby its capital structure.
The rating, however, positively considers the established track
record of the firm in the cotton seed and castor seed crushing
industry and its reputed clientele base. The rating also favorably
considers the advantage the firm enjoys by virtue of its location
in the largest cotton and castor producing state of Gujarat
providing easy access to quality raw material (cotton seeds and
castor seeds).

Established in 2005, S.V. Patel & Sons(SVP) is engaged in the
business of crushing of cotton seeds and castor seeds with its
product profile comprising mainly of cotton seed oil, cotton oil
cake, castor seed oil, castor seed oil cake, etc. The
manufacturing facility, located in Kapadvanj (Gujarat), is
equipped with nine expellers for cotton seed crushing having a
processing capacity of ~58.40 metric tonnes per day (MTPD) with
total installed capacity of 9000 metric tonnes per annum (MTPA)
and nine expellers for castor seed crushing having a processing
capacity of ~67.50 MTPD with total installed capacity of 2800
MTPA. The firm is promoted and managed by Mr. Rajesh Patel along
with his relatives and friends. The key promoter has an experience
of more than a decade in the cotton seed and castor seed crushing
industry by the virtue of being associated with M/s Patel
Rajeshbhai Ramanbhai, a proprietary firm engaged in the trading of
cotton oil, cotton cake, castor oil and castor cake.


SANJAY RICE: ICRA Lowers Rating on INR4.20cr Term Loan to D
-----------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR4.20 crore term loan, INR2.75 crore cash credit and INR1.27
crore untied limit of Sanjay Rice Mills Private Limited from
[ICRA]B- to [ICRA]D. ICRA has also revised downwards the short
term rating assigned to the INR0.28 crore untied limit of SRMPL
from [ICRA]A4 to [ICRA]D.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limit-
   Term Loan                4.20       [ICRA]D downgraded

   Fund Based Limit-
   Cash Credit              2.75       [ICRA]D downgraded

   Fund Based Limit-
   Cash Credit (Untied)     1.27       [ICRA]D downgraded

   Non-Fund Based Limit     0.28       [ICRA]D downgraded
   Bank Guarantee (Untied)

The rating action takes into account the recent delays made by the
company in meeting its debt service obligations.

SRMPL has recently set up a rice mill at Cooch Behar in West
Bengal. The commercial operation at the unit commenced in 2014.
The company was initially incorporated as a proprietorship firm
'Sanjay Industries' in 2000. However, subsequently the
constitution of the entity was changed to 'private limited' and it
was renamed to Sanjay Rice Mills Private Limited in 2011.


SATYAMAHARSHI POWER: CRISIL Reaffirms D Rating on INR100MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Satyamaharshi Power
Corporation Ltd (SMPCL) continue to reflect instances of delay by
SMPCL in servicing its debt; the delays have been caused by the
company's weak liquidity.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           50        CRISIL D (Reaffirmed)
   Term Loan            100        CRISIL D (Reaffirmed)

SMPCL has weak financial risk profile marked by negative net worth
and weak debt protection metrics. The company also has large
working capital requirements, and its profitability margins are
susceptible to volatility in biomass costs. However, the company
benefits from steady revenues under its power purchase agreement
with Transmission Corporation of Andhra Pradesh Limited.

SMPCL operates a 7.5-megawatt (MW) biomass-based power plant in
Guntur, Andhra Pradesh; the plant became operational in 2004.
SMPCL is owned by KHPL Clean Energy Pvt Ltd which acquired
ownership in 2010 from Velcan Renewable Energy India Ltd.


SHIVAM JEWELMART: CRISIL Assigns B+ Rating to INR80MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Shivam Jewelmart Private Limited (SJPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           80         CRISIL B+/Stable

The rating reflects SJPL's small scale of operations in the highly
competitive gems and jewellery industry and low operating
profitability; and its below-average financial risk profile. These
rating weaknesses are partially offset by SJPL's promoter's
extensive industry experience.
Outlook: Stable

CRISIL believes that SJPL will continue to benefit from its
promoters' extensive experience in the gems and jewellery
industry. The outlook may be revised to 'Positive' if there is
significant improvement in the company's profitability and its
scale of operations leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
there is further deterioration in its financial risk profile
either on account of lower than expected profitability or larger
than expected working capital requirements.

Incorporated in 2011, SJPL is a Delhi based company engaged into
the trading of gold jewelry. The company started its operations
from FY 2013-14, founded by Mr. Sanjay Gupta and Mr. Vasu Garg.


SHREE SHARANAM: CRISIL Assigns B Rating to INR125MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Shree Sharanam Real Estate Pvt Ltd (SSREPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan            125         CRISIL B/Stable

The rating reflects SSREPL's exposure to demand risk in its on-
going project, and to the cyclicality and seasonal nature of the
hotel industry. These weaknesses are partially offset by the
financial support that the company receives from its promoters,
and the favourable location of its hotel.
Outlook: Stable

CRISIL believes that SSREPL will continue to benefit over the
medium term from the financial support it receives from its
promoters and its established brand, Sarovar. The outlook may be
revised to 'Positive' in case of a substantial increase in the
company's average room rentals and occupancy levels, resulting in
considerably higher accruals and thus in a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
SSREPL's financial profile deteriorates, driven most likely by low
cash accruals on account of low occupancy rates or by debt-funded
capital expenditure.

SSREPL, established in 2004 by Mr. Laxman Das Goel and Mr. Ravi
Goel, has developed a luxury 5-star hotel, Crystal Sarovar
Premiere, in Agra (Uttar Pradesh). Commercial operations of the
hotel are expected to start by the end of April 2015.


SRI SARVARAYA: CRISIL Reaffirms D Rating on INR972.3MM LT Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri Sarvaraya
Sugars Ltd (SSSL) continues to reflect instances of delay by SSSL
in servicing its debt.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          904        CRISIL D (Reaffirmed)
   Long Term Loan       972.3      CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    39.9      CRISIL D (Reaffirmed)

   Working Capital
   Demand Loan           50.0      CRISIL D (Reaffirmed)

The delays have been caused by the company's weak liquidity in its
sugar manufacturing segment.

SSSL is exposed to risks related to the regulated nature of the
sugar industry; the company's operations are also susceptible to
availability of sugarcane. However, SSSL benefits from its
diversified revenue streams.

SSSL was set up in 1956 by Mr. S B P B K Satyanarayana Rao. The
company operates an integrated sugar plant, and is a franchisee
bottler for Coca-Cola India Ltd. Its crushing unit is in Chelluru
district (Andhra Pradesh).


SRI SATYALAKSHMI: CRISIL Rates INR70MM Cash Credit at 'B+'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable ' rating to the long
term bank facilities of Sri Satyalakshmi Rice Mill (SSLRM).

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

The rating reflects SSLRM's modest scale of operations in the
intensely competitive rice-milling industry and the susceptibility
of the firm's operating profitability to adverse government
regulations and to raw material price volatility. The rating also
factors in the firm's below-average financial risk profile, which
is marked by its below average capital structure and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of SSLRM's promoters in the rice
industry and healthy demand prospects for the same.
Outlook: Stable

CRISIL expects SSLRM will maintain a stable business risk profile
over the medium term on the back of promoter's extensive
experience in the rice milling industry. The outlook may be
revised to 'Positive' if the firm's revenues and profitability,
increase substantially leading to an improvement in its financial
risk profile or in case of significant infusion of capital into
the firm resulting in an improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' if SSLRM
undertakes a 'larger-than-expected' debt funded capital
expenditure programme, or if the partners withdraw capital from
the firm leading to deterioration in its financial risk profile.

Set up in 1984 as a partnership firm, SSLRM is engaged in the
milling and processing of paddy into rice. The firm is promoted by
Mr. Jagannadha Raju, Mr. Arun Kumar Raju, Mr. Rama Koti Raju, and
Mr. Dharma Raju.

For 2013-14(refers to financial year, April 1 to March 31), SSLRM
reported a profit after tax (PAT) of INR1.14 million on total
revenue of INR233.45 million against a PAT of INR1.09 million on
total revenue of INR194.4 million for 2012-13.


SRI SHARADHA: ICRA Reaffirms B+ Rating on INR5cr LT Loan
--------------------------------------------------------
ICRA has re-affirmed the long term rating of [ICRA]B+ to the
INR5.00 crore fund based facilities and the short-term rating of
[ICRA]A4 to the INR10.00 crore non-fund based facilities of Sri
Sharadha Timbers.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term, fund
   based facilities      5.00       [ICRA]B+ re-affirmed

   Short-term, non-     10.00       [ICRA]A4 re-affirmed
   fund based facilities

The re-affirmation of ratings take into account the long standing
experience of the promoters with more than two decades in the
timber trading business and the firm's established relationship
with its suppliers. The ratings are supported by the increase in
scale of operations driven by geographical expansion; the addition
of export customers has provided diversification benefits and is
expected to lend stability to the firm's revenues. The ratings
are, however, constrained by the moderate scale of operations,
competitive pressure due to low entry barriers, and the risks
associated with the availability of timber, which to an extent is
dependent on the trade regulations prevailing in the supplying
countries. The ratings are also affected by the low profitability
with the margins susceptible to volatility in timber prices and
fluctuation in exchange rates.

Sri Sharadha Timbers (SST) is a proprietorship firm owned by Mr.
Narashia Manji Patel. The entity was established in the year 2002,
and is into the business of sawing and trading of timber, mainly
imported wood. The customers of SST include dealers, wholesalers
and retailers.

Recent Results
For the year ending March 2014, the firm had reported a net profit
of INR0.3 crore on an operating income of INR46.0 crore compared
to the net profit of INR0.4 crore on an operating income of
INR47.3 crore in FY 2013.


SRI VENKATARAMANA: CRISIL Suspends C Rating on INR30MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sri Venkataramana Para Boiled Rice Mill Pvt Ltd (SVR Paraboiled).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          30          CRISIL C
   Long Term Loan       30          CRISIL C

The suspension of ratings is on account of non-cooperation by SVR
Paraboiled with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, SVR
Paraboiled is yet to provide adequate information to enable CRISIL
to assess SVR Paraboiled'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 2009, SVR Paraboiled mills and processes paddy into
rice, rice bran, broken rice, and husk. It has a paddy milling
capacity of 4 tonnes per hour in Kolthur Village, Shamirpet
Mandal, Hyderabad (Andhra Pradesh). SVR Paraboiled commenced
commercial operations in May 2010 and is promoted by Mr. Purelli
Ram Reddy, Mr. Gangisetty Srinivasulu, and others.


SUNRISE PROCESS: CRISIL Reaffirms B Rating on INR30MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sunrise Process
Equipment (SPE) continue to reflect SPE's modest scale and
working-capital-intensive nature of operations. The ratings also
factor in the company's below-average financial risk profile,
marked by a modest net worth, high gearing, and subdued debt
protection metrics.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            30         CRISIL B/Stable (Reaffirmed)
   Letter Of Guarantee    17.5       CRISIL A4 (Reaffirmed)
   Letter of Credit       17.5       CRISIL A4 (Reaffirmed)
   Packing Credit          2.5       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     23.1       CRISIL B/Stable (Reaffirmed)
   Term Loan               9.4       CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of SPE's proprietor in the equipment manufacturing
industry.
Outlook: Stable

CRISIL believes that SPE will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if the firm reports
significant and sustainable growth in its revenue while
maintaining its margins and improving its capital structure.
Conversely, the outlook may be revised to 'Negative' if SPE
registers a considerable decline in its revenue or margins, or if
its working capital cycle is stretched further, or if it
undertakes a large debt-funded capital expenditure programme,
leading to deterioration in its financial risk profile.

Update
SPE is estimated to have registered a turnover of around INR180
million in 2014-15 (refers to financial year, April 1 to March
31), a growth of more than 70 per cent over INR107 million
registered in 2013-14. For the 11 months ended February 28, 2015,
the firm has registered revenue of INR170 million, including
consultancy income of INR14.5 million. SPE currently has an
unexecuted order book of around INR30 million to be completed in
the next 6 to 12 months, providing moderate revenue visibility.
The firm's operating margin is estimated at around 10.5 per cent
for 2014-15. CRISIL believes that the extensive industry
experience of SPE's proprietor will enable the firm to maintain
its business risk profile over the medium term.

SPE's financial risk profile remained below average, marked by a
modest net worth of around INR35 million and high gearing of
around 1.4 times, as on March 31, 2015. Its debt protection
metrics have also remained subdued in 2014-15. SPE's liquidity is
stretched, with highly utilised bank lines due to its working-
capital-intensive operations; its bank limits were utilised at an
average of 97 per cent during the 12 months through February 2014.
However, it has adequate cash accruals to meet its term loan
obligations; in 2014-15, SPE is estimated to have generated cash
accruals of around INR7.6 million against term loan obligations of
INR2 million. Moreover, it receives support from its proprietor in
the form of equity infusion and unsecured loans. In 2014-15, the
proprietor extended an unsecured loan of INR2.4 million and
infused equity of INR4.2 million. The firm had an outstanding
unsecured loan of around INR11.5 million as on March 31, 2015.
Continued financial support from the proprietor will remain a key
rating sensitivity factor over the medium term.

SPE reported a profit after tax (PAT) of INR2 million on an
operating income of INR102 million for 2013-14 against a PAT of
INR2 million on an operating income of INR106 million for 2012-13.

SPE was established in 1998 as a proprietorship concern by Mr. N
Chaudhari. The firm manufactures machinery and equipment primarily
for the pharmaceutical and chemical sectors. Its manufacturing
facility is in Thane (Maharashtra).


THAKKAR PLASTIC: ICRA Suspends B+ Rating on INR10cr Loan
--------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the fund based limits of INR10.00 crore of Thakkar Plastic
Industries Private Limited (TPIPL). The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Thakkar Plastic Industries Private Limited (TPIPL) was
incorporated in February 2013 and is currently engaged in the
production of plastic packaging products. The company was
established with the intention of taking over three existing units
managed by the promoter group, viz. M.G. Enterprise (MGE), Samex
Corporation (SC) and Grishma Sales Corporation (GSC), at book
value. MGE was primarily engaged in the sale of plastic kirana
bags and carry bags, which were produced on a job-work basis. SC
was involved in the indigenous manufacture of plastic kirana bags
and carry bags. GSC was solely engaged in the trading of plastic
packaging products. The operations of MGE, SC and GSC were
consolidated under TPIPL with effect from February 9, 2013. The
manufacturing unit of the company is located in Shahapur
(Maharashtra). The product profile of TPIPL currently comprises of
plastic kirana bags and carry-bags.


VEDANTA RESOURCES: Unit's FY2015 Results Meet Expectations
----------------------------------------------------------
Moody's Investors Service says Vedanta Resources Plc's (Vedanta
Resources, Ba1 negative) subsidiary, Vedanta Ltd.'s results for
the fiscal year ended March 2015 (FY2015) were broadly in line
with expectations. Vedanta Ltd. was formerly known as Sesa
Sterlite Ltd. and includes Vedanta Resource's substantial
businesses, including stakes in Cairn India, Hindustan Zinc and
Balco.

"The aluminium business exceeded our expectations, zinc (India)
and oil and gas performed broadly in line with our expectations,
but its copper, zinc international, iron ore and power businesses
slightly underperformed," says Kaustubh Chaubal, a Moody's Vice
President and Senior Analyst.

Moody's conclusions are contained in its just-released report on
Vedanta Resources Plc, entitled "Vedanta Resources Plc: Full-Year
Results Broadly Meet Expectations".

"While the full year performance can be accommodated within our
current negative outlook on Vedanta Resources, pressures continue
to build and set high expectations from its non-oil businesses to
perform to partially mitigate the effect of low oil earnings,"
adds Chaubal, who is the lead analyst for Vedanta .

Vedanta Ltd. (unrated) -- a subsidiary of Vedanta Resources --
declared its audited consolidated Q4 2015 and full FY 2015 results
on 29 April.

The results also showed a goodwill impairment of INR191.8 billion
($3.1 billion) on Vedanta Ltd.'s investment in Cairn India Ltd.
(CIL, unrated) and a INR2.8 billion ($44 million) goodwill
impairment charge on its copper mines in Tasmania. These one-time,
non-cash charges will however not by itself affect Vedanta
Resources' credit metrics.

Although Vedanta Ltd. reduced debt by 4% to INR777.5 billion
($12.4 billion), lower EBITDA led to its gross leverage rising to
3.5x as of March 2015 from 3.1x in March 2014. Consolidated cash
and liquid investments of $7.4 billion covered 60% of total debt,
but almost 60% of the cash was held at Hindustan Zinc (unrated),
which is 65%-owned by Vedanta Ltd.


VENKY HI-TECH: ICRA Reaffirms B+ Rating on INR24cr Cash Credit
--------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating of the INR1.5 crore term
loan, INR24 crore cash credit facility and INR3 crores unallocated
facilities of Venky Hi-Tech Ispat Ltd. ICRA has also reaffirmed
the [ICRA]A4 rating of the INR1.5 crore letter of credit facility
of VHTIL. The unallocated limits of INR3 crores have also been
rated in the short term for which the rating was reaffirmed at
[ICRA]A4.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan              1.50      [ICRA]B+ reaffirmed
   Cash Credit           24.00      [ICRA]B+ reaffirmed
   Letter of Credit-
   Non-fund based         1.50      [ICRA]A4 reaffirmed
   Unallocated            3.00      [ICRA]B+/[ICRA]A4 reaffirmed

The reaffirmation of the ratings continues to factor in VHTIL's
weak financial risk profile as reflected by low profitability,
nominal cash accruals and adverse debt coverage indicators. ICRA
notes that although the company incurred losses in its steel
making business in FY14, it was able to post profits largely
driven by profits from trading of commodity derivatives and income
from trading. The ratings also take into account low capacity
utilisation of the rolling mill, which adversely affects the
return on capital employed, the vulnerability of the profitability
to adverse movement in raw material prices, and the working
capital intensive nature of operations that adversely affects the
company's liquidity position. The ratings also incorporate the
company's exposure to the cyclicality associated with the steel
industry, which is passing through a downturn at present. The
ratings however, favourably take into account the experience of
the promoters in the steel industry, diversified product mix and
the partially integrated nature of operations with the presence of
both billet and thermo-mechanically treated (TMT) bars
manufacturing units.

VHTIL was incorporated in December 2003 and currently has 36,000
tons per annum (tpa) ingot and 84,000 tpa thermo-mechanically
treated manufacturing facility at Durgapur, West Bengal.

Recent Results
The company reported a net profit of INR0.42 crores in FY14 on an
OI of INR142.52 crore, as compared to a net profit of INR0.38
crores on an OI of INR154.01 crores during FY13.


WIN PET: ICRA Suspends B+ Rating on INR2.5cr Cash Loan
------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR2.50 crore
cash credit limits and INR4.01 crore term loan of Win Pet &
Polymers. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.



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


SHANTON FASHIONS: To Close Timaru Shop This Month
-------------------------------------------------
Jack Montgomerie at Stuff.co.nz reports that fashion clothing
chain Shanton is closing its Timaru shop, months after an
insolvency administrator spared it from closures elsewhere.

Stuff.co.nz relates that one of Shanton Fashions Limited's
directors Inderjit Luthera, also known as Sonu Singh, said on May
7 the womenswear shop would close after a sale of its remaining
stock concluded in "two or three weeks".

According to the report, Mr. Luthera refused to comment on whether
the chain's other remaining shops would close. He was part of a
group which bought the chain in December 2012 after it went into
receivership in October.

Shanton entered voluntary administration in January after its
bankers pulled its line of credit.  The report says administrators
had announced in February they would close the 17 largest of the
chain's 37 shops, sparing Timaru's.

Stuff.co.nz says the company returned to the group's hands in
April after a motion to liquidate the company failed.

The Timaru shop employs three full-time workers and one part-time
worker. Mr. Luthera said the employees had known about the closure
for some time, the report adds.

                        About Shanton Retail

Shanton Retail Limited, the company behind Shanton clothing,
operates 39 retail stores throughout New Zealand and is a long
established brand. It employs 122 workers.

In October 2012, Anthony Harris -- anthony@anthonyharris.co.nz --
was appointed receiver of Shanton Retail and its parent company
Shanton Apparel, which also owns BBB Retail, the operator of Bed,
Bath & Beyond. Shanton Retail said the receivership follows "a
period of difficult trading conditions."

                      About Shanton Fashions

Shanton Fashions Limited owns and operates a chain of women
fashion stores in New Zealand. Its stores offer apparel,
accessories, and gift cards. Shanton Fashions Limited was formerly
known as Shanton Apparel (NZ) Limited and changed its name to
Shanton Fashions Limited on December 12, 2012.

Shanton Fashions Limited entered into the Voluntary Administration
on Jan. 11, 2015 with Bryan Williams appointed as administrators
of the company.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 26, 2015, creditors of Shanton Fashions Limited are owed
almost NZ$7.8 million while the business is being advertised for
sale in an attempt preserve the brand's inherent value and make a
distribution to creditors.

According to the Administrator's Report, released to creditors on
Feb. 9 by Mr. Williams, creditors' claims amount to NZ$7.79
million, while total assets -- including stock and fixed assets at
book value -- total NZ$3.35 million.

The deficiency of NZ$4.4 million is "significantly different" to
the company directors' estimate of NZ$693,000, as provided in
their report to Mr. Williams at the commencement of voluntary
administration last month.

The total number of creditors is 206, including the IRD and
outstanding holiday pay owed to Shanton employees. There are 155
employees across 37 stores in New Zealand.


SOLID ENERGY: Confirms 151 Job Losses at Stockton Mine
------------------------------------------------------
Hamish McNicol at NBR Online reports that Solid Energy Ltd has
confirmed job losses for more than 100 at its staff at the
Stockton mine, near Westport.

On May 6, Labour MP Damien O'Connor said further restructuring
plans would be announced on May 7, with any job losses likely to
be a "shock" for the West Coast, NBR Online relates.

The report says the company had already foreshadowed more
redundancies in March, because of slumping global prices for
coking coal.

According to NBR Online, Solid Energy on May 7 confirmed 151 jobs
will be cut from the mine, consisting of 113 redundancies and the
remainder through already vacant roles.

The report relates that Engineering, Printing and Manufacturing
Union (EPMU) West Coast organiser Garth Elliott said nearly 900
jobs have been lost at Solid Energy since 2011.

Solid Energy chief executive Dan Clifford told Parliament's
finance and expenditure select committee in March plans were under
way to stem the company's financial losses, and "reductions will
be inevitable on the basis of those plans," the report recalls.

Mr. Clifford said staff were being kept informed of the company's
difficulties and decisions are "not a matter of days or of double
digit months," the report relays.

NBR Online reports that Chairman Andy Coupe would not speculate at
the time on whether the company might fail but said there were "a
number of potential outcomes" from current discussions with its
banking consortium and said Solid Energy was "expecting no further
support from the Crown."

Finance Minister Bill English questioned whether Solid Energy
remained commercially viable, the report notes.

Restructuring and cost-cutting had reduced Solid Energy's
breakeven price for coking coal to between US$120 and US$130 a
tonne, but it was basing its plans on a price in the year ahead of
US$110 a tone, the report states.

According to the report, Solid Energy has also said it risks
breaching its banking covenants in September 2016.

NBR Online relates that Mr. Coupe said there were no immediate
cashflow problems but it was unlikely to be enough to overcome the
September 2016 issues.

"My view is that we cannot see the refinancing of our debt
facilities is realistic absent a restructure of our liabilities,"
the report quotes Mr. Coupe as saying.

The government helped bail out Solid Energy in 2013 and also
extended a NZ$103 million indemnity to the company just before the
general election last year, the report notes.

                        About Solid Energy

Solid Energy New Zealand Ltd is New Zealand's largest coal mining
company and an investor in research and commercialisation of
sustainable forms of energy that use coal, coal seam gas, biomass,
biodiesel and solar. Solid Energy's core mining business
includes hard coking coal, primarily for export to steel mills
throughout Asia, and thermal coal for the Huntly power station
and other domestic customers in the steel, dairy and cement
industries.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 6, 2014, BusinessDesk said Solid Energy posted its third
annual loss in a row as the financially distressed state-
owned coal miner wrote down the value of its export operations
amid lower coal price assumptions, and warned of more red ink to
come.

BusinessDesk related that the Christchurch-based state-owned
enterprise reported a loss of NZ$181.9 million in the 12 months
ended June 30, compared to a loss of NZ$335.4 million a year
earlier, it said in its annual report tabled in Parliament on
October 31.  The company's board doesn't anticipate it will return
to profitability until the 2017 financial year, based on its
current projections, BusinessDesk added.



===============
P A K I S T A N
===============


PAKISTAN MOBILE: S&P Revises Outlook to Pos. & Affirms 'B-' CCR
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Pakistan-based wireless telecom operator Pakistan Mobile
Communications Ltd. (Mobilink) to positive from stable.  At the
same time, S&P affirmed its 'B-' corporate credit rating.  The
outlook revision follows that on the sovereign credit rating on
the Islamic Republic of Pakistan (B-/Positive/B).

The rating on Mobilink remains constrained by S&P's 'B-' transfer
and convertibility assessment for Pakistan.  S&P's stand-alone
credit profile for Mobilink remains 'bb-'.  S&P believes the
company is exposed to country and macroeconomic risk although it
has kept its leadership position in terms of subscribers in a
competitive market.  The company has healthy operating cash flows
and strong financial ratios.



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


TIGER AIRWAYS: Net Loss Narrows to SGD18.8MM in Qtr Ended Mar. 31
-----------------------------------------------------------------
Channel News Asia reports that Tiger Airways Holdings on May 5
reported an operating loss of SGD2.3 million in the quarter ending
March 31, a 90.6 per cent decrease year-on-year from their loss of
SGD24.2 million in the same period a year ago.

Tigerair's net loss after tax fell to SGD18.8 million, compared to
SGD95.5 million a year ago. CNA relates that the budget carrier
attributed the improvement to stronger yield, lower cost and a
higher load factor of 3.9 percentage points.

Total revenue for the quarter rose 5 per cent to SGD172.2 million,
from SGD164 million, while total expenses fell 7.3 per cent to
SGD174.5 million, down from SGD188.2 million, the report
discloses.

CNA relates that the Singaporean carrier also noted that it would
have recorded an operating profit of SGD4 million if not for a
revision of its aircraft depreciation policy and reassessment of
maintenance provisions for leased aircraft.

"Our turnaround efforts continue to bear fruit. More than half of
the recovery in operating performance came from stronger yields
and load factors, while the remainder came from lower fuel price.
The changes in provisions relating to our fleet will also put us
on a firmer footing moving forward," the report quotes CEO Lee Lik
Hsin as saying.

CNA adds that Tigerair said it will tackle the issue of surplus
capacity in the industry by continuing to optimise its fleet size
to improve yields and loads. It will also benefit from lowered oil
prices as hedged oil contracts expire.

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

Tiger Airways Holdings is a Singapore-based airline company.



===============
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.



                 *** End of Transmission ***