TCRAP_Public/150522.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 22, 2015, Vol. 18, No. 100


                            Headlines


A U S T R A L I A

ASSESSMENT CENTRE: First Creditors' Meeting Set For May 28
ASSIGNMENTS ON: First Creditors' Meeting Slated For May 28
CURIOUS IT: First Creditors' Meeting Slated For May 29
FIRSTMAC MORTGAGE 1-2015: S&P Assigns BB Rating to Class D Notes
FREIGHTWEST PTY: First Creditors' Meeting Set For June 1

JCS HUMAN: First Creditors' Meeting Set For May 28


C H I N A

CHINA AOYUAN: USD Notes Issuance No Effect on Moody's 'B2' CFR
GENERAL STEEL: Receives Noncompliance Notice From NYSE
GENERAL STEEL: Incurs $74.1 Million Net Loss in First Quarter


H O N G  K O N G

CHINA FISHERY: S&P Affirms B Corp. Credit Rating; Outlook Stable
CIFI HOLDINGS: Prop. Share Placement No Impact on Moody's Ba3 CFR
DAH SING: Fitch Affirms 'BB+' Rating on Jr. Subordinated Debt


I N D I A

ANTILLA BREWERIES: CRISIL Reaffirms 'B' Rating on INR65MM Loan
ASSAM TIMBER: ICRA Reaffirms B+ Rating on INR4.0cr Cash Credit
AVASARALA TECHNOLOGIES: ICRA Reaffirms D Rating on INR138cr Loan
B.V.L. EXPORTS: ICRA Assigns 'B' Rating to INR75cr Packing Loan
BABYLON AGRO: CRISIL Reaffirms B Rating on INR200MM Term Loan

BANMORE FOAM: CRISIL Reaffirms B Rating on INR45MM Cash Credit
BAREILLY HIGHWAYS: CARE Lowers Rating on INR1,350cr Loan to B+
DEV AGRO: CRISIL Assigns 'B' Rating to INR50MM Cash Credit
DHINGRA EXPORTS: ICRA Suspends B Rating on INR8cr Fund Based Loan
DHIRAJ FOUNDATION: ICRA Reaffirms B- Rating on INR20.76cr Loan

DIRECT LOGISTICS: CARE Assigns 'C' Rating to INR33.5cr LT Loan
ESSAR STEEL: CARE Reaffirms 'D' Rating on INR36,100cr Loan
FAMILY HEALTHCARE: ICRA Reaffirms B+ Rating on INR17.38cr Loan
FUTURA DOOR: ICRA Suspends 'D' Rating on INR11.5cr LT Loan
G.M.R. SPINTEX: CRISIL Reaffirms 'D' Rating on INR280MM Term Loan

GARG GRANITES: CARE Assigns B+ Rating to INR6cr LT Bank Loan
INDICON CONSTRUCTION: CRISIL Reaffirms B Rating on INR49MM Loan
KANHA GRAIN: ICRA Reaffirms 'B+' Rating on INR5cr Cash Credit
KLK INTERNATIONAL: CRISIL Rates INR20MM Loan at 'B'
LAHOTI MOTORS: CRISIL Cuts Rating on INR65MM Cash Loan to 'D'

LIFE CARE: ICRA Suspends 'B+' Rating on INR3.50cr Bank Loan
MAHADEV IMPEX: ICRA Suspends B Rating on INR7.5cr Fund Based Loan
MATRIX BOILERS: CRISIL Cuts Rating on INR40MM Cash Loan to 'B'
MEGHA GUM: CRISIL Reaffirms B+ Rating on INR136.5MM Cash Loan
MEHADIA & SONS: CRISIL Assigns B- Rating to INR31.5MM Cash Loan

MODERN MACHINERY: ICRA Reaffirms 'B' Rating on INR9.2cr Cash Loan
MY CAR: CRISIL Reaffirms B+ Rating on INR210.2MM Cash Credit
NANAK HI-TECH: ICRA Suspends 'D' Rating on INR7cr Cash Credit
OAK CONSTRUCTIONS: ICRA Suspends 'D' Rating on INR11cr Bank Loan
OCTAMEC ENGINEERING: ICRA Suspends 'D' Rating on INR170cr Loan

PASHUPATINATH DISTRIBUTORS: CARE Rates INR7.15cr Loan at B+
PINK STAR: CRISIL Reaffirms 'D' Rating on INR150MM Loan
PRINCE VITRIFIED: CARE Assigns 'C' Rating to INR13.77cr LT Loan
RADHE SHYAM: CRISIL Ups Rating on INR40MM Cash Loan to B+
RAJAMAHAL INTERNATIONAL: ICRA Reaffirms B Rating on INR25cr Loan

REAL DAIRY: CRISIL Ups Rating on INR185MM Term Loan to B+
RHIZOME DISTILLERIES: CRISIL Ups Rating on INR120MM Loan to B-
SACHI STEEL: CRISIL Assigns 'B' Rating to INR100MM Cash Credit
SAKTHI ACCUMULATORS: ICRA Assigns 'B' Rating to INR3cr CC Stocks
SATYAWATI SUBODH: CRISIL Assigns C Rating to INR125MM Term Loan

SHANTI AGRO: CARE Assigns B+ Rating to INR19.80cr LT Bank Loan
SHREYA PRINT: CRISIL Ups Rating on INR35MM Term Loan to B+
SHRI LAXMI: ICRA Suspends 'B' Rating on INR9.52cr Fund Based Loan
SILVER COTTON: ICRA Assigns 'B+' Rating to INR4.0cr Cash Loan
SPIC FASHIONS: ICRA Cuts Rating on INR8cr Fund Based Loan to D

SUPER SEALS: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
SYNERGY INFO: ICRA Suspends B- Rating on INR7cr Bank Loan
THRIMATHY CONTRACTING: CRISIL Rates INR130MM Cash Credit at B+
U P BONE: CRISIL Assigns B- Rating to INR51.8MM Cash Credit
UNIVA AUTOMOBILES: CRISIL Assigns B- Rating to INR75MM Term Loan

VARDHAMAN NAGARI: CRISIL Reaffirms B+ Rating on INR100MM Loan
VIJAY AQUA: CRISIL Reaffirms 'B' Rating on INR40MM Cash Credit
VISHAL MANUFACTURER: ICRA Reaffirms 'B' Rating on INR7.85cr Loan
WELL WISHER: ICRA Suspends B Rating on INR24cr LT Bank Loan
YASH PAL: ICRA Revises Rating on INR19.50cr Term Loan to B+


I N D O N E S I A

BERAU COAL: Moody's Downgrades CFR to Caa2, Outlook Negative


J A P A N

SKYMARK AIRLINES: Two Banks to Buy 33.4% Share in Carrier


N E W  Z E A L A N D

ARENA CAPITAL: FMA Secures Asset Preservation Orders


P A P U A  N E W  G U I N E A

PAPUA NEW GUINEA: Moody's Affirms B1 Issuer Ratings, Outlook Neg.


P H I L I P P I N E S

PRYCE CORP: Seeks Court OK to End to Corporate Rehabilitation


S I N G A P O R E

AVATION PLC: S&P Assigns B CCR & Rates Proposed MTN Program 'B-'
FLEXTRONICS INTERNATIONAL: S&P Ups CCR to 'BBB-';Outlook Stable


V I E T N A M

KEANGNAM VINA: Residents To Lose VND160B if Firm Goes Bankrupt


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


ASSESSMENT CENTRE: First Creditors' Meeting Set For May 28
----------------------------------------------------------
David Solomons and Antony de Vries of de Vries Tayeh were
appointed as administrators of Assessment Centre Technologies Pty
Ltd on May 20, 2015.

A first meeting of the creditors of the Company will be held at
Level 5, 32 Martin Place, in Sydney, on May 28, 2015, at
10:30 a.m.


ASSIGNMENTS ON: First Creditors' Meeting Slated For May 28
----------------------------------------------------------
David Solomons and Antony de Vries of de Vries Tayeh were
appointed as administrators of Assignments on Contract Int Pty
Ltd, formerly known as Thomas International (Australia) Pty Ltd,
on May 20, 2015.

A first meeting of the creditors of the Company will be held at
Level 5, 32 Martin Place, in Sydney, on May 28, 2015, at
11:30 a.m.


CURIOUS IT: First Creditors' Meeting Slated For May 29
------------------------------------------------------
Gavin Moss and Nick Combis of Vincents Chartered Accountants were
appointed as administrators of Curious IT Pty. Ltd. on May 19,
2015.

A first meeting of the creditors of the Company will be held at
Boardroom of Servcorp, Level 40, 140 William Street, in Melbourne,
on May 29, 2015 at 12:00 p.m.


FIRSTMAC MORTGAGE 1-2015: S&P Assigns BB Rating to Class D Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to seven
of the eight classes of prime residential mortgage-backed
securities (RMBS) issued by Firstmac Fiduciary Services Pty Ltd.
as trustee for Firstmac Mortgage Funding Trust No.4 Series 1-2015.

The ratings reflect:

   -- S&P's view of the credit risk of the underlying collateral
      portfolio, including the fact that this is a closed
      portfolio, which means no further loans will be assigned to
      the trust after the closing date.

   -- S&P's view that the credit support is sufficient to
      withstand the stresses it applies.  This credit support
      comprises lenders' mortgage insurance to 54.8% of the
      portfolio, which covers 100% of the face value of these
      loans, accrued interest, and reasonable costs of
      enforcement, as well as note subordination for all rated
      notes.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including an amortizing
      liquidity reserve equal to 1.2% of the invested amount of
      all notes that is to be provided through note overissuance,
      principal draws, a spread reserve that builds from
      available excess spread, and 24 months' timely payment
      cover on approximately 47.2% of loans in the portfolio, are
      sufficient under S&P's stress assumptions to ensure timely
      payment of interest.

   -- The extraordinary expense reserve of A$150,000, funded from
      day one by Firstmac Ltd., available to meet extraordinary
      expenses.  The reserve will be topped up via excess spread
      if drawn.

   -- S&P's view of the underwriting standards and centralized
      approval processes of the originator, Firstmac Ltd.,
      together with S&P's view on the servicing standards of
      Firstmac Ltd. as the servicer of the loans.

   -- The fixed-to-floating interest-rate swap provided by
      Westpac Banking Corp. to hedge the mismatch between
      receipts from fixed-rate mortgage loans and the variable-
      rate RMBS.

A copy of Standard & Poor's complete report for Firstmac Mortgage
Funding Trust No.4 Series 1-2015 can be found on RatingsDirect,
Standard & Poor's Web-based credit analysis system, at:

                 http://www.globalcreditportal.com

The issuer has informed Standard & Poor's (Australia) Pty Limited
that the issuer will be publicly disclosing all relevant
information about the structured finance instruments that are
subject to this rating report.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.

The Standard & Poor's 17g-7 Disclosure Report included in this
credit rating report is available at:

       http://standardandpoorsdisclosure-17g7.com/3182.pdf

RATINGS ASSIGNED

Class       Rating         Amount (A$ mil.)
A-1         AAA (sf)       600.0
A-2         AAA (sf)       250.0
A-3         AAA (sf)        50.0
AB          AAA (sf)        58.0
B           AA- (sf)        27.0
C           A (sf)           6.6
D           BB (sf)          6.6
E           NR               1.8
NR--Not rated.


FREIGHTWEST PTY: First Creditors' Meeting Set For June 1
--------------------------------------------------------
Steven Gladman & Shahin Hussain of Hall Chadwick Chartered
Accountants were appointed as administrators of Freightwest Pty
Limited on May 20, 2015.

A first meeting of the creditors of the Company will be held at
Level 19, 144 Edward Street, in Brisbane, Queensland, on June 1,
2015, at 11:30 a.m.


JCS HUMAN: First Creditors' Meeting Set For May 28
--------------------------------------------------
David Solomons and Antony de Vries of de Vries Tayeh were
appointed as administrators of JCS Human Dynamics Pty Limited on
May 20, 2015.

A first meeting of the creditors of the Company will be held at
Level 5, 32 Martin Place, in Sydney, on May 28, 2015, at
11:00 a.m.



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


CHINA AOYUAN: USD Notes Issuance No Effect on Moody's 'B2' CFR
--------------------------------------------------------------
Moody's Investors Service said that China Aoyuan Property Group
Limited's proposed issuance of US dollar notes -- if it goes ahead
-- is credit positive, but will not immediately impact the
company's B2 corporate family rating (CFR) or B3 senior unsecured
bond rating.

The outlook for the ratings remains stable.

"The proposed bond issuance, the proceeds of which will be used
mainly to refinance existing debt, will improve China Aoyuan's
liquidity profile and extend its debt maturity tenors," says Fiona
Kwok, a Moody's Analyst.

Moody's expects the bond issuance of $200-$300 million (RMB1.2-
RMB1.9 billion), together with the recent $100 million (RMB620
million) private placement, to increase China Aoyuan's cash to
short-term debt to 1.6x-1.7x, immediately after the issuance, from
1.3x at end-2014. This result would be solid for its B2 CFR.

China Aoyuan's primary cash sources over the next 12 months will
be sufficient to cover its short-term debt and unpaid land
purchases of around RMB2.3 billion, including the site in
Australia acquired in March 2015. The cash sources include: (1)
its cash on hand of RMB5.9 billion at end-2014; (2) its operating
cash flow; and (3) the proceeds from the private placement and the
proposed bond issuance.

In the first four months of 2015, China Aoyuan recorded a 28%
year-over-year increase in its contracted sales. By contrast,
nationwide contracted sales for residential property fell 2.2% in
the same period. Moody's expects the company to achieve contracted
sales growth of around 10% in 2015.

Moody's says China Aoyuan's overall credit metrics should remain
stable in 2015. Moody's view is based on Moody's expectation of
strong revenue growth - as contributed by robust contracted sales
performance in the past two years - and the expected debt increase
to fund the company's expansion plan. In particular, its adjusted
EBIT/interest and revenue/adjusted debt should stay at around
2.0x-2.1x and 55%-60% respectively. Such metrics appropriately
position the company at its current B2 rating level.

The financial ratios above are calculated based on Moody's
standard adjustments and the definitions stated in Moody's
Homebuilding and Property Development Industry published in April
2015. Debt amounts do not include adjustments for mortgage
guarantees.

Upward ratings pressure may emerge in the medium term if China
Aoyuan demonstrates: (1) a track record of strong contracted sales
and revenue recognition; (2) a consistently prudent pace of land
acquisitions and improved cash flow planning; (3) better control
of its borrowings, such that adjusted EBIT/interest is maintained
in excess of 2.5x; and (4) good liquidity, such that its cash
holdings can comfortably cover short-term debt.

Downward ratings pressure could emerge if its liquidity position
weakens, as a result of: (1) weak contracted sales; (2) aggressive
land acquisitions and large outstanding land premium payments; or
(3) cash on hand registering less than its total short-term
refinancing needs.

Specific credit metrics that Moody's would consider in downgrading
China Aoyuan's ratings include its gross profit margin falling
below 23%-25%; or its adjusted EBIT/interest falling below 1.5x.

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

Listed on the Hong Kong Stock Exchange in October 2007, China
Aoyuan Property Group Limited was founded in 1998 by Mr. Guo Zi
Wen. As of 31 December 2014, the company had 45 projects in seven
provinces, including Guangdong Province and Chongqing city, with a
total land bank of 12.31 million square meters of gross floor
area.


GENERAL STEEL: Receives Noncompliance Notice From NYSE
------------------------------------------------------
General Steel Holdings, Inc., announced that the New York Stock
Exchange, Inc., has notified the Company that it has fallen below
the NYSE's continued listing standard set forth in Section 802.01C
of the Listed Company Manual that requires a minimum average
closing price of $1.00 per share of the Company's common stock
over a consecutive 30-trading-day period.

Under the NYSE regulations, the Company has a cure period of six
months from receipt of the NYSE's notice to achieve compliance
with the continued listing standard of Section 802.01C.  The
Company can regain compliance at any time during the six-month
cure period if on the last trading day of any calendar month
during the cure period, the Company has a closing share price and
an average closing share price of at least $1.00 over the 30
trading-day period ending on the last trading day of that month.

The Company will provide the NYSE with the required response
within 10 business days of its receipt of the NYSE Notice, stating
its intent to cure this deficiency.  The Company may consider
implementing a reverse stock split of its common stock, which the
Company received shareholder approval for at its annual general
meeting on Dec. 29, 2014, in order to effect a cure of its non-
compliance with the Pricing Standard within the appropriate
timeframe and to avoid any future non-compliance.  If the Company
decides to implement such a reverse stock split, it will inform
the NYSE in accordance with applicable NYSE rules.

Subject to compliance with the NYSE's other continued listing
standards and ongoing oversight, the Company's common stock will
continue to be listed and traded on the NYSE during the six-month
cure period, under the symbol "GSI", but will continue to be
assigned a ".BC" indicator.  The Company's business operations and
United States Securities and Exchange Commission reporting
requirements are not affected by the receipt of the NYSE's notice.

The Company intends to actively monitor the closing price of its
common stock during the cure period and will evaluate all
available options to resolve this non-compliance and regain
compliance with the Pricing Standard.

                    About General Steel Holdings

General Steel Holdings, Inc., headquartered in Beijing, China,
produces a variety of steel products including rebar, high-speed
wire and spiral-weld pipe.  General Steel --
http://www.gshi-steel.com/-- has operations in China's Shaanxi
and Guangdong provinces, Inner Mongolia Autonomous Region and
Tianjin municipality with seven million metric tons of crude steel
production capacity under management.

General Steel reported a net loss of $78.3 million on $1.9 billion
of sales for the year ended Dec. 31, 2014, compared with a net
loss of $42.6 million on $2 billion of sales for the year ended
Dec. 31, 2013.

As of March 31, 2015, the Company had $2.5 billion in total
assets, $3.14 billion in total liabilities and a $636.9 million
total deficiency.

Friedman LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2014, citing that the Company has an accumulated deficit,
has incurred a gross loss from operations, and has a working
capital deficiency at Dec. 31, 2014.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


GENERAL STEEL: Incurs $74.1 Million Net Loss in First Quarter
-------------------------------------------------------------
General Steel Holdings, Inc., reported a net loss of $74.1 million
on $271 million of sales for the three months ended March 31,
2015, compared with a net loss of $69.6 million on $512 million of
sales for the same period in 2014.

As of March 31, 2015, the Company had $2.5 billion in total
assets, $3.14 billion in total liabilities and a $636.9 million
total deficiency.

John Chen, chief financial officer of General Steel, commented,
"Facing macro-environment challenges for steel operations, we
continue to focus on those factors that we can control, including
management of our operating expenses and working capital, closely
aligning with SOEs and local government for financial support, and
continuing to optimize our upgraded manufacturing equipment.  As
we march forward with our business transformation strategy, we
will allocate capital and human resources into our RFID joint
venture, as well as unlocking hidden value in our land reserves in
an effort to drive greater value for our shareholders."

Henry Yu, chairman and chief executive officer of General Steel
commented, "The first quarter of 2015 was very tough for China's
iron and steel industry, as the combination of the government's
stricter environmental enforcement and a slowdown in demand
sharply pressured average selling price and profitability.  The
average price of rebar encountered a steep double-digit sequential
decline during the first quarter to the lowest price level in 13
years.

Correspondingly, we reduced production volume to preserve working
capital, and we took the opportunity to temporarily shut down in
the second half of the first quarter in order to perform
maintenance on our production equipment."

As of March 31, 2015, the Company had cash and restricted cash of
approximately $260 million, compared to $367 million as of
Dec. 31, 2014.  The Company had an inventory balance of $148
million as of March 31, 2015, compared to $156 million as of
Dec. 31, 2014.

A full-text copy of the press release is available for free at:

                         http://is.gd/WkffTQ


                    Delayed Form 10-Q Filing

General Steel was unable to file the quarterly report on
Form 10-Q for the quarter ended March 31, 2015, within the
prescribed time period without unreasonable effort or expense
because additional time was required to complete the preparation
of the Company's financial statements in time for filing.

                    About General Steel Holdings

General Steel Holdings, Inc., headquartered in Beijing, China,
produces a variety of steel products including rebar, high-speed
wire and spiral-weld pipe.  General Steel --
http://www.gshi-steel.com/-- has operations in China's Shaanxi
and Guangdong provinces, Inner Mongolia Autonomous Region and
Tianjin municipality with seven million metric tons of crude steel
production capacity under management.

General Steel reported a net loss of $78.3 million on $1.9 billion
of sales for the year ended Dec. 31, 2014, compared with a net
loss of $42.6 million on $2 billion of sales for the year ended
Dec. 31, 2013.

As of March 31, 2015, the Company had $2.5 billion in total
assets, $3.14 billion in total liabilities and a $636.9 million
total deficiency.

Friedman LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2014, citing that the Company has an accumulated deficit,
has incurred a gross loss from operations, and has a working
capital deficiency at Dec. 31, 2014.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.



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


CHINA FISHERY: S&P Affirms B Corp. Credit Rating; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B' long-term corporate credit rating on China Fishery Group Ltd.
The outlook is stable.  S&P also affirmed its 'B' long-term issue
rating on the US$300 million senior unsecured notes due July 30,
2019, that China Fishery guarantees and are issued by a Peru-based
special-purpose vehicle CFG Investment S.A.C. (CFG).  At the same
time, S&P affirmed its 'cnBB-' long-term Greater China regional
scale rating on China Fishery and the notes.  S&P removed all the
ratings from CreditWatch, where they were placed with negative
implications on Aug. 15, 2014.  China Fishery is a Singapore-
listed fishing company with operations or business in Peruvian,
Russian, and African waters.

S&P took the ratings off CreditWatch and affirmed them following
the timely completion of China Fishery's rights issue and
repayment of notes issued by the company's 100%-owned subsidiary
Corporacion Pesquera Inca S.A.C. (Copeinca).

"In our view, the refinance risk associated with any delay in
obtaining a subsidiary guarantee for China Fishery's other debt
has significantly reduced following the company's rights issue and
redemption of the Copeinca notes," said Standard & Poor's credit
analyst Lillian Chiou.

On April 22, 2015, China Fishery completed its rights issue with
107.75% subscription and raised approximately US$207.7 million.
The company then repaid the US$250 million senior unsecured notes
that Copeinca issued before May 15, 2015.  Therefore, Copeinca can
now provide a guarantee to the outstanding balance of China
Fishery's US$650 million credit facility and CFG's US$300 million
notes.

China Fishery's weak results for the first six months of the
fiscal year ended March 28, 2015 (fiscal 2015) were in line with
S&P's expectation.  S&P expects the company's operating
performance to improve in the second half of fiscal 2015 because
an enlarged anchovy fishing quota in the first season of 2015
tempers the loss in revenues from the closure of the second
fishing season in 2014.  S&P's base case suggests that China
Fishery's profitability might decline moderately in the second
half of fiscal 2015, from the first half.  This is because S&P
anticipates that the average selling price of fishmeal and fish
oil will drop in the next six months with higher anchovy catches.
Anchovy is the major raw material used to produce fishmeal and
fish oil.

S&P continues to assess China Fishery's management and government
as "weak" to reflect S&P's view that the company stretches its
capabilities to achieve its growth aspirations.

S&P expects China Fishery's financial position to continue to
improve over the next 12-18 months as better operating results
could reduce leverage (as measured by a ratio of debt to EBITDA).
However, S&P anticipates that the company's leverage and cash
flows will remain highly volatile if operating conditions
deteriorate.  The nature of China Fishery's business makes it
vulnerable to changes in weather patterns and regulations.

S&P assess China Fishery's liquidity as "less than adequate,"
because S&P expects the company's liquidity sources to be less
than the uses S&P projects for the next 12 months.  China Fishery
has very little headroom to remain in compliance with its
financial covenants.  S&P expects the company to continue to
reduce debt in the coming six months to meet its covenant
requirements.

"The stable outlook over the next 12 months reflects our view that
China Fishery will actively reduce its debt and stay in compliance
with its financial covenants," said Ms. Chiou.  We also anticipate
that the company's operating performance will improve over the
next six to 12 months such that its leverage will reduce.
However, S&P expects China Fishery to remain vulnerable to high
volatility in its cash flows stemming from changes in weather
patterns and regulations.

S&P may lower the ratings if: (1) China Fishery's liquidity risk
increases materially because of any breach of its financial
covenants that causes early repayment of outstanding debt; or (2)
the company's debt-to-EBITDA ratio stays above 5.0x because the
operating performance in Peruvian waters is weaker than S&P
expected.  S&P could also lower the rating if it lowers the 'b'
group credit profile of Pacific Andes group, which is China
Fishery's ultimate shareholder.

S&P could raise the rating if China Fishery's liquidity improves
materially and stays consistently at an "adequate" level, such
that its liquidity sources can cover liquidity uses by more than
1.2x, and the headroom in its financial covenants increases.  S&P
could also raise the rating if the company's debt-to-EBITDA ratio
improves to and stays below 3.5x for a prolonged period because of
better operating results or materially reduced debt.


CIFI HOLDINGS: Prop. Share Placement No Impact on Moody's Ba3 CFR
-----------------------------------------------------------------
Moody's Investors Service said that CIFI Holdings (Group) Co.
Ltd.'s proposed share placement -- if it goes ahead -- is credit
positive, but will not immediately impact the company's Ba3
corporate family or B1 senior unsecured ratings.

The ratings outlook is stable.

On May 19, 2015, CIFI announced that it had entered into a share
placing agreement to place 600 million shares - or around 9.94% of
its existing issued share capital - with no less than six
independent investors.

The placing price is at HKD2.20 per share. The net proceeds will
total approximately HKD1.3 billion.

The share placing is expected to be completed on or before 21 May
2015.

"The share placement, if completed successfully, would be credit
positive because it would enhance the company's equity base,
reduce modestly its high levels of debt, and boost its liquidity
profile," says Fiona Kwok, a Moody's Analyst.

CIFI has grown rapidly over the past few years. It reported a 36%
year-over-year revenue growth to RMB16.2 billion in 2014, on the
back of strong contracted sales over the past two years.

The expansion was partially funded by debt. As a result, CIFI's
adjusted debt/capitalization - without mortgage guarantees - was
at 60.3% at end-2014; a result which was high compared to its
similarly rated domestic peers.

After the share placement, CIFI's pro forma adjusted
debt/capitalization - without mortgage guarantees - will fall to
around 59% for end-2014.

CIFI's liquidity profile was strong at end-2014. Its reported cash
on hand of RMB7.1 billion at end-2014 covered about 2.3x its
short-term debt. The share placement will boost CIFI's strong
liquidity position; which will in turn support its business
development.

For the first three months of 2015, CIFI achieved contracted sales
of RMB3.7 billion. While this result represents only 15% of the
company's full year target of RMB25 billion, Moody's expects that
the company's sales momentum will improve in 2H 2015, given that a
number of new projects will be launched during this period, and
the effects of earlier interest rate cuts will materialize.

Overall, Moody's expects CIFI to achieve slower revenue growth in
2015, as a result of lower projected contracted sales growth.
Consequently, Moody's expects that CIFI's revenue to adjusted debt
will fall to around 80%-85% in the next 12 months from 97% at end-
2014, and its adjusted EBIT/interest should stabilize at 3.0x-3.3x
from around 3.5x over the same periods.

The financial ratios above are calculated based on Moody's
standard adjustments and the definitions stated in Moody's
Homebuilding And Property Development Industry published in April
2015. Debt amounts do not include adjustments for mortgage
guarantees.

Moody's points out that CIFI has a track record of accessing the
equity capital markets. In October 2013, CIFI completed a share
placement and raised approximately HKD360 million.

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

CIFI Holdings (Group) Co. Ltd. listed on the Hong Kong Stock
Exchange in November 2012. The company focuses on developing
residential and commercial properties mainly in the Yangtze River
Delta. It has also expanded its business into the Pan Bohai Rim
and the Central Western region. At 31 December 2014, it owned more
than 60 projects and exhibited an attributable land bank of 7.4
million square meters.


DAH SING: Fitch Affirms 'BB+' Rating on Jr. Subordinated Debt
-------------------------------------------------------------
Fitch Ratings has downgraded the Support Rating (SR) of three
Hong Kong banks -- Chong Hing Bank (CHB), Dah Sing Bank (DSB) and
Shanghai Commercial Bank Ltd (SCB) -- to '5' from '3', and revised
their Support Rating Floors (SRF) to 'No Floor' from 'BB'.

At the same time Fitch has revised the SRF for Bank of China
(Hong Kong) Ltd (BOCHK) to 'No Floor' from 'A-' and subsequently
withdrawn it as it is no longer considered by Fitch to be relevant
to the agency's coverage.  This is because our support assessment
is now based on institutional rather than sovereign support.
Fitch affirmed BOCHK's SR at '1' on the basis of support from the
bank's 66% parent Bank of China (BOC; A/Stable).

Fitch has affirmed CHB's, DSB's, SCB's and BOCHK's Long-Term
Issuer Default Ratings (IDR) and Viability Ratings (VR), which are
not affected by today's actions on the support ratings, as they
are driven by the banks' intrinsic strength.

The rating actions include revisions to support assessments in
conjunction with Fitch's review of sovereign support for banks
globally, which started in March 2014.  In line with its
expectations announced in March 2014 and communicated regularly
since then, Fitch believes legislative, regulatory and policy
initiatives have substantially reduced the likelihood of sovereign
support for commercial banks in the US, Switzerland, the European
Union and Hong Kong.

As a result, Fitch believes that, in line with our SR definition
of '5', senior creditors can no longer rely on receiving full
extraordinary support from the HK sovereign in the event that one
of these banks becomes non-viable.

KEY RATING DRIVERS - SR AND SRF

In Fitch's view, legislation and regulation in HK have
sufficiently progressed and show the authorities' clear intent to
have senior creditors participating in losses, if necessary,
instead of or ahead of a bank receiving sovereign support.
Although most HK banks, including CHB, DSB and SCB, remain mainly
deposit-funded and therefore have limited bail-in debt
outstanding, we believe that senior creditors can no longer rely
on receiving full extraordinary sovereign support.  HK's framework
for resolving banks, which will allow for the bail-in of senior
creditors, is expected to become effective in 2016.

Fitch has affirmed BOCHK's SR at '1' to reflect our opinion that,
although sovereign support from the HK authorities can no longer
be relied upon, there is an extremely high likelihood of
extraordinary support from its state-owned Chinese parent BOC
should this be required.

The SR reflects Fitch's view that BOC has a very strong propensity
to support BOCHK and would be able to do so, as indicated by its
rating and the relative sizes of the two entities.  Fitch's view
that the parent's propensity to support is very strong is based on
BOCHK's integral role to BOC - characterised through brand
identity, strategic importance, strong profit contributions and
complementary international operations.

Fitch does not factor in institutional support for CHB from its
majority shareholder YueXiu Enterprises (Holdings) Limited nor for
SCB from The Shanghai Commercial and Savings Bank Ltd (A-/Stable).
This is because of our view that timely extraordinary support from
their respective parents cannot be relied upon due to CHB's and
SCB's large size relative to their parents, and, the relatively
weaker standalone financial strength of their parents.

RATING SENSITIVITIES - SR AND SRF

A reinstatement and an upward revision of the SRFs would be
contingent on a positive change in the sovereign's propensity to
support its banks.  While not impossible, this is highly unlikely
in Fitch's view.

BOCHK's SR is sensitive to a significant change in BOC's ability
to support its subsidiary.  This could be due to a change to BOC's
rating, which in turn is driven by Chinese sovereign support, or
could relate to a change in the size of BOCHK relative to BOC.  It
is also sensitive to any negative changes to Fitch's view of the
parent's propensity to provide support.

CHB's and SCB's SRs could be upgraded if Fitch were to conclude
that their respective parents' ability and propensity to extend
support, if required, improved.

KEY RATING DRIVERS - IDRs, SENIOR DEBT AND VRs

The affirmations of CHB's, DSB's and SCB's ratings reflect Fitch's
view that the three banks maintain adequate intrinsic strength,
sound liquidity and strong loss absorption buffers against rising
China concentration risks.  BOCHK's ratings are affirmed,
reflecting the bank's sound intrinsic strength, robust market
position in HK and offshore activities with China.  BOCHK's senior
debt ratings are at the same level as its IDR.

RATING SENSITIVITIES - IDRs, SENIOR DEBT AND VRs

The banks' IDRs and VRs are primarily sensitive to their risk
appetite towards mainland China-related businesses.  A change in
the compositions of China-related activities, for instance towards
high-risk onshore SME lending segments, a significantly higher or
above-peers mainland China exposure, or an increasing
vulnerability towards potential liquidity risks in the China
banking system, without stringent risk controls, stable funding,
adequate capitalisation and through-the-cycle asset quality
resilience could also trigger a downgrade in the banks' ratings.

A downgrade in BOCHK's VR would only trigger a downgrade of its
IDRs if the parent's IDRs or its propensity to support BOCHK are
also to weaken.  BOCHK's senior debt ratings are sensitive to the
same considerations as they are aligned with the IDR.

KEY RATING DRIVERS AND SENSITIVITIES - SUBORDINATED DEBT

BOCHK's Lower Tier-2 subordinated debt is rated one notch below
its IDR to reflect the notes' higher loss severity given their
subordination to senior unsecured instruments.  Designating the
IDR as the anchor rating reflects Fitch's expectation that
institutional support from BOC would extend to the notes.

Fitch notches subordinated debt issued by CHB and DSB once from
their VRs (the anchor rating) as the banks' credit profiles are
driven by their standalone financial strength.  The one notch
reflects the notes' below-average loss severity relative to senior
unsecured instruments due to their subordination.  Fitch also
rates DSB's subordinated debt with non-viability clauses and
partial write-down features at the same level due to similar
recovery prospects, in the agency's view.  The ratings of DSB's
perpetual junior subordinated debt are notched three levels from
the VR - two notches for greater non-performance risk given its
interest deferral features and one notch for below-average loss
severity.

BOCHK's subordinated debt rating is sensitive to the same factors
that might affect its IDR while CHB and DSB's debt ratings are
primarily sensitive to a change in these banks' VRs.
Full List of Rating Actions:

Chong Hing Bank Limited
Long-Term IDR affirmed at 'BBB'; Outlook Stable
Short-Term IDR affirmed at 'F3'
Viability Rating affirmed at 'bbb'
Support Rating downgraded to '5' from '3'
Support Rating Floor revised to 'No Floor' from 'BB'
Lower Tier-2 subordinated debt without non-viability clauses
affirmed at 'BBB-'

Dah Sing Bank
Long-Term IDR affirmed at 'BBB+'; Outlook Stable
Short-Term IDR affirmed at 'F2'
Viability Rating affirmed at 'bbb+'
Support Rating downgraded to '5' from '3'
Support Rating Floor revised to 'No Floor' from 'BB'
Lower Tier-2 subordinated debt without non-viability clauses
affirmed at 'BBB'
Subordinated notes with non-viability clauses affirmed at 'BBB'
Perpetual junior subordinated debt without non-viability clauses
affirmed at 'BB+'

Shanghai Commercial Bank Ltd
Long-Term IDR affirmed at 'A-'; Outlook Stable
Short-Term IDR affirmed at 'F2'
Viability Rating affirmed at 'a-'
Support Rating downgraded to '5' from '3'
Support Rating Floor revised to 'No Floor' from 'BB'
Bank of China (Hong Kong) Limited
Long-Term IDR affirmed at 'A'; Outlook Stable
Short-Term IDR affirmed at 'F1'
Viability Rating affirmed at 'a'
Support Rating affirmed at '1'
Support Rating Floor revised to 'No Floor' from 'A-' and
subsequently withdrawn
Senior unsecured securities affirmed at 'A'
Lower Tier-2 subordinated debt affirmed at 'A-'



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


ANTILLA BREWERIES: CRISIL Reaffirms 'B' Rating on INR65MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Antilla Breweries Pvt
Ltd (ABPL) continue to reflect its weak financial risk profile and
exposure to risks relating to its early stage of operations in a
competitive industry. These rating weaknesses are partially offset
by the extensive experience of the company's promoters in the
rice-milling and agro industry.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          2         CRISIL A4 (Reaffirmed)
   Term Loan              48.5       CRISIL B/Stable (Reaffirmed)
   Working Capital
   Facility               65         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ABPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports
significant improvement in its business and financial risk
profiles, backed by ramp-up of its rice-milling plant, and by
healthy and sustainable cash accruals. Conversely, the outlook may
be revised to 'Negative' if reduced scale of operations
considerably impacts the company's cash accruals; if sizeable
working capital requirements add to the strain on its liquidity;
or if any large debt-funded capital expenditure weakens its
financial risk profile.

ABPL was set up in 2012 by the Agarwal family of Siliguri (West
Bengal). The company has set up a rice-milling unit in Maynaguri
(West Bengal) with a milling capacity of 6 tonnes per hour.


ASSAM TIMBER: ICRA Reaffirms B+ Rating on INR4.0cr Cash Credit
--------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating of the INR4.00 crore cash
credit facility of Assam Timber Products Private Limited. ICRA has
also reaffirmed the [ICRA]A4 rating of the INR10.00 crore non fund
based bank facility of ATPPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-
   Cash Credit             4.00         [ICRA]B+ reaffirmed

   Non Fund Based
   Limit                  10.00         [ICRA]A4 reaffirmed

The reaffirmation of the ratings primarily takes into account
ATPPL's low scale of current operations, nominal net profit and
cash accrual generated from the business and the high competitive
pressure in the engineered wood products (EWP) business that
limits ATPPL's margins. The ratings also consider the company's
margins which are exposed to the volatile raw material prices
keeping the profitability of the company under pressure. The
ratings, however, are positively influenced by the long
established track record of ATPPL's promoters in the domestic
plywood industry, the established brand identity of the company's
products being sold in the "Archidply" brand and a wide
distribution network that helps the company in selling its
products all over India. ICRA also takes cognizance of the
conservative capital structure and comfortable debt protection
metrics which provides cushion to the financial position of the
company.

ATPPL, incorporated in 1979, is an engineered wood products (EWP)
manufacturing company. The company has its manufacturing facility
located at Tinsukia in Assam. The company's product portfolio
consists of plywood and blockboard which are sold all over India
under the "Archidply" brand.

Recent Results
ATPPL registered a profit after tax of INR0.29 crore on the back
of net sales of INR37.55 crore in 2013-14. In 2012-13, the company
registered a profit after tax of INR0.19 crore on the back of net
sales of INR30.02 crore.


AVASARALA TECHNOLOGIES: ICRA Reaffirms D Rating on INR138cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR138.00
crore fund based working capital limits (reduced from INR142.70
crore) and the INR98.92 crore term loans (enhanced from INR83.31
crore) of Avasarala Technologies Limited at [ICRA]D. ICRA has also
reaffirmed the short term rating assigned to the INR114.69 crore
non-fund based working capital limits (reduced from INR145.64
crore) of ATL at [ICRA]D.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based Working
   Capital Limits           138.00      [ICRA]D Reaffirmed

   Non Fund Based Limits    114.69      [ICRA]D Reaffirmed

   Term Loan                 98.92      [ICRA]D Reaffirmed

The rating reaffirmation takes into account continuing delays in
debt servicing by the company during FY15 on account of strained
liquidity amid high working capital intensity of operations; ATL's
nuclear division typically has long duration contracts with back-
ended billing. ATL's substantial working capital requirement is
largely funded through borrowings resulting in high levels of
leveraging and interest costs. Going forward, the company is
making efforts to increase its revenue share from the factory
automation division, given the relatively timely release of cash
flows in this segment which could lead to easing of liquidity
pressure. The company's limits are in the process of being
restructured by a consortium of lenders. Going forward, the
company's ability to manage its large working capital requirements
and ensure timely debt servicing (post completion of
restructuring) will be the key rating sensitivities.

ATL was incorporated in 1985 and is promoted by Mr. Mangaapathi
Rao and Mr. T T Mani. The company is primarily engaged in the
manufacture of components for the nuclear and space industries and
process automation within its factory automation division. The
company operates through four plants spread across Bangalore and
Pondicherry. ATL's nuclear/space division constituted about 30% of
its 2013-14 revenues with the factory automation division
accounting for 68% of its revenues during the year. The balance
revenues were contributed by sales by the company's healthcare
division which manufactures anaesthesia machines and ventilators.
PineBridge Investments holds a 45% stake in ATL; the rest of ATL's
shares are held by the promoters and their relatives.

Recent Results
For financial year 2013-14, the company generated net loss of
INR4.65 crore on operating income of INR158.89 crore as compared
to net profit of INR9.09 crore on operating income of INR203.28
crore for 2012-13.


B.V.L. EXPORTS: ICRA Assigns 'B' Rating to INR75cr Packing Loan
---------------------------------------------------------------
ICRA has assigned the [ICRA]B to INR125.00 crore fund based limits
of B.V.L. Exports Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Packing Credit          75.00      [ICRA]B; assigned
   Cash Credit             50.00      [ICRA]B; assigned

The assigned rating takes into account the weak financial profile
of the company characterized by moderate gearing level of 1.79
times as on December 31, 2014 and weak coverage indicators as
indicated by NCA-to-Total Debt of 2%, interest coverage ratio of
6.34 times and Debt/OPBDIT of 36.28 times for 9mFY2015. The rating
is further constrained by highly fragmented and trading nature of
the tobacco trading business with intense competition which puts
pressure on the margins as well as limits the pricing power of the
company and high customer concentration in the granite mining
business with 80% of the sales being made to BVL Granites Private
Limited. The rating, however, draws comfort from over four decades
of experience of the promoters in the tobacco trading business and
over a decade long experience in the granite mining business and
established relationship with suppliers and customers thereby
providing ready market for its tobacco trading business.

Going forward the ability of the company to maintain the
profitability of its tobacco trading business while managing its
working capital requirements will remain the key rating drivers.

B.V.L. Exports Private Limited was incorporated in the year 2000
and is part of the BVL Group of companies which is one of the
largest exporters of tobacco in India. The company started its
operations as a tobacco exporter. The company has a godown in
Ongole District which it has rented out to ITC Limited for tobacco
storage. It continued to operate as a tobacco exporter till 2004
when it transferred its entire tobacco export business to Indian
Tobacco Traders.

The company then ventured into granite mining by buying granite
quarry in Ongole District of Andhra Pradesh. The company mines
black galaxy variety of granite and is one of the major suppliers
to B.V.L. Granites Limited (Rated [ICRA]BB (Stable)) and a sister
concern of the company. The company restarted its tobacco trading
business from 24th December, 2014.

Recent Results
According to audited FY14 financials, the company registered an
operating income of INR 10.74 Cr and operating profit of INR 2.24
Cr as against the operating income of INR 11.79 Cr and operating
profit of INR0.96 Cr in FY13.


BABYLON AGRO: CRISIL Reaffirms B Rating on INR200MM Term Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Babylon Agro
Products Pvt Ltd (BAPPL) continues to reflect BAPPL's exposure to
risks regarding timely completion and commercialisation of its
rice mill plant and husk-based 1.5-megawatt (MW) captive power
plant.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term     121.2      CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan              200        CRISIL B/Stable (Reaffirmed)

The rating also factors in the company's exposure to risks
regarding stabilisation during its initial stage of operations.
These rating weaknesses are partially offset by the extensive
experience of BAPPL's promoters in the agricultural commodities
industry and the company's proximity to suppliers and customers in
south-west Bihar.
Outlook: Stable

CRISIL believes that BAPPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if BAPPL executes its project
within the budgeted cost and time, or posts significant
profitability resulting in large accruals and improved financial
risk profile. Conversely, the outlook may be revised to 'Negative'
in case of time or cost overrun in the company's project,
adversely impacting its financial risk profile, particularly its
debt-servicing ability.

Update
BAPPL's project is in a pre-operative stage. The company had spent
nearly INR157.5 million (about 45 per cent of the total budgeted
cost) until April 2015 on equipment and machinery procurement,
funded through a term loan of INR60 million and through equity
from promoters. As per the original timeline, the project was
expected to be completed by June 2015, but the work was delayed by
nearly three months and the project is now expected to be
completed by September 2015 without any significant cost overrun.

The interest on term loans during the construction phase is being
capitalised as part of the project cost and the repayment of the
term loan will start in April 2016. CRISIL believes that the
project continues to face implementation and offtake risks, and
BAPPL's debt-servicing ability will be weak during its initial
stage of operations.

BAPPL was incorporated in 2013 by Mr. Ram Kumar Sarda and Mr. Shiv
Kumar Sarda. The company is setting up a unit for paddy processing
and rice milling, and a husk-based 1.5-MW power plant in Kaimur
(Bihar). The total project cost is estimated at INR350 million
(including working capital requirement), to be funded through debt
and promoters' funds. The equipment and machinery has been brought
in and pre-operative civil construction is in process; the project
is expected to be completed by September 2015.


BANMORE FOAM: CRISIL Reaffirms B Rating on INR45MM Cash Credit
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Banmore Foam Pvt Ltd
(BFPL) continue to reflect BFPL's weak financial risk profile,
marked by a small net worth and weak debt protection metrics.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             45        CRISIL B/Stable (Reaffirmed)
   Letter of Credit        25        CRISIL A4 (Reaffirmed)
   Letter of Credit        15        CRISIL B/Stable (Reaffirmed)
   Proposed Cash Credit
   Limit                    5        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       5        CRISIL B/Stable (Reaffirmed)
   Term Loan                5        CRISIL B/Stable (Reaffirmed)

The ratings also factor in the company's exposure to pricing
pressure due to its small scale of operations, competition, and
fluctuations in raw material prices. These rating weaknesses are
partially offset by the extensive experience of BFPL's promoters
in the polyurethane (PU) foam manufacturing and marketing
industry, its established customer relationships, and its reputed
brand.
Outlook: Stable

CRISIL believes that BFPL will continue to benefit over the medium
term from its promoters' extensive industry experience and strong
client relationships. The outlook may be revised to 'Positive' if
the company records significant growth in revenue while improving
its profitability, and maintains its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if it
registers substantially low cash accruals, or in case of a large
debt-funded capital expenditure (capex) impacting BFPL's financial
risk profile and liquidity.

Update
BFPL's operating income for 2014-15 (refers to financial year,
April 1 to March 31) is estimated at around INR265 million, which
in line with earlier expectations. Its operating income is
expected to remain moderate at INR280 million to INR300 million
per annum over the medium term. The company manufactures two
products:  foam and mattresses. Currently, the mattress segment
contributes around 20 per cent of sales with foam contributing the
remaining. The planned expansion of the mattress manufacturing
facility (at an estimated cost of INR15 million) is expected to be
completed by the end of 2015-16; thereafter, the contribution from
this segment would increase in BFPL's total revenue.

BFPL's operating margin is estimated at around 6.5 per cent for
2014-15, slightly lower than earlier expectation of 7.0 per cent.
The margin is expected to remain at 6.0 to 7.0 per cent over the
medium term.

The company's working capital requirements have been in line with
expectations, with gross current assets of 162 days, estimated as
on March 31, 2015. BFPL's financial risk profile is estimated to
have remained weak in 2014-15, with gearing of 1.4 times and a
small net worth of INR39.1 million as on March 31, 2015. Its debt
protection metrics were average, with interest coverage ratio
estimated at 1.9 times and net cash accruals to total debt  ratio
at 0.13 times for 2014-15.

The company's liquidity remain moderate, with expected annual cash
accruals of INR7.5 million to INR9.0 million against annual term
debt repayment obligations of INR3.0 million, over the medium term
and high funding support from promoters in the form of unsecured
loans; the balance of such loans stood at INR17 million as on
March 31, 2015. CRISIL has treated these loans as neither debt nor
equity as they carry a lesser rate of interest than the market
rate and are subordinate to bank debt.

BFPL was incorporated in 1988, promoted by Mr. Yogesh Mittal. The
company manufactures PU foam sheets, foam rolls, and other foam
products which find application in the furniture, leather,
garments, automobile, footwear, and packaging industries. In 2011-
12, the company had started manufacturing complete mattresses
under its brand Cozymate (retail brand for mattresses, pillows,
and cushions). Other brands owned by the company are Lexus,
Shagun, Oxford, and Banmore Foam (industrial brands for thin foam
sheets).


BAREILLY HIGHWAYS: CARE Lowers Rating on INR1,350cr Loan to B+
--------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Bareilly Highways Project Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     1,350      CARE B+ Revised from
   (Senior Debt)                            CARE BB-

   Long-term Bank Facilities        50      CARE B+ Revised from
   (Subordinate Debt)                       CARE BB-

Rating Rationale
The revision in the rating assigned to the bank facilities of
Bareilly Highways Project Limited (BHPL) factors in time and cost
over runs on the project, exposing the company to the risk of
additional funding as well as weakening of coverage indicators.
The rating continues to factor in project implementation risk and
inherent risks associated with a toll-based project and weak
financial risk profile of the parent company. The rating draws
support from the expertise of the promoters in road segment,
extension of milestone dates and scheduled commercial operation
date (COD) by NHAI.

Going forward, handing over of the balance land from NHAI,
successful mobilisation of funds, completion of the project as
envisaged and level of toll collection shall be the key rating
sensitivities.

BHPL is a special purpose vehicle (SPV) promoted by Era Infra
Engineering Ltd (EIEL, rated 'CARE D') and OJSC- Sibmost (Sibmost)
to undertake 4-laning of the existing 2-lane road from Km 262.0 to
Km 413.2 (total project length of 156.57 km) on NH-24 from
Bareilly to Sitapur in state of Uttar Pradesh under National
Highways Development Programme (NHDP) Phase III of NHAI (rated
'CARE AAA') on Design, Build, Finance, Operate & Transfer (Toll)
basis. As per the concession agreement (CA) signed between NHAI &
BHPL in June 2010, the concession period is for 20 years
(including a construction period of 2.5 years) from the Appointed
Date (March 01, 2011). The original scheduled project completion
date (SPCD) was August 28, 2013, which has been revised to
December 31, 2016, by NHAI (subject to certain conditions).

The total project cost was originally envisaged at INR1,951.50
crore to be funded through promoter contribution of INR296.5
crore, grant of INR255 crore from NHAI, term loans of INR1,350
crore and subordinate debt (from banks) of INR50 crore. As per the
LE report dated March 30, 2015, there is EPC cost overrun of
INR399.71 crore. However, total cost overrun is yet to be
finalised. As on February 28, 2015, the company has spent INR1,121
crore on the project, funded through promoter contribution of
INR296 crore, debt of INR784 crore and current liabilities of
INR42 crore. First tranche of grant of INR33.13 crore from NHAI
has been received in April 2015.


DEV AGRO: CRISIL Assigns 'B' Rating to INR50MM Cash Credit
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Dev Agro Food Products (DAFP).

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             50          CRISIL B/Stable
   Term Loan                8.8        CRISIL B/Stable

The rating reflects DAFP's weak financial risk profile marked by
small net worth and high gearing. The rating also factors in
DAFP's modest scale of operations in the highly fragmented market.
These rating weaknesses are partially offset by the promoters'
extensive experience in the wheat flour business.
Outlook: Stable

CRISIL believes that DAFP will continue to benefit over the medium
term from its promoter's extensive experience in the wheat
processing business. The outlook may be revised to 'Positive' in
case DAFP's scale of operations substantially improves, along with
improvement in net cash accruals, resulting in better capital
structure and liquidity profile. Conversely, the outlook may be
revised to 'Negative' in case of stretch in working capital
management or profitability, or if DAFP undertakes any debt-funded
capital expenditure programme, adversely impacting its financial
risk profile, particularly its liquidity.

DAFP, based in Puranpur (Uttar Pradesh), was established in 2010
by Mr. Brijesh Gupta, Mrs. Sudha Gupta, Mr. Saral Gupta and Mr.
Nitin Gupta. It is engaged in processing of wheat to produce wheat
flour, maida, suzi, and choker. It has installed capacity of about
100 tonnes per day.


DHINGRA EXPORTS: ICRA Suspends B Rating on INR8cr Fund Based Loan
-----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR8.00 crore fund based bank facilities of Dhingra Exports. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


DHIRAJ FOUNDATION: ICRA Reaffirms B- Rating on INR20.76cr Loan
--------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B- for the
INR20.76 crore long-term term-loans (enhanced from INR16.30 crore)
of Dhiraj Foundation.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long-term, Term-loans    20.76       [ICRA]B- /Re-affirmed

The rating re-affirmation takes into account the trust's highly
leveraged capital structure and stretched debt protection metrics
owing to large debt-funded capital expenditure undertaken in the
recent past, although periodic funding support from trustees has
mitigated the impact to some extent. The ratings also factor in
the trust run institute being in nascent stages of operations in a
highly competitive sector which puts pressure on its ability to
attract and retain quality faculty and students. The ratings also
factor in the risk of potential cash flow mismatches on account of
the lumpy nature of inflows and the inherent risk of limited
disclosures associated with a trust.

The ratings however, favourably considers the healthy improvement
in the operational profile of the college with increased intakes
from both existing and newly introduced courses; DF's comfortable
student-teacher ratio; and most of planned capital expenditure
already completed. The ratings also consider the long standing
experience of the promoters in the higher education sector of over
four decades.

Dhiraj Foundation, registered in December 2010 is promoted by Mr.
A. Dhirajlal Gandhi. DF commenced operations in July 2011 with
Dhirajlal Gandhi College of Technology' (DGCT) at Salem, Tamil
Nadu. The college offers five Under-Graduate (UG) courses and four
Post-graduate (PG) courses. The college is approved by the AICTE
(All India Technical Council for Technical Education) and is
affiliated to Anna University, Tamil Nadu.

DGCT commenced operations in FY 2011-12 with three engineering
courses viz., Electronics and Communication (ECE), Civil
Engineering and Computer Science (CSE). Over the years, the
college has added the two UG courses: Mechanical engineering (FY
2012-13) and Electrical and Electronics Engineering (FY 2014-15).
The college also introduced four PG programmes, ME (Computer
Science) and ME (Structural) in FY 2013-14, and ME (Communication
systems) and ME (CAD/ CAM) in FY 2014-15. The college has a total
strength of 1735 students, supported by 156 faculty members.
The day-to-day operations of the college are managed by Mr.
Dhirajlal. A. Gandhi, the Chairman of the Trust and an academician
with over five decades of experience in the education field. He
has held key positions in several colleges in the region such as
Secretary in Sona College of Technology (Sona), Salem and Chairman
and advisor of Thiagarajar Polytechnic College.

For FY 2013-14, the trust reported a deficit of INR2.80 crore on
total receipts of INR7.70 crore as against a surplus of INR0.21
crore on total receipts of INR5.21 crore in FY 2012-13.


DIRECT LOGISTICS: CARE Assigns 'C' Rating to INR33.5cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE C/CARE A4' ratings to the bank facilities of
Direct Logistics India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     33.50      CARE C Assigned
   Short-term Bank Facilities     5.00      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Direct Logistics
India Private Limited remain constrained by the small scale of
operations, working capital intensive nature of operations and
weak financial risk profile. The ratings consider Direct
Logistics' long track record in the freight forwarding and
projects logistics industry. The ability of the company to improve
its operating performance remains the key rating sensitivity.

Incorporated in 1997, Direct Logistics provides freight
forwarding, project logistics and clearing agency services. The
company has offices in Mumbai, Bengaluru, Pune, Ahmedabad, New
Delhi, Kolkata, Chennai and Tuticorin along with agents in many
countries. Direct Logistics also has subsidiaries engaged in the
same line of business in Taiwan, China, and Singapore. The
clientele list includes some of the major public sector units and
large business groups.

Direct Logistics achieved total operating income of INR161.67
crore (PY INR 130.47 crore) and posted a net loss of INR9.98 crore
(PY PAT of INR0.89 crore) in FY14 (refers to the period April 1 to
March 31). During the first 11 months of FY15, Direct Logistics,
achieved total operating income of INR128.65 crore and posted a
loss at the PBT level of INR1.05 crore.


ESSAR STEEL: CARE Reaffirms 'D' Rating on INR36,100cr Loan
----------------------------------------------------------
CARE revises/reaffirms ratings assigned to the bank facilities and
NCD issue of Essar Steel India Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/ Short-term        36,100      CARE D Reaffirmed
   Bank Facilities

   Long-term Bank Facilities     6,000      CARE D Revised from
                                            CARE C

   NCD                             312      CARE D Reaffirmed

Rating Rationale
The ratings reflect the ongoing delays in servicing of debt
obligations by the company.

Incorporated in 1976, Essar Steel India Ltd. (ESIL) is a part of
the Essar Group and is having 10 MTPA integrated steel
manufacturing facilities at Hazira, Gujarat and iron ore
beneficiation and pelletisation facilities in Paradeep, Odisha (12
mtpa) and Vizag, Andhra Pradesh (8 mtpa). The company also owns
and operates two iron ore slurry pipelines -- one each in Odisha
(Dabuna to Paradip) and Andhra Pradesh (Kirandul-Vizag), which
transport the iron ore slurry from the beneficiation plant
(located near the iron ore mines in Dabuna and Kirandul) to the
pellet plant (located near the Paradip and Vizag ports). A large
portion of the iron ore pellets produced are intended for captive
consumption by ESIL's steel plant at Hazira for cost optimization.

The company is facing cashflow mismatch primarily due to
extraneous challenges faced earlier impacting the running of steel
plant optimally. There was a delay of over 2 years in obtaining
regulatory approvals for a portion of the Odisha Slurry Pipeline
and recurring damage to the Kirandul-Vizag Slurry Pipeline
impacted pellet production from Vizag till FY14. The operations
were also affected due to the non-availability of natural gas from
a contracted source to run the sponge iron plant and the captive
power plants at Hazira. The delay in stabilization of projects and
the imminent scheduled repayment of project debt resulted in
mismatch in cashflows.

ESIL has since completed the Odisha Slurry Pipeline in June 2014
and is ramping up its Odisha operations. ESIL has also resumed
operations of Kirandul-Vizag Slurry pipeline in January 2014.
Further, ESIL is sourcing power at competitive prices from
national grid by a dedicated transmission line. The recent easing
of natural gas prices as well as merchant power tariffs is
expected to aid the recovery of core steel making operations. The
company is also addressing its finances through various fund
raising and cash flow management initiatives like sale of some
identified assets, equity infusion by promoters, enhancing working
capital bank limits, dollarisation of portion of long-term rupee
denominated debt and refinancing of remaining rupee denominated
debt with longer maturity under 5/25 structure of RBI.

During FY14, the company posted a net loss of INR1,597 crore on a
total income of INR14,348 crore as compared to a net loss of
INR2,785 crore on a total income of INR15,339 crore.


FAMILY HEALTHCARE: ICRA Reaffirms B+ Rating on INR17.38cr Loan
--------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR10.20 crore fund based bank facilities of Family Healthcare
Hospital. ICRA has also assigned its long term rating of [ICRA]B+
to the INR7.68 crore enhanced fund based bank facilities of FHH.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long term term loan     17.38      [ICRA]B+; Reaffirmed
   Long Term Working
   Capital                  0.50      [ICRA]B+; Reaffirmed

ICRA's rating reaffirmation takes into account the robust growth
in FHH's operating income in FY 2013-14, albeit on a low base, on
the back of its fully operational hospital premises and various
multi-specialty services offered by it, leading to significant
improvement in revenue per operational bed. Further, the rating
also takes note of FHH's high operating margins driven by the
large proportion of revenue from inpatients, in-house pharmacy and
operating model of hiring of specialists on a case to case
(visiting) basis, resulting in lower employee expenses. Further,
ICRA also notes the empanelment and tie-up of FHH with various
Third Party Administrators (TPA), Central Government Health
Schemes (CGHS) and Public Sector Units (PSUs). However, the
timeliness in clearing of bills shall be a critical credit
concern. The rating derives further comfort from FHH's established
patient network in Ghaziabad and the hospital's location in
proximity to established residential clusters that is expected to
support the hospital's operating metrics going forward.

The rating however is constrained on account of continuous capital
expenditure incurred over the years towards setting up of
infrastructure and purchase of specialized medical equipment,
which has been largely funded through debt. This, coupled with
moderate capital has led to high gearing and modest debt converge
indicators. Further, the rating is also constrained on account of
its stretched liquidity owing to high scheduled repayment
obligations and promoter's margin required for the capex, which
are partly being met through unsecured borrowings. Further, the
rating continues to factor in the firm's constitution as a
proprietorship concern exposing it to capital withdrawal risk,
risk of dissolution etc.

In ICRA's view, the firm's ability to improve its operating
metrics and scale of operations while maintaining its operating
profitability margins and liquidity will be the key rating
sensitivities. Also the quantum of capex along with its funding
mix will be a key rating monitorable.

Family Healthcare Hospital is a proprietorship concern of Dr.
Suresh Kumar Nain, which owns and operates a hospital in
Vasundhra, Ghaziabad (Uttar Pradesh). FHH is a 100 bedded multi-
specialty hospital offering services in Laparoscopy, General
surgery, Pediatric care with NICU*, Nephrology with dialysis
centre, in house pathology, blood bank, high risk pregnancy,
radiology, pathology etc.

Recent Results
FHH reported a net profit of INR0.34 crore on an operating income
of INR6.22 crore in FY 2013-14, as against a net profit of INR0.33
crore on an operating income of INR2.66 crore in the previous
year. As per provisional results, the firm reported an operating
income of INR7.03 crore for the first nine months of FY 2014-15.


FUTURA DOOR: ICRA Suspends 'D' Rating on INR11.5cr LT Loan
----------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR11.50 crore,
long term fund bank facilities of Futura Door Products Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Futura Door Products Private Limited was incorporated in 2007, by
Mr. Hemal Bhayani, and Mr. Haren Bhayani. The company is engaged
in the manufacturing of laminated and PVC door. The company's
product range includes single door, double door, door frames, and
FRP (Fiberglass Reinforced Polyester) doors.


G.M.R. SPINTEX: CRISIL Reaffirms 'D' Rating on INR280MM Term Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of G.M.R. Spintex
Pvt Ltd (GSPL) continues to reflect instances of delay by GSPL in
servicing its debt; the delays have been caused by the company's
weak liquidity.

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              150        CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       177.5      CRISIL D (Reaffirmed)
   Term Loan                280        CRISIL D (Reaffirmed)

GSPL has working-capital-intensive nature of operations, and its
profitability margins are susceptible to volatility in raw
material prices. The company is also exposed to intense
competitive pressures in the cotton yarn industry. However, the
company benefits from the extensive experience of its promoters in
the textile industry.

GSPL, established by Mr. G Vinod Kumar in 2006 commenced
operations in 2008. The company manufactures cotton yarn. The
company's plant is based in Adilabad district in Telangana.


GARG GRANITES: CARE Assigns B+ Rating to INR6cr LT Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Garg
Granites Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       6        CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Garg Granites
Private Limited (GGPL) is primarily constrained on account of its
financial risk profile marked by relatively small scale of
operations, moderate profitability and highly leveraged capital
structure. The rating is, further, constrained on account of
GGPL's presence in the highly competitive marble industry, its
linkage to the cyclical real estate sector, risk associated with
foreign exchange fluctuation and working capital intensive nature
of operations.

The rating, however, favourably takes into account the experience
of the promoters with established track record of operations in
the marble industry and location advantage with ease in
availability of raw material and labour.

GGPL's ability to increase its scale of operations along with
better management of working capital and improvement in overall
financial risk profile of the company would be the key rating
sensitivity.

Kishangarh-based (Rajasthan) GGPL was incorporated in 1993 by Mr
Sanjay Garg along with his family members. GGPL is engaged in the
business of processing of marble blocks as well as trading of
finished marble slabs and tiles. The processing plant of the
company is located at Kishangarh and has an installed capacity to
process 3.00 Lakh Cubic Feet Per Annum (LCFPA) of marble slabs and
tiles. The company procures majority of raw material from Italy,
Egypt and Turkey and for trading, it procures from the local
suppliers.

The promoters have also promoted Shriniwas Sangemermer Private
Limited (SSPL), Kota Stone Depot (KSD), Everlast Asbestos Company
(EAC), Oreva Granitile Marketing (OGM), Kota Stone Syndicate (KSS)
and Ajmer Stone Company (ASC).

During FY14 (refers to the period April 1 to March 31), GGPL
reported a total operating income of INR12 crore (FY13: INR11.64
crore) with a PAT of INR0.14 crore (FY13: INR0.13 crore). As per
the provisional results for FY15, GGPL reported a total operating
income of INR13.46 crore with a PAT of INR0.15 crore.


INDICON CONSTRUCTION: CRISIL Reaffirms B Rating on INR49MM Loan
---------------------------------------------------------------
CRISIL ratings on the bank facilities of Indicon Construction Pvt
Ltd (ICPL) continue to reflect ICPL's modest scale of operations,
geographic concentration in its revenue profile, and weak debt
protection metrics owing to low cash accruals. These rating
weaknesses are partially offset by the extensive experience of
ICPL's promoters in the construction industry and the company's
moderate order book.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          11       CRISIL A4 (Reaffirmed)
   Cash Credit             49       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ICPL will continue to benefit over the medium
term from its promoters' extensive industry experience and
moderate order book. The outlook may be revised to 'Positive' if
ICPL's financial risk profile, particularly its liquidity,
improves with a substantial increase in its cash accruals and
efficient working capital management leading to low reliance on
external debt. Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile, particularly
its liquidity, deteriorates, driven by delays in completion of
projects and receipt of payments or large debt-funded working
capital requirements.

Update
ICPL has registered a moderate revenue growth in 2014-15 (refers
to financial year, April 1 to March 31) and currently has an order
book of more than INR30 million, which is expected to lead to
moderate revenue growth over the medium term. The company`s
operating margin has remained moderate at 9 to 10 per cent over
the past few years, and is expected to remain at this level over
the medium term due to the tender-based nature of its operations,
which constrain its profitability.

ICPL's operations remain highly working capital intensive, with
high gross current assets are expected to remain over 300 days as
on March 31, 2015. Its working capital cycle is highly stretched
as delays in realisation of bills from government departments have
resulted in large receivables of around 250 days as on this date.
The company keeps inventory of around 50 days. However, creditors
are stretched to manage its working capital requirements.

ICPL continues to maintain a comfortable capital structure with
gearing expected to remain around 1 time as on March 31, 2015. The
gearing remained comfortable as a substantial part of the
company's working capital requirements is funded by creditors.
However, its debt protection metrics are expected to remain weak,
with interest coverage ratio of less than 2 times and net cash
accruals to total debt ratio of less than 0.1 times for 2014-15.
The company's liquidity is stretched due to high utilisation of
bank limits and low cash accruals. However, absence of any term
debt obligations and capital expenditure plans in the near term
support its liquidity.

ICPL was set up in 2003 by Mr. Pradeep Kadam and Mr. Ashok
Dhamdhere in Pune (Maharashtra). The company undertakes
construction activity within Maharashtra for Public Works
Department and Pradhan Mantri Gram Gadak Yojana. It mainly
constructs roads around Pune district. It is registered as a Class
1-A contractor with the Government of Maharashtra.

KANHA GRAIN: ICRA Reaffirms 'B+' Rating on INR5cr Cash Credit
-------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating of the INR5.00 crore cash
credit limits (enhanced from INR2.00 crore), INR1.24 crore term
loan (revised from INR2.35 crore) and INR2.76 crore (revised from
INR1.65 crore) unallocated limits of Kanha Grain Process. ICRA has
also reaffirmed the [ICRA]A4 rating of the INR3.00 crore (enhanced
from INR2.50 crore) non fund based bank facilities of KGP. The
above unallocated limits of INR2.76 crore have also been rated at
[ICRA]A4 on the short term scale.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           5.00       [ICRA]B+ Reaffirmed
   Term Loans            1.24       [ICRA]B+ Reaffirmed
   Non Fund Based        3.00       [ICRA]A4 Reaffirmed
   Unallocated           2.76       [ICRA]B+/[ICRA]A4 Reaffirmed

Rating Rationale
The ratings reaffirmation takes into account KGP's relatively
small scale of current operations and weak financial profile
characterized by nominal profit before tax and cash accruals
during the last two year. However, ICRA notes that the operating
income of the entity witnessed a significant growth in turnover
during the last two years primarily supported by the increase in
processing of silky sortex rice for direct sales in the market.
The ratings further take in account, the highly competitive nature
of the rice milling industry, characterised by the presence of
large number of small players which is likely to keep the margins
under check. The ratings also factors in KGP's exposure to agro
climatic risks associated with paddy being an agricultural
commodity and its exposure to risks associated with the entity's
status as a partnership firm, including the risks of withdrawal of
capital by the partners. The rating draws comfort from the
experience of the partners in the rice milling industry, the
favourable demand prospects for the industry, with rice being a
staple food and KGP's presence in a major paddy growing area,
resulting in easy availability of paddy.

Kanha Grain process was set up in the year 2006 as a partnership
firm by the Agrawal family based in Raipur, Chhattisgarh. The
entity is engaged in milling of raw and parboiled rice and has an
installed capacity of 14400 metric tonne per annum (MTPA).

Recent Results
Kanha Grain Process reported profit before tax (PBT) of INR0.08
crore during the financial year 2013-14 on an operating income of
INR15.52 crore as compared to profit before tax of INR0.07 crore
on an operating income of INR13.10 crore during 2012-13.


KLK INTERNATIONAL: CRISIL Rates INR20MM Loan at 'B'
---------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of KLK International (KLK).

                          Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Proposed Long Term
   Bank Loan Facility       2            CRISIL B/Stable

   Foreign Bill
   Discounting             20            CRISIL B/Stable

   Packing Credit          38            CRISIL A4/Stable

The ratings reflect KLK's below-average financial risk profile
marked by modest net worth, high gearing and average debt
protection metrics. The ratings also factors in KLK's modest scale
of operations in the highly fragmented handicrafts industry and
its working capital intensive nature of operations. These ratings
weaknesses are partially offset by the firm's partners' extensive
experience in the home furnishing market and its established
customer base.
Outlook: Stable

CRISIL believes that KLK will maintain its business risk profile
backed by its promoters' extensive experience in the industry. The
outlook may be revised to 'Positive' in case the firm generates
higher-than-expected sales along with healthy profitability,
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of further
increase in working capital requirement or any major debt-funded
capital expenditure program, leading to deterioration in its
financial risk profile.

Incorporated in 1972 as Vorka International by Mr. Katyal and
family, KLK (named in 1999) manufactures and exports handicraft
items. It is a fully export oriented unit with exports to the US.
KLK has two offices, one in Gurgaon and the other in the US.


LAHOTI MOTORS: CRISIL Cuts Rating on INR65MM Cash Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Lahoti
Motors Pvt Ltd (LMPL) to 'CRISIL D/CRISIL D' from 'CRISIL BB-
/Stable/CRISIL A4+'.

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

   Cash Credit              65        CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

   Proposed Long Term       36        CRISIL D (Downgraded from
   Bank Loan Facility                 'CRISIL BB-/Stable')

   Term Loan                19        CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

The ratings downgrade reflects LMPL's over utilisation of its
working capital limits for more than 30 consecutive days on
account of weak liquidity. The company's liquidity is weak on
account of decline in operating performance.

LMPL has a below-average financial risk profile marked by small
net worth, high total outside liabilities to tangible net worth
ratio, and average debt protection metrics. The company also has a
modest scale of operations and a limited track record in the
intensely competitive automobile dealership segment. The company,
however, benefits from its established relationship with MSIL and
its low exposure to risks related to inventory and receivables.

LMPL was founded in December 2010 by Mr. Srikant Lahoti and his
wife Mrs. Usha Lahoti. The company is an authorised dealer of
MSIL's passenger cars in Gulbarga and Bidar (Karnataka). Besides
new cars and spares, LMPL also trades in used cars under MSIL's
True Value brand.


LIFE CARE: ICRA Suspends 'B+' Rating on INR3.50cr Bank Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating for the INR3.50 Crore bank
facilities of Life Care Ware Housing Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


MAHADEV IMPEX: ICRA Suspends B Rating on INR7.5cr Fund Based Loan
-----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR7.50 crore fund based bank facilities of Mahadev Impex. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


MATRIX BOILERS: CRISIL Cuts Rating on INR40MM Cash Loan to 'B'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Matrix Boilers Pvt Ltd (MBPL) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable', and reaffirmed its rating on the company's short-term
facilities at 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           10        CRISIL A4 (Reaffirmed)

   Cash Credit              40        CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Foreign Bill
   Discounting               5        CRISIL A4 (Reaffirmed)

   Letter of Credit          5        CRISIL A4 (Reaffirmed)

   Packing Credit           10        CRISIL A4 (Reaffirmed)

   Proposed Long Term       40        CRISIL B/Stable (Downgraded
   Bank Loan Facility                 from 'CRISIL B+/Stable')

The rating downgrade reflects CRISIL's belief that MBPL's
operating performance will remain constrained over the medium term
by intense competition and weak demand in the domestic market. The
company's revenue declined by an estimated 16 per cent to INR62.9
million in 2014-15 (refers to financial year, April 1 to March 31)
from INR75.7 million in 2013-14. Weakening in operating
performance is expected to impact MBPL's liquidity as its cash
accruals over the medium term are likely to be tightly matched
with debt obligations.

The ratings reflect MBPL's modest scale of operations, large
working capital requirements, and below-average financial risk
profile, marked by a modest net worth and subdued debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of MBPL's promoters in the boiler fabrication
business.
Outlook: Stable

CRISIL believes that MBPL will continue to benefit over the medium
term from its promoters' extensive experience in the boiler
fabrication business. The outlook may be revised to 'Positive' if
the company reports significant growth in its revenue and
profitability, thus improving its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if MBPL's
revenue and margins decline steeply or if its working capital
cycle lengthens, adversely affecting its financial risk profile.

MBPL, set up in 2006, fabricates boiler and boiler components. The
company's facility is in Pudukottai (Tamil Nadu). It is promoted
by Mr. N Pandian, Mr. A Sekar, Mr. R Neelamegam, and Mr. K
Murugesan.


MEGHA GUM: CRISIL Reaffirms B+ Rating on INR136.5MM Cash Loan
-------------------------------------------------------------
CRISIL rating continues to reflect Megha Gum and Chemicals (MGC)'s
weak financial risk profile marked by small net worth and high
gearing,  modest scale of operations due to presence in highly
fragmented industry, susceptible to fluctuation in guar gum price
on account of weak bargaining power against customers. These
rating weaknesses are partially offset by the extensive experience
of MGC's promoters in the guar gum industry, low working capital
requirements and the benefits derived from diversification in the
cotton ginning industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit          136.5       CRISIL B+/Stable (Reaffirmed)
   Term Loan             36         CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MGC will continue to benefit over the medium
term from its promoters' extensive experience in the guar gum
industry and its diversification in the cotton ginning industry.
The outlook may be revised to 'Positive' in case of improvement in
MGC's capital structure, leading to improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if the firm's liquidity deteriorates on account of lower than
expected net cash accruals, weakening in working capital
management.

MGC commenced operations in 2005 by setting up a guar gum refining
unit in Hisar (Haryana). The firm is promoted by Mrs. Urmila Goyal
and its day-on-day operations are managed by her husband Mr.
Rajinder Goyal and nephew Mr. Anuj Goyal. The firm's cotton
ginning and cotton oil refining unit commenced operations in
November 2012.

For 2013-14, MGC reported a profit after tax (PAT) of INR5.1
million on net sales of INR2093 million, against a PAT of INR6.1
million on net sales of INR999.7 million for 2012-13.


MEHADIA & SONS: CRISIL Assigns B- Rating to INR31.5MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Mehadia & Sons C & F Division (MSCF; part
of the Mehadia group).

                          Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Proposed Long Term
   Bank Loan Facility      15.5          CRISIL B-/Stable

   Bank Guarantee           3.0          CRISIL A4

   Cash Credit             31.5          CRISIL B-/Stable

The ratings reflect the Mehadia group's below-average financial
risk profile marked by its modest net worth, high total outside
liabilities to tangible net worth (TOLTNW) ratio, and weak
interest coverage metrics. The ratings also factor in the group's
large working capital requirements and exposure to intense
competition. These rating weaknesses are partially offset by the
extensive experience of the Mehadia group's promoters in the
pharmaceutical and textile industries.

For arriving at the ratings, CRISIL has combined the business and
financial risk profile of MSCF, Mehadia & Sons (MS) and R J Trade
Links (RJTL). This is because, the three entities, together
referred to as the Mehadia group, are under a common management,
are engaged in related lines of business, and have financial
fungibility.
Outlook: Stable

CRISIL believes that the Mehadia group will continue to benefit
over the medium term from its promoters' industry experience. The
outlook may be revised to 'Positive' if the group is able to
achieve substantial and sustained improvement in its revenues and
profit margins from the current levels. Conversely, the outlook
may be revised to 'Negative' if the group's financial risk
profile, particularly liquidity, deteriorates on account of its
large working capital requirements, or sizeable capital
withdrawals by its promoters.

The Mehadia group is promoted by the Nagpur (Maharashtra)-based
Mehadia family. The group is primarily engaged in two lines of
business: trading in pharmaceuticals and fabrics.

The group started operations in 1935 with the establishment of MS
as a proprietorship firm; the firm was reconstituted as a
partnership firm in 1997. MS is a distributor/stockiest for over
35 pharmaceutical companies in Nagpur and operates 6 wholesale
shops. It also trades in fabric.

MSCF was established in 1981. The firm is a cost and freight agent
in Nagpur for several pharmaceutical companies, and also trades in
fabric.

RJTL was established in 1999. The firm is a commission agent for
Zydus Wellness Ltd in the Vidarbha region. It is also a
distributor of Aditya Birla Nuvo Ltd's (rated 'CRISIL AA+/Stable')
Peter England garments in the Vidarbha and Marathwada regions.


MODERN MACHINERY: ICRA Reaffirms 'B' Rating on INR9.2cr Cash Loan
-----------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the INR9.5
crore bank facilities of Modern Machinery Stor.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit              9.2        [ICRA]B, reaffirmed
   Bank Guarantee           0.3        [ICRA]B, reaffirmed

The rating reaffirmation takes into account the significant year-
on-year growth in Modern's Operating Income (OI) in FY15, led by
growing volumes of passenger vehicles [for Hyundai Motors India
Limited's (HMIL's) models like  i10',  Eon' and  Xcent'] and
motorcycles [100cc segment two wheelers for Hero Motocorp Limited
(HMCL), including  Splendor',  CD Deluxe', and  Passion Plus'].
The rating continues to factor in the long standing experience of
the promoters in the automobiles dealership business as an
authorized dealer of HMCL and HMIL, as well as the firm's position
as a leading HMIL dealer in Alwar, Rajasthan. However, the rating
continues to be constrained by the firm's high dependence on debt
(gearing of 11.2 times as on March 31,2014), which coupled with
its thin profit margins has resulted in weak coverage indicators,
with Interest coverage of 1.0 time, TD/OPBIDTA of 8.0 times and
NCA/Total Debt of 2.0% as of March 31, 2014.

Going forward, the firm's ability to maintain its revenue growth
and improve its coverage metrics will remain the key rating
sensitivities.

Modern is the authorized dealer for two wheelers manufactured by
HMCL and passenger cars manufactured by HMIL. Besides, it also
operates a John Deere dealership. The firm was awarded the
dealership of HMCL in 1987 and the Hyundai dealership in 2005. The
firm has a 3S (sales, service and spares) facility in Alwar and a
sales outlet in Bhiwadi.

Recent Results
In FY14, Modern registered an Operating Income (OI) of INR89.1
core and a net profit of INR0.18 crore, as compared to an OI of
INR82.2 crore and a net profit of INR0.07 crore in the previous
year. The firm, on a provisional basis, reported an OI of INR104.2
crore for FY15.


MY CAR: CRISIL Reaffirms B+ Rating on INR210.2MM Cash Credit
------------------------------------------------------------
CRISIL's ratings on the bank facilities of My Car (Indore) Private
Limited ( MCIPL) continues to reflect its below-average financial
risk profile, marked by a modest net worth, high external
indebtedness, and subdued debt protection metrics, and exposure to
intense competition in the automobile dealership business. These
rating weaknesses are partially offset by the benefits that MCIPL
derives from its established market position in the automobile
dealership segment in Madhya Pradesh and its promoters' extensive
industry experience.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         30        CRISIL A4 (Reaffirmed)
   Cash Credit           210.2      CRISIL B+/Stable (Reaffirmed)
   Term Loan               9.8      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MCIPL will continue to benefit over the
medium term from its promoters' extensive experience and its
established market position in the automobile dealership segment
in Madhya Pradesh. The outlook may be revised to 'Positive' if the
company records higher-than-expected accretion to reserves,
reduction in working capital intensity, or substantial capital
infusion leading to improvement in capital structure and
liquidity. The outlook may be revised to 'Negative' in case MCIPL
registers a sharp decline in its revenue growth and profitability,
or further weakening of its capital structure.

MCIPL, set up in 2009 by Mr. Saurabh Garg, is an authorised dealer
of Maruti Suzuki India Ltd (MSIL) in Madhya Pradesh. It has two
showrooms in Indore. The company also deals in MSIL spare parts.


NANAK HI-TECH: ICRA Suspends 'D' Rating on INR7cr Cash Credit
-------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR7.00
crore cash credit and INR6.00 crore term loan facilities of Nanak
Hi-Tech Private Limited (NHTPL). The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


OAK CONSTRUCTIONS: ICRA Suspends 'D' Rating on INR11cr Bank Loan
----------------------------------------------------------------
ICRA has suspended long term Rating of [ICRA]D assigned to the
INR11.00 Crore bank facilities of Oak Construction and Properties
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Oak Constructions & Properties Pvt. Ltd (OCCPL) was incorporated
in the year 2000 but began commercial operations only in May 2010.
The company is promoted by Mr. Sanjay Madan and has East Bourne
Resorts Pvt. Ltd. (EBRPL) and Oak Holidays & Resorts Pvt. Ltd. as
its group concerns. OCCPL and EBRPL, under the chairmanship of Mr.
Sanjay Madan (majority stakeholder in both firms) together own and
operate a resort "East Bourne Resort" -- a 72 room hotel in
Khallini, Shimla with revenues of 25 rooms accruing to OCCPL along
with dining and banqueting revenues. The construction of these 25
rooms has been undertaken at a total cost of INR14 crore with 10
rooms becoming operational in May 2012.

Mr. Madan has been involved in the construction business for the
past 15 years and was involved in the construction of East Bourne
Resorts from scratch to its present stature. He is also credited
with the construction of shopping complexes and residential
colonies in Shimla. He is also managing the other group associates
-- East Bourne Resort Pvt. Ltd. and Oak Holidays & Resorts Pvt.
Ltd.


OCTAMEC ENGINEERING: ICRA Suspends 'D' Rating on INR170cr Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR255.00 crore
bank lines of Octamec Engineering Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based               170        [ICRA]D Suspended
   Non Fund Based            85        [ICRA]D Suspended

Octamec Engineering Limited (OEL) was established in the year 1993
by Mr. Navin Hedge as a provider of turnkey solutions for space
frame structures. Mr. Hegde who is the Chairman & Managing
Director of OEL holds a Masters Degree in Engineering from Indian
Institute of Science (IISc), Bangalore and has been a Research
Scholar at IIT Bombay.

In the last few years, OEL has expanded its scope of work from
being present only in space frames to adding other capabilities
such as pre-engineered buildings (PEBs), light gauge cold rolled
frame structures, and tensegrity structures. Apart from these, OEL
has also begun undertaking allied civil works required for the
assembly and installation of steel structures and also
independently bid for contracts in the infrastructure space.


PASHUPATINATH DISTRIBUTORS: CARE Rates INR7.15cr Loan at B+
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of
Pashupatinath Distributors Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.15      CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Pashupatinath
Distributors Pvt Ltd (PDPL) are primarily constrained by its small
scale of operations with client concentration risk, susceptibility
of operating margin to volatility in input prices with limited
pricing power and sensitivity of the business to Government
regulations. The rating further factors in its thin profit
margins, leveraged capital structure with moderate debt protection
metrics. The rating, however, derives strength from the long track
record of its operations with the experienced promoters and high
entry barriers.

Going forward, the ability of the company to grow its scale of
operations and improve its profitability, any change in government
regulation relating to additional duty imposition/ ban on usage of
alcohol and efficient management of working capital would be the
key rating sensitivities.

Patna-based (Bihar) PDPL, was incorporated on February 04, 1992,
in the name of Pashupatinath Smokeless Coal Private limited and
was initially engaged in the business of processing of coal.
Later, in July 2003, the name of the company has changed to the
current one with the change in business model. At present, the
company is engaged in the business of manufacturing of country
liquor since 2005. The manufacturing facility of PDPL is located
at Arasahar Road, Bhojpur district of Bihar with an installed
capacity to manufacture 3,900 KLPA. The company has recently
completed its project for setting up of pet bottle plant in
Fatuha, Patna, Bihar, in order to achieve a backward integration
with a project cost of INR2.25 crore, being financed at a debt
equity ratio of 10.25:1. The project is operational since January
2015. The company sells its entire product to "Bihar State
Beverages Corporation Limited" (BSBPL). BSBCL, a government of
Bihar undertaking is the wholesaler for all kinds of liquor in the
State of Bihar.

During FY14 (refers to the period April 1 to March 31), the
company reported a total operating income of INR17.75 crore (FY13:
INR14.70 crore) and a PAT of INR0.10 crore (FY13: INR0.11 crore).
The company has achieved a turnover of about INR24.99 crore in
FY15.


PINK STAR: CRISIL Reaffirms 'D' Rating on INR150MM Loan
-------------------------------------------------------
CRISIL's rating on the short-term bank facilities of Pink Star
continues to reflect its large working capital requirements, its
exposure to intense competition in the diamond industry, and the
susceptibility of its profitability margins to volatility in
diamond prices and fluctuations in foreign exchange rates. The
firm has a below-average financial risk profile marked by its
small net-worth, moderate total outside liabilities to tangible
net worth ratio, and below-average debt protection metrics.
However, the firm continues to benefit from its promoters
extensive experience in diamond business.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Export Packing Credit     40       CRISIL D (Reaffirmed)
   Post Shipment Credit     150       CRISIL D (Reaffirmed)
   Proposed Long Term        53.8     CRISIL D (Reaffirmed)
   Bank Loan Facility

CRISIL had earlier downgraded its rating on the bank facilities of
Pink Star to 'CRISIL D' from 'CRISIL B/Stable' on May 08, 2015.
The rating downgrade reflects overdues in the firm's post shipment
limit beyond 30 days. The overdues have been caused by the
weakening in the firm's weak liquidity arising from a stretch in
its working capital cycle.

Pink Star was set up in 1977 by Mr. Pravin Shah and Mr. Pratik
Shah. The firm is engaged in cutting and polishing of diamonds. It
is based in Mumbai (Maharashtra) and its manufacturing unit is in
Surat (Gujarat).


PRINCE VITRIFIED: CARE Assigns 'C' Rating to INR13.77cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE C' and 'CARE A4' ratings to the bank facilities
of Prince Vitrified Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    13.77       CARE C Assigned
   Short-term Bank Facilities    2.12       CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Prince Vitrified
Private Limited (PVPL) is primarily constrained on account of its
weak financial risk profile marked by small scale of operations,
operating loss, highly leveraged capital structure, weak debt
coverage indicators and liquidity position. The ratings are
further constrained on account of its presence in the highly
competitive and fragmented industry along with fortunes dependent
upon the real estate market and susceptibility of margins to
volatility in raw material and fuel (natural gas) prices.
The ratings, however, take comfort from the long experience of the
promoters and locational advantage of being located in the ceramic
tiles hub with easy access to raw material, power and fuel.

The ability of PVPL to Increase its scale of operations along with
improvement in profitability, capital structure & liquidity
position along with better working capital management are the key
rating sensitivities.

Wankaner-based (Gujarat), PVPL was established in the year 2010 as
a private limited company. PVPL is engaged in the manufacturing of
vitrified tiles with an installed capacity of 48,300 metric ton
per annum. PVPL is managed by two experienced directors Mr
Chandreshkumar Patel & Mr Narendrabhai Likhiya. PVPL sells its
product under the registered trade mark "PRINCE".

During FY14 (refers to the period April 1 to March 31), PVPL
reported a total operating income (TOI) of INR22.50 crore and net
loss of INR7.21 crore as against a TOI of INR23.68 crore and net
loss of INR0.75 crore during FY13. As per the provisional results
for FY15 (April, 1 2014 to March 23, 2015), PVPL registered a TOI
of INR24.02 crore.


RADHE SHYAM: CRISIL Ups Rating on INR40MM Cash Loan to B+
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Radhe Shyam Cotton Industries (RCI) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              40       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Term Loan                14.5     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade follows improvement in RCI's business risk
profile following ramp-up in scale, and successful stabilisation
of operations. The financial risk profile remains moderate, with
net worth and gearing estimated at around INR25 million and 2
times as on March 31, 2015, and interest cover and net cash
accruals to term debt estimated at 2 and 0.13 times, respectively,
for 2014-15. The cash accruals are expected to remain sufficient
over the medium term to service its maturing long-term debt.

The rating reflects RCI's moderate scale of operations in the
highly fragmented cotton ginning industry and it's below average
net worth. These rating weakness are partially offset by RCI's
promoters' extensive industry experience and the firm's proximity
to cotton suppliers.
Outlook: Stable

CRISIL believes that RCI will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm enhances its net worth and
financial risk profile with sizeable cash accruals, and an
improved scale of operations. Conversely, the outlook may be
revised to 'Negative' if RCI's financial risk profile weakens
because of significantly low revenue or operating profitability,
stretch in working capital cycle, or any large, debt-funded,
capital expenditure.

RCI is a partnership firm set up in 2012 by the Patel family based
in Gujarat. The firm is currently managed by Mr. Manilal
Sankalchand Patel. RCI gins and presses raw cotton (kapas) and
also undertakes crushing activities to manufacture cotton seed
oil. For 2013-14, RCI reported a profit after tax (PAT) of INR0.6
million on net sales of INR100.5 million.


RAJAMAHAL INTERNATIONAL: ICRA Reaffirms B Rating on INR25cr Loan
----------------------------------------------------------------
ICRA has revised the long term rating of INR25.00 Crore Long
term/Short term-Fund based/Non-fund based and INR10 crore Long
term/Short term-Unallocated bank facilities of Rajamahal
International Private Limited (RIPL) from [ICRA]B- to [ICRA]B.
ICRA has also reaffirmed the short term ratings of INR25.00 Crore
Long term/Short term-Fund based/Non-fund based and INR10 Crore
Long term/Short term-Unallocated bank limits facilities of
Rajamahal International Private Limited at [ICRA]A4.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long term/Short term-    25.00      [ICRA]B (revised)/[ICRA]A4
   Fund based/Non-fund                 (reaffirmed)
   based limits

   Long term/Short term-    10.00      [ICRA]B (revised)/[ICRA]A4
   Unallocated                         (reaffirmed)

Rating Rationale
The rating derives comfort from the long track record of the
promoters of more than 20 years in the marketing and trading of
various commodities. RIPL has a diversified product mix with
products ranging from silk wastes, fabrics, granites, TMT bars
etc. Further the company has interest free unsecured loans from
promoters which acts as Quasi- equity and provides comfort to the
coverage indicators. The ratings also favorably factors in year on
year revenue growth of 52%. The rating also benefits from strong
revenue visibility backed by order book to the tune of ~50 Crores.
However the rating is constrained by low profit margins owing to
trading nature of the business with no or limited value addition.
The rating also considers highly competitive nature of the
business with the presence of large number of organised and
unorganized players in the industry. The ratings are also
constrained by vulnerability of profitability due to fluctuations
in foreign currency exchange rates; however the company enters
forward contracts to hedge risk whenever required. Apart from this
the rating is also constrained by weak financial profile
characterized by a highly leveraged capital structure and weak
coverage indicators.

Rajamahal Group was established in the year 1991-92. They are
involved in the business of trading for the past 20 years. The
group is under the leadership of Mr. Aslam Pasha who has rich
experience in mining and marketing activities. The company is
engaged in the activities of export of silk by-products, fabrics,
granites, iron ore etc to China, Japan, Italy & Thailand. The
company is Head quartered & Registered at Koramangla, Bangalore.
They have also set offices at Hospet, Sandur, Vizag & Karwar for
the Export of products.

Recent Results
RIPL reported a profit after tax (PAT) of INR0.25 crore on an
operating income (OI) of INR57.67crore in FY2014, as against a PAT
of INR-1.53 crore on an OI of INR10.31 crore in FY2013.


REAL DAIRY: CRISIL Ups Rating on INR185MM Term Loan to B+
---------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Real
Dairy Industries Pvt Ltd (RDIPL; earlier known as Shiv Prasad
Dairy Industries Pvt Ltd) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              60        CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Term Loan               185        CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The rating upgrade reflects improvement in RDIPL's business risk
profile, marked by healthy ramp-up in its operations on the back
of assured offtake by Amul Dairy (Amul) and Paras Dairy (Paras).
Having begun commercial operations in June 2014, RDIPL has been
operating at full capacity, supported by healthy job work orders
from Amul and Paras. RDIPL's tie-up with Amul and Paras will
ensure that the company maintains healthy capacity utilisation
over the medium term. However, the leveraged capital structure and
sizeable maturing debt continue to constrain RDIPL's financial
risk profile, particularly liquidity.

The rating reflects RDIPL's below-average financial risk profile,
with modest net worth and weak capital structure and debt
protection measures. The rating also factors in the susceptibility
of the company's modest, though improving, scale of operations to
cyclicality, intense competition, and the regulatory framework in
the dairy industry. These rating weaknesses are partially offset
by the extensive experience of RDIPL's promoters in the entire
value chain of the dairy industry, and assured offtake by Amul and
Paras.
Outlook: Stable

CRISIL believes that RDIPL will continue to benefit over the
medium term from its promoter's extensive industry experience and
its established relationships with customers. The outlook may be
revised to 'Positive' if significant and sustained improvement in
scale of operations and profitability leads to stronger cash
accruals for RDIPL; or if equity infusions substantially
strengthen its RDIPL's financial profile. Conversely, the outlook
may be revised to 'Negative' in case of pressure on RDIPL's
financial risk profile, particularly liquidity, because of low
cash accruals, stretch in working capital cycle, or any large
debt-funded capex.

RDIPL was set up in 2011 by Mr. Manojkumar Tupe. RDIPL has a milk
processing unit to manufacture value-added products such as
skimmed milk powder and ghee. The company has its unit in Baramati
(Maharashtra).


RHIZOME DISTILLERIES: CRISIL Ups Rating on INR120MM Loan to B-
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Rhizome Distilleries Private Limited (RDPL) to 'CRISIL B-/Stable'
from 'CRISIL D'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan           120       CRISIL B-/Stable (Upgraded
                                      from 'CRISIL D')

   Secured Overdraft         50       CRISIL B-/Stable (Upgraded
   Facility                           from 'CRISIL D')

The upgrade reflects the timely servicing of debt obligations by
RDPL over the last four months ended April 2015. The upgrade also
factors in CRISIL's belief that RDPL will continue to service its
debt in a timely manner over the medium term with its cash
accruals expected to be sufficient to meet its debt repayment
obligations.

The rating reflects RDPL's large working capital requirements,
high degree of geographic concentration in its revenue profile,
its exposure to intense competition resulting in its modest
profitability margins, and the susceptibility of its operations to
regulatory changes in the distillery industry. The rating of the
company is also constrained on account of its below-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 benefits the company
derives from its promoters' extensive industry experience.
Outlook: Stable

CRISIL believes that RDPL 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 cycle, or there is a
substantial improvement in its capital structure on the back of
sizeable equity infusion from its promoters. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
the company's profitability margins, or significant deterioration
in its capital structure caused most likely by a stretch in its
working capital cycle.

RDPL was set up in 1993 by Mr.Manoj Rupani and his family members.
The company manufactures India Made Foreign Liquor. The company's
unit is located in Hyderabad (Telangana).


SACHI STEEL: CRISIL Assigns 'B' Rating to INR100MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Sachi Steel Solutions Pvt Ltd (SSSPL).

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             100         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       20         CRISIL B/Stable

The rating reflects the company's below-average financial risk
profile, marked by high gearing, weak debt protection metrics and
tight liquidity. The rating also factor in the company's modest
scale of, and working-capital-intensive operations. These rating
weaknesses are partially offset by the extensive experience of
SSSPL's promoters in the steel industry.
Outlook: Stable

CRISIL believes that SSSPL will maintain its business risk profile
with the promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the company reports a sustained and
substantial increase in its scale of operations and profitability,
leading to sizeable cash accruals or improves its working capital
management. The outlook may also be revised to 'Positive' if the
promoters infuse sizeable equity thereby improving its capital
structure. Conversely, the outlook may be revised to 'Negative' if
the company reports significantly low cash accruals with a decline
in revenue or profitability, or debt-funded capital expenditure
(capex) or deficient working capital management, resulting in
deterioration in its liquidity.

Incorporated in 2010, SSSPL is promoted by the Ahmedabad-based Mr.
Atul Shah and his family members, who have been active in the
steel industry for over 20 years. The firm is a channel partner of
TATA Steel through Tiscon readyBuild, which is a downstream
service offering cut and bend service aimed at providing
customised rebar shapes which are required at construction sites.

For 2013-14 (refers to financial year, April 1 to March 31), SSSPL
reported a loss of INR4 million on net sales of INR453.4 million,
vis-a-vis a profit after tax (PAT) of INR1.4 million on net sales
of INR324.0 million for 2012-13.


SAKTHI ACCUMULATORS: ICRA Assigns 'B' Rating to INR3cr CC Stocks
----------------------------------------------------------------
ICRA has assigned long-term rating of [ICRA]B to INR7.00 crore
fund based limits of Sakthi Accumulators Private Limited (SAPL).
ICRA has also assigned the short-term rating of [ICRA]A4 to
INR3.60 crore fund based/non fund based facilities of the company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   CC-Stocks               3.00         [ICRA]B assigned
   CC-Book Debt            1.00         [ICRA]B assigned
   Term Loan               3.00         [ICRA]B assigned
   BD against LC           2.00         [ICRA]A4 assigned
   LC                      1.60         [ICRA]A4 assigned

The assigned ratings are constrained by modest financial profile
of the company as characterized by moderate scale of operation,
high gearing, low cash accruals and stretched debt protection
metrics. The ratings are also constrained by the debt-funded
capital expenditure plans towards establishment of a new unit,
which might further exert pressure on the capital structure and
debt protection metrics of the company going forward. These apart,
the ratings also factor in the volatile nature of lead prices,
which is the key raw material for manufacturing of tubular
batteries and may exert pressure on cash flows and profitability
in case of any adverse movement of the same. The ratings also
factor in the seasonality and working capital intensive nature of
business in conjunction with concentrated customer base of the
company.

The ratings however favorably factor in the long track record of
the promoters in the field of manufacturing of batteries; its
relationships with the reputed clients in solar power industries
like V-Guard Industries Limited etc. The ratings also positively
considered the favorable demand prospects of the inverter and UPS
systems vis a vis industrial batteries, given the power shortage
in India.

Sakthi Accumulators Private Limited was initially established in
1990 as a partnership firm in the name of "Sakthi Electronics".
Later in April, 2014 the company had re-constituted itself as a
private Limited entity and renamed themselves as Sakthi
Accumulators Private Limited. The company is involved in
manufacturing of Tubular Batteries, Batteries for solar
application and Sealed Maintenance free Lead Acid Batteries in
varied sizes. The current production capacity of the company is
150 units (Batteries) per day.

Recent Results
As per the provisional results for FY2015, the firm has reported a
profit of INR0.30 crore on an OI of INR13.20 crore as against a
profit of INR0.30 crore on OI of INR15.10 crore in FY2014.


SATYAWATI SUBODH: CRISIL Assigns C Rating to INR125MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the long-term bank
facility of Satyawati Subodh Foundation (SSF). The rating reflects
the trust's stretched liquidity and its dependence on external
sources of funds to service its debt obligations.

                          Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Term Loan               125           CRISIL C

The trust runs three Shri Ram Centennial schools in Agra, a
franchise of Shri Ram Education Trust (SRET), Delhi. Two schools
are playgroup and one is imparting education up to 10th standard.
The rating draws comfort from the market reputation of SRET but is
constrained by the limited experience of SSF's trustees. Due to
the start-up phase of operations, the trust is not generating
sufficient surplus yet. Hence, it has weak debt protection metrics
marked by low interest coverage and net cash accruals to total
debt ratios. The financial risk profile of trust is also weak
marked with high gearing and small net worth. SSF is also exposed
to risks related to student occupancy levels, and regulatory risks
associated with educational institutions.

SSF was established in 2012 by Mr. Subodh Kumar Gupta and Mrs.
Satyawati Gupta. The trust provides education from playgroup till
10th standard through its three schools in Agra, Uttar Pradesh.
The schools are running as Shri Ram Centennial Schools, a
franchise of SRET, Delhi.

SRET operates Shri Ram College of Commerce, Delhi, and Lady Shri
Ram College, Delhi University. The trust is also operating 14
schools under the Shri Ram Global Schools banner and 12 schools
under the Shri Ram Centennial Schools banner. The schools are
operating across India and majority schools are being run through
franchises.

SSF reported net deficit of INR33.8 million on net receipts of
INR8.7 million for 2013-14 (refers to financial year, April 1 to
March 31). The trust is expected to report receipts in the range
of INR20 million to INR25 million in 2014-15.


SHANTI AGRO: CARE Assigns B+ Rating to INR19.80cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shanti
Agro Food Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     19.80      CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Shanti Agro Food
Private Limited (SAF) is primarily constrained by its small scale
of operations with low net worth base, working capital intensive
nature of operations and weak financial risk profile characterised
by low profitability margins, leveraged capital structure and weak
debt coverage indicators. The rating is further constrained by
susceptibility of margins to fluctuations in raw material prices
and SAF's presence in a highly fragmented industry characterized
by intense competition.

The rating, however, derives comfort from the experience of the
promoters in the agro processing industry and favourable
processing location.

Going forward, the ability of the company to increase its scale of
operations along with improvement in profitability margins as well
as capital structure and efficient working capital management
would be the key rating sensitivities.

Shanti Agro Food Private Limited (SAF) was established as a
proprietorship firm in November, 2008 by Mr Sahil Verma under the
name of M/S Shanti Foods. In 2013, the business operations were
taken-over by Shanti Agro Food Private Limited with Mr Sahil Verma
and Mr Bishambar Lal as its directors. The company is engaged in
processing of paddy at its manufacturing facility located at
Karnal, Haryana having an installed capacity of 10,800 metric ton
per annum (MTPA) as on March 31, 2014. SAF is also engaged in
trading of rice, which constituted around 30% of the total income
in FY14 (refers to the period April 01 to March 31). SAF procures
paddy directly from the local grain markets through commission
agents located in Haryana. Furthermore, the company sells its
products (basmati and non- basmati rice) under the brand name of
'Satya', '444' and 'Shanti' in the states of Punjab, Haryana,
Rajasthan and Delhi through a network of commission agents.

For FY14, SAF achieved a total operating income of INR25.36 crore
with PBILDT and PAT of INR2.20 crore and INR0.06 crore,
respectively, as against the total operating income of INR15.70
crore with PBILDT and PAT of INR1.97 crore and INR0.50 crore,
respectively, for FY13. Furthermore, during FY15, SAF achieved a
total operating income of around INR37 crore till January 31,
2015.


SHREYA PRINT: CRISIL Ups Rating on INR35MM Term Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Shreya Print Private Limited (SPPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              15        CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Proposed Long Term       20        CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B/Stable')

   Term Loan                35        CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The rating upgrade reflects the improvement in SPPL's business
risk profile driven by a sustained increase in its scale of
operations, while maintaining its profitability margins, and the
sustained improvement in its working capital cycle. There has also
been an enhancement in the company's financial flexibility on the
back of increase in its net-worth and infusion of unsecured loans
by its promoters. The upgrade also factors in CRISIL's belief that
the capital structure of the company would continue to improve
over the medium term supported by continued repayment of term
loans and the sustenance of its improved working capital
management.

The company's revenue is estimated to have registered a year-on-
year growth of 17 per cent in 2014-15 (refers to financial year,
April 1 to March 31), and its operating profit margin is estimated
to have remained stable at around 11.5 per cent. CRISIL believes
that the company will register an annual revenue growth of around
15 per cent over the medium term supported by continued addition
of new customers and increase in business from existing customers.

There has also been a sustained improvement in the company's
working capital cycle, as reflected in the decline in its gross
current assets to an estimated 97 days as on March 31, 2015 from
141 days as on March 31, 2013. The improvement is mainly because
the company has been operating with lower inventory levels and
extending lesser credit to its customers. CRISIL believes that the
company will maintain its improved working capital cycle over the
medium term on the back of its strategy to operate with lower
inventory levels and its enhanced collection efforts.

The rating continues to reflect SPPL's modest scale of operations,
its exposure to intense competition in the fragmented yarn dyeing
industry, and the susceptibility of its profitability margins to
volatility in raw material prices. The rating is also constrained
on account of the company's average financial risk profile marked
by its modest net-worth, high gearing, and average debt protection
metrics. These rating weaknesses of the company are partially
offset by the benefits it receives from its promoters' extensive
industry experience, and its established relations with customers.
Outlook: Stable

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

SPPL was set up in 2011 by Mr. Manish Shorewala, Mr. Shirish
Shorewala, and Mr. Surendra Bajoria. The company is engaged in
dyeing and printing of velvet yarn. It is headquartered in New
Delhi, and its processing unit is located in Surat (Gujarat).


SHRI LAXMI: ICRA Suspends 'B' Rating on INR9.52cr Fund Based Loan
-----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR9.52 crore fund based bank facilities of Shri Laxmi Metal
Casting Private Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.


SILVER COTTON: ICRA Assigns 'B+' Rating to INR4.0cr Cash Loan
-------------------------------------------------------------
The long-term rating of [ICRA]B+ has been assigned to the INR4.00
crore cash credit facility and the INR1.50 crore term loan
facility of Silver Cotton.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             4.00       [ICRA]B+ assigned
   Term Loan               1.50       [ICRA]B+ assigned

The assigned ratings are constrained by lack of track record of
operation of Silver Cotton as its commercial production commenced
in December 2014. The ratings are further constrained by highly
competitive and fragmented industry structure owing to low entry
barriers and vulnerability of the firm's profitability to the
adverse fluctuations in raw cotton prices, which are subject to
seasonality, crop harvest and regulatory risks with regards to MSP
for raw cotton. ICRA also notes that SC is a partnership concern
and any substantial withdrawal from capital account in future
could adversely impact the credit profile of the firm.

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

Established in April 2014, Silver Cotton (SC) has set up a green
field project for cotton ginning and pressing with its facility
located at Jamanagar (Gujarat). The commercial operations
commenced from December 2014. The plant is equipped with 24
ginning machines and 1 pressing machine with total processing
capacity of ~ 33,600 metric tonnes of raw cotton per annum.

Recent Results
For the year ended 31st March, 2015, the firm reported operating
income of INR13.73 crore with profit before tax (PBT) of INR0.10
crore.


SPIC FASHIONS: ICRA Cuts Rating on INR8cr Fund Based Loan to D
--------------------------------------------------------------
ICRA has revised the long-term rating outstanding on INR4.00 crore
term loan facility and INR0.80 crore proposed limits of Spic
Fashions Private Limited from [ICRA]C to [ICRA]D. ICRA has also
revised the short-term rating outstanding on INR8.00 crore fund
based facilities from [ICRA]A4 to [ICRA]D.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long term: Term Loans     4.00       [ICRA]D; downgraded from
                                        [ICRA]C

   Long term: Proposed       0.80       [ICRA]D; downgraded from
                                        [ICRA]C

   Short term: Fund based    8.00       [ICRA]D; downgraded from
   facilities                           [ICRA]A4

The revised ratings reflect the delays in debt servicing witnessed
owing to weak credit culture and stretched liquidity position of
the company.

Incorporated in 2014, Spic Fashions Private Limited (erstwhile M/s
Spic Fashions) is a private limited company, founded by Mr. A
Senthil Kumar and his wife Mrs. S Gowri. The promoters have
experience in textile industry for more than two decades. The
company has commenced its operations in 2006 and is engaged in the
manufacturing of boys wear and exports it to customers in European
countries such as France and Spain. The manufacturing facility is
located at Tirupur, Tamil Nadu with overall production capacity of
around 7 lakh pieces per annum. The company executes stitching,
embroidery, printing and finishing processes in its in-house
facility, whereas the process of dyeing and knitting are
completely outsourced to job workers in Ludhiana, Tirupur and
Coimbator.


SUPER SEALS: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Super Seals India Ltd
(SSIL) continue to reflect SSIL's small scale of operations, large
working capital requirements, and weak financial risk profile,
marked by high gearing. These rating weaknesses are partially
offset by the extensive experience of SSIL's promoters in the
automotive components industry and the company's diversified
customer base.

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

   Letter of Credit        10       CRISIL A4 (Reaffirmed)

   Proposed Long Term      10       CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan               10       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SSIL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if SSIL improves its capital
structure either through equity infusion or substantial cash
accruals, backed by improvement in scale of operations and
profitability and in working capital management. Conversely, the
outlook may be revised to 'Negative' if SSIL's financial risk
profile, particularly its liquidity, deteriorates on account of
decline in revenue and profitability, or considerable debt-funded
capital expenditure (capex), or increase in working capital
requirements.

SSIL was incorporated in 1960 as a private limited entity, and was
reconstituted as a public limited company in 2002. The company
manufactures oil seals and wiper blades used in automobiles. It is
currently managed by Mr. Kamal Talwar. SSIL's manufacturing
facility is in Faridabad (Haryana). The company is executing a
capex programme to add a plant at Bawal (Haryana).

SSIL reported a profit after tax (PAT) of INR2.36 million on net
sales of INR243.03 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR2.10 million on net
sales of INR233.73 million for 2012-13.


SYNERGY INFO: ICRA Suspends B- Rating on INR7cr Bank Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]B- rating for the INR7.0 Crore bank
facilities of Synergy Info Data Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


THRIMATHY CONTRACTING: CRISIL Rates INR130MM Cash Credit at B+
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Thrimathy Contracting Company (TCC). The
ratings reflect TCC's modest scale and working-capital-intensive
nature of operations in the civil construction industry. These
rating weaknesses are partially offset by the extensive industry
experience of the firm's proprietor.

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           100        CRISIL A4
   Cash Credit              130        CRISIL B+/Stable

Outlook: Stable

CRISIL believes that TCC will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant
increase in the firm's scale of operations while it maintains its
operating profitability, or if it improves its working capital
management, resulting in a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if TCC's cash
accruals decline, or if its working capital requirements increase
substantially, leading to weak financial risk profile.

TCC is a Malapuram (Kerala)-based civil contractor. Its operations
are managed by its proprietor, Mr. V P Thrimathy.

For 2013-14 (refers to financial year, April 1 to March 31), TCC
reported a net profit of INR11.45 million on contract receipts of
INR183.47 million, against a net profit of INR6.70 million on
contract receipts of INR193.83 million for 2012-13.


U P BONE: CRISIL Assigns B- Rating to INR51.8MM Cash Credit
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of U P Bone Mills Pvt Ltd (UPBML).

                          Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Cash Credit             51.8          CRISIL B-/Stable

The rating reflects UPBML's below-average financial risk profile
marked by weak debt protection metrics, and its small scale of
operations in the fragmented steel industry leading to low
profitability. These rating weaknesses are partially offset by the
extensive industry experience of UPBML's promoters.
Outlook: Stable

CRISIL believes that UPBML will continue to benefit over the
medium term from its promoters' extensive industry experience;
however, its financial risk profile is expected to remain
constrained over this period, marked by weak debt protection
metrics. The outlook may be revised to 'Positive' if UPBML reports
a significant increase in its cash accruals and manages its
working capital cycle prudently. Conversely, the outlook may be
revised to 'Negative' if the company's working capital cycle
lengthens further, or its revenue and profitability come under
pressure.

UPBML was incorporated in 2004, promoted by Mr. Shah Nawaz Rana.
The company manufactures mild steel ingots. It has a manufacturing
unit at Roorkee (Uttarakhand) with a capacity of 40,000 tonnes per
annum, which is being utilised at 40 to 50 per cent. Its day-to-
day operations are managed by Mr. Ajay Agarwal (director).


UNIVA AUTOMOBILES: CRISIL Assigns B- Rating to INR75MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Univa Automobiles Pvt Ltd (UAPL).

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Cash            45         CRISIL B-/Stable
   Credit Limit
   Term Loan                75         CRISIL B-/Stable

The rating reflects UAPL's susceptibility to implementation and
offtake risks associated with the setup of its first outlet, and
expected leveraged capital structure during the initial stage of
operations. These rating weaknesses are partially offset by its
promoters' extensive experience in various industries, and the
strong market position of the company's principal Hyundai Motor
India Ltd (Hyundai, rated CRISIL A1+).
Outlook: Stable

CRISIL believes that UAPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if UAPL stabilises operations of its
showroom in a timely manner and generates substantial revenue and
profitability leading to sizeable cash accruals. Conversely, the
outlook may be revised to 'Negative' in case of delays in
commencement of UAPL's operations, or low cash accruals during the
initial phase of operations resulting in pressure on its
liquidity.

Incorporated in 2014, UAPL is setting up auto- dealership business
for Hyundai at Whitefiled Main Road, Bangalore (Karnataka). The
company is promoted by Mr. Gopala D.A. The company is expected to
commence operations from June 2015.


VARDHAMAN NAGARI: CRISIL Reaffirms B+ Rating on INR100MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Vardhaman Nagari
Sahakari Patsanstha Ltd continues to reflect geographic
concentration in the society's revenue profile and its exposure to
risks inherent in the cooperative societies sector. These rating
weaknesses are partially offset by the benefits that Vardhaman
Nagari derives from the extensive experience of its senior
management.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Proposed Overdraft      100      CRISIL B+/Stable (Reaffirmed)
   Facility

Outlook: Stable

CRISIL believes that Vardhaman Nagari will continue to benefit
over the medium term from its board and senior management's
extensive experience in running a co-operative society. The
outlook may be revised to 'Positive' if the society diversifies
its operations, or in case of any favourable changes in
regulations for cooperative societies. Conversely, the outlook may
be revised to 'Negative' if Vardhaman Nagari's capitalisation
level declines on account of significant deterioration in asset
quality and earnings profile or if there is a relaxation in the
society's risk management practices.

Vardhaman Nagari is an Aurangabad-based credit co-operative
society established in July 1993. The society operates through six
branches located in and around Aurangabad district. The society
offers deposit products to its members and lends to commercial as
well as retail borrowers with a sizeable presence in renovation
and repair loans. Vardhaman Nagari carries out its operations
under its current chairman, Dr. Shantilal Tajmal Singi. As on
September 30, 2014, the society had a deposit base of INR870
million and a loan book of INR552 million with a member base of
around 35,989 depositors.

For 2013-14 (refers to financial year, April 1 to March 31),
Vardhaman Nagari reported a net profit of INR11 million on a total
income of INR103 million, against a net profit of INR9.9 million
on a total income of INR77.5 million for 2012-13. For the six
months ended September 30, 2014, Vardhaman Nagari, on a
provisional basis, reported a net profit of INR13.9 million on a
total income of INR65.9 million.


VIJAY AQUA: CRISIL Reaffirms 'B' Rating on INR40MM Cash Credit
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vijay Aqua Pipes Pvt
Ltd (VAPPL) continue to reflect VAPPL's modest scale of operations
in the intensely competitive polyvinyl chloride (PVC) pipe
manufacturing industry, and its below-average financial risk
profile marked by high gearing. These rating weaknesses are
partially offset by the promoters' extensive experience in the
pipe manufacturing industry.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             40        CRISIL B/Stable (Reaffirmed)
   Letter of Credit        20        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that VAPPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
improves its scale of operations and profitability, leading to
improved financial risk profile. Conversely, the outlook may be
revised to 'Negative' if VAPPL's cash accruals decline, or it
undertakes a large debt-funded capital expenditure, or its working
capital management deteriorates, weakening its financial risk
profile.

Update
VAPPL reported an operating income of INR100 million for 2013-14
(refers to financial year, April 1 to March 31), in line with
CRISIL's expectations, supported by stable demand for its
products. The company's operating margin also improved to 9.9 per
cent in 2013-14, above CRISIL's earlier expectations. The company
is estimated to report sales of INR155 million in 2014-15, a year-
on-year growth of more than 50 per cent, supported by improved
demand from the infrastructure segment. CRISIL, however, believes
that VAPPL's business risk profile will remain constrained over
the medium term, owing to its small scale of operations in the
intensely competitive PVC industry.

VAPPL's financial risk profile is below-average, marked by high
gearing of 7.95 times estimated as on March 31, 2015; this is
expected to remain high over the medium term marked by small net
worth and high dependence on bank borrowings to fund its working
capital requirements. VAPL's debt protection metrics are also
modest, as reflected in its interest coverage and net cash
accruals to total debt (NCATD) ratios of 1.81 times and 7 per
cent, respectively, estimated for 2014-15. With low operating
profitability and high debt levels, VAPL's financial risk profile
is expected to remain constrained over the medium term.

VAPPL's operations remain working capital intensive as reflected
in its high gross current asset (GCA) of 198 days estimated as on
March 31, 2015. Consequently, the bank limits have been fully
utilised over the 12 months through January 2015. However, the
company is expected to generate cash accruals of more than INR4.9
million, sufficient to meet its term debt obligations of INR3.5
million over the medium term.

VAPPL, established in 1995 in Chennai (Tamil Nadu), manufactures
PVC pipes. The company is promoted by Mr. Chidambaram
Thiyagarajan.


VISHAL MANUFACTURER: ICRA Reaffirms 'B' Rating on INR7.85cr Loan
----------------------------------------------------------------
The long term rating of [ICRA]B has been reaffirmed for the
INR4.00 crore cash credit facility and the INR7.85 crore term
loans of Vishal Manufacturer Private Limited. The short term
rating of [ICRA]A4 has also been reaffirmed for the INR1.25 crore
non fund based facilities of VMPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit Facility    4.00        Reaffirmed at [ICRA]B
   Term Loans              7.85        Reaffirmed at [ICRA]B
   Bank Guarantee          1.25        Reaffirmed at [ICRA]A4

The reaffirmation of ratings takes into account the company's
moderate scale of operations, its concentrated customer base with
top three customers contributing ~65% of its total sales in
9MFY15, and its weak financial profile characterized by net
losses, high gearing and weak coverage indicators. The ratings
also continue to remain constrained by the highly fragmented
nature of the foundry industry which results in intense
competitive pressures and exposure of the company's profitability
to volatility in raw material prices as well as to adverse foreign
exchange fluctuations.

The ratings, however, continue to favourably factor in the
experience of the company's promoters in the foundry industry and
the stable demand outlook for the domestic casting industry.

Incorporated in February 2011, VMPL commenced commercial
production in January 2013 with its product portfolio comprising
grey iron casting products of up to 500 kg. Its manufacturing
facility is located at Lothada village in Rajkot district of
Gujarat and has an installed capacity of 20,500 metric tons per
annum (MTPA). The company is promoted by the Andani family having
an experience of around three decades in the metal casting
industry through associate concerns engaged in foundry business.


WELL WISHER: ICRA Suspends B Rating on INR24cr LT Bank Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR24.00 crore,
long term bank facility of Well Wisher Homes. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Established in Sept 2011, WWH is developing a residential real
estate project Leisure Town' at Hadapsar, Pune. WWH is a joint
venture between two real estate groups primarily based in Navi
Mumbai Proviso Group and Well Wisher Group. The Provision group is
promoted by Gupta family and Mr. Sanjay Gawande while Well wisher
group is promoted by Chandrakant Bhansali. The two groups have
developed over 15.1 million sq. feet in the commercial and
residential segment.


YASH PAL: ICRA Revises Rating on INR19.50cr Term Loan to B+
-----------------------------------------------------------
ICRA has revised its long term rating on the INR19.50 crore bank
facilities of Yash Pal & Sons HUF to [ICRA]B+ from [ICRA]BB-.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loans              19.50        [ICRA]B+, revised

The rating revision is driven by the weak operational and
financial performance of YPS' hotel, which had commenced
operations in January, 2014. On account of intense competition
from other hotels in the vicinity as well as general slowdown in
the hospitality sector, the hotel's Revenue per Available Room
(RevPAR) has remained subdued ranging from INR429 in Q1FY15 to
INR904 in Q3FY15. This coupled with high employee costs has led to
net losses, which have eroded the entity's net worth. The rating
also factors in YPS' inadequate debt coverage indicators, which
have rendered the firm dependent on timely support from promoters.
ICRA notes that while YPS' term loan repayments have been
rescheduled, in the absence of a significant ramp up in operating
and financial metrics, YPS will continue to be dependent on
external funding support to meet its debt servicing obligations.
The rating however factors in YPS' association with the Carlson
Rezidor Hotel Group, which is an established global hospitality
brand, as well as the financial support from the promoters.

Going forward YPS' ability to improve its operating metrics and
generate adequate cash flows in order to service its debt
obligations will be the key rating sensitivities. Further, in the
absence of adequate cash flows, timely support from promoters will
be critical.

YPS was formed in 1997 by Mr. Yashpal Arora, who is also the Karta
of the entity. The other members of the HUF include Mr. Arora's
wife and 2 sons. YPS has been carrying out real estate development
for more than a decade and forayed into its first hospitality
venture and started construction of a hotel in 2010. The hotel is
branded 'Park Inn by Radisson' and is managed by the Carlson
Rezidor Hotel Group, which owns the Park Inn brand. The hotel is
located near Manesar, Haryana, an industrial hub, having a total
of 98 rooms divided into three categories-Superior Rooms (76
rooms), Deluxe Rooms (16 rooms) and Executive suites (6 rooms).
The hotel commenced operations in January 2014.

Recent Results
YPS earned an operating income of INR0.7 crore in 3M FY14 with a
net loss of INR4.0 crore. The entity, on a provisional basis,
reported an operating income of INR4.4 crore in FY15.



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


BERAU COAL: Moody's Downgrades CFR to Caa2, Outlook Negative
-----------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of PT Berau Coal Energy Tbk (BCE) to Caa2 from Caa1 as well as the
ratings on senior secured bonds issued by BCE and Berau Capital
Resources Pte. Ltd., which are guaranteed by BCE, to Caa2 from
Caa1. The rating outlook is negative.

This action concludes the review for downgrade initiated on
Jan. 14, 2015.

"The downgrade to Caa2 reflects Moody's view that it is
increasingly uncertain whether BCE will be able to execute its
proposed notes exchange prior to the maturity of its bonds on 8
July 2015" says Brian Grieser, a Moody's Vice President and Senior
Analyst. "Competing bids to acquire the equity of Asia Resource
Minerals (ARMS), an 84.7% owner of BCE, have already delayed
restructuring plans and will obstruct restructuring efforts until
the board of ARMS reconvenes its general meeting of shareholders
to vote on the proposed restructuring plan and the ARMS
acquisition proposals."

The initial offer from NR Holdings Limited (NRH, unrated), a trust
for the benefit of Nathaniel Rothschild, proposed a capital
injection of roughly $100 million, the repayment of up to $143
million principal of notes, the extension of the 2015 and 2017
notes to 2019 and 2020, respectively, a reduction in the coupon
and certain other changes to the existing bond indentures.

Asia Coal Energy Ventures Limited (ACE, unrated), funded by
Indonesia's Sinarmas Group (unrated), countered with an offer to
buy all outstanding shares and implement a $150 million equity
injection while executing a notes restructuring at substantially
similar terms as proposed in the original restructuring plan.
Following the announcement by ACE, NRH and SUEK PLC (Ba3 negative)
announced a potential joint cash offer to purchase all outstanding
shares. ARMS board is currently evaluating the two offers.

"The Caa2 rating incorporates Moody's view that the notes
restructuring will be completed at terms substantially similar to
those currently proposed in which bondholders receive restructured
bonds at par value and will receive a partial repayment of 10-15%
of the notes currently outstanding" added Grieser, who is the lead
analyst on BCE.

While the bids by NRH and ACE have expressed the intent to
restructure the notes at par, the timing and ultimate recovery
following the restructuring is uncertain at this time given the
likely change in ownership at ARMS.

The adjourned general meeting of shareholders to vote on the
restructuring must be continued by July 31, 2015, which is after
the notes maturity date. The shareholder vote has now been
adjourned on two separate occasions.

The negative outlook reflects the uncertainty created by the two
competing bids for ARMS as well as the expected default in the
next 60 days either through missed principal payment or distressed
exchange.

The ratings could be downgraded if the company is unable to
execute a restructuring over the next 6-9 months or if the terms
of the proposed restructuring plan were changed such that recovery
weakens for bondholders.

The ratings are unlikely to be upgraded prior to completion of the
restructuring. Upon completion of the notes restructuring and
settlement of the competing bids to buy ARMS between NRH and ACE,
the ratings could be upgraded one to two notches depending on the
level of debt repayment, BCE's operating performance and post
restructuring financial and corporate governance policies.

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.

BCE is an investment holding company listed on the Indonesian
Stock Exchange. It has a 90% interest in PT Berau Coal (unrated),
Indonesia's fifth-largest producer and exporter of thermal coal.
Berau operates three active mines -- Lati, Sambarata and Binungan
-- at a single site in East Kalimantan. It has estimated resources
of about 2.6 billion tons, with probable and proven reserves
estimated at 512 million tons (mt).



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


SKYMARK AIRLINES: Two Banks to Buy 33.4% Share in Carrier
---------------------------------------------------------
The Japan Times reports that the Development Bank of Japan and
Sumitomo Mitsui Banking Corp. are in the final stages of
negotiations to purchase a combined 33.4 percent stake in the
rehabilitation of Skymark Airlines Inc., sources familiar with the
matter said on May 19.

With a combined stake of over one-third, the governmental bank and
Sumitomo Mitsui will be able to secure voting power to veto
management decisions if necessary, the report relates.

ANA Holdings Inc., parent of Japan's biggest airline All Nippon
Airways Co., is expected to take 16.5 percent, the sources said,
the report relays. Skymark said last month that ANA Holdings would
take up to 19.9 percent.

According to the report, the sources said ANA Holdings will
refrain from obtaining the maximum stake to reduce the public
image that it will have a strong influence on Skymark's
management.

Japan Times says the failed carrier is scheduled to submit a
revamp plan to the Tokyo District Court by May 29 that will
include investments totaling some JPY18 billion it outlined in
late April.

Under the plan, Tokyo-based investment fund Integral Corp. agreed
to hold a 50.1 percent stake in the restructured airline, the
report discloses.

The report relates that the plan also requires Skymark to
establish new management, with ANA set to appoint its new
president and Integral its new chairman, replacing the current
president, Masakazu Arimori, and chairman, Takashi Ide. Integral
will be entitled to appoint three of the Skymark board's six
members, including chairman.

Skymark will implement a 100 percent capital reduction and then
issue new stocks to Integral, ANA and other possible sponsors
after its restructuring plan is approved by the court and its
creditors, the sources, as cited by Japan Times, said.

Integral and ANA have said they will have Skymark decide on
routes, the number of flights and fares at its own discretion for
the time being to give it independence as demanded, the report
states. The troubled airline has said it is not planning any job
cuts, says Japan Times.

An executive at ANA said last month that his company is seeking to
support Skymark by providing its know-how in maintaining safe
flight operations and starting code-sharing flights, the report
recalls.

The major airline has a track record of restoring struggling
Japanese regional airlines, such as Hokkaido International
Airlines Co.

                      About Skymark Airlines

Skymark Airlines is a Japanese low-cost carrier based in Tokyo.
The carrier, which commenced operations in 1998, operates domestic
service from its base at Tokyo International Airport.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 30, 2015, Bloomberg News said Skymark Airlines Inc., Japan's
third-largest carrier, filed for bankruptcy protection after
running short of cash, highlighting the failure of growth plans
that climaxed in the ill-fated purchase of six Airbus Group NV
A380 superjumbos.

Skymark said it filed at the Tokyo District Court with
JPY71 billion ($603 million) in liabilities.  President Shinichi
Nishikubo is standing down and Chief Financial Officer
Masakazu Arimori is taking on the role, Bloomberg related.

Skymark will submit a rehabilitation plan to the court by May 29,
according to The Japan Times.

Skymark was delisted from the Tokyo Stock Exchange in March.



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


ARENA CAPITAL: FMA Secures Asset Preservation Orders
----------------------------------------------------
The Financial Markets Authority confirms that it is undertaking an
investigation into Arena Capital Limited, trading as BlackfortFX.
The FMA has obtained asset preservation orders over the assets of
Arena/Blackfort and associated persons, in light of concerns that
investor funds may be at risk.

"Arena is registered on the Financial Service Providers Register
and purports to offer foreign exchange services to clients. The
FMA is concerned that Arena may be operating in breach of
financial markets legislation. We cannot comment further at this
stage to protect the integrity of the investigation," FMA said in
a statement.  "The FMA is working with the Serious Fraud Office
and we will provide further information as soon as we are able."

Arena Capital is registered at an address in a residential street
in Spreydon, Christchurch.  Its shareholder and sole director is
Jimmie McNicholl, BusinessDesk discloses citing the Companies
Office.



=============================
P A P U A  N E W  G U I N E A
=============================


PAPUA NEW GUINEA: Moody's Affirms B1 Issuer Ratings, Outlook Neg.
-----------------------------------------------------------------
Moody's Investors Service affirmed Papua New Guinea's B1 foreign
currency (FC) and local currency (LC) issuer ratings and changed
the rating outlook to negative from stable.

Key drivers for the decision are:

- Fiscal deterioration resulting primarily from a step-up in
   spending since 2012

- A weakened external payments position and increased external
   vulnerability

In a related action, Papua New Guinea's FC bond ceiling was
lowered to Ba3 from Ba2, while its FC deposit ceiling remains
unchanged at B2. The short-term FC ceilings also remain unchanged
at Not Prime. These ceilings act as a cap on ratings that can be
assigned to the FC obligations of entities other than the
government that are domiciled in the country.

Papua New Guinea's LC country risk ceilings were lowered to Ba2
from Ba1.

First driver: Fiscal deterioration

Since 2012, fiscal deficits have widened significantly as the
government embarked on an ambitious development program. After
running balanced and near-balanced budgets in every year between
2004 and 2011 as a result of high commodity prices and fiscal
discipline, the government abruptly reversed course ahead of the
expected windfall from the completion of the PNG LNG Project
(unrated). Consequently, Moody's estimate that government debt
rose to 37.7% of GDP in 2014, breaching the adjusted ceiling of
35% of GDP as prescribed by the Fiscal Responsibility Act.

Government revenue will fall short of the medium-term projections
in the 2015 budget due to the impact of lower prices for
petroleum, natural gas, and other commodities on royalties,
dividends, and the profitability of associated companies. However,
the government has not formulated a policy response that would
realign expenditures to conform to the planned glide path to a
balanced budget by 2017.

Second driver: A weakened external payments position and increased
external vulnerability

Papua New Guinea has experienced a halving of its foreign currency
reserves over the past two years. As the construction phase of the
PNG LNG Project wound down and commodity prices fell, the Papua
New Guinean kina depreciated as demand for foreign currency
outstripped supply. The central bank, the Bank of Papua New
Guinea, has intervened heavily in the foreign exchange market,
notably by imposing a trading band around the official rate,
exacerbating the loss of hard currency reserves. Nevertheless, the
kina has continued to depreciate, leading to a mechanical
deterioration in the government's debt ratios. Moody's estimate
that the stock of short-term external debt by residual maturity --
incorporating both private and public sector debt --now surpasses
the level of foreign currency reserves.

Despite lower prices for Papua New Guinea's commodity exports,
relatively rapid economic growth is likely to be sustained as the
country continues to ramp up production of liquefied natural gas
(LNG) following the commencement of export shipments in mid-2014.
However, the windfalls for fiscal and external balances are likely
to be smaller than originally projected on account of lower oil
prices over the medium-term, which in turn are correlated to LNG
prices with a lag.

Nevertheless, the successful operationalization of the PNG LNG
Project -- whose construction phase has driven a doubling of
nominal GDP in the past five years -- bolsters the prospects for
further monetization of Papua New Guinea's rich natural resource
base and robust economic growth regardless of commodity price
developments.

Although Papua New Guinea's fiscal ratios have deteriorated over
the past few years, fiscal deficits continue to be in line with
similarly-rated peers. At the same time, the past decade of debt
consolidation has left Papua New Guinea with one of the lowest
debt burdens among B1-rated countries. In addition, the
government's reliance on local sources of financing renders it
somewhat insulated from external financial shocks.

Given the negative outlook an upward movement in the rating is
highly unlikely. However, containment of government fiscal
deficits and debt levels, as well as in improvement in reserve
adequacy could stabilize the outlook.

Triggers for a further negative rating action include: (1) a
continued fiscal deterioration leading to a further rise in
government debt; (2) a loss of investor confidence and a resultant
rapid rise in interest rates and a worsening of debt
affordability; (3) a further decline in official international
reserves.

- GDP per capita (PPP basis, US$): 2,399 (2014 Actual) (also
   known as Per Capita Income)

- Real GDP growth (% change): 8.4% (2014 Estimate) (also known
   as GDP Growth)

- Inflation Rate (CPI, % change Dec/Dec): 6.6% (2014 Actual)

- Gen. Gov. Financial Balance/GDP: -7.3% (2014 Actual) (also
   known as Fiscal Balance)

- Current Account Balance/GDP: -22.6% (2013 Actual) (also known
   as External Balance)

- External debt/GDP: 148.5% (2013 Actual)

- Level of economic development: Low level of economic
   resilience

- Default history: No default events (on bonds or loans) have
   been recorded since 1983.

On May 13, 2015, a rating committee was called to discuss the
rating of "Papua New Guinea, Government of." The main points
raised during the discussion were: The issuer's fiscal or
financial strength, including its debt profile, has materially
decreased. The issuer has become increasingly susceptible to event
risks.

The principal methodology used in these ratings was Sovereign Bond
Ratings published in September 2013.

The weighting of all rating factors is described in the
methodology used in this rating action, if applicable.



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


PRYCE CORP: Seeks Court OK to End to Corporate Rehabilitation
-------------------------------------------------------------
BusinessWorld Online reports that Pryce Corp. is seeking court
approval to exit corporate rehabilitation, according to a
disclosure to the stock exchange.

The report relates that Pryce filed on May 19 a motion for the
termination of corporate rehabilitation proceedings with Branch
149 of the Makati Regional Trial Court.

"The court's granting approval to terminate the company's
rehabilitation proceedings will enable the company to start anew
with a clean slate and enable it to better achieve its business
and growth objectives as a publicly listed company," the report
quotes Pryce as saying.

In seeking an end to the rehabilitation proceedings, Pryce said it
had paid its creditors including a PHP50-million loan to Josefina
Multi-Ventures Corp. and another PHP5-million obligation to Wise
Capital Investment & Trust Co., Inc., BusinessWorld relays.

To date, the only remaining creditor is Hinundayan Holdings Corp.,
another affiliate of Pryce, according to BusinessWorld.

"Due to the above developments, it is respectfully submitted that
the corporate rehabilitation of PPC has been successful and the
instant proceedings may already be terminated by this Honorable
Court pursuant to Section 27, Rule 4 of the Interim Rules," Pryce
said in the disclosure, citing a court filing, the report relays.

PPC is the ticker symbol of the company, BusinessWorld notes.

                        About Pryce Corp.

Makati City-based Pryce Corporation --
http://www.prycegardens.com/-- formerly Pryce Properties
Corporation, was incorporated as a property holding and real
estate development company.  The company's real estate
undertakings include the development of memorial parks,
residential and commercial properties and hotel operations.  In
1997, LPG and industrial gases became the dominant business.
Thus, the company changed its name to Pryce Corp. and its
primary purpose from that of a property company to a
manufacturing company.

Pryce, thru its subsidiary Pryce Gases, Inc., manufactures and
distributes oxygen and acetylene in the Visayas and Mindanao and
trades in other gases such as argon, carbon dioxide and
nitrogen.

Pryce Gases is currently undergoing a creditor-initiated
rehabilitation. Under its revival plan, its parent firm Pryce
Corp. shall offer its real estate assets as partial payment
(dacion en pago) on the obligations of Pryce Gases to its
creditors.

As of end April 2002, the Company is estimated to have owed its
banks and financial creditors a total of PHP2.671 billion, or
approximately US$53.5 million, of which about 44 percent was due
to the International Finance Corp. (IFC) and the Netherlands
Development Finance Co. (FMO) combined. Pryce Gases has been in
default on its interest payments to IFC and FMO since December
2000 and on its principal payments since December 2001, which
prompted the two creditors to file the rehabilitation petition.

The rehabilitation plan is the first-ever initiated by creditors
in local courts seeking to preserve a borrower's business as on
going concern.



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


AVATION PLC: S&P Assigns B CCR & Rates Proposed MTN Program 'B-'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B' long-term corporate credit rating to Avation PLC, a Singapore-
based aircraft leasing company.  The outlook is stable.  S&P also
assigned its 'axBB-' long-term ASEAN regional scale rating to the
company.

At the same time, S&P assigned its 'B-' long-term ratings to a
proposed medium-term notes (MTN) program that Avation guarantees,
and to a US$150 million issuance of senior unsecured notes under
the program.  The recovery rating on the notes is '5L' to reflect
S&P's expectation of modest (10%-30%) recovery prospects for
lenders in the event of a payment default.

"The rating on Avation reflects the company's small business scale
and limited diversity in fleet and clients," said Standard &
Poor's credit analyst Katsuyuki Nakai.  "Avation's exposure to
high risks of the airline industry, and the company's high
leverage also constrain the rating.  Avation's firm position in
the ATR aircraft leasing business and solid long-term business
growth prospects temper these weaknesses."

S&P expects Avation's business scale to remain significantly
smaller than that of its rated peers in the global aircraft
leasing industry.

S&P considers customer concentration as a key risk for Avation.
Virgin Australia Holdings Ltd. is Avation's largest customer and
contributes about 67% to the leasing company's total revenue, with
leasing contracts for 21 aircraft.  S&P expects the airline to
remain a significant revenue contributor for Avation over the next
two to three years, although the company has improved its client
diversity in recent years.  Avation's fleet concentration exposes
the company to potential risks from unexpected issues with a
specific aircraft model.

S&P believes Avation's ATR business is likely to continue to
perform steadily over the next 12-24 months, backed by the
company's young ATR fleet, with an average age of 1.9 years.
Moreover, Avation has remaining lease contracts of 7.7 years, and
its lease rates are fixed.  The ATR business supports Avation's
good lease yield of 13.7% per year on book value.  As a result,
the company's return of capital is higher than that of most
industry peers.

S&P expects airline passenger demand to continue to grow over the
next three to five years, particularly in Asia-Pacific.  S&P
believes aircraft leasing should be a major source of financing
for aircraft since it is difficult for many airlines to finance
fleet modernization and expansion solely through internal funds
and secured bank borrowings.  S&P assess Avation's business risk
profile as "vulnerable" based on the above factors.

Avation's "aggressive" financial risk profile reflects the
company's aggressive expansion and high leverage.  Avation plans
to rapidly expand its fleet to 40-50 aircraft in one to two years.
The company therefore plans capital expenditure of US$300 million
to US$350 million in fiscal 2015 (year ending June, 2015).  These
figures are substantially higher than the company's capital
expenditure of US$134 million in fiscal 2013 and US$72 million in
fiscal 2014.  As a result, S&P expects Avation's debt to increase
to US$600 million-US$630 million in fiscal 2015 and continue to
increase in fiscal 2016.  S&P believes the company's ratio of
funds from operations (FFO) to debt will weaken to 6%-8%, from
9.8% in fiscal 2014.  Similarly, the debt-to-EBITDA ratio would
weaken to about 10x (from 6.2x in 2014) and the debt-to-capital
(debt + equity) ratio would rise to 80% (from 72%).

Avation's good cash flow visibility owing to its long remaining
fixed-rate leases tempers these weaknesses.  S&P believes that the
company's key financial ratios will gradually improve over the
next one to two years as a result of steady growth in cash flows
and lower capital expenditure after 2015.  In addition, Avation's
exposure to fluctuations in interest rates is limited, given that
most of the company's debt has a fixed interest rate.

"The stable outlook for Avation over the next 12 months reflects
our expectation that the company will maintain its profitability
backed by its entrenched market position in leasing ATR aircraft,"
said Mr. Nakai.  "The outlook also reflects our view that the
company's financial strength will gradually improve over the next
one to two years owing to steady growth in cash flows and lower
capital expenditure."

S&P anticipates that Avation's FFO-to-debt ratio will improve to
7%-8% over the next one to two years after weakening to about 6%
due to an expected debt issuance in fiscal 2015.

S&P could lower the rating if Avation's FFO-to-debt ratio declines
to about 5% or lower for a sustained period. Earnings pressure due
to customer defaults or a significant increase in debt because of
aggressive capital expenditure for fleet expansion could cause
such deterioration.

S&P could raise the rating if Avation's cash flows grow steadily,
supported by a growing fleet and expanding customer base, such
that the FFO-to-debt ratio exceeds 10% on a sustainable basis.


FLEXTRONICS INTERNATIONAL: S&P Ups CCR to 'BBB-';Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services said it raised its corporate
credit rating on Singapore-based Flextronics International Ltd. to
'BBB-' from 'BB+' and revised the outlook on the company to stable
from positive.

At the same time, S&P raised its issue-level rating on the
company's senior unsecured debt to 'BBB-' from 'BB+'.  S&P also
withdrew its recovery ratings on all outstanding senior unsecured
debt.

"The upgrade reflects Flextronics' improving mix of faster-
growing, more profitable end-markets, and our expectation that the
company intends to maintain a financial profile consistent with
its investment-grade rating," said Standard & Poor's credit
analyst Christian Frank.

"The ratings reflect the company's solid market position and
leverage in the high-1x area as of March 31, 2015, as well as the
volatility of the EMS sector," he added.

The stable outlook reflects S&P's expectation that Flextronics'
leading market position and improving mix of end-markets will
allow it to deliver consistent operating performance, and that it
will maintain a financial profile in line with its investment-
grade rating.

S&P could lower the rating if Flextronics loses a key customer, or
if it pursues more aggressive mergers and acquisitions or
shareholder return objectives, such that leverage increases to
above 3x on a sustained basis.

In S&P's view, an upgrade is unlikely during the next 24 months
due to the company's customer concentration and its competitive
and volatile industry conditions.



=============
V I E T N A M
=============


KEANGNAM VINA: Residents To Lose VND160B if Firm Goes Bankrupt
--------------------------------------------------------------
Business Times reports that if Keangnam Vina goes bankrupt,
Keangnam residents would lose a total of VND160 billion, which is
the fee they pay when buying apartments.

The report relates that lawyer Truong Thanh Duc, Chair of Basico,
a law firm, said it was highly possible that the apartment buyers
would lose money. In principle, this is the sum of money Keangnam
owes local residents. However, if Keangnam goes bankrupt, it may
not be able to pay the money back, the report says.

Referring to the 2014 Bankruptcy Law, the money Keangnam owes to
apartment buyers is not the priority debt that the bankrupt
company has to pay, Business Times notes. This means that the
assets and money Keangnam has will be used to pay the other debts
first before they are paid to the apartment buyers, according to
the report.

In many cases, the assets and money that enterprises have when
declaring bankruptcy are not big enough to pay all the debts;
therefore, the creditors with low priority orders cannot get their
money back, the report states.

According to Business Times, Duc noted that this is a major
problem of the 2006 Housing Law and the 2014 Bankruptcy Law which
took effect on July 1, 2014.

Business Times recalls that South Korean press reported Keangnam
Hanoi Landmark Tower was offered for sale at $800 million.

The report relates that the local residents have sent a document
to the Prime Minister asking for help in anticipation of the loss
of the money.

According to the report, the Ministry of Construction's Decision
No 08 released in May 2008 on the regulations on apartment
building management stipulates that the maintenance fund, equal to
2 percent of the building value, must be handed over to the
building administration board after it is established, so that the
board can pay for building maintenance activities.

The document showed that with the average selling price of
VND60 million per square meter, the maintenance fund for the
922 high-end apartments sold would be roughly VND160 billion, the
report states.

Meanwhile, Business Times reports that the investor -- Keangnam
-- has not handed over the fund to the building administration
board as required by law.

It is still unclear about the scale of the maintenance fund, the
report notes. While local residents affirmed the fund has VND160
billion, Keangnam said it is VND125 billion.

Business Times relates that the administration board said it has
sent eight documents to the investor and two documents to the
Minister of Construction and the Hanoi Communist Party Central
Committee's Secretary, asking for local authorities' intervention.
However, they have not received any reply.

In December 2014, Keangnam Vina admitted that it has collected
VND125 billion for the maintenance fund, and it has used the
amount of money for wrong purposes, the report recalls.

In March 2015, Keangnam Vina suggested that it would pay
VND5 billion every year and would pay all the VND125 billion
within 25 years. However, the proposal has been rejected, Business
Times says.

Keangnam Vina operates Keangnam Landmark 72 Tower, which is Hanoi,
Vietnam's tallest building.  South Korea-based Keangnam
Enterprises owns the skyscraper.



===============
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,
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Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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