TCRAP_Public/150525.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

            Monday, May 25, 2015, Vol. 18, No. 101


                            Headlines


A U S T R A L I A

CHALLENGER MILLENNIUM: Fitch Affirms Bsf Rating on Class B Notes
COLD ROCK: First Creditors' Meeting Set For June 1
EATABILITY: Restaurant Review Website to Close at End of June
FORTESCUE METALS: Fitch Affirms 'BB+' IDR, Revises Outlook to Neg
MACSTEEL PTY: First Creditors' Meeting Set For June 1

NEWCASTLE JETS: In Administration; First Meeting Set June 1
TEACH-WRITE ENTERPRISES: First Creditors' Meeting Set For June 1
TONNOC PTY: First Creditors' Meeting Slated For May 29


C H I N A

YINGLI GREEN: Responds to Media Coverage on Going Concern Doubt


I N D I A

ALAPATT FASHION: ICRA Reaffirms B- Rating on INR5.50cr LT Loan
ANGEL EXIM: CRISIL Cuts Rating on INR150MM LOC to 'D'
ANNAKOOT PROPERTIES: CRISIL Assigns B- Rating to INR500MM Loan
BHARAT METAL: ICRA Suspends 'B' Rating on INR2.50cr Loan
BLACKWOOD DEVELOPERS: CRISIL Cuts Rating on INR1.10BB Loan to B-

EASTERN PILING: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
ELVE CORPORATION: CRISIL Ups Rating on INR100MM Loan to 'B'
GREEN POWER: CRISIL Cuts Rating on INR1.05BB Term Loan to 'B'
GUDI EXPORTS: CRISIL Assigns B- Rating to INR27cr Loan
IFMR CAPITAL: ICRA Assigns B- Rating to INR11.02cr PTC Series A2

IGNIS INTERNATIONAL: CRISIL Reaffirms B+ Rating on INR20MM Loan
INDFAB PROJECTS: ICRA Reassigns C+ Rating to INR24cr Bank Loan
KAUR SAIN: CRISIL Reaffirms B Rating on INR210MM Long Term Loan
LEO TIMBER: CRISIL Reaffirms 'B+' Rating on INR38.5MM Bank Loan
LOKMANGAL PRODUCTS: ICRA Suspends D Rating on INR4.50cr Loan

MAJOLICA IMPEX: CRISIL Cuts Rating on INR150MM LOC to 'D'
MEGHALAYA CAST: CRISIL Ups Rating on INR40.7MM Cash Loan to B+
NEELKANTH RUBBER: CRISIL Reaffirms B Rating on INR80MM Cash Loan
OM ORGANIC: ICRA Assigns B+ Rating to INR7.50cr Cash Loan
PANACHE ALUMINIUM: ICRA Assigns D Rating to INR14.25cr FB Loan

PATNI BUILDERS: ICRA Assigns B+ Rating to INR10cr Cash Credit
POONAM GRAH: CRISIL Assigns B+ Rating to INR100MM Overdraft Loan
PUNJAB CROCKERY: ICRA Lowers Rating on INR83.42cr FB Loan to 'D'
R. J. TRADELINKS: CRISIL Assigns B- Rating to INR40MM Cash Loan
RAJSHRI CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR20MM Loan

RAMESH CHAND: ICRA Assigns 'B' Rating to INR8.75cr LT Loan
RENAATUS PROCON: CRISIL Assigns 'B' Rating to INR121.6MM LT Loan
S.T. WOOLLEN: ICRA Assigns B+ Rating to INR5.0cr Cash Credit
SATYA MEGHA: CRISIL Reaffirms 'D' Rating on INR141.8MM Term Loan
SHREERAM RE-ROLLERS: ICRA Suspends 'D' Rating on INR6cr Loan

SHRI KRISHNA: CRISIL Assigns B+ Rating to INR28MM Term Loan
SK BROTHERS: ICRA Suspends B+ Rating on INR7cr Cash Loan
SRI LAKSHMI: ICRA Reaffirms B+ Rating on INR9.45cr FB Loan
STAR ALLOYS: ICRA Assigns B+ Rating to INR5.75cr Cash Credit
SUNDER MARKETING: ICRA Assigns B+ Rating to INR11cr Cash Credit

SUPRABHA CONSTRUCTION: ICRA Suspends D Rating on INR4.50cr Loan
T.C. SPINNERS: ICRA Reaffirms B+ Rating on INR93.75cr LT Loan
TEXAS LIFESTYLE: ICRA Suspends B+ Rating on INR4.30cr Term Loan
VARDHMAN POLYTEX: ICRA Ups Rating on INR464cr LT Loan to C+
VENU INDUSTRIES: ICRA Revises Rating on INR15cr FB Loan to B

VIHAAN BOARDS: CRISIL Reaffirms D Rating on INR132.5MM Term Loan
VITTHAL DISTILLERIES: CRISIL Reaffirms D Rating on INR282MM Loan
VRUNDAVAN ENTERPRISE: ICRA Suspends B+ Rating on INR22.75cr Loan


I N D O N E S I A

BUMI RESOURCES: Gets Five-Month Extension of Debt Moratorium
INDONESIA: S&P Revises Outlook on Sovereign Credit Rating to Pos.
PERUSAHAAN LISTRIK: S&P Revises Outlook on BB CCR to Positive
PERUSAHAAN PENERBIT: S&P Prelim. Rates Global Sukuk Trust 'BB+'


J A P A N

SONY CORP: Former CEO Sees Firm's Turnaround Taking Hold


M O N G O L I A

GOLOMT BANK: Moody's Rates Global Local Currency LT Deposit at B2
SOUTHGOBI RESOURCES: CIC Grants Deferral to Cash Interest Payment


S R I  L A N K A

SANASA DEVELOPMENT: Fitch Affirms 'BB+(lka)' National LT Rating


                            - - - - -


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A U S T R A L I A
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CHALLENGER MILLENNIUM: Fitch Affirms Bsf Rating on Class B Notes
----------------------------------------------------------------
Fitch Ratings has affirmed seven classes of notes issued by two
Challenger RMBS Series.  These transactions are backed by pools of
Australian conforming residential mortgages originated through a
network of mortgage originators and brokers under the Challenger
Millennium Trust Securitisation programmes.

The ratings are as follows (balances as at March 31, 2015):

Challenger Millennium Series 2007-1E Trust (Challenger 2007-1E):
USD67.1m Class A2a notes (ISIN XS0280784637) affirmed at 'AAAsf';
Outlook Stable;
GBP41.5m Class A2b notes (ISIN XS0280786335) affirmed at 'AAAsf';
Outlook Stable;
EUR31.0m Class AB notes (ISIN XS0280787226) affirmed at 'AAAsf';
Outlook Stable; and
EUR32.5m Class B notes (ISIN XS0280788976) affirmed at 'Bsf';
Outlook Stable.
Challenger Millennium Series 2007-2L Trust (Challenger 2007-2L):
AUD105.2m Class A notes (ISIN AU0000CHUHA5) affirmed at 'AAAsf';
Outlook Stable;
AUD8.7m Class AB notes (ISIN AU0000CHUHB3) affirmed at 'AAAsf';
Outlook Stable; and
AUD6.7m Class B notes (ISIN AU0000CHUHC1) affirmed at 'Bsf';
Outlook Stable.

KEY RATING DRIVERS

The affirmations reflect Fitch's view that the available credit
enhancement is sufficient to support the notes' current ratings,
and the agency's expectations of Australia's economic conditions.
The credit quality and performance of the underlying loans have
remains within expectations.

Arrears, as a percentage of the transactions, have shown an
increasing trend due to the amortisation of the pools.  At end-
March 2015, Challenger 2007-2L had an underlying mortgage pool
comprising of 87% low-doc loans and 30+ day arrears of 5.3%, above
Fitch's 30+ Day low-doc Dinkum Index of 4.9%.  Challenger 2007-1E
recorded 30+ day arrears of 3.0%, above Fitch's Dinkum RMBS Index
of 1.03%.

All transactions have lenders' mortgage insurance (LMI) in place,
with policies provided by QBE Lenders Mortgage Insurance Ltd
(Insurer Financial Strength Rating: 'AA-'/Outlook Stable) and
Genworth Financial Mortgage Insurance Pty Ltd (Insurer Financial
Strength Rating: 'A+'/Outlook Stable).  At March 31, 2015, LMI
covered over 97.2% of all claims submitted by Challenger 2007-1E,
while Challenger 2007-2L saw LMI covering 99.2% of all claims.
All losses not covered by the mortgage insurers have been covered
by excess spread or Challenger Mortgage Management Pty Ltd as
residual unit holder.

RATING SENSITIVITIES

The ratings of all Class A notes are independent of any potential
downgrades to the LMI provider's ratings.  At the 'AAAsf' modelled
loss severities after LMI of 24.8% and 25.2%, the Class A notes
can withstand default rates of between 51.2% and 100%.

Challenger 2007-1E's Class AB notes can withstand default rates of
74.6%, benefiting from increased credit enhancement due to
sequential amortization.

Challenger 2007-2L currently amortizes pro-rata, with no
additional build-up of subordination.  Switch back to sequential
payment is only expected if there is a charge off or 60+ day
arrears become greater than 5% of the pool.  The Class AB notes
can withstand default rates of 22.2% and are LMI dependent,
sensitive to any downgrades to the LMI provider's ratings.

Class B notes for both transactions would be downgraded if there
was a significant reduction in payment of LMI claims and an
unexpected deterioration in delinquencies, defaults and losses.


COLD ROCK: First Creditors' Meeting Set For June 1
--------------------------------------------------
Steven Gladman of Hall Chadwick was appointed as administrator of
Cold Rock Ipswich Pty Limited on May 21, 2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Level 19, 144 Edward Street, in Brisbane,
Queensland, on June 1, 2015, at 10:30 a.m.


EATABILITY: Restaurant Review Website to Close at End of June
-------------------------------------------------------------
Eloise Keating at SmartCompany reports that home-grown restaurant
directory and review website Eatability will close at the end of
June, less than three years after it was acquired by telco Optus
for AUD6 million.

Just days after another local restaurant platform was acquired by
global review giant TripAdvisor, Eatability users on May 21
received an email informing them Eatability reviews will no longer
be available after June 30.

"We regret to inform you that Eatability will be closing its doors
on June 30th 2015," the letter said, SmartCompany relays.

"Up until this date, you will be able to still access Eatability,
and all of the reviews you and the Eatability community have
contributed."

"After this date, we'll no longer be publishing the Eatability web
site, Eatability app, or social media sites, and reviews will no
longer be available. You will also no longer receive our ongoing
newsletters to your email."

"We thank you for being part of the Eatability community, and for
the contribution you have made to the dining scene in Australia."

Eatability, which was acquired by Optus for AUD6 million in mid-
2012, did not offer an explanation for the closure and the
announcement, which was also posted on the Eatability Facebook
page, SmartCompany discloses. The news was met with surprise by a
number of Facebook users who asked for an explanation, the report
adds.

A spokesperson for Optus told SmartCompany the decision to close
the platform was made following a review of Optus' Australian
Group Digital Life division, which is "focused on created new
growth opportunities through new technology".

The Optus spokesperson also confirmed to SmartCompany that Celeste
and Hui Ong, who founded Eatability in 2003 and became Optus
employees after the sale, are "no longer with Eatability".


FORTESCUE METALS: Fitch Affirms 'BB+' IDR, Revises Outlook to Neg
-----------------------------------------------------------------
Fitch Ratings has affirmed Australia-based iron ore miner
Fortescue Metals Group Limited's (Fortescue) Long-Term Issuer
Default Rating (IDR) at 'BB+' and revised the Outlook to Negative
from Stable.  The rating action is in response to Fitch lowering
its expectations for the benchmark iron ore price.

Fitch has also assigned a 'BBB-' final rating to the USD2.3bn
senior secured notes due in March 2022, which are issued by FMG
Resources (August 2006) Pty Ltd, and guaranteed by Fortescue and
its subsidiaries.  The rating on the secured credit facility is
notched up a level from Fortescue's 'BB+' IDR to reflect the
additional provision of quality collateral, including mining
tenements.  The assignment of a final rating follows the receipt
of documents conforming to information received, and is in line
with the expected rating assigned on April 22, 2015.

The agency has also downgraded Fortescue's senior unsecured rating
and the ratings on the outstanding senior unsecured notes by one
notch to 'BB' given the material secured debt in Fortescue's
capital structure.  Secured debt will form more than 2.0x
prospective EBITDA (using Fitch's mid-cycle commodity price
assumption and volumes produced) for the next three years.

KEY RATING DRIVERS

Weaker Iron Ore Prices: On May 8, 2015, Fitch lowered its
expectations for the benchmark iron ore spot price between 2015
and 2018.  Fitch now expects iron ore to average USD50/tonne in
2015 and 2016 on a cost and freight basis, and to improve to
USD60/tonne in 2017 and to USD70/tonne thereafter.  Based on these
assumptions, Fitch expects Fortescue to sustain FFO-adjusted net
leverage of more than 3x for the financial year ended June 30,
2015, (FY15) and FY16, before recovering to below 3x in FY17.  The
Negative Outlook on Fortescue's Long-Term IDR reflects the risk
that the company's weaker credit metrics could be sustained over a
longer period should iron ore prices underperform our current
expectations, or if the company's cost reduction programme falls
short of its guidance.

Continuous Cost Improvements: The affirmation of Fortescue's Long-
Term IDR reflects the considerable improvements in its C1 cash
costs, which include mining, port, rail, and operating lease
costs.  C1 costs reduced to USD26/tonne as at March 31, 2015, - a
26% improvement compared to March 31, 2014.  The company expects
its C1 costs to average USD18/tonne in FY16.  The cost
improvements will be driven by lower strip ratios in its newer
mines, growing economies of scale on higher volumes sold, and, to
a lesser extent, a weaker Australian dollar-US dollar exchange
rate.  As a result, Fortescue will maintain its second-quartile
position in the global iron ore production cost curve, despite the
cost curve "flattening out", as higher cost producers exit the
market and lower cost producers increase production.

Satisfactory Liquidity: Fortescue sold USD2.3bn of senior secured
notes in April 2015, which will be used, among other things, to
retire its debt maturing in 2017 and 2018.  As a result
Fortescue's current earliest debt maturity falls in 2019, which is
well beyond Fitch's current expectations for a recovery in the
spot iron ore price.  Based on the agency's current estimates
Fortescue is likely to generate negative free cash flows in FY15,
but neutral to positive free cash flow thereafter.

KEY ASSUMPTIONS

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

   -- 62% Fe benchmark iron ore prices including freight cost:
      USD50/tonne for the remainder of 2015 and for 2016;
      USD60 /tonne in 2017 and USD70/tonne thereafter

   -- Fortescue's average price realisation versus the benchmark:
      85% in FY16 and FY17

   -- Freight costs to remain at USD5/tonne from 2016 to 2018

   -- C1 costs to remain at USD18/tonne in 2016 and 2017

   -- 160 million tonnes of iron ore to be shipped per year
      through 2018

   -- Australian dollar-US dollar exchange rate at 0.75 in 2015,
      0.78 in 2016, and 0.85 in 2017

   -- Fortescue will not utilise its cash reserves for purposes
      other than to repay its debt

   -- Rebalancing of shareholder remuneration until iron ore
      prices recover

RATING SENSITIVITIES

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

   -- FFO adjusted net leverage remaining higher than 3x beyond
      FY16, due to benchmark iron ore prices underperforming
      Fitch's current expectations, or Fortescue failing to meet
      its cost guidance.

   -- FFO fixed charge coverage remaining lower than 4x (Fitch
      estimate: 2.5x at FYE15)

Positive: Not meeting the negative rating triggers for an extended
period could lead to the revision of the Outlook to Stable.

FULL LIST OF RATING ACTIONS

Fortescue Metals Group Limited
Long-Term IDR affirmed at 'BB+'; Outlook revised to Negative from
Stable
Long-term rating on senior secured debt affirmed at 'BBB-'
Long-term rating on senior unsecured debt downgraded to 'BB'

FMG Resources (August 2006) Pty Ltd
Senior secured notes due in 2022 assigned a final rating of 'BBB-'
Senior secured term loan due in 2019 affirmed at 'BBB-'
Senior unsecured notes due in 2017, 2018, 2019, and 2022
downgraded to 'BB'


MACSTEEL PTY: First Creditors' Meeting Set For June 1
-----------------------------------------------------
John William Cunningham & Paul Eric Nogueira of Worrells Solvency
+ Forensic Accountants were appointed as administrators of
Macsteel Pty Ltd, trading name as Sunshine Coast Roofing, on
May 20, 2015.

A first meeting of the creditors of the Company will be held at
Worrells Solvency + Forensic Accountants, Suite 4, Level 3, 26
Duporth Avenue, in Maroochydore, Queensland, on June 1, 2015, at
11:00 a.m.


NEWCASTLE JETS: In Administration; First Meeting Set June 1
-----------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Newcastle Jets
Football Operations Pty Ltd has been placed into administration.
Shaw Gidley's James Shaw has been appointed administrator of the
club.  The appointment will provide owner Nathan Tinkler more time
to finalise a sale of the club to Dundee United, the report says.

According to Dissolve.com.au, the Football Federation of Australia
cited that the administrators' appointment is an act of insolvency
and a breach of the license conditions of the A-League. It added
that the Tinkler's Hunter Sports Group (HSG) had been provided the
chance to continue to own and operate the license of the club.
However, it failed to meet the required conditions, the report
states.

An urgent evaluation of the Newcastle Jets Football Operations'
financial position will be undertaken by the administrators, the
report notes.

A first meeting of the creditors of the Company will be held at
Panthers Newcastle, 'The Friendship Room', Corner of King and
Union Street, in Newcastle West, New South Wales, on June 1, 2015,
at 10:00 a.m.


TEACH-WRITE ENTERPRISES: First Creditors' Meeting Set For June 1
----------------------------------------------------------------
Richard Trygve Rohrt of Hamilton Murphy was appointed as
administrator of Teach-Write Enterprises Pty Ltd, trading as
Logans Beach Whale Nursery Apartments, on May 20, 2015.

A first meeting of the creditors of the Company will be held at
Hamilton Murphy, Certified Practising Accountants, on June 1,
2015, at 11:00 a.m.


TONNOC PTY: First Creditors' Meeting Slated For May 29
------------------------------------------------------
Robert Michael Kirman and Norman Charles Oehme of McGrathNicol
were appointed as administrators of Tonnoc Pty Ltd, trading name
as Blue Thistle, on May 19, 2015.

A first meeting of the creditors of the Company will be held at
QV.1 Conference Centre, Conference Room 1, Level 2, 250 St,
Georges Terrace, in Perth, Washington, on May 29, 2015, at
11:00 a.m.



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YINGLI GREEN: Responds to Media Coverage on Going Concern Doubt
--------------------------------------------------------------
Yingli Green Energy Holding Company Limited, a solar panel
manufacturers, on May 20 issued this statement to respond to
recent media coverage on the Company's ability as a going concern
as disclosed in its annual report on Form 20-F for the year ended
December 31, 2014 filed with the U. S. Securities and Exchange
Commission on May 15, 2015:

In accordance with the relevant rules and regulations of the SEC
and the New York Stock Exchange, Yingli Green Energy recently
filed the 2014 Annual Report with the SEC, in which the Company
disclosed its operating and financial results for 2014, including
the Company's historical financial performance, as well as the
Company's overall losses, debt-to-equity ratios and strategic
investments.  In line with the prudent analysis of its independent
auditors, the Company stated in the 2014 Annual Report that there
is substantial doubt as to the Company's ability to continue as a
going concern.  However, this statement has been taken and
interpreted out of context in some media coverages.  The Company
has been transparent not only about the risks and challenges it
faces, but also about the Company's alternative plans to mitigate
future risks and challenges.  The Company has already taken a
series of positive and substantive actions and steps relating to
its debt repayment plans, including the recent repayment of the
Company's mid-term notes in the principal amount of RMB 1.2
billion, which matured on May 3, 2015.  Overall, the Company is
optimistic about and confident in its ability to continue
servicing the global solar market, and feel well-positioned with
our quality products and access to capital in order to take
advantage of the current surge in solar demand.

Mr. Liansheng Miao, the chairman and chief executive officer of
Yingli Green Energy, commented, "While we still have another
series of medium term notes in the principal amount of RMB 1.0
billion due on October 13, 2015, we believe that we will meet our
repayment obligations based on the substantial progress we have
achieved to date to secure funds to repay these notes on
schedule."

In addition, the Company also announced that it will host first
quarter 2015 results conference call on June 5, 2015 and will
distribute its earnings announcement before the call.

                   About Yingli Green Energy

Yingli Green Energy Holding Company Limited (NYSE: YGE), --
http://www.yinglisolar.com-- is a solar panel manufacturer.
Yingli Green Energy's manufacturing covers the photovoltaic value
chain from ingot casting and wafering through solar cell
production and solar panel assembly.  Headquartered in Baoding,
China, Yingli Green Energy has more than 30 regional subsidiaries
and branch offices and has distributed more than 13 GW solar
panels to customers worldwide.



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ALAPATT FASHION: ICRA Reaffirms B- Rating on INR5.50cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B- outstanding
on the INR5.50 crore fund based facilities of Alapatt Fashion
Jewellery.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term - Fund
   based facilities        5.50         [ICRA]B-/reaffirmed

The rating reaffirmation takes into account the experience of
promoters in the jewellery retailing business for over two decades
and the established market presence of the Firm in a prominent
location in Trivandrum (Kerala) and the strong equity enjoyed by
the brand (Alapatt) among the affluent class in the region, which
have acted as strong catalysts for the volumes backed by repeat
customers. The rating, however, also factor in the slow moving
nature of the Firm's high value inventory which has aggravated the
working capital intensity and the same is reflected in high
utilization levels of its cash credit facilities, and exposes the
profitability to any sharp fluctuations in both gold prices and
foreign exchange rates. The inventory levels remain higher than
industry average and resulted in highly leveraged capital
structure. The rating also factors in the Firm's relatively small
scale of operations which restrict financial flexibility, the
intense competitive pressures prevalent in the highly fragmented
jewellery retail industry and significant geographical
concentration risk with a single showroom presence in Trivandrum.
While the entry of large regional and corporate retailers in the
region had impacted volumes of the Firm and led to pricing
pressures, ICRA takes comfort from the long term favourable demand
prospects for the domestic jewellery industry. Going forward,
ability of the Firm to improve its working capital position and
enhance its revenues, in view of increasing presence of larger
retailers in Trivandrum region, and maintain margins would be
crucial to improve the overall credit profile.

Alapatt Fashion Jewellery is a partnership firm set up by Mr. John
Alapatt in Trivandrum in 1992. The Firm is currently engaged in
the business of gold and diamond jewellery retailing and operates
with single retail showroom (~2,000 square feet area) in a leased
premise located in Trivandrum. Majority of the Firm's gold
requirements are met through melted gold obtained from exchange of
old jewellery from customers. Also, the Firm sources gold and
diamond jewellery from merchants based out of Mumbai and
Bangalore.

Recent Results
AFJ reported net profit of INR0.4 crore on an operating income of
INR12.1 crore during 2013-14 as against net profit of INR0.6 crore
on an operating income of INR13.3 crore during 2012-13.


ANGEL EXIM: CRISIL Cuts Rating on INR150MM LOC to 'D'
-----------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Angel
Exim Private Limited (AEPL; part of the Majolica group) to 'CRISIL
D/CRISIL D' from 'CRISIL B+/Stable/CRISIL A4'.

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit               5         CRISIL D (Downgraded from
                                        'CRISIL B+/Stable')

   Letter of Credit        150         CRISIL D (Downgraded from
                                       'CRISIL A4')

The ratings downgrade reflects devolvement of AEPL's letter of
credit for more than 30 days, on account of its weakened
liquidity; the company's weak liquidity is because of its
stretched working capital cycle.

The ratings reflect Majolica group's exposure to high competition
and trading nature of operations, leading to low profitability and
weak financial risk profile marked by an aggressive capital
structure and below average debt protection metrics. These ratings
weaknesses are partially offset by the extensive experience of
Majolica groups' promoters in the trading of timber and ceramic
tiles.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Majolica Impex Private Limited (MIPL),
Angel Exim Private Ltd (AEPL), and STMPL Enterprises Pvt Ltd
(STMPL). This is because all these entities, together referred to
as the Majolica group, are under the same management team, have
common promoters, and are engaged in similar lines of business.

The Majolica group trades in ceramic and porcelain tiles and
timber. Incorporated in 1997, AEPL is promoted by members of the
Mithiborwala family based in Ahmedabad (Gujarat).


ANNAKOOT PROPERTIES: CRISIL Assigns B- Rating to INR500MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long term
bank facility of Annakoot Properties Pvt. Ltd. (APPL).

                          Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Proposed Long Term      500           CRISIL B-/Stable
   Bank Loan Facility

The rating reflects APPL's weak financial risk profile marked by
high gearing and weak debt protection metrics, and its
susceptibility to intense competition and cyclicality in the
hospitality sector. These weaknesses are partially offset by the
benefits derived by APPL's from the extensive industry experience
of its promoters' and its strategic location.
Outlook: Stable

CRISIL believes that APPL will continue to benefit from the
extensive industry experience of its promoters and the need based
fund support from its promoters. The outlook may be revised to
'Positive' if APPL reports significantly larger-than-expected cash
accruals either through higher revenues or profitability,
resulting in improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if APPL
reports a decline in revenues and profitability leading to lower-
than-expected cash accruals or undertakes any sizeable debt funded
capital expenditure leading to weakening of its debt protection
indicators.

APPL owns and operates a restaurant located in Powai Mumbai, under
the 'Saffron Spice' brand name. APPL also operates a 4 star hotel,
with 92 rooms, located in Andheri, Mumbai, which also has a
restaurant under the 'Saffron Spice' brand name. APPL was
incorporated in November 2003, and is currently managed by the
Bengaluru based MRG group.

APPL reported, on a provisional basis, a net loss of INR49 million
on operating income of INR191 million for 2014-15 (refers to
financial year, April 1 to March 31); the company reported a net
loss of INR94 million on operating income of INR168 million for
2013-14.


BHARAT METAL: ICRA Suspends 'B' Rating on INR2.50cr Loan
--------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR2.50 crore
fund based facilities & [ICRA]A4 rating to the INR5.00 crore non
fund based bank facilities of Bharat Metal Fabricators. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


BLACKWOOD DEVELOPERS: CRISIL Cuts Rating on INR1.10BB Loan to B-
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Blackwood Developers Pvt Ltd (BDPL) to 'CRISIL B-/ Stable' from
'CRISIL B+/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan            1100       CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The rating downgrade reflects deterioration in BDPL's financial
risk profile, particularly its financial flexibility. This was
driven by the company's low profitability, leading to insufficient
net cash accruals for meeting its maturing debt obligations.
BDPL's operating profitability margin is estimated at 54 to 55 per
cent for 2014-15 (refers to financial year, April 1 to March 31)
which was lower than CRISIL's earlier expectation, leading to
insufficient cash accruals for the year; however, its debt
repayments are supported by unsecured loans.

The rating reflects BDPL's small scale of operations, lower-than-
industry-average profitability, and exposure to event risks. The
rating also factors in the company's weak financial risk profile,
marked by high gearing and below-average debt protection metrics.
These rating weakness are partially offset by BDPL's comfortable
revenue visibility over the medium term driven by its long-term
lease contracts with clients.
Outlook: Stable

CRISIL believes that BDPL has comfortable revenue visibility over
the medium term due to its long-term lease contracts with clients.
The outlook may be revised to 'Positive' if the company's
profitability increases significantly, most likely due to an
increase in its occupancy rates, leading to improvement in its
financial risk profile, particularly its financial flexibility.
Conversely, the outlook may be revised to 'Negative' if BDPL's
tenants unexpectedly terminate existing leases, or if the company
undertakes a large debt-funded capital expenditure programme,
resulting in further deterioration in its financial risk profile.

BDPL leases commercial space at its shopping mall, Phoenix United
Mall, at Bareilly (Uttar Pradesh). The total available area for
lease is around 423,000 square feet. The construction of this mall
started in December 2008 and was completed in April 2012.


EASTERN PILING: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Eastern Piling and
Construction Pvt Ltd (EPCPL) continue to reflect the company's
limited scale of operations, the geographical and segmental
concentration in its operations, and its modest financial risk
profile marked by small net worth. These rating weaknesses are
partially offset by the extensive experience of EPCPL's promoters
in the transmission tower industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         80       CRISIL A4 (Reaffirmed)
   Cash Credit            40       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that EPCPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company improves its
business risk profile, most likely through geographical and
segmental diversification leading to ramp up in operations, or if
it improves its capital structure. Conversely, the outlook may be
revised to 'Negative' in case of weakening of EPCPL's financial
risk profile, most likely caused by large working capital
requirements or low cash accruals or debt-funded capital
expenditure.

Update
EPCPL's revenue is estimated to have declined by around 7 per cent
year-on-year to around INR90 million in 2013-14 (refers to
financial year, April 1 to March 31), because of delay in
execution of its existing projects on account of delay in getting
approval from the forest department and muted demand because of
lower capacity addition in the power industry. The company's
margins remained low, in a range of 13 to 15 per cent, over the
past four years; margins are expected to remain at similar levels
over the medium term.

The company's operations are highly working capital intensive as
reflected by its estimated gross current assets (GCAs) of 340 days
as on March 31, 2014; the GCAs were at a similar levels in the
past. The GCAs are high owing to the company's large debtors of
around 250 days. As a result, the company's bank limit utilisation
was high, averaging over 90 per cent, for the 12 months through
March 2014.

EPCPL's net worth is estimated to have remained small, at INR35
million, as on March 31, 2014, limiting its financial flexibility
to meet any exigency. The company has large debt, contracted to
fund working capital requirements; large debt and small net worth
resulted in estimated moderate gearing of 1.14 times as on
March 31, 2014.

EPCPL was established in 1991 in Cuttack (Odisha) by Mr. Abhay
Kumar Das. The company mainly builds and commissions high-tension
power lines and substations on a turnkey basis. It also undertakes
repair work, mainly for private sector entities.


ELVE CORPORATION: CRISIL Ups Rating on INR100MM Loan to 'B'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of Elve Corporation (Elve; part of the Gajra group) to
'CRISIL B/Stable' from 'CRISIL B-/Stable' and has reaffirmed its
rating on the company's short-term bank loan facility at 'CRISIL
A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bill Discounting        100        CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Letter of Credit         40        CRISIL A4 (Reaffirmed)

   Packing Credit           45        CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Proposed Long Term       40        CRISIL B/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that the Gajra group
will sustain its improved business risk profile over the medium
term, supported by an increase in its scale of operations and
stable profitability. The group's revenue is estimated in the
range of INR2.1 billion to INR2.3 billion for 2014-15 (refers to
financial year, April 1 to March 31), up by around 13 per cent
year-on-year backed by healthy demand for its products. The
group's operating margin remained moderately high, at 10 per cent
for 2014-15. The rating upgrade also factors in Elve's adequate
liquidity with nil debt obligations on a standalone basis. CRISIL
believes that the Gajra group will continue to improve its scale
of operations while maintaining its operating profitability over
the medium term.

The ratings continue to reflect the Gajra group's average
financial risk profile marked by large debt obligations and
average debt protection metrics. The ratings also factor in the
group's large working capital requirements, its limited pricing
flexibility, and the susceptibility of its profitability margins
to volatility in raw material prices and foreign exchange rates.
These rating weaknesses are partially offset by the Gajra group's
established presence in the automotive components industry
supported by its promoters' extensive industry experience, and its
established relationships with customers.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Elve, Gajra Gears Pvt Ltd (GGPL), and
Gajra Differential Gears Ltd (GDGL, rated CRISIL D/CRISIL D). This
is because the three entities, together referred to as the Gajra
group, have common promoters, are in the same line of business,
and have significant operational and financial linkages.

Outlook: Stable

CRISIL believes that the Gajra group will maintain its established
presence in the automotive components industry over the medium
term, supported by its promoters' extensive industry experience
and its established relationships with customers. The outlook may
be revised to 'Positive' if the group's scale of operations and
working capital management improve on a sustainable basis while it
maintains its operating margin, leading to substantial cash
accruals. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in the Gajra group's profitability margin,
or if its capital structure deteriorates significantly, most
likely because of large working capital requirements or debt-
funded capital expenditure.

The Gajra group started operations in 1950 with the formation of
Elve, which trades in diesel engines and spares. Elve is the
exporting arm of the Gajra group, and exports automotive
transmission gears and differential gears procured from GGPL and
GDGL.

GGPL was set up in 1962, and manufactures automotive transmission
gears such as engine gears, gear box assemblies, and castings.

GDGL was set up in 1991, and manufactures a wide range of crown
wheels, pinions, and spider kit assemblies.

For 2013-14, Elve reported a profit after tax (PAT) of INR24
million on net sales of INR607.3 million, against a PAT of INR16.8
million on net sales of INR564.8 million in 2012-13.


GREEN POWER: CRISIL Cuts Rating on INR1.05BB Term Loan to 'B'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Green Power Sugars Ltd (GPSL) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan            1050       CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The rating downgrade reflects the expected pressure on GPSL's
financial risk profile, particularly its liquidity, amid weak
outlook for sugar prices and the company's large term debt
obligations over the medium term. GPSL has term debt obligation of
INR146 million in 2015-16 (refers to financial year, April 1 to
March 31). Furthermore, the creation of a debt service reserve
account to meet six months' interest and principal obligations
will keep GPSL's liquidity tight despite sanction of a working
capital limit.

The rating reflects GPSL's weak financial risk profile, marked by
high gearing and weak debt protection measures, large working
capital requirements, and susceptibility to cyclicality inherent
in the sugar industry and to regulatory risks. These rating
weaknesses are partially offset by the company's proximity to the
sugarcane cultivating region in Maharashtra and the funding
support it receives from its promoters.
Outlook: Stable

CRISIL believes that GPSL's liquidity will remain constrained over
the medium term by large debt obligations and weak outlook for
sugar prices. GPSL, however, will continue to benefit from its
promoters' extensive industry experience and their funding
support. The outlook may be revised to 'Positive' in case of
significant infusion of funds, easing the pressure on the
company's liquidity, or substantial accruals. Conversely, the
outlook may be revised to 'Negative' in case of increased pressure
on the company's liquidity due to low cash accruals, or increase
in working capital requirements, or debt-funded capital
expenditure.

GPSL, incorporated in 2006 by the Deshmukh family, has an
integrated sugar plant, with crushing capacity of 3500 tonnes per
day, along with a distillery with capacity of 30 kilolitres per
day and a 16-megawatt cogeneration power plant, at Gopuj in Satara
(Maharashtra).


GUDI EXPORTS: CRISIL Assigns B- Rating to INR27cr Loan
------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Gudi Exports Pvt Ltd (GEPL).


                          Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Proposed Short Term
   Bank Loan Facility       40           CRISIL A4

   Packing Credit           40           CRISIL A4

   Foreign Exchange
   Forward                  10           CRISIL A4

   Bank Guarantee             .5         CRISIL A4

   Foreign Bill Purchase    27           CRISIL B-/Stable


The ratings reflect GEPL's small scale of operations in the
intensely competitive and fragmented ready-made garments (RMG)
industry, the company's weak financial risk profile marked by a
small net worth, its large working capital requirements, and the
high geographic and customer concentration in its revenue profile.
These rating weaknesses are partially offset by the extensive
industry experience of GEPL's promoters.
Outlook: Stable

CRISIL believes that GEPL will continue to benefit over the medium
term from its promoters' extensive experience in the RMG industry.
The outlook may be revised to 'Positive' if the company generates
substantial cash accruals while improving its working capital
cycle. Conversely, the outlook may be revised to 'Negative' if
GEPL generates low cash accruals, or if its working capital
management deteriorates, or if it undertakes a large debt-funded
capital expenditure programme.

GEPL was incorporated in 2012 by Mr. Mandeep Wasu and Mr. Ajit
Singh Wasu. GEPL manufactures and exports RMG, primarily high-end
ladies fashionable clothing. Its daily operations are managed by
key promoter Mr. Mandeep Wasu.

GEPL reported a profit after tax (PAT) of INR0.4 million on
operating income of INR17.5 million for 2013-14 (refers to
financial year, April 1 to March 31), against a PAT of INR0.3
million on operating income of INR6.8 million for 2012-13.


IFMR CAPITAL: ICRA Assigns B- Rating to INR11.02cr PTC Series A2
----------------------------------------------------------------
ICRA had assigned Provisional [ICRA]BBB(SO) rating and Provisional
[ICRA]B-(SO) rating to proposed PTC A1 and PTC A2 issuance by IFMR
Capital Mosec Aethon 2015 backed by micro loan receivables
originated by Annapurna Microfinance Private Limited (AMPL),
Future Financial Servicess Limited (FFSL), Intrepid Finance and
Leasing Private Limited (Intrepid), Sahayog Microfinance Limited
(Sahayog), Saija Finance Private Limited (Saija), Sonata Finance
Private Limited (Sonata) and S V Creditline Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   PTC Series A1           89.22        [ICRA]BBB(SO)
   PTC Series A2           11.02        [ICRA]B-(SO)

Since the executed transaction documents are in line with the
rating conditions and the legal opinion and due diligence audit
certificate have been provided to ICRA, the said ratings have now
been confirmed as final.


IGNIS INTERNATIONAL: CRISIL Reaffirms B+ Rating on INR20MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ignis International
Industries Pvt Ltd (IIIPL) continue to reflect IIIPL's modest
scale of operations, its below-average financial risk profile,
marked by small net worth and leveraged capital structure, and
susceptibility of its operating profitability to fluctuations in
raw material prices and foreign exchange rates. These rating
weaknesses are partially offset by the extensive experience of
IIIPL's promoters in the steel industry and its established
relationship with its customers on the back of value additions in
product offered.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit              20      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        135      CRISIL A4 (Reaffirmed)
   Standby Line of Credit   10      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that IIIPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
established relationship with customers. The outlook may be
revised to 'Positive' if the company's scale of operations
increases substantially, leading to large accretion to reserves or
if there is large equity infusion, leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of decline in the company's operating margin,
or large working capital requirements, leading to deterioration in
its financial risk profile.

Update
IIIPL's provisional net sales have remained at INR507 million till
February 2015 from INR236 million in 2013-14 (refers to financial
year, April 1 to March 31). The company's operating margin was
moderate at around 5 per cent in 2013-14 and is expected to remain
at similar levels over the medium term. The working capital
management has improved, with gross current assets reducing to 84
days as on March 31, 2014, from 90 days a year ago. IIIPL's
financial risk profile remains below-average, marked by a high
total outside liabilities to tangible net worth ratio of 4.23
times; the company's debt protection metrics were moderate in
2013-14, marked by interest coverage and net cash accruals to
total debt ratios at 2.6 times and 0.37 times, respectively. The
company's accruals are expected at around INR8.7 million in 2014-
15, and should be adequate to support part of the working capital
requirements over the medium term.

IIIPL reported a profit after tax (PAT) of INR3.6 million on net
sales of INR236 million for 2013-14, against a PAT of INR4.5
million on net sales of INR310.8 million for 2012-13.

Established in 2011, IIIPL trades in ferrous and non-ferrous metal
products in the domestic market. The company is promoted by the
Vadodara (Gujarat)-based Mohnot family and managed by Mr. Preet
Mohnot.


INDFAB PROJECTS: ICRA Reassigns C+ Rating to INR24cr Bank Loan
--------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR2.00
crore cash credit, INR0.28 crore unallocated fund based limit and
INR24.00 crore non-fund based limit of Indfab Projects Private
Limited from [ICRA]C+ to [ICRA]D, and simultaneously reassigned
the rating to [ICRA]C+. The non fund based limit of IPPL is also
rated in the short term scale, for which ICRA has also revised the
short term rating from [ICRA]A4 to [ICRA]D, and simultaneously
reassigned the rating to [ICRA]A4.

                       Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Fund Based Limit-     2.00      Revised from [ICRA]C+ to
   Cash Credit                     [ICRA]D and simultaneously
                                   reassigned to [ICRA]C+

   Fund Based Limit-     0.28      Revised from [ICRA]C+ to
   Unallocated                     [ICRA]D and simultaneously
                                   reassigned to [ICRA]C+

   Non Fund Based       24.00      Revised from [ICRA]C+/[ICRA]A4
   Limit- Bank                     to [ICRA]D/[ICRA]D and
   Guarantee                       simultaneously reassigned to
                                   [ICRA]C+/[ICRA]A4

The downward revision in both the long term and short term ratings
to [ICRA]D follows the irregularity in debt servicing by IPPL in
the recent past, due to liquidity tightness faced by the company.
However, with the subsequent regularization of debt servicing,
ICRA has reassigned the rating to [ICRA]C+ and [ICRA]A4.

Indfab Projects Private Limited (IPPL) promoted in 2005, carries
out Engineering, Procurement and Construction (EPC) work in the
aluminium industry. In addition, the company also manufactures
components used in potlines and electrical busbars of aluminium
smelters.

Recent Results
During 2013-14, the company posted a net profit of INR1.52 crore
on an operating income of INR50.98 crore, as compared to a net
profit of INR3.05 crore on an operating income of INR83.30 crore
in 2012-13.


KAUR SAIN: CRISIL Reaffirms B Rating on INR210MM Long Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kaur Sain Spinning
Mills (KSM) continue to reflect KSM's weak financial risk profile
marked by a highly leveraged capital structure and weak debt
protection metrics, and its small scale of operations in the
fragmented industry. These rating weaknesses are partially offset
by the firm's long-standing presence in the partially oriented
yarn (POY) segment.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bill Discounting         10       CRISIL A4 (Reaffirmed)
   under Letter of
   Credit

   Cash Credit             100       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       20       CRISIL B/Stable (Reaffirmed)

   Long Term Loan          210       CRISIL B/Stable (Reaffirmed)

   Letter of Credit         30       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that KSM will benefit over the medium term from
its long-standing presence in the POY segment. The outlook may be
revised to 'Positive' in case of a significant improvement in the
firm's financial risk profile because of capital infusion by
promoters, or improvement in its scale of operations. Conversely,
the outlook may be revised to 'Negative' in case of deterioration
in KSM's financial risk profile because of a significant increase
in inventory, leading to large incremental bank borrowings, or in
case of large debt-funded capital expenditure.

Update
KSM registered total operating income of around INR 824.1 million
during 2013-14 (refers to financial year, April 1 to March 31)
against INR 659.8 million during 2012-13 mainly due to additional
revenue from one-time trading activities. Consequently, operating
revenue has remained around INR 650 million during 2014-15 which
is expected to improve gradually over medium term backed by
expected additional revenue from proposed dyeing plant. KSM is
setting up dyeing plant with capacity of around 5 tonne per day at
total cost of INR 300 million to be funded with debt of INR 210
million and rest through capital infusion and internal accruals.
The firm has already spent INR 97.7 million at March 31, 2015 and
plant is expected to be made operational during 2015-16 only.

KSM reported net-worth of around INR 23.5 million at March 31,
2014 and is expected to grow gradually over medium term on the
back of expected stable profitability. However, KSM's gearing is
expected to deteriorate to the level of 5 to 6 times over medium
term driven by expected increase in bank borrowing by way of term
loan to fund its proposed dyeing plant. Further, KSM's net cash
accruals to total debt (NCATD) and interest coverage are expected
to remain in the range of 0.01 to 0.05 times and 1 to 1.5 times
over medium term.

During 2015-16, KSM is expected to make net cash accruals in the
range of INR 10 to 15 million against nil debt repayment
obligations. The repayment obligation of term loan for dyeing
plant will start from 2016-17 and shall remain key rating
sensitivity factor. KSM has reported unsecured loans from promoter
of around INR 24.3 million at March 31, 2014 which is expected to
increase over medium term to support proposed capital expenditure
plans and working capital requirements for the same.

KSM was established in 1999 as a partnership firm by Mr. Sushil
Kumar Mittal and his family members. The firm manufactures POY at
its plant in Ludhiana (Punjab). It has installed capacity of 12
tonnes per day (tpd) of texturing yarn. It also trades in knitted
cloth.

The firm is setting up a dyeing plant, with a capacity of 5 tpd,
which is expected to be completed during 2015-16 (refers to
financial year, April 1 to March 31).

KSM reported a book profit of INR6.2 million on net sales of
INR824.1 million for 2013-14, against a book profit of INR6.8
million on net sales of INR659.8 million for 2012-13.


LEO TIMBER: CRISIL Reaffirms 'B+' Rating on INR38.5MM Bank Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Leo Timber Pvt Ltd
(LTPL) continue to reflect LTPL's below-average financial risk
profile, marked by a small net worth, high total outside
liabilities to tangible net worth ratio, and weak debt protection
metrics. The ratings also factor in the company's modest scale of
operations and exposure to intense competition. These rating
weaknesses are partially offset by the  extensive experience of
LTPL's promoters in the timber-trading industry and the company's
moderate risk management policies.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          31.5      CRISIL B+/Stable (Reaffirmed)

   Letter of Credit     50        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   38.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that LTPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is substantial and
sustained improvement in the company's revenue and profitability
margins, or a significant increase in net worth on the back of
equity infusion by its promoters. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in LTPL's
profitability margins or significant deterioration in its capital
structure on account of a considerable increase in its working
capital requirements.

Incorporated in 1996, LTPL trades in timber. The company is based
in Delhi and its day-to-day operations are managed by Mr. Devender
Singh.


LOKMANGAL PRODUCTS: ICRA Suspends D Rating on INR4.50cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
INR4.50 crore cash credit, INR3.00 crore term loan and INR4.26
crore unallocated amount of Lokmangal Products Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Incorporated in the year 2002 at Solapur as public limited
company, Lokmangal Product Limited (LPL) is engaged in the
business of milk procurement, processing and marketing of liquid
milk and milk products under brand name "Lokmangal". The dairy
products marketed by Lokmangal include toned milk, raw chilled
milk, milk powder, butter, and ghee. Its production unit at
Solapur, Maharashtra has a milk processing capacity of 1 lac lpd.
Lokmangal Products Limited (LPL) is a part of Lokmangal group,
which has presence in various sectors like agro-based soil
additive and insecticides and Sugar business, infrastructure
development, transport & communications systems, agro-based
biotech products company, and banking & financial institutes.


MAJOLICA IMPEX: CRISIL Cuts Rating on INR150MM LOC to 'D'
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Majolica Impex Pvt Ltd (MIPL; part of the Majolica group) to
'CRISIL D/CRISIL D' from 'CRISIL B+/Stable/CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Foreign Exchange         4.8       CRISIL D (Downgraded from
   Forward                            'CRISIL A4')

   Letter of Credit       150.0       CRISIL D (Downgraded from
                                      'CRISIL A4')

   Post Shipment Credit    90.0       CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

The rating downgrade reflects devolvement of MIPL's letter of
credit for more than 30 days, on account of its weakened
liquidity; the company's weak liquidity is because of its
stretched working capital cycle.

The ratings reflect Majolica group's exposure to high competition
and trading nature of operations, leading to low profitability and
weak financial risk profile marked by an aggressive capital
structure and below average debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
Majolica groups' promoters in the trading of timber and ceramic
tiles.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MIPL, Angel Exim Private Ltd (AEPL),
and STMPL Enterprises Pvt Ltd (STMPL). This is because all these
entities, together referred to as the Majolica group, are under
the same management team, have common promoters, and are engaged
in similar lines of business.

The Majolica group trades in ceramic and porcelain tiles and
timber. Incorporated in 2011, MIPL is promoted by Ahmedabad
(Gujarat)-based Mithiborwala family.


MEGHALAYA CAST: CRISIL Ups Rating on INR40.7MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Meghalaya Cast and Alloys Pvt Ltd (MCAPL; part of the Pawan group)
to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           40.7       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Term Loan             22.5       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects increase in MCAPL's scale of
operations because of capacity expansion and better capacity
utilisation. The company's operating income increased to estimated
INR715 million in 2014-15 (refers to financial year, April 1 to
March 31) from INR469 million in 2013-14. Moreover, the company's
operating margins also improved, to 2.30 per cent in 2013-14 from
1.33 per cent in 2012-13. The operating profitability is estimated
to have remained at similar levels in 2014-15. The rating upgrade
also factors in MCAPL's improved liquidity, with cash accruals
increasing to an estimated INR7.0 million in 2014-15 from INR5.1
million in 2013-14, against nil term debt obligations.  The
company's bank limit utilisation remains moderate at 89.5 per cent
over the ten months ending January 2015. CRISIL believes that
MCAPL's liquidity shall remain adequate over the medium term
backed by moderate working capital requirements and absence debt
funded capex plans over the medium term.

The rating reflects the Pawan group's small scale of operations in
the fragmented steel industry and its large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of the group's promoters in the iron and
steel industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of MCAPL and Pawan Castings (Meghalaya)
Pvt Ltd. This is because the two companies, together referred to
as the Pawan group, are in the same line of business, have
significant operational synergies, and are under a common
management. Both the companies are likely to support each other in
case of exigencies.
Outlook: Stable

CRISIL believes that the Pawan group will maintain its moderate
business risk profile over the medium term, backed by its
promoters' industry experience. The outlook may be revised to
'Positive' if the group reports significant improvement in revenue
and profitability. Conversely, the outlook may be revised to
'Negative' if the group's profitability declines or if it
undertakes a large debt-funded capital expenditure programme,
weakening its financial risk profile.

The Pawan group was set up by Mr. Madan Lal Mittal and Mr. Rajesh
Kumar Mittal. The group manufactures structural steel. MCAPL,
incorporated in 2002, manufactures mild steel ingots at its
facilities in Meghalaya. PCPL commenced commercial production in
2007, and is engaged in manufacture of ingots and thermo-
mechanically treated (TMT) bars. Its plant is in Byrnihat
(Meghalaya).


NEELKANTH RUBBER: CRISIL Reaffirms B Rating on INR80MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Neelkanth Rubber Mills
(NRM) continue to reflect NRM's weak financial risk profile,
marked by a small net worth, weak debt protection metrics, large
working capital requirements, and susceptibility to cyclicality in
end-user industries. These rating weaknesses are partially offset
by NRM's established position in the rubber conveyor belts
industry.

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

   Letter of Credit      90        CRISIL A4 (Reaffirmed)

   Packing Credit        10        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    20        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NRM will continue to benefit from its
partners' extensive experience in the conveyer belts industry and
its diversified customer profile, over the medium term. The
outlook may be revised to 'Positive' in case of larger-than-
estimated cash accruals, most likely on account of significantly
higher revenue and profitability or in case of lower-than-
estimated working capital requirements, leading to improvement in
the firm's liquidity. Conversely, the outlook may be revised to
'Negative' if NRM undertakes a large debt-funded capital
expenditure programme or in case of significant capital
withdrawals by the partners, leading to further weakening in its
financial risk profile, particularly liquidity.

Update
For 2014-15 (refers to financial year, April 1 to March 31), NRM's
operating revenues are estimated to remain around INR 330 million;
15 per cent lower than 2013-14 because of cancellations of coal
blocks by Government of India (GOI) leading to lower demand from
coal mines. CRISIL expects NRM's operating revenue to improve over
the medium term because of partial re-allocation of coal blocks
leading to revival in demand from coal mines. The firm's operating
profitability for 2014-15 is estimated to remain in range of 7-7.5
per cent on account of limited bargaining power with customers.
CRISIL believes that NRM's operating margin will remain in the
range of 7-7.5 per cent over the medium term.

NRM's gearing is estimated to improve to 2 times as on March 31,
2015 from 3.95 times as on March 31, 2014 on account of fund
infusion of INR 14.6 million by partners leading to improvement in
networth levels. CRISIL believes that NRM's gearing will improve
to less than 2 times owing to improvement in inventory stocking
requirements , the firm's inventory days are estimated to have
improved to 54 days as on March 31, 2015 from 73 days as on
March 31, 2014 due to liquidation of old inventory. CRISIL
believes the inventory will remain in the range of 60 days over
the medium term. The firm's debt protection metrics (DPM)
continues to remain below average with expected interest coverage
ratio and net cash accruals to total debt (NCATD) ratio at ~1.6
times and 0.09 times respectively for 2014-15. CRISIL expects
NRM's DPM to remain below average backed by low cash accruals over
the medium term.

NRM's liquidity has improved marked by reducing debt repayment
obligations driven by pre-payment of term loans and moderate bank
line utilization of around 65 per cent for 11 months through
February 2015.

Set up in 1986, NRM manufactures rubber conveyor belts and rubber
sheets. The firm's wide range of belts caters to material handling
requirements for the movement of loose bulk material. The belts
are used in various industries such as steel, capital goods,
power, and cement. The firm also trades in chemicals used for
manufacturing of rubber sheets and conveyor belts.


OM ORGANIC: ICRA Assigns B+ Rating to INR7.50cr Cash Loan
---------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR7.50 crore cash
credit facility of Om Organic Cotton Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-       7.50         [ICRA]B+ assigned
   Cash Credit

The assigned rating primarily takes into account OOCPL's stretched
financial profile as reflected by nominal profit at net level
which has, in turn, led to weak return on capital employed and
subdued debt coverage indicators. Net cash accruals from the
business has also remained at a low level; which along with
increase in the working capital intensity of operations during
2014-15 impacted the company's liquidity profile adversely as also
reflected by the high utilisation of working capital limits. The
rating is also constrained by the modest scale of current
operations in an intensely competitive industry and vulnerability
of margins to fluctuation in the prices of inventory maintained.
The rating, however, favourably factors in the long experience of
the promoters in the cotton ginning and pressing industry as well
as locational advantage resulting in ease in availability of high
quality raw cotton. Ability to improve profitability and manage
its working capital requirements effectively would be the key
rating sensitivities going forward.

OOCPL was established in 2008 by Mr.Anil Kumar Agarwal and is
engaged in ginning and pressing of raw cotton. The company's
manufacturing unit is located at Kantabanji in Bolangir district,
at Odisha. It has 48 ginning machines and one pressing machine
with an installed capacity of producing 360 cotton bales per day.

Recent Results
The company has reported a net profit of INR0.06 crore
(provisional) on an operating income of INR42.57 crore
(provisional) during 2014-15 as compared to a net profit of
INR0.21 crore on an operating income of INR42.58 crore during
2013-14.


PANACHE ALUMINIUM: ICRA Assigns D Rating to INR14.25cr FB Loan
--------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]D to the INR14.25
crore (enhanced from INR3.25 crores) fund based limits, INR0.40
crores non fund based limits and INR0.60 crores unallocated limits
of Panache Aluminium Extrusions Pvt. Ltd. Additionally, PAEPL has
an outstanding rating of [ICRA]D on the INR6.75 crores term loans
and INR3.25 crore fund based limits.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loan                6.75      [ICRA]D; Outstanding
   Fund Based Limits       14.25      [ICRA]D; Assigned/
                                       Outstanding

   Non Fund Based Limits    0.40      [ICRA]D; Assigned
   Unallocated Limits       0.60      [ICRA]D; Assigned

The ratings take into account the delays in the servicing of debt
obligations by the company due to low capacity utilization
resulting in loss making operations.

Established in 2009, PAEPL is engaged in the manufacturing of
aluminium extrusion profiles. The manufacturing facility of the
company having an installed capacity of 10200 metric tonnes per
annum (MTPA), is located at Ahir in the Satara district of
Maharashtra. The plant falls under the 'D' zone of industrial area
in Maharashtra, which has many benefits such as stamp duty
exemption, electricity duty exemption, refund of sales tax to the
extent of 25% of VAT payable etc. The products manufactured by
PAEPL find application mainly in fabrication, transport and
electrical industries.

Recent Results
PAEPL reported loss of INR0.46 crores on Operating Income (OI) of
INR59.31 crores in FY 2014 as against loss of INR3.98 crores on OI
of INR45.91 crores in FY 2013.


PATNI BUILDERS: ICRA Assigns B+ Rating to INR10cr Cash Credit
-------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR10.0
crore fund based facilities of Patni Builders Private Limited
(PBPL).

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit              10.0        [ICRA]B+; Assigned

ICRA's rating favorably factors in the experience of the promoters
in the civil construction sector and the company's strong revenue
visibility on account of pending order book worth INR404.5 crore
as on March 1, 2015. The ratings also factor in the incentives
available to the company in lieu of executing work under
Affordable Housing Scheme such as waiver of land use conversion
charges, Transferable Development Rights (TDR), additional FAR etc
for projects being planned by the company in the future.

The rating however remains constrained on account of PBPL's modest
financial profile characterized by weak net profitability,
leveraged capital structure and modest debt protection metrics
(Gearing of 5.13 times, Debt/OPBDITA of 6.52 times and DSCR at
1.12 times in FY 2014. This apart, given the high investment in
land for the ongoing projects, the company's liquidity position
remains stretched as evident in high utilization of working
capital limits.

The rating also factor in the concentration risk with the
company's dependence on single large order as well as the
corresponding execution and funding risks given its large scale as
compared to work executed by the company in the past. ICRA also
notes that the company plans to expand its brick manufacturing
capacity, the impact of which on the company's financial profile
will be a rating monitorable.

Going forward, the company's ability to fund and execute the order
book in timely manner and improvement in its debt protection
metrics will be the key rating sensitivities.

Incorporated in 1993 PBPL is a Jaipur (Rajasthan) based Private
Limited Company promoted by Mr. Subhash Patni, Mr. Hemant Patni,
Mr. Jitendra Patni, and Mr. Chetan Patni. PBPL undertakes
construction work for residential and commercial projects. The
company has completed projects worth INR150 crore in various
segments. Currently the company is developing group housing
project in Jaipur under Affordable Housing Scheme for Rajasthan
Vikas Infrastructure.

Recent Results
In the financial year ending March 31, 2014 (FY14), PBPL had an
operating income of INR26.97 crore on which it earned a Profit
after Tax (PAT) of INR0.15 crore compared to operating income of
INR10.39 crore on which it earned a Profit after Tax (PAT) of
INR0.02 crore in FY13.


POONAM GRAH: CRISIL Assigns B+ Rating to INR100MM Overdraft Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Poonam Grah Nirman Pvt Ltd (PGNL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           50        CRISIL A4
   Overdraft Facility      100        CRISIL B+/Stable

The ratings reflect PGNL's below-average financial risk profile,
marked by its small net worth and moderate gearing, modest scale
of operations with revenue concentration risks and susceptibility
to intense competition in the civil construction segment. These
rating weaknesses are partially offset by the extensive experience
of PGNL's promoter in the civil construction segment.
Outlook: Stable

CRISIL expects PGNL will continue to benefit over the medium term
from the extensive experience of the promoters in the civil
construction industry. The outlook may be revised to 'Positive' in
case of significant improvement in firm's scale of operations and
profitability leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case the firm's revenues or profitability decline or working
capital management deteriorates leading to deterioration in
liquidity or in case the firm undertakes a large, debt-funded
capital expenditure programme, weakening its capital structure.

PGNL was established in 1998 by Mr. Anantha Naryanan. The company
is engaged in civil construction works in Kerala. PGNL is
primarily a contractor for Airports Authority of India (AAI), the
Indian Railways, and Indian Oil Corporation Limited (IOCL) in
Kerala, and is engaged in construction of parking base, pavements,
and runway resurfacing.


PUNJAB CROCKERY: ICRA Lowers Rating on INR83.42cr FB Loan to 'D'
----------------------------------------------------------------
ICRA has revised the long term rating of Punjab Crockery House
Private Limited to [ICRA]D from [ICRA]BB- for the INR83.42 crore
(decreased from INR97.93 crore) fund based limits, non-fund based
facilities of INR2.00 crore and unallocated limits of INR29.58
crore (increased from INR15.07 crore).

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund based limits       83.42      Revised to [ICRA]D
   Non-fund based limits    2.00      Revised to [ICRA]D
   Unallocated limits      29.58      Revised to [ICRA]D

The rating revision primarily factors in the delays in term loan
repayments in the past 6 months owing to stretched liquidity
position of the company arising from high inventory and debtor
levels coupled with large scale debt funded store expansion taken
up in the past 3 years.

The rating is also constrained by decline in profitability levels
with operating margins at 9.12% in FY2014 as against 10.80% in
FY2013 which coupled with higher debt levels has weakened the debt
coverage indicators of the company; high geographic concentration
for the company with around 70% of the revenues from erstwhile
Andhra Pradesh state in FY2014 and high working capital intensity
of the apparel and mobile retailing business.

The rating however positively factors in the long track record of
the promoters in the distribution and retailing of apparel and
electronics and established relations with premium brands such as
Calvin Klein, Tommy Hilfiger, French Connection, Apple and Samsung
for retailing and association with Ray ban, and Aditya Birla Nuvo
Limited for the distribution business. The rating is also
supported by the presence of retail outlets in important strategic
locations which provides for good revenue potential for PCHPL.
Further ICRA also notes steps taken by management to close down
less profitable retail stores and gradually move away from the
distribution business and rescheduling of 2 term loan repayments
over a longer tenor with last instalment due in September 2021.

Going forward, timely servicing of debt remains the key rating
driver from credit perspective. Further, managing of working of
capital requirements and the quantum and funding of capex for
addition of new stores will be the key rating drivers.

Punjab Crockery House Private Limited (PCHPL) was established as a
proprietary concern in 1960 and started its operations by setting
up a crockery retail store in Hyderabad. It was subsequently
reconstituted as a private limited company in 1995. The company is
engaged in distribution and retailing of leading brands such as
Tommy Hilfiger, Calvin Klein, Apple, Samsung, French Connection,
Peter England and Ray Ban. The company is promoted by Mr. Huzur
Singh and Mr. Sutinder Singh. The company has 66 retail outlets
spread across Hyderabad, Bangalore, New Delhi, Mumbai, Chennai and
Vizag among others.

Recent Results
During FY2014, the company recorded net profit of INR0.76 crore on
a turnover of INR259.51 crore as against net profit of INR5.26
crore on a turnover of INR224.24 crore during FY2013. For 9mFY2015
(provisional and unaudited), the company reported INR209.98 crore
revenues and INR2.85 crore PAT.


R. J. TRADELINKS: CRISIL Assigns B- Rating to INR40MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of R. J. Tradelinks (RJTL; part of the Mehadia
group).

                          Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Proposed Long Term
   Bank Loan Facility       9            CRISIL B-/Stable

   Bank Guarantee           1            CRISIL A4

   Cash Credit             40            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 RJTL, Mehadia & Sons (C&F Division)
(MSCF), and Mehadia & Sons (MS). 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.


RAJSHRI CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR20MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Rajshri Constructions (RJC).

                          Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Proposed Long Term
   Bank Loan Facility      7.5           CRISIL B+/Stable

   Bank Guarantee         42.5           CRISIL A4

   Overdraft Facility     20             CRISIL B+/Stable

The ratings reflect RJC's small scale of operations in the
intensely competitive civil construction industry, its low
operating profitability, and below-average financial risk profile
marked by high gearing and small net worth. These rating
weaknesses are partially offset by the extensive experience of
RJC's promoters in the civil construction industry and the firm's
moderate working capital requirements.

Outlook: Stable

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

RJC was set up in 2009 as a partnership firm by Ghaziabad (Uttar
Pradesh)-based Goel family. RJC undertakes road construction works
for municipal authorities and public works departments. RJC is a
class 'A' contractor for road projects in Uttar Pradesh and
Uttarakhand. Mr. Deepak Goel and Mr. Sanjeev Goel are partners in
the firm and are actively engaged in managing its daily business.

RJC registered a book profit of INR3.99 million on net sales of
INR105.19 million for 2013-14 (refers to financial year, April 1
to March 31), compared with a book profit of INR1.07 million on
net sales of INR31.12 million for 2012-13.


RAMESH CHAND: ICRA Assigns 'B' Rating to INR8.75cr LT Loan
----------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B to the INR8.75
crore fund-based bank facilities of Ramesh Chand Rai (RCR). ICRA
has also assigned its short-term rating of [ICRA]A4 to the INR0.25
crore bank facilities of the firm.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term fund-based
   bank facilities          8.75        [ICRA]B

   Short-term fund-based
   bank facilities          0.25        [ICRA]A4

ICRA's ratings are constrained by the high competition in the
liquor retail industry which has resulted in RCR's low
profitability margins. ICRA also factors in RCR's weak financial
profile with an adverse capital structure and modest debt
protection metrics, partially on account of large advances given
to group companies. The ratings also factor in the high business
risks inherent in the liquor retail industry due to stringent
government controls, regulations affecting the renewal of licenses
each year and significant increase in the license fees payable to
State Governments. ICRA also takes note of the firm's constitution
as a proprietorship, which exposes it to inherent risks like risk
of dissolution, withdrawal of capital etc. The ratings, however
take into account the extensive experience of the promoters in the
liquor retailing business and favourable demand outlook for the
liquor industry driven by steady increase in liquor consumption,
especially in Madhya Pradesh, where RCR operates.

Going forward, the firm's ability to renew its licenses, optimize
its working capital requirements, improve operating margins and
strengthen its capital structure will be the key rating
sensitivities. Any incremental advances to group companies will be
a key monitorable.

Ramesh Chand Rai started operations in 1998 and is engaged in
retailing of CL and IMFL through retail shops (mainly on rental
basis). The firm is promoted by Mr. Ramesh Chand Rai who has been
in the liquor trading business for more than a decade.
During FY15, the firm had participated in auctions for acquiring
liquor shops in the states of Madhya Pradesh and Uttar Pradesh,
and was successful in acquiring 53 shops. Liquor is procured from
Government warehouses which are controlled by the excise
department and payment is made to the Government on a fortnightly
basis. The tenders floated are generally for a group of shops and
the license fee is paid to the State Government.

Recent Results
RCR reported an Operating Income (OI) of INR43.9 crore and a
Profit after Tax (PAT) of INR0.38 crore in FY14 as compared to an
OI of INR38.0 crore and a PAT of INR0.24 crore in FY13. As per
provisional results for FY15, RCR reported an OI of INR65.0 crore
and a PAT of INR0.89 crore.


RENAATUS PROCON: CRISIL Assigns 'B' Rating to INR121.6MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Renaatus Procon Pvt Ltd (RPPL).

                          Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit              28.4        CRISIL B/Stable
   Long Term Loan          121.6        CRISIL B/Stable

The rating reflects RPPL's small scale of operations in the highly
competitive construction materials industry and its below-average
financial risk profile, marked by weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of RPPL's promoters in the construction industry.
Outlook: Stable

CRISIL believes that RPPL will continue to benefit over the medium
term from its promoters' extensive industry experience and their
need-based funding support. The outlook may be revised to
'Positive' if the company reports a significant increase in its
cash accruals, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of a
significant decline in RPPL's cash accruals, or deterioration in
its working capital management, or large debt-funded capital
expenditure, leading to deterioration in its financial risk
profile.

Established in 2011, RPPL manufactures aerated autoclaved concrete
(AAC) blocks. The company is based in Erode (Tamil Nadu) and its
daily operations are managed by Mr. Selvasundaram and his family
members.

The company recorded a net loss INR23.9 million on revenue of
INR97.7 million in 2013-14 (refers to financial year, April 1 to
March 31).


S.T. WOOLLEN: ICRA Assigns B+ Rating to INR5.0cr Cash Credit
------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ and short-term
rating of [ICRA]A4 to the INR15 crore bank facilities of S.T.
Woollen Mills Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit              5.00      [ICRA]B+; assigned
   Overdraft                1.25      [ICRA]B+; assigned
   Term loans               1.12      [ICRA]B+; assigned
   Short term non fund
   based Limits             7.00      [ICRA]A4; assigned
   Unallocated              0.63      [ICRA]B+/[ICRA]A4; assigned

The assigned ratings are constrained by the small scale of
operations of the company; the low entry barriers and the high
competitive intensity in the textile business which exerts
pressure on the profitability of the company and the working
capital intensive nature of operations necessitating high working
capital requirements. ICRA also notes that the company's financial
profile is characterized by thin profitability (OPBDITA/OI of
5.23% in 2013-14), adverse capital structure (Total debt/Tangible
Net worth of 5.07 times as on March 31, 2014) and weak coverage
indicators (interest coverage of 1.18 times and NCA/Debt of 4% in
2013-14).

The ratings, however, favourably factor in the extensive
experience of the promoters in the textile business; the
established relationships of the company with its supplier as well
as customer base and its vast network of dealers across the
country which facilitates the sales of the company.

Going forward, the company's ability to ramp up its scale of
operations in a profitable manner and improve its capital
structure by efficiently managing the working capital requirements
thereby leading to an improvement in the debt coverage metrics
would be the key rating sensitivities.

Incorporated in 1990, SWMPL was promoted by Mr Shiv Raj Gupta to
engage in the trading of yarns, fibres and fabrics. He commenced
manufacturing facility in the company in 2002 and the company is
currently into the production of wool tops, yarns and knitted
cloth along with the trading activities. Around 60-70% of the
sales of the company are from manufacturing operations. The
installed capacity of the plant located at Maler Kotla in Sangrur
(Punjab) depends upon the quality of yarn/cloth being
manufactured. The company primarily manufactures winter yarn with
varied quality.

In 2013-14, SWMPL reported a net profit of INR0.10 crore on an
operating income of INR20.94 crore as against a net profit of
INR0.08 crore on an operating income of INR15.96 crore in 2012-13.


SATYA MEGHA: CRISIL Reaffirms 'D' Rating on INR141.8MM Term Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Satya Megha Industries
(SMI) reflect overutilization of SMI's working capital limits for
more than 30 consecutive days because of weak liquidity.

                          Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Cash Credit              80           CRISIL D (Reaffirmed)

   Cash Term Loan           91.8         CRISIL D (Reaffirmed)

   Funded Interest
   Term Loan                29.8         CRISIL D (Reaffirmed)

   Working Capital
   Term Loan               141.8         CRISIL D (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility       28.6         CRISIL D (Reaffirmed)

SMI also has a small scale of operations in the fragmented steel
products industry, geographical concentration in its revenue
profile, and large working capital requirements. The firm,
however, benefits from the extensive experience of its partners in
the manufacturing and trading of steel products.

SMI was set up as a partnership firm in Assam in August 2009 by
Mr. Ratan Sharma, Mr. Purushottam Murarka, and Mr. Mangilal Jalan.
The firm started operations in August 2011 by manufacturing steel
billets. SMI's partners have around two decades of experience of
manufacturing and trading in steel products through other group
companies.


SHREERAM RE-ROLLERS: ICRA Suspends 'D' Rating on INR6cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR6 crore cash credit limits and INR0.5 crore unallocated limits
of Shreeram Re-Rollers Pvt. Ltd. (SRPL). ICRA has also suspended
the short term rating of [ICRA]D assigned to the INRRs. 0.5 crore
unallocated limits (which was also rated on long-term scale) of
SRPL. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the entity.


SHRI KRISHNA: CRISIL Assigns B+ Rating to INR28MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Shri Krishna Ginning & Pressing - Hinganghat
(SKGP).

                          Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit              27         CRISIL B+/Stable
   Term Loan                28         CRISIL B+/Stable

The rating reflects SKGP's initial phase and small scale of
operations in the intensely competitive and highly regulated
cotton ginning industry, and its below-average financial risk
profile marked by aggressive capital structure. These rating
weaknesses are partially offset by the extensive entrepreneurial
experience of SKGP's promoters and proximity of the unit to the
cotton-growing belt of Maharashtra.
Outlook: Stable

CRISIL believes that SKGP will continue to benefit from its
proximity to the cotton-growing belt. The outlook may be revised
to 'Positive' if the firm reports significant growth in revenue
and profitability leading to higher cash accruals. Conversely, the
outlook may be revised to 'Negative' if SKGP's financial risk
profile, particularly its liquidity, weakens because of lower-than
expected cash accruals, or stretched working capital cycle, or any
large debt-funded capital expenditure.

Established in June 2014, SKGP is a partnership firm established
by Mr. Deepak Batra and family. The firm has set up a cotton
ginning and pressing unit having capacity of producing around 700
quintals per day at Hinganghat in Wardha (Maharashtra). It has
commenced operations from January 2015.


SK BROTHERS: ICRA Suspends B+ Rating on INR7cr Cash Loan
--------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR7.00 crore
cash credit limit and INR0.75 crore long term loans and [ICRA]A4
rating assigned to the INR2.00 crore fund based short term bank
facilities of SK Brothers. The suspension follows ICRA's inability
to carry out rating surveillance in the absence of requisite
information from the company.


SRI LAKSHMI: ICRA Reaffirms B+ Rating on INR9.45cr FB Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to INR9.45 crore
(Enhanced from 7.46 crore) fund based limits of Sri Lakshmi
Venkateswara Modern Rice Industry at [ICRA]B+. ICRA has also
reaffirmed the ratings at [ICRA]B+/[ICRA]A4 assigned to INR0.55
crore (Reduced from 2.54 crore) unallocated limits of SLVMRI.

                        Amount
   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   Fund based limits      9.45      [ICRA]B+ (reaffirmed)
   Unallocated limits     0.55      [ICRA]B+/[ICRA]A4 (reaffirmed

The reaffirmation of ratings continues to be constrained by small
scale of operations in the rice milling industry; and weak
financial profile characterised by low profitability, high gearing
and modest coverage indicators for FY2014. The ratings are further
constrained by susceptibility of profitability and revenues to
agro-climatic risks which impact the availability of the paddy in
adverse weather conditions; and risks inherent in the partnership
nature of the firm. The ratings however takes comfort from
experienced management; easy availability of paddy with firm's
presence in major paddy growing region of Andhra Pradesh; and
favourable demand prospects of the industry as the mill caters to
Tamil Nadu and Andhra Pradesh markets where rice is a staple food.

Going forward, the firm's ability to improve profitability levels
while managing working capital requirements are key rating
sensitivities from credit perspective.

Sri Lakshmi Venkateswara Modern Rice Industry (SLVMRI) was
incorporated as a partnership firm in the year 2007. The firm had
setup a rice mill with production capacity of 57600 TPA (Tonnes
per Annum) to produce raw & boiled rice. The unit is located at
Nellore district of Andhra Pradesh. The firm's operations are
overseen by managing partner Mr. K. Mallikarjuna Naidu, who has
more than 21 years of experience in rice milling business.

Recent Result
The firm reported profit after tax of INR0.08 crore on an
operating income of INR37.29 crore during FY2014 as against profit
after tax of INR0.09 crore on an operating income of INR34.17
crore during FY2013.


STAR ALLOYS: ICRA Assigns B+ Rating to INR5.75cr Cash Credit
------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR5.75
crore cash credit facility of Star Alloys & Chemicals Private
Limited. ICRA has also assigned a long term rating of [ICRA]B+ and
a short term rating of [ICRA]A4 to the INR1.25 crore fund based/
non fund based untied limit of SACPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits       5.75        [ICRA]B+ assigned
   (Cash Credit)

   Fund Based/Non Fund     1.25        [ICRA]B+/[ICRA]A4 assigned
   Based Limits (Untied
   Limit)

The assigned ratings take into account the relatively small scale
of current operations of SACPL, lack of vertical integration of
the manufacturing unit, making margins sensitive to input and
output prices, and the cyclicality inherent in the steel industry,
the key consuming sector, which is likely to keep SACPL's
profitability and cash flows volatile going forward. Although, the
top-line of the company has witnessed a consistent growth over the
past few years, the financial profile of SACPL has remained weak
as reflected by nominal profits and cash accruals, leveraged
capital structure and depressed coverage indicators. The ratings
also factor in the stretched liquidity profile of the company
owing to high level of inventory and receivables that restricts
the financial flexibility.

The ratings, however, derive comfort from the longstanding
experience of the promoter in the ferro alloy business, locational
advantage of the plant in terms of raw material sourcing as well
as dispatch of finished products and established relationship with
the reputed suppliers as well as customers, which ensures timely
availability of raw materials and minimizes counterparty risk to a
large extent.

Incorporated in 2008, SACPL is engaged in the manufacturing of
noble ferro alloys, namely ferro vanadium (FeV) and ferro
molybdenum (FeMo) with a combined production capacity of 320
metric tonne per annum (MTPA). The manufacturing facilities of the
company are located at Korba, Chhattisgarh. The company is
promoted and managed by Mr. Vimal Kohli.

Recent Results
During 2014-15, the company reported a net profit of INR0.16 crore
(provisional) on an operating income of INR34.45 crore
(provisional); as compared to a net profit of INR0.12 crore on an
operating income of INR23.48 crore in 2013-14.


SUNDER MARKETING: ICRA Assigns B+ Rating to INR11cr Cash Credit
---------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR11.0
crore fund based bank facilities of Sunder Marketing Associates.
ICRA has also assigned its short term rating of [ICRA]A4 to the
INR6.0 crore non fund based limits of SMA.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term Fund Based
   Facility-Cash credit     11.0        [ICRA]B+; Assigned

   Short-term Non-Fund
   Based Facility -Letter
   of credit                 6.0        [ICRA]A4; Assigned

ICRA's ratings are constrained by SMA's low profit margins due to
the trading nature of business and the intense competition in the
industry with the presence of a large number of players. ICRA's
ratings also take into account the vulnerability of the firm's
profitability to commodity price risk which is partially mitigated
by low inventory storage policy. The ratings also factor in the
weak financial profile of the firm characterised by high gearing
and low coverage indicators which is on account of debt funding of
working capital requirement coupled with modest cash accruals from
operations. However, the ratings favourably factor in the
extensive track record of the promoter in trading and distribution
of dairy product, edible oils, metals and pet coke; the firm's
established relationship with domestic and international suppliers
on account of the promoter's long presence in the industry and
revenue visibility due to firm's status as authorized distributor
of pet coke for HPCL-Mittal Energy Limited in North India. Going
forward, the ability of the firm to maintain healthy growth in
volumes traded while improving the margins will be the key rating
sensitivity.

SMA was set up as a proprietorship concern in 1995 by Mr. Naveen
Goel. The firm trades in molybdenum, edible oils, dairy products,
and pet coke. Currently pet coke is the major contributor to the
operating income. The firm is an authorized distributor of pet
coke for HPCL-Mittal Energy Ltd (HMEL) in northern region covering
4 states since 2012.

Recent Results
SMA reported an operating income of INR87.06 crore and a profit
after tax of INR0.15 crore in 2013-14, as against


SUPRABHA CONSTRUCTION: ICRA Suspends D Rating on INR4.50cr Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR10.0 crore bank facilities of Suprabha Construction Company
Private 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
   ----------          -----------      -------
   Long-term, Fund
   Based Limits             4.50        [ICRA]D Suspended

   Long-term, Term Loan     4.50        [ICRA]D Suspended

   Short-term, Non Fund
   Based Limits             1.00        [ICRA]D Suspended

Suprabha Construction Co. Pvt. Ltd. is a construction company
undertaking all types of road infrastructure projects. The company
started out as a partnership firm -- M/s Pushpak Construction in
1996 -- with three partners, Mrs. Indira Raghunath Bhoi, Mr.
Rajesh Hirkan More and Mrs. Sunita Pravin Mohane. Mr. Pravin
Mohane, a civil engineer with the Public Works Department (PWD),
resigned from his responsibilities upon sensing opportunities in
the construction business, and incorporated Suprabha Construction
Co. Pvt. Ltd. in 2005. Till date the firm has executed projects
worth around INR100 crore for the PWD, the NMC, the Malegaon
Municipal Corporation, Zilla Parishad Nahik, Zilla Parishad
Nandurbar etc.


T.C. SPINNERS: ICRA Reaffirms B+ Rating on INR93.75cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the
INR93.75 crore (enhanced from INR82.03 crore) fund-based
facilities and its short-term rating of [ICRA]A4 on the INR10.00
crore non-fund based facilities of T.C. Spinners Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long-Term Fund
   Based Facilities        93.75       [ICRA]B+ Reaffirmed

   Short-Term Non-Fund
   Based Facilities        10.00       [ICRA]A4 Reaffirmed

ICRA's ratings continue to take into account TCSPL's modest
financial profile, with high leverage as reflected in gearing of
4.7 times as on March 31, 2014 (adjusted gearing of 3.2 times),
which coupled with modest profitability has resulted in moderate
debt coverage indicators. The total debt levels of the company
increased from INR78.8 crore as on March 31, 2013 to INR97.2 crore
as on March 31, 2014 while the margins declined from 9.3% to 7.9%,
resulting in reduction in interest coverage to 1.6 times in FY14
from 2.1 times in FY13. ICRA also takes note of the debt funded
capital expenditure on modernization and up gradation of the plant
which is likely to keep the liquidity stretched owing to the
company's debt repayment obligations. As per provisional results,
the operating profitability of the company improved to ~10% during
6M'FY-15 due to higher proportion of value added products, which
on increased scale of operations is expected to result in higher
cash accruals. Nevertheless, the liquidity of the company remained
stretched owing to continued capital expenditure (capex) over the
past couple of years.

The ratings are also constrained on account of the working capital
intensive nature of operations due to the seasonal availability of
cotton, which results in inventory build-up and exposes the
company's profitability to fluctuations in cotton prices.
Nevertheless, the ratings continue to factor in the considerable
experience of the promoters in the textiles industry and the
proximity of the company's spinning facility to a major cotton
growing belt, which ensures easy availability of raw-material.
Further, the ratings also favorably factor in the company's
diversified product portfolio with increasing proportion of value
added products in the overall revenue mix. The ratings also take
note of the support being extended by the promoters through
infusion of unsecured loans and equity to fund the incremental
financing requirements.

Going forward, the ability of the company to improve its
profitability and reduce its borrowings levels while maintaining
its liquidity will be the key rating sensitivities. Withdrawal of
unsecured loans or any significant debt funded capex will be the
key monitorables.

The promoters of TCSPL took over the company in 2008 with the
acquisition of cotton spinning facility of Euro Cotspin Limited
from Punjab National Bank under the SARFAESI Act. TCSPL is engaged
in the production of cotton yarn, polyester yarn and spun sewing
thread at its facility in Lalru (Punjab) located on main
Chandigarh-Ambala Highway (NH-22). The facility has an installed
capacity of 30,432 spindles. TCSPL is promoted by Dr. Ajay Satia
and his family members who have business interests in textiles,
paper manufacturing etc.


TEXAS LIFESTYLE: ICRA Suspends B+ Rating on INR4.30cr Term Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR6.30 crore bank facilities of Texas Lifestyle Furrniture
Private 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
   ----------          -----------     -------
   Long-term, Fund
   Based Limits            2.00        [ICRA]B+ Suspended

   Long-term, Term
   Loan                    4.30        [ICRA]B+ Suspended

Established in 2004, TLF is primarily in the business of
manufacturing modular furniture. The manufacturing plant is
located in MIDC Chikhalthana, Aurangabad. The Company has
diversified its business in manufacturing of Pre Engineered
Building (PEB) and container trailers by setting up new plant in
Shendra, MIDC.


VARDHMAN POLYTEX: ICRA Ups Rating on INR464cr LT Loan to C+
-----------------------------------------------------------
ICRA has upgraded the long term rating assigned to INR464.00 crore
fund based bank limits of Vardhman Polytex Limited (VPL) to
[ICRA]C+ from [ICRA]D. ICRA has also upgraded the short term
rating assigned to INR50.00 crore non-fund based bank limits of
VPL to [ICRA]A4 from [ICRA]D.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term: Fund
   Based Limits            464.00       [ICRA]C+/upgraded

   Short Term: Non-
   Fund Based Limits        50.00       [ICRA]A4/upgraded

The rating upgrade takes into account the regularization in the
debt servicing by VPL on the ICRA rated bank borrowings. While the
accruals from the textile business was modest in FY 2015 on
account of the inventory loss suffered in H1 FY 2015 on the high
cost cotton stocked in the CY 2013/14 and high fixed overheads,
the regularity in the debt servicing was supported by the
collection from the real estate project being developed by VPL to
monetize the land of its erstwhile acrylic yarn manufacturing unit
as per the terms of the Corporate Debt Restructuring (CDR) scheme
and from the disbursement of the term loan towards reimbursement
of the capital expenditure incurred by VPL at its spinning unit.
In addition, part of the working capital borrowings was also
utilized for debt repayment, given the large bullet repayment of
one term loan in FY 2015. While the debt servicing of the ICRA
rated bank borrowing has been regularized, the company continues
to delay in the payment of FCCBs due to its stretched liquidity
and remains dependent on the promoter support for their repayment
in FY 2016.

The assigned rating continues to remain constrained by VPL's
stretched liquidity and financial profile which is on account of
high leverage, large scheduled debt repayments and modest profit
margins. The leverage is high on account of the large debt funded
investment in the subsidiaries and capital expenditure undertaken
in the past and also on account of the past losses. The profit
margins have remained modest despite the consistent healthy
capacity utilization of ~98% of the spinning mills on account of
higher cost of raw material as compared to the industry average as
VPL avails longer credit period due to funding constraints. High
debt servicing obligations, modest accruals and no return on the
investments made in the subsidiaries has resulted in stretched
liquidity and financial profile for VPL and thereby higher
susceptibility to the cyclicality in the spinning industry. As a
result, given the large debt servicing obligations, ability to
maintain the capacity utilization levels and improve the profit
margins will be critical to generate adequate accruals for debt
servicing. While ICRA has taken note of the improvement in yarn
exports from India from H2 FY 2015, sustainability of the export
demand will be a key driver of the capacity utilization levels of
the Indian spinning industry, given the increasing export
dependence over the last few years, and also of the profit margins
because decline in export demand will increase the domestic supply
of yarn which will exert pressure on the contribution margins.

The rating is also constrained by the high contingent liability of
~INR82.3 crore on account of the corporate guarantee given by VPL
to one of its subsidiaries, Oswal F.M. H„mmerle Textiles Ltd.,
whose financial profile is weak with most of the net worth eroded.
Further, ICRA also notes that the seasonal availability of cotton
and hence the requirement to stock cotton will keep the profit
margins vulnerable to volatility in the cotton prices; and also
the commoditized nature of yarn and highly competitive spinning
industry due to its fragmented nature which will continue to exert
pressure on the profitability margin.

The rating is however supported by the long established track
record of VPL in the spinning industry with a wide product range
comprising of cotton and cotton polyester yarn in both grey and
dyed forms and the expected reduction in the debt levels going
forward, given the scheduled debt repayments and no major capital
expenditure proposed over the medium term, which will reduce the
outflow towards interest expense and improve the accruals.
Going forward, decline in the capacity utilization levels, further
weakening in profitability margins or immediate announcement of
any large debt funded capital expenditure will be key rating
sensitivities. On the other hand, infusion of long term funds to
improve the liquidity profile and better than expected improvement
in the profit margins in FY 2016 will be rating positives.

VPL was incorporated in FY 1981 and is primarily engaged in
manufacturing of cotton and cotton polyester blended spun yarn
with a total installed capacity of 1,95,024 spindles across its
manufacturing facilities in Ludhiana, Bathinda (both in Punjab)
and Nalagarh (Himachal Pradesh). VPL commenced production in
December 1984 at its manufacturing unit in Bathinda with an
installed capacity of 9,504 spindles and 504 rotors and has over
the years expanded the capacity to the current levels. VPL also
has a yarn dyeing unit in Ludhiana with an installed capacity of
15.0 tons per day (tpd) and also has limited presence in
garmenting with an installed capacity of manufacturing 5 lac
pieces per annum. VPL is also developing a plotted residential
township in Ludhiana at the site of its erstwhile acrylic yarn
manufacturing unit as part of the conditions under the CDR scheme
to monetize the land for debt repayments.

In addition, VPL also has presence in manufacturing of yarn dyed
shirting fabric though its subsidiary, Oswal F M Hammerle Textiles
Limited (rated [ICRA]D), which has a manufacturing facility in
Kohlapur (Maharashtra).

VPL had made investments of ~INR136.50 crore in the three
subsidiaries, Oswal F.M. H„mmerle Textiles Ltd., Oswal Industrial
Enterprise Private Ltd. and F.M. H„mmerle Verwaltungs GmbH,
Austria. Most of the net worth of the subsidiaries has been eroded
and while Oswal F.M. H„mmerle Textiles Ltd. continues to be
operational, only limited trading operations are being undertaken
in the other subsidiaries.


VENU INDUSTRIES: ICRA Revises Rating on INR15cr FB Loan to B
------------------------------------------------------------
ICRA has revised the long term rating assigned to INR15.00 crore
fund based bank facilities of Venu Industries from [ICRA] B+ to
[ICRA] B.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits       15.00      [ICRA]B (revised from
                                      [ICRA]B+)

The revision in rating primarily factors in the decline in
profitability and weakening of coverage indicators of the firm,
and its high working capital intensity reflected in high
utilization of working capital facilities of the bank. The rating
continues to be constrained by the intensely competitive and
fragmented nature of the rice industry which limits the ability of
the firm to extract premium; susceptibility of the availability of
paddy to climatic risks and the risks arising from the partnership
nature of the firm. However, the rating continues to derive from
vast experience of the promoters in the rice industry, easy
availability of raw material with the mill being located in major
paddy growing in Telangana and the favorable demand prospects for
rice as it is a staple food grain in India.

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

Venu Industries is engaged in the milling of paddy and produces
raw and boiled rice. The rice mill is located in Nizamabad
district in Telengana. Its installed production capacity is 14
MTPH.The firm is managed by Mr. Srinivas, Mr. Sai Rahul, Mr.
Venugopal and Mr. Balaji who are siblings. The family also owns
and operates a three star hotel (Nikhil Sai International), a
lodge (Devi Lodge), a Cinema Hall (Devi Cinema Hall) and an oil
mill (Venu Oil Mill), all based out of Nizamabad.

Recent Results
Venu Industries reported an operating income of INR63.30 crore and
a net profit of INR0.05 crore in FY2014 as against INR70.01 crore
and INR0.12 crore respectively in FY2013. For 11MFY2015, the firm
has reported sales of INR62.81 crore.


VIHAAN BOARDS: CRISIL Reaffirms D Rating on INR132.5MM Term Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vihaan Boards Pvt Ltd
(VBPL) continue to reflect instances of delay by VBPL in servicing
its debt obligations. The delays have been caused by the company's
weak liquidity.

                          Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Cash Credit              50.1         CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        7.4         CRISIL D (Reaffirmed)

   Term Loan               132.5         CRISIL D (Reaffirmed)

The ratings also reflect VBPL's average financial profile marked
by small net worth, moderate gearing and average debt protection
metrics, and modest scale of operations. However, the company
benefits from its promoters' extensive experience in the wood-
panel and related industries.

VBPL, incorporated in 2011, is promoted by Mr. Bharat Surana, Mr.
Chattar Surana, and Mr. Gaurav Dewan. The company has set up a
facility in Moradabad (Uttar Pradesh) in May 2013 to manufacture
particle boards, which are used in furniture and in the
construction industry.


VITTHAL DISTILLERIES: CRISIL Reaffirms D Rating on INR282MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vitthal
Distilleries Ltd (VDL) continues to reflect instances of delay by
VDL in servicing its term debt; the delays have been caused by the
company's weak liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             48         CRISIL D (Reaffirmed)
   Term Loan              282         CRISIL D (Reaffirmed)

VDL also has a modest scale of operations, exposure to customer
concentration risk, and a weak financial risk profile, marked by a
small net worth, high gearing, and weak debt protection metrics.
However, the company benefits from its established infrastructure
and proximity to raw material suppliers.

VDL was incorporated in 2008 by Mr. Vikram Shinde. The company
manufactures extra neutral alcohol,which is the main raw material
in the production of Indian-made foreign liquor. VDL's
manufacturing facility is situated at Marathwada, Osmanabad
district (Maharashtra).


VRUNDAVAN ENTERPRISE: ICRA Suspends B+ Rating on INR22.75cr Loan
----------------------------------------------------------------
ICRA has suspended the [ICRA]B+ ratings assigned to the INR22.75
Crore bank facilities of Vrundavan Enterprise. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.



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


BUMI RESOURCES: Gets Five-Month Extension of Debt Moratorium
------------------------------------------------------------
David Yong at Bloomberg News reports that PT Bumi Resources,
Asia's most-indebted coal miner, obtained a five-month extension
of a debt moratorium, allowing it to fend off creditors after it
defaulted on two of its dollar bonds last year.

The extra time granted by a Singapore court on May 21 will end on
Oct. 24, Chris Fong, a Jakarta-based spokesman for the group, told
Bloomberg. He declined to disclose details of the debt workout,
saying more time is needed to complete the process, Bloomberg
says.

Bloomberg notes that the extension came before an initial six-
month freeze on creditor actions expired May 24. Three Bumi units
in Singapore, which have $1.375 billion of dollar-denominated debt
outstanding, in December filed for Chapter 15 court protection in
the U.S., each listing assets and debt of as much as $1 billion,
according to Bloomberg.

A slump in the coal market has depressed producers from Indonesia
to China and the U.S., contributing to some of the 58 defaults in
2014, Bloomberg discloses citing Standard & Poor's. Earlier this
month, Chinese coking-coal importer Winsway Enterprises Holdings
Ltd. defaulted on $309 million of bonds while PT Berau Coal Energy
is seeking to extend the maturity on $950 million of debentures,
Bloomberg notes.

"The coal industry is still going through a consolidation and
shutdown phase, so coal assets will not get a good price with thin
merger and acquisition flow," Bloomberg quotes Helen Lau, a mining
analyst in Hong Kong at Argonaut Securities (Asia) Ltd., as
saying. "Any recovery in demand this year is going to be weak and
highly leveraged companies will still struggle to revive
earnings."

Bumi skipped a semi-annual coupon payment on its $700 million of
10.75 percent 2017 notes in November following a 30-day grace
period, prompting S&P and Moody's Investors Service to declare a
default, Bloomberg notes. It also missed an interest payment on
$300 million of 12 percent 2016 notes in December.

The 2016 debentures rose from a three-month low, adding 0.8 cents
to 28.34 cents on the dollar as of 3:44 p.m. in Hong Kong on
May 22, according to prices compiled by Bloomberg. The 2017 notes
fell 0.7 cents to a three-month low of 28.34 cents. Both
securities fell to record lows of less than 20 cents in January.
They were sold at par, or 100 cents on the dollar.

Bloomberg says Bumi Resources restructured $375 million of
convertible bonds in August by extending their maturity, after
selling stakes in some coal-producing units to China Investment
Corp. to pare debt. The Bakrie group, which controls Bumi, also
defaulted on notes issued by PT Bakrieland and PT Bakrie Telecom,
according to Bloomberg data.

At Bumi Resources, current liabilities exceeded assets by $4.63
billion as at the end of September, it said in an interim report
in January, Bloomberg discloses. It's also defaulted on some loan
agreements as a result of non-payment to bondholders, Bloomberg
states.

Bondholders formed an ad-hoc group on Dec. 3 to discuss a
"comprehensive capital structure solution" with the company, the
group's financial adviser Houlihan Lokey Inc. said. It also named
Kirkland & Ellis LLP as a legal adviser, Bloomberg notes.

                        About Bumi Resources

PT Bumi Resources Tbk (JAK:BUMI) -- http://www.bumiresources.com/
-- is an Indonesia-based company engaged in exploration and
exploitation of coal deposits, including coal mining, and oil
exploration activities.  It has four core business segments: coal
mining, which comprises exploration and exploitation of coal
deposits, including mining and selling coal; services, which
represent marketing and management services; oil and gas, which
covers the exploration of oil and gas, and gold, which covers the
exploration of gold.  The Company and its subsidiaries are
operating in Indonesia, the United Kingdom, Japan and Australia.
On July 17, 2008, the Company acquired the Australia-based Herald
Resources Limited.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 4, 2014, Standard & Poor's Ratings Services lowered its long-
term corporate credit rating and ASEAN regional scale rating on PT
Bumi Resources Tbk. to 'D' from 'SD'.

S&P also lowered its long-term issue rating to 'D' from 'CCC-' on
the US$300 million senior secured notes due 2016 that the
Indonesia-based coal mining company Bumi Resources guarantees.
Bumi Capital Pte. Ltd., a subsidiary, issued the notes.  S&P
removed the issue rating from CreditWatch, where it was placed
with negative implications on Aug. 13, 2014.

At the same time, S&P maintained its 'D' issue rating on the
US$700 million senior secured notes due 2017 that another Bumi
Resources' subsidiary, Bumi Investment Pte. Ltd., issued. Bumi
Resources guarantees these notes too.  The notes remain in default
because interest on these notes remains unpaid after the due date.


INDONESIA: S&P Revises Outlook on Sovereign Credit Rating to Pos.
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
long-term sovereign credit ratings on Republic of Indonesia to
positive from stable.  S&P also affirmed its 'BB+' long-term and
'B' short-term sovereign credit ratings and 'axBBB+/axA-2' ASEAN
regional rating scale on Indonesia.

RATIONALE

S&P's outlook revision reflects its view of Indonesia's improved
policy credibility stemming from initiatives to bolster monetary
and financial sector management as well as economic performance.
S&P expects these actions to improve Indonesia's growth prospects
and external resilience.

The ratings on Indonesia balance the country's low per capita
income and developing policy and institutional settings against
the improved credibility of its monetary policy, buoyant economic
growth, and sound public finances.

Following free and fair parliamentary and local assembly elections
in July 2014, the new Indonesian Democratic Party of Struggle
(PDI-P) administration has been moving to improve fiscal
flexibility by reducing fuel subsidies (earmarking the proceeds
for infrastructure investment) and boosting revenue collection.
Other initiatives include strengthening land acquisition laws,
streamlining investment licensing, and reforming tax incentives,
particularly for foreign investors. Governance has improved
through tighter rules for procurement and licensing, expanded
financial interest disclosure for members of parliament, and
ministry appointments based on merit.  The administration has
directed other reforms at deepening Indonesia's capital markets
and strengthening its financial system.

"We believe the reform momentum will promote greater policy
flexibility and responsiveness, and help build fiscal and reserve
buffers to improve Indonesia's external resilience (mainly through
containing current account deficits, and growing foreign
investment and reserves). However, we observed some hesitation to
let fuel pump prices move freely with international prices.  We
also await more progress in improving critical infrastructure,
resolving legal and regulatory uncertainties, and addressing
bureaucratic obstacles and entrenched patronage.  We believe these
factors can lift Indonesia's growth potential and ultimately its
creditworthiness," S&P noted.

Another ratings constraint is Indonesia's low GDP per capita,
which S&P estimates at US$3,600 in 2015.  The country is a major
commodity exporter of natural gas, coal, palm oil, and petroleum.
Its growth slowed to an estimated 5% in 2014, from 5.6% in 2013,
because of weaker prices and lower demand from China.  S&P expects
GDP to expand by 5.5% (4.4% in GDP per capita terms) in 2015,
supported by high public sector investment (about 5.3% higher).
S&P's projection is for Indonesia's GDP to average 5.9% over 2016-
2019 (5% in GDP per capita terms).

Bank Indonesia (BI) has maintained a tight monetary policy to keep
inflation low (below 5% by the end of 2015) and contain the
current account deficit.  This stance will create headwinds for
this year's growth while ensuring a more sustainable economic
performance over time.  Uncertain conditions in export markets,
low workforce skills, shortcomings in transportation and energy
infrastructure, and weak private-sector investment pose additional
risks.

S&P bases its expectation of continued strong budgetary
performance on the central government's policy of keeping fiscal
deficits and borrowings low.  The fuel subsidy reforms, if carried
through, should create room for the government to raise social and
capital spending, although lower oil and gas revenues associated
with weaker oil prices will likely limit that.  S&P expects
improving tax compliance and higher non-oil revenues (mainly
through higher excise taxes on tobacco and luxury goods) to result
in a fiscal deficit of 2.3% of GDP in 2015, compared with 2.2% in
2014, and average deficits of 1.9% of GDP over 2015-2019.  S&P
also estimates the fiscal deficit to result in net general
government debt peaking at 23% of GDP in 2016 before declining
modestly.

S&P's forecasts do not include higher external borrowings of up to
5% of GDP cumulatively over 2015-2019 by government-related
entities (GRE) to finance infrastructure.  (Although GREs are
outside the scope of consolidation of S&P's general government
figures, S&P's general government fiscal deficit forecasts do
include GRE capital injections to enable them to invest or--for
the weaker ones--to cover losses.)  S&P expects the GRE sector as
a whole to remain profitable, and our projections assume that
their borrowings will remain contained.

Indonesia's financial sector has strong profitability, liquidity,
and capitalization.  The sector also has limited reliance on
external funding sources because it is mainly funded by domestic
deposits.  S&P sees these strengths being offset by systemic
credit risks, reflecting a combination of rising leverage, and a
developing payment culture and legal framework.  S&P's Bank
Industry Credit Risk Assessment for Indonesia is '7' (with '1'
being the highest assessment and '10' being the lowest).

Combining S&P's view of Indonesia's GREs and its financial system,
S&P views Indonesia's contingent fiscal risks as limited, as
defined in its criteria.

"In our view, BI's ability to sustain economic growth while
attenuating economic or financial shocks has improved.  This
reflects the central bank's lengthening record of independence,
keeping inflation low through the use of market-based instruments
to conduct policy, and the caliber of its staff.  BI and Otoritas
Jasa Keuangan (OJK; Indonesia Financial Services Authority) have
launched initiatives to integrate financial center supervision,
strengthen reporting and market conduct, and to deepen the capital
market (through enhancing the clearing and settlement system and
implementing an electronic trading platform)," S&P said.

Indonesia's external vulnerability remains linked to high
dependence of moderately leveraged corporates on foreign
investors, combined with persistent U.S. dollar strength (the real
effective exchange rate has weakened about 7% since 2013), and
limited hedging of foreign currency debt.  Although keeping its
current account deficit low is a priority for the government, S&P
expects the deficit to average 2.5% of GDP over 2015-2019.  This
excludes the potential for more progress in deepening local
capital markets to stem the rising deficits in its income account
and to buttress trade surpluses and FDI flows.

The risk of capital flight appears contained because of exchange
rate flexibility, low external government and banking sector
borrowings, and strong external liquidity.  Other reasons include
favorable market access and pricing, adequate foreign reserves
(US$111 billion, or 5.5 months of current account payments at
April 2015), regulations to reduce currency mismatches, and the
authorities' contingent financing facilities of US$76 billion
through the Chiang Mai Initiative and bilateral swap arrangements.

OUTLOOK

The positive outlook indicates the possibility that S&P could
raise its ratings on Indonesia over the next 12 months if the
government achieves its stated objective of improving the quality
of expenditure.  This would include allowing fuel pump prices to
adjust more freely and allocating its public investment budget
efficiently.

S&P will also be reviewing the 2016 budget, due to be tabled in
October, to evaluate not only the government's commitment to
modest fiscal deficits but also its intentions for its vast public
enterprise sector.  S&P believes these fiscal measures are
important not only for public finance but also for the country's
savings and investment balance.

On the other hand, S&P could revise the outlook to stable if the
government's reform ambitions wane or macroeconomic imbalances
rise.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that the monetary assessment had improved.
All other key rating factors were unchanged.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST

Ratings Affirmed; Outlook Action
                             To                 From
Indonesia (Republic of)
Sovereign Credit Rating     BB+/Pos./B     BB+/Stable/B

Ratings Affirmed

Indonesia (Republic of)
ASEAN Regional Scale        axBBB+/--/axA-2
Transfer & Convertibility Assessment
  Local Currency             BBB-

Indonesia (Republic of)
Senior Unsecured            BB+

Perusahaan Penerbit SBSN Indonesia II
Senior Unsecured            BB+

Perusahaan Penerbit SBSN Indonesia III
Senior Unsecured            BB+


PERUSAHAAN LISTRIK: S&P Revises Outlook on BB CCR to Positive
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on eight Indonesian companies and two Indonesian financial
institutions to positive from stable.  At the same time, S&P
affirmed the global scale ratings following a similar action on
the sovereign credit rating on Indonesia (BB+/Positive/B;
axBBB+/axA-2).  S&P also raised the long-term ASEAN regional scale
rating on two companies and one financial institution.  The
ratings list is:

CORPORATES

Outlooks revised; Ratings affirmed
                                          To                From
PT Perusahaan Listrik Negara (Persero)
Corporate credit rating               BB/Pos./--    BB/Stable/--
ASEAN regional scale                  axBBB             axBBB-

PT Pertamina (Persero)
Corporate credit rating               BB+/Pos./--   BB+/Stable/--
ASEAN regional scale                  axBBB+            axBBB+

PT Pelabuhan Indonesia II (Persero)
Corporate credit rating               BB+/Pos./--   BB+/Stable/--
ASEAN regional scale                  axBBB+            axBBB+

PT Pelabuhan Indonesia III (Persero)
Corporate credit rating               BB+/Pos./--   BB+/Stable/--
ASEAN regional scale                  axBBB+            axBBB+

PT Perusahaan Gas Negara (Persero) Tbk.
Corporate credit rating               BB+/Pos./--   BB+/Stable/--
ASEAN regional scale                  axBBB+            axBBB+

PT Telekomunikasi Selular
Corporate credit rating
Foreign currency                   BBB-/Pos./--   BBB-/Stable/--
  Local currency                     BBB/Pos./--    BBB/Stable/--
ASEAN regional scale                axA+               axA

PT Astra International Tbk.
Corporate credit rating             BBB-/Pos./--   BBB-/Stable/--
ASEAN regional scale                axA-               axA-

PT Indosat Tbk.
Corporate credit rating             BB+/Pos./--    BB+/Stable/--
ASEAN regional scale                axBBB+             axBBB+

FINANCIAL INSTITUTIONS

Outlooks revised; Ratings affirmed

PT Bank Negara Indonesia (Persero) Tbk. (BNI)
Issuer credit ratings               BB/Pos./B      BB/Stable/B;
ASEAN regional scale            axBBB/axA-3        axBBB-/axA-3

Lembaga Pembiayaan Ekspor Indonesia (Indonesia Eximbank)
Issuer credit ratings           BB+/Pos./B    BB+/Stable/B
ASEAN regional scale            axBBB+/axA-2      axBBB+/axA-2

S&P revised the outlook on five government-related entities --
PT Pertamina, PT Perusahaan Listrik Negara, PT Perusahaan Gas
Negara, PT Pelabuhan Indonesia II, and PT Pelabuhan Indonesia III
-- to reflect the sensitivity of these entities to the sovereign
credit rating on Indonesia, given their relationship to the
government. S&P expects the government to maintain its majority
ownership and continue to influence the business and financial
strategy of the companies over the next two years at least.

S&P revised the outlook on PT Astra International and PT
Telekomunikasi Selular to reflect the likelihood that S&P may
raise its transfer and convertibility (T&C) assessment following
the sovereign action.  S&P rates PT Astra International above the
sovereign because of the company's low leverage, strong cash
flows, and S&P's view that the company has the financial
flexibility to withstand a significant period of sovereign stress
and still have enough liquidity to honor all its obligations in a
timely manner.  The stand-alone credit profile is 'bbb+'.  S&P
rates PT Telekomunikasi Selular above the sovereign because S&P
believes the company would be able to meet its debt maturities
even in the event of sovereign stress, given minimal debt and
strong free operating cash flow.  The stand-alone credit profile
is 'a-'.  At the same time, S&P believes both companies will
continue to be exposed to the T&C risk of Indonesia, which S&P
assess as 'BBB-', given that most of their operations are based in
the country.

S&P revised the outlook on PT Indosat to reflect the prospect for
exceptional support from the company's 65%-shareholder Ooredoo
Q.S.C. following the outlook revision on the sovereign credit
rating on Indonesia.  S&P considers PT Indosat to be a
strategically important subsidiary of its parent but S&P do not
consider parental support as a basis for a rating above the
sovereign foreign currency rating for strategically important
subsidiaries.

S&P revised the outlook on BNI to reflect high likelihood of
extraordinary government support because of the bank's "high"
systemic importance in Indonesia and our assessment of the
government as "highly supportive."  BNI's systemic importance is
based on its size and market share.

The rating on Indonesia Eximbank is equalized with the sovereign
rating.  S&P believes the Indonesian government is "almost
certain" to provide extraordinary support to the bank if needed.
S&P's view is based on its assessment of the critical importance
of Indonesia Eximbank's policy role and the bank's integral link
with the government.


PERUSAHAAN PENERBIT: S&P Prelim. Rates Global Sukuk Trust 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' preliminary
long-term foreign currency rating to a global sukuk trust
certificate issuance under the US$10 billion rated sukuk program
of the Republic of Indonesia through Perusahaan Penerbit SBSN
Indonesia III (PPSI-III).  The issuer is a fully owned special
purpose vehicle of the Republic of Indonesia (BB+/Positive/B;
axBBB+/axA-2) established solely for issuing foreign-currency-
denominated Sharia-compliant securities of Indonesia in
international markets.

The rating on the proposed sukuk trust certificates reflects the
long-term foreign currency rating on Indonesia because the
transaction fulfills the five conditions of S&P's criteria for
rating sukuk:

   -- Indonesia will provide sufficient and timely contractual
      obligations for the repayment of the periodic distribution
      amounts (in the Ijara leg of the transaction) and the
      principal amount (through the purchase undertaking of the
      underlying assets);

   -- Indonesia's obligations are irrevocable and unconditional;

   -- These obligations will rank pari passu with Indonesia's
      other general financial obligations;

   -- Indonesia will undertake to cover all the costs related to
      the transaction through the payment of supplementary lease
      for the benefit of the issuer; and

   -- Although investors may be exposed to residual assets risks
      under a total loss event scenario, S&P assess as remote the
      risks that such a scenario jeopardizes the full and timely
      repayment of the trust certificates.  S&P's assessment is
      based on its opinion that the occurrence of the total loss
      event is remote, given the structure of the underlying
      assets made of a diversified portfolio of government assets
      located in Indonesia.  S&P's view could be subject to
      revision, including in case the structure of the portfolio
      of the underlying assets changes.

The preliminary rating on the sukuk is based on draft
documentation.  Should final documentation differ substantially
from the draft version, S&P could change the rating on the sukuk.
This report does not constitute a recommendation to buy, hold, or
sell the certificates.  Standard & Poor's neither structures sukuk
transactions nor provides opinions with regards to compliance of
the proposed transaction with Sharia.



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


SONY CORP: Former CEO Sees Firm's Turnaround Taking Hold
--------------------------------------------------------
Dave Mccombs and Caroline Hyde at Bloomberg News report that Sony
Corp. President and CEO Kazuo Hirai is getting a vote of
confidence from predecessor Howard Stringer in his effort to turn
around the electronics maker.

The latest incarnation of the PlayStation and restructuring are
helping fuel a comeback, Mr. Stringer told Bloomberg TV. Sony has
said it expects net income of JPY140 billion this year after
posting its sixth annual loss in seven years, Bloomberg notes.

According to Bloomberg, Mr. Hirai has quit unprofitable businesses
and pruned costs at the smartphone and movie production divisions
to focus on profitable products such as sensor chips used in Apple
Inc.'s iPhone. The PlayStation 4 has sold almost twice as many
units as Microsoft Corp.'s Xbox One, according to VGChartz, making
it the most successful of the latest-generation consoles.

"The turnaround is happening," Bloomberg quotes Mr. Stringer as
saying. "PlayStation is a powerful winner at the moment, beating
out Xbox. I wouldn't bet against Sony."

The 73-year-old Stringer stepped down as CEO in 2012, then retired
as Sony's chairman the following year, Bloomberg recalls. He was
named CEO in 2005, and vowed to improve cooperation among the many
divisions making everything from movies and music to cameras and
digital music players, Bloomberg notes.

Based in Japan, Sony Corporation -- http://www.sony.net/--
engages in the operation of imaging products and solution (IP&S),
game, mobile products and communication (MP&C), home
entertainment and sound (HE&S), device, movie, music, financial
and other business.  The IP&S segment provides digital imaging
products and professional solutions.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 21, 2014, Fitch Ratings affirmed Sony Corporation's Long-Term
Foreign-and Local-Currency Issuer Default Ratings (IDRs) of 'BB-'.
The Outlook has been revised to Stable from Negative.



===============
M O N G O L I A
===============


GOLOMT BANK: Moody's Rates Global Local Currency LT Deposit at B2
-----------------------------------------------------------------
Moody's Investors Service assigned Golomt Bank LLC a global local
currency long-term deposit rating of B2 and a foreign currency
long-term deposit rating of B3.

The bank's baseline credit assessment (BCA) and adjusted BCA are
b3.

At the same time, Moody's has assigned long-term and short-term
Counterparty Risk Assessments (CR Assessment) of B2(cr)/NP(cr) to
Golomt Bank.

The outlook on Golomt Bank LLC and its local currency and foreign
currency deposit ratings is negative.

The B2 local currency deposit rating is driven by Golomt Bank's b3
baseline credit assessment (BCA) and one notch of uplift to
incorporate the probability of systemic support in the event of
need.

The B3 foreign currency rating is driven by the bank's BCA of b3
and does not incorporate any probability of systemic support.

The ratings are constrained by Mongolia's macro profile, which
Moody's assesses as "very weak (+)".

Mongolian banks face a very challenging operating environment, due
to the small size of the economy and the country's low income
levels. In addition, Mongolia's institutions are underdeveloped
and there is a high susceptibility to event risk, including
volatility in commodity prices and exchange rates. Nevertheless,
Mongolia's abundant natural resources relative to its population
provides it with strong growth potential.

The key drivers of Golomt Bank's BCA are its:

(1) Capitalization which was the highest among the rated
     Mongolian banks, with a tangible common equity ratio of
     12.2% at end-2014.

(2) Its solid deposit funding - which accounted for 69% of its
     total funding - because of its solid franchise as Mongolia's
     third-largest bank by assets. By contrast, deposit funding
     comprised 57% of total funding for the Trade and Development
     Bank of Mongolia (B2 local currency deposit rating/b3 BCA,
     negative), the largest Mongolian bank by assets, and 50% at
     the fifth-largest bank in Mongolia by assets, XacBank (B2
     local currency deposit rating/b3 BCA, negative).

(3) Asset quality constrained by high customer concentration and
     the highest ratio of problem loans to gross loans among the
     rated Mongolian banks - 5.9% at end-2014. The portfolio
     concentration is a result of the bank's position as one of
     the biggest corporate lenders in Mongolia, which has a
     relatively narrow corporate base. Golomt Bank's exposure to
     its top-20 borrowers accounted for approximately 182% of its
     total capital at end-2014.

The bank's negative ratings outlook reflects the challenging
operating environment for banks in Mongolia, as well as the
negative rating outlook assigned to the Government of Mongolia
(B2, negative).

The following factors could exert downward pressure on Golomt
Bank's BCA: (1) a significant deterioration in asset quality; for
example, problem loans to gross loans exceeding 7.5% (5.9% at end-
2014); (2) an increase in concentration or exposure to risky
sectors, particularly construction; (3) a tangible common equity
ratio below 8% (12.2% at end-2014); or (4) if profitability
deteriorates significantly, such that net income falls below 1.0%
of tangible assets (1.2% at end-2014).

Because the B2 local currency deposit rating is at the same level
as the sovereign rating, there will not be any upward pressure on
the rating unless the sovereign rating is upgraded.

The following factors could exert upward pressure on Golomt Bank's
BCA: (1) a substantial improvement in funding structure; for
example, market funds to tangible banking assets falling below 15%
(34.6% at end-2014); (2) an improvement in asset quality such that
its problem loans ratio falls below 3% (5.9% at end-2014); and (3)
if its tangible common equity ratio stays at 12%-14% (12.2% at
end-2014).

Moody's incorporates one notch of uplift for systemic support in
Golomt Bank's B2 local currency long-term deposit rating, based on
Moody's assessment of a moderate likelihood of systemic support
for the bank's rated deposits.

While the current global economic situation will likely negatively
affect the government's capacity to support Mongolian banks in the
coming 12-18 months, Moody's expects that the Government of
Mongolia will support deposits at Golomt Bank, given the bank's
importance to the country's banking system.

Moody's notes that the Mongolian government exhibits a track
record of providing support to the depositors of failed banks.

Moody's has assigned Golomt Bank long- and short-term Counterparty
Risk Assessments (CR Assessments) of B2(cr)/NP(cr).

CR Assessments reflect an issuer's ability to avoid defaulting on
certain senior operating bank obligations and other contractual
commitments, but it is not a rating. The Assessments take into
account the issuer's standalone strength, as well as the
likelihood of affiliate and government support in the event of
need, reflecting the anticipated seniority of counterparty
obligations in the liabilities hierarchy.

CR Assessments also take into account other steps authorities can
take to preserve the key operations of a bank, in the event of a
resolution.

The principal methodology used in these ratings was Banks
published in March 2015.

Golomt Bank LLC is based in Ulaanbaatar. It is the third-largest
bank in Mongolia by assets. The bank's assets totaled MNT4.0
trillion (USD2.1 billion) at end-2014.


SOUTHGOBI RESOURCES: CIC Grants Deferral to Cash Interest Payment
-----------------------------------------------------------------
SouthGobi Resources Ltd. on May 20 provided an update with respect
to the May 2015 cash interest payment due on the China Investment
Corporation convertible debenture, the refusal by the Supreme
Court of Mongolia to hear SouthGobi's case on appeal and the
status of the Toronto Stock Exchange delisting review.  In
addition, the Company announces that its Annual and Special
Meeting of Shareholders has been postponed from June 15, 2015 to
July 24, 2015.

CIC Convertible Debenture

Approximately US$7.9 million in cash interest was due by the
Company to CIC on May 19, 2015 under the CIC Convertible Debenture
subject to a three day contractual cure period until May 22, 2015.

CIC has confirmed to the Company that subject to certain
conditions and limitations, it has agreed to grant deferral of
payment of the May 2015 cash interest installment until July 22,
2015 to allow the Company to execute its proposed funding plan, as
discussed in the section Liquidity and Capital Resources under the
heading Proposed Funding Plan in the Management Discussion and
Analysis issued on May 11, 2015 and available on SEDAR at
www.sedar.com

As consideration for the extension, the Company has agreed to pay
CIC a deferral fee of 6.4% per annum on the amount of the May 2015
cash interest installment.

In all other respects, the provisions of the CIC Convertible
Debenture remain in full force and effect and the deferral of the
May interest payment by CIC is without prejudice to CIC's right to
pursue any of its remedies at any time if an event of default
occurs pursuant to the continuing terms of the CIC Convertible
Debenture.

In the event the Company fails to pay the May 2015 cash interest
installment when due on July 22, 2015, this would result in an
event of default under the CIC Convertible Debenture and CIC would
have the right to declare the full principal and accrued interest
owing thereunder immediately due and payable, which could result
in voluntary or involuntary proceedings involving the Company as
discussed under the heading Risk Factors in the MD&A issued on
March 30, 2015 and available on SEDAR at www.sedar.com

Refusal by the Supreme Court of Mongolia to hear SouthGobi's case
on appeal

On April 22, 2015 the Company's subsidiary SouthGobi Sands LLC
filed an appeal with the Supreme Court of Mongolia against the
decision of the Second District Criminal Court of Justice
upholding the US$18 million Tax Verdict against SGS as discussed
under the heading Governmental and Regulatory Issues in the MD&A
issued on March 30, 2015 and available on SEDAR at www.sedar.com

In accordance with Mongolia's Criminal Procedure Law, SGS filed
the appeal through the Second District Criminal Court of Justice.
On April 29, 2015, SGS was informed that the Second District
Criminal Court of Justice had refused the appeal citing that SGS,
as a civil defendant, does not have the right to file an appeal
with the Supreme Court.  On April 29, 2015, SGS sent a letter and
filed an official protest to the Second District Criminal Court of
Justice rejecting and challenging the legal grounds for its
decision.

On May 20, 2015, SGS was informed that the Supreme Court had
refused to hear the appeal and had returned the appeal to the
Second Criminal Court of Justice.  The Supreme Court based its
decision on a restrictive reading of Article 342 of the Criminal
Procedure Law of Mongolia which stipulates that "the defendant,
person acquitted, the victim, and their respective defense counsel
have the right to lodge a complaint to the Supreme Court".  The
Supreme Court concluded that the omission of a specific reference
to a civil defendant in Article 342, in and of itself denies SGS,
in such capacity, the right to lodge an appeal to the Supreme
Court.

In its decision, the Supreme Court did not address other
provisions of the Criminal Procedure Law and the Law on Courts of
Mongolia, which provide that civil defendants have standing to
appeal to the Supreme Court and that no judicial proceedings or
decisions in Mongolia are outside of the scope of supervision by
the Supreme Court.

SGS notes that the letter from the Supreme Court was signed by one
of the justices of the Supreme Court.  SGS believes that the
letter was issued in violation of the relevant rules of the
Supreme Court, which require that decisions on the refusal to hear
a case on appeal be made by the Presiding Justice of the Criminal
Chamber of the Supreme Court.  SGS intends to send an official
letter of protest to the Presiding Justice and request an
explanation on the Justice's decision and letter.

The Company continues to believe that there is a lack of evidence
to support both the Tax Verdict and the Appeal Verdict, and that
the verdicts are both substantively and procedurally in error
under the laws of Mongolia.  However, should the Presiding Justice
uphold the decision to refuse to hear the case on appeal, such
decision will exhaust the legal appeals available to the Company
in Mongolia.

The refusal by the Supreme Court to hear the case on appeal will
render the Tax Verdict payable.  Under Mongolian law, the verdict
can then be enforced by the General Executive Agency of Court
Decisions of the Mongolian government.  However, the Company has
not received any demand or communication from the Government of
Mongolia or any agency thereof in connection with the tax penalty
to date.

The Company intends to work with the relevant authorities in
Mongolia to resolve the dispute giving rise to the Tax Verdict in
a manner that is appropriate having regard to the Company's
limited financial resources and supportive of a positive
environment for foreign investment in Mongolia. In this
connection, the Company is assessing a range of possibilities that
could be available to achieve such a resolution with the Mongolian
authorities.  However, there can be no assurance that any such
resolution can be successfully negotiated by the Company either at
all or on favorable terms, or that the terms of any resolution to
which the Government would be prepared to agree would not be
materially adverse to the Company.  In such case, this may result
in an event of default under the CIC Convertible Debenture and CIC
would have the right to declare the full principal and accrued
interest owing thereunder immediately due and payable. Such an
event of default under the CIC Convertible Debenture or the
Company's inability to pay the penalty could result in voluntary
or involuntary proceedings involving the Company as discussed
under the heading Risk Factors in the MD&A issued on March 30,
2015 and available on SEDAR at www.sedar.com

TSX Financial Hardship Exemption Application and Status of Listing
on TSX

The Company has requested approval from the TSX for a 30 day
extension of the delisting review until June 18, 2015.  The
request for an extension is a consequence of the delays in the
closing of the share purchase agreement between Turquoise Hill
Resources Ltd. and Novel Sunrise Investments Limited and the
associated delays in the implementation of the Company's Proposed
Funding Plans.  For additional detail, refer to the section
Liquidity and Capital Resources under the heading TSX Financial
Hardship Exemption Application and Status of Listing on the TSX in
the MD&A issued on May 11, 2015 and available on SEDAR at
www.sedar.com

The Company will announce a further update upon receipt of a
response from TSX on its extension request.

Postponement of the Company's AGM

The Company announces that its AGM has been postponed from
June 15, 2015 to July 24, 2015 in order to provide the Nominating
and Corporate Governance Committee and Board of Directors with
additional time to complete the Company's governance process and
finalize the Director nominees to be presented at the Company's
AGM.

                        About SouthGobi

SouthGobi, listed on the Toronto and Hong Kong stock exchanges, is
focused on exploration and development of its metallurgical and
thermal coal deposits in Mongolia's South Gobi Region.  It has a
100% shareholding in SouthGobi Sands LLC, a Mongolian registered
company that holds the mining and exploration licences in Mongolia
and operates the flagship Ovoot Tolgoi coal mine.  Ovoot Tolgoi
produces and sells coal to customers in China.



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


SANASA DEVELOPMENT: Fitch Affirms 'BB+(lka)' National LT Rating
---------------------------------------------------------------
Fitch Ratings Lanka has affirmed Sanasa Development Bank PLC's
(SDB) National Long-Term Rating at 'BB+(lka)'. The Outlook is
Stable.

KEY RATING DRIVERS

The rating captures SDB's high exposure to the retail and lower-
end SME segments, its weak asset quality, and pressure on
capitalisation due to strong loan growth. The rating also reflects
its above-average net-interest margins (NIM) stemming from its
high-yielding loan book. The rating is constrained by SDB's high
costs, which ultimately limit profitability.

SDB's loan book expanded by 17% in 1Q15, following growth of 44%
in 2014 and 14% in 2013. Its Fitch core capital ratio declined to
13.96% at end-March 2015 from 14.90% at end-2014 and 14.27% at
end-2013 despite an equity infusion in late 2014. This was
primarily due to the rapid expansion of its loan book. Fitch
believes that continued high capital consumption could lead to
further deterioration in capital ratios, if internal capital
generation proves insufficient or if there is no capital
injection.

Of the bank's gross loans at end-2014, 95% were to retail and SME
customers, which, in Fitch's view, are riskier in nature due to
their greater vulnerability to economic cycles, and could to lead
to an increase in the reported NPL ratio, which stood at 3.5% at
end March 2015 (2014: 3.8%, 2013: 5.1%), should economic
conditions worsen.

SDB's loan-to-deposit ratio was also a casualty of rapid loan
growth, crossing 100% in 2014 (2013: 97%) and higher than its
peers. Deposits remained the primary source of funding, although
its share in total funding declined to 87% at end-2014 from 93% at
end-2013. Fitch believes that SDB will rely more on borrowings to
fund its above-average growth in the future.

SDB's return on assets improved to 1.92% in 1Q15 (2014: 1.49%,
2013: 0.91%) mainly due to higher NIM. Profit for 2014 was also
supported by capital gains from the sale of stock investments.
Fitch believes higher operating costs due to branch expansion and
a potential increase in credit costs could hamper profitability.

RATING SENSITIVITIES

Aggressive loan growth that could increase capital impairment
risks, either through greater unprovided NPLs and/or a continued
deterioration in capitalisation without adequate internal or
external capital augmentation, could lead to a downgrade of SDB's
ratings.

A rating upgrade is contingent upon fundamental improvements in
its asset quality and moderation of its risk appetite while
expanding its asset base.



                             *********

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
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Information contained herein is obtained from sources believed
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