TCRAP_Public/150529.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, May 29, 2015, Vol. 18, No. 105


                            Headlines


A U S T R A L I A

ALLOWAY COUNTRY: Placed Into Voluntary Administration
AVERY'S CONCRETE: First Creditors' Meeting Set For June 5
BRADCEIL PTY: Court Appoints Official Liquidator
CUSTOMISED SECURITY: First Creditors' Meeting Set For June 9
J & J FREIGHTERS: First Creditors' Meeting Slated For June 5

KIWI PIPE: First Creditors' Meeting Scheduled For June 5
LA TROBE: S&P Assigns Preliminary B Rating on Class F Notes
PADE INVESTMENTS: First Creditors' Meeting Set For June 4
TAMEEKA PTY: Has Fallen Into Liquidation


C H I N A

CIFI HOLDINGS: Fitch Assigns BB- Rating to Proposed US$ Sr. Notes
CIFI HOLDINGS: S&P Assigns 'B+' Rating to Proposed US$ Sr. Notes
FANTASIA HOLDINGS: S&P Rates Proposed US$ Sr. Unsecured Notes 'B'
JOYOU AG: Lixil Faces Losses After Unit Files For Insolvency
ZHUHAI ZHONGFU: Coca-Cola Bottle Maker Defaults on Bonds


I N D I A

AADI CREDIT: CRISIL Assigns 'B' Rating to INR50MM LT Loan
AARKAY INSTRUMENTS: CRISIL Assigns B+ Rating to INR30MM LT Loan
ADVANCE STEEL: India Ratings Suspends 'IND B' LT Issuer Rating
AMON-RA IMPEX: India Ratings Withdraws 'IND B+' LT Issuer Rating
ANIL STEELS: CRISIL Reaffirms B+ Rating on INR150MM Cash Loan

ARJUNA SOLVENT: ICRA Reaffirms 'C' Rating on INR16cr Cash Loan
ASSOCIATED APPLIANCES: CRISIL Ups Rating on INR100MM Loan to B-
B.D. CASTINGS: CRISIL Cuts Rating on INR250MM Cash Loan to B+
BAGPET PAPER: CRISIL Assigns 'D' Rating to INR97.5MM Term Loan
BAKSON DRUGS: India Ratings Assigns BB+ LT Issuer Rating

BAWANA INFRA: CRISIL Reaffirms D Rating on INR485MM Term Loan
BILCARE LIMITED: India Ratings Withdraws 'IND D' Issuer Rating
BULKTAINER SHIPPING: CRISIL Ups Rating on INR57MM Loan to B-
DASS ELECTRIC: ICRA Withdraws 'D' Rating on INR20cr Cash Loan
DEVDOOT COTTON: ICRA Suspends B+ Rating on INR6cr Cash Credit

DILIGENT PINKCITY: ICRA Suspends B+ Rating on INR104.80cr LT Loan
DINESH OILS: India Ratings Raises LT Issuer Rating From BB+'
DLECTA FOODS: CRISIL Ups Rating on INR147MM Term Loan to 'B+'
DM CORPORATION: CRISIL Cuts Rating on INR492.1MM Loan to D
ERNAD ENGINEERING: CRISIL Reaffirms B+ Rating on INR200MM Loan

G & G INTERNATIONAL: ICRA Revises Rating on INR7.88cr Loan to B+
GRENIC TILES: ICRA Suspends B+ Rating on INR5.15cr Term Loan
HIMACHAL ALUMINIUM: CRISIL Reaffirms B+ Rating on INR45MM Loan
IGAKU NEEDLES: CRISIL Assigns 'D' Rating to INR46MM Term Loan
INSCOL HEALTHCARE: India Ratings Puts 'IND BB' LT Issuer Rating

JALAN CARBONS: CRISIL Ups Rating on INR110MM Cash Loan to B+
JR FIBREGLASS: CRISIL Assigns 'B+' Rating to INR74MM Cash Loan
K.R.K EDUCATIONAL: ICRA Assigns 'D' Rating to INR18cr Term Loan
KAMAL PRESSING: CRISIL Cuts Rating on INR50MM Cash Credit to B-
KARTHIKEYAN RICE: CRISIL Assigns B Rating to INR30MM Cash Loan

KAUSHAMBI PAPER: ICRA Reaffirms 'B' Rating on INR3.7cr Term Loan
KINGFISHER AIRLINES: United Bank Clarifies INR400cr Loan
KJ ISPAT: CRISIL Rates INR95MM Loan at B+; Suspension Revoked
LOHITHA LIFESCIENCES: CRISIL Assigns B+ Rating to INR22MM Loan
MAA GANGA: CRISIL Reaffirms B- Rating on INR75MM Term Loan

MANGALATH CASHEWS: CRISIL Reaffirms B+ Rating on INR15MM Loan
NANGALIA FABRICS: CRISIL Puts B- Rating on Notice of Withdrawal
NOBLE INDUSTRIES: ICRA Suspends 'C' Rating on INR16cr Bank Loan
PG ELECTROPLAST: CRISIL Assigns B+ Rating to INR215MM Term Loan
RAJANI GINNING: CRISIL Reaffirms B Rating on INR160MM Cash Loan

RAJNISH STEELS: ICRA Assigns B+ Rating to INR8cr Cash Credit
RELISYS MEDICAL: CRISIL Reaffirms B- Rating on INR158.3MM Loan
SAI RAM: CRISIL Assigns B- Rating to INR45MM Cash Credit
SAKET ENGINEERS: CRISIL Ups Rating on INR405MM LT Loan to 'B'
SARVODAYA SUITINGS: CRISIL Assigns B+ Rating to INR325MM Loan

SECUNDERABAD HOTELS: India Ratings Puts 'IND BB+' Issuer Rating
SELFRIDGES PRIVATE: CRISIL Reaffirms B+ Rating on INR85MM Loan
SHIV COTGIN: ICRA Reaffirms 'B+' Rating on INR34cr Cash Credit
SHREE PACKERS: CRISIL Ups Rating on INR75MM Cash Loan to B+
SK WHEELS: India Ratings Raises LT Issuer Rating to 'IND BB+'

SRI AVANTIKA: India Ratings Lowers LT Issuer Rating to 'IND BB+'
SRI BALAGANAPATHY: ICRA Reaffirms B Rating on INR7cr LT Loan
SURANI STEEL: ICRA Suspends B+ Rating on INR4.50cr Cash Credit
THAR OASIS: ICRA Suspends B Rating on INR7.35cr Bank Loan
UNISOURCE PAPERS: ICRA Cuts Rating on INR5.0cr LOC to D

V. D. SWAMI: CRISIL Assigns 'B' Rating to INR140MM Overdraft Loan
WHITE GOLD: CRISIL Reaffirms 'B+' Rating on INR80MM Cash Loan


N E W  Z E A L A N D

ARENA CAPITAL: Under SFO Probe; Goes Into Receivership
NEW ZEALAND: Helping Farmers as Receivership Threatens
TWO DEGREES: Annual Loss Narrows to NZ$33.6 Million


S O U T H  K O R E A

PANTECH CO: Liquidation Looms for Firm


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


ALLOWAY COUNTRY: Placed Into Voluntary Administration
-----------------------------------------------------
NewsMail reports that the Alloway Country Club has been placed
into voluntary administration.

The first meeting of creditors was held at the Goodwood Rd club on
May 25 with Brisbane-based Hall Chadwick partner and administrator
Blair Pleash.

"It was really an information session," the report quotes
Mr. Pleash as saying. "Another meeting will be held in three to
four weeks where the creditors will determine the future of the
company."

The Alloway Country Club is owned by its members, run by a board
of directors and managed by Trisha Ryan, the report discloses.

According to the report, Mr. Pleash said the meeting revealed
there were 28 unsecured creditors owed a total of AUD113,000.

One secured creditor, the Australia Taxation Office, has already
been paid a portion of what it is owed, the report says.

According to the report, the remaining owed to the secured
creditor is AUD75,000 bringing the total owed by the Alloway
Country Club to AUD188,000.

NewsMail relates that Mr. Pleash explained how the club came to be
in voluntary administration.

"Well, at the end of the day what happened was, the company
received a garnishee notice from the Australian Taxation Office,"
the report quotes Mr. Pleash as saying.

A garnishee notice is issued under the Taxation Administration Act
1953 when a taxpayer owes a debt to the ATO, the report notes.

The notice requires a third party, in this case the Alloway
Country Club's bank, to pay the ATO any money it holds for the
taxpayer, NewsMail adds.

Mr. Pleash along with Kathleen Vouris and Anne-Marie Barley of
Hall Chadwick were appointed administrators on May 13, the report
notes.


AVERY'S CONCRETE: First Creditors' Meeting Set For June 5
---------------------------------------------------------
Steven Gladman of Hall Chadwick Chartered Accountants was
appointed as administrator of Avery's Concrete Cutting Services
Pty Limited on May 26, 2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick Chartered Accountants, Level 19, 144 Edward Street,
in Brisbane, Queensland, on June 5, 2015, at 10:30 a.m.


BRADCEIL PTY: Court Appoints Official Liquidator
------------------------------------------------
Mark Hall of Clifton Hall was appointed Official Liquidator of
Bradceil Pty Ltd on May 27, 2015, by Order of the Federal Court of
Australia.


CUSTOMISED SECURITY: First Creditors' Meeting Set For June 9
------------------------------------------------------------
Frank Lo Pilato of RSM Bird Cameron was appointed as administrator
of Customised Security Group Pty Ltd on May 27, 2015.

A first meeting of the creditors of the Company will be held at
103-105 Northbourne Avenue, in Turner ACT, on June 9, 2015, at
12:00 p.m.


J & J FREIGHTERS: First Creditors' Meeting Slated For June 5
------------------------------------------------------------
Gavin Moss & Nick Combis of Vincents Chartered Accountants were
appointed as administrators of J & J Freighters (NSW) Pty Ltd on
May 26, 2015.

A first meeting of the creditors of the Company will be held at
boardroom of Servcorp, Level 57, MLC Centre, 19-29 Martin Place,
in Sydney, on June 5, 2015, at 10:00 a.m.


KIWI PIPE: First Creditors' Meeting Scheduled For June 5
--------------------------------------------------------
Gavin Moss and Nick Combis of Vincents Chartered Accountants were
appointed as administrators of Kiwi Pipe Welding Pty Ltd on May
26, 2015.

A first meeting of the creditors of the Company will be held at
Vincents Chartered Accountants - Sydney, Level 19, MLC Centre, 19-
29 Martin Place, in Sydney, on June 5, 2015, at 3:00 p.m.


LA TROBE: S&P Assigns Preliminary B Rating on Class F Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to the seven classes of nonconforming residential
mortgage-backed securities (RMBS) to be issued by Perpetual
Corporate Trust Ltd. as trustee for La Trobe Financial Capital
Markets Trust 2015-1.  La Trobe Financial Capital Markets Trust
2015-1 is a securitization of nonconforming residential mortgages
originated by La Trobe Financial Services Pty Ltd.

The preliminary ratings reflect:

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

   -- S&P's view that the credit support is sufficient to
      withstand the stresses S&P applies.  This credit support
      comprises note subordination for each class of rated note.

   -- The availability of a retention amount, amortization
      amount, and yield reserve, which will all be funded by
      excess spread, but at various stages of the transaction's
      term. They will have separate functions and timeframes,
      including reducing the balance of senior notes, reducing
      the balance of the most subordinated notes, and paying
      senior expenses and interest shortfalls on the class A
      notes.

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

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including a liquidity
      facility equal to 3.0% of the outstanding balance of the
      notes, and principal draws, are sufficient under S&P's
      stress assumptions to ensure timely payment of interest.

   -- The condition that a minimum margin will be maintained on
      the assets.

A copy of Standard & Poor's complete report for La Trobe Financial
Capital Markets Trust 2015-1 can be found on RatingsDirect,
Standard & Poor's Web-based credit analysis system, at:

            http://www.globalcreditportal.com

The issuer has not informed Standard & Poor's (Australia) Pty
Limited whether the issuer is publically disclosing all relevant
information about the structured finance instruments that are
subject to this rating report or whether relevant information
remains non-public.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

       http://standardandpoorsdisclosure-17g7.com/3205.pdf

PRELIMINARY RATINGS ASSIGNED

Class       Rating        Amount (mil. A$)
A1          AAA (sf)      162.5
A2          AAA (sf)       44.5
B           AA (sf)        14.5
C           A (sf)         10.75
D           BBB (sf)        7.5
E           BB (sf)         4.75
F           B (sf)          2.65
Equity      NR              2.85
NR--Not rated.


PADE INVESTMENTS: First Creditors' Meeting Set For June 4
---------------------------------------------------------
Terry O'Connor & Paul Cook of Paul Cook & Associates were
appointed as administrators of Pade Investments Pty Ltd, trading
as Rosebery Newsagency, on May 26, 2015.

A first meeting of the creditors of the Company will be held at
105 Macquarie Street, Hobart, on June 4, 2015, at 10:30 a.m.


TAMEEKA PTY: Has Fallen Into Liquidation
----------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Tameeka Pty
Limited has fallen into liquidation.  Scott Anthony Newton of Shaw
Gidley was appointed liquidator of the company on May 12, 2015,
the report says.

The company owned The Fig which has been shut down for a week now,
the report notes. All of the business' employees have been left
jobless. Tameeka is also responsible for venues The Pier and Grape
and Petal. It has been said that the liquidation might not have an
impact on those two venues, the report says.



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


CIFI HOLDINGS: Fitch Assigns BB- Rating to Proposed US$ Sr. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'BB-(EXP)' to
China-based property developer CIFI Holdings (Group) Co. Ltd.'s
(BB-/Stable) proposed US dollar senior notes.

The final rating is contingent on the receipt of final documents
conforming to information already received.  The notes are rated
at the same level as CIFI's senior unsecured debt rating as they
represent direct, unconditional, unsecured and unsubordinated
obligations of the company.

KEY RATING DRIVERS

Sustainability of Scale: CIFI's contracted sales grew to
CNY21.21bn in 2014 from CNY15.3bn in 2013 despite a downturn in
China's property market.  Contracted sales were soft in 1Q15, in
line with the industry trend, but rose 21% yoy in April 2015.
Property sales amounted to CNY5.52bn in the year to April 2015,
19% lower yoy.  Fitch expects CIFI's focus on homes targeting
upgraders and on higher tier cities to support its moderate
expansion in 2015.

Fast Churn: The company also maintained healthy sales turnover
with contracted sales/total debt at 1.5x in 2014 and contracted
sales/adjusted inventory at 1.2x in the same period.  The sales
efficiency reflects the company's greater resilience in different
market conditions compared with lower-rated peers.

Stable Leverage: CIFI's net debt/adjusted inventory was stable at
34% end-2014 (2013: 33%).  In May 2015, the company raised
HKD1.32bn via a share placement to finance its operations.  Fitch
expects CIFI's leverage in 2015 to remain below 45%, the level at
which negative rating action may be considered, due to the
company's prudent expansion strategy and its healthy sales
efficiency.

Stable EBITDA Margin: CIFI's high asset turnover and product types
kept its EBITDA margin at the low end among its peers.  CIFI's
higher average selling price (ASP) of CNY12,235/sqm in 2014
compared with below CNY10,000/sqm two years ago, and a bigger
share of office sales in its product mix are likely to keep the
EBITDA margin at around 20% in the next 12 months (2014: 21%).

Focus on Higher-Tier Cities: CIFI has a diversified presence in
the Yangtze River Delta, Bohai Economic Rim and Central Western
Region, reducing its exposure to uncertainties inherent in local
policies and local economies while providing room to scale up.
With around 90% of attributable land bank in first- and second-
tier cities at end-2014, the company is less exposed to housing
oversupply in lower-tier cities.

Substantial JV: CIFI has 9.6m sqm of gross floor area (GFA) of
total land bank, but only around 75% of the GFA is attributable to
the company as many of the acquisitions were made through joint
ventures.  Fitch believes the company will continue to form joint
ventures with other developers in the next 24 months to reduce
land premium outlay, particularly for projects in Tier 1 and Tier
2 cities that have high land costs.  This was the case for its new
joint venture projects with other reputable domestic and Hong
Kong-based property developers in 1H15.

KEY ASSUMPTIONS

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

   -- Contracted sales growth in high single digits to mid-teens,
      largely driven by sales volume growth
   -- New land acquisitions averaging 40% of annual contracted
      sales.
   -- No significant improvement in gross margins with CIFI
      keeping to its mass-market focus and high asset turnover
      strategy.
   -- CIFI's joint ventures distribute all excess cash

RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

   -- Annual attributable contracted sales rising above CNY30bn
      with a healthy financial profile and the current product
      mix

   -- Maintaining the current strategy of high cash-flow
      turnover, such that contracted sales/total debt is
      sustained at over 1.3x

   -- EBITDA margin over 20% on a sustained basis

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

   -- Substantial decrease in scale from 2014, or contracted
      sales/ total debt falling below 1x on a sustained basis
   -- EBITDA margin declining to 15% or lower
   -- Net debt to adjusted net inventory rising towards 45% on a
      sustained basis
   -- Deviation from the current fast churn-out and high cash-
      flow turnover business model


CIFI HOLDINGS: S&P Assigns 'B+' Rating to Proposed US$ Sr. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
issue rating and 'cnBB' long-term Greater China regional scale
rating to a proposed issue of U.S. dollar-denominated senior
unsecured notes by CIFI Holdings (Group) Co. Ltd. (BB-/Stable/--;
cnBB+/--).  The rating on the notes is subject to S&P's review of
the final issuance documentation.

The issue rating is one notch lower than the long-term corporate
credit rating on CIFI to reflect the structural subordination
risk.  CIFI intends to use the proceeds from the proposed notes to
refinance its existing debts, acquire new projects or land for
development, and to develop existing projects, and for general
corporate purposes.

S&P expects CIFI's contracted sales to total Chinese renminbi
(RMB) 25 billion in 2015.  The company's contracted sales in the
first four months reached RMB5.52 billion.  CIFI's good sales
execution, strategic focus on end-user demands in top-tier cities,
and the recent relaxation of the Chinese government's measures
toward the property sector and credit loosening could underpin
CIFI's sales performance in 2015.

S&P forecasts that CIFI's debt-to-EBITDA ratio will slightly
weaken to 4x-5x in 2015 from 3.8x in 2014.  S&P expects the
company to be more aggressive in land acquisitions this year.
Nevertheless, S&P anticipates revenue growth to offset the debt
increase over the same period, leading to only a marginal increase
in leverage.

The stable outlook over the next 12 months reflects S&P's view
that CIFI will maintain its good sales execution and strategy
execution in penetrating higher-tier cities along the Yangtze
River Delta and service end-user demand in the region.  S&P also
expects CIFI to manage its balance sheet and control its debt
leverage, with its debt-to-EBITDA ratio remaining below 5x in
2015.


FANTASIA HOLDINGS: S&P Rates Proposed US$ Sr. Unsecured Notes 'B'
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
issue rating to a proposed issue of U.S.-dollar-denominated senior
unsecured notes by Fantasia Holdings Group Co. Ltd. (B+/Stable/--;
cnBB/--).  S&P also assigned its 'cnBB-' long-term Greater China
regional scale rating to the notes.  The ratings are subject to
S&P's review of the final issuance documentation.

The issue rating is one notch lower than the long-term corporate
credit rating on Fantasia to reflect the structural subordination
risk.  Fantasia intends to use the net proceeds from the proposed
notes to refinance its existing debt and for general corporate
purposes.  In S&P's view, the notes issuance could extend the
company's debt maturity and improve its liquidity position.

The rating on Fantasia reflects the company's high debt leverage,
small operating scale, and execution risk with regard to rapid
expansion into asset-light businesses and migration to higher-tier
cities.  The rating also reflects Fantasia's satisfactory market
position in Chengdu, geographic diversification that is better
than peers', and sizable low-cost land reserves.

The stable rating outlook on Fantasia reflects S&P's view that the
company will control its leverage and continue to moderately grow
its property development business over the next 12 months.
Fantasia's expansion in the high-margin property management
business should also support its profitability.


JOYOU AG: Lixil Faces Losses After Unit Files For Insolvency
------------------------------------------------------------
The Financial Times reports that Lixil, the Japanese bathroom
fittings group, faces losses of at least JPY41 billion ($337m)
after a China-based, German-listed subsidiary filed for insolvency
and announced it was considering legal action against its former
chairman and his son, the former deputy chairman.

The case could revive investor concerns about transparency at
China-based companies with foreign listings following other
problems in recent years, including the 2012 bankruptcy of Sino-
Forest, the Canadian-listed Chinese forestry group.

Joyou AG, a part-owned Lixil group company quoted in Frankfurt,
announced on May 22 that it had started insolvency proceedings
after writing off $300 million on guarantees given to creditors of
a subsidiary, Joyou Hong Kong, a holding company for eight Joyou
operating businesses in Fujian province, eastern China, the FT
reports.

The report relates that Joyou AG also said it was dismissing its
chairman Jianshe Cai, Joyou group founder, and his son Jilin Cai,
deputy chairman, and was looking into "comprehensive legal action"
against the two men.

The company warned shareholders of potential problems a month ago,
when it announced a special audit and temporarily suspended
Jianshe Cai and Jilin Cai, the report says.  The shares collapsed
from EUR16.54 on April 24, just before the first announcement, to
EUR0.37 on May 22, slashing the market capitalisation from EUR396m
to under EUR9 million, the report notes.

Jianshe Cai founded the business that grew into the Joyou group in
1988, the FT discloses citing the company website. Following rapid
expansion, Joyou in 2009 signed a co-operation deal with Grohe, a
global German bathroom fittings company owned by TPG, the private
equity group and other investors.

A year later, Joyou AG listed in Frankfurt, as a financing company
for the Joyou group, raising EUR91m from the sale of
27.7 per cent of its stock, the report notes. In 2011, Grohe
bought control of Joyou AG from Jianshe Cai and his family and
later increased its stake, taking it to 72.3 per cent, the FT
notes.

In January 2014, TPG and its associates sold 87.5 per cent of
Grohe to Lixil, in co-operation with the state-run Development
Bank of Japan, in a deal giving Grohe an enterprise value
including debt of EUR3.05bn, the FT recalls. The transaction,
which Grohe billed as "the largest-ever German investment by a
Japanese company", included Grohe's 72.3 per cent holding in Joyou
AG, the report adds.


ZHUHAI ZHONGFU: Coca-Cola Bottle Maker Defaults on Bonds
--------------------------------------------------------
Bloomberg News reports that Zhuhai Zhongfu Enterprise Co., a
bottle maker in China for Coca-Cola Co. said it won't make a full
bond payment due on May 28, making it the fourth company to
default in the onshore debt market.

Zhuhai Zhongfu, which also supplies bottles for PepsiCo Inc., will
repay only 35 percent of the notes' CNY590 million ($95.1 million)
in principal, Han Huiming, board secretary at the Chinese company,
said in a phone interview on May 28, Bloomberg relays.  According
to the report, Mr. Han said the bottle maker will pay all the
CNY31.152 million of interest on the
5.28 percent securities sold in 2012.

"We are having a short-term liquidity problem," Bloomberg quotes
Mr. Han as saying. "We are actively raising money for the
remaining payment in the future."

Chinese companies must pay back a record amount of bonds this year
even as domestic economic growth slows, Bloomberg says. Cloud Live
Technology Group Co., a private-sector company, reneged on
obligations in April and Baoding Tianwei Group Co., a power-
equipment maker, became the nation's first state-owned enterprise
to default on domestic debt, Bloomberg states.

According to Bloomberg, Zhuhai Zhongfu, which employs about 4,000
people and isn't state-owned, said in a May 21 statement that a
bank consortium rejected its application for CNY500 million of
loans in May. The Zhuhai branches of China Everbright Bank Co. and
Bank of China Ltd. have limited its freedom to spend the CNY61
million of capital on its accounts, the company, as cited by
Bloomberg, said.

Bloomberg relates that Mr. Han said the bottle maker's liquidity
problem was caused by the bank consortium's lending cut. Even so,
the company's manufacturing is healthy and it has a sufficient
number of orders from clients, he said.

The bank group refrained from extending loans because the
company's biggest shareholder changed in January and that
constituted a breach of a lending agreement in 2012,
Mr. Han, as cited by Bloomberg, said.

According to Bloomberg, Coca-Cola Asia Pacific said the impact of
a likely default will be minimal because it gets less than
25 percent of its bottles from Chinese factories and has expanded
in-house bottle production to 60 percent from 25 percent between
2010 and 2015, according to an e-mail from the company. PepsiCo
didn't immediately respond to a request for comment, Bloomberg
says.

The company's orders have declined since 2012 as its biggest
clients increased their own production of bottles, Bloomberg
discloses citing a report from China International Capital Corp.
on May 11. The company's business with its three largest clients -
- Coca-Cola, PepsiCo and Uni-President China Holdings Ltd. --
generated only 33 percent of revenue last year, down from 49
percent in 2011, according to CICC, Bloomberg relays.

Zhuhai Zhongfu had a loss of CNY41.717 million in the first
quarter, compared with a CNY67.053 million profit in the same
period last year, Bloomberg discloses citing a statement on
May 15. The company had CNY2.58 billion of borrowings as of
March 31, while its assets were CNY3.66 billion, it said, adds
Bloomberg.



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AADI CREDIT: CRISIL Assigns 'B' Rating to INR50MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Aadi Credit Cooperative Society Ltd (Aadi
Society).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term     50       CRISIL B/Stable
   Bank Loan Facility

The rating reflects Aadi Society's small scale and limited track
record of operations, modest asset quality, and exposure to risks
inherent in the cooperative societies sector. These rating
weaknesses are partially offset by the extensive experience of the
society's management in the banking and financial services sector.

Outlook: Stable
CRISIL believes that Aadi Society will remain a small cooperative
society with a modest asset quality, over the medium term. The
outlook may be revised to 'Positive' if Aadi Society substantially
improves its scale of operations and asset quality while
maintaining its corpus. Conversely, the outlook may be revised to
'Negative' in case of a significant decline in the society's asset
quality or earnings profile, leading to stress on its corpus.

Aadi Society is a Delhi-based cooperative society registered under
the Multi-State Cooperative Societies Act, 2002. The society was
incorporated in 2013, promoted by Mr. Rajesh Kumar Singh. It
currently has five branches, one each in Uttar Pradesh, Madhya
Pradesh, Uttarakhand, Bihar, and New Delhi. The society accepts
deposits from its members. It also provides small business,
personal, and housing loans to its members. As on December 31,
2014, Aadi Society had advances of INR13 million, deposits of
INR20 million, and a corpus of INR3.1 million.

Aadi Society reported a surplus of INR0.10 million on a total
income of INR4.1 million for 2013-14 (refers to financial year,
April 1 to March 31) as against a surplus of INR0.06 million on a
total income of INR0.2 million for the previous year. For the nine
months ended December 31, 2014, the society reported a surplus of
INR0.12 million on a total income of INR4.3 million.


AARKAY INSTRUMENTS: CRISIL Assigns B+ Rating to INR30MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Aarkay Instruments Pvt Ltd (AIPL).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term       30        CRISIL B+/Stable
   Bank Loan Facility
   Bank Guarantee           20        CRISIL A4
   Cash Credit              30        CRISIL B+/Stable

The ratings reflect AIPL's modest scale of operations in the
highly competitive engineering services industry, the
vulnerability of its cash flows to timely flow and execution of
orders, and the working-capital-intensive nature of its
operations. These rating weaknesses are partially offset by the
extensive industry experience of the company's promoters and its
established customer relationships.

Outlook: Stable
CRISIL believes that the AIPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its healthy order book. The outlook may be revised to 'Positive'
if there is significant improvement in the company's revenue and
profitability while it maintains its healthy capital structure.
Conversely, the outlook may be revised to 'Negative' if AIPL
registers low revenue or profitability margins, or if its working
capital cycle is stretched, resulting in significant deterioration
in its financial risk profile.

AIPL was incorporated in 1981, promoted by Mr. Rameshchandra Dave.
The company is engaged in engineering, procurement, and
commissioning services for process control; fabrication of
pressure vehicles; field instrumentation; and electric works for
the oil and gas, petrochemical, and power sectors. It is based in
Mumbai.

For 2014-15 (refers to financial year, April 1 to March 31), AIPL,
on a provisional basis, reported a profit after tax (PAT) of
INR0.3 million on net sales of INR71.9 million; it had reported a
PAT of INR0.1 million on net sales of INR137.4 million for 2013-
14.


ADVANCE STEEL: India Ratings Suspends 'IND B' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research has migrated Advance Steel & Tube
Mills' 'IND B' Long-Term Issuer Rating to the suspended category.
The Outlook was Stable.  The rating will now appear as 'IND
B(suspended)' on the agency's website.

The ratings have been migrated to the suspended category due to
lack of adequate information.  Ind-Ra will no longer provide
ratings or analytical coverage for ASTM.  The ratings will remain
in the suspended category for a period of six months and be
withdrawn at the end of that period.  However, in the event the
issuer starts furnishing information during this six-month period,
the ratings could be reinstated and will be communicated through a
rating action commentary.

ASTM's ratings are:

   -- Long-Term Issuer Rating: migrated to 'IND B(suspended)'
      from 'IND B'
   -- INR50m fund-based limits: migrated to 'IND B(suspended)'
      from 'IND B'
   -- INR30m non-fund-based limits: migrated to
      'IND A4(suspended)' from 'IND A4'


AMON-RA IMPEX: India Ratings Withdraws 'IND B+' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research has withdrawn Amon-ra Impex Pvt Ltd's
'IND B+ (suspended)' Long-Term Issuer rating.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for AIPL.

Ind-Ra suspended AIPL's ratings on Nov. 19, 2014.

AIPL's ratings:

   -- Long-Term Issuer Rating: 'IND B+(suspended)'; rating
      withdrawn
   -- INR5m fund-based cash credit limits: Long-term 'IND
      B+(suspended)'; rating withdrawn
   -- INR45m non-fund-based letter of credit: Short-term 'IND
      A4(suspended)'; rating withdrawn


ANIL STEELS: CRISIL Reaffirms B+ Rating on INR150MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Anil Steels Pvt Ltd
(ASPL) continue to reflect ASPL's modest scale of operations in
the highly fragmented steel industry and its weak financial risk
profile, marked by a small net worth and driven by large working
capital requirements. These rating weaknesses are partially offset
by its promoter's extensive experience in the steel industry.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee       110       CRISIL A4 (Reaffirmed)
   Cash Credit          150       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes that ASPL's financial risk profile will remain
weak over the medium term because of its small net worth and large
working capital requirements. The outlook may be revised to
'Positive' in case of a significant improvement in the company's
financial risk profile, most likely because of equity infusion or
large cash accruals. Conversely, the outlook may be revised to
'Negative' if ASPL's revenue or operating margin declines
significantly, or if its capital structure deteriorates on account
of substantial debt-funded capital expenditure or large working
capital requirements.

Mr. Nitin Agrawal took over ASPL's operations 2004; the company
had been a sick unit since 1991. It undertakes fabrication and
galvanisation of steel, primarily for the solar power and
telecommunication industries.


ARJUNA SOLVENT: ICRA Reaffirms 'C' Rating on INR16cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed the rating of [ICRA]C outstanding on the
INR13.00 crore, long-term loan and INR16.00 crore long term, fund-
based bank facilities of Arjuna Solvent Extraction Private
Limited. ICRA has also reaffirmed the short term rating of
[ICRA]A4 outstanding on the INR2.00 crore short term non-fund
based bank facilities of the company.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term, Fund
   Based-Term Loan        13.00       [ICRA]C; reaffirmed

   Long Term, Fund
   Based-Cash Credit      16.00       [ICRA]C; reaffirmed

   Short Term, Non
   Fund Based              2.00       [ICRA]A4; reaffirmed

The rating reaffirmation continues to factor in the weak financial
profile of ASEPL characterised by stretched gearing and weak
coverage indicators due to significant debt funded capital
expenditure and low accrual to reserves. ICRA also notes the
vulnerability of profits to adverse fluctuations in cotton
seed prices and the low capacity utilisation due to seasonal
nature of operations. The lack of refining capacity and the highly
fragmented industry structure limits bargaining power for smaller
players like ASEPL. The company also faces uncertainty with regard
to price parity of finished goods in comparison with larger
players.

ICRA however, favourably factors in the vast the experience of
promoters in edible oil industry coupled with the presence of
group companies across various stages of the cotton value chain.
ICRA also notes the strategic location of the plant in the cotton
producing belt of India.

Arjuna Solvent Extraction Private Limited is a family run
organisation incorporated in 2008 with commercial production
commencing from June 2009 onwards. The company is engaged in
processing of cottonseed to manufacture cottonseed oil through
solvent extraction, used primarily for human consumption. The by-
products/ waste arising in the process also find use in various
commercial operations, thereby increasing the product portfolio of
the company. The various products and by - products obtained in
manufacturing process are cottonseed oil (solvent extracted as
well as expeller oil), cotton lint, cottonseed hulls, cottonseed
de-oiled cake, waste oil etc. The company is also engaged in
trading of Soya de-oiled cake and bardana (gunny bags).

Recent Results
As per its audited results for FY14, ASEPL reported profit after
tax (PAT) of INR0.02 crore on operating income of INR112.81 crore.


ASSOCIATED APPLIANCES: CRISIL Ups Rating on INR100MM Loan to B-
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Associated Appliances Ltd (AAL) to 'CRISIL B-/Stable/CRISIL A4'
from 'CRISIL D/CRISIL D'.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        30         CRISIL A4 (Upgraded from
                                    'CRISIL D')

   Cash Credit          100         CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Inland/Import        110         CRISIL A4 (Upgraded from
   Letter of Credit                 'CRISIL D')

   Term Loan             30         CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

The rating upgrade reflects improvement in AAL's liquidity, marked
by regularisation in its term loan repayments and no overdrawals
of more than 5 days in its bank limits. The liquidity is further
supported by the funding support the company receives from its
promoters. The rating upgrade also reflects AAL's stable business
risk profile, marked by a consistent increase in the company's
scale of operations and stable profitability.

The ratings reflect AAL's small scale of operations and average
financial risk profile, marked by a weak capital structure. These
rating weaknesses are partially offset by the promoters' extensive
experience in the home and kitchen appliances industry.

Outlook: Stable
CRISIL believes that AAL will continue to benefit over the medium
term from its promoter's experience in the home and kitchen
appliances industry. The outlook may be revised to 'Positive' if
the company reports a significant improvement in scale of
operations and profitability, leading to large cash accruals and
consequently, improved financial risk profile. Conversely, the
outlook may be revised to 'Negative' if AAL reports a modest scale
of operations and profitability or if its financial risk profile
deteriorates owing to a significant increase in its working
capital requirements. The outlook may also be revised to
'Negative' if the company undertakes any large debt-funded capital
expenditure.

AAL was founded in New Delhi in 1994, by Mr. Dev Dutta Sharma and
his family members. The company manufactures and trades in home
and kitchen appliances, including liquefied petroleum gas stoves
and kitchen ventilation hoods.


B.D. CASTINGS: CRISIL Cuts Rating on INR250MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
B.D. Castings Ltd (BDCL) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BBB-/Stable/CRISIL A3'.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        35         CRISIL A4 (Downgraded from
                                    'CRISIL A3')

   Cash Credit          250         CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BBB-/Stable')

   Letter of Credit      50         CRISIL A4 (Downgraded from
                                    'CRISIL A3')

The rating downgrade reflects the temporary shutdown of operations
at all BDCL's divisions owing to increase in power cost and
persistent labour issues; prolonged economic downturn resulting in
lower demand from the end-user steel industry; and stretch in
receivables, resulting in deterioration in the company's working
capital cycle. The company's gross current assets deteriorated to
an estimated 341 days as on March 31, 2015, from 280 days as on
March 31, 2014, and 91 days as on March 31, 2013. BDCL's net
sales, which witnessed steep deterioration to INR699.0 million in
2013-14 (refers to financial year, April 1 to March 31) from
INR2974.4 million in 2012-13, further deteriorated to an estimated
INR408.7 million in 2014-15. However, CRISIL expects that with
revival in demand for BDCL's products, the company will commence
its operations, though the possibility of the same over the medium
term appears to be low.

The ratings also reflect BDCL's working-capital-intensive
operations and intense competition in the steel products and
fabrication businesses. These rating weaknesses are partially
offset by the benefits that the company derives from its
promoters' extensive experience in the steel industry and the
support extended by them.

Outlook: Stable
CRISIL believes that BDCL will continue to benefit over the long
term from its promoters' experience in the steel industry, thereby
aiding the company to revive its scale of operations over the
medium term. The outlook may be revised to 'Positive' in case BDCL
resumes its operations, thereby witnessing growth in its revenue,
coupled with improvement in its profitability margin and better
working capital management while maintaining its capital
structure. Conversely, the outlook may be revised to 'Negative' in
case the shutdown in the company's business operations continues
beyond the medium term.

Established in 1988 and promoted by members of the Goyal family,
BDCL manufactures steel ingots and hot-rolled products such as
thermo-mechanically treated bars and structurals. In 2008-09, BDCL
set up a fabrication plant for manufacturing towers for the power
transmission and telecommunication sectors, which commenced
operations in 2011-12.

BDCL reported a profit after tax (PAT) of INR12.2 million on net
sales of INR699.0 million for 2013-14, against a PAT of INR10.9
million on net sales of INR2974.4 million for 2012-13.


BAGPET PAPER: CRISIL Assigns 'D' Rating to INR97.5MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Bagpet Paper Pvt Ltd (BPPL).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             97.5       CRISIL D
   Letter of Credit      20         CRISIL D
   Bank Guarantee        10         CRISIL D
   Cash Credit           50         CRISIL D

The ratings reflect BPPL's delays in meeting the interest
obligations on its bank loan facilities, because of its weak
liquidity on account of its nascent stage of operations.

The company also has modest scale of operations and a weak
financial risk profile marked by a modest networth and high
gearing. However, it benefits from its promoters' extensive
experience in the paper industry.

BPPL, incorporated in 2010, manufactures machines utilized in the
paper industry and commenced commercial operations in July 2014.
The company is promoted and managed by Mr. K A Sharma and his son
Mr. Vijay Sharma. Its manufacturing unit is at Bavla in Ahmedabad
(Gujarat).

BPPL reported a profit after tax (PAT) of INR0.3 million on net
sales of INR50 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR0.2 million on net sales
of INR78 million for 2012-13.


BAKSON DRUGS: India Ratings Assigns BB+ LT Issuer Rating
--------------------------------------------------------
India Ratings and Research has assigned Bakson Drugs &
Pharmaceuticals Private Limited a Long-Term Issuer Rating of 'IND
BB+'.  The Outlook is Stable.  The agency has also assigned
BDPPL's bank loans these ratings:

   Facility             Amount         Ratings
   --------             ------         --------
  Fund-based limits   INR100.0MM    Long-Term 'IND BB+'/Stable
                                    and Short-Term 'IND A4+'

  Term loans (o/s)    INR43.5MM     Long-Term 'IND BB+'/Stable

  Non-fund-based      INR10.0MM     Short-Term 'IND A4+'
  limits

KEY RATING DRIVERS

The ratings reflect BDPPL's small scale of operations as indicated
by its top-line of INR646.41m in FY14 (FY13: INR544.44m).  The
ratings also reflect BDPPL's tight liquidity position as evident
by the almost-full utilization of its working capital limits
during the 12 months ended April 2015.

The ratings benefit from the company's healthy operating margins
of 16.4% and strong credit metrics with EBIDTA gross interest
coverage (operating EBITDA/gross interest expense) of 4.93x and
gross financial leverage (total adjusted net debt/operating
EBITDA) of 1.90x in FY14.

The ratings are also supported by over-five-decade-long experience
of BDPPL's promoters in the homeopathic drug manufacturing
industry.

RATING SENSITIVITIES

Negative: A substantial fall in the operating margins and/or
further liquidity stretch will be negative for the ratings.

Positive: A substantial increase in the revenue while maintaining
the credit profile will be positive for the ratings.

COMPANY PROFILE

Incorporated on 17 May 1989, BDPPL manufactures homeopathic
medicines and cosmetic products under the brand name Sunny.  The
company has its registered and corporate office in New Delhi and
two units at Shillu Kala, Parwanoo (Himachal Pradesh) and Village
Chouli Shahabuddinpur Haridwar, Uttarakhand.  The company booked
revenue of INR827.5MM, according to the interim numbers for FY15.


BAWANA INFRA: CRISIL Reaffirms D Rating on INR485MM Term Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Bawana Infra
Development Pvt Ltd (BIDPL; part of the Abhyudaya group) continues
to reflect company's weak liquidity driven by delay in receipt of
annuity and water and maintenance charges from its customers.
BIDPL is also exposed to high customer concentration risk.
However, the company benefits from fixed revenue streams arising
from annuity, and sewer, water, and maintenance charges.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Rupee Term Loan       485        CRISIL D (Reaffirmed)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of BIDPL and Abhyudaya Housing and
Construction Pvt Ltd (AHCPL; rated 'CRISIL BB+/Stable/CRISIL
A4+'). The two companies are together referred to herein as the
Abhyudaya group. BIDPL is a special purpose vehicle (SPV) and
90:10 joint venture of AHCPL and Jyoti Buildtech Pvt Ltd. BIDPL
was formed for an upgrade-operate-maintain-transfer (UOMT) annuity
project from Delhi State Industrial Infrastructure Development
Corporation (DSIIDC). AHCPL has extended an irrevocable guarantee
for BIDPL's project debt, and is likely to retain a substantial
shareholding in BIDPL as the SPV is strategically important to
AHCPL.

Update
BIDPL is yet to receive annuity for 2014-15 (refers to financial
year, April 1 to March 31) and 2015-16 from DSIIDC despite timely
completion of its UOMT project of Bawana Industrial Area in Delhi.
Additionally, receipt of water, maintenance, and sewer charges
from the industrial units in the Bawana Industrial Area is also
slower than expected. Against total billing of around INR400.0
million in 2014-15, BIDPL received only around INR158.4 million
from the industrial units, which is largely being deployed for
rendering services to the industrial units. Stretch in receivables
along with fixed overheads for services constrains BIDPL's
liquidity. Improvement in debtor realisation from industrial units
and timely receipt of annuity from DSIIDC will remain key
determinants for debt servicing, which starts again from September
2015.

BIDPL is a 90:10 SPV formed in 2011 by AHCPL and Jyoti Buildtech
Pvt Ltd to undertake a project for the upgrade and maintenance of
the Bawana Industrial Area in Delhi.

AHCPL was established in 1995 by Mr. Rajesh Agarwal and his
brother Mr. Manoj Agarwal. It began operations as a small
construction company, working as a contractor for the Uttar
Pradesh Public Works Department (PWD). Mr. Ajant Agarwal, a family
friend of the Agarwal brothers, joined the company in 2003 after
the demise of Mr. Rajesh Agarwal, the then managing director.
AHCPL is a road construction contractor.

For 2013-14, BIDPL reported a profit after tax (PAT) of INR0.9
million on net sales of INR13.8 million.

For 2013-14, AHCPL reported a net loss of INR18.6 million on net
sales of INR1.13 billion; it reported a PAT of INR48.9 million on
net sales of INR930 million for 2012-13.


BILCARE LIMITED: India Ratings Withdraws 'IND D' Issuer Rating
--------------------------------------------------------------
India Ratings and Research has withdrawn Bilcare Limited's
(Bilcare) 'IND D(suspended)' Long-Term Issuer Rating.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for Bilcare.

Ind-Ra suspended Bilcare's ratings on Nov. 25, 2014.

Bilcare's ratings:

   -- Long-Term Issuer Rating: 'IND D(suspended)'; rating
      withdrawn
   -- INR4,500m term loan: Long-term 'IND D(suspended)'; rating
      withdrawn
   -- INR3,500m non-fund-based letter of credit: Short-term 'IND
      D(suspended)'; rating withdrawn


BULKTAINER SHIPPING: CRISIL Ups Rating on INR57MM Loan to B-
------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Bulktainer Shipping Limited (BSL) to 'CRISIL B-/Stable/CRISIL A4'
from 'CRISIL D/CRISIL D'.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        1.9        CRISIL A4 (Upgraded from
                                    'CRISIL D')

   Cash Credit          45.0        CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Proposed Long Term   30.7        CRISIL B-/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL D')

   Term Loan            57.0        CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

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

The ratings reflect the company's below-average financial risk
profile marked by its small net-worth and high gearing. The
ratings of the company are also constrained on account of the
company's modest scale of operations in a fragmented industry,
large working capital requirements, and the susceptibility of its
operations to cyclicality in the economy. However, the company
benefits from the extensive experience of its promoters in the
road transport industry.

Outlook: Stable
CRISIL believes that BSL will continue to benefit over the medium
term from its promoter's extensive experience in the road freight
transport segment and its established relationships with its
customers. The outlook may be revised to 'Positive' if there is a
significant and sustained increase in the company's scale of
operations, while maintaining its profitability margins, or there
is a substantial improvement in its capital structure on the back
of sizeable equity infusion from its promoters. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
BSL's profitability margins, or significant deterioration in its
capital structure caused most likely by a large debt-funded
capital expenditure programme or a stretch in its working capital
cycle.

BSL was set up in 1988 as a proprietary concern - Bulktainer
Roadways - by Mr. Sanjay Sharma; it was reconstituted as a closely
held public limited company in 1995.

The company provides freight transport services by roads, and
operates a fleet of gas trailers and multi-axle bulkers. It
transports liquefied petroleum gas, butadiene, alumina, and other
commodities. It is based in Mumbai (Maharashtra).


DASS ELECTRIC: ICRA Withdraws 'D' Rating on INR20cr Cash Loan
-------------------------------------------------------------
ICRA has withdrawn the [ICRA]D rating assigned to the INR20.00
crore cash credit facilities of Dass Electric Trading Co Private
Limited as the notice period of three years since suspension of
rating has expired.

The company is engaged in the business of dealerships, assembling
and distribution of electronic goods and home appliances for
various brands. The company is based in Pune and used to run 12
large-format stores in Pune.


DEVDOOT COTTON: ICRA Suspends B+ Rating on INR6cr Cash Credit
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR6.00
crore long term working capital limits of Devdoot Cotton
Industries. The suspension follows ICRAs inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

                             Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Fund Based-Cash Credit     6.00        [ICRA]B+; Suspended

Established in 1996, Devdoot Cotton Industries is engaged in
ginning and pressing operations. The business is owned and managed
by Mr. Paresh Patel and other family members. The firm's
manufacturing facility is located in Amreli, Dist Rajkot. The firm
has 30 ginning machines and one pressing machine with a cumulative
processing capacity of 150 TPD of raw cotton.


DILIGENT PINKCITY: ICRA Suspends B+ Rating on INR104.80cr LT Loan
-----------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR104.80
crore long term fund based facilities and [ICRA]A4 rating assigned
to INR12.80 crore of non fund based facilities of Diligent
Pinkcity Center 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           104.80       [ICRA]B+ suspended

   Short term Non Fund
   Based Limits            12.80       [ICRA]A4 suspended

Diligent Pinkcity Center Private Limited (DPCPL) is a Jaipur based
SPV company promoted by Dainik Bhaskar Group., Dangayach group and
Derewala group. The company has been awarded the development of
the Exhibition and Convention Center at Sitapura, Jaipur under
Public Private Partnership format by the Rajasthan State
Industrial Development & Investment Corporation Limited (RIICO).
The project is being developed in four phases with the first two
phases being implemented currently. As part of first phase
development, DPCPL is developing an Exhibition and Convention
Center as per the requirements set by RIICO while in the second
phase it would develop a 4-star hotel having 200 rooms. The
estimated cost of implementation of first two phases is INR168.80
crore which is being funded by INR104.80 crore debt and INR64
crore promoter's contribution/advances.


DINESH OILS: India Ratings Raises LT Issuer Rating From BB+'
------------------------------------------------------------
India Ratings and Research has upgraded Dinesh Oils Limited Long-
Term Issuer Rating to 'IND BBB-' from 'IND BB+'.  The Outlook is
Stable.

The upgrade reflects DOL's ability to maintain healthy credit
metrics despite a declining trend in crude palm oil prices.  The
company's profitability improved in FY15 even as revenue declined.
The upgrade also reflects the company's established presence in
Uttar Pradesh's (UP) edible oil market with a track record of over
25 years.

KEY RATING DRIVERS

Margin Improvement: EBITDAR margins improved to 3.7% in FY15 from
1.4% in FY14.  The company was able to procure raw material (crude
palm oil) at lower rates with the decline in crude palm oil prices
globally.  DOL's average crude palm oil procurement price declined
nearly 10% yoy in FY15 while the reduction in sale price
realisations was just about 5%, leading to an improvement in the
operating margins.  However, in FY15, the revenue declined by
around 35% yoy to INR4,918m as the company had taken a cautious
approach and maintained lower inventory to prevent losses amid
declining global crude palm oil prices.

Comfortable Credit Metrics: Gross interest coverage ratio
(operating EBITDAR/(gross interest expense + rent)) has been in
the range of 1.75x-2.75x over FY11-FY15.  Although the ratio
declined to 1.79x in FY14 from 2.69x in FY13, it remained
comfortable.  The decline was because of a slight drop in the
profitability (EBITDA margins FY14: 1.4%, FY13: 1.8%) and an
increase in interest cost, attributed to the increased usage of
cash credit limits (FYE14: INR350m; FYE13: INR50m) instead of low-
cost buyer's credit.

Net leverage (total adjusted net debt/operating EBITDAR) improved
to 5.92x in FY14 from 10.09x in FY13.  The high leverage in FY13
is attributed to higher March-end debt balance as DOL converted
its trade payables into buyer's credit.  The net leverage in FY15
is likely to be higher than that in FY14 due to the increased use
of cash credit limits.

Shortened Working Capital Cycle, Positive Cash Flow: Working
capital cycle improved in FY14 to 27 days from 56 days in FY13.
The company maintained lower inventory at end-FY14 as it was
expecting a drop in crude palm oil procurement price.  Also,
payable days increased to 83 in FY14 (FY13: 44).  At end-FY14,
unlike end-FY13, DOL did not convert its trade payables into
buyer's credit, leading to a higher payable balance.  The reduced
working capital requirement led to positive cash flow from
operations of INR715m at end-FY14.

Established Track Record: DOL has over 25 years of presence in the
oil industry.  Its promoters have more than three-decade-long
experience in the edible oil industry.  Also, the company has a
well-known presence and a strong distribution network in Uttar
Pradesh.

Strategic Location: The company's plant is strategically located
in UP, which is the largest market for edible oils in India.  DOL
is among the major edible oil players in UP.  Further, since all
of the company's sales are from UP, its location helps to save on
transportation costs.

Highly Competitive Industry: The Indian edible oil industry is
highly fragmented, with the presence of a large number of
participants in the organized and unorganized sectors.  This
results in severe competition and inherently low profitability
margins.

Regulatory Risks: The edible oil industry is impacted by
government policies of import/export of oils and related customs
duty structure.  In December 2014, the central government raised
the import duty on crude palm oil and refined, bleached and
dioderised oil, which lowered the benefit of nearly 30% global
crude palm oil price decline in FY15 for Indian oil refineries.

Regulatory risk also emanates from the fact that the duty
structure of exporting and importing nations governs the
feasibility of refining business.  If imports of refined palm oil
become cheaper than that of crude palm oil, there is a threat to
domestic refineries.

RATING SENSITIVITIES

Positive: An improvement in the revenue and profitability, leading
to improvements in the credit metrics with the gross interest
coverage being sustained above 2.5x could result in a positive
rating action.

Negative: A decline in the profitability leading to the gross
interest coverage being sustained below 1.5x could lead to a
negative rating action.

COMPANY PROFILE

Incorporated in 1986, DOL primarily manufactures refined edible
oils (mainly refined palmolein oil, refined palm oil) and
vanaspati.  The company has a 750TPD manufacturing facility in
Kanpur. The capacity for vansapati is 125TPD and for refined oil
is 625TPD.  In FY15, DOL reported revenue of INR4.9bn and net
profit of INR35m.

DOL's ratings:

   -- Long-Term Issuer Rating: upgraded to 'IND BBB-' from
      'IND BB+'; Outlook Stable

   -- INR31.6m term loan (reduced from INR59.4m): Upgraded to
      long-term 'IND BBB-'/Stable from 'IND BB+'

   -- INR600m fund-based working capital limits (increased from
      INR50m): upgraded to long-term 'IND BBB-'/Stable from
      'IND BB+' and short-term 'IND A3' from 'IND A4+'

   -- INR1,082m non-fund-based working capital limits (reduced
      from INR1,732m): upgraded to long-term 'IND BBB-' /Stable
      from 'IND BB+' and short-term 'IND A3' from 'IND A4+'


DLECTA FOODS: CRISIL Ups Rating on INR147MM Term Loan to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Dlecta Foods Pvt Ltd (DFPL) to 'CRISIL B+/Stable' from 'CRISIL B-
/Stable', while assigning a short term rating of 'CRISIL A4' to
the short term bank facility of the company.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          73          CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Letter of Credit      2.5        CRISIL A4 (Reassigned)

   Term Loan           147          CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Proposed Long Term   50.2        CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that DFPL's financial
risk profile, especially its liquidity, will continue to improve
over the medium term on the back of increase in cash accruals,
driven by strong revenue growth and sustained operating
profitability. The company's net worth turned positive as on March
31, 2015, on the back of steady accretion to reserves in 2013-14
(refers to financial year, April 1 to March 31) and 2014-15.
Though the company's gearing remained high, at 9.7 times as on
March 31, 2015, CRISIL expects DFPL's financial risk profile to
improve over the medium term backed by adequate accretion to
reserves, moderate working capital requirements, and absence of
any debt-funded capital expenditure (capex). The company's
liquidity remains adequate, marked by sufficient cash accruals to
meet debt obligations and moderate utilisation of bank limits.
CRISIL believes that DFPL will generate cash accruals of around
INR51 million vis-a-vis debt obligations of INR38.6 million in
2015-16.

The ratings reflect DFPL's weak financial risk profile, marked by
a small net worth and high gearing, and its modest scale of
operations in the intensely competitive dairy industry. These
rating weaknesses are partially offset by the company's strong
business risk profile supported by its focus on niche segments,
operational benefits derived from association with Schreiber
Dynamix Dairies Ltd (Schreiber; rated 'CRISIL AA-/Stable/CRISIL
A1+'), and its promoters' experience in the dairy industry.

Outlook: Stable
CRISIL believes that DFPL will continue to benefit over the medium
term from its association with Schreiber and its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the company's financial risk profile, especially its
liquidity, improves, most likely due to equity infusion or
substantial cash accruals. Conversely, the outlook may be revised
to 'Negative' if DFPL's financial risk profile, especially its
liquidity, deteriorates because of low accruals, lengthening of
its working capital cycle, or debt-funded capex.

DFPL was originally established as Devashree Foods Pvt Ltd in
2001; the name was changed in 2014. The company markets and
distributes dairy products, such as butter, cheese, and milk
powder. It purchases these products from Schreiber and sells them
under its own brand, Delecta. DFPL has a unit for manufacturing
non-dairy whipped cream and creamer cups (evaporated ultra-high
temperature milk packed in polyvinyl chloride cups).


DM CORPORATION: CRISIL Cuts Rating on INR492.1MM Loan to D
----------------------------------------------------------
CRISIL has downgraded its ratings on the long-term bank facilities
of DM Corporation Pvt Ltd (DMCPL) to 'CRISIL D/CRISIL D' from
'CRISIL B-/Negative/CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       300        CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit           40        CRISIL D (Downgraded from
                                   'CRISIL B-/Negative')

   Proposed Term Loan     7.9      CRISIL D (Downgraded from
                                   'CRISIL B-/Negative')

   Term Loan            492.1      CRISIL D (Downgraded from
                                   'CRISIL B-/Negative')

   Working Capital
   Term Loan            360        CRISIL D (Downgraded from
                                   'CRISIL B-/Negative')

The rating downgrade reflects delays by DMCPL in servicing its
term debt obligations. The company has witnessed a significant
stretch in its working capital cycle because of non-clearance of
its debtors. With the funds getting blocked for working capital,
the business performance has also been significantly impacted.
Consequently, its liquidity has been constrained with cash flows
being inadequate for meeting its debt obligations, resulting in
delays in servicing its debt.

The ratings reflect DMCPL's reduced scale of operations, high
outstanding receivables, and large debt obligations, constraining
its liquidity. These rating weaknesses are partially offset by the
extensive industry experience of the company's promoters.

Incorporated in 2002 as M&M Pvt Ltd (name changed to current one
in 2011), DMCPL primarily undertakes construction of
infrastructure projects, such as earthen dams, canals,
hydroelectric projects, earth-moving projects, industrial
construction, and urban infrastructure projects. It has its
registered office located in Kolhapur and Mr. Dilip Mohite is the
current managing director.


ERNAD ENGINEERING: CRISIL Reaffirms B+ Rating on INR200MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ernad Engineering
Enterprises (EEE) continue to reflect EEE's modest scale of
operations in the highly fragmented civil construction industry,
and geographic concentration in its revenue profile. The ratings
also factor in the firm's large working capital requirements.
These rating weaknesses are partially offset by EEE's above-
average financial risk profile, marked by healthy gearing and debt
protection metrics, and its promoters' extensive experience in the
road construction segment.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        300       CRISIL A4 (Reaffirmed)
   Cash Credit           200       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes that EEE will continue to benefit over the medium
term from the extensive experience of its promoters in the road
construction segment. The outlook may be revised to 'Positive' if
the firm records significant revenue and profitability, leading to
improved cash accruals, or if its working capital management
improves, or in case of significant equity infusion, leading to
improvement in its liquidity. Conversely, the outlook may be
revised to 'Negative' in case of any delays in completion of
projects or receipt of payments from customers, weakening EEE's
liquidity, or if any large debt-funded capital expenditure
programme weakens its financial risk profile.

Established in 1974 as a partnership firm, EEE constructs roads
and bridges in Kerala. The firm's day-to-day operations are
managed by the promoter, Mr. Abu Haji, supported by his three
sons-Mr. Hashim, Mr. Kunju Mohammad, and Mr. Yunus.


G & G INTERNATIONAL: ICRA Revises Rating on INR7.88cr Loan to B+
----------------------------------------------------------------
ICRA has revised its long term rating on the INR7.88 crore
(earlier INR7.46 crore) fund based bank facilities and INR2.12
crore (earlier INR2.54 crore) unallocated bank facilities of
G & G International Private Limited to [ICRA]B+ from [ICRA]B.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long- Term Fund-
   Based Limits             7.88        [ICRA]B+; revised from
                                        [ICRA]B

   Long- Term               2.12        [ICRA]B+; revised from
   Unallocated Limits                   [ICRA]B

ICRA's rating revision is driven by the stabilization of GGIPL's
project, as reflected in the steady growth in the company's
operating income. The rating favorably factors in the promoters'
prior experience in the textile industry and the integrated nature
of the company's operations encompassing knitting, dyeing,
printing and finishing of the blankets. The rating is, however,
constrained by the company's modest scale of operations and its
presence in the highly competitive and fragmented textile
industry, which limits its profitability. The rating also factors
in the susceptibility of the company's profit margins to changes
in the price of its raw material, namely polyester yarn. The
rating further takes into account the relatively high gearing
level of the company due to substantial debt funding of the
working capital requirements, which has also led to modest
coverage indicators.

Going forward, the ability of the company to sustain growth in its
operating income, while maintaining its profitability, will be the
key rating sensitivities.

GGIPL was established in 2012 as a private limited company and
manufactures polar fleece blankets with specifications ranging
from 100-450 Grams per Square Meter (GSM). The company's
manufacturing unit located at Gharaunda, Karnal in Haryana has an
installed capacity of 10 tonnes per day and commenced commercial
production from December 2012.

Recent Results
GGIPL reported a net profit of INR0.18 crore on an operating
income of INR23.31 crore for 2013-14, as against a net profit of
INR0.01 crore on an operating income of INR2.62 crore for the
previous year. The company, on a provisional basis, reported an
operating income of INR33.80 crore, for 2014-15.


GRENIC TILES: ICRA Suspends B+ Rating on INR5.15cr Term Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR10.15
crore long term working capital limits and term loan limits and
also [ICRA]A4 rating assigned to the INR2.00 crore short term non
fund based limits of Grenic Tiles Private Limited. The suspension
follows ICRAs inability to carry out a rating surveillance in the
absence of the requisite information from the company.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based-Term Loans     5.15       [ICRA]B+; Suspended
   Fund Based-Cash Credit    5.00       [ICRA]B+; Suspended
   Non Fund Based-Bank       2.00       [ICRA]A4; Suspended
   Guarantee/Inland/Import
   LC with full inter-
   changeability

Grenic Tiles Private Limited (GTPL) was incorporated in August
2011 and is a ceramic tiles manufacturer with its plant located at
Morbi, Gujarat. The company has an annual installed capacity of
36,000 MTPA and commenced commercial production of tiles in May
2012. GTPL is promoted and managed by Mr. Bhudar G Patel and Mr.
Harshad R. Amrutiya and is part of the Morbi based Sunheart group.


HIMACHAL ALUMINIUM: CRISIL Reaffirms B+ Rating on INR45MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Himachal Aluminium and
Conductors (HAC) continue to reflect HAC's large working capital
requirements and customer concentration in its revenue profile.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        20        CRISIL A4 (Reaffirmed)

   Cash Credit           45        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     5       CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the firm's average financial risk
profile, marked by average gearing and debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of HAC's promoters in the electrical component and
equipment industry.

Outlook: Stable
CRISIL believes that HAC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
scales up its operations and improves its profitability, leading
to a substantial increase in its cash accruals and hence to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if HAC undertakes a large debt-funded
capital expenditure programme, or if its operating margin declines
or its working capital management weakens, leading to
deterioration in its financial risk profile.

HAC was set up in 2009 as a partnership firm by Mr. Kunal Gupta
and Mr. Vinod Mahajan. It manufactures aluminium conductors and
polyvinyl chloride cables at its plants at Mohtli (Himachal
Pradesh).


IGAKU NEEDLES: CRISIL Assigns 'D' Rating to INR46MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
loan facilities of Igaku Needles Private Limited (INPL).  The
rating reflects the instances of delay by INPL in servicing its
term debt obligations because of its stretched liquidity.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             46         CRISIL D
   Cash Credit           22         CRISIL D

The rating also reflects INPL's weak financial risk profile and
business risk profile constrained with initial stages of
operations.  These rating weaknesses are partially offset by
promoter's extensive experience in the industry.

Incorporated on 20th June 2012, Igaku Needles private limited is a
Delhi based company which is engaged in the manufacturing and
supplying of biopsy needles and surgical needles in India. There
products varies from Akuret needle, blood bag needle, flash back
needle to spinal needle. The promoters of the company are Jyoti
Singh and Chayan Anand.


INSCOL HEALTHCARE: India Ratings Puts 'IND BB' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Inscol Healthcare
Private Limited (IHPL) a Long-Term Issuer Rating of 'IND BB'.  The
Outlook is Stable.  The agency has also assigned IHPL's bank loans
these ratings:

   Facility           Amount      Rating
   --------           ------      ------
Fund-based working   INR12.5m    Long-Term 'IND BB'/Stable
  Capital limit                   Long-Term 'IND BB'/Stable and
                                  Short-Term 'IND A4+'

Revolving            INR120m     Long-Term 'IND BB'/Stable
                                  short-term loans

Term loans           INR2.2m     Long-Term 'IND BB'/Stable

KEY RATING DRIVERS

The ratings reflect IHPL's small scale of operations and stretched
liquidity position.  IHPL expects revenue to remain around INR430m
in FY15 (FY14: INR418m) and operating profitability unchanged at
11.54%.  The company overused its fund-based facilities (working
capital limits and revolving short-term loans) numerous times
during the six months ended April 2015.

The ratings are supported by IHPL's moderate credit metrics with
EBITDA interest coverage of 4.59x and net leverage (total adjusted
net debt/operating EBITDAR) of 1.98x in FY14.

RATING SENSITIVITIES

Positive: A substantial growth in the revenue and/or an
improvement in the liquidity position while maintaining the credit
profile will be positive for the ratings.

Negative: Deterioration in the overall credit profile will be
negative for the ratings.

COMPANY PROFILE

IHPL was established in 1996.  It operates a 50-bed hospital in
Chandigarh.  Inscol is also operating as a facilitator for
students seeking admission in international colleges for nursing
courses.  The education vertical contributes 70% to its revenue.


JALAN CARBONS: CRISIL Ups Rating on INR110MM Cash Loan to B+
------------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facilities
of Jalan Carbons and Chemicals Ltd (JCCL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           110        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Standby Line           12        CRISIL B+/Stable (Upgraded
   of Credit                        from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that JCCL's improved
liquidity is expected to be maintained over the medium term,
backed by improvement in its cash accruals; more than-adequate
against its debt obligations. During 2014-15 (refers to financial
year, April 1 to March 31), JCCL's cash accruals are estimated in
the range of INR34 million to INR36 million, driven by improvement
in its scale of operations and sustenance of its profitability.
Better-than-expected cash accruals and funding support from
promoters have led to improvement in JCCL's financial risk
profile, particularly its debt protection metrics and capital
structure. The rating upgrade also factors in the benefits that
the company will derive from its increasing scale of operations,
coupled with improving working capital management.

The rating reflects JCCL's average financial risk profile, marked
by moderate capital structure and average debt protection metrics,
and susceptibility of its operating margin to cyclicality in its
end-user industry. These rating weaknesses are partially offset by
the extensive experience of JCCL's promoters in the coal tar pitch
industry.

Outlook: Stable
CRISIL believes that JCCL will continue to benefit over the medium
term from its promoters extensive industry experience. The outlook
may be revised to 'Positive' in case JCCL reports higher than
expected cash accruals, driven by increase in scale of operations
while maintaining its profitability, or improvement in its working
capital cycle, resulting in improvement in its financial risk
profile. The outlook may be revised to 'Negative' in case of
deterioration in JCCL's financial risk profile, particularly
liquidity, most-likely because of decline in profitability, or
further elongation in working capital cycle, or larger-than-
expected debt funded capital expenditure plans.

JCCL, the flagship company of the Jalan group, is promoted by Mr.
Ajay Mohan Jalan and was set up in 1995; the company manufactures
coal tar pitch, and trades in its by-products, such as creosote
oil, naphthalene oil, and tar oil. The company also derives rental
income and trading income from sale of properties.

During 2013-14, JCCL's group entity, International Tar Refiners
Pvt Ltd, was amalgamated with JCCL because of shut down of its
operations.


JR FIBREGLASS: CRISIL Assigns 'B+' Rating to INR74MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of JR Fibreglass Industries Pvt Ltd (JRF).

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Letter of Credit      11          CRISIL A4
   Bank Guarantee        40          CRISIL A4
   Cash Credit           74          CRISIL B+/Stable

The ratings reflect JRF's modest scale of operations, large
working capital requirements, and constrained financial risk
profile, marked by weak debt protection metrics as a result of low
accruals. These rating weaknesses are partially offset by the
extensive experience of JRF's promoters in manufacturing and
installing air pollution control equipment and their funding
support to the company.

Outlook: Stable
CRISIL believes that JRF will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if JRF achieves substantially
large cash accruals driven by significant increase in scale of
operations and sustained profitability, while improving its
working capital cycle. Conversely, the outlook may be revised to
'Negative' in case of pressure on the company's cash accruals or
cash cycle, or any large debt-funded capex, weakening its
financial risk profile, particularly its liquidity.

JRF, based in Mumbai, was incorporated in 1983 by Mr. Jitendra
Ratilal Thakkar and Mr. Pankaj Mansukhlal Mehta. The company is
currently managed and promoted by the Thakkar family and their
affiliates. It primarily manufactures and installs air pollution
control equipment on turnkey basis.


K.R.K EDUCATIONAL: ICRA Assigns 'D' Rating to INR18cr Term Loan
---------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]D to the INR18.00
crore term loan facility of M/s K.R.K Educational Trust.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term loans              18.00        [ICRA]D; assigned

The rating reflects the delays in debt servicing witnessed owing
to tight liquidity conditions arising from net losses since the
trust is yet to break even. The rating also considers the
constrained capital structure with negative net worth and
inadequate coverage indicators; moderate occupancy levels with
steep decline in student enrolments during 2013-14 owing to high
competitive pressures coupled with oversupply of engineering
colleges in Tamil Nadu. ICRA however takes note of the support
provided by trustees, who have long standing experience in
technology sector, providing solutions to the energy sector
through group companies. It will be critical for the trust to
achieve early regularization or debt servicing, which remains a
key rating sensitivity factor.

K.R.K Educational Trust is an educational and charitable trust
established in 2007 to impart professional education to students
in Tamil Nadu. The trust owns and manages OAS Institute of
Technology and Management, situated in Pulivalam Village near
Tiruchirapalli, Tamil Nadu. The trust is promoted by Dr. K.R.
Ilanghovan, Mrs. I. Rajalakshmi and Mr. K. Ramajayam. The trustees
have more than 30 years of professional experience. Mr. K.R.
Ilanghovan is also the founder of two technology companies - Omne
Agate Systems Private Limited and OAS Digital Infrastructure
Private Limited, which are mainly engaged in providing solutions
to the energy sector.

Recent results
KRKET reported a net loss of INR4.60 crore on an operating income
of INR5.43 crore during 2013-14, against a net loss of INR3.80
crore on an operating income of INR4.47 crore during 2012-13.


KAMAL PRESSING: CRISIL Cuts Rating on INR50MM Cash Credit to B-
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Kamal Pressing Factory (KPF) to 'CRISIL B-/Stable' from 'CRISIL
B/Stable'.

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

The rating downgrade reflects KRF's weakened credit risk profile
with its turnover halving to around INR120 million in 2014-15
(refers to financial year, April 1 to March 31) over the previous
year amid adverse market conditions. The firm's estimated cash
loss of over INR3 million in 2014-15 constrains its financial risk
profile, particularly its liquidity.

The rating reflects KPF's modest scale of operations with low
profitability, susceptibility to volatility in cotton prices, and
below-average financial risk profile marked by a modest net worth,
high gearing, and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
KPF's promoter in the cotton industry.

Outlook: Stable
CRISIL believes that KPF's financial risk profile will remain weak
over the medium term. The outlook may be revised to 'Positive' if
KPF significantly improves its capital structure and liquidity,
most likely through capital infusion. Conversely, the outlook may
be revised to 'Negative' in case of low cash accruals or large
working capital requirements or substantial debt-funded capital
expenditure, leading to pressure on the firm's liquidity.

Established in 1998 and based in Hingoli (Maharashtra), KPF
presses cotton and sells cotton bales and seeds. Its pressing unit
has installed capacity of 400 cotton bales per day. KPF is a sole
proprietorship firm owned and managed by Mr. Anil Lahoti.


KARTHIKEYAN RICE: CRISIL Assigns B Rating to INR30MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Karthikeyan Rice Mill (KRM).

                       Amount
   Facilities        (INR Mln)        Ratings
   ----------        ---------        -------
   Proposed Cash
   Credit Limit          12           CRISIL B/Stable
   Cash Credit           30           CRISIL B/Stable
   Long Term Loan        18           CRISIL B/Stable

The rating reflects KRM's below-average financial risk profile,
marked by high gearing and weak debt protection metrics, and small
scale of operations in the intensely competitive rice milling
industry. These rating strengths are partially offset by the
promoters' extensive experience in the rice milling business.


Outlook: Stable
CRISIL expects the KRM to maintain its moderate business risk
profile on the back of the long standing industry experience of
its management. The outlook may be revised to 'Positive' if the
firm's revenues and profitability increase substantially leading
to an improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the firm undertakes
aggressive, debt-funded expansions, or if its revenues and
profitability declines substantially leading to deterioration in
its financial risk profile.

Set up in 1973, KRM is engaged in milling and processing of paddy
into rice, rice bran, broken rice and husk. The firm is promoted
by Mr. Lakshmipathy and his family members.

For 2013-14 (refers to financial year, April 1 to March 31), KRM
reported a profit after tax (PAT) of INR0.5 million on net sales
of INR99.8 million, against a PAT of INR0.4 million on net sales
of INR57.5.3 million for 2012-13.


KAUSHAMBI PAPER: ICRA Reaffirms 'B' Rating on INR3.7cr Term Loan
----------------------------------------------------------------
ICRA has reaffirmed its rating of [ICRA]B on the INR3.70 crore
(reduced from INR8.50 crore) term loans and INR2 crore (increased
from nil) cash credit facility of Kaushambi Paper Mills Private
Limited (KPMPL). ICRA has also reaffirmed its ratings at [ICRA]B
and assigned the rating of [ICRA]A4 to the INR2.80 crore
(increased from nil) unallocated limits of KPMPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan               3.70        [ICRA]B; reaffirmed
   Fund Based Limits-
   Cash Credit             2.00        [ICRA]B; reaffirmed
   Unallocated Long
   Term/Short Term Limits  2.80        [ICRA]B; reaffirmed
                                       [ICRA]A4; assigned

The ratings reaffirmation takes into account the delay in
commencement of commercial operations by KPMPL on account of
delays in tying up of debt and the subsequent construction of the
manufacturing facility. The ratings continue to be constrained by
the high business risk inherent in the kraft paper business due to
high fragmentation and competition in the industry, resulting in
limited pricing power and the vulnerability of the company's
profitability to volatility in raw material prices. These factors
apart, the ratings are also constrained by the company's limited
track record of operations, leading to risk of stabilization and
scaling up of operations. The ratings, however favorably factor in
the long track record of the promoters in the paper business and
favorable demand outlook for kraft paper driven by growth in end
user industries.

Going forward, the ability of the company to achieve the envisaged
capacity utilization and margins will be the key rating
sensitivities.

Incorporated in 2011, KPML is promoted by Mr. Subhash Tyagi and
his son Mr. Nitin Tyagi and commenced operations from April 2015.
The company has set up a 10,500 Metric Tonnes Per Annum (MTPA)
kraft paper manufacturing facility at Amroha (90 kms from
Ghaziabad, Uttar Pradesh) at a total project cost of INR7.30
crore, which has been funded through term loan of INR3.75 crore
and equity and unsecured loans of INR3.55 crore. The unit
manufactures kraft paper using waste paper, which it primarily
procures from local suppliers. The manufactured kraft paper has
weight in the range of 80-120 grams per square meter (GSM) and
burst factor (BF) ranging from 12-16.


KINGFISHER AIRLINES: United Bank Clarifies INR400cr Loan
--------------------------------------------------------
The Times of India reports that state-run lender United Bank of
India has informed the BSE that it does not expect to recover
INR400 crore it had given to the grounded Kingfisher Airlines in
the short-run but hoped the recovery could be possible in the
long-run.

According to the report, the statement came after the stock
exchange sought clarification from the lender regarding PTI report
which quoted its MD & CEO P Srinivas as saying that the bank did
not expect to recover INR400 crore loan given to the airline.

"Considering the long-drawn nature of these legal entanglements,
claims raised by other statutory/regulatory authorities in view of
the defaults committed by the borrower (Kingfisher Airlines) under
other statutes and regulations and the amounts recovered so far,
the bank feels that the possibility of any immediate major break-
through in the account is difficult for the present," the bank
said in a filing to the exchange, TOI relays.

The 17-member consortium, led by SBI, could recover only a little
over INR1,000 crore by selling pledged shares in group companies
since they formally recalled the loan in February 2013, the report
notes.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 15, 2014, Bloomberg News said Kingfisher has grounded planes
since October 2012.  The airline lost its operating license in
January last year after failing to convince authorities it
has enough funds to restart flights.

The airline defaulted on payments to lessors, creditors and
airports as losses widened amid rising fuel costs and competition.

According to Bloomberg News, Mr. Mirpuri said in an e-mail on
January 13 the airline continues its efforts to recapitalize and
restart services.

As reported in the TCR-AP on May 18, 2015, CRISIL's ratings on
bank loan facilities of Kingfisher Airlines Ltd (KFAL) continue to
reflect delays by KFAL in servicing its debt; the delays have been
caused by the company's weak liquidity and continued losses at the
operating level. Losses in the past seven years have resulted in a
complete erosion of KFAL's net worth, leading to its weak
financial risk profile. Presently, the company does not carry out
any commercial operations.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          8940       CRISIL D (Reaffirmed)

   Funded Interest
   Term Loan            2260       CRISIL D (Reaffirmed)


   Long Term Loan       5970       CRISIL D (Reaffirmed)

   Rupee Term Loan     35270       CRISIL D (Reaffirmed)

   Short Term Loan       390       CRISIL D (Reaffirmed)

   Working Capital
   Term Loan            2990       CRISIL D (Reaffirmed)


KJ ISPAT: CRISIL Rates INR95MM Loan at B+; Suspension Revoked
-------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of KJ Ispat Ltd (KJIL) and has assigned its 'CRISIL
B+/Stable/CRISIL A4' ratings to the company's bank facilities.
CRISIL had suspended the ratings on December 27, 2014, as KJIL had
not provided necessary information required for a rating review.
KJIL has now shared the requisite information enabling CRISIL to
assign ratings to its bank facilities.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         4        CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Cash Credit           95        CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

   Proposed Long Term    11.9      CRISIL B+/Stable (Assigned;
   Bank Loan Facility              Suspension Revoked)

   Term Loan             11.9      CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

The ratings reflect KJIL's small scale of operations, marginal
market share in the intensely competitive sponge iron business,
and large working capital requirements. These rating weaknesses
are partially offset by the benefits that KJIL derives from its
promoters' extensive industry experience and the ready local
market for sponge iron.

Outlook: Stable
CRISIL believes that KJIL will continue to benefit over the medium
term from its promoters' extensive experience in the sponge iron
industry. The outlook may be revised to 'Positive' if KJIL
increases its net cash accruals substantially, while maintaining
its capital structure. Conversely, the outlook may be revised to
'Negative' if there is significant decline in KJIL's operating
margin, any unexpected debt-funded capital expenditure, or
increase in working capital requirements, resulting in
deterioration in its debt protection metrics.

KJIL, incorporated in 2003, manufactures sponge iron. KJIL is
equally owned by members of the Odisha-based Kandoi and Jalan
family. Mr. P L Kandoi, the promoter-director of the company, has
about 27 years of experience in the steel industry. KJIL's
manufacturing facility is in Kalinganagar (Odisha).


LOHITHA LIFESCIENCES: CRISIL Assigns B+ Rating to INR22MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Lohitha Lifesciences Pvt Ltd (LLSPL)

                         Amount
   Facilities          (INR Mln)        Ratings
   ----------          ---------        -------
   Proposed Long Term
   Bank Loan Facility      22           CRISIL B+/Stable
   Proposed Cash
   Credit Limit            10           CRISIL B+/Stable
   Cash Credit             18           CRISIL B+/Stable
   Long Term Loan          20           CRISIL B+/Stable

The rating reflects LLSPL's modest scale- and working capital
intensive nature- of operations. The rating also factors its
customer concentration in revenue profile, and its modest
financial risk profile. These rating weaknesses are partially
offset by the benefits derived from extensive industry experience
of the promoters and its longstanding customer relationships.

Outlook: Stable
CRISIL believes that LLSPL will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' in case LLSPL's reports more-than-
expected revenues and profitability resulting in improved
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case the company's profitability or revenues decline
resulting in lower-than expected cash accruals, or if it
undertakes any larger-than-expected debt-funded capital
expenditure (capex), leading to deterioration of its financial
risk profile.

Incorporated in December 2010, LLSPL is engaged in manufacturing
of active pharmaceutical ingredients (API) and intermediaries. The
company is promoted by Mr. Bapi Raju and family. The manufacturing
facility of the company is located at Vishakhapatnam (Andhra
Pradesh).


MAA GANGA: CRISIL Reaffirms B- Rating on INR75MM Term Loan
----------------------------------------------------------
CRISIL rating on the bank facilities of Maa Ganga Bhagat Gopal
Maya Educational Trust (MGBGM) continue to reflect MGBGM's weak
financial risk profile driven by high gearing and weak debt
protection metrics, risks related to intense competition and
regulatory restrictions in the education sector. These rating
weaknesses are partially offset by the extensive experience of
MGBGM's trustees, and the benefits expected from the healthy
demand prospects for the education sector.

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

   Term Loan               75       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes that MGBGM will continue to benefit over the
medium term from its trustees' extensive experience in the
education sector. The outlook may be revised to 'Positive' in case
of higher-than-expected occupancy levels, leading to substantial
accruals and hence to a better financial risk profile. Conversely,
the outlook may be revised to 'Negative' if there are lower-than-
expected occupancy levels, adversely impacting the trust's debt-
servicing ability.

MGBGM is currently running a school offering educational services
from kindergarten to class 8th. The school is built in a 9 acre
campus in Sonipat (Haryana). The school started its operations in
the year 2014-15.


MANGALATH CASHEWS: CRISIL Reaffirms B+ Rating on INR15MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mangalath Cashews
continue to reflect the firm's below average financial risk
profile, especially, capital structure; and exposure to risks
relating to intense competition in the cashew processing industry.
These rating weaknesses are partially offset by the extensive
industry experience of Mangalath Cashews' partners in the
business.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bill Discounting        15       CRISIL A4 (Reaffirmed)
   Cash Credit             15       CRISIL B+/Stable (Reaffirmed)
   Packing Credit          93       CRISIL A4 (Reaffirmed)

Outlook: Stable
CRISIL believes that Mangalath Cashews will continue to benefit
from its partners' extensive industry experience over the medium
term. The outlook may be revised to 'Positive' if improved working
capital management or profitability strengthens the firm's
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the financial risk profile weakens further, as a
result of large working capital requirements or debt-funded
capital expenditure (capex).

Mangalath Cashews was set up by Mr. S Saji and his family in 2001
and is based in Kollam (Kerala). It processes, and trades in,
cashews nuts.


NANGALIA FABRICS: CRISIL Puts B- Rating on Notice of Withdrawal
---------------------------------------------------------------
CRISIL has placed its ratings on the bank facilities of Nangalia
Fabrics Private Limited (NFPL) on 'Notice of Withdrawal' for a
period of 180 days on the company's request. The rating will be
withdrawn at the end of the notice period, in line with CRISIL's
policy on withdrawal of its bank loan ratings.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Bank Guarantee        0.7     CRISIL A4 (Notice of Withdrawal)

   Cash Credit          57.0     CRISIL B-/Stable (Notice of
                                 Withdrawal)

   Letter of Credit      5.0     CRISIL A4 (Notice of Withdrawal)

   Packing Credit       20.0     CRISIL B-/Stable (Notice of
                                 Withdrawal)

   Proposed Long Term   15.0     CRISIL B-/Stable (Notice of
   Bank Loan Facility            Withdrawal

   Standby Line of       5.0     CRISIL B-/Stable (Notice of
   Credit                        Withdrawal)

Outlook: Stable

CRISIL believes that NFPL will maintain its credit risk profile
over the medium term backed by its promoters' extensive experience
in the textile industry. The outlook may be revised to 'Positive'
if the company's liquidity improves significantly, backed by
higher-than-expected cash accruals most likely backed by increase
in sales and improved operating profitability. Conversely, the
outlook may be revised to 'Negative' if there is a stretch in
NFPL's working capital cycle, adversely impacting its capital
structure, or its operating profitability declines resulting in
further weakening of its debt protection metrics.

NFPL, incorporated in 1988, manufactures various grey fabrics. The
company's plant is in Surat (Gujarat).

NFPL reported no profit no loss on net sales of INR179 million for
2013-14 (refers to financial year, April 1 to March 31), as
against a net loss of INR9.3 million on net sales of INR303.7
million for 2012-13.


NOBLE INDUSTRIES: ICRA Suspends 'C' Rating on INR16cr Bank Loan
---------------------------------------------------------------
ICRA has suspended the rating of [ICRA]C assigned to the INR16.00
crore bank facilities of Noble Industries. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


PG ELECTROPLAST: CRISIL Assigns B+ Rating to INR215MM Term Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of PG Electroplast Ltd (PGEL) and has assigned its
'CRISIL B+/Stable/CRISIL A4' ratings to the facilities. CRISIL
had, on September 18, 2014, suspended the ratings as PGEL had not
provided the necessary information required for a rating review.
PGEL has now shared the requisite information enabling CRISIL to
assign ratings to the bank facilities.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           210       CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

   Letter of credit      180       CRISIL A4 (Assigned;
   & Bank Guarantee                Suspension Revoked)

   Term Loan              38       CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

   Working Capital       215       CRISIL B+/Stable (Assigned;
   Term Loan                       Suspension Revoked)

The ratings reflect the high customer concentration in PGEL's
revenue, the pressure on the company's revenue and profitability
over the four years through 2014-15 (refers to financial year,
April 1 to March 31), and its weak financial risk profile marked
by stretched liquidity. These rating weaknesses are partially
offset by the company's established presence and its promoters'
extensive experience in the electronic manufacturing services
(EMS) segment.

Outlook: Stable
CRISIL believes that PGEL will continue to benefit over the medium
term from its established presence in the EMS segment. The outlook
may be revised to 'Positive' if the company achieves significant
increase in revenue and cash accruals, leading to improvement in
its liquidity. On the other hand, the outlook may be revised to
'Negative' in case of a decline in the company's revenue and
profitability leading to deterioration in its liquidity.

PGEL, set up in 2003 by Mr. Promod Gupta, manufactures printed
circuit board (PCB) assemblies, colour fluorescent lamps (CFL),
and plastic injection mouldings for major consumer durable
companies. PGEL has manufacturing facilities in Roorkee
(Uttarakhand), Greater Noida (Uttar Pradesh), and Pune
(Maharashtra) for assembling injection-moulded plastic components.


RAJANI GINNING: CRISIL Reaffirms B Rating on INR160MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Rajani Ginning and
Pressing Factory (RGPF) continues to reflect the firm's below-
average financial risk profile marked by its small net worth, high
gearing and weak debt protection metrics.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           160       CRISIL B/Stable (Reaffirmed)

The rating of the firm are also constrained on account of its
working-capital-intensive nature of operations, the susceptibility
of its profitability margins to volatility in cotton prices, and
its exposure to regulatory changes and intense competition in the
cotton ginning industry. These rating weaknesses are partially
offset by RGPF's promoters' extensive experience in the cotton
ginning industry.

Outlook: Stable
CRISIL believes that RGPF will continue to benefit over the medium
term from its promoters' extensive experience in the cotton
ginning industry. The outlook may be revised to 'Positive' if
there is a sustained improvement in the firm's working capital
cycle, or if there is substantial improvement in its capital
structure on the back of sizeable capital infusion by its
partners. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in the firm's profitability margins, or
significant deterioration in its capital structure caused most
likely because of a large debt-funded capital expenditure or a
stretch in its working capital cycle.

Set up in 2006 as a partnership firm, RGPF is engaged in ginning
and pressing of raw cotton. The firm's ginning unit is based in
Adilabad (Telangana). The firm has currently three partners - Mr.
Jamaluddin Rajani, Mr. Kamaluddin Rajani, and Mr. Aziz Rajani.


RAJNISH STEELS: ICRA Assigns B+ Rating to INR8cr Cash Credit
------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR8.00
crore fund-based bank facilities of M/s. Rajnish Steels. ICRA has
reaffirmed the short-term rating of [ICRA]A4 to the INR5.40 crore
(sub-limit of fund-based facilities) non-fund based bank
facilities of the firm. ICRA has also assigned a long-term rating
of [ICRA]B+ and reaffirmed the short-term rating of [ICRA]A4 to
the INR3.00 crore, unallocated long-term/short-term bank
facilities of the firm.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term fund-
   based Cash Credit       8.00         [ICRA]B+; assigned

   Short-term non-
   fund based LC          (5.40)        [ICRA]A4; reaffirmed

   Unallocated bank        3.00         [ICRA]B+; assigned,
   Limits                               [ICRA]A4; reaffirmed

The reaffirmation of ratings takes into account the long-standing
experience of the promoters of over three decades in the steel
trading business and the healthy revenue growth registered by the
firm in FY2015 owing to its increased focus on the ship-breaking
operations. Notwithstanding healthy growth in top-line, the scale
of operations however remains modest at an absolute level, though
ICRA takes note of the positive outlook for the ship-breaking
industry over the short to medium term. The ratings remain
constrained by the subdued profitability indicators of the firm on
account of the limited value addition, which coupled with high
gearing (due to working capital intensive nature of operations),
translated into a weak financial profile for the firm. The ratings
also factor in the susceptibility of the firm's profitability
margins to adverse fluctuations in the raw material prices,
cyclicality inherent in the ship-breaking business as well as
environmental regulatory risks. The ratings also take into account
the firm's continued exposure to high customer concentration as
well as risks associated with the its constitution as a
proprietorship firm including the risk of capital withdrawals by
the proprietors.

Based out of Mumbai (Maharashtra), Rajnish Steels is a
proprietorship firm of Mr. Rajnish K. Gupta. The firm was earlier
involved in trading of various steel products and has diversified
into ship breaking since 2012-13. INRundertakes its ship breaking
operations from a rented plot at Ship Breaking Yard at Darukhana,
Mumbai.

Recent Results
In FY2014, the firm reported a profit after tax (PAT) of INR0.01
crore on an operating income of INR7.90 crore. As per the
unaudited results for FY2015, the firm has registered a PAT of
INR0.43 crore on an operating income of INR21.47 crore.


RELISYS MEDICAL: CRISIL Reaffirms B- Rating on INR158.3MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility and non-convertible
debenture programme of Relisys Medical Devices Ltd (RMD) continue
to reflect RMD's weak financial risk profile marked by weak debt
protection metrics, large working capital requirements, and small
scale of operations. These rating weaknesses are partially offset
by the extensive experience of RMD's promoters in the healthcare
industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term    158.3      CRISIL B-/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that RMD's business risk profile will be supported
by its promoters' extensive experience in the healthcare industry,
over the medium term. The outlook may be revised to 'Positive' if
RMD reports substantial and sustained improvement in its scale of
operations and profitability, leading to higher-than-expected cash
accruals and hence improvement in liquidity. Conversely, the
outlook may be revised to 'Negative' if RMD is unable to scale up
its operations, resulting in low cash accruals, or if there is a
stretch in its working capital cycle, resulting in deterioration
in the company's financial risk profile.

Set up in 1998, RMD designs, develops and manufactures critical
care devices like stents, catheters and stent systems used to
treat cardiovascular, peripheral vascular, neurovascular (stroke)
and other life-threatening diseases. Currently, the business
operations of the company are actively managed by Dr. N Krishna
Reddy, Dr. N Ramakrishna Rao and Dr. Somaraju.


SAI RAM: CRISIL Assigns B- Rating to INR45MM Cash Credit
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Sai Ram Agro Industries (SRAI).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             32        CRISIL B-/Stable
   Cash Credit           45        CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility     3        CRISIL B-/Stable

The rating reflects SRAI's start-up phase and small scale of
operations in the highly fragmented rice industry, and its weak
financial risk profile marked by weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of SRAI's partners in the rice industry.

Outlook: Stable

CRISIL believes that SRAI will continue to benefit over the medium
term from its partner's extensive industry experience. The outlook
may be revised to 'Positive' in case of earlier-than-expected
ramp-up of operations resulting in significant scale of operations
and profitability, and improvement in working capital management
and debt protection indicators. Conversely, the outlook may be
revised to 'Negative' if SRAI's financial risk profile,
particularly its liquidity, deteriorates on account of decline in
its revenue and profitability, or any large debt-funded capital
expenditure programme, or increase in its working capital
requirements.

SRAI was set up in 2013 as a partnership firm by Fazilka (Punjab)-
based Kamra family. It mills and sorts paddy into basmati rice at
its unit in Fazilka. The firm's daily operations are managed by
Mr. Raj Kumar Kamra and his sons, Mr. Vaneet karma and Mr. Aseem
Kamra. SRAI started commercial operations in November 2014.


SAKET ENGINEERS: CRISIL Ups Rating on INR405MM LT Loan to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Saket Engineers Pvt Ltd (SEPL) to 'CRISIL B/Stable' from 'CRISIL
B-/Stable' and reaffirmed its rating on the company's short-term
bank facility at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        100       CRISIL A4 (Reaffirmed)

   Cash Credit            65       CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

   Long Term Loan        405       CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

   Proposed Long Term    250       CRISIL B/Stable (Upgraded from
   Bank Loan Facility              'CRISIL B-/Stable')

The rating upgrade reflects improvement in SEPL's liquidity backed
by expected moderate cash flows from its near-completion projects.
Of the four projects that SEPL is executing, three are completed
or near completion. SEPL is likely to receive over INR500 million
from sales in these nearly completed projects in 2015-16 (refers
to financial year, April 1 to March 31). For the fourth project,
Saket Bhu: sattva, which is in construction phase, the company
will need INR520 million in 2015-16, likely to be funded through
debt, cash flow from bookings in completed projects, and advances
received for bookings.

The ratings reflect SEPL's exposure to risks related to
implementation of, and offtake from, its ongoing projects, and to
risks and cyclicality inherent in the real estate industry. These
rating weaknesses are partially offset by SEPL's established track
record in the real estate segment in Hyderabad, supported by its
promoter's extensive experience in the construction business.

Outlook: Stable
CRISIL believes that SEPL will continue to benefit over the medium
term from its established presence in the real estate development
business in Hyderabad and its promoter's extensive industry
experience. The outlook may be revised to 'Positive' if the
company registers substantial realisations from its ongoing
projects, leading to considerable improvement in its liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
time or cost overruns in the company's ongoing projects, or if the
company undertakes large debt-funded projects, weakening its
capital structure.

Set up by Mr. T Radhakrishnan in 1993, SEPL undertakes residential
real estate development; the company also undertakes civil work on
contract basis. It is developing three projects'Saket Sriyam,
Saket Pranaam, and Saket Bhu: Sattva'in Hyderabad, all of which
are near completion. SEPL is also developing a project'Saket
Callipolis'in Bengaluru (Karnataka).


SARVODAYA SUITINGS: CRISIL Assigns B+ Rating to INR325MM Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Sarvodaya Suitings Limited (SSL) and has assigned
its 'CRISIL B+/Stable/CRISIL A4' ratings to the facilities. CRISIL
had, on April 29, 2013, suspended the ratings as SSL had not
provided the necessary information required for a rating view. The
company has now shared the requisite information, enabling CRISIL
to assign ratings to its bank facilities.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           325      CRISIL B+/Stable (Assigned;
                                  Suspension Revoked)

   Derivatives Facility   12.3    CRISIL A4 (Assigned;
                                  Suspension Revoked)

   Funded Interest Term   12.7    CRISIL B+/Stable (Assigned;
   Loan                           Suspension Revoked)

   Term Loan             127.3    CRISIL B+/Stable (Assigned;
                                  Suspension Revoked)

   Letter of Credit       80.0    CRISIL A4 (Assigned;
                                  Suspension Revoked)

The ratings reflect SSL's average financial risk profile, marked
by moderately high gearing and average debt protection metrics.
The ratings also factor in the company's modest and stagnant
scale, and working-capital-intensive nature, of operations, and
its susceptibility to volatility in raw material prices and
foreign exchange rates. These rating weaknesses are partially
offset by the extensive experience of SSL's promoters in the
blended fabrics industry and the company's established clientele.

Outlook: Stable
CRISIL believes that SSL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant and
sustained increase in the company's scale of operation and cash
accruals, along with improvement in its working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of further weakening SSL's financial risk profile,
particularly its liquidity, most likely due to low cash accruals,
a stretched working capital cycle, or large unanticipated debt-
funded capital expenditure.

Incorporated in 1994 and promoted by Mr. Abhay Kumar Jain and his
family, SSL manufactures blended fabrics. The company presently
has its manufacturing facility in Bhilwara (Rajasthan) and sells
its products under the brand Sarvodaya Suiting.

SSL reported net sales of INR1.51 billion and a profit after tax
(PAT) of INR3.5 million for 2013-14 (refers to financial year,
April 1 to March 31), against net sales of INR1.50 billion and a
PAT of INR12.2 million for 2012-13.


SECUNDERABAD HOTELS: India Ratings Puts 'IND BB+' Issuer Rating
---------------------------------------------------------------
India Ratings and Research has assigned Secunderabad Hotels Pvt.
Ltd. a Long-Term Issuer Rating of 'IND BB+'.  The Outlook is
Stable.  The agency has also assigned ratings to SHPL's bank
facilities as:

   Facility         Amount        Rating
   --------         ------        ------
Long-term loans     INR226.4m    'IND BB+'/Stable

Fund-based          INR107.5m    'IND BB+'/Stable
working capital limits

Non-fund-based      INR11.5m     'IND A4+'
working capital limits

KEY RATING DRIVERS

Ind-Ra has taken a consolidated view of SHPL and its 55% owned
Subsidiary Vijayawada Hospitalities Pvt Ltd (VHPL), given the
strong legal, strategic and operational linkages between them.
Both the entities operate in the hospitality industry with a
common director A Vijayavardhan Reddy.  All the key decisions
regarding the sourcing and deployment of funds are taken by SHPL,
in consultation with other directors of VHPL.  Also, VHPL acts as
an important link for SHPL to enter into new geographical areas in
Andhra Pradesh.

The ratings reflect the group's moderate business and financial
profile.  Consolidated revenue, EBITDA interest coverage and net
financial leverage ranged between INR332m-INR711m, 1.9x-2.2x and
4.0x-5.7x respectively, over FY11-FY14 (year end March).
According to the consolidated provisional financials for FY15,
revenue, EBITDA interest coverage and net financial leverage were
INR835m, 2.3x and 3.3x, respectively.  The ratings also factor in
SHPL's comfortable liquidity as reflected by its 85% average
working capital limit utilization during the 12 months ended April
2015.

The ratings are supported by SHPL's established business profile
along with over three decades of experience of its promoter in the
hospitality sector.

RATING SENSITIVITIES

Positive: A sustained improvement in the credit metrics could lead
to a positive rating action.

Negative: Any deterioration in the credit metrics and/or any
change in the level of support from group/associate companies
could lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2005, SHPL operates five three-star hotels under
the brand name Minerva Grand and six multi-cuisine restaurants and
bars under the name of Blue Fox Restaurant.  The company also
operates two vegetarian restaurants and a non-vegetarian shop
under the brand Minerva Coffee Shop and Fiesta, respectively.  In
addition, SHPL operates two lounge bars at Minerva Grand Tirupati
and Nellore.  All these facilities are located in Andhra Pradesh,
Hyderabad and Telangana.

SHPL's founder A. Vijayavardhan Reddy is the managing director of
the company who looks after the key strategic issues and his wife
A. Indira is the other director of the company.

On a standalone basis, SHPL reported revenue of INR609m in FY14,
net financial leverage of 4.0x and interest coverage of 2.1x.


SELFRIDGES PRIVATE: CRISIL Reaffirms B+ Rating on INR85MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Selfridges Private
Limited (SPL) continue to reflect SPL's modest scale of operations
in the highly fragmented consumer durables trading business and
its below-average financial risk profile, marked by a high total
outside liabilities to tangible net worth ratio. These rating
weaknesses are partially offset by the extensive industry
experience of SPL's promoters.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        30        CRISIL A4 (Reaffirmed)

   Cash Credit           85        CRISIL B+/Stable (Reaffirmed)

   Long Term Loan        23.5      CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit           4        CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Term Loan             27.5      CRISIL B+/Stable (Reaffirmed)


   Secured Overdraft
   Facility              40        CRISIL B+/Stable (Reaffirmed)

CRISIL had assigned its 'CRISIL B+/Stable' ratings to the bank
facilities of SPL vide its rationale dated April 29, 2015.

Outlook: Stable
CRISIL believes that SPL will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if the company scales up operations
significantly and improves its financial risk profile, most likely
backed by increase in cash accruals or improvement in capital
structure. Conversely, the outlook may be revised to 'Negative' if
SPL's financial risk profile, particularly its liquidity,
deteriorates because of substantial increase in working capital
requirements or decline in profitability leading to reduced cash
accruals.

Set up in 1993 as a partnership firm and reconstituted as a
private limited company in 2003, SPL is engaged in distribution
and retailing of consumer durables and apparels across Kerala. SPL
operates branded showrooms for Sony World, Tanishq Diamond
Jewellery, and Samsung Plaza under franchisee agreements. The
company is also an authorised distributor of Sony consumer
durables. It is managed by managing director Mr. S Giridharan and
his son Mr. Sujay Giridharan.

SPL reported a profit after tax (PAT) of INR2.1 million on net
sales of INR671 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR2.3 million on net sales
of INR561 million for 2012-13.


SHIV COTGIN: ICRA Reaffirms 'B+' Rating on INR34cr Cash Credit
--------------------------------------------------------------
A rating of [ICRA]B+ has been reaffirmed to INR34.00 crore fund
based cash credit facility and INR0.61 crore term loan facility of
Shiv Cotgin Private Limited (erstwhile Shiv Cotton Industries). A
rating of [ICRA]A4 has also been reaffirmed to INR5.00 crore fund
based FBP facility (sublimit with cash credit) of SCPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             34.00      [ICRA]B+; Reaffirmed
   Term Loan                0.61      [ICRA]B+; Reaffirmed
   FBP limits              (5.00)     [ICRA]A4; Reaffirmed

The ratings continue to remain constrained by the weak financial
profile of the company as reflected by thin profit margin, adverse
capital structure and weak debt coverage indicators. The ratings
also consider the stretched liquidity as evident in consistently
high utilization of working capital limits over the past one year
as well as low operating margin on account of limited value
addition and highly competitive and fragmented industry structure
due to low entry barriers. The ratings are further constrained by
vulnerability of profitability to raw material prices, which are
subject to seasonality and crop harvest and regulatory risks with
regard to minimum support price (MSP) of raw cotton and export of
cotton bales.

The ratings, however, continue to favorably consider the extensive
experience of the promoters in the cotton industry as well as
strategic location of the plant in the cotton producing belt of
India giving it easy access to raw cotton.

Shiv Cotton Industries (SCI) was established as partnership firm
on 9th July, 2009 by Mr. Bharat Selani along with other family
members and relatives. The firm commenced its operations in
February 2010, ans was engaged in cotton ginning and pressing to
produce cotton bales and cotton seeds. However, later in December
2013 the firm was converted into private limited company in the
name of Shiv Cotgin Private Limited (SCPL). The company has its
production facility located at Gondal (Dist: Rajkot), Gujarat. The
plant is equipped with 24 ginning machines having capacity to
produce 240 bales and 77 MT cotton seeds per day.

Recent Results
During FY15 (unaudited provisional financials), the company
reported an operating income of INR178.22 crore and profit before
tax (PBT) of INR0.50 crore.


SHREE PACKERS: CRISIL Ups Rating on INR75MM Cash Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term facilities of
Shree Packers (MP) Private Limited (SPPL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          75         CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

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

The rating upgrade reflects improvement in SPPL's liquidity backed
by the successful completion of its project for automation of its
manufacturing capacities and no further debt-funded capital
expenditure (capex) plans. The project, completed at a total cost
of around INR60 million, has increased the company's manufacturing
capacity to 12,000 tonnes per annum (tpa) from 6000 tpa. SPPL's
revenue is estimated to have increased by 18 per cent year-on-year
to INR515 million in 2014-15 (refers to financial year, April 1 to
March 31). Its operating margin too is estimated to have increased
to around 5.0 per cent in 2014-15 from 3.9 per cent in 2013-14.
This has led to improvement in the company's liquidity, with cash
accruals estimated at around INR10 million, sufficient to cover
repayment obligations of INR3.4 million, in 2014-15. Although
repayments are expected to increase over the medium term, the cash
accruals would be more than sufficient to cover them. However,
SPPL's bank limits remained fully utilised. CRISIL believes that
the company will maintain its improved liquidity over the medium
term backed by sufficient cash accruals and the absence of any
debt-funded capex.

The rating reflects SPPL's working-capital-intensive operations,
and its below-average financial risk profile, marked by high
gearing and average debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of the
company's promoters in the packaging industry, their funding
support, and established relationships with customers.

Outlook: Stable
CRISIL believes that SPPL will continue to benefit over the medium
term from its promoters' extensive industry experience and their
established relationships with customers. The outlook may be
revised to 'Positive' if the company reports a significant
increase in its revenue and profitability, leading to a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' if SPPL's financial risk profile deteriorates further,
most likely on account of a significant increase in its working
capital requirements or low revenue or profitability.

SPPL as started as a partnership firm by Bangur family in 1980.
The company is based in Ujjain, Madhya Pradesh and is into the
manufacturing of corrugated boxes.

SPPL reported a profit after tax (PAT) of INR3 million on net
sales of INR432 million for 2013-14 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.8 million on net
sales of INR386.6 million for 2012-13.


SK WHEELS: India Ratings Raises LT Issuer Rating to 'IND BB+'
-------------------------------------------------------------
India Ratings and Research has upgraded SK Wheels Pvt Ltd's Long-
Term Issuer Rating to 'IND BB+' from 'IND BB'.  The Outlook is
Stable.  Ind-Ra has also taken these rating actions on SKWL's bank
loans:

   Facility          Amount          Rating
   --------          ------          -------
  Long-term loans    INR373.9m       Upgraded to 'IND BB+'/
                    (decreased       Stable from 'IND BB'
                    from INR533.4m)

  Fund-based limits  INR850m        Upgraded to 'IND BB+'/
                    (increased       Stable from 'IND BB'
                    from INR650m)

  Proposed           INR100m        Assigned 'Provisional IND
  fund-based Limits                   BB+'/Stable

KEY RATING DRIVERS

The upgrade reflects an improvement in SKWL's business profile as
reflected in its improved scale of operations.  Revenue grew 57.2%
yoy to INR3,333m, according to the provisional results for FY15.
New car sales grew 61.2% yoy to 2,867 units in FY15 due to the
addition of a dealership location at Andheri, Mumbai in June 2014.
Ind-Ra expects a strong improvement in SKWL's top-line in FY16,
given it will be the first full year of operations of its Andheri
location as well as the likely start of operations at its Bhiwandi
showroom by July 2015.

SKWL's EBITDA margins, however, declined to 7.8% in FY15 from 9.2%
in FY14 due to the impact of a one-time high fixed cost at the
acquired dealership at Andheri.  Ind-Ra expects SKWL's margins to
improve in the range of 8%-10% over the medium term, driven by
higher volume-driven incentives and increased servicing income due
to the setting up of servicing facility at Andheri in FY16.
Margins are also likely to benefit from a change in its model mix
to an increased sale of no-discount model that contributed 86% of
the total sales in FY15 (FY14: 80%; FY13: 72%).

Ind-Ra expects the credit profile in FY16 to benefit from an
increase in the scale of operation and higher operating profits on
actual basis.  SKWL's EBITDA interest coverage was in the range of
1.5x-2.0x and net leverage in the range of 5.5x-7x over FY12-FY15.

The ratings remain constrained by SKWL's high working capital
requirements, due to a long inventory holding period and minimal
creditor period from its suppliers.  This also led to negative
cash flow from operations over FY08-FY14.  The ratings also
reflect the company's tight liquidity with its near-full working
capital use over  the 12 months ended March 2015.  Ind-Ra expects
tie-ups for working capital funds to sustain its recent growth to
be a critical rating driver for the company.

The ratings continue to be supported by SKWL's established market
position as the dealer of Maruti Suzuki India Limited (MSIL) cars
in western India.  SKWL is the only platinum category dealer in
Mumbai for the premium cars launched by MSIL.

RATING SENSITIVITIES

Positive: An improvement in the operating profit leading to a
sustained improvement in the credit metrics will be positive for
the ratings.

Negative: A decline in the operating profit leading to a sustained
deterioration in the credit metrics will be negative for the
ratings.

COMPANY PROFILE

SKWL is a dealer for MSIL in Mumbai, Thane and Raigarh.  It also
provides after-sales services, related accessories and financial
services for the sale and purchase of cars.  SKWL has dealership
at four locations in and around Mumbai Turbhe, Khopoli, Bhiwandi
(existing/new facility), and Lokhandwala (acquired from Vitesse
Cars).  The company is likely to come up with two servicing units
at Andheri for total capex of INR84m in FY16.


SRI AVANTIKA: India Ratings Lowers LT Issuer Rating to 'IND BB+'
----------------------------------------------------------------
India Ratings and Research has downgraded Sri Avantika Contractors
(I) Limited's Long-Term Issuer Rating to 'IND BB+' from IND BBB-'.
The Outlook is Negative.  Rating actions on SACIL's bank loans
are:

    Facility              Amount            Rating
    --------              ------            ------
  Fund-based working     INR275MM        Downgraded to 'IND BB+/
  capital limits       (reduced          Negative/'IND A4+'
                        from INR350m)    from 'IND BBB-'/'IND A3'

  Non-fund-based        INR1,900MM       Downgraded to 'IND A4+'
  working capital      (reduced from     from 'IND A3'
  limits                 INR3,150m)

KEY RATING DRIVERS

The downgrade reflects SACIL's tight liquidity position as
reflected in its near-full use of the cash credit account during
the 12 months ended April 2015.  Its debtor days remained high in
FY14 at 132 days.  At end-January 2015, INR291m (INR343m at end-
March 2014) of receivables were overdue for more than a year.
Also, the company is funding a major portion of its on-going capex
on a solar power project from internal accruals as it could tie-up
debt only to the extent of INR250m as against Ind-Ra's expectation
of INR346m.  The agency expects a major proportion of internal
cash accruals during FY16 to be consumed in the on-going capex and
hence liquidity position of the company is likely to remain
pressure over the next 12 months.

The Negative Outlook reflects the vulnerability of SACIL's top
line growth to project execution risks.  The top line declined
significantly for two consecutive years (FY13: INR4.3bn, FY14:
INR2.6bn, FY15 (provisional): INR2.0bn) due to the discontinuation
of two major works namely Kudgi thermal power plant and Gopalpur
port works.  Ind-Ra originally expected these works to contribute
about 40%-50% to the company's top line.  New order inflow to the
extent of INR3.2bn during 2HFY15 is likely to support FY16 growth
in SACIL's top line only moderately, contingent upon its ability
to tie-up working capital funds in a timely manner.

SACIL has not been routing sale proceeds through one of its cash
credit accounts maintained with Central Bank of India due to the
retrospective imposition of an interest charge of INR1.875m during
4QFY14.  The company has disputed this levy as not being
contractual and has not paid this amount or the interest on it, to
which extent the cash credit account remains overdrawn.  This has,
however, not been considered while arriving at the ratings.  The
company's cash credit account has not been classified as special
mention account by any of its lenders.

RATING SENSITIVITIES

Negative: Further deterioration in the liquidity position as
reflected in the utilisation of the company's working capital
facilities due to stretched working capital cycle and/ or delays
in the completion of debt-funded capex could lead to a negative
rating action.

Positive: A Stable Outlook could result from a sustained
improvement in the liquidity profile as evidenced by better
utilization of the working capital facilities while maintaining
the current credit profile.

COMPANY PROFILE

SACIL is a Hyderabad-based civil contracting company.  It executes
irrigation projects such as canals and dams, as well as airports,
roads, hydro-electric power projects, group housing schemes, etc.


SRI BALAGANAPATHY: ICRA Reaffirms B Rating on INR7cr LT Loan
------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B outstanding
on the INR3.29 crore term loan facilities (revised from INR4.72
crore) and the INR7.00 crore fund based facilities (revised from
INR4.75 crore) of M/s Sri Balaganapathy Spinning Mills. ICRA has
also assigned the short-term rating of [ICRA]A4 outstanding on the
INR0.20 crore non-fund based facilities of the firm. Further, ICRA
has also reaffirmed the long-term rating of [ICRA]B to the
unallocated facilities of INR2.33 crore lines of the firm; the
rating of [ICRA]A4 shall apply if the facility availed is short-
term in nature.

                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Long-term Term
   Loan facilities         3.29      [ICRA]B/reaffirmed

   Long-term Fund
   based facilities        7.00      [ICRA]B/reaffirmed

   Short-term fund
   based (sub-limit)
   facilities               Nil

   Short-term Non fund
   based facilities        0.20       [ICRA]A4/assigned

   Long-term (LT)/short-
   term (ST)- Unallocated
   facilities              2.33       [ICRA]B/[ICRA]A4 reaffirmed

The re-affirmation of the ratings continues to factor in the
promoter's long standing industry experience and largely stable
operational performance. The ratings are, however, constrained by
the company's modest financial risk profile due to its highly
levered capital structure, high working-capital-intensity in
operations, and modest net cash accruals, which are expected to be
tightly matched against annual repayment obligations. Further, the
firm's business profile is marked by small scale of operations
which restricts its scale economies, and limited pricing
flexibility on account of intense competition in the highly
fragmented cotton spinning industry, especially in the coarser
counts yarn. Going forward, the firm's ability to scale up its
operations and improve its operating margins to generate higher
cash accruals would be crucial to improve the credit risk profile.

Sri Balaganapathy Spinning Mills, setup in 2004, is primarily
engaged in producing coarser counts of cotton yarn (16's to 30's).
Based in Rajapalayam (Tamil Nadu), the firm operates with a
capacity of 12,096 spindles. The firm sells its manufactured yarn
to domestic players as well as to merchant exporters in Tamil
Nadu. Promoted by Mr. P Palani Kumar and Mr. P Mariappan, the firm
has four partners with equal shares of profit and loss.

Recent results
SBSM reported a net profit of INR0.2 crore on an operating income
of INR40.5 crore during 2013-14, against a net profit of INR0.1
crore on an operating income of INR29.9 crore during 2012-13.


SURANI STEEL: ICRA Suspends B+ Rating on INR4.50cr Cash Credit
--------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR7.05
crore long term working capital limits and term loan limits of
Surani Steel Private Limited. The suspension follows ICRAs
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based-Term
   Loans                   2.55         [ICRA]B+; Suspended

   Fund Based-Cash
   Credit                  4.50         [ICRA]B+; Suspended

Incorporated in July 2012, Surani Steel Private Limited (SSPL) is
engaged in the manufacturing of Mild Steel Electrically Resistance
Welding (M.S. ERW) pipes. The manufacturing unit of the company is
located in Dahegam, Gandhinagar, Gujarat, with an installed
capacity of 25,000 MTPA. Commercial production commenced from
April 2013.The company is promoted and managed by Mr. Mukesh Patel
and Mr. Dinesh Patel.


THAR OASIS: ICRA Suspends B Rating on INR7.35cr Bank Loan
---------------------------------------------------------
ICRA has suspended long term Rating of [ICRA]B assigned to the
INR7.35 Crore bank facilities of Thar Oasis Resort and Camp
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Incorporated on 6th October 2008 as Marwari Resort Private
Limited, name of the company was changed to Thar Oasis Resort and
Camp Private Limited (TOR) in June 2012. The company has set-up a
resort at NH-114 connecting Jodhpur and Jaisalmer in Rajasthan.
While the property was initially scheduled to be launched in April
2011, the construction of the resort was completed in November
2011 and it commenced commercial operations in December 2011
(Phase I). The project has been set-up in two phases. While in the
first phase, the company only launched cottages and tents; the
main objective of Phase-II expansion was to set up rooms to meet
the requirement of Areva Solar India Private Limited (Areva) with
which the company had executed an agreement to provide 34 rooms.


UNISOURCE PAPERS: ICRA Cuts Rating on INR5.0cr LOC to D
-------------------------------------------------------
ICRA has revised the long term rating from [ICRA]C to [ICRA]D for
the INR3.33 crore of fund based limits of Unisource Papers Private
Limited. ICRA has also revised the short term rating from [ICRA]A4
to [ICRA]D for the INR5.00 non-fund based bank limits of UPPL.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund based-Cash Credit    1.50        Downgraded to [ICRA]D
                                         from [ICRA]C

   Term Loans                1.83        Downgraded to [ICRA]D
                                         from [ICRA]C

   Non-fund based-Letter     5.00        Downgraded to [ICRA]D
   of Credit                             from [ICRA]A4

The rating revision takes into account Unisource Papers Private
Limited (UPPL)'s stretched liquidity profile, which has led to
delay in debt servicing and several instances of LC devolvement.
The ratings also continue to incorporate the subdued profit
margins on account of low capacity utilizations, limited value
addition and the fragmented nature of the industry with low entry
barriers and the vulnerability of margins to raw material prices
and foreign exchange fluctuations. The ratings, however, also take
into consideration the promoter's long track record in the
business of trading and paper processing, and expected improvement
in the capacity utilizations following job-work orders from ITC
Limited.

Incorporated in 2005, UPPL was promoted by Mr. Aurora and is
engaged in the business of paper trading and also executes job-
work orders for paper manufacturers and printing agencies. The
company imports high quality virgin kraft paper, processes it and
caters to the Indian packaging industry. Currently, UPPL has an
installed capacity of 56,400 metric tonne/annum at its
manufacturing units located in Pune. The company has a registered
office in Mumbai.

Recent Results
UPPPL recorded a net profit of INR0.01 crore on an operating
income of INR20.18 crore for the year ending March 31, 2014.


V. D. SWAMI: CRISIL Assigns 'B' Rating to INR140MM Overdraft Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of V. D. Swami and Company Pvt Ltd (VDS).

                         Amount
   Facilities          (INR Mln)        Ratings
   ----------          ---------        -------
   Proposed Long Term
   Bank Loan Facility      20           CRISIL B/Stable
   Overdraft Facility     140           CRISIL B/Stable
   Bank Guarantee         100           CRISIL A4
   Long Term Loan          60           CRISIL B/Stable

The ratings reflect VDS's below-average financial risk profile,
marked by high gearing and weak debt protection metrics, and its
working-capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in erection, testing, and commissioning of various
electrical and engineering equipment.

Outlook: Stable
CRISIL believes that VDS will continue to benefit over the medium
term from its promoters' extensive industry experience and its
moderate outstanding order book.  The outlook may be revised to
'Positive' if the company reports a significant increase in its
revenue and operating margin, leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if VDS's working capital management weakens, or if its
cash accruals decline, leading to further deterioration in its
financial risk profile.

Incorporated in 1956 in Chennai, VDS undertakes erection, testing,
commissioning, and maintenance of electrical and engineering
equipment in industries across various sectors.

VDS reported, on a provisional basis, a profit after tax (PAT) of
INR15.2 million on revenue of INR443.8  million for 2014-15
(refers to financial year, April 1 to March 31); it had reported a
PAT of INR4.2 million on revenue of INR515.3 million for 2013-14.


WHITE GOLD: CRISIL Reaffirms 'B+' Rating on INR80MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of White Gold Cotton and
Oil Industries (WGCOI), continues to reflect its modest scale of
operations in the intensely competitive cotton ginning industry.
These rating weaknesses are partially offset by its promoters'
extensive industry experience, and proximity to the cotton-growing
belt in Gujarat.

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

   Proposed Long Term
   Bank Loan Facility     44.1      CRISIL B+/Stable (Reaffirmed)

   Term Loan              25.9      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes that WGCOI will maintain its business risk profile
over the medium term backed by its promoters' extensive experience
in the cotton industry. The outlook may be revised to 'Positive'
if the company generates strong cash accruals on the back of a
significant increase in revenue, while maintaining a stable
capital structure and liquidity. Conversely, the outlook may be
revised to 'Negative' if the financial risk profile, including
liquidity, weakens on the back of low accruals, stretch in working
capital cycle, or any debt-funded capital expenditure.

Update
The firm commenced commercial operations in January 2014 and
reported revenue of INR218 million in 2013-14 (refers to financial
year, April 1 to March 31; estimated at INR420 million for 2014-
15). The operating profitability remains low at about 2.6 per cent
owing to modest scale of operations in the intensely competitive
cotton ginning industry. Consequently, the accruals are estimated
at INR3.70 million for 2014-15. CRISIL believes that WGCOI's
business risk profile will remain constrained over the medium term
by its small scale of operations. The operations are expected to
remain working capital intensive over the medium term, with large
inventory resulting in estimated gross current assets (GCAs) of
160 days as on March 31, 2015. CRISIL believes that WGCOI's
operations will remain working capital intensive over the medium
term.

The financial risk profile is average, marked by moderate gearing
(1.14 times as on March 31, 2015), treating unsecured loans as
neither debt nor equity (as they are expected to remain in the
business). The debt protection metrics are average, with interest
coverage and net cash accrual to total debt ratios estimated at
1.1 times and 0.06 times for 2014-15; the metrics are expected to
remain at similar levels over the medium term owing to modest
operating profitability.

Liquidity remains average, with cash accruals expected at INR5.20
million in 2015-16'just about adequate to service the maturing
debt of INR4.35 million during the year. The bank lines remain
moderately utilised at 89 per cent on average for the 12 months
through February 2015. The liquidity is however supported by
unsecured loans of INR20 million as on March 31, 2014 from the
promoters.

WGCOI is a partnership firm located in Surendranagar (Gujarat).
The firm's partners have 20 years of experience in the cotton
industry. WGCOI commenced operations in cotton ginning and oil
milling in January 2014.



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



ARENA CAPITAL: Under SFO Probe; Goes Into Receivership
------------------------------------------------------
Martin Van Beynen at stuff.co.nz reports that a Christchurch-based
investment company at the center of a Serious Fraud Office and
Financial Markets Authority probe has been placed in receivership.

The development will be bad news for hundreds of nervous investors
in the company, Arena Capital, a foreign exchange brokerage
trading as BlackfortFX, according to stuff.co.nz.

Most of the investors are from Christchurch.

Grant Graham and Neale Jackson, of Auckland accountancy firm
KordaMentha, have been appointed as receivers and managers for
Arena Capital, the report relates.

The report says that the assets of the company were frozen by the
Financial Markets Authority last week over concerns the company
was breaching regulations and the Serious Fraud Office is
investigating.

The sole director and shareholder of the company is Jimmie
McNicholl of Spreydon.  He did not want to comment.

A Christchurch man, who did not want to be named, said investors
were given their own accounts and login details and could monitor
the growth of their investments, the report discloses.  Some
claimed they withdrew more than they put in.

The Christchurch man said he watched his investment go from
NZ$3000 to NZ $9000 in under two months, the report discloses.

He said he was initially dubious about the investment and had
resisted the temptation for six months, the report notes

"Friends of mine were showing me how much money they were
makingand I told them it was not real money.  I was a bit stupid.
I went in there because everyone else was in there for months and
months," the unnamed man was quoted as saying.

The report notes that he knew of at least 50 Christchurch
investors who had money tied up in the scheme and had heard boasts
the fund was worth about NZ$130 million.

Although the scheme appears to have attracted investors from
throughout the country, the Christchurch link is strong, the
report discloses.

Arena Capital's former accounts manager is Greg Quirke who lives
in Rolleston, the report relays.

On May 20, Mr. Quirke sent out an email to "valued clients".

The report notes that it said the company was not accepting more
clients and was not taking more deposits. It advised of a hold up
with login/passwords but said the company would be back on track
soon.

"Due to the large amount of withdrawals we will now be processing
at the end of every month so make your requests are in at least 72
hours before the last Friday in the month," the email said, the
report adds.

Arena Capital was incorporated as a company on April 2 last year.


NEW ZEALAND: Helping Farmers as Receivership Threatens
------------------------------------------------------
Scoop Independent News reports that New Zealand First has lodged a
Bill to help farmers facing financial strain stay out of
receivership.

"Our farmers are world beaters but carry huge debt, says New
Zealand First List Member of Parliament Ron Mark, who lives in
Wairarapa, according to Scoop Independent News.

"The Reserve Bank's Financial Stability report reveals that about
1,200 dairy farmers owe nearly NZ$10 billion," the report quoted
Mr. Mark as saying.

"Farming is a complex business and, as the Reserve Bank
highlights, '10 per cent of [dairy] farms accounted for around
one-third of total sectoral debt'.  At present many farmers and
share milkers with watch list loans are under stress, that's why
New Zealand First has lodged the Receiverships (Agricultural Debt
Mediation) Amendment Bill," Mr. Mark said, the report notes

"Dairy prices are down with no signs of immediate recovery as the
Russia/Ukraine stand-off displaces billions of litres of European
milk.  Lamb schedules have tracked down while parts of New Zealand
continue to struggle with drought, especially Canterbury," Mr.
Mark said, the report relates.

"Our Bill will require independent debt mediation before a
receivership can start.  We hope mediation will bring an agreement
on the debt and the financial relationship between farmers and
creditors," Mr. Mark said, the report discloses.

"The Bill places obligations on the Banking Ombudsman Scheme to
administer Agricultural Debt Mediation.  Our Bill will also remove
any financial limit for scheme compensation," Mr. Mark said, the
report notes. "The need for this was proved by the successful
Commerce Commission interest rate swaps investigation, which only
landed ANZ, Westpac and ASB with small financial penalties
relative to what it cost affected farmers."

"In 1999, when former New Zealand First MP Doug Woolerton's Farm
Debt Mediation Bill was read, agricultural debt was NZ$11.7
billion.  Today, it is NZ$54 billion," Mr. Mark said, the report
notes. "So we don't wish to burn a generation of farmers and our
Bill is the least we can do as parliamentarians."


TWO DEGREES: Annual Loss Narrows to NZ$33.6 Million
---------------------------------------------------
BusinessDesk reports that Two Degrees Mobile is still burning cash
but has once again reduced its financial losses, recording a
NZ$33.6 million net loss for calendar 2014, down 6.7 per cent on
the NZ$35.9 million loss the previous year.

Revenue grew 29 per cent during the year to just under $400
million, mainly driven by growth in postpay customers and handset
sales, the report discloses.

BusinessDesk relates that despite a hefty rise in the cost of
sales from NZ$72.9 million to NZ$119.5 million, there was a 12 per
cent reduction in gross losses, mainly reflecting the company's
transition to a Mobile Repayment Option model where customers
finance their handset and then select a monthly plan that suits
them.

It has also recently had more success with business customers
after simplifying its offerings, with Te Wananga o Aotearoa and
Hawkins Group two recent examples of gains among larger customers,
BusinessDesk relays.

According to BusinessDesk, Chief executive Stewart Sherriff said
he couldn't say when 2degrees was likely to become profitable
although he expected a continuing improving trend which has seen
the halving of underlying earnings before interest and tax loss
each year in the past three years.

In the latest results the underlying Ebit loss was NZ$9.9 million,
compared to NZ$19 million in 2013 and NZ$41.5 million in 2012, the
report discloses.

He said there would be no need to ask shareholders for more cash
in the current financial year but it may have to renegotiate terms
on its banking facility with the Bank of New Zealand or go out for
tender, BusinessDesk relates.

The facility is due to be refinanced in June next year, the report
adds.

The annual accounts show the committed bank facility as at
December 31 was NZ$167.5 million compared to NZ$150 million in
2013 and the unutilised portion of that available for drawdown is
NZ$28.9 million compared to NZ$63 million the previous year,
reports BusinessDesk.



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


PANTECH CO: Liquidation Looms for Firm
--------------------------------------
Kang Yoon-seung at Yonhap News reports that cash-strapped South
Korea handset maker Pantech Co. said it has asked a local court to
end its receivership as no viable investors sought to take over
the once No. 2 handset maker in the country.

Pantech Co., which was put under court protection August last
year, has been on the selling block, but rounds of bids to sell
the handset maker fell through due to lack of viable investors,
according to Yonhap News.

If the Seoul Central District Court court accepts Pantech's call,
the handset maker will face liquidation, the report notes.

"Despite our 10-month long efforts, we could not find an
appropriate bidder with a right evaluation of Pantech," the
company said in a statement obtained by the news agency.  "Being
unable to take our duty and role as a company, we have decided to
apply for the end of the normalization procedures," the statement
added.

Pantech started out as a small pager manufacturer, but early
success as a handset maker went under in 2007 as its debt
increased and an acquisition of a local handset maker resulted in
losses, the report recalls.

The company was rescued and put under a five-year debt
rescheduling program in 2007, the report relays.  But its
financial footing weakened again as it struggled with falling
sales from increased competition in the smartphone market
dominated by giants like Samsung Electronics Co. and Apple Inc,
the report discloses.

In December 2011, it ended the debt rescheduling program, but a
continued drop in sales led the firm to file for court
receivership in August last year, the report adds.



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


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

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

AUSTRALIA

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


CHINA

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

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


INDONESIA

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


INDIA

ABHISHEK CORPORA         ABSC             53.66         -25.51
AGRO DUTCH INDUS          ADF             85.09         -22.81
ALPS INDUS LTD           ALPI            201.29         -41.70
ARTSON ENGR               ART             11.64         -10.64
ASHAPURA MINECHE         ASMN            162.39         -16.64
ASHIMA LTD               ASHM             63.23         -48.94
ATV PROJECTS              ATV             48.47         -43.93
BELLARY STEELS           BSAL            451.68        -108.50
BENZO PETRO INTL          BPI             26.77          -1.05
BHAGHEERATHA ENG         BGEL             22.65         -28.20
BHARATI SHIPYARD         BHSL          1,428.69         -17.76
BINANI INDUS LTD          BZL          1,163.38         -38.79
BLUE BIRD INDIA          BIRD            122.02         -59.13
CELEBRITY FASHIO         CFLI             24.96          -8.26
CHESLIND TEXTILE          CTX             20.51          -0.03
CLASSIC DIAMONDS          CLD             66.26          -6.84
COMPUTERSKILL             CPS             14.90          -7.56
DCM FINANCIAL SE        DCMFS             18.46          -9.46
DFL INFRASTRUCTU         DLFI             42.74          -6.49
DIGJAM LTD               DGJM             99.41         -22.59
DISH TV INDIA            DITV            462.53         -52.19
DISH TV INDI-SLB       DITV/S            462.53         -52.19
DUNCANS INDUS             DAI            122.76        -227.05
ELECTROTHERM IND          ELT            501.15         -96.22
ENSO SECUTRACK           ENSO             15.57          -0.46
EURO CERAMICS            EUCL            110.62          -6.83
EURO MULTIVISION         EURO             36.94          -9.95
FERT & CHEM TRAV          FCT            314.24         -76.26
GANESH BENZOPLST          GBP             44.05         -15.48
GANGOTRI TEXTILE         GNTX             54.67         -14.22
GOKAK TEXTILES L         GTEX             48.71          -5.00
GOLDEN TOBACCO            GTO             97.40         -18.24
GSL INDIA LTD             GSL             29.86         -42.42
GSL NOVA PETROCH         GSLN             16.53          -1.31
GUJARAT STATE FI          GSF             15.26        -304.68
GUPTA SYNTHETICS        GUSYN             44.18          -6.34
HARYANA STEEL            HYSA             10.83          -5.91
HEALTHFORE TECHN         HTEC             14.74         -46.64
HINDUSTAN ORGAN           HOC             57.24         -51.76
HINDUSTAN PHOTO          HPHT             49.58      -1,832.65
HIRAN ORGOCHEM             HO             14.56          -4.59
HMT LTD                   HMT            106.62        -454.42
ICDS                     ICDS             13.30          -6.17
INDAGE RESTAURAN          IRL             15.11          -2.35
INDOSOLAR LTD            ISLR            193.78          -6.91
INTEGRAT FINANCE          IFC             49.83         -51.32
JCT ELECTRONICS          JCTE             80.08         -76.70
JENSON & NIC LTD           JN             16.49         -71.70
JET AIRWAYS IND         JETIN          2,856.84        -697.07
JET AIRWAYS -SLB      JETIN/S          2,856.84        -697.07
JOG ENGINEERING           VMJ             45.90          -5.28
KALYANPUR CEMENT         KCEM             23.39         -42.66
KERALA AYURVEDA          KERL             13.97          -1.69
KIDUJA INDIA              KDJ             11.16          -3.43
KINGFISHER AIR           KAIR            515.93      -2,371.26
KINGFISHER A-SLB       KAIR/S            515.93      -2,371.26
KITPLY INDS LTD           KIT             14.77         -58.78
KLG SYSTEL LTD           KLGS             40.64         -27.37
KSL AND INDUSTRI        KSLRI            269.42         -14.19
LML LTD                   LML             43.95         -78.18
MADHUCON PROJECT        MDHPJ          1,226.74         -21.90
MADRAS FERTILIZE          MDF            289.78         -34.43
MAHA RASHTRA APE         MHAC             14.49         -12.96
MALWA COTTON             MCSM             44.14         -24.79
MAWANA SUGAR             MWNS            142.07         -32.88
MODERN DAIRIES            MRD             38.61          -3.81
MOSER BAER INDIA          MBI            727.13        -165.63
MOSER BAER -SLB         MBI/S            727.13        -165.63
MPL PLASTICS LTD         MPLP             17.67         -51.22
MTZ POLYFILMS LT          TBE             31.94          -2.57
MURLI INDUSTRIES         MRLI            262.39         -38.30
MYSORE PAPER             MSPM             87.99          -8.12
NATL STAND INDI          NTSD             22.09          -0.73
NAVCOM INDUS LTD          NOP             10.19          -3.53
NICCO CORP LTD           NICC             71.84          -4.91
NICCO UCO ALLIAN         NICU             23.25         -83.90
NK INDUS LTD              NKI            141.35          -7.71
NRC LTD                  NTRY             55.11         -52.44
NUCHEM LTD                NUC             24.72          -1.60
PANCHMAHAL STEEL          PMS             51.02          -0.33
PARAMOUNT COMM           PRMC            124.96          -0.52
PARASRAMPUR SYN           PPS             99.06        -307.14
PAREKH PLATINUM          PKPL             61.08         -88.85
PIONEER DISTILLE          PND             53.74          -5.62
PREMIER INDS LTD         PRMI             11.61          -6.09
PRIYADARSHINI SP         PYSM             20.80          -2.28
QUADRANT TELEVEN         QDTV            105.10        -183.38
QUINTEGRA SOLUTI          QSL             16.76         -17.45
RADHA MADHAV COR         RMCL             10.33         -48.95
RAMSARUP INDUSTR         RAMI            433.89         -89.28
RATHI ISPAT LTD          RTIS             44.56          -3.93
RELIANCE MED-SLB        RMW/S            279.61        -144.47
RENOWNED AUTO PR          RAP             14.12          -1.25
RMG ALLOY STEEL           RMG             66.61         -12.99
ROYAL CUSHION            RCVP             14.70         -75.18
SAAG RR INFRA LT         SAAG             12.54          -4.93
SADHANA NITRO             SNC             16.74          -0.58
SANATHNAGAR ENTE         SNEL             49.23          -6.78
SANCIA GLOBAL IN         SGIL             53.12         -30.47
SBEC SUGAR LTD          SBECS             92.44          -5.61
SERVALAK PAP LTD         SLPL             61.57          -7.63
SHAH ALLOYS LTD            SA            168.13         -81.60
SHALIMAR WIRES           SWRI             21.39         -24.28
SHAMKEN COTSYN            SHC             23.13          -6.17
SHAMKEN MULTIFAB          SHM             60.55         -13.26
SHAMKEN SPINNERS          SSP             42.18         -16.76
SHREE GANESH FOR         SGFO             44.50          -2.89
SHREE KRISHNA            SHKP             14.62          -0.92
SHREE RAMA MULTI         SRMT             38.90          -4.49
SHREE RENUKA SUG         SHRS          2,162.34         -82.52
SHREE RENUKA-SLB       SHRS/S          2,162.34         -82.52
SIDDHARTHA TUBES          SDT             44.95         -15.37
SIMBHAOLI SUGARS         SBSM            268.76         -54.47
SPICEJET LTD             SJET            489.96        -170.22
SQL STAR INTL             SQL             10.58          -3.28
STATE TRADING CO          STC            556.35        -392.74
STELCO STRIPS            STLS             11.65          -5.73
STI INDIA LTD            STIB             21.69          -2.13
STL GLOBAL LTD           SHGL             30.73          -5.62
STORE ONE RETAIL         SORI             15.48         -59.09
SURYA PHARMA             SUPH            370.28          -9.97
SUZLON ENERG-SLB       SUEL/S          5,061.62         -53.02
SUZLON ENERGY            SUEL          5,061.62         -53.02
TAMILNADU JAI            TNJB             17.07          -1.00
TATA METALIKS             TML            122.76          -3.30
TATA TELESERVICE         TTLS          1,311.30        -138.25
TATA TELE-SLB          TTLS/S          1,311.30        -138.25
TIMEX GROUP IND          TIMX             20.14          -0.42
TIMEX GROUP-PREF        TIMXP             20.14          -0.42
TODAYS WRITING           TWPL             18.58         -25.67
TRIUMPH INTL             OXIF             58.46         -14.18
TRIVENI GLASS            TRSG             19.71         -10.45
TUTICORIN ALKALI         TACF             17.17         -22.86
UDAIPUR CEMENT W          UCW             11.38         -10.53
UNIFLEX CABLES           UFCZ             47.46          -7.49
UNIWORTH LTD               WW            149.50        -151.14
UNIWORTH TEXTILE          FBW             22.54         -35.03
USHA INDIA LTD           USHA             12.06         -54.51
VANASTHALI TEXT           VTI             14.59          -5.80
VENUS SUGAR LTD            VS             11.06          -1.08
WANBURY LTD              WANB            141.86          -3.91
WEBSOL ENERGY SY         WESL            105.10         -23.79


JAPAN

GOYO FOODS INDUS            2230          11.13          -1.81
LCA HOLDINGS COR            4798          21.73          -1.75
OPTROM INC                  7824          15.63          -4.50
PIXELA CORP                 6731          13.97          -0.02


KOREA

HYUNDAI CEMENT              6390         454.92        -262.92
SAMWHAN CORP                 360         624.46          -9.54
SAMWHAN CORP-PRE             365         624.46          -9.54
SHINIL ENG CO              14350         199.04          -2.53
STX CORPORATION            11810       1,275.13        -484.08
STX ENGINE CO LT           77970       1,170.67         -62.72
TEC & CO                    8900         139.98         -16.61
TONGYANG INC                1520       1,068.15        -452.52
TONGYANG INC-2PF            1527       1,068.15        -452.52
TONGYANG INC-3RD            1529       1,068.15        -452.52
TONGYANG INC-PFD            1525       1,068.15        -452.52


MALAYSIA

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


NEW ZEALAND

PULSE ENERGY LTD          PLE             15.04          -4.52


PHILIPPINES

CYBER BAY CORP         CYBR               13.68         -25.95
DFNN INC               DFNN               14.84          -2.76
FILSYN CORP A           FYN               23.11         -11.69
FILSYN CORP. B         FYNB               23.11         -11.69
GOTESCO LAND-A           GO               21.76         -19.21
GOTESCO LAND-B          GOB               21.76         -19.21
METRO GLOBAL HOL        MGH               40.90         -15.77
PICOP RESOURCES         PCP              105.66         -23.33
STENIEL MFG             STN               21.07         -11.96
UNIWIDE HOLDINGS         UW               50.36         -57.19


SINGAPORE

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


THAILAND

ABICO HLDGS-F       ABICO/F               15.28          -4.40
ABICO HOLDINGS        ABICO               15.28          -4.40
ABICO HOLD-NVDR     ABICO-R               15.28          -4.40
ASCON CONSTR-NVD    ASCON-R               59.78          -3.37
ASCON CONSTRUCT       ASCON               59.78          -3.37
ASCON CONSTRU-FO    ASCON/F               59.78          -3.37
BANGKOK RUBBER          BRC               77.91        -114.37
BANGKOK RUBBER-F      BRC/F               77.91        -114.37
BANGKOK RUB-NVDR      BRC-R               77.91        -114.37
BIG CAMERA COP-F      BIG/F               19.86         -13.03
BIG CAMERA CORP         BIG               19.86         -13.03
BIG CAMERA -NVDR      BIG-R               19.86         -13.03
CIRCUIT ELEC PCL     CIRKIT               16.79         -96.30
CIRCUIT ELEC-FRN   CIRKIT/F               16.79         -96.30
CIRCUIT ELE-NVDR   CIRKIT-R               16.79         -96.30
ITV PCL-NVDR          ITV-R               36.02        -121.94
K-TECH CONSTRUCT    KTECH/F               38.87         -46.47
KTECH CONSTRUCTI      KTECH               38.87         -46.47
K-TECH CONTRU-R     KTECH-R               38.87         -46.47
KUANG PEI SAN        POMPUI               17.70         -12.74
KUANG PEI SAN-F    POMPUI/F               17.70         -12.74
KUANG PEI-NVDR     POMPUI-R               17.70         -12.74
PAE THAI PUB CO         PAE               42.42          -0.28
PAE THAI-FRGN         PAE/F               42.42          -0.28
PAE THAI-NVDR         PAE-R               42.42          -0.28
PATKOL PCL               PK               52.89         -30.64
PATKOL PCL-FORGN       PK/F               52.89         -30.64
PATKOL PCL-NVDR        PK-R               52.89         -30.64
PROFESSIONAL WAS        PRO               10.68          -1.71
PROFESSIONAL-F        PRO/F               10.68          -1.71
PROFESSIONAL-N        PRO-R               10.68          -1.71
SHUN THAI RUBBER      STHAI               13.16          -6.13
SHUN THAI RUBB-F    STHAI/F               13.16          -6.13
SHUN THAI RUBB-N    STHAI-R               13.16          -6.13
TONGKAH HARBOU-F      THL/F               62.30          -1.84
TONGKAH HARBOUR         THL               62.30          -1.84
TONGKAH HAR-NVDR      THL-R               62.30          -1.84
TRANG SEAFOOD           TRS               15.18          -6.61
TRANG SEAFOOD-F       TRS/F               15.18          -6.61
TRANG SFD-NVDR        TRS-R               15.18          -6.61
TT&T PCL               TTNT              169.38        -510.60
TT&T PCL-NVDR        TTNT-R              169.38        -510.60
TT&T PUBLIC CO-F     TTNT/F              169.38        -510.60
WORLD CORP -NVDR    WORLD-R               15.72         -10.10
WORLD CORP PCL        WORLD               15.72         -10.10
WORLD CORP PLC-F    WORLD/F               15.72         -10.10



                             *********

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

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

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


                            *********


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

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

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

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

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



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