TCRAP_Public/150601.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Monday, June 1, 2015, Vol. 18, No. 106


                            Headlines


A U S T R A L I A

BBY LTD: ASIC Suspends Australian Financial Services License
FULWOOD HAULAGE: First Creditors' Meeting Set For June 9
MISSCHU PTY: In Liquidation; Staff Unlikely to be Paid
NEWSAT LIMITED: Forfeits Rights to Lockheed Martin Satellite
PPR SOLUTIONS: Placed in Administration

UI PROJECTS: First Creditors' Meeting Set For June 9


C H I N A

BEIJING CAPITAL: Moody's Says Bond Issuance is Credit Positive
CHINA: Slowdown Deepens Provincial Economic Divide, FT Reports
CHINA: Foreign Creditors Face Bankruptcy Riddle Amid Slowdown
KAISA GROUP: Sunac Terminates Takeover Plan


H O N G  K O N G

CIFI HOLDINGS: Moody's Rates Proposed USD Notes at B1
FANTASIA HOLDINGS: Moody's Rates Proposed US$ Notes at B3


I N D I A

A.R. CASTINGS: CRISIL Cuts Rating on INR75MM Cash Loan to D
AKSHAYA AUTO: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
AQUATECH SOLUTIONS: Ind-Ra Affirms 'IND B+' Rating on 120MM Loan
ATM GLOBAL: ICRA Assigns 'B' Rating to INR9cr Cash Credit
AUTOCREATES SERVICES: CRISIL Rates INR150MM Discounting Loan B+

BAJAJ AGRO: CRISIL Reaffirms B+ Rating on INR50MM Cash Credit
CMRGS INFRASTRUCTURE: CRISIL Assigns B+ Rating to INR55MM Loan
CVS INFRASTRUCTURE: ICRA Assigns B+ Rating to INR14cr LT Loan
DEE WELDOGEN: ICRA Suspends 'B' Rating on INR6cr Fund Based Loan
DELHI DIAMONDS: CRISIL Assigns 'D' Rating to INR500MM Cash Loan

G J FERNANDEZ: CRISIL Reaffirms B- Rating on INR15MM Cash Loan
GOLDEN TOBACCO: ICRA Lowers Rating on INR44.30cr Loan to 'D'
GRECCY KNIT: CRISIL Assigns B- Rating to INR54.3MM Term Loan
HARLEY CARMBEL: CRISIL Assigns B Rating to INR120MM Bill Loan
HI-TECH SATLUJ: CRISIL Reaffirms B+ Rating on INR100MM Loan

HILLS CEMENT: ICRA Reaffirms 'D' Rating on INR60.67cr Term Loan
IDEAL WOVENPLAST: CRISIL Assigns 'B+' Rating to INR66MM Term Loan
INDRAPRASTHA AUTOMOBILES: ICRA Puts B+ Rating to INR38.5cr Loan
INTEGRATED INVESTMENTS: CRISIL Rates INR248.5MM Term Loan at B+
JAI PRAKASH: ICRA Suspends 'D' Rating on INR35cr Bank Loan

JAS POLYSACK: CRISIL Assigns B+ Rating to INR70MM Cash Loan
JOGMA LAMINATES: CRISIL Ups Rating on INR80MM Cash Loan to B-
KAMYA CLOTHING: CRISIL Assigns 'B' Rating to INR60MM Cash Loan
KATHPAL SOLVEX: ICRA Assigns 'B-' Rating to INR10cr Cash Credit
KIRPA FOODS: CRISIL Assigns B- Rating to INR80MM Term Loan

MOUNT VELOUR: CRISIL Assigns B+ Rating to INR50MM Cash Credit
NARENDRA DEV: CRISIL Assigns B+ Rating to INR125MM Cash Loan
OPALIUM INTERNATIONAL: CRISIL Rates INR30MM Packing Loan at B+
OVN TRADING: CRISIL Cuts Rating on INR80MM Cash Credit to B+
P.S.A. CONSTRUCTION: CRISIL Puts B Rating on Notice of Withdrawal

PAWAN OIL: CRISIL Ups Rating on INR65MM Cash Loan to B+
PM DIMENSIONS: CRISIL Cuts Rating on INR90MM Cash Loan to D
SADHANA NITRO: CRISIL Ups Rating on INR140MM Cash Loan to B
SANJAY RICE: ICRA Reaffirms 'D' Rating on INR4.16cr Term Loan
SHINGOTE AGRO: ICRA Suspends 'D' Rating on INR23cr Loan

SHOR SHOT: CRISIL Reaffirms B+ Rating on INR35MM Bank Loan
SHREE BADRI: ICRA Suspends 'D' Rating on INR19cr Bank Loan
SHREE SIDHBALI: CRISIL Ups Rating on INR220MM Cash Loan to B+
SHYAM COTTEX: ICRA Assigns B Rating to INR4cr Cash Credit
SMART CARD: ICRA Assigns 'B' Rating to INR20cr LT Loan

SNAZZY EXPORTS: ICRA Suspends D Rating on INR5cr Fund Based Loan
SPA HEIGHTS: ICRA Revises Rating on INR12cr Cash Credit to B-
SUPREME GLAZES: CRISIL Ups Rating on INR100MM Loan to B+
SWASTIK AAHAR: ICRA Assigns 'B' Rating to INR4.0cr Cash Loan
TATA STEEL: Moody's Says FY2015 Results Below Expectation

TRIDHARA SUGAR: ICRA Suspends 'D' Rating on INR27.26cr Loan
ULTRACAB (INDIA): ICRA Suspends 'B' Rating on INR13cr Cash Loan
VARUNANI MARKETING: CRISIL Reaffirms B+ Rating on INR140MM Loan
VISHNU COTTON: ICRA Withdraws 'D' Rating on INR11.75cr Loan


J A P A N

SHARP CORP: Says Banks to Provide $1.7 Billion Bailout
SKYMARK AIRLINES: Files Recovery Plan, Names DBJ Exec as Pres.


M A L A Y S I A

MALAYSIA AIRLINES: MAS Placed Into Receivership


S R I  L A N K A

SRI LANKA: Fitch Gives 'BB-(EXP)' Rating to US$ Denominated Bonds


                            - - - - -


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


BBY LTD: ASIC Suspends Australian Financial Services License
------------------------------------------------------------
Australian Securities and Investment Commission has suspended the
Australian financial services (AFS) licences held by BBY Ltd, BBY
Advisory Services Pty Ltd, and SmarTrader Limited.

Importantly, the terms of the suspension allow the Receivers and
Administrators to transfer a client's "holder identification
number" (HIN) to another market participant in accordance with
instructions from the client.

The suspension follows the appointment of Stephen Vaughan and Ian
Hall as joint administrators to these companies on May 17, 2015.
Steven Parbery and Brett Lord were appointed receivers and
managers of BBY Ltd and BBY Advisory Services Pty Ltd on May 18,
2015.

The suspension of these AFS licences is effective from May 28,
2015 until May 28, 2018.

Under the Corporations Act, ASIC has the power to suspend or
cancel an AFS licence, without holding a hearing, where the AFS
Licence is held by a body corporate which is placed under external
administration.

The companies have a right to seek a review of ASIC's decision at
the Administrative Appeals Tribunal.

The terms of the AFS licence suspension allow the BBY Licences to
continue in effect for the following purposes only:

  (a) to ensure that clients of the Licensees continue to have
      access to an external dispute resolution scheme;

  (b) to ensure that clients of the Licensees continue to have
      access to the National Guarantee Fund;

  (c) to ensure that the Receivers and Administrators have the
      legal authority to transfer a client's "holder
      identification number" (HIN) to another market participant
      in accordance with instructions from the client; and

  (d) to ensure the Licensees continue to be required to have
      arrangements for compensating retail clients for loss or
      damages suffered as a result of breaches of the
      Corporations Act by the companies or their representatives.

Founded in 1987, BBY Limited is a boutique investment firm that
offers brokerage and financial advisory services. The company
provides merger and acquisition, initial public offering, private
placement, equity trading, and market and business research
services. Additionally, it offers capital raising, restructuring,
due diligence, valuation, relationship management, and clearing
services.

On May 18, the Directors of BBY Limited have appointed KPMG as
Voluntary Administrators.

To ensure the ongoing affairs of BBY are managed professionally in
the near term, BBY's transaction bankers have appointed Stephen
Parbery and Brett Lord of PPB Advisory as Receivers and Managers
to manage this process.

It is understood that the Directors of BBY Limited have been
negotiating with a number of different parties to raise additional
capital but the firm has not been successful in this regard as
yet. PPB Advisory is working in close consultation with the
Voluntary Administrators and other stakeholders to explore all
options.


FULWOOD HAULAGE: First Creditors' Meeting Set For June 9
--------------------------------------------------------
Nicholas Gyss and Stephen Duncan of KordaMentha were appointed as
administrators of Fulwood Haulage Pty Ltd on May 27, 2015.

A first meeting of the creditors of the Company will be held at
Level 4, 70 Pirie Street, in Adelaide, South Australia, on
June 9, 2015, at 10:00 a.m.


MISSCHU PTY: In Liquidation; Staff Unlikely to be Paid
------------------------------------------------------
SmartCompany reports that the voluntary administrators brought in
to save MissChu have said the restaurant's 200 past and present
employees will face an uphill battle to get what they are owed
from the business.

According to SmartCompany, KordaMentha executive director
Rahul Goyal told ninemsn employees are owed a cut of AUD1 million
in unpaid entitlements, including unpaid superannuation
contributions, annual leave, long service leave, redundancy and in
lieu payments.

But Mr. Goyal said staff will likely not claw back their lost
super and non-Australian residents are expected to walk away
altogether empty-handed, the report relates.

Last month a deal was reached with Melbourne-based restructuring
specialist Mawson Group to buy the business alongside founder
Nahji Chu, creating a new entity, MissChu Holdings, SmartCompany
recalls.

SmartCompany says a Mawson Group spokesperson told ninemsn the
group would honour entitlements to staff who have moved over to
MissChu Holdings.

Rahul Goya and Jannamaria Robertson of KordaMentha were appointed
liquidators of the company on May 21, 2015.

                          About Miss Chu

Miss Chu operates six retail tuckshops and a catering business in
New South Wales. The Melbourne and London MissChu businesses are
not affected by the Voluntary Administration.

Rahul Goyal and Janna Robertson of KordaMentha Restructuring were
appointed Voluntary Administrators of Miss Chu Pty Limited and
Miss Chu Manly Pty Limited (collectively known as 'MissChu') on
Dec. 23, 2014.

As reported in the Troubled Company Reporter-Asia Pacific on
April 9, 2015, SmartCompany said the troubled Vietnamese
restaurant chain has been sold to a company controlled by
Miss Chu founder Nahji Chu for an undisclosed price.

KordaMentha confirmed the sale of the Miss Chu business to MissChu
Holdings, a company controlled by the Mawson Group and Nahji Chu,
according to the report.


NEWSAT LIMITED: Forfeits Rights to Lockheed Martin Satellite
------------------------------------------------------------
Bill Rochelle, a bankruptcy columnist for Bloomberg News, reports
that the U.S. Bankruptcy Court for the District of Delaware signed
an order deeming NewSat Ltd.'s $266.7 million satellite
construction contract with Lockheed Martin Corp. terminated as of
May 18, provided that the administrators will have no personal
liability for work Lockheed performed after the bankruptcy
filings.

According to the report, absent those contracts and successful
debt-restructuring efforts in Australia, NewSat administrators
previously said the satellite project would fail.

                           About NewSat

NewSat Limited was founded in 1987 as a multimedia business and
gradually evolved into a satellite communications company. NewSat
is now Australia's largest pure-play satellite communications
company, with teleports and satellites delivering internet, voice,
data and video communications coverage to 75% of the globe,
including Australia, Asia, the Middle East, Africa, Europe and the
United States.

NewSat's Jabiru-2, which was launched in September 2014, delivers
"Ku-Band" capacity across Australia, Timor Leste, Papua New Guinea
and the Solomon Islands, and provides connectivity to the
resources, commercial mobility, media, telecommunications and
government sectors. NewSat's own commercial satellite named
Jabiru-1 is currently being built and is targeted for launch in
2015 to 2016. Jabiru-1 will be Australia's first commercial
"Kaband" satellite and is expected to deliver 7.6 GHz of new
capacity in the covered regions.

As a result of certain defaults, cost overruns on the Jabiru-1
satellite project, and management issues, lenders halted funding
to NewSat. Citicorp International, as trustee for lenders, on
April 16, 2015, placed NewSat into administration in Australia.
It appointed Stephen James Parbery and Marcus William Ayres, of
PPB Advisory in Sydney, Australia, as administrators. Citi also
appointed Jason Preston and Matthew Wayne Caddy of McGrathNicol as
receivers.

On April 16, 2015, the Administrators filed Chapter 15 bankruptcy
petitions for NewSat and affiliates NSN Holdings Pty Ltd., NewSat
Services Pty Ltd., Jabiru Satellite Holdings Pty Ltd., NewSat
Space Resources Pty Ltd., NewSat Networks Pty Ltd., and Jabiru
Satellite Ltd. (Bankr. D. Del. Lead Case No. 15-10810) to stop
actions by creditors in the U.S. The U.S. cases are assigned to
Judge Kevin J. Carey. Young, Conaway, Stargatt & Taylor and Allen
& Overy LLP serve as counsel.

NewSat listed $500 million to $1 billion in assets and $100
million to $500 million in debt in its Chapter 15 petition.


PPR SOLUTIONS: Placed in Administration
---------------------------------------
Gregory Stuart Andrews & Andrew Juzva of G S Andrews Advisory were
appointed as administrators of PPR Solutions Pty Ltd on May 29,
2015.


UI PROJECTS: First Creditors' Meeting Set For June 9
----------------------------------------------------
Cameron Shaw, Richard Albarran and Blair Pleash of Hall Chadwick
were appointed as administrators of UI Projects WA Pty Ltd on May
27, 2015.

A first meeting of the creditors of the Company will be held at
Duxton Hotel Perth, Duxton 3, 1 St Georges Terrace, in Perth, on
June 9, 2015, at 10:30 a.m.



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C H I N A
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BEIJING CAPITAL: Moody's Says Bond Issuance is Credit Positive
--------------------------------------------------------------
Moody's Investors Service said Beijing Capital Land Limited's
(BJCL, Ba2 stable) proposed domestic bond issuance is credit
positive, because it will strengthen the property developer's
liquidity, lengthen its debt-maturity profile and reduce its
financing costs.

On May 25, BJCL announced its plans to issue RMB3 billion in
corporate bonds with a tenor of five years.

BJCL will use the proceeds from the issuance mainly to repay
existing bank loans of around RMB2.65 million due in the next 12-
18 months and for working capital needs.

"In addition to terming out BJCL's debt-maturity profile, the
proposed issuance will expand its funding channels and hence
reduce its reliance on high-cost trust loans and onshore perpetual
securities, which we estimate have funding costs of 8%-11%," says
Kaven Tsang, a Moody's Vice President and Senior Analyst.

"The relatively low interest rates on the proposed bonds will also
reduce the company's funding costs, and accordingly improve its
interest-coverage position," adds Tsang.

Tsang was speaking on Moody's just-released report on BJCL,
entitled "Planned Domestic Bond Issuance Is Credit Positive for
Company".

Moody's notes that BJCL relied on trust loans and onshore
perpetual securities to fund its fast expansion in the last two
years. As of December 2014, the company had RMB4.3 billion of
trust loans and RMB4.35 billion of onshore perpetual securities,
each representing 10% of the company's total adjusted debt of
RMB43.6 billion (without mortgage guarantee adjustment).

Moody's further notes that BJCL's planned corporate bond issuance
reflects the gradual reopening of the domestic debt capital
markets for the property sector since late last year. This
development is credit positive for Chinese property developers,
because it provides them with additional funding channels against
a tighter funding environment in the trust loan market.


CHINA: Slowdown Deepens Provincial Economic Divide, FT Reports
--------------------------------------------------------------
Jamil Anderlini at The Financial Times reports that in April more
than 30 provincial taxi drivers drank poison and collapsed
together on the busiest shopping street in Beijing in a dramatic
protest against economic and working conditions in their home
town.

The drivers, who the police say all survived, were from Suifenhe,
a city on the Russian border in the northeastern province of
Heilongjiang, the FT says.

The FT relates that such lurid acts of protest are an ancient
tradition in China but the extremity of their action highlights
one of the biggest problems facing Beijing as it tries to manage
the worst economic slowdown in nearly three decades: a deepening
provincial economic divide.

An examination of regional growth rates across the country shows
the slowdown has affected some areas far worse than others.
Perhaps predictably, the worst-hit places are those that can least
afford it, according to the report.

The FT reports that Heilongjiang is among the poorest performers.
While national nominal growth slipped to 5.8 per cent in the first
quarter compared with a year earlier -- its lowest level since the
global financial crisis -- the province's nominal GDP actually
contracted, by 3.2 per cent, the FT states.

The FT says that in the provincial capital of Harbin, signs of
economic malaise are everywhere.

The report notes that a large upscale mall in the centre of town
with half a dozen boarded-up shopfronts is abandoned inside apart
from a luxury home furnishing shop and a Bentley dealership with
three salespeople asleep on couches in the corner.

A short drive from the city centre and the primary reason for the
region's economic woes becomes clear, the FT says.

The FT relates that as far as the eye can see there are empty or
half-built residential tower communities boasting names such as
"Jade Lake World", "River Chateau", "Polyup Town" and Intime
City".

Each tower holds roughly 400 units and each community has between
20 and 50 towers, the report says. In the new Qunli district alone
there are more than 30 completed or half-built communities.
Harbin, China locator

Without much industry, Harbin's economy has traditionally relied
on agriculture, tourism and trade with Russia but in the past five
years it has been boosted by the enormous residential property
construction binge seen all over China, the report relates.

"In the past few years a decent-sized cement company could sell 1m
cubic metres of cement annually but now they are lucky to sell 100
cu m a day and they are all losing money," the report quotes Chen
Liyong, a 31-year-old taxi driver who lost his job at a cement
company late last year, as saying.  "Our economy here has relied
almost entirely on building housing but everyone who can afford an
apartment already has one and we don't have anyone moving here
from other places."

Some developers appear to be getting desperate and have begun to
slash prices and put new projects on hold, the report says.

The FT adds that the problems facing Harbin are replicated across
the country but are most extreme in the provinces and regions that
have relied most heavily in recent years on debt-fuelled
infrastructure and property investment.


CHINA: Foreign Creditors Face Bankruptcy Riddle Amid Slowdown
-------------------------------------------------------------
Reuters reports that as China's economy slows and Beijing becomes
more relaxed about letting its companies fail, a rising number of
foreign bondholders risk being caught up in the country's
unpredictable court system.

In April, solar producer Baoding Tianwei Baobian Electric became
China's first ever state-owned company to default on a bond coupon
payment, showing Beijing's increasing willingness to let companies
go bust in a bid to reform its corporate market, Reuters recalls.
Also in April, Kaisa Group became the first Chinese property
developer to fail to pay a coupon on its U.S. dollar bonds and
Internet company Cloud Live Tech Group failed to repay nearly $40
million to bondholders.

Reuters relates that although onshore and offshore bondholders
have equal standing in China's bankruptcy law, lawyers and
investors who have experienced corporate failures in China, said
bankruptcy proceedings are subject to interference from local
government officials who rarely prioritise offshore bondholders.

"The courts can and do exercise wide discretion, and it's not
always clear how that discretion is applied," Reuters quotes
Mark Hyde -- mark.hyde@cliffordchance.com -- global head of the
insolvency and restructuring practice at law firm Clifford Chance
in Hong Kong, who advised creditors in the 2014 bankruptcy of
solar producer Chaori, China's first domestic bond default, as
saying. "This is in contrast to other jurisdictions like the U.S.,
where the key question is whether the legal issues have been
satisfied."

Reuters relates that courts also have wide discretion on whether
to accept bankruptcy filings and must work closely with local
government officials, who are generally more concerned about jobs,
local tax revenues and social stability than creditors.

According to the report, foreign investors who experienced the
bankruptcies of Chaori and Suntech, another early Chinese
corporate failure, felt they were treated like a nuisance.

"In the case of Suntech there was radio silence from the company
for four months and only when we applied sufficient pressure did
they start to come up with a solution. Creditors are seen as a
nuisance," said an investor who owned bonds in Suntech but
declined to be named due to the sensitivity of the issue, the
report relays.

Even though overseas investors represent a tiny fraction of China
domestic bond ownership, their number is expected to increase as
China moves to open up its corporate bond market, which is the
largest in the world, Reuters notes.

Reuters, citing Standard Chartered Bank, relates that foreign
ownership in China's onshore bond market is expected to rise to 3-
4 percent by the end of 2015, from 2.6 percent but the numbers
could grow exponentially once China lifts current investment
quotas.

China's Enterprise Bankruptcy Law, which came into effect only in
2007, incorporates elements of both the U.S. and UK insolvency
regimes, allowing defaulting companies, or their creditors, to
file for bankruptcy in order to restructure the corporate debt or
force the company into liquidation, according to Reuters.

But the law is still evolving, giving rise to inconsistencies in
its application, said Daniel Anderson, a partner at law firm Ropes
& Gray, who was involved in the onshore and offshore insolvency
proceedings of Chinese steelmaker FerroChina, which defaulted on
its debt in 2008, adds Reuters.


KAISA GROUP: Sunac Terminates Takeover Plan
-------------------------------------------
Esther Fung at The Wall Street Journal reports that Sunac China
Holdings Ltd. terminated a $1.19 billion deal to acquire Kaisa
Group Holdings Ltd., ending a struggle for control of a property
developer that had defaulted on its loans and bond payments
earlier this year.

The Journal relates that in a filing with the Hong Kong stock
exchange on May 28, Sunac said the two companies decided not to
proceed with the deal, which was struck in February. It said the
transaction hinged on conditions that haven't been fulfilled and
wouldn't likely be satisfied by a July deadline, the report
relays.

Sunac, a Tianjin-based home builder, had offered to buy a 49.3%
stake in Kaisa, a proposal that valued Kaisa at 9.24 billion Hong
Kong dollars ($1.19 billion), and said it would make an offer to
buy the rest, says the Journal. The deal was conditional on
restructuring Kaisa's debt. Sunac has already paid Kaisa HK$2.3
billion but will get a refund, it said, the report relays.

In recent weeks, Sunac had told offshore bondholders that it would
sweeten its initial offer after the chairman of Kaisa, Kwok Ying
Shing, sought to thwart Sunac's takeover deal, the Journal
recalls. Mr. Kwok told the same group of investors in early May
that he could cut them a deal that would reduce their potential
losses and that they should let Sunac's offer expire, the report
says.

The Journal notes that Mr. Kwok had resigned in December for what
the company described as health reasons. He unexpectedly returned
to the firm in April to retake control.

In a filing to the exchange on May 28, Kaisa said it was informed
of the termination of the offer on May 26, the Journal relays. The
company declined to provide details on its next step in
restructuring its debt, adds the Journal.

Kaisa's problems began late last year, when officials in its home
city of Shenzhen blocked sales of its properties, leading the
company to default on its debt payments, the report notes.

                         About Kaisa Group

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

As reported in the Troubled Company Reporter-Asia Pacific on
May 11, 2015, Moody's Investors Service has changed to positive
from review for upgrade the outlook on Kaisa Group Holdings Ltd's
Ca corporate family and senior unsecured debt ratings. At the same
time, Moody's has confirmed the company's Ca corporate
family and senior unsecured debt ratings.

Moody's placed Kaisa's ratings under review for upgrade on
Feb. 9, 2015 following the company's announcement that Sunac China
Holdings Limited (B1 stable) had offered to acquire Kaisa's 49.25%
outstanding shares conditional on a number of factors, including
the resolution of Kaisa's debt payments, the resolution of all
existing disputes and court applications faced by Kaisa, and the
resolution of any irregularities in Kaisa's business operations.



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


CIFI HOLDINGS: Moody's Rates Proposed USD Notes at B1
-----------------------------------------------------
Moody's Investors Service assigned a B1 rating to CIFI Holdings
(Group) Co. Ltd.'s proposed USD notes.

The outlook on the rating is stable.

CIFI will use the proceeds to refinance existing indebtedness,
acquire new projects or land for development, develop existing
projects in China, and fund general corporate purposes.

"The bond issuance will provide funding to support CIFI's growth
plans, as well as improve its debt maturity profile," says Fiona
Kwok, a Moody's Analyst.

Moody's points out that CIFI's attributable land bank of 7.4
million square meters (sqm) at end-December 2014 was small. The
bond proceeds will provide funding to replenish the company's land
bank and support its growth plans.

In addition, the notes issuance will improve CIFI's debt maturity
profile, given that approximately half the proceeds will be used
to refinance its existing debt of shorter maturities.

As a result, the pro-forma short-term debt to gross debt ratio
will fall to 12% from 22% at end-2014.

"On the other hand, the proposed notes issuance will modestly
increase CIFI's debt leverage," adds Kwok.

Because approximately half the proceeds from the proposed notes
issuance will be used for refinancing, the net increase in gross
debt as a result of the proposed issuance will total USD200
million, which is equivalent to about RMB1.24 billion.

The effect of the proposed notes on CIFI is to raise its pro-forma
end-2014 gross debt level to RMB15.1 billion from RMB13.9 billion.
Even so, CIFI's leverage ratio -- as measured by revenue to
adjusted debt -- fell mildly to 90% from 97%, and positions CIFI
well at its Ba3 corporate family rating.

The senior unsecured rating is one notch lower than the corporate
family rating to reflect legal and structural subordination risk.

For the first four months of 2015, CIFI achieved contracted sales
of RMB5.5 billion. While this result represents only 22% of the
company's full year target of RMB25 billion, Moody's expects that
the company's sales momentum will improve in the last six months
of 2015, given that a number of new projects will be launched
during this period, and the effects of earlier interest rate cuts
will materialize.

Overall, Moody's expects CIFI to achieve slower revenue growth in
2015, as a result of lower projected contracted sales growth.
Consequently, Moody's expects that CIFI's revenue to adjusted debt
will fall to around 80%-85% in the next 12 months, and its
adjusted EBIT/interest should stabilize at 3.0x-3.3x in the next
12 months from around 3.4x at end-2014.

CIFI has been developing projects with other property developers
and financial investors since 2014 through an increasing number of
joint ventures.

Many of these joint ventures are still in the development stage.
They have therefore incurred debt but have yet to generate
significant sales. As a result, Moody's expects that the pro-rata
consolidation of these joint ventures will weigh on CIFI's
financial profile over the next 12-18 months.

Moody's notes that when the joint ventures are completed and
delivered, CIFI's credit metrics will improve, after the pro-rata
consolidation of such projects.

Moody's will consider pro-rating the consolidated key financials
of the joint ventures, as they become more significant in 2015.

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

Upward rating pressure is unlikely in the near term given the
rating upgrade in November 2014. Nevertheless, CIFI's ratings
could come under upward pressure over the next two years if the
company (1) develops a larger-scale and geographically diversified
quality land bank; (2) generates stable growth in its sales; (3)
improves its profit margins and debt leverage, with adjusted
EBIT/interest above 4.0x-4.5x and revenue/adjusted debt above 95%-
100% on a sustained basis.

Downward rating pressure could arise if (1) the company's
contracted sales fall substantially below its business plan; (2)
its debt rises as a result of aggressive land acquisitions; (3)
its credit metrics weaken, such that adjusted EBIT/interest falls
below 3.0x; or (4) its liquidity weakens, with its cash holdings
slipping below 1.5x of short-term debt.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in April 2015.

CIFI Holdings (Group) Co. Ltd. listed on the Hong Kong Stock
Exchange in November 2012. The company focuses on developing
residential and commercial properties, mainly in the Yangtze River
Delta Region. It has also expanded to the Pan Bohai Rim and the
Central Western Region.

It owned more than 60 projects and had an attributable land bank
of 7.4 million square meters as of Dec. 31, 2014.


FANTASIA HOLDINGS: Moody's Rates Proposed US$ Notes at B3
---------------------------------------------------------
Moody's Investors Service assigned a B3 rating to the US dollar
senior unsecured notes proposed by Fantasia Holdings Group Co.,
Limited (B2 stable).

The ratings outlook is stable.

The proceeds from the US dollar notes issuance will be used to
refinance the company's existing debt.

"The proposed US dollar notes will slightly improve Fantasia's
liquidity position and extend its debt maturity profile," says
Stephanie Lau, a Moody's Assistant Vice Present and Analyst.

Fantasia's liquidity position, as measured by cash to short-term
debt, weakened to 0.95x at Dec. 31, 2014, from 1.8x in December
2013.

If the proposed notes are issued, Fantasia's cash to short term
debt ratio could improve to around 1.0x-1.1x.

"Moody's expects Fantasia's debt leverage will remain within the
range for its B2-rated peers after the proposed notes are issued,"
says Lau, who is the Lead Analyst for Fantasia.

Fantasia's reported total debt, including shareholder loans,
increased to RMB15.4 billion in December 2014 from RMB 12.0
billion in 2013.

As a result, the company's adjusted EBIT interest coverage fell to
2.2x in 2014 from 2.9x in 2013. Although this ratio is still
within the B2 rating level, it has weakened the company's
financial flexibility for additional debt. Moody's expects the
company's EBIT interest coverage will remain at around 2.0x--2.2x
over the next 12 months.

Moody's expects the company's adjusted revenue to adjusted debt
ratio to be at 50%-55% in the next 12 months, which is appropriate
for its B2 corporate family rating.

In the first four months in 2015, the company recorded a 155%
year-on-year growth in contracted sales to RMB2.4 billion.

Fantasia is gradually changing its business strategy to an asset-
light business model, and its 2014 results showed a growing
contribution from non-property income.

Fantasia's strategy to grow its property management business is
positive for its credit profile, because of the segment's
recurring income, high profit margins and asset-light business
model.

However, Moody's expects that it will take time for this business
to provide meaningful contributions to Fantasia's revenue.

Fantasia's B3 senior unsecured notes is one notch below its B2
corporate family rating due to the risk of structural
subordination.

The stable outlook reflects Moody's expectations of continued
stability in Fantasia's financial profile, adequate liquidity, and
measured expansion strategy.

Upward pressure on its ratings could emerge in 2015 or beyond if:
(1) Fantasia's EBIT interest coverage improves to 2.5x-3.0x on a
sustained basis; (2) its revenue to adjusted debt stays above 75-
80%; and (3) it records contracted sales and revenue consistently
above RMB10 billion with a reasonable gross margin, that is, not
less than 35%-37%.

The ratings could be downgraded if its: (1) sales fall short of
Moody's expectations; (2) liquidity position deteriorates due to
aggressive land acquisitions, weak sales, or large debt maturities
without committed refinancing arrangements; (3) cash to short term
debt ratio falls below 1.0x.

EBIT interest coverage of less than 1.5x on a sustained basis
would also be an indicator of a potential rating downgrade.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in April 2015.

Fantasia Holdings Group Co., Limited is a property developer
established in 1996 and listed on the Hong Kong Stock Exchange in
November 2009. Its property development business are in two major
regions -- Chengdu-Chongqing Economic Zone and the Pearl River
Delta.



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


A.R. CASTINGS: CRISIL Cuts Rating on INR75MM Cash Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
A.R. Castings Pvt Ltd (ARCPL) to 'CRISIL D' from 'CRISIL
B+/Stable'.

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

   Proposed Long Term    45         CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B+/Stable')

The rating has been downgraded because ARCPL has overdrawn its
cash credit limit facility for more than 30 days because of weak
liquidity. This is based on our discussion with the banker.

ARCPL also has a weak financial risk profile, marked by small net
worth, high gearing, and weak debt protection metrics and small
scale of operations constrained by exposure to intense competition
and load shedding in Mandi Gobindgarh (Punjab).

Incorporated in 1991, ARCPL manufactures steel ingots and steel
castings. The company is managed by Mr. Jagdish Bansal, Mr. Ashok
Kumar Bansal, Mr. Ramesh Bansal, and their sons. It sells steel
ingots to local brokers in Mandi Gobindgarh, and steel castings to
the automobile market in Ghaziabad (Uttar Pradesh).


AKSHAYA AUTO: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Akshaya Auto Service
(AAS) continue to reflect AAS's below-average financial risk
profile, marked by high total outside liabilities to tangible net
worth (TOLTNW) ratio and weak debt protection metrics.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            50        CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the company's modest scale of
operations in the intensely competitive automobile dealership
industry. These rating weaknesses are partially offset by AAS's
established relationship with its key principal, Bajaj Auto Ltd
(BAL; rated 'CRISIL AAA/FAAA/Stable/CRISIL A1+').
Outlook: Stable

CRISIL believes that AAS will continue to benefit over the medium
term from its exclusive dealership contract with its principal,
BAL. The outlook may be revised to 'Positive' if AAS's sales
volumes and operating margin improve substantially, or if there is
any equity infusion from the promoters, thereby improving its
capital structure. Conversely, the outlook may be revised to
'Negative' if AAS records a decline in its sales volumes, thus
significantly impacting its revenues and profitability, or
undertakes any large, debt-funded capital expenditure (capex)
programme, thus weakening its financial risk profile.

AAS, established in 1989, is the sole authorised dealer for BAL's
two-wheelers and three-wheelers in Tumkur and Chitradurga
districts (both in Karnataka). AAS is promoted by Mr. Suresh Babu
and his sons, Mr. A S Samith and Mr. A S Amith.

AAS reported a profit after tax (PAT) of INR0.5 million on net
sales of INR240 million for 2013-14, vis-a-vis a PAT of INR1
million on net sales of INR343 million for 2011-12.


AQUATECH SOLUTIONS: Ind-Ra Affirms 'IND B+' Rating on 120MM Loan
----------------------------------------------------------------
India Ratings and Research has affirmed Aquatech Solutions Private
Limited's Long-Term Issuer Rating at 'IND B+'.  The Outlook is
Stable.  The agency has also taken these rating actions on ASPL's
bank loans:

                          Amount
   Facility             (INR Mln)     Ratings
   --------             ---------     -------
   Fund-based               120       Affirmed at Long-Term
   cash credit limits                 'IND B+'/Stable

   Proposed fund-based      180       Assigned Provisional
   cash credit limits                 'IND B+'/Stable

   Non-fund-based            80       Affirmed at Short-Term
   bank guarantee                     'IND A4'

KEY RATING DRIVERS

Ind-Ra has now taken a consolidated view on ASPL and its group
company Aquatech Infra Projects Private Limited due to the same
management and the same line of business.

The affirmation reflects Aquatech's continued stretched liquidity
position on an elongated cash conversion cycle (FY14: 200 days)
primarily because of delayed payments from customers - local
municipal councils in Maharashtra.  The company had multiple
instances of over-utilisation of its fund-based working capital
facilities during the 12 months ended March 2015.

The ratings are supported by the promoters' nine years of
experience in the construction of waste water treatment plants and
underground drainage systems.

RATING SENSITIVITIES

Negative: A large rise in working capital requirements leading to
further liquidity pressure could lead to a negative rating action.

Positive: A continued improvement in the liquidity could lead to a
positive rating action.

Established in 2006, ASPL is a turnkey solution provider in waste
water treatment and bio-remediation of contaminated sites.  The
company undertakes projects for the construction of sewage
treatment plants and underground drainage systems for municipal
corporations in Maharashtra.

Consolidated revenue and consolidated EBITDA margins at end-FY14
were INR462.1 million and 12.1%, respectively.


ATM GLOBAL: ICRA Assigns 'B' Rating to INR9cr Cash Credit
---------------------------------------------------------
ICRA has assigned an [ICRA]B rating to the INR9.00 crore cash
credit cum PC/PCFC/FBP/FBD facility of ATM Global Corporation
(AGC).

                            Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Fund Based-Cash Credit
   cum PC/PCFC/FBP/FBD        9.00        [ICRA]B assigned

The rating assigned to ATM Global Corporation (AGC) is constrained
by the relatively modest scale of operations, thin profitability
on account of trading nature of operation and weak debt overage
indicators. ICRA also takes note of the highly competitive
business environment due to low entry barriers and limited value
addition. The rating is further constrained by the vulnerability
to adverse movements in agro produce prices which are in turn
dependent on agro climatic conditions, crop harvest and demand
supply scenario in domestic and international market. Also, being
a proprietary concern, any substantial withdrawal by the partners
can have an adverse impact on the capital structure of the firm.

The ratings however, favorably factor in the established track
record of the promoter in trading business and easy availability
of agro products by virtue of its location.

ATM Global Corporation (AGC) was incorporated in November 2011 as
proprietorship firm by Mr. Kaushal Patel. The firm is engaged in
the trading of rice and cashew. The firm's works are located in
Ahmedabad, Gujarat. In the past, the firm had handled the freight
service contract of Vedanta Aluminum Limited to provide Bauxite
Ore Cargo handling and sampling services.

Recent Results
During FY15 (unaudited provisional financials), the firm reported
an operating income of INR5.66 crore and net profit of INR0.15
crore against an operating income of INR10.97 crore and net profit
of INR0.30 crore in FY14.


AUTOCREATES SERVICES: CRISIL Rates INR150MM Discounting Loan B+
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Autocreates Services Pvt Ltd (ASPL).

                       Amount
   Facilities        (INR Mln)        Ratings
   ----------        ---------        -------
   Lease Rental
   Discounting Loan      150          CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility     70          CRISIL B+/Stable

The rating reflects ASPL's below-average financial risk profile,
marked by a small net worth and high gearing; the rating also
factors in CRISIL's expectation that the company's cash flows will
remain tightly matched against its debt repayment obligations over
the medium term. These rating weaknesses are partially offset by
ASPL's moderate revenue visibility because of long-term lease
agreements, healthy occupancy level for its properties, and
established relationships with clients.
Outlook: Stable

CRISIL believes that ASPL will continue to benefit over the medium
term from the healthy occupancy, and established relationships
with its customers, for its parking yard. The outlook may be
revised to 'Positive' if the company registers significant
improvement in its cash inflows primarily backed by benefits
expected from its ongoing capital expenditure (capex). Conversely,
the outlook may be revised to 'Negative' if ASPL's liquidity is
stretched due to a decline in occupancy of its property driven by
unanticipated termination of lease agreements, or in case of
lower-than-expected ramp-up in revenue from its new project, or if
it extends additional financial support to its affiliates.

ASPL, incorporated in 2006, is a subsidiary of Autocreates (India)
Pvt Ltd (AIPL). AIPL has 90 per cent ownership in ASPL with the
remaining 10 per cent being equally owned by the promoters of
AIPL, Mr. Gurinder Singh Arora and Mrs. Tarvinder Kaur Arora. ASPL
has a dedicated parking yard at Panvel (Maharashtra), on the
Mumbai-Pune highway. The yard is given on lease to various reputed
clients. Also, the company is undertaking a capex programme for
setting up a truck terminal and starting a multi-user parking
yard; these will commence operations in 2015-16 (refers to
financial year, April 1 to
March 31).


BAJAJ AGRO: CRISIL Reaffirms B+ Rating on INR50MM Cash Credit
-------------------------------------------------------------
CRISIL ratings on the bank loan facilities of Bajaj Agro
Industries (BAI) continue to reflect BAI's average financial risk
profile, marked by its leveraged capital structure and modest debt
protection metrics.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           5       CRISIL A4 (Reaffirmed)
   Cash Credit             50       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       0.9     CRISIL B+/Stable (Reaffirmed)
   Term Loan               29.2     CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the firm's modest scale of operations
in the intensely competitive basmati rice market and the
susceptibility of its operating margin to changes in government
regulations and to volatility in raw material prices. These rating
weaknesses are partially offset by the extensive industry
experience of BAI's proprietor and his continued financial support
to the firm.
Outlook: Stable

CRISIL believes that BAI will continue to benefit over the medium
term from its proprietor's extensive experience in the rice
industry. The outlook may be revised to 'Positive' in case of
significant improvement in the firm's financial risk profile on
account of substantial accruals led by increase in revenue and
operating profitability or capital infusion by the proprietor.
Conversely, the outlook may be revised to 'Negative' if BAI
undertakes an aggressive debt-funded expansion programme or
reports a substantial decline in revenue and profitability or
stretch in its working capital cycle, leading to weakening of its
financial risk profile.

BAI is a proprietorship firm set up in 2011 by Mr. Naresh Kumar
Bajaj. The firm processes basmati rice which it sells in the
domestic market.


CMRGS INFRASTRUCTURE: CRISIL Assigns B+ Rating to INR55MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of CMRGS Infrastructure Projects Ltd (CMRGS).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Overdraft Facility       55        CRISIL B+/Stable

The rating reflects CMRGS's small scale of operations in the
intensively competitive civil construction industry, and the
company's below-average financial risk profile. These rating
weaknesses are partially offset by the extensive industry
experience of the company's promoters in the civil construction
industry.
Outlook: Stable

CRISIL believes that CMRGS will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports a
substantial increase in its revenue and accruals or better capital
structure, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if CMRGS's
financial risk profile, especially its liquidity, deteriorates,
most likely on account of low accruals, lengthening of its working
capital cycle, or debt-funded capital expenditure.

CMRGS was originally set up 1995 as partnership firm, which was
reconstituted as a limited company with the current name in 2010.
The company is engaged in civil engineering such as construction
of roads, bridges and buildings. The company is promoted by three
brothers: Mr. Chittaranjan Swain, Mr. Gyanranjan Swain, and Mr.
Manoranjan Swain.


CVS INFRASTRUCTURE: ICRA Assigns B+ Rating to INR14cr LT Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR14.00
crore fund-based bank facilities of CVS Infrastructure Private
Limited. ICRA has also assigned a short-term rating of [ICRA]A4 to
the INR1.00 crore non-fund based bank facilities of the company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term fund-
   based CC               14.00        [ICRA]B+; assigned

   Short-term non-
   fund based LC           1.00        [ICRA]A4; assigned

The assigned ratings take into account the long-standing
experience of the promoters of over three decades in chemical
trading business and the low revenue concentration risk on account
of diversified product portfolio. The ratings also reflect the
healthy growth in revenues in FY2014 and FY2015 supported by
volume growth. The ratings are however, constrained by the weak
operating profitability levels of the company owing to limited
value additive nature of the trading business and the competitive
nature of industry with presence of a large number of traders and
manufacturers in domestic markets. This coupled with high gearing
levels (owing to working capital intensive nature of operations)
have translated into a weak financial profile for the company,
characterized by subdued debt coverage indicators. The ratings
also take into account the high customer concentration risk, given
that ~80% of the sales is derived from less than five clients.

Incorporated in 2010, CVSIPL is engaged in trading of polymers,
chemicals, glass and other general items. It is part of Mahalaxmi
Group promoted by Mr. Chandrakant Shah. At the time of
establishment, the company was intended to engage in construction
of infrastructure projects, container yards and bonded warehouses.
However, in absence of permissions from concerned authorities for
the same, CVSIPL started the trading business.

Recent Results
In FY2014, CVSIPL reported a Profit before tax (PBT) of INR0.46
crore and profit after tax (PAT) of INR0.32 crore on an operating
income of INR53.63 crore. As per the unaudited results for FY2015,
CVSIPL has registered a PBT of INR0.63 crore on an operating
income of INR105.41 crore.


DEE WELDOGEN: ICRA Suspends 'B' Rating on INR6cr Fund Based Loan
----------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR6 crore fund
based limits of Dee Weldogen India Private Limited. ICRA has also
suspended [ICRA]A4 rating assigned to INR3 crore non fund based
limit of Dee Weldogen India Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

DWIPL was set up in 1993-94 as a partnership firm and
reconstituted as a private limited company in 2000. The company
engages in trading of stainless steel wires and manufacturing of
stainless steel wires and bars with various industrial and
architectural applications. The company is an exclusive
distributor for RaajRatna Metal Industries Limited in North India.
The manufacturing plant located in Gautam Budh Nagar (Uttar
Pradesh) has a capacity of 200 tonnes per month (tpm). The company
is managed by Mr. Sandeep Dang who has an experience of over a
decade in the steel industry.


DELHI DIAMONDS: CRISIL Assigns 'D' Rating to INR500MM Cash Loan
----------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Delhi Diamonds Pvt Ltd (DDPL), and has assigned
its 'CRISIL D' rating to the facilities.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           500        CRISIL D (Assigned;
                                    Suspension Revoked)

   Proposed Long Term    100        CRISIL D (Assigned;
   Bank Loan Facility               Suspension Revoked)

CRISIL had suspended the rating on October 16, 2014, as the
company had not provided the necessary information required for a
rating view. DDPL has now shared the requisite information,
enabling CRISIL to assign a rating to the company's bank
facilities.

The rating reflects continuous over-utilisation of DDPL's cash
credit limits, driven by stretched liquidity. This is because of a
stretch in receivables and inventory losses in 2014-15 (refers to
financial year, April 1 to March 31).

Moreover, DDPL has a below-average financial risk profile, marked
by weak capital structure and debt protection metrics, low
operating margin, and working-capital-intensive operations. These
rating weaknesses are partially offset by the extensive experience
of the company's promoters in the gems and jewellery business.

DDPL, promoted by members of the Soni family, is a private limited
company incorporated in 2010. The company trades in polished
diamonds and diamond jewellery, and also manufactures diamond-
studded jewellery. DDPL's diamond jewellery manufacturing unit is
in Delhi.

For 2013-14, DDPL reported a profit after tax (PAT) of INR0.01
million on net sales of INR3.06 billion, against a PAT of INR12.7
million on net sales of INR3.0 billion in 2012-13.


G J FERNANDEZ: CRISIL Reaffirms B- Rating on INR15MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of G J Fernandez,
Engineers & Contractors (GJFEC) continue to reflect the firm's
below-average financial risk profile, marked by small net worth,
moderate gearing, and weak debt protection metrics. The rating of
the firm is also constrained on account of its small scale of
operations and limited revenue visibility, and its large working
capital requirements.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        50        CRISIL A4 (Reaffirmed)
   Cash Credit           15        CRISIL B-/Stable (Reaffirmed)
   Letter of Credit       1        CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
the firm derives from its proprietor's extensive experience in the
civil construction industry.
Outlook: Stable

CRISIL believes that GJFEC will continue to benefit over the
medium term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if there is substantial and
sustained increase in the firm's revenue, while maintaining its
profitability margins, or sustained improvement in its working
capital cycle. 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 by any large debt-funded capital expenditure or
stretch in working capital cycle.

GJFEC was set up by Mr. G J Fernandez in 1947. The firm undertakes
civil construction works, which includes setting up concrete
spillways, power houses, sheds and facilities. The firm is based
in Secunderabad (Telangana), and its operations are concentrated
mainly in Karnataka, Telangana, and Andhra Pradesh.


GOLDEN TOBACCO: ICRA Lowers Rating on INR44.30cr Loan to 'D'
------------------------------------------------------------
ICRA has revised the long-term rating outstanding on the INR44.30
crore fund based facilities and INR6.50 crore term loans of Golden
Tobacco Limited from [ICRA]C+ to [ICRA]D. ICRA has also revised
the short-term rating outstanding on the INR3.00 crore non-fund
based facilities of the company from [ICRA]A4 to [ICRA]D.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term, Fund         44.30      [ICRA]D; revised from
   Based, Cash Credit                 [ICRA]C+

   Long Term, Fund
   Based, Term Loans        6.50      [ICRA]D; revised from
                                      [ICRA]C+

   Short term, Non          3.00      [ICRA]D; revised from
   Fund-Based                         [ICRA]A4

The rating revision takes into account the stretched liquidity
position of the company due to continued business losses, leading
to recent delays in debt repayment to the bank. The increase in
the excise duties over the last few years coupled with the intense
competition from the grey market has resulted in a weak brand
presence for GTL's brands.

Golden Tobacco Limited (GTL) was established by the late Shri
Narsee Monjee in the year 1930 in Mumbai (Maharashtra) as a
proprietary firm, and later went public in the year 1955. The
company was set up as an integrated tobacco processing, cigarette
rolling and packaging unit, and has its manufacturing operations
located at Vadodara (Gujarat) set up in 1972 apart from the
original unit in Mumbai (now being used for real estate
development), and a tobacco processing unit in Guntur (Andhra
Pradesh). In 1979, the company was taken over by "Dalmia Group",
led by Mr. Sanjay Dalmia. The major brand & brand extensions being
manufactured are Panama, Chancellor, CHL, Panama Premium Filter
and Panama Mini King. The company entered into the real estate
business in FY2008 when its Hyderabad property was offered for
joint development. Subsequently, in September 2008, GTL announced
its intention of demerging the tobacco and the real estate
businesses. However, on account of the weak performance of the
tobacco business, GTL shelved this plan and felt it prudent to
continue both businesses under one entity. Consequently, the
company also offered its Vile Parle property for joint development
in FY2010, and shifted its Mumbai manufacturing operations to the
Vadodara unit. GTL also owns some land in Palghar (Thane) and has
plans to build another manufacturing unit in Palghar to export
cigars in the future.

Recent Results
As per its audited results for FY 2014, Golden Tobacco Limited
reported net loss of INR34.37 crore on an operating income of
INR70.29 crore.


GRECCY KNIT: CRISIL Assigns B- Rating to INR54.3MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the banks
facilities of Greccy Knit (GK).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           7.5       CRISIL B-/Stable
   Term Loan            54.3       CRISIL B-/Stable

The rating reflects the firm's exposure to risks related to its
ongoing project, it expected modest scale of operations in a
highly competitive textile industry, and its expected leveraged
capital structure. These rating weaknesses are partially offset by
the extensive experience of the partners in the textile industry.
Outlook: Stable

CRISIL believes that GK will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company stabilises its operations
earlier than expected, leading to substantial increase in the
scale of operations and large cash accruals, thus improving its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of low accruals because of reduced
profitability, or weakening of the financial risk profile most
likely because of a stretch in the working capital cycle or delay
in stabilising its operations.

Incorporated in 2014, GK is a partnership firm, which is setting
up a unit to manufacture grey fabrics to be used in sarees and
other garments. The firm is being promoted by Mr. Bharat
Zalavadiya and his son Mr. Gaurang Zalavadiya. Mr. Bharat
Zalavadiya has been in the textile industry for about 17 years
now, through other group concern, Gaurang Synthetics. GK will have
installed capacity of about 1.44 million metres per annum. The
firm is expected to start commercial operations from June 2015.


HARLEY CARMBEL: CRISIL Assigns B Rating to INR120MM Bill Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Harley Carmbel (India) Private Limited (HCIPL).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Packing Credit         80        CRISIL A4
   Bank Guarantee         10        CRISIL A4
   Bill Discounting      120        CRISIL B/Stable

The rating reflects HCIPL's modest scale of operations, its
working capital intensive nature of operations and its weak
financial risk profile marked by high gearing, weak debt
protection metrics and small net worth. These rating weaknesses
are partially offset by the extensive experience of HCIPL's
promoters in the agro commodity industry and established customer
relationships.
Outlook: Stable

CRISIL believes that HCIPL will continue to benefit from its
promoters' extensive industry experience, and its established
presence in the Agro commodity industry. The outlook may be
revised to 'Positive' if the company revenues and profitability
improves significantly while improving its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if HCIPL's
witnesses a fall in its revenues and operating margins, or if the
company undertakes a larger than expected debt-funded capex
programme thereby deteriorating its financial risk profile.

Established in 1990 as a proprietorship firm and later converted
into private limited company in 1995, HCIPL is engaged processing
and exporting of agro commodities. Based out of Kochi (Kerala),
the company is promoted by Mr.K.Ajaykumar, Mr.M.P.Mathew and
Mr.A.B.Sankarankutty.


HI-TECH SATLUJ: CRISIL Reaffirms B+ Rating on INR100MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Hi-Tech Satluj
Motors Pvt Ltd (HTSM) continue to reflect HTSM's weak financial
profile, marked by a high total outside liabilities to tangible
net worth ratio and weak debt protection metrics.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           90         CRISIL B+/Stable (Reaffirmed)
   Inventory Funding
   Facility             100         CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    10         CRISIL B+/Stable (Reaffirmed)

The rating also factors in the company's modest scale of
operations in the intensely competitive automobile dealership
market. These rating weaknesses are partially offset by the
extensive experience of HTSM's promoters in the automobile
dealership industry.
Outlook: Stable

CRISIL believes that HTSM will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company significantly
and sustainably increases its scale of operations, while improving
its working capital management and maintaining its operating
margin, leading to higher-than-expected cash accruals and to an
improved capital structure. Conversely, the outlook may be revised
to 'Negative' in case of low accruals or debt-funded capital
expenditure, resulting in further weakening of HTSM's capital
structure, or if its working capital requirements increase,
leading to a stretch in its liquidity.

HTSM is an authorised dealer for the passenger cars of Tata Motors
Ltd (rated 'CRISIL AA/Stable/CRISIL A1+') in Himachal Pradesh. It
was originally established as a partnership firm, Satluj Motors in
2010; this firm was reconstituted as a private limited company
with the current name in 2012-13 (refers to financial year, April
1 to March 31). The company is promoted by Mr. Mohinder Singh
Gulleria and Narinder Singh Gulleria. The family has an extensive
experience of over one decade in the automobile dealership
business. HSTM has three showrooms and three workshops, one each
in Mandi, Hamirpur, and Kullu. The company also has six branches,
one each in Bilaspur, Lunapani, Manali, Jasol, Sakarghat, and
Jogindernagar.


HILLS CEMENT: ICRA Reaffirms 'D' Rating on INR60.67cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the [ICRA]D rating to the INR60.67 crore term
loans (revised from INR79 crore), INR33.72 crore converted term
loan, INR20.95 crore funded interest term loan, INR29.27 crore
working capital term loan and INR17.62 crore fund based bank
limits (revised from INR47 crore) of Hills Cement Company Limited
(HCCL). ICRA has also withdrawn the short term rating of [ICRA]D
assigned earlier to the INR3 crore non fund based bank limits of
HCCL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loans              60.67       [ICRA]D reaffirmed
   Converted Term Loan     33.72       [ICRA]D reaffirmed
   Funded Interest Term
   Loan                    20.95       [ICRA]D reaffirmed
   Working Capital Term
   Loan                    29.27       [ICRA]D reaffirmed
   Fund Based Limits-Cash
   Credit                  17.62       [ICRA]D reaffirmed


The reaffirmation of rating primarily takes into account HCCL's
continuous delays in timely servicing of debt obligations. The
rating also takes into consideration HCCL's low capacity
utilisation of its facility in FY14 because of delays in
stabilisation of the plant, which also led the company to approach
for debt structuring. The rating takes note of HCCL's weak
financial profile as reflected by losses from operations and high
working capital intensity of the business. The rating also takes
note of HCCL's integrated operations with its captive limestone
and shale mines. In ICRA's opinion, ability of the company to
timely service its debt obligations would remain a key rating
sensitivity going forward.

Incorporated in 2003, Hills Cement Company Limited is engaged in
manufacturing of clinker and cement. The manufacturing facility of
the company is located in Jaintia Hills of Meghalaya, with 3.5
lakh tonnes per annum (TPA) clinker and 4 lakh TPA cement
manufacturing capacities. The company is also engaged in trading
of iron ore.

Recent Results
During FY14, HCCL had registered a net loss of INR28.17 crore on
the back of an operating income (OI) of INR27.89 crore as against
a net loss and OI of INR28.24 crore and INR66.71 crore
respectively during FY13.


IDEAL WOVENPLAST: CRISIL Assigns 'B+' Rating to INR66MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Ideal Wovenplast Pvt Ltd (IWPL). The rating
reflects IWPL's initial phase and modest scale of operations in a
highly competitive packaging industry. These rating weaknesses are
partially offset by the promoter's extensive industry experience.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          30          CRISIL B+/Stable
   Term Loan            66          CRISIL B+/Stable

Outlook: Stable

CRISIL believes that IWPL will benefit over the medium term from
its promoter's extensive industry experience. The outlook may be
revised to 'Positive' if IWPL stabilises its operations soon,
leading to healthy cash accruals. Conversely, the outlook may be
revised to 'Negative' if IWPL generates  is lower'than- expected
operating margin or undertakes large debt-funded expansions or its
working capital management deteriorates, constraining its
financial risk profile.

Incorporated in 2013, IWPL is promoted by Surat (Gujarat); based
Agarwal family. It manufactures poly propylene and high density
poly ethylene woven sacks and fabrics which are used for packaging
in various industries like cement, fertilizer, food packaging,
textiles and others. The company commenced operations in February
2015.


INDRAPRASTHA AUTOMOBILES: ICRA Puts B+ Rating to INR38.5cr Loan
---------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR38.5
crore (enhanced from INR18 crore) fund based limits of
Indraprastha Automobiles Private Limited. ICRA has also assigned
short term rating of [ICRA]A4 to INR7.5 crore non-fund based
limits of IAPL. Additionally, ICRA also has rating of [ICRA]B+
outstanding on INR30 crore bank facilities of IAPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Inventory Funding
   Fund based           38.5       [ICRA]B+; assigned/outstanding

   Unallocated Fund
   based                 9.0       [ICRA]B+; outstanding

   Bank Guarantee Non-
   fund based            7.5       [ICRA]A4; assigned

ICRA's ratings continue to be constrained by IAPL's weak financial
risk profile marked by low margins, high gearing and weak debt
protection metrics; although the company's capital structure has
registered a slight improvement in 2013-14, compared to the
previous year. The rating reaffirmation also takes into account
the subdued demand in the passenger vehicles (PV) industry in
2013-14 and the current fiscal, as the business prospects of the
company are closely linked to the demand for PVs. ICRA's ratings,
however, positively factor in IAPL's established market position
in Delhi as an authorized dealer of Mahindra & Mahindra (M&M) and
the its diverse product profile, which includes commercial as well
as passenger vehicles. The rating also favorably takes into
account the improvement in the company's operating income in 2014-
15.

IAPL is an authorized dealer of vehicles manufactured by M&M, in
Delhi. The company deals in all variants of vehicles manufactured
by M&M viz. passenger vehicles, three wheelers, utility vehicles,
light commercial vehicles (LCV) and heavy commercial vehicles
(HCV). The promoters initially started with a proprietorship
entity, in 2005, by the name of Sanjay Automotives. IAPL was
incorporated in 2006, by the conversion of Sanjay Automotives into
a private limited company. The company currently has 12
facilities, of which five are 3S (sales, service and spares)
facilities.

Recent Results
IAPL reported an operating income of INR288.8 crore and a profit
after tax INR0.4 crore in 2013-14, as against an operating income
of INR332.7 crore and a profit after tax of INR0.6 crore in the
previous year. For 2014-15, the company reported, on a provisional
basis, an operating income of INR313.4 crore.


INTEGRATED INVESTMENTS: CRISIL Rates INR248.5MM Term Loan at B+
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility Integrated Investments (II).

                       Amount
   Facilities        (INR Mln)        Ratings
   ----------        ---------        -------
   Term Loan            248.5         CRISIL B+/Stable

The ratings reflect II`s small scale of operations and strained
liquidity, marked by tightly matched cash accruals against annual
debt-servicing obligations.  These rating weaknesses are partially
offset by the extensive experience of the promoters in real estate
leasing and their funding support, and the revenue visibility that
II derives from its long-term lease contracts.
Outlook: Stable

CRISIL believes that II will continue to benefit from the assured
lease rentals and from the funding support of the promoters
whenever necessary. The outlook may be revised to 'Positive' if
sizeable equity infusions strengthen the firm's financial
flexibility. Conversely, the outlook may be revised to 'Negative'
in case of discontinuation of funding support from the promoters,
unexpected terminations of lease contracts or natural calamities
negatively affecting cash flows.

II, promoted by Mr. Shantakumar Malagi, constructs and leases
property. The firm's G+4 property, Bowring Towers, situated at
Shivaji Nagar, Bengaluru has a super-built-up area of 60,000
square feet.


JAI PRAKASH: ICRA Suspends 'D' Rating on INR35cr Bank Loan
----------------------------------------------------------
ICRA has suspended its rating of [ICRA]D assigned to the INR35
crore bank facilities of Jai Prakash Educational Trust Society The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


JAS POLYSACK: CRISIL Assigns B+ Rating to INR70MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Jas Polysack Pvt Ltd (JPPL).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           70         CRISIL B+/Stable
   Term Loan             42         CRISIL B+/Stable

The rating reflects JPPL's modest business risk profile
constrained by its small scale of operations, high fragmentation
in the industry, low profitability, and highly working-capital-
intensive operations. These rating weaknesses are partially offset
by the extensive industry experience of JPPL's promoters and their
continued fund support, and the company's above-average financial
risk profile, marked by adequate debt protection metrics and
comfortable gearing.
Outlook: Stable

CRISIL believes that JPPL will benefit over the medium term from
the extensive experience of its promoters in the polybags trading
business. The outlook may be revised to 'Positive' if there is
significant increase in the company's turnover and profitability,
leading to substantial rise in cash generation while sustaining
its working capital cycle. Conversely, the outlook may be revised
to 'Negative' in case of weakened liquidity owing to stretch in
working capital cycle or lower growth in turnover, leading to
constrained cash generation.

JPPL, incorporated in 2005, is owned and managed by Mr. Batanlya
and Mr. Jayprakash based in Indore (Madhya Pradesh). The company
trades in polybags.


JOGMA LAMINATES: CRISIL Ups Rating on INR80MM Cash Loan to B-
-------------------------------------------------------------
CRISIL has upgraded the rating on the bank facilities of
Jogma Laminates Industry Private Limited (JLIPL) to 'CRISIL B-
/Stable' from 'CRISIL D'.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            80        CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Proposed Long Term      2        CRISIL B-/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL D')

   Term Loan              68        CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

The rating upgrade reflects the regularisation of JLIPL's debt
repayments. The rating also factors in the improvement in JLIPL's
liquidity profile due to infusion of funds by the promoters and
sufficient cash accruals' generation; and CRISIL's expectation
that the improvement will be sustained. The increase in accruals
stems from healthy revenue growth and increase in operating margin
on the back of higher proportion of sale from value added products
such as textured laminates. The company is estimated to have
achieved healthy revenue growth at a compounded annual growth rate
(CAGR) of 21 per cent in the two years through 2014-15 (refers to
financial year, April 1-March 31) on account of healthy demand for
textured laminates. The company's operating profitability is
estimated to have increased to 13 per cent in 2014-15 resulting in
cash accruals' generation of INR15 million.

JLIPL's rating reflects the company's weak financial risk profile,
marked by a small net worth, high gearing, and modest debt
protection metrics, small scale of operations and large working
capital requirements. The company, however, benefits from the
extensive experience of JLIPL's promoter in the laminates
industry.

JLIPL reported a net profit of INR4.5 million on net sales of
INR244 million for 2013-14 against a net loss of INR23 million on
net sales of INR182 million for 2012-13.
Outlook: Stable

CRISIL believes the company will benefit by the demand for the
value added products. The outlook may be revised to 'Positive' if
the company achieves higher than expected revenue growth or if
there is a material improvement in profitability thereby improving
the liquidity and financial profiles. Conversely, the outlook may
be revised to 'Negative' if the company incurs a large capital
expenditure or if the profitability declines or if the working
capital cycle stretches significantly thereby affecting the
liquidity and financial profiles.

JLIPL was incorporated in 2009 in Nagpur (Maharashtra), promoted
by Mr. Jagdish Patel, Mr. Vijay Patel, Mr. Dinesh Patel, and Mr.
Manoj Kumar Patel. It commenced operations during June 2010. JLIPL
manufactures decorated laminates used in furniture. The company
sells to various distributors of laminates in Maharashtra, Andhra
Pradesh, Rajasthan, Gujarat, Karnataka, and Tamil Nadu.


KAMYA CLOTHING: CRISIL Assigns 'B' Rating to INR60MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Kamya Clothing Pvt Ltd (KCPL).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           60         CRISIL B/Stable
   Term Loan              2.5       CRISIL B/Stable

The rating reflects KCPL's large working capital requirements and
small scale of operations in a fragmented industry. These rating
weaknesses are partially offset by the extensive experience of
KCPL's promoters in the ready-made garments segment and the
company's established relationships with clients through its 25
distributors in Gujarat, Maharashtra, and Rajasthan.
Outlook: Stable

CRISIL believes that KCPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company scales up its
operations. Conversely, the outlook may be revised to 'Negative'
if the company's margins decline or if its working capital
requirements increase, resulting in weakening of its financial
risk profile.

KCPL was set up in the early 1990s as a partnership firm, and was
reconstituted as a private limited company in 2012. The company is
promoted by Mr. Anilkumar P Nawani and his family members. Its
product portfolio comprises denims and formal shirts for men.


KATHPAL SOLVEX: ICRA Assigns 'B-' Rating to INR10cr Cash Credit
---------------------------------------------------------------
ICRA has assigned its rating of [ICRA]B- on the INR10.00 crore
cash credit facility of Kathpal Solvex Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit             10.00        [ICRA]B-; assigned

The assigned rating is constrained by KSPL's small scale of
operations, weak financial profile as reflected by thin
profitability, stretched liquidity profile owing to working
capital intensive nature of business and stressed capital
structure as evident from high gearing of 17.89 times as on 31st
March 2015 (based on provisional financials). The rating also
takes into account the vulnerability of the company's
profitability to adverse fluctuations in raw material costs which
are subject to seasonality and crop harvest and the highly
competitive nature of the industry with the presence of a large
number of unorganized players.

However, the rating derives comfort from the experience of the
promoters in the rice industry; the location advantage of being
situated in Punjab with easy availability of paddy and stable
demand prospects for rice with India being the second largest
producer and consumer of rice. Going forward, the company's
ability to improve its scale of operations, profitability and the
capital structure through efficient management of its working
capital cycle will be the key rating sensitivities.

Incorporated in 2000, KSPL is owned and managed by Mr. Krishna Lal
and his family. The company is engaged in the milling and sorting
of basmati rice. The plant is located at Ferozepur (Punjab) with
milling capacity of 4 tons per hour (TPH). The promoter family has
an experience of more than three decades in the rice industry.
Prior to setting up KSPL, the promoters used to act as commission
agents in local mandis.

Recent Result

As per its provisional financials for 2014-15, KSPL recorded a net
profit of INR0.13 crore on an operating income of INR35.54 crore
against a net profit of INR0.29 crore on an operating income of
INR20.83 crore in the previous year.


KIRPA FOODS: CRISIL Assigns B- Rating to INR80MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Kirpa Foods (KF). The rating reflects KF's
below-average financial risk profile marked by tight liquidity
owing to initial stage of operations in the intensely fragmented
rice industry. These rating weaknesses are partially offset by its
promoters' extensive industry experience and their funding
support.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           20         CRISIL B-/Stable
   Term Loan             80         CRISIL B-/Stable

Outlook: Stable

CRISIL believes that KF will benefit from its promoters' extensive
experience and their funding support. The outlook maybe revised to
'Positive' in case of timely payment of debt obligations and
significant cash accruals. Conversely, the outlook maybe revised
to 'Negative' in case of any delay in servicing debt obligations
or lower-than-expected cash accruals or large working capital
requirements, exerting pressure on the company's liquidity.

KF, established in 2013 and promoted by Mr. Sahil Tinna and Mr.
Rahul Tinna, has set up an 8 tonnes per hour (tph) par-boiled rice
milling unit in Fazilka (Punjab). The company started commercial
operations in December, 2014.


MOUNT VELOUR: CRISIL Assigns B+ Rating to INR50MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Mount Velour Rubber Works Private Limited
(MVRWL).

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

   Proposed Long Term
   Bank Loan Facility     20          CRISIL B+/Stable

The rating reflects MVRWL's modest scale of operations and
exposure to intense competition in the industry. The rating also
reflects MVRWL's below-average financial risk profile marked by
low networth base. These rating weaknesses are partially offset by
promoters' extensive industry experience and established customer
relationships.
Outlook: Stable

CRISIL believes that MVRWL will continue to benefit over the
medium term from its promoters' extensive experience in the rubber
industry. The outlook may be revised to 'Positive' if the company
improves its scales of operations and operating profitability,
resulting in an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if MVRWL's
financial risk profile deteriorates, most likely on account of
lower cash accruals or large debt-funded capex plans.

Incorporated in the year 1977 as partnership firm and subsequently
rechristened as MVRWL in 2005, the company is engaged in
manufacturing of block rubber. Promoted by Mr. M.Usman and his
associates, the company is based out of Nilambur in Kerala.


NARENDRA DEV: CRISIL Assigns B+ Rating to INR125MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Narendra Dev (Railways) [NDR].

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Bank Guarantee        80          CRISIL A4
   Cash Credit          125          CRISIL B+/Stable

The ratings reflect NDR's modest scale of operations, exposure to
intense competition, and large working capital requirements. These
rating weaknesses are partially offset by the extensive industry
experience of the firm's promoters and its healthy order book.
Outlook: Stable

CRISIL expects NDR to benefit over the medium term from its
promoters' extensive experience and its healthy order book. The
outlook may be revised to 'Positive' in case of substantial cash
accruals or improvement in working capital cycle, or substantial
capital infusions, resulting in an improvement in the firm's
capital structure and liquidity. Conversely, the outlook may be
revised to 'Negative' in case NDR's financial risk profile,
particularly its liquidity, deteriorates due to significantly low
cash accruals or increase in working capital requirements or due
to any significant capital withdrawals.

NDR was established in 1960 by members of the Agarwal family. The
firm undertakes turnkey projects such as construction of
buildings, railway lines, bridges, and related activities mainly
for Northern Railway in Uttar Pradesh.


OPALIUM INTERNATIONAL: CRISIL Rates INR30MM Packing Loan at B+
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Opalium International Exports (OIE).

                       Amount
   Facilities        (INR Mln)        Ratings
   ----------        ---------        -------
   Packing Credit in
   Foreign Currency       15          CRISIL A4

   Cash Credit            10          CRISIL B+/Stable
   Packing Credit         30          CRISIL B+/Stable

The ratings reflect OIE's below-average financial risk profile,
marked by small net worth and high total outside liabilities to
tangible net worth (TOLTNW) ratio, modest scale and working-
capital-intensive operations, and low profitability. These rating
weaknesses are partially offset by its promoters' extensive
experience in the fabric trading business and their funding
support, and OIE's established relationships with suppliers and
customers.
Outlook: Stable

CRISIL believes that OIE will benefit from its promoters'
extensive experience in the fabric trading industry over the
medium term. The outlook may be revised to 'Positive' if the firm
significantly increases its scale of operations and cash accruals
coupled with improvement in capital structure. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
OIE's financial risk profile, particularly liquidity, owing to
further elongation in working capital cycle or significant decline
in profitability.

OIE, set up in 1993 as a partnership firm, trades in fabric in the
domestic as well as international market. Currently, Mr. Raman
Jain, his wife Ms. Kamni Jain and his son Mr. Rahul Jain are the
partners of OIE. The firm markets its products under its own
Opalium and Bonytex brands.


OVN TRADING: CRISIL Cuts Rating on INR80MM Cash Credit to B+
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
OVN Trading Engineers Private Limited (OVNT, a part of the OVN
group) to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        25         CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Cash Credit           80         CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Proposed Long Term    43.5       CRISIL B+/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Stable')

   Standby Line of       15.0       CRISIL B+/Stable (Downgraded
   Credit                           from 'CRISIL BB-/Stable')

The rating downgrade reflects deterioration in the OVN group's
financial risk profile, particularly liquidity, marked by its
lower cash accruals against repayment obligation. The group's
expected net cash accruals of INR4.0 million to INR5.0 million are
adequate to meet only around 60 per cent of its total debt
repayment and working capital requirements. CRISIL believes that
the OVN group's financial risk profile will be constrained over
the medium term on account of its stretched liquidity.

The ratings reflect the OVN group's average financial risk
profile, marked by a weak capital structure, and average debt
protection metrics. These rating weaknesses are partially offset
by the promoters' extensive industry experience and the groups'
established customer relationship.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of OVNT and its subsidiary, OVN Bio Energy
Pvt Ltd (OVNB). This is because OVNT holds 85 per cent stake in
OVNB. The companies are together referred to as the OVN group.
Outlook: Stable

CRISIL believes that the OVN group will maintain its credit risk
profile over the medium term, on the back of its promoters'
extensive industry experience. The group's financial risk profile
will continue to be moderate due to its small net worth. The
outlook may be revised to 'Positive' if the group improves its
financial risk profile most likely through successful scaling up
of its operations on the back of its association with the new
principal, Greaves Cotton Ltd (GCL), leading to higher revenue
growth and cash accruals. Conversely, the outlook may be revised
to 'Negative' if the OVN group reports a substantial increase in
its working capital requirements, thereby weakening its financial
risk profile.

Incorporated in 1996, OVNT is an authorised distributor of GCL for
diesel engines and diesel generator sets. Currently, the
distributorship of the company is spread over three regions'Delhi,
Haryana, and Rajasthan. The company also provides servicing in the
form of annual maintenance contracts. In addition to this, OVNT is
the distributor of Federal Mogul Corporation and Petronas for
spare parts and lubricating oil, respectively. The company is also
the distributor of Exide batteries.

In 2006, OVNT set up OVNB to manufacture gasifiers used to
generate energy from biomass. OVNB has a tie-up with the Indian
Institute of Science (IISc), Bengaluru, to manufacture gasifiers
developed by IISc. OVNT holds 85 per cent stake in OVNB.


P.S.A. CONSTRUCTION: CRISIL Puts B Rating on Notice of Withdrawal
-----------------------------------------------------------------
CRISIL has placed its ratings on the bank facilities of P.S.A.
Construction (PSA) on 'Notice of Withdrawal' for a period of 180
days at PSA's request. The ratings will be withdrawn at the end of
the notice period, in line with CRISIL's policy on withdrawal of
its ratings on bank loans.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        80        CRISIL A4 (Notice of
                                   Withdrawal)

   Cash Credit           27.5      CRISIL B/Stable (Notice of
                                   Withdrawal)

   Proposed Short Term    7.5      CRISIL A4 (Notice of
   Bank Loan Facility              Withdrawal)

PSA was set up as a partnership firm in 2004 by Mr. Sanjay Singhal
and his cousin, Mr. Rajesh Singhal. Mr. Brijbhushan Singhal has
replaced Mr. Rajesh Singhal as one of the partners in the firm.
PSA primarily constructs roads. The firm is registered as a Class-
5 contractor for construction of roads for the Public Works
Department, Chhattisgarh.


PAWAN OIL: CRISIL Ups Rating on INR65MM Cash Loan to B+
-------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of Pawan Oil Industries (POI) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'. The rating on POI's short-term bank loan
facilities have been reaffirmed at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            65        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Letter of Credit       150       CRISIL A4 (Reaffirmed)

The rating upgrade reflects the improvement in the POI's business
risk profile driven by a sustained improvement in its working
capital cycle, while it maintained its profitability margins. The
decline in the firm's working capital requirements resulted in its
lower reliance on debt, and a subsequent improvement in its
capital structure. CRISIL believes that the firm will sustain the
improvement in its financial risk profile over the medium term on
the back of consistent growth in its net worth and sustenance of
its improved working capital cycle.

There has been a sustained improvement in the POI's working
capital cycle, as reflected in the decline in its gross current
assets to an estimated 45 days as on March 31, 2015 from 68 days
as on March 31, 2013. The improvement is mainly because the firm
has been extending lesser credit to its customers. CRISIL believes
that the firm will sustain the improvement in its working capital
cycle over the medium term on the back of its cautious strategy to
offer lower credit, and enhanced collection efforts.

The improvement in the firm's working capital cycle resulted in
lower reliance on debt ' this resulted in a decline in its total
outside liabilities to promoter funds ratio to an estimated 2.8
times as on March 31, 2015 from 7.0 times as on March 31, 2013.
This ratio is expected to further decline to 2.4 times as on March
31, 2016 supported by consistent growth in its net worth and
sustenance of its improved working capital management.

The ratings continue to reflect POI's below-average financial risk
profile marked by its small net-worth, moderate total outside
liabilities to promoter funds ratio, and below-average debt
protection metrics. The ratings of the firm are also constrained
on account of its exposure to intense competition in the edible
oil industry resulting in its low profitability margins. These
rating weaknesses are partially offset by the extensive experience
of POI's promoters in the edible oil industry, and the firm's
efficient working capital management.
Outlook: Stable

CRISIL believes that POI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is substantial and
sustained increase in its scale of operation and profitability
margins, or there is a substantial increase in its net-worth on
the back of sizeable capital additions from 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 by a
large debt-funded capex or a stretch in its working capital cycle.

POI was set up in 1991 by Mr. Kedarmal Agrawal and his family
members. The firm refines, and trades in, edible oils. It is based
in Hyderabad (Telanagana).


PM DIMENSIONS: CRISIL Cuts Rating on INR90MM Cash Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
PM Dimensions Pvt Ltd (PDPL) to 'CRISIL D' from 'CRISIL B/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            90       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The rating downgrade reflects delays in servicing PDPL's working
capital limits exceeding 30 days through April 2015 because of
deterioration in its liquidity. The company's liquidity weakened
because of a stretch in its working capital cycle, particularly
its debtors. Most of the company's revenue comes from its
engineering service division that relies on orders from the
governments of Kenya and Sudan , which stretch payments, leading
to large working capital requirements for PDPL, and to
overutilization of bank limits.

PDPL has a modest scale operations, large working capital
requirements, and weak financial risk profile, marked by small net
worth and high gearing. However, the company benefits from its
qualified promoters and their extensive experience in the
engineering industry.


PDPL, incorporated in 2007 and promoted by Mr. Makarand
Rajadhyaksha, provides high-end engineering services as well as
training to students in niche engineering courses. The company has
its training institute at Gandhinagar and administrative office in
Mumbai.


SADHANA NITRO: CRISIL Ups Rating on INR140MM Cash Loan to B
------------------------------------------------------------
CRISIL has upgraded its rating on Sadhana Nitro Chem Limited's
(SNCL's) long-term bank facilities to 'CRISIL B/Stable' from
'CRISIL B-/Stable' while reaffirming the rating on the short-term
bank facilities at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          140        CRISIL B/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Letter of credit
   & Bank Guarantee      100       CRISIL A4 (Reaffirmed)

   Proposed Long Term     33.2     CRISIL B/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B-/Stable')

The rating upgrade reflects the improvement, albeit marginal,
expected in SNCL's liquidity profile, on the back of healthy cash
accruals of INR62.6 million generated in 2014-15 supported by non-
operating income of INR130 million. The cash accruals were
utilised to repay high cost inter-corporate deposits which is
expected reduce interest cost  in 2015-15, leading to lower stress
on profitability. The rating upgrade also factors in expectations
of a further improvement in the liquidity due to a likely sale of
asset, through issue of preference shares. The funds from the same
are expected to be utilised for repayment of high cost debt and
for working capital purposes. While the company's operating
profitability continued to be negative in 2014-15, improvement in
liquidity is expected to enable the company to increase sales of
meta amino phenol (MAP), which is a higher margin product which is
likely to improve the operating profitability. This remains a key
rating sensitivity factor as it could determine the financial and
liquidity profiles over the medium.

The ratings continue to reflect SNCL's modest scale of operations
and continued margin pressures, leading to a weak financial risk
profile. The rating weaknesses are partially offset by the
promoters' extensive experience in the chemicals industry and the
company's integrated manufacturing facilities, which is expected
to drive growth in the future.
Outlook: Stable

CRISIL expects that SNCL will continue to benefit from the
promoters' extensive experience in the sector. The outlook may be
revised to 'Positive' if the company achieves strong revenue and
margin growth, leading to improvement in the financial and
liquidity profiles. Conversely, the outlook may be revised to
'Negative' if the company's profitability continues to remain
under pressure or if there is a considerable stretch in working
capital, leading to continued liquidity pressure.

SNCL was incorporated in 1973, promoted by the late Mr. D T
Javeri. The company is currently managed by his son, Mr. Asit D
Jhaveri. It manufactures benzene-based compounds such as
nitrobenzene, metanilic acid, and meta amino phenol.

For 2014-15, SNCL posted a profit after tax (PAT) of INR41.9
million on net sales of INR480.5 million, against a net loss of
INR5.6 million on net sales of INR326.6 million in 2013-14.


SANJAY RICE: ICRA Reaffirms 'D' Rating on INR4.16cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]D assigned to
the INR4.16 crore term loan (revised from INR4.20 crore earlier),
INR2.75 crore cash credit and INR1.27 crore untied limit of Sanjay
Rice Mills Private Limited. ICRA has also reaffirmed the short
term rating of [ICRA]D assigned to the INR0.32 crore bank
guarantee limit (revised from the INR0.28 crore earlier) of SRMPL.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limit
   Term Loan                4.16       [ICRA]D reaffirmed

   Fund Based Limit
   Cash Credit              2.75       [ICRA]D reaffirmed

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

   Non-Fund Based Limit
   Bank Guarantee (Untied)  0.32       [ICRA]D reaffirmed

The reaffirmation of the rating primarily takes into account
continuing delays in servicing of debt obligations by the company
on account of its stretched liquidity position, leading to overdue
principal and interest on term loans. The rating also takes into
account the small scale of current operations, low entry barriers
and highly fragmented industry characterized by intense
competition among a large number of players, which keep margins
under check and exposure to the inherent risks in agro based
business, such as changes in Government policies and agro-climatic
conditions affecting the harvest of paddy. The rating also factors
in the highly working capital intensive nature of operations,
which adversely impact the liquidity of the company. The rating,
however, favourably considers the experience of the promoters in
the rice milling business through one of its group entities and
proximity to raw material sources, as the plant is favourably
located amidst a major paddy growing area.

Incorporated in 2011, SRMPL is engaged in milling of non basmati
rice with a de-husking capacity of 6 metric tonne per hour. The
manufacturing facility of the company is located at Cooch Behar,
West Bengal. The company commenced its operation in August 2014.

Recent Results
The company reported a profit before tax of INR0.41 crore on an
operating income of INR6.34 crore in 2014-15 (provisional).


SHINGOTE AGRO: ICRA Suspends 'D' Rating on INR23cr Loan
-------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR23 crore fund
based and INR4.5 crore non fund based short term bank limits of
Shingote Agro Foods Private Limited.

The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Shingote Agro Foods Private Limited's (Shifco) roots extend back
to 1949 when founder Mr. K. B. Shingote first started exporting
Indian fresh fruits. Over the years, export operations have
expanded from trading of fresh fruits to trading of agro
commodities and process foods which are non-perishable in nature.
Currently, the company has two divisions namely Agro commodities
and Fruits division. The key commodities include spices, cereals &
pulses, rice, etc., while for fruits, Shingote exports processed
mango pulp. Currently, the company is managed by Mr. Raju Shingote
(son of Mr. K. B. Shingote) and Mr. Padmaja Shingote (daughter-in-
law of Mr. K. B. Shingote).


SHOR SHOT: CRISIL Reaffirms B+ Rating on INR35MM Bank Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Shor Shot India Pvt Ltd
(SSIPL) continue to reflect the company's small net worth, average
debt protection metrics, small scale of operations in a highly
fragmented and competitive industry, working-capital-intensive
operations, and high customer concentration in its revenue
profile.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bill Discounting       30       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       25       CRISIL A4 (Reaffirmed)
   Packing Credit         30       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     35       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of SSIPL's promoters in the ready-made garments
industry and its low gearing.
Outlook: Stable

CRISIL believes that SSIPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company improves its
scale of operations while sustaining its profitability margins,
leading to better-than-expected cash accruals. Conversely, the
outlook may be revised to 'Negative' if it generates lower-than-
anticipated cash accruals and has higher-than-expected working
capital requirements, leading to weakening of its liquidity.

Incorporated in 1996, SSIPL manufactures and exports ready-made
garments, such as skirts, blouses, and trousers, for women and
children. The company largely sells through distributors to its
clients in the European Union, the US, and Russia. SSIPL has one
manufacturing unit in Faridabad (Haryana) with total output of
around 0.1 million garments per month.


SHREE BADRI: ICRA Suspends 'D' Rating on INR19cr Bank Loan
----------------------------------------------------------
ICRA has suspended its rating of [ICRA]D assigned to the INR19
crore bank facilities of Shree Badri Kedar Papers Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SHREE SIDHBALI: CRISIL Ups Rating on INR220MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Shree Sidhbali Steels Ltd (SSSL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable', and has reaffirmed its rating on the company's
short-term facilities at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        25         CRISIL A4 (Reaffirmed)


   Cash Credit          220         CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Letter of Credit      38.5       CRISIL A4 (Reaffirmed)

   Term Loan             96.5       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects the improvement in SSSL's liquidity,
driven by expected increase in its cash accruals over the medium
term. The company is estimated to have generated cash accruals of
INR34 million to INR35 million in 2014-15 (refers to financial
year, April 1 to March 31), sufficient to meet its maturing debt
obligations for the year. CRISIL believes that SSSL will generate
sufficient cash accruals to meet its debt obligations over the
medium term and its liquidity will be supported by promoters'
funding in the form of unsecured loans.

The ratings reflect SSSL's average financial risk profile, marked
by a comfortable net worth and average debt protection metrics,
and its moderate scale of operations in the highly fragmented
steel products industry. The ratings also factor in the company's
susceptibility to intense competition in the industry and
volatility in raw material prices. These rating weaknesses are
partially offset by the benefits that SSSL derives from its semi-
integrated operations, and its promoters' extensive experience in
the steel industry.
Outlook: Stable

CRISIL believes that SSSL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's liquidity
improves, driven most likely by a shorter working capital cycle
and significant increase in cash accruals. Conversely, the outlook
may be revised to 'Negative' if SSSL's financial risk profile
deteriorates owing to stretch in the working capital cycle, or
unanticipated cash outflow, most likely to support associate
concerns or fund capital expenditure plans.

SSSL was set up in 1996 by Mr. Pawan Agarwal, Mr. Neeraj Agarwal,
Mr. Anil Kumar Garg, and Mr. Naveen Kansal. The company's facility
in Muzaffarnagar (Uttar Pradesh) manufactures thermo-mechanically
treated bars and mild steel ingots.


SHYAM COTTEX: ICRA Assigns B Rating to INR4cr Cash Credit
---------------------------------------------------------
ICRA has assigned an [ICRA]B rating to the INR1.38 crore term loan
and INR4.00 crore cash credit facility of Shyam Cottex.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based-Term Loan    1.38       [ICRA]B assigned
   Fund Based-Cash
   Credit                  4.00       [ICRA]B assigned

The assigned rating is constrained by Shyam Cottex's (SC) limited
track record of operations and the inherently low value additive
nature of business. The rating is constrained by the highly
competitive and fragmented nature of the industry, which exerts
pressure on margins. The rating also takes into account the
vulnerability to adverse movement in agricultural produce prices
and the currently weak cotton prices followed by weak global
markets. Other factors include reduced imports by china and
expectations of bumper harvest. While assigning the rating ICRA
also notes that the capital structure is expected to remain
adverse on account of the high working capital intensity of the
business. Also, being a partnership firm, any substantial
withdrawal by the partners can have an adverse impact on the
capital structure of the firm.

The rating, however, positively considers the favorable location
of the firm giving it easy access to high quality raw cotton.

Shyam Cottex was established in April 2014 as a partnership firm.
It is promoted and managed by four partners namely Mr. Hiteshbhai
Padaliya, Mr. Pravinbhai Dhaduk, Mr. Punabhai Vaghasiya and Mr.
Rameshbhai Bodar. The manufacturing unit of the firm is situated
at Jivapar, Dist. Rajkot, Gujarat. It is equipped with 24 ginning
machines and one pressing machine with an installed capacity to
produce 200 cotton bales per day (24 hours operation). The firm
commenced commercial production in February 2015.


SMART CARD: ICRA Assigns 'B' Rating to INR20cr LT Loan
------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR20.00 crore,
long term fund based facility and [ICRA]A4 rating assigned to the
INR5.00 crore short term non fund based facility of Smart Card IT
Solutions Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

SCIT operates in the printing of Smart cards which are primarily
used for the purpose of SIM cards for mobile Telephones, Credit
Card, Loyalty cards. The Company has set up smart card
manufacturing facility with current capacity to the tune of 15
million cards per month. The facility with in-house capabilities
ranging from plastic card manufacturing, miling and embedding to
physical and electronic personalisation.


SNAZZY EXPORTS: ICRA Suspends D Rating on INR5cr Fund Based Loan
----------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D assigned to the
INR5.00 crore fund based bank facilities and the short-term rating
of [ICRA]D assigned to the INR3.00 crore non-fund based bank
facilities of Snazzy Exports Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


SPA HEIGHTS: ICRA Revises Rating on INR12cr Cash Credit to B-
-------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR12.00
crore fund based bank facility of SPA Heights Private Limited from
[ICRA]B to [ICRA]B-. ICRA has reaffirmed the short-term assigned
to the INR12.00 crore non-fund based bank facility at [ICRA]A4.
The long-term fund based facility is a sub-limit of the short-term
non-fund based facility. ICRA has also revised the ratings to
[ICRA]B- and/or [ICRA]A4 to the INR3.00 crore proposed limits of
the company.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long Term Fund Based     12.00        [ICRA]B- Revised from
   Limit -Cash Credit                    [ICRA]B

   Short Term Non Fund
   Based Limit-Letter of
   Credit                   12.00        [ICRA]A4 Reaffirmed

   Unallocated Limit         3.00        [ICRA]B- and/or [ICRA]A4
                                         Revised from[ICRA]B
                                         and/or [ICRA]A4

The revision in rating reflects SPA's weak financial profile
characterized by a sharp drop in operating income in 2013-14
(refers to financial year: from April 1 to March 31) because of a
slowdown in ship-breaking activities, thin profitability and
stressed capital structure along with weak coverage indicators.
Further a significant amount of funds have been lent to associated
firms on which limited information is available to ICRA. The
ratings also incorporate the small scale of operations with
limited track record of the company and vulnerability of
profitability to fluctuating foreign exchange rates and steel
prices.

The ratings however favorably consider the long standing
experience of SPA's promoters in the ship breaking and scrap
trading industry and location advantage accruing due to its
proximity to its customers.

SPA Heights Private Limited, incorporated in the year 2008, is in
the business of ship breaking, trading of steel scrap, and
purchase and sale of distressed assets. The company has its ship-
breaking plot in Darukhana, Mumbai and registered office in New
Delhi.

Recent Results
For the eleven months ended February 28, 2015, the company
recorded a profit before tax of INR0.15 crore on an operating
income of INR10.50 crore (Provisional numbers).


SUPREME GLAZES: CRISIL Ups Rating on INR100MM Loan to B+
--------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Supreme Glazes Pvt Ltd (SGPL) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

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

   Proposed Long Term     30      CRISIL B+/Stable (Upgraded from
   Bank Loan Facility             'CRISIL B/Stable')

The rating upgrade reflects SGPL's improved liquidity, marked by
funding support from its promoters, no major debt-funded capital
expenditure (capex) plan, and increase in its cash credit limits.
SGPL has executed capex of around INR76 million in 2014-15 (refers
to financial year, April 1 to March 31) towards increasing its
installed capacities, which was funded via term debt of INR18.5
million and the remaining via substantial funding support from
promoters. The company's promoters have infused equity of around
INR20 million in the two years ended 2014-15. This is in addition
to unsecured loans of around INR115 million outstanding as on
March 31, 2015 (CRISIL has treated unsecured loans of around INR80
million as neither debt nor equity as it is subordinated to bank
debt). SGPL's liquidity is also expected to find support from no
major debt-funded capex plan and increase in cash credit limits
availed, to INR100 million post June 2014 from INR60 million.
CRISIL believes that SGPL's liquidity, though stretched, will
continue to find timely funding support from its promoters over
the medium term.

The rating reflects SGPL's large working capital requirements,
moderate financial risk profile, marked by aggressive capital
structure, and its exposure to intense competition in the
fragmented ceramic glazes business. These rating weaknesses are
partially offset by the benefits that the company derives from the
extensive experience of its promoters and their continued funding
support.
Outlook: Stable

CRISIL believes that SGPL will continue to receive funding support
from its promoters and benefit from its established relationships
with its customers, over the medium term. The outlook may be
revised to 'Positive' if the company's financial risk profile
improves, marked by improved profitability or reduction in working
capital cycle or equity infusion. Conversely, the outlook may be
revised to 'Negative' if SGPL's liquidity weakens, marked by
sizeable debt-funded capex programme or stretch in receivables.

SGPL, set up in 2004, manufactures glazes that are used in ceramic
tiles. The company has a manufacturing unit in NADA Village at
Bharuch district (Gujarat). It is promoted and managed by Mr.
Kalpesh B Patel and Mr. Jiga B Patel, and their cousins, Mr.
Dashrath B Patel and Mr. Shailesh B Patel.

SGPL reported a net profit of INR8.3 million on net sales of
INR537.2 million for 2013-14, against a net profit of INR8.10
million on net sales of INR463.3 million for 2012-13.


SWASTIK AAHAR: ICRA Assigns 'B' Rating to INR4.0cr Cash Loan
------------------------------------------------------------
ICRA has assigned its [ICRA]B rating to the INR4.0 crore working
capital limit, INR1.92 crore term loan and INR0.08 crore
unallocated fund based bank facilities of Swastik Aahar Mills
Private Limited (SAMPL).

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Cash Credit-Fund based     4.00       [ICRA]B; assigned
   Term Loan-Fund based       1.92       [ICRA]B; assigned
   Unallocated-Fund based     0.08       [ICRA]B; assigned

ICRA's rating is constrained by SAMPL's nascent stage of
operations and the highly competitive and fragmented nature of the
wheat processing industry that it operates in. The rating also
factors in the company's modest scale of operations, vulnerability
of its profitability to adverse raw material price fluctuations
and agro climatic risks associated with the availability of wheat.
The rating also factors in the company's high working capital
intensity, primarily due to high inventory levels, which has been
substantially debt funded, resulting in elevated gearing levels.
The high gearing, coupled with weak profitability has resulted in
modest coverage indicators. However, the rating derives comfort
from the extensive track record of the promoters, of over four
decades, in the industry. The rating also factors in the stable
demand outlook for wheat flour as it forms an important part of
the staple Indian diet.

Going forward, the ability of the company to increase its scale of
operations in a profitable manner while maintaining an optimal
working capital intensity will be the key rating sensitivities.

SAMPL commenced commercial production in 2013-14 and is engaged in
the grinding of wheat to produce maida (56% of 2014-15 revenue),
bran (17%), atta (14%) and sooji (13%). The company's
manufacturing facility located at Rudrapur, Uttarakhand, has a
production capacity of 150 Metric Tonnes (MT) per day and is
currently working at a capacity utilization of 35-40%.

Recent Results
The company reported a net profit of INR0.01 crore on an operating
income of INR10.33 crore in 2013-14. For the year ended 2014-15,
the company reported, on a provisional basis, an operating income
of INR12.32 crore.


TATA STEEL: Moody's Says FY2015 Results Below Expectation
---------------------------------------------------------
Moody's Investors Service said that Tata Steel Ltd.'s results for
the fiscal year ended 31 March 2015 (FY2015) were below
expectation, but can be accommodated within its Ba1 corporate
family rating and stable outlook.

"Tata Steel's FY2015 results were affected mainly by disruptions
in the iron ore supply in India, the effects of which we expect
will fade away over FY2016," says Kaustubh Chaubal, a Moody's Vice
President and Senior Analyst.

Chaubal was speaking on Moody's just-released report on Tata
Steel, entitled "Tata Steel's Ba1 Rating Holds Despite Weak FY2015
Results Marred by One-Off Items".

Pressure on steel realizations and increases in costs for Tata
Steel India's operations because of iron ore imports in
particular, led to a sharp 24% year-over-year decline in EBITDA in
FY2015 to INR101 billion. This pushed Tata Steel's leverage to
6.8x, breaching the downward rating trigger.

Nevertheless, Moody's expects the company's leverage to correct
over the next few quarters as (1) Tata Steel uses its stock of
imported iron ore and starts mining its own iron ore for Tata
Steel India; (2) new shipments from the Kalinganagar plant add to
its EBITDA; and (3) the European operations show sustained and
better performance.

Specifically, Tata Steel India's EBITDA per tonne should bounce
back to around $200/tonne in FY2016, from $186/tonne in FY2015.

Meanwhile, Tata Steel UK Holdings Limited's (TSUKH, B2 positive)
results were stronger than expected owing to growth in the
delivery of specialized products. Sales of new products surged 16%
by volume and the company raised the total of new products in its
portfolio to 113 by the end of FY2015.

The positive outlook captures the potential upside to TSUKH's
operating and financial profile from an orderly sale of the long
products business.

Tata Steel's Southeast Asian operations were affected by weak
demand and a contraction in the rebar-scrap spread on the back of
a significant increase in imports from China. Although Moody's
expects Southeast Asian demand to remain steady, the revenue and
contribution to Tata Steel's consolidated revenue and EBITDA will
remain marginal.


TRIDHARA SUGAR: ICRA Suspends 'D' Rating on INR27.26cr Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR27.26 crore,
long term fund based facility and [ICRA]D rating assigned to the
INR30.00 crore short term non fund based facility of Tridhara
Sugar Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Tridhara Sugar Limited (TSL) was incorporated in 2010 with the
acquisition of Narsingh Sahakari Shakkar Karkhana (NSSK) which was
started in 1997 as a sugar cooperative. Due to financial problems
the cooperative was shut down in 2007 and was auctioned by the
lending bank in November 2010 to the current management of TSL.
TSL started commercial operations in February 2011 after the
takeover. Initial crushing capacity of TSL was 2500 tonnes crushed
per day (TCD) which was increased to 3500 TCD in January, 2013.
The factory has command area of ~60kms in the adjoining area with
a total production of ~12 lakh tones per annum.


ULTRACAB (INDIA): ICRA Suspends 'B' Rating on INR13cr Cash Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR13.00
crore long term cash credit limits and INR1.94 crore term loan
limits of Ultracab (India) Private Limited. ICRA has also
suspended the [ICRA]A4 rating assigned to the INR9.50 crore non
fund based bank limits of UIPL. The suspension follows ICRAs
inability to carry out a rating surveillance due to non
cooperation from the company.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             13.00       [ICRA]B; suspended
   Term Loans               1.94       [ICRA]B; suspended
   EPC                      1.50       [ICRA]A4; suspended
   Bank Guarantee           8.00       [ICRA]A4; suspended

Ultracab (India) Private Limited (UIPL) was incorporated in
December 2007 by Mr. Nitesh Vaghasiya to manufacture wires &
cables. UIPL's plant is located at Shapar Veraval, District-
Rajkot,Gujarat. The company is engaged in manufacturing of
PVC/XLPE power & control cables, multi core flexible wires, flat
cables, house wires, communication cables and aerial bunched
cables. The product profile finds application as household wires,
panel boards in industrial machines, heavy cables in industries
and flat cables for industrial pumps.


VARUNANI MARKETING: CRISIL Reaffirms B+ Rating on INR140MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Varunani
Marketing Pvt Ltd (VMPL) continues to reflect VMPL's below-average
financial risk profile marked by small net worth, high gearing and
below-average debt protection metrics, and its susceptibility to
regulatory risks in the Indian-made foreign liquor (IMFL) segment.
These rating weaknesses are partially offset by the benefits that
VMPL derives from the healthy demand prospects for IMFL and its
established tie-up with Jagatjit Industries Ltd (JIL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           140       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VMPL will continue to benefit over the medium
term from the healthy demand prospects for IMFL in Andhra Pradesh.
The outlook may be revised to 'Positive' if the company registers
substantial and sustained improvement in its profitability
margins, while maintaining its healthy revenue growth or there is
significant increase in net worth on the back of equity infusion
from promoters. Conversely, the outlook may be revised to
'Negative' if any regulatory changes adversely impact VMPL's
revenues and margins, or there is a significant deterioration in
its capital structure on account of larger-than-expected working
capital requirements or large debt-funded capital expenditure.

Incorporated in 2007, VMPL was set up by Mr. T K Maheshwar Singh,
Mr. Chandra Reddy, Mr. Shankar Rao, and Mr. S Navin Rao. The
company undertakes manufacturing and sale of IMFL. Company
manufacturing facility is based out of Vijaywada, (Andhra
Pradesh).


VISHNU COTTON: ICRA Withdraws 'D' Rating on INR11.75cr Loan
-----------------------------------------------------------
ICRA has withdrawn the suspended rating of [ICRA]D assigned to the
INR11.15 crore term loans and INR11.75 crore long term fund based
limits of Vishnu Cotton Mills Limited. ICRA has also withdrawn the
suspended [ICRA]D rating assigned to the INR3.10 crore short term
non fund based limits of VCML, as the notice period of three years
since suspension of rating has expired.



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


SHARP CORP: Says Banks to Provide $1.7 Billion Bailout
------------------------------------------------------
The International New York Times reports that Sharp Corporation
said it had secured a $1.7 billion bailout from banks, its second
major rescue in three years, after its smartphone display business
came under intense pricing pressure from Asian rivals.

Mizuho Bank and Bank of Tokyo-Mitsubishi UFJ will inject a
combined JPY200 billion in a debt-for-equity swap, Sharp said in a
statement, a move that will buy it time but is unlikely to allay
worries about the long-term viability of its display business, the
report relays.

The report relates that the company said a corporate turnaround
fund, Japan Industrial Solutions, will also provide JPY25 billion
in funding.

In return, Sharp will embark on further restructuring that will
include cutting 10 percent of its global workforce, including
about 3,500 jobs in Japan, the report notes.

It reported a net loss of JPY222.35 billion ($1.9 billion) for the
past financial year, its third loss in four years, the New York
Times discloses.

                         About Sharp Corp.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

As reported in Troubled Company Reporter-Asia Pacific on May 18,
2015, Standard & Poor's Ratings Services said that it has lowered
by two notches to 'CCC-' its long-term corporate credit rating on
Japan-based electronics company Sharp Corp.  S&P kept the rating
on CreditWatch with negative implications.  At the same time,
S&P's 'CCC+' long-term debt rating and its 'C' short-term
corporate credit and commercial paper program ratings remain on
CreditWatch with negative implications.  In addition, S&P lowered
its long-term corporate credit rating on Sharp's overseas
subsidiary Sharp International Finance (U.K.) PLC to 'CCC-' and
kept it on CreditWatch with negative implications. Our 'C' short-
term corporate credit and commercial paper program ratings on
Sharp International Finance remain on CreditWatch with negative
implications.



SKYMARK AIRLINES: Files Recovery Plan, Names DBJ Exec as Pres.
--------------------------------------------------------------
The Japan Times reports that an executive of the Development Bank
of Japan was expected to be named president of Skymark Airlines
Inc. in a restructuring plan the bankrupt carrier was to submit to
a court May 29, sources said.

Masahiko Ichie, director and managing executive officer of the
state-backed DBJ, will likely assume the presidency after the
Tokyo District Court and creditors accept Skymark's revamp plan,
which includes sponsorship deals, the Japan Times relates.

According to the report, the sources said Mr. Ichie is judged to
be qualified for the position because he is well-versed in the
aviation industry and has extensive experience in supporting
corporate rehabilitation proceedings, such as that of supermarket
chain operator Daiei Inc.

Sources said Nobuo Sayama, the head of investment fund Integral
Corp., is expected to become the airline's chairman, the report
relates.

The report says Skymark has agreed that ANA Holdings Inc., parent
of All Nippon Airways Co., the nation's biggest carrier, would
pick the president and Integral would appoint the chairman to
replace respective incumbents Masakazu Arimori and Takashi Ide.

The new management team will oversee Skymark's restructuring plan,
the report notes.

The Japan Times relates that the DBJ and Sumitomo Mitsui Banking
Corp. were close to a deal to purchase a combined 33.4 percent
stake in Skymark, while Integral and ANA have agreed to hold 50.1
percent and 16.5 percent stakes in the airline, the sources said
earlier.

Skymark has said it will implement a 100 percent capital reduction
and receive JPY18 billion in new capital, the report relays.

According to the Japan Times, sources said the reform plan needs
to be approved at a creditors' meeting in July, but major
creditors Intrepid Aviation and Airbus SAS have shown reluctance
to accept the plan and are likely to call for its revision.

Intrepid Aviation, a U.S. aircraft leasing company, and France's
Airbus hold a combined 60 percent of Skymark's total debt of
JPY320 billion, the report discloses.

The report says the European aircraft manufacturer is set to call
on Skymark to include greater use of its planes in the revamp
scheme. The failed carrier is also in talks with Airbus on a
penalty charge of around $700 million that the plane-maker has
demanded in relation to the termination of an order for six A380
superjumbos, the report notes.

Intrepid Aviation has said it will oppose the carrier's plan to
have ANA take part in the restructuring, the sources said.

Land, Infrastructure, Transport and Tourism Minister Akihiro Ota
told a news conference earlier on May 29 that the government will
monitor the progress of negotiations between Skymark and the two
creditors, the report adds.

                       About Skymark Airlines

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

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

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

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

Skymark was delisted from the Tokyo Stock Exchange in March.



===============
M A L A Y S I A
===============


MALAYSIA AIRLINES: MAS Placed Into Receivership
-----------------------------------------------
ch-aviation reports that Malaysia's sovereign wealth fund,
Khazanah, said Malaysian Airline System Berhad (MAS) was placed
into receivership on May 25 with Dato' Mohammad Faiz Azmi
appointed the firm's Administrator.

ch-aviation relates that the move is part of Khazanah's 12-point
strategy to revitalize ailing Malaysia Airlines (MH, Kuala Lumpur
Int'l) through its successor holding firm, Malaysia Airlines
Berhad (MAB), which will henceforth take on select MAS assets and
liabilities.  Only 70% of MAS' 20,000 existing employees will be
rehired into MAB with the remainder to be given access to the
company's Corporate Reskilling Centre, ch-aviation previously
reported.

"MAS continues to operate throughout the period up to and
including August 31, 2015, after which MAB will operate the
business of the airline from September 1, 2015 onwards," Khazanah
said in a statement, ch-aviation relays.

According to ch-aviation, Khazanah hopes to see MAB turn
profitable by 2017 with a potential relisting on the Kuala Lumpur
bourse planned for between late 2017 and late 2019.

ch-aviation, citing Reuters, says a new name and livery are likely
to be unveiled for Malaysia Airlines as early as this week.

                        *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
September 1 2014, The Associated Press said Malaysia Airlines will
cut 6,000 workers as part of a $1.9 billion overhaul announced on
August 29 to revive its damaged brand after being hit by double
passenger jet disasters.

Investigators have scoured the southern Indian Ocean for
Malaysia Airlines Flight 370, which veered far off course while en
route from Kuala Lumpur to Beijing on March 8 with 239 people on
board, said the report.  In July, 298 people were killed
when Flight 17 was blasted out of the sky as it flew over an area
of eastern Ukraine controlled by pro-Russian separatists.

These tragedies have scarred the airline's brand, once associated
with high-quality service, AP added.

Headquartered in Selangor, Malaysia, state-owned Malaysia Airlines
-- http://www.malaysiaairlines.com/-- engages in the business of
air transportation and the provision of related services.



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


SRI LANKA: Fitch Gives 'BB-(EXP)' Rating to US$ Denominated Bonds
-----------------------------------------------------------------
Fitch Ratings has assigned Sri Lanka's forthcoming US dollar
denominated bonds an expected rating of 'BB-(EXP)'.

KEY RATING DRIVERS

The expected rating is in line with Sri Lanka's Long-Term Foreign
Currency Issuer Default Rating (IDR) of 'BB-' with Stable Outlook.

RATING SENSITIVITIES

The rating would be sensitive to any changes in Sri Lanka's Long-
Term Foreign Currency IDR. On 22 April 2015, Fitch affirmed Sri
Lanka's Long-Term Foreign Currency IDR at 'BB-' with a Stable
Outlook. The Long-Term Local Currency IDR is also 'BB-' with
Stable Outlook.



                     *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
September 1 2014, The Associated Press said Malaysia Airlines will
cut 6,000 workers as part of a $1.9 billion overhaul announced on
August 29 to revive its damaged brand after being hit by double
passenger jet disasters.

Investigators have scoured the southern Indian Ocean for
Malaysia Airlines Flight 370, which veered far off course while en
route from Kuala Lumpur to Beijing on March 8 with 239 people on
board, said the report.  In July, 298 people were killed
when Flight 17 was blasted out of the sky as it flew over an area
of eastern Ukraine controlled by pro-Russian separatists.

These tragedies have scarred the airline's brand, once associated
with high-quality service, AP added.

Headquartered in Selangor, Malaysia, state-owned Malaysia Airlines
-- http://www.malaysiaairlines.com/-- engages in the business of
air transportation and the provision of related services.



                             *********

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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