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                      A S I A   P A C I F I C

            Tuesday, June 2, 2015, Vol. 18, No. 107


                            Headlines


A U S T R A L I A

ABIGAIL HOLDINGS: First Creditors' Meeting Slated For June 12
NEWCASTLE JETS: FFA Unlikely to Help Pay Creditors Under Deed
NOOSA FOOD: Placed Into Voluntary Administration
TIER 5: First Creditors' Meeting Set For June 10


C H I N A

KAISA GROUP: Bonds Rise Amid Speculation of Premium Offer
* Corporate Insolvency in China, Hong Kong Seen Rising This Year


I N D I A

AAKASH INFRA: ICRA Cuts Rating on INR27cr Term Loan to 'D'
ABHISHEK ISPAT: ICRA Assigns B+ Rating to INR7.0cr Term Loan
ACTION RETAIL: ICRA Reaffirms B+ Rating on INR7.40cr Loan
AGRI BEST: CRISIL Assigns B+ Rating to INR100MM Cash Credit
AIR INDIA: Seeks INR1,777 crore From Government

AL-FAS TRADING: CRISIL Assigns B+ Rating to INR35MM Cash Loan
ALAPATT JEWELS: ICRA Reaffirms 'B' Rating on INR5.50cr LT Loan
ALPHA DESIGN: CRISIL Puts B+ Rating on Notice of Withdrawal
ANTIQUE EXTRUSION: CARE Assigns B Rating to INR5.23cr LT Loan
ARAN KITCHEN: CRISIL Cuts Rating on INR60MM Cash Loan to 'D'

ASSOCIATED STEEL: Ind-Ra Assigns IND BB- LT Issuer Rating
ATTINKARA ELECTRONICS: CRISIL Assigns B Rating to INR40MM Loan
BHAVI INTERNATIONAL: ICRA Suspends 'C' Rating on INR2.5cr Loan
BIRESHWAR COLD: CRISIL Ups Rating on INR40MM Term Loan to B-
CHAMAK POLYMERS: ICRA Reaffirms 'B' Rating on INR4.0cr Cash Loan

CORK PRODUCTS: ICRA Suspends B- Rating on INR19cr Bank Loan
DEWA PROJECTS: CRISIL Reaffirms 'D' Rating on INR2.87BB Loan
DHANSHREE TEXTILE: ICRA Withdraws C+ Rating on INR2.92cr Loan
DUTTA BUILDER: Ind-Ra Assigns 'IND BB' LT Issuer Rating
ENEM NOSTRUM: Ind-Ra Affirms 'IND BB-' LT Issuer Rating

EURO INDIA: CRISIL Cuts Rating on INR144MM Term Loan to 'D'
GINI & JONY: ICRA Withdraws 'D' Rating on INR100cr LT Loan
GOEL AND ASSOCIATES: CRISIL Reaffirms B Rating on INR38MM Loan
GRACIA METALS: CRISIL Assigns B+ Rating to INR25MM Cash Credit
GSP INTERNATIONAL: ICRA Reaffirms 'B' Rating on INR20cr Cash Loan

INDIA INFRACON: CRISIL Reaffirms B+ Rating on INR10MM Cash Loan
INDRA TUBES: CARE Assigns B+ Rating to INR12.5cr LT Loan
INSTRUMENT TECHNOLOGIES: CRISIL Cuts Rating on INR35MM Loan to B
JALARAM ECO: ICRA Reaffirms 'B' Rating on INR2.25cr Cash Credit
JASSAR DENTAL: ICRA Cuts Rating on INR72.72cr Bank Loan to 'D'

KRISHI NUTRITION: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
LORD'S MARK: ICRA Assigns B+ Rating to INR14.50cr Cash Credit
M B RUBBER: CRISIL Reaffirms B+ Rating on INR157MM Cash Loan
M. M. YARNS: CRISIL Assigns B+ Rating to INR1.00BB Term Loan
MAA ASHISH: ICRA Suspends B+ Rating on INR19.25cr Proposed Loan

MAHASU PEAK: ICRA Suspends B/A4 Rating on INR9.5cr Bank Loan
MENDINE PHARMACEUTICALS: CRISIL Rates INR52.5MM Cash Loan at B+
MEGAMILES BEARING: ICRA Reaffirms B- Rating on INR5.3cr LT Loan
MOHAN GEMS: CRISIL Assigns 'C' Rating to INR2.25BB Term Loan
MPL CARS: CRISIL Reaffirms B+ Rating on INR250MM Funding Loan

PRAYAN ISPAT: CARE Assigns B+ Rating to INR5.09cr LT Bank Loan
RAI BAHADUR: Ind-Ra Suspends 'IND B' Rating on INR90MM Term Loan
RAJ ENTERPRISES: ICRA Suspends B+ Rating on INR7.5cr Loan
RBD INTERNATIONAL: CRISIL Cuts Rating on INR40MM Loan to B+
SAKETH AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR70MM Loan

SEVCON INDIA: CRISIL Assigns 'B' Rating to INR37.5MM Cash Loan
SHREE MAHALAXMI: CRISIL Ups Rating on INR110MM Cash Loan to B
SHREE NAKODA: ICRA Assigns B Rating to INR5.70cr Fund Based Loan
SHREE RAMA: CARE Puts 'D' Rating on INR75cr Loan on Credit Watch
SHRI TULSI: ICRA Assigns 'B+' Rating to INR5.0cr Fund Based Loan

SINGLA JEWELLERS: CRISIL Reaffirms B+ Rating on INR150MM Loan
SPRAY ENGINEERING: ICRA Reaffirms 'B' Rating on INR21cr Loan
SREE KUMAR: CRISIL Reaffirms B Rating on INR140MM Cash Loan
SRI ONKAR: CRISIL Assigns 'B' Rating to INR74MM Cash Loan
SUDHA BUSINESS: ICRA Suspends B+ Rating on INR0.79cr Term Loan

SUNBEAM ENTERPRISES: CRISIL Reaffirms B Rating on INR35.5MM Loan
SURYA METALLOYS: Ind-Ra Assigns 'IND B+' LT Issuer Rating
TATWA TECHNOLOGIES: ICRA Assigns C Rating to INR6.77cr Term Loan
TECHNO INDIA: ICRA Assigns 'C+' Rating to INR10cr Overdraft Loan
VANDANA TIMBER: ICRA Suspends 'B' Rating on INR2.0cr Cash Credit

VIJAYASREE FOODS: CRISIL Reaffirms B+ Rating on INR60MM Loan
* INDIA: Macquarie Sees Souring Restructured Loan as Ticking Bomb


I N D O N E S I A

PROFESIONAL TELEKOMUNIKASI: S&P Affirms BB+ CCR; Outlook Now Pos.


N E W  Z E A L A N D

NZ DESIGN: Goes Into Receivership


S O U T H  K O R E A

WOORI BANK: Fitch Raises Rating on Hybrid Securities to 'BB'
* SOUTH KOREA: State-Invested Firms to Undergo Restructuring


X X X X X X X X

* BOND PRICING: For the Week May 25 to May 29, 2015


                            - - - - -


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


ABIGAIL HOLDINGS: First Creditors' Meeting Slated For June 12
-------------------------------------------------------------
Peter George Burton of Burton Glenn Allen was appointed as
administrator of Abigail Holdings Pty Ltd on June 2, 2015.

A first meeting of the creditors of the Company will be held at
the office of Burton Glenn Allen, Chartered Accountants, Level 2,
57 Grosvenor Street, in Neutral Bay, New South Wales, on June 12,
2015, at 11:30 a.m.


NEWCASTLE JETS: FFA Unlikely to Help Pay Creditors Under Deed
-------------------------------------------------------------
Ian Kirkwood at The Newcastle Herald reports that Football
Federation Australia has said it is unlikely to put money into a
deed of company arrangement to help pay the millions of dollars
owed to Newcastle Jets' creditors.

According to the report, the association is instead expected to
pay the creditors it needs to pay, such as ground owner Venues NSW
and The Forum Sports and Aquatic Centre, where the players train
and recover.

The report relates that an updated list of Jets' creditors shows
debts of more than AUD23.7 million -- up from previous estimate of
AUD20 million -- including about AUD17 million to companies
associated with former Jets licence holder Nathan Tinkler.

The biggest non-related creditor is the tax office, which is owed
an estimated AUD2.9 million, with almost AUD795,000 listed in
unpaid superannuation guarantee payments, the report discloses.

The report says the Newcastle Knights are listed as being owed
AUD353,000, Venues NSW is owed AUD227,000 and former coach Phil
Stubbins is in the books for AUD107,000. The Forum is owed
AUD39,000.

Dozens of players are owed varying amounts, including AUD25,000 to
Ben Kantarovski and AUD23,000 to Ben Kennedy, the report relays.

The Newcastle Herald recalls that Mr Tinkler had agreed with
administrator James Shaw of insolvency firm Shaw Gidley not to
press for payment of any debts he was claiming from the club.

This agreement had been central to Mr Shaw's plan to encourage FFA
to put some of the money gained from an eventual sale of the Jets
licence to a pool to pay the club's mainly Hunter creditors, the
report states.

But in a letter to Mr Shaw, FFA chief operating officer John Kelly
said that "on the facts as it currently understands them is not
considering participating in a deed of company arrangement,"
according to the Newcastle Herald.

The report notes that Mr. Shaw had suggested the FFA use the
financing of the NRL team the Titans as a model, but Mr Kelly said
that was "an entirely different set of circumstances" and an
approach that was not appropriate for the Jets.

According to the report, Mr Kelly said the FFA would "of course
deal with" Mr Shaw as the administrator of Newcastle Jets Football
Operations Pty Ltd (Administrator Appointed) -- the company that
held the club's A-League licence.

But Mr Kelly wanted to make sure creditors did not think the
association was going to put any of the proceeds it may receive
from a new owner of a Newcastle A-League team into a deed, the
report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
May 25, 2015, Dissolve.com.au said Newcastle Jets Football
Operations Pty Ltd has been placed into administration. Shaw
Gidley's James Shaw has been appointed administrator of the
club.  The appointment will provide owner Nathan Tinkler more time
to finalise a sale of the club to Dundee United.

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


NOOSA FOOD: Placed Into Voluntary Administration
------------------------------------------------
SmartCompany reports that the parent company of an iconic Noosa
restaurant, which also owns and operates the major food and wine
festival in the region, has collapsed into voluntary
administration.

Noosa Food & Wine Events, owner of Berardo's Restaurant, appointed
John Cunningham and Paul Nogueira of Worrells Solvency and
Forensic Accountants on May 29, the report discloses.

Owner Jim Berardo has owned and operated Berardo's, a beachfront
restaurant in the popular holiday town, for 16 years before he was
forced to shut the doors on May 18 upon the appointment,
SmartCompany says.

It comes just weeks after the company's loss-making Noosa
International Food and Wine Festival closed for another year,
after celebrating Noosa's food and wine scene consecutively for 12
years, according to the report.

Administrator John Cunningham said while Berardo's had been
trading at a loss for several years, it was the unprofitable
festival that was the nail in the business' coffin.

"It was probably the festival that was the main catalyst," Mr.
Cunningham told Bloomberg News.

According to report, Mr. Cunningham said Noosa Food & Wine Events
suffered significant losses during the 2014 festival, due to low
attendance that was put down to poor weather and a soft economy.

"This year's festival only just concluded, and it also suffered
losses, but not to the extent of last year. It was a case of it
just not being able to continue," the report quotes
Mr. Cunningham as saying.

However, the Sunshine Coast Daily reported that local businesses
are rallying to save the ill-fated festival, SmartCompany relays.
Owner Jim Berardo penned a letter to the newspaper recognising the
economic impact of the event on Noosa.

"It is my desire that the Noosa International Food and Wine
Festival continues in 2016 and beyond," the report quotes
Mr. Berardo as saying.  "In 2015, nearly 40% of the visitors were
from interstate and overseas locations. The economic impact and
media coverage generated for the region has been outstanding."

Mr. Cunningham agreed the local economic contribution of the
festival is estimated to be millions of dollars annually.

Mr. Cunningham he expects Mr. Berardo to put forward a deed of
company arrangement for the business, SmartCompany relates.

"The restaurant itself is an institution here, so too is its
director," the report quotes Mr. Cunningham as saying.

Meanwhile, around a half dozen staff were stood down from the
restaurant on May 29, SmartCompany reports.

Mr. Cunningham said the Australian Tax Office is Noosa Food & Wine
Events' largest creditor, but more will become clear at the first
meeting of creditors, which is yet to be scheduled, adds
SmartCompany.


TIER 5: First Creditors' Meeting Set For June 10
------------------------------------------------
Christopher Robert Powell and Peter James Lanthois of KordaMentha
were appointed as administrators of Tier 5 Pty Ltd on May 28,
2015.

A first meeting of the creditors of the Company will be held at
the offices of KordaMentha, Level 4, 70 Pirie Street, in Adelaide,
South Australia, on June 10, 2015, at 10:30 a.m.



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


KAISA GROUP: Bonds Rise Amid Speculation of Premium Offer
---------------------------------------------------------
Christopher Langner and Lianting Tu at Bloomberg News report that
the defaulted bonds of Kaisa Group Holdings Ltd. rose as investors
speculated the developer will offer a premium over the market
price for the notes after Sunac China Holdings Ltd. walked away
from a deal to buy the troubled peer.

Kaisa's securities due 2018, on which it defaulted last month,
increased 0.4 cent on the dollar to 63.5 cents as of 11:43 a.m.
May 29, in Hong Kong for a third straight daily advance, Bloomberg
discloses. The Shenzhen-based builder will probably base any
restructuring offer on a 73 cent proposal Sunac had made,
Bloomberg relates citing one of Kaisa's noteholders, who asked not
to be identified because the details are private.

According to Bloomberg, investors are now focused on what Kaisa
Chairman Kwok Ying Shing, who returned to that role last month
after resigning in December, might do next. Six of the eight money
managers in Kaisa's offshore bondholder committee had agreed with
Sunac on a proposal that equated to about 73 cents on the dollar
in net present value terms for Kaisa's dollar debentures, people
familiar with the matter said earlier this month, Bloomberg
recalls.

"The offshore bondholders are expecting a better offer by Chairman
Kwok or another white knight coming to rescue Kaisa," Bloomberg
quotes Yin Chin Cheong, a credit analyst at independent research
firm CreditSights Inc. in Singapore, as saying.

Kaisa's 10.25 percent securities due 2020 climbed 0.4 cent to 63.5
cents, the report notes.

The developer needs to restructure some $10.5 billion equivalent
of interest bearing debt, including $2.5 billion of dollar notes.
Kwok told offshore bondholders earlier this month he may offer
them a better restructuring proposal than the one Sunac made,
people with knowledge of the matter said at the time, Bloomberg
relays.

Bloomberg reports that Moody's Investors Service changed the
outlook on its Ca rating of Kaisa to negative on May 28, saying
the termination of the proposed Sunac acquisition will weaken
repayment prospects for the homebuilder's creditors.

The bond's gain is counterintuitive given that Sunac's departure
from the agreement adds to uncertainty surrounding the repayment
of the notes, Charles Macgregor, head of Asian high-yield research
at independent research firm Lucror Analytics said on May 29 by e-
mail, Bloomberg relates.

                        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.


* Corporate Insolvency in China, Hong Kong Seen Rising This Year
----------------------------------------------------------------
The South China Morning Post reports that corporate insolvency is
expected to rise this year in the mainland and Hong Kong, with an
increasing number of companies struggling to protect margins from
late payments by customers.

Even as the economy continues to grow at a relatively good pace,
mainland firms are grappling with a state-driven shift in economic
structure, the report says. This would inevitably lead to
shrinking business opportunities in sectors such as construction,
cement and steel, pushing up defaults in these areas, SCMP relates
citing Dutch trade credit insurer Atradius.

In a recent report, it forecast a "moderate increase" in mainland
insolvency rate this year, the report relays.  According to the
report, Atradius' warning follows similar projections by
competitors Euler Hermes and Coface, whose research shows a high
level of receivables in arrears and rising bankruptcies. The three
companies command more than 80 per cent of the trade credit
insurance market. Trade credit insurers protect sellers from
payment defaults and other risks, the report states.

According to SCMP, Euler Hermes, part of Allianz, Europe's biggest
insurer, said it expects the official insolvency numbers to
increase 5 per cent this year after four years of steady decline.
The causes range from the clampdown on shadow banking and an
oversupplied property market to tighter fiscal discipline among
local governments. The insurer identified six major bankruptcy
cases last year on the mainland, totaling
EUR5 billion (HK$42 billion), the report relays.

SCMP notes that the official bankruptcy figure of 2,630 last year
masks the true picture of corporate health on the mainland, it
said. "Insolvency procedures in PRC jurisdiction are complicated
and expensive, so a significant number of Chinese enterprises find
alternative solutions to avoid filing for bankruptcy. The
[insolvency] trend may be worse in reality," Euler Hermes, as
cited by SCMP, said.

Hong Kong, in the midst of rocketing property prices and a
slackening retail sector, has had its own share of woes, the
report notes. Last year, the city recorded 9,945 cases of
bankruptcy and compulsory winding-up, the highest since 2010, when
the economy was stabilising in the aftermath of the 2008 financial
crisis, according to SCMP.

In the first quarter of this year, bankruptcies filed with the
Receiver's Office rose 21 per cent to 2,567, SCMP discloses.
"There are strong reasons to believe that the bankruptcy trend
will continue," the report quotes Mr. Tung as saying.

"The economy is showing flu-like symptoms. Property prices have
been soaring to record levels, like fever, while the retail market
is showing lacklustre momentum, like fatigue," he said, notes
SCMP.  "Small businesses hurt during the Occupy movement are still
hanging in there . . . the actual impact is just beginning to
show."



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I N D I A
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AAKASH INFRA: ICRA Cuts Rating on INR27cr Term Loan to 'D'
----------------------------------------------------------
The long term rating for INR27.00 crore fund based facilities of
Aakash Infra has been revised to [ICRA]D from [ICRA]BB- (Stable).

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits-      27.00       Downgraded to [ICRA]D
   Term Loans                          from [ICRA]BB-(Stable)

The rating revision takes into account Aakash Infra (AI)'s recent
delays in debt servicing and stressed liquidity position because
of inadequate equity infusion. ICRA also notes the highly geared
capital structure of the firm due to weak tangible net worth and
significant reliance on external borrowings. The rating also takes
into account project's exposure to refinancing risk on account of
high reliance on advances and sales proceedings for project
execution and debt servicing. Although, three projects (out of
four projects) are in advances stages of completion, one project
i.e. Aakash Evergreen is moderately exposed to execution risk as
65% of the total cost has been incurred till date. Besides, the
rating is also constrained by the risk associated with capital
withdrawals as inherent in the partnership firm and increasing
competition within the Surat real estate segment.

The rating, however favourably factors in the promoter's
experience in the real estate development, low regulatory risk
with respect to on-going projects and bookings achieved for the
projects (50% in Echo Point 41% in Evergreen, 60% in Earth and 76%
in East Point).

Aakash Infra was floated by Mr. Manish Patel, Mrs. Naynaben Patel,
Mr. Kisan Dipakbhai Patel, Mr. Samir Babubhai Patel and Mr.
Arvindbhai H. Mangukiya as the partners in the year 2010. The firm
is a flagship company of the Aakash Group. The group has already
constructed several projects viz. Aakash Infra include Aakash
Bhumu Apartment-2, Aakash Villa-1, Aakash Row House, Sankalp
Shopping Centre, Aakash Bunglow etc. The promoters in the firm
have an established track record in real estate development. As
present, there are four projects which are being executed under
Aakash Infra- Aakash Earth, Aakash East Point, Aakash Echo Point
and Aakash Evergreen.

Recent Results
AI recorded a net profit of INR0.35 crore on an operating income
of INR11.20 crore for the year ending March 31, 2014.


ABHISHEK ISPAT: ICRA Assigns B+ Rating to INR7.0cr Term Loan
------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to the INR7.00
crore fund based bank facilities of Abhishek Ispat Private
Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based limits-
   Term Loan              7.00       [ICRA]B+ Assigned

The rating takes into account AIPL's weak financial profile as
reflected by leveraged capital structure and moderate coverage
indicators. The ratings further incorporate the inherently low
profit margins due to limited value addition in the trading nature
of business and intense competition prevailing in the industry.
The rating also factor in the susceptibility of its profits to
adverse fluctuations in steel prices and forex rates. The rating
however draws comfort from the established presence of the company
in the steel trading business resulting in a long standing
relationship with the customers ensuring repeat orders.

Abhishek Ispat Private Limited (AIPL) was originally promoted by
Mr. Hari Om Garg and Mr. Ramesh Agarwal in 1997 at Surat.
Subsequently in 2001, AIPL was taken over by present promoters Mr.
Atul Mehta and Mrs. Rita Mehta. Currently it has 2 directors i.e.
Mr. Atul Mehta and Mrs. Rita Mehta.

The company is mainly engaged in the business of trading of iron
and steel products. The product profile mainly comprises of
trading and supplying Iron and Steel Plates Sheets, HR Coil, CR
Coil, HR Plates, Beam, Channel, Angel, Chequered plate, CTD (cold,
twisted and deformed) Bars, Round Bars, Square bars, Section and
other structured items of steel, etc. The company has its
registered office and manufacturing unit in Surat, Gujarat. The
company also has a warehouse at Mumbai.

Recent Results
AIPL recorded a net profit of INR0.19 crore on an operating income
of INR117.71 crore for the period ending March 31, 2014.


ACTION RETAIL: ICRA Reaffirms B+ Rating on INR7.40cr Loan
---------------------------------------------------------
ICRA has reaffirmed its long term rating on the INR7.40 crore fund
based working capital limits of Action Retail Ventures Private
Limited at [ICRA]B+.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund-based limits       7.40        Reaffirmed at [ICRA]B+

ICRA's rating reaffirmation takes into account the year-on-year
decline in ARVPL's operating income in FY15, on the back of a 5%
decline in FY14. The rating reaffirmation also takes into account
the operating losses reported by the company in FY14 with
operating margins standing at -0.61% in FY14 vis-…-vis 1.59% in
FY13, owing to the company discontinuing the sale of imported
shoes, as well as higher proportion of low margin products in the
sales mix. The rating also factors in the company's subdued debt
coverage indicators due to thin profitability. The rating also
takes into consideration the highly competitive nature of the
industry and raw material price volatility which exerts pressure
on its profitability. However, the rating continues to derive
comfort from ARVPL's long track record in the footwear business,
its experienced management, along with its established brand and
strong distribution network.

Going forward, the company's ability to scale up its operations
and attain a sustained improvement in its profitability will
remain the key rating sensitivities.

ARVPL is a part of the Mr. Hari Kishen Aggarwal faction within the
larger Action group that has been in the footwear business for
more than three decades. The company was incorporated in FY2006 to
serve as a retailing arm and buys footwear from the Delhi unit of
Nikhil Footwear Private Limited and thereafter sells it to
distributors.

Recent Results
In 2013-14, ARVPL reported an operating income (OI) of INR43.12
crore and a profit after tax (PAT) of INR0.30 crore, as against an
OI of INR45.43 crore and a PAT of INR0.00 crore in the previous
year.


AGRI BEST: CRISIL Assigns B+ Rating to INR100MM Cash Credit
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Agri Best India Pvt Ltd (ABIPL).

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          100       CRISIL B+/Stable
   Warehouse Receipts    70       CRISIL B+/Stable

The rating reflects ABIPL's moderate scale of operations in highly
fragmented dairy industry and average financial risk profile
marked by high gearing. These rating weaknesses are partially
offset by promoters' extensive industry experience and moderate
working capital management.
Outlook: Stable

CRISIL believes that ABIPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in scale or profitability leading to healthy accruals
or in case of improvement in capital structure leading to
improvement in financial risk profile. Conversely, the outlook may
be revised to 'Negative' in case the company's profitability or
revenue declines, resulting in low cash accruals or if it
undertakes any large debt-funded capital expenditure programme
leading to deterioration of its financial risk profile.

ABIPL was incorporated in September 2010 by Mr. Gopal Sharma and
Agri-Best International B. V (Holland). The company manufactures
and sells milk and by products like skimmed milk powder (SMP) and
ghee. The plant is located at Palwal (Haryana) with a capacity of
processing 3 lakh litres of milk per day (llpd). ABIPL sells all
the products under its own brand name called 'Agri-Best'.


AIR INDIA: Seeks INR1,777 crore From Government
-----------------------------------------------
The Times of India reports that Air India is facing a fund crunch
that threatens to adversely affect its turnaround plan, forcing
the airline to immediately seek INR1,777 crore from the
government. This shortage has been caused by three factors --
shortfall of INR720 crore in equity infusion last fiscal along
with the rupee's depreciation against the dollar and spiking of
oil price to $110 in that financial year.

"If AI does not get this amount from the government as equity
support, the same will have to be raised by taking loans at 10% to
11% from the market. The interest burden will throw off the
calculation of our financial restructuring (FRP) and turnaround
plan (TAP). This additional requirement arose from factors beyond
our control like the sharp increase in oil price at a time when
the rupee depreciated, and the shortfall in equity infusion," TOI
quotes a senior official as saying.

Last fiscal, AI was supposed to get equity infusion of INR6,500
crore but got INR5,780 crore -- a shortfall of INR720 crore, the
report notes. This is part of the about INR31,000 equity infusion
promised for AI by UPA till 2019-20, of which it has so far got
over INR18,000 crore, the report relays.

                        About Air India

Air India Ltd -- http://www.airindia.com/-- is the flag carrier
airline of India owned by Air India Limited (AIL), a Government of
India enterprise. The airline operates a fleet of Airbus and
Boeing aircraft serving various domestic and international
airports. It is headquartered at the Indian Airlines House in
New Delhi.

As reported in the Troubled Company Reporter-Asia Pacific on
March 28, 2014, The Times of India said Air India got a breather
in the form of INR1,000-crore equity infusion from the government
on March 26, 2014.  According to the report, the airline's
unending financial stress had got worse as the Centre had so far
given INR6,000 crore instead of the promised INR8,500 crore for
the fiscal. As a result, AI had to bridge this gap by borrowing
money from banks at 11%-12%, which increased its debt servicing
burden, the report said.  Before the infusion, the government had
injected INR12,200 crore into AI and there was a shortfall in
equity to the tune of INR3,574 crore -- despite the airline
meeting most of the milestone-linked equity targets -- leading to
a liquidity crunch, the report related.  TOI said the airline's
aircraft and working capital debt was INR26,033 crore and
INR21,125 crore respectively on December 31, 2013. The airline is
expected to lose INR3,990 crore this fiscal.

Air India has posted continuous losses since 2007, according to
The Economic Times.


AL-FAS TRADING: CRISIL Assigns B+ Rating to INR35MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Al-Fas Trading International Pvt Ltd.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            35       CRISIL B+/Stable

   Inland/Import
   Letter of Credit       20       CRISIL A4

The ratings reflect ATIPL's modest scale of operations in the
fragmented glass and plywood trading segment and the company's
below-average financial risk profile, marked by modest net worth
and high gearing. These rating weaknesses are partially offset by
the promoters' extensive industry experience.
Outlook: Stable

CRISIL believes that ATIPL will continue to benefit from the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company reports significant growth in
its revenue accompanied by improvement in profitability, resulting
in sizeable cash accruals, thereby improving its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
ATIPL's  revenue or profitability declines, or if its working
capital management  deteriorates, leading to weakening of its
financial risk profile, particularly its liquidity.

Set up in 2013, ATIPL is a dealer/distributor of medium density
fibre board (MDF), glass, and plywood. The company is based in
Trivandrum (Kerala) and the day-to-day operations are managed by
Mr. Shibhu Aboobacker.


ALAPATT JEWELS: ICRA Reaffirms 'B' Rating on INR5.50cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B outstanding on
the INR5.50 crore fund based facilities of Alapatt Jewels. ICRA
had earlier suspended the rating in July 2014 owing to non-
cooperation from the client. The suspension now stands revoked.

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

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

Alapatt Jewels is a partnership firm set up by Mr. Manuel Alapatt
in Cochin (Kerala) in 2000. The Firm is currently engaged in the
business of gold and diamond jewellery retailing and operates with
single retail showroom (~10,000 square feet area) located in
Cochin. Majority of the Firm's gold requirements are met through
melted gold obtained from exchange of old jewellery from
customers. Also, the Firm procures bullion from Bank of Nova
Scotia and outsources jewellery manufacturing to local goldsmiths.

Recent Results
AJ reported net profit of INR0.4 crore on an operating income of
INR10.7 crore during 2013-14 as against net profit of INR0.5 crore
on an operating income of INR12.2 crore during 2012-13.


ALPHA DESIGN: CRISIL Puts B+ Rating on Notice of Withdrawal
-----------------------------------------------------------
CRISIL has placed its ratings on the bank facilities of
Alpha Design Technologies Pvt Ltd (ADTPL) on 'Notice of
Withdrawal' for 60 days, at ADTPL's request and on receipt of a
no-objection certificate from the company's bank. The rating will
be withdrawn at the end of the notice period, in line with
CRISIL's policy on withdrawal of its bank loan ratings.

                      Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Bank Guarantee     201.4      CRISIL A4 (Notice of Withdrawal)

   Cash Credit        272.5      CRISIL B+/Stable (Notice of
                                 Withdrawal)

   Proposed Long Term   5.3      CRISIL B+/Stable (Notice of
   Bank Loan Facility            Withdrawal)

ADTPL was set up by retired Colonel H S Shankar in Bengaluru in
2003. Currently, 99.97 per cent of ADTPL's shares are held by
Vasaka Promoters and Developers Pvt Ltd (a special purpose vehicle
promoted by the Murugappa group and the Karvy group for investment
in the company), while the rest are held by Colonel H S Shankar.
The company designs, manufactures, and tests electronic,
electrical, optical, and telecommunications equipment for the
defence sector.


ANTIQUE EXTRUSION: CARE Assigns B Rating to INR5.23cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Antique
Extrusion Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.23      CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Antique Extrusion
Private Limited (AEPL) is primarily constrained on account of its
nascent stage of operations and its weak financial risk profile
marked by operating and cash losses, highly leveraged capital
structure, weak debt coverage indicators and liquidity position.
The rating is further constrained on account of its presence in
the highly competitive and fragmented aluminum panel industry and
susceptibility of margins to volatility in raw material prices.
The rating, however, takes comfort from the experience of the
promoters in related business through associate concerns.
The ability of AEPL to stabilize the operations with improvement
in profitability, capital structure & liquidity position along
with better working capital management are the key rating
sensitivities.

Ahmedabad-based (Gujarat) AEPL was established in the year 2013 as
a private limited company. AEPL is engaged in the manufacturing of
aluminium section & profile with an installed capacity of 1,300
metric ton per annum. AEPL is managed by experienced directors Mr
Bharat Rudani, Mr Sureshbhai Patel & Mr Gautam Patel. AEPL has
commenced commercial operations from February 2015 and in FY15 it
registered TOI of INR0.82 crore (Provisional).


ARAN KITCHEN: CRISIL Cuts Rating on INR60MM Cash Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Aran Kitchen World India Private Limited (AKWIPL) to 'CRISIL
D/CRISIL D' from 'CRISIL B/Stable/CRISIL A4'.

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

   Letter of Credit       40       CRISIL D (Downgraded from
                                   'CRISIL A4')

The rating downgrade reflects AKWIPL's continuously overdrawn
working capital limits because of its weak liquidity. The
company's liquidity has been weak because of stretched
receivables.

AKWIPL has large working capital requirements and modest scale of
operations in the intensely competitive modular kitchen industry.
However, the company benefits from its established brand, backed
by its joint venture (JV) partner Aran World SRL (AW), Italy, and
its promoters' extensive industry experience.

AKWIPL, incorporated in 2008, is a JV between AW and Bohra
Kitchens Pvt Ltd. AKIPL procures Italian modular kitchens from AW
and sells the products through its franchisees and owned retail
outlets in India. The company's day-to-day operations are managed
by Mr. Rajesh Bohra.


ASSOCIATED STEEL: Ind-Ra Assigns IND BB- LT Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Associated Steel
Industries (ASI) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable. The agency has also assigned the following
ratings to ASI's bank loans:

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long-term loans        26.75       assigned 'IND BB-'/Stable

   Fund-based facilities  70.00       assigned 'IND BB-'/Stable/
                                      'IND A4+'

KEY RATING DRIVERS

The ratings reflect ASI's small scale of operations and moderate
credit metrics. According to the provisional financials for FY15
(year end March), revenue was INR580 million (FY14: INR508
million) and EBITDA margins were around 6.6% (FY14: 5.9%). Net
leverage for FY15 is likely to be around 3.6x in FY15 (FY14: 4.6x)
and interest coverage 2.5x (1.2x), as indicated by management. The
ratings also factor in ASI's tight liquidity position with almost-
full utilisation of its fund-based facilities over the 12 months
ended April 2015.

The ratings benefit from the two-decade-long experience of ASI's
partners in the steel industry.

RATING SENSITIVITIES

Positive: Substantial growth in the top-line and an improvement in
the profitability leading to a sustained improvement in the credit
metrics will lead to a positive rating action.

Negative: A substantial decline in the profitability resulting in
sustained deterioration in the credit profile will lead to a
negative rating action.

COMPANY PROFILE

Set up in1988, ASI manufactures steel angles/bars/flat/stripes and
pipes mainly utilised in the construction industry. The company
has its manufacturing facility at Nagpur.


ATTINKARA ELECTRONICS: CRISIL Assigns B Rating to INR40MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Attinkara Electronics (AE).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            40       CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility     25       CRISIL B/Stable

The rating reflects AE's small scale of operations and below-
average financial risk profile, marked by a small net worth and
weak debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of the firm's
promoters in the Consumer durables and furniture trading industry.
Outlook: Stable

CRISIL believes that AE will continue to benefit over the medium
term from its diversified product portfolio and its long-standing
relationships with established brands. The outlook may be revised
to 'Positive' if the firm's financial risk profile improves backed
by significant increase in its scale of operations and
profitability, or large equity infusion. Conversely, the outlook
may be revised to 'Negative' in case of lengthening of AE's
working capital cycle, most likely because of inventory pile-up,
leading to pressure on its liquidity, or considerable debt-funded
capital expenditure to set up showrooms, weakening its capital
structure.

AE was formed as a partnership firm in 1991 by brothers Mr. S
Naushad and Mr. S Navas; Mr. S Navas left the firm and Mrs.
Sudheena Naushad joined the firm in 2013. The firm trades in
electronics consumer appliances and furniture.


BHAVI INTERNATIONAL: ICRA Suspends 'C' Rating on INR2.5cr Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]C rating assigned to the INR2.50 crore
long-term fund based limits and [ICRA]A4 rating assigned to
INR6.00 crore short-term fund based limits of Bhavi International
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Bhavi International Private Limited (BIPL) was started in 1993 by
Mr. Sukesh M. Shah and his brothers, Mr. Umesh Shah and Mr.
Shailesh Shah. The company is primarily engaged in merchant
exports and indenting activity in the dyes and chemicals industry.
The company not only does trading activity but also provides
technical support, indenting, sourcing and export facilities for
its clients. BIPL also acts as an indenting agent wherein it
enters into exclusive contracts with its customers (Chemical
Manufacturers and end-user customers) to provide the required raw
materials at the right price from reliable suppliers and in the
required quantities. The company is engaged in sourcing of
chemicals and dyes from domestic suppliers. BIPL not only provides
marketing services to some of the mid-sized domestic chemical
manufacturers but it also helps its customers to conduct quality
check for products, undertake supplier's plant audit, R&D related
infrastructural support, etc. In March 2014, the company has
changed its name from Bhavi International Limited to Bhavi
International Private Limited post its conversion to a private
limited company.


BIRESHWAR COLD: CRISIL Ups Rating on INR40MM Term Loan to B-
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Bireshwar Cold Storage Private Limited (BRCSPL) to 'CRISIL B-
/Stable' from 'CRISIL D'.

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

   Proposed Long Term     11.5     CRISIL B-/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')

   Term Loan              23.5     CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Working Capital Loan    7.1     CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Working Capital Term    6.4     CRISIL B-/Stable (Upgraded
   Loan                            from 'CRISIL D')

The rating upgrade reflects BRCSPL's timely servicing of its term
debt and seasonal cash credit facility over the six months through
March 2015.

The ratings reflect BRCSPL's weak financial risk profile, marked
by high gearing and weak debt protection metrics, and its exposure
to risks related to the highly regulated and intensely competitive
cold storage industry in West Bengal. These rating weaknesses are
partially offset by the extensive industry experience of the
company's promoters.
Outlook: Stable

CRISIL believes that BRCSPL will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' if the company registers a
substantial increase in its revenue and operating margin.
Conversely, the outlook may be revised to 'Negative' if BRCSPL
reports a decline in its revenue or operating margin, or if its
financial risk profile deteriorates significantly, most likely
because of large debt-funded capital expenditure or stretch in
working capital cycle.

BRCSPL, set up in 1974, provides cold-storage facilities to potato
farmers and traders. Its facilities are at Kotulpur in Bankura
district (West Bengal). The company is promoted by Mr. Taraknath
Pal. BRCSPL derives its revenue primarily from the rent it charges
to farmers. It also provides part funding to the farmers against
the stocks stored in its warehouse.


CHAMAK POLYMERS: ICRA Reaffirms 'B' Rating on INR4.0cr Cash Loan
----------------------------------------------------------------
The long term rating of [ICRA]B has been reaffirmed to the INR3.31
crore (reduced from INR3.48 crore) of term loan and INR4.00 crore
(enhanced from INR2.25 crore) of cash credit facilities of Chamak
Polymers Private Limited.  ICRA has also reaffirmed the short term
rating of [ICRA]A4 to the INR1.50 crore letter of credit facility
(sublimit of term loan and cash credit) of CPPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loan               3.31       [ICRA]B reaffirmed
   Cash Credit             4.00       [ICRA]B reaffirmed
   Letter of Credit        1.50       [ICRA]A4 reaffirmed

The reaffirmation of the ratings takes into account the highly
leveraged capital structure, small scale of operations of the
company and high dependence on single customer for future sales
growth, however reputed clientele and established relationship
mitigates the counter party credit risks to some extent. The
ratings are further constrained by the vulnerability of
profitability to volatility in raw material prices which is a
crude based derivative. ICRA further takes into consideration the
prohibitive freight costs which restricts the scale of operations
across the industry and results into a fragmented industry
structure.

The ratings, however, draw comfort from the established track
record of the promoters in the lime and paint industry, favourable
prospects for the domestic packaging industry and additions of
reputed clients across various industries provides revenue
visibility in the near to medium term.

Chamak Polymers Private Limited (CPPL) is engaged in the
manufacturing of expanded polystyrene (EPS)/ thermocol. The
company commissioned its EPS manufacturing plant in November 2011.
EPS is a thermoplastic compound and finds application in thermocol
false ceiling, industrial packaging of tiles, industrial materials
of different shapes and other fragile items, domestic packaging in
television boxes, air conditioner boxes and other electronic
items.

The company is a part of the 'Chamak' group based out of Gujarat,
which is involved in various businesses likes manufacturing of
lime products, paints, ceramics, glass and water jet machines.
CPPL is promoted by Mr. Chirag Patel and Mr. Ravi Patel and is a
closely-held company. Mr. Chirag Patel is a commerce graduate and
manages the day-to-day operations of the company while Mr. Ravi
Patel is a post-graduate in management and handles the marketing
activities of the company.

Recent Results
For the year ended 31st March 2015 (unaudited provisional
financials) the company reported an operating income of INR13.01
crore and profit before tax of INR1.04 crore as against operating
income of INR9.12 crore and profit after tax of INR0.63 crore for
the year ended 31st March 2014.


CORK PRODUCTS: ICRA Suspends B- Rating on INR19cr Bank Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B- rating for the INR19.0 Crore bank
facilities of Cork Products Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


DEWA PROJECTS: CRISIL Reaffirms 'D' Rating on INR2.87BB Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank loan facility of
Dewa Projects Private Limited (DPPL) continues to reflect its
delays in servicing debt, due to weak liquidity.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             2870      CRISIL D (Reaffirmed)

DPPL is also exposed to risks related to the completion and
saleability of its ongoing real estate residential project, Dewa
Pier 20, in Kochi (Kerala); and to cyclical demand in the Indian
real estate sector. However, the company benefits from the
experience of its promoters in the construction industry.

DPPL was established in April 2005. The company is constructing
residential apartments at Marine Drive, Kochi (Kerala). The total
project cost is expected to be over INR4.6 billion; the project is
in the early phase of construction. DPPL is promoted by Mr.
Venugopalan Nair, a Kuwait-based non-resident Indian.


DHANSHREE TEXTILE: ICRA Withdraws C+ Rating on INR2.92cr Loan
-------------------------------------------------------------
ICRA has withdrawn the [ICRA]C+ rating assigned to the INR2.92
crore term loans and INR5.50 crore long term fund based facilities
and [ICRA]A4 rating assigned to the INR2.71 crore short term non
fund based facilities of Dhanshree Textile Industries*, as the
notice period of three years since suspension of rating has
expired.


DUTTA BUILDER: Ind-Ra Assigns 'IND BB' LT Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Dutta Builder &
Developers Pvt Ltd (DBDPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable. The agency has also assigned the following
ratings to DBDPL's bank loans:

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long-term loan        20        'IND BB-'/Stable

   Proposed long-term   130        'Provisional IND BB-'/Stable
   loan

KEY RATING DRIVERS

The ratings reflect DBDPL's limited track record of seven years in
the real estate sector along with the execution risk for the on-
going residential project as only 40.31% of the total construction
has been completed. The ratings also factor in the company's
advance booking of INR327.51 million till end-March 2015, which is
only 48.51% of the total project cost.

The ratings also consider the promoter's experience of close to a
decade in the real estate sector and the project's strategic
location in an industrial area.

RATING SENSITIVITIES

Positive: The timely completion of the project within the
projected cost outlay will be positive for the ratings.
Negative: Any slowing down in bookings leading to a cash flow
shortfall will be negative for the ratings.


ENEM NOSTRUM: Ind-Ra Affirms 'IND BB-' LT Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Enem Nostrum
Remedies Pvt Ltd's (ENRPL) Long-Term Issuer Rating at 'IND BB-'.
The Outlook is Stable. The agency has also affirmed ENRPL's
following bank loans:

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term loans          273.5       Affirmed at 'IND BB-'/Stable
                                  (reduced from 319.7)

   Fund-based           60.0       Affirmed at 'IND BB-'/Stable
   cash credit limits

   Non-fund-based bank   2.5       Affirmed at 'IND A4+'
   guarantee

KEY RATING DRIVERS

The affirmation reflects ENRPL's continued small scale of
operations with revenue of INR238.1 million in FY14 (FY13:
INR201.2 million) and stretched liquidity profile led by a long
net working capital cycle. The cash conversion cycle was 320 days
in FY14 (FY13: 241 days) on high receivables of 369 days (270
days). However, the net working capital cycle is likely to have
improved in FY15 due to reduced receivables of 108 days in FY15.
ENRPL's working capital utilisation has been near-full which
necessitated additional bank support in the form of ad-hoc
facilities twice during the 12 months ended March 2015.

ENRPL's credit metrics weakened during FY14 and FY15 due to the
on-going capex, in line with Ind-Ra's expectations. The unaudited
financials for FY15 indicate EBITDA interest coverage of 2.2x
(FY14: 3.7x; FY13: 5.7x), net leverage (total adjusted net
debt/operating EBITDA) of 4.7x (3.8x; 2.3x) and EBITDA margins of
47.9% (47.6%; 33.9%).

The ratings also factor in the diversification in ENRPL's customer
profile, with the revenue contribution of its parent Nostrum
Pharmaceutical LLC reducing to 37.1% in FY14 from 76.2% in FY13.

The ratings continue to factor in ENRPL's strong research and
development contract pipeline from its parent which provides
revenue visibility for the next two-to-three years and 20 years'
experience of ENRPL's founders in pharmaceutical formulation
research and development.

RATING SENSITIVITIES

Negative: Future developments that could lead to a negative rating
action include sustained deterioration in the operating
profitability or increase in the liquidity pressure due to higher
debtor days.

Positive: Future developments that could lead to a positive rating
action include a significant increase in the revenue and operating
profitability resulting in improved credit metrics.

COMPANY PROFILE

Incorporated in 2002, ENRPL is a research and development firm
specialising in the formulation of novel drug delivery systems for
oral solid dosage forms. Nostrum Pharmaceutical established ENRPL
to support its research activities from concept to regulatory
filing for the US regulated markets.


EURO INDIA: CRISIL Cuts Rating on INR144MM Term Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Euro India Fresh Foods Private Limited (Euro) to 'CRISIL D/CRISIL
D' from 'CRISIL B+/Stable/CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        5         CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit         117.5       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Proposed Long Term   83.5       CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B+/Stable')

   Term Loan           144         CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The rating downgrade reflects instances of delays in servicing
term debt over the last few months. The delays were because of the
company's weak liquidity, driven by low cash accruals and high
inventory levels.

Euro, incorporated in 2008-09 (refers to financial year, April 1
to March 31), manufactures potato chips, fried extruded snacks,
salted snacks (namkeen), mineral water, and core filling snacks,
at its plant in Surat (Gujarat). The company sells its products
under the brand names Euro Spa for mineral water and Euro for
other products. It is managed by Mr. Dinesh Sanspara.

Euro reported a profit after tax of INR0.2 million on net sales of
INR477.4 million for 2013-14; it had reported a net loss of INR1.7
million on net sales of INR118.0 million for 2012-13.


GINI & JONY: ICRA Withdraws 'D' Rating on INR100cr LT Loan
----------------------------------------------------------
ICRA has withdrawn the [ICRA]D rating assigned to the INR25.44
crore term loans, INR100.00 crore long term fund based facilities
and [ICRA]D rating assigned to the INR5.22 crore short-term fund
based facilities and INR10.50 crore short term non-fund based of
Gini & Jony Limited, as the notice period of three years since
suspension of rating has expired.


GOEL AND ASSOCIATES: CRISIL Reaffirms B Rating on INR38MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Goel and Associates
(Goel) continue to reflect its modest scale of operations, and
geographical and customer concentration in its revenue profile.
These rating weaknesses are partially offset by Goel's moderate
financial risk profile marked by average debt protection metrics,
the extensive experience of its promoters in the construction
industry, and its moderate order book.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        30        CRISIL A4 (Reaffirmed)
   Cash Credit           38        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    12        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Goel will continue to benefit over the medium
term from its promoters' extensive industry experience and its
moderate order book. The outlook may be revised to 'Positive' if
the firm scales up its operations significantly, while maintaining
its profitability leading to better-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' if Goel's
financial risk profile deteriorates most likely caused by capital
withdrawals, increase in working capital requirements, or large
debt-funded capital expenditure.

Update
The firm is estimated to report operating income of about INR220
million to INR250 million during 2014-15 as against INR200 million
during 2013-14. It is estimated to report operating margin of 5 to
6 per cent during 2014-15. The company's gross current assets
(GCAs) are estimated to be more than 200 days as on March 31, 2015
on account of high deposit to be maintained by the firm as a
security deposit at the time of bidding for tenders. The firm
continues to have moderate financial risk profile marked by
comfortable gearing and average debt protection metrics, but
constrained by modest net worth. It is estimated to report a net
worth of INR65 million to INR70 million and a gearing of 0.6 to
0.8 times as on March 31, 2015. Its interest coverage and net cash
accruals to total debt ratios are estimated at more than 2 times
and 20 to 25 per cent for 2014-15.

Goel's net cash accruals of INR10 million to INR12 million is
expected to be sufficient to repay its term debt obligations of
INR2 million to INR3 million during 2014-15. Its bank line of
INR38 million is highly utilised at an average 95 per cent over
the nine months ended December 2014. However, to support the
working capital requirements, the promoter has infused capital of
INR14 million to INR15 million during 2013-14.

Goel is a partnership firm formed in 1995 by Mr. Navin Goel and
his father Mr. R C Goel; currently, there are three partners in
the firm. It undertakes civil construction activities such as
construction of housing complexes in Chhattisgarh. It is a
registered contractor with Chhattisgarh Public Works Department
and Chhattisgarh Housing Board. The firm also constructs hospitals
with HSCC (India) Ltd, a consultancy of Government of India.


GRACIA METALS: CRISIL Assigns B+ Rating to INR25MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Gracia Metals Private Limited (GMPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              15       CRISIL B+/Stable
   Letter of Credit       10       CRISIL A4
   Cash Credit            25       CRISIL B+/Stable
   Letter Of Guarantee     5       CRISIL A4

The ratings reflect GMPL's modest scale of and working-capital-
intensive operations in the competitive cable manufacturing
segment and its small net worth. These rating weaknesses are
partially offset by the promoters' extensive experience in the
copper trading and cables industry.

For arriving at the ratings, CRISIL has treated nominal interest-
bearing unsecured loans of INR16.5 million that GMPL has received
from its promoters and their friends and families as neither debt
nor equity; this is because these loans would remain in the
business over the medium term, until the currency of the bank
borrowings.
Outlook: Stable

CRISIL believes that GMPL will benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if there is significant and sustained improvement in
the company's revenue and cash accruals. Conversely, the outlook
may be revised to 'Negative' if its financial risk profile,
particularly liquidity, weakens because of low cash accruals or
sizable working capital cycle or any unanticipated, large debt-
funded capital expenditure.

GMPL was incorporated in May 2013 by Mr. Mahendra Jain and Mr.
Manohar Jain. GMPL, an ISO 9001:2008 company, manufactures various
types of wires and cables. The company's manufacturing facilities
are located at Talasari (Maharashtra) and its commercial
operations commenced in May 2014.


GSP INTERNATIONAL: ICRA Reaffirms 'B' Rating on INR20cr Cash Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR20.00
crore fund based bank facility of GSP International at [ICRA]B.
ICRA has also reaffirmed the short-term rating of [ICRA]A4 to the
INR25.00 crore non-fund based bank facility of the firm.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term Fund Based
   Limit-Cash Credit       20.00      [ICRA]B Reaffirmed

   Short Term Non Fund
   Based Limit-Letter
   of Credit               25.00      [ICRA]A4 Reaffirmed

The rating reaffirmation reflects the weak financial profile which
is characterized by a drop in operating income in 2013-14,
stressed capital structure and weak coverage indicators. The
ratings also consider the vulnerability of the firm's
profitability to foreign exchange fluctuations, fluctuations in
steel scrap prices as well as competitive pressure in the
industry. Further, GSP is a proprietorship firm and any
significant withdrawals from the capital account would affect its
capital structure. ICRA also notes that GSP has lent significant
amount of funds to associated firms on which limited information
is available to ICRA, which impact its financial flexibility.
The ratings also continue to favorably factor in the established
track record of the promoter in the ferrous and non-ferrous metal
scrap industry as well as GSP's improvement in profit margins and
the decrease in gearing levels following infusion of capital,
although the gearing is still high in absolute terms.

GSP International, incorporated in the year 1997 as a
proprietorship concern by Mr. Arun Jain is engaged in the trading
of ferrous and non-ferrous scrap items. The firm has its warehouse
at Navi Mumbai and its registered office at Mumbai.

Recent Results
For the eleven months ended February 28, 2015, the firm recorded a
pre-tax profit of INR3.52 crore on an operating income of INR64.18
crore (Provisional numbers).


INDIA INFRACON: CRISIL Reaffirms B+ Rating on INR10MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of India Infracon Pvt Ltd
(IIPL) continue to reflect IIPL's limited track record of
operations and the customer concentration in its revenue.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       110        CRISIL A4 (Reaffirmed)
   Cash Credit           10        CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by IIPL's moderate
financial risk profile marked by moderate capital structure and
debt protection measures.
Outlook: Stable

CRISIL believes that IIPL will benefit over the medium term from
its promoters' support in the form of unsecured loans and equity
infusion. The outlook may be revised to 'Positive' in case of
significant increase in IIPL's scale of operations and
profitability, leading to substantial cash accruals. Conversely,
the outlook may be revised to 'Negative' in case of low
profitability or large working capital requirements, weakening its
financial risk profile.

Incorporated in 2010, IIPL is engaged in civil and road
construction activities. The company is promoted by Mr. Apurve
Goel and Ms. Vandana Goel.


INDRA TUBES: CARE Assigns B+ Rating to INR12.5cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Indra
Tubes Pvt. Ltd.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      12.5      CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Indra Tubes Pvt.
Ltd. (ITPL) is primarily constrained by its small scale of
operations coupled with thin profitability margins in the highly
fragmented and competitive iron & steel industry, leveraged
capital structure, vulnerability to risk of fluctuations in
trading product prices and working capital-intensive nature of
operations.

The rating, however, favourably takes into account long-standing
experience of the promoters in the iron & steel industry and
steady growth in the total operating income during the last 3
years (FY12-FY14 [refers to the period April 1 to March 31]).
Going forward, ITPL's ability to grow its scale of operations with
simultaneous improvement in profitability margins and effective
working capital management would be the key rating sensitivities.

ITPL was incorporated in July 2009 by Mr Sharad Gupta & his wife
Mrs Sheetal Gupta based out of New Delhi. The company is engaged
in the trading of Mild Steel Pipes, Galvanised Iron (GI) Pipes &
Fittings, PVC pipes & fittings. The company procures trading
products from Haryana, Maharashtra and Uttar Pradesh. ITPL sells
its products to various industries covering engineering,
automobile, constructions and other retailers primarily in Delhi
and Uttar Pradesh.

In FY14, the company achieved a total operating income of INR44.1
crore and PAT of INR0.1 crore as against a total operating income
of INR37.1 crore and PAT of INR0.1 crore in FY13. Furthermore, as
per the provisional M9FY15, the company has maintained to have
achieved total operating income of INR44.5 crore.


INSTRUMENT TECHNOLOGIES: CRISIL Cuts Rating on INR35MM Loan to B
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Instrument Technologies (INST) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            35       CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Long Term Loan         20       CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The rating downgrade reflects deterioration in INSTs business risk
profile, marked by a year-on-year decline of 18 per cent in its
revenues, estimated at INR140 million for 2014-15 (refers to
financial year, April 1 to March 31. INST's operating performance
is expected to remain modest over the medium term, given the slow
order inflows from various government agencies in Andhra Pradesh.
The rating downgrade also factors in INST's stretched liquidity,
marked by its modest cash accruals and fully utilised bank lines.
This coupled with a modest net worth has led to INST's below-
average financial risk profile, marked by modest capital structure
and low networth.

The rating continues to reflect INST's working capital intensive
nature of operations, its below-average financial risk profile
marked by high gearing and the modest scale of its operations.
These rating weaknesses are partially offset by extensive industry
experience of the promoters and its established relationship with
its customers and suppliers.
Outlook: Stable

CRISIL believes that INST will continue to benefit from the
extensive industry experience of its promoters. The outlook may be
revised to 'Positive' in case firm's scale of operations improve
while sustaining its profitability leading to higher than expected
cash accruals or infusion of fresh funds by promoters resulting in
improvement of its financial risk profile. Conversely the outlook
may be revised to 'Negative' in case firm's financial risk profile
and liquidity deteriorates because of larger-than-expected working
capital requirements, or deterioration in profitability or the
firm undertakes any large additional debt funded capex.

Promoted by N.S.S.N Raju as a partnership firm, INST is engaged in
developing software products, providing installation and
maintenance support for electrical and electronic equipment's for
government agencies and private organizations. The firm was formed
in the year 2001 and is based out of Visakhapatnam, Andhra
Pradesh.


JALARAM ECO: ICRA Reaffirms 'B' Rating on INR2.25cr Cash Credit
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
the INR2.25 crore cash credit facility, INR2.04 crore term loans
(reduced from INR3.65 crore) and INR1.61 crore (earlier nil)
unallocated limits of Jalaram Eco Fabric Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit Limits      2.25        [ICRA]B reaffirmed
   Term Loan               2.04        [ICRA]B reaffirmed
   Unallocated Limits      1.61        [ICRA]B reaffirmed

The rating continues to remain constrained by JEFPL's small scale
and limited track record of operations; the slow ramp up of
revenues; and the company's weak financial risk profile
characterized by low profitability, high gearing levels and weak
debt protection metrics. The rating further takes into account the
intense competitive pressures from both organized and unorganized
players, the company's low bargaining power with suppliers and
vulnerability of its profitability to adverse fluctuations in raw
material prices.

The rating, however, takes comfort from the favorable demand
prospects for non-woven fabrics because of their multiple
applications as well as their technical and operational
superiority over traditional textiles.

Incorporated in the year 2011, Jalaram Eco Fabric Private Limited
(JEFPL) is engaged in the manufacturing of Polypropylene (PP) non-
woven fabrics. The company's manufacturing facility is located at
Harsol in Gujarat and has a production capacity of about 2400 MTPA
of non woven fabric. The company commenced commercial production
from December 2012.

Recent Result
For the year ended March 31, 2014, the company reported an
operating income of INR8.27 crore and profit after tax of INR0.07
crore as against an operating income of INR0.92 crore and net loss
of INR0.26 crore for the financial year FY2013. For the year ended
March 31, 2015 (as per the provisional financials), JEFPL has
reported an operating income of INR9.33 crore.


JASSAR DENTAL: ICRA Cuts Rating on INR72.72cr Bank Loan to 'D'
--------------------------------------------------------------
ICRA has revised the long-term rating assigned earlier to the
INR72.72 crore fund-based bank facilities and INR12.00 crore non-
fund based bank facilities of Jassar Dental Medical Education
Health Foundation to [ICRA]D from [ICRA]BB with a stable outlook
earlier. Further, ICRA has also revised the short-term rating
assigned earlier to the INR27.68 crore fund-based bank facilities
of JDMEHF to [ICRA]D from [ICRA]A4+ earlier.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based bank
   facilities               72.72       [ICRA]D; downgraded

   Non-fund based bank
   Facilities               12.00       [ICRA]D; downgraded

   Fund Based bank
   facilities               27.68       [ICRA]D; downgraded


The revision in ratings factors in the irregularities observed in
debt-servicing by the society, owing to significant delays
experienced in obtaining final MCI-clearance for its medical
college project. With no cash flows being generated by the medical
college and cash flows from existing operations being inadequate
for servicing increased debt levels (availed for setting up
medical college), the society faced liquidity issues resulting in
delays in debt-servicing. This was despite the society getting its
loans rescheduled during 2013-14, which had extended moratorium
period by one year vis-a-vis the initial sanction terms. Further,
the society is unlikely to get MCI approval for the upcoming
academic session (AY 2015-16) and hence will be required to
mobilize additional funds for meeting its debt servicing
obligations.

In ICRA's view, the society's ability to regularize its debt
servicing and obtain MCI approval for its medical college will be
the key rating sensitivities.

Incorporated in 1997, Jassar Dental Medical Education Health
Foundation (JDMEHF) is a registered society which offers courses
across dental studies (BDS, MDS and DH), nursing (GNM) and
engineering (B.Tech) streams through its three colleges based out
of Modinagar (Uttar Pradesh). Besides the above, the society also
runs a 300 bedded general hospital in the campus.

The society has set up a Medical college in the adjacent campus,
with an annual intake of 150 students. The Medical College is
currently awaiting MCI approval. Basic infrastructure required for
conducting first two years of MBBS course, is already in place. In
addition to the medical college, the society is also undertaking
capital expenditure on a 700-bedded hospital (capacity being
expanded from 300 beds earlier) in order to comply with the MCI
Norms. The operations of the society are being looked after by Mr.
A.S. Jassar, who has been engaged in the education sector for more
than a decade.

Recent Results
For the twelve-month period ending 31st March 2014, the society
reported a net surplus of INR6.08 crore on revenue receipts of
INR28.52 crore as against a net surplus of INR6.18 crore on
revenue receipts of INR27.64 crore during FY13.


KRISHI NUTRITION: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Krishi Nutrition
Company Private Limited (KNCPL) a Long-Term Issuer Rating of 'IND
BB-'. The Outlook is Stable. The agency has also assigned ratings
to KNCPL's bank facilities as follows:

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
  Long-term loans        128        IND BB-'/Stable
  Fund-based working
  capital limits          85        IND BB-'/Stable

KEY RATING DRIVERS

KNCPL's ratings are constrained by its limited operational track
record, as it started commercial operations from November 2013
only. The ratings also reflect the company's low operating margins
(FY14: 0.2%) as it entirely depends upon outsourcing for
manufacturing animal feed products. KNCPL is setting up its own
120,000mtpa animal feed manufacturing plant near Erode, Tamil
Nadu. The manufacturing unit will cost INR175.01 million which
will be financed through promoter's fund and term loan of INR47.01
and INR128 million, respectively.

The ratings reflect KNCPL's moderate scale of operations with
revenue of INR485 million in FY14. Credit profile is comfortable
due to absence of any external debt. The ratings also factor in
KNCPL's comfortable liquidity as reflected by its 34% average
working capital limit utilisation during the 12 months ended April
2015.

The ratings are supported by over two decades of experience of
KNCPL's directors in the same line of business.

RATING SENSITIVITIES

Positive: Successful completion of the manufacturing plant leading
to improvements in the EBITDA margins will lead to a positive
rating action.

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

COMPANY PROFILE

Incorporated in 2013, KNCPL manufactures animal feed through an
outsourcing arrangement with five units in Tamil Nadu and one in
Karnataka.


LORD'S MARK: ICRA Assigns B+ Rating to INR14.50cr Cash Credit
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR18.01
crore fund based bank facilities and a long-term/short-term rating
of [ICRA]B+/[ICRA]A4 to the INR1.99 crore unallocated limits of
Lord's Mark Industries Pvt. Ltd.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limit-
   Cash Credit             14.50      [ICRA]B+ assigned

   Fund based limit-
   Term loan                3.51      [ICRA]B+ assigned

   Unallocated limits       1.99      [ICRA]B+/[ICRA]A4 assigned

The assigned rating takes into account the long standing
experience of the promoters for over two decades in the paper
industry, the company's reputed customer base and the healthy
growth in operating income over the years.
The rating is however constrained by the stretched liquidity
profile of the company as evidenced from high utilization of
working capital facilities on account of high receivable and
inventory days, the company's weak financial profile with low
profitability margins, high gearing levels and modest coverage
indicators. . The ratings are further constrained due to
vulnerability of the profitability margins to any adverse
fluctuations in prices of key raw materials i.e. raw paper and
intense competitive pressures.

Incorporated in 1998, Lord's Mark Industries Pvt. Ltd. is engaged
in manufacturing and supply of computer paper stationery and
office stationery. The company's product portfolio includes
Computer Continuous Paper Stationery, Bar Code Labels Tax & Excise
Invoices, Challans, Shares Certificate, Pay Slips, Printable
Vouchers, Lorry Receipt, Carbonless paper, ATM Paper Roll and
Invoice. The company has a manufacturing facility located in
Vasai, Thane with total annual installed capacity of 6084 MT. The
company also has leased warehouses at Gwalior, Delhi, Bhiwandi
(Maharashtra) for storage and distribution of its products. The
company is registered with Directorate General of Supplies and
Disposals (DGS&D).

For FY2014, the company reported an operating income (OI) of
INR70.96 crore and profit after tax (PAT) of INR0.70 crore, as
against an OI of INR50.82 crore and PAT of INR0.52 crore in
FY2013. For FY2015, the company reported an OI of INR74.83 crore
and PAT of INR0.72 crore (provisional).


M B RUBBER: CRISIL Reaffirms B+ Rating on INR157MM Cash Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of M B Rubber Pvt Ltd
(MBR) continue to reflect the company's small scale of operations,
weak financial risk profile marked by high gearing, and large
working capital requirements. These rating weaknesses are
partially offset by the extensive experience of MBR's promoters in
the footwear industry and its established marketing network.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee       30        CRISIL A4 (Reaffirmed)
   Cash Credit         157        CRISIL B+/Negative (Reaffirmed)
   Letter of Credit     20        CRISIL A4 (Reaffirmed)

Outlook: Negative

CRISIL believes that MBR's liquidity will remain constrained over
the medium term due to its increasing working capital requirements
and moderate cash accruals. Consequently, the company's gearing is
expected to remain high over the medium term. The outlook may be
revised to 'Stable' if MBR's financial risk profile improves, most
likely because of significantly high profitability or equity
infusion by promoters. Conversely, the rating may be downgraded if
MBR's financial risk profile deteriorates, most likely because of
sizeable working capital requirements or debt-funded capital
expenditure.

Incorporated in 1988, MBR manufactures a wide variety of footwear
including rubber, canvas wear, and hawai slippers. The company is
a major supplier of footwear, raincoats, and ground sheets to
defence, paramilitary forces, and the Indian Railways. MBR's plant
in Sahibabad (Uttar Pradesh) has capacity to manufacture 0.4
million pairs of footwear per month.


M. M. YARNS: CRISIL Assigns B+ Rating to INR1.00BB Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of M. M. Yarns Pvt Ltd (MMYPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             1008      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     130      CRISIL B+/Stable
   Bank Guarantee          50      CRISIL A4
   Cash Credit            200      CRISIL B+/Stable

The ratings reflect MMYPL's nascent phase of operations in the
highly competitive cotton spinning industry and the company's
average capital structure. These rating weaknesses are partially
offset by the extensive experience of MMYPL's promoters in the
cotton industry and the proximity of its manufacturing facilities
to raw material and labour sources.
Outlook: Stable

CRISIL believes that MMYPL will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' if the company stabilises its
operations earlier than expected, leading to healthy accruals and
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if MMYPL's operating margin is low,
or if it undertakes a sizeable debt-funded expansion project, or
if its working capital management weakens, thereby weakening its
financial risk profile.
About the Company

MMYPL, a Rajkot (Gujarat)-based company, was incorporated in June
2014 to set up a cotton yarn manufacturing facility in Rajkot. The
company is owned and managed by Mr. Bharat Boghara, Mr. Rameshbhai
Hirpara, and Mr. Amitkumar Patel.


MAA ASHISH: ICRA Suspends B+ Rating on INR19.25cr Proposed Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR8.00 crore cash credit fund based facilities and INR19.25
crore proposed facilities of Maa Ashish Textile Industries Private
Limited.

ICRA has also suspended the short term rating of [ICRA]A4
(pronounced ICRA A four) assigned to the INR0.25 crore short term
fund based (sub-limit of cash credit facilities) and INR0.75 crore
non-fund based facilities of MATIP. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Maa Ashish Textile Industries Private Limited jointly promoted by
Mr. Bajranglal Bazari & Mr. Gopal B. Agarwal was incorporated on
22nd January 1999. The company is primarily engaged in the
business of manufacturing twisted yarn and knitted greige fabrics
with operations backward integrated into manufacturing texturised
yarn. The company has its registered office in Kalbadevi, Mumbai
and two manufacturing units at Silvasaa in Dadra & Nagarhaveli.


MAHASU PEAK: ICRA Suspends B/A4 Rating on INR9.5cr Bank Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B and short term
rating of [ICRA]A4 for the INR9.5 Crore bank facilities of Mahasu
Peak Resorts & Recreations Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


MENDINE PHARMACEUTICALS: CRISIL Rates INR52.5MM Cash Loan at B+
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Mendine Pharmaceuticals Pvt Ltd (MPPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          52.5       CRISIL B+/Stable

The rating reflects MPPL's modest scale of operations in the
highly fragmented pharmaceutical industry, and the company's weak
financial profile, marked by high gearing. These rating weaknesses
are partially offset by the extensive industry experience of
MPPL's promoters in the pharmaceutical business.
Outlook: Stable

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

MPPL was originally set up in 1932 as proprietorship firm, which
was reconstituted as a private limited company with the current
name in 1975. The company manufactures and markets pharmaceutical
formulations under its own brand name, Mendine. It is promoted by
Kolkata-based Mr. Probhas Bondhu Chakraborty.


MEGAMILES BEARING: ICRA Reaffirms B- Rating on INR5.3cr LT Loan
---------------------------------------------------------------
ICRA has re-affirmed the long-term rating assigned to the INR5.3
crore fund based limits of Megamiles Bearing Cups Private Limited
at [ICRA]B-. ICRA has also re-affirmed the short-term rating
assigned to the INR1.5 crore non-fund based limits of the company
at [ICRA]A4.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term Fund Based     5.3        [ICRA]B- (Re-affirmed)
   Short Term Non Fund
   Based                    1.5        [ICRA]A4(Re-affirmed)

The ratings re-affirmation reflects the company's small scale of
operations, its exposure to the cyclicality of the domestic
automotive industry (especially the commercial vehicle segment
which it predominantly supplies to) and high customer
concentration risk with over 90% of its revenues being derived
from its top two customers. The ratings are further constrained
due to the weak financial profile characterized by a stretched
liquidity position, high gearing and inadequate coverage
indicators. Furthermore, the intense competition in the auto
ancillary business along with low product differentiation, limited
pricing flexibility and exposure to adverse raw material price
movements, put pressure on the margins. The assigned ratings also
factor in the company's exposure to adverse currency movements,
since a sizable share of its revenues (~50%) are generated from
exports.

The ratings, however, take comfort from MBCPL's sustained revenue
growth, despite a sluggish domestic automotive industry, owning to
an increase in export volumes. The ratings also factor in the
strong relationship with existing clients such as Spicer, Ashok
Leyland and the addition of overseas customer, Dana, providing
sizable business. The ratings continue to positively factor in the
strong technical background and industry experience of the
promoters. The ratings also take comfort from the company's
current order book (Rs. 26.25 crore as on January 31, 2015)
providing visibility to revenues in the near term.

Incorporated in 1990, Megamiles Bearing Cups Private Limited
(MBCPL) is engaged in manufacturing cold forged and CNC machined
components for automotive applications. The company's promoters
-- Mr. Y.S. Mahadev, Mr. S. Rudra Prasad, and Mr. B.S. Divakar ---
- are technocrats with more than two decades of experience in the
automotive components industry. The company's product portfolio
primarily comprises a wide range of bearing cups that find
application in transmission system parts (such as gear box, drive
shaft components and propeller shaft components), starter motor
components (such as solenoid housings) and engine components.

Apart from MBCPL, the promoters also own the group company,
Megatech Cold Forgings Private Limited (MCFPL), which is engaged
in manufacturing cold forged steel, copper and aluminum components
for the automotive and engineering industries. MCFPL also
undertakes forging operations for MBCPL.

Recent Results
For FY 2014, the company reported a profit after tax (PAT) of
INR0.25 crore on an operating income (OI) of INR19.92 crore, as
against a PAT of INR0.13 crore on an OI of INR14.76 crore in FY
2013. As per the provisional figures for 6M FY 2015, the company
reported a profit before tax (PBT) of INR0.44 crore on an OI of
INR10.88 crore.


MOHAN GEMS: CRISIL Assigns 'C' Rating to INR2.25BB Term Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Mohan Gems and Jewels Pvt Ltd (MGJPL), and has
assigned its 'CRISIL C' rating to the company's facilities. CRISIL
had suspended the rating on October 16, 2014, as the company had
not provided the necessary information required for a rating view.
MGJPL has now shared the requisite information, enabling CRISIL to
assign a rating to the company's bank facilities.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          1000       CRISIL C (Assigned; Suspension
                                   Revoked)
   Funded Interest       250       CRISIL C (Assigned; Suspension
   Term Loan                       Revoked)

   Working Capital      2250       CRISIL C (Assigned; Suspension
   Term Loan                       Revoked)

The rating reflects MGJPL's weak 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 promoter in the gems and jewellery business.

MGJPL, promoted by Mr. Murari Lal Soni, is a private limited
company incorporated in 2006. It manufactures gold jewellery
ranging from 18 to 24 carats. The company also has a retail
showroom in the Karol Bagh area of Delhi.

MGJPL reported a profit after tax (PAT) of INR6.6 million on net
sales of INR8958.4 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR31.8 million on net
sales of INR6480.2 million for 2012-13.


MPL CARS: CRISIL Reaffirms B+ Rating on INR250MM Funding Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of MPL Cars Private
Limited (MCPL; a part of the MPL group) continue to reflect the
group's below-average financial risk profile, marked by a highly
leveraged capital structure and weak debt protection metrics.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Inventory Funding
   Facility              250       CRISIL B+/Stable (Reaffirmed)

   Overdraft Facility    200       CRISIL A4 (Reaffirmed)

The ratings also reflect the group's susceptibility to economic
slowdown and to intense competition in the automotive (auto)
dealership segment. These rating weaknesses are partially offset
by the group's established position in the auto dealership market
for Ford India Pvt Ltd (Ford), particularly in Chennai and
Puducherry, and its promoters' extensive industry experience.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MCPL and Malayalam Cars and Services
Pvt Ltd (MCSPL). This is because the two entities, together
referred to as the MPL group, are managed by the same promoters,
have fungible funds, and are in the same line of business.
Outlook: Stable

CRISIL believes that the MPL group will benefit over the medium
term from its established market position in the auto dealership
market for Ford, particularly in Chennai. The outlook may be
revised to 'Positive' in case of significant improvement in its
financial risk profile, particularly its liquidity, supported by
reduction in loans and advances to the promoters and associate
entities. The outlook may also be revised to 'Positive' if there
is healthy growth in the group's scale of operations and it
sustains its operating margin. Conversely, the outlook may be
revised to 'Negative' if the MPL group extends any additional
funding support to its promoters or associate entities, thereby
impacting its liquidity, or undertakes a significant debt-funded
capital expenditure programme, weakening its financial risk
profile or posts a decline in its scale of operation and
profitability, resulting in a decline in its cash accruals.

Update
The MPL group's operating income is estimated to be INR2.5 billion
in 2014-15 (refers to financial year, April 1 to March 31). The
scale of operations has registered a moderate decline of around 17
per cent over the previous year on account of muted demand and
intense competition in the auto dealership segment. The group's
operating income is expected to grow at a moderate level over the
medium supported by the launch of new models by Ford over the
medium term. With stable profitability levels, the group's cash
accruals are expected to remain at INR30 million to INR35 million
over the medium.

The MPL group has a below-average financial risk profile, marked
by estimated net worth of around INR195 million and high gearing
of 3.50 times as on March 31, 2015. In 2014-15, the promoters
infused equity INR40 million in MCPL to support business needs.
Its debt protection metrics were also weak, with interest coverage
and net cash accruals to total debt ratios estimated at more than
1.20 times and 0.03 times, respectively, for 2014-15. The group's
financial risk profile is also constrained by high loans and
advances provided by the group to its promoters and associate
entities, which remained around INR420 million as on March 31,
2014, and it is expected to constrain the group's financial risk
profile over the medium term.

The MPL group's liquidity is constrained by highly utilised bank
lines, at 97 per cent on average over the 12 months through
February 2015, because of large working capital requirements. The
group's cash accruals are expected to remain adequate with annual
cash accruals expected to be INR31 to INR35 million against annual
debt obligations of INR11 million and INR12 million for 2014-15
and 2015-16. Furthermore, the group's liquidity is expected to
benefit from the funding support by the promoters in the form of
equity or unsecured loans.

MCPL was set up in 1998 by Mr. Ravindranathan and his family; it
is an authorised dealer for Ford's cars in Tamil Nadu and
Puducherry. MCSPL is an authorised dealer for Ford in Kerala under
the trade name Malayalam Ford; it has one showroom in Kundanoor
(Kerala). The operations of both showrooms are managed by Managing
Director Mr. S Ravindranathan.


PRAYAN ISPAT: CARE Assigns B+ Rating to INR5.09cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Prayan Ispat and Steel Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.09      CARE B+ Assigned
   Short-term Bank Facilities     1.50      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Prayan Ispat and
Steel Private Limited (PIS) are primarily constrained by small
scale of operations with low net-worth base, weak financial risk
profile marked by fluctuating total operating income, low
profitability margins, leveraged capital structure & weak coverage
indicators and working capital intensive nature of operations. The
ratings are further constrained by the presence of the company in
highly competitive nature of the industry and lack of backward
integration vis-a-vis volatility in prices.

However, the ratings draw comfort from the experienced promoters.
Going forward, the company's ability to increase the scale of
operations with improvement in its profitability margins,
improvement in its capital structure while managing its working
capital requirements shall be the key rating sensitivities.

Uttar Pradesh-based PIS, is a private limited company incorporated
in 2010 and promoted by Mr Amit Agarwal and his elder brother Mr
Avnish Agarwal. In 2013, Mr Avnish Agarwal resigned from the
company and Mrs Gaura Agarwal joined as a new director. PIS is
engaged in the manufacturing of M S Ingots. The manufacturing
facility of the company is located in Bijnor, Uttar Pradesh, with
an installed capacity of 25,200 tonne per annum as on March 31,
2014. The product finds its application in manufacturing of TMT
bars. The company sells its products mainly in Uttranchal and
Uttar Pradesh to the TMT bar manufacturer. The main raw material
for the manufacturing of MS Ingots is sponge iron and iron scarp
which is procured from Orissa, Madhya Pradesh, Jharkhand and also
procured from the local players situated in the nearby area.

Agarwal Sales Corporation is the group associates of PIS which is
engaged in trading of iron & steel product.

For FY14 (refers to the period April 1 to March 31) PIS achieved a
total operating income of INR46.20 crore with net loss of INR0.64
crore as compared with a total operating income of INR60.28 crore
and PAT of INR0.41 crore for FY13. The company has achieved a
total operating income of around INR36 crore in FY15.


RAI BAHADUR: Ind-Ra Suspends 'IND B' Rating on INR90MM Term Loan
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated the long-term
'IND B' rating on Rai Bahadur Mathura Dass Education Foundation's
INR90 million term loans to the suspended category. The rating
will now appear as 'IND B(suspended)' on the agency's website.

The rating has been migrated to the suspended category due to the
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for Rai Bahadur Mathura Dass
Education Foundation.

The rating will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during this
six-month period, the rating could be re-instated and will be
communicated through a rating action commentary.


RAJ ENTERPRISES: ICRA Suspends B+ Rating on INR7.5cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR7.50 Crores
fund based facilities of Raj Enterprises. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


RBD INTERNATIONAL: CRISIL Cuts Rating on INR40MM Loan to B+
-----------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of RBD
International (RBD; part of the RBD group) (Earlier known as DSM
International) to 'CRISIL B+/Stable' from 'CRISIL BB-/Stable',
while re-assigning 'CRISIL A4' on the short-term bank facility.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Foreign Bill Purchase    160      CRISIL A4 (Reassigned)
   Packing Credit            40      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL's belief that the RBD group's
liquidity will remain stretched because of significant delay in
payments from its two prime customers, due to slow-down in its
end-user market. The group had debtors of around INR400 million
outstanding for more than six months as on March 31, 2015; this
resulted in almost full utilisation of bank lines and stretch in
creditors leading to high estimated total outside liabilities to
tangible net worth (TOLTNW) ratio of more than 10 times as on
March 31, 2015. The group's sales are estimated to have declined
by 62 per cent year-on-year in 2014-15 (refers to financial year,
April 1 to March 31) driven by reduced sales to customers who have
delayed payments. The revenue will be supported by addition of
four customers recently, but will remain significantly lower than
previous levels.

The rating reflects the RBD group's working-capital-intensive
operations and weak financial risk profile, marked by a weak
interest coverage ratio and high TOLTNW ratio. The rating is also
constrained by the high customer concentration in the group's
revenue and its susceptibility to adverse movements in foreign
exchange rates. These rating weaknesses are partially offset by
the group's established track record in the trading business and
its healthy relationships with customers.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of High Value Exim Pvt Ltd, Attire
Designers Pvt Ltd, Welldone Exim Pvt Ltd, RBD, and Goodone Traders
Pvt Ltd. This is because all these entities, together referred to
as the RBD group, have a common board of directors and senior
management team, and have common procurement, marketing, and
finance functions. The group's promoters have indicated that all
the entities will support each other in case of any exigency.
Outlook: Stable

CRISIL believes that the RBD group will maintain its business risk
profile over the medium term on the back of its established track
record in the trading business. However, the group's financial
risk profile is expected to remain weak because of its large
working capital requirements over the period. The outlook may be
revised to 'Positive' if the group significantly expands its
customer base or if its financial risk profile improves, most
likely driven by better-than-expected profitability. Conversely,
the outlook may be revised to 'Negative' in case of significant
capital withdrawal by partners or further stretch in working
capital cycle, constraining the group's financial risk profile.

The RBD group started trading activities in 1993. All the group
entities trade in ready-made garments (accounts for more than 80
per cent of revenue), hosiery, handicrafts, fabrics, leather
goods, and miscellaneous products. The entities have common
customers and suppliers, and the same banker, Punjab National
Bank, and auditors.


SAKETH AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR70MM Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Saketh Automobiles (SA)
continue to reflect SA'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           70        CRISIL B+/Stable (Reaffirmed)

The rating also factor in SA's moderate scale of operations in the
intensely competitive automobile dealership industry. These rating
weaknesses are partially offset by SA's established relationship
with its principal, Maruti Suzuki India Ltd (MSIL; rated 'CRISIL
AAA/Stable/CRISIL A1+').

Outlook: Stable

CRISIL believes that SA will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if SA's sales volume and
operating margin improve substantially, or the company receives
any significant equity infusion by the promoters, resulting in an
improvement in the firm's capital structure. Conversely, the
outlook may be revised to 'Negative' if SA's market share
declines, thereby impacting its revenues and profitability, or if
the firm undertakes any large, debt-funded capital expenditure
(capex) programme, thereby weakening its financial risk profile.

SA, established in 2001, is the sole authorised dealer for MSIL's
vehicles in Tumkur and Chitradurga districts (both in Karnataka).
The firm is promoted by Mr. Suresh Babu and his sons, Mr. A S
Samith and Mr. A S Amith.

SA reported profit after tax (PAT) of INR1.5 million on net sales
of INR623 million for 2013-14, vis-a-vis a PAT of INR1.3 million
on net sales of INR507 million for 2012-13.


SEVCON INDIA: CRISIL Assigns 'B' Rating to INR37.5MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Sevcon India Pvt Ltd (SIPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Letter of Credit     32.5       CRISIL A4
   Bank Guarantee       15         CRISIL A4
   Cash Credit          37.5       CRISIL B/Stable

The ratings reflect SIPL's large working capital requirements and
below-average financial risk profile, marked by weak debt
protection metrics. These rating weaknesses are partially offset
by the promoters' extensive experience in heating ventilation air-
conditioning (HVAC) trading industry.
Outlook: Stable

CRISIL believes that SIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
increase in net cash accruals backed by improvement in scale of
operations and working capital management. Conversely, the outlook
may be revised to 'Negative' if SIPL's financial risk profile
weakens on account of further decline in its revenue and
profitability or large debt-funded capital expenditure, or if its
liquidity weakens significantly on account of increase in its
working capital requirements.

SIPL, a Delhi-based company was incorporated in 1996 by Mr. Sunil
Kher and wife Ms. Rajni Kher. The company trades pumping systems,
dynamic balance and control valves, fan and ventilation systems,
thermal energy storage system, pipe fittings, cooling water
treatment system, and heat transfer filtration system for HVAC
systems. The traded goods are procured locally as well as imported
from regions such as Dubai, Denmark and Singapore.


SHREE MAHALAXMI: CRISIL Ups Rating on INR110MM Cash Loan to B
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Shree Mahalaxmi Himghar Pvt Ltd (SMHPL) to 'CRISIL B/Stable' from
'CRISIL B-/Stable'; while reaffirming the rating of the company's
short-term facility at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        3.7       CRISIL A4 (Reaffirmed)

   Cash Credit         110.0       CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

   Proposed Long Term    0.3       CRISIL B/Stable (Upgraded from
   Bank Loan Facility              'CRISIL B-/Stable')

The rating upgrade reflects improvement in SMHPL's liquidity,
backed by improvement in its cash accruals. The company's cash
accruals are expected to remain in the range of INR5 million to
INR6 million over the medium term. Furthermore, SMHPL's liquidity
remains supported by the absence of debt obligations and
enhancement in its working capital facilities.

The ratings continue to SMHPL's reflect below-average financial
risk profile, marked by its weak capital structure and average
debt protection metrics. The rating also factors in susceptibility
of the company's operating profitability to changes in government
policies and volatility in product prices. These rating weaknesses
are partially offset by the extensive experience of SMHPL's
promoters in the cold storage industry.
Outlook: Stable

CRISIL believes that SMHPL 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
higher-than-expected cash accruals, driven by increase in scale of
operations and profitability. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in the company's
financial risk profile, most-likely because of lower-than-expected
cash accruals, or delays in receipt from farmers, or large debt-
funded capital expenditure plans, resulting in pressure on its
liquidity.


SMHPL, based in West Bengal was incorporated in 1979 by the Dolui
family. The company provides cold storage facility for potato
manufacturers. It also trades in potatoes, although the portion of
revenue from this business is minimal.


SHREE NAKODA: ICRA Assigns B Rating to INR5.70cr Fund Based Loan
----------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR5.70
crore fund based facilities of Shree Nakoda Infrasteel Private
Limited. ICRA has also assigned its short term rating of [ICRA]A4
to the INR0.80 crore non-fund based facilities of the company.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits        5.70       [ICRA]B; assigned
   Non-Fund Based Limits    0.80       [ICRA]A4; assigned

The ratings take into account SNIPL's modest scale of operations,
which coupled with the high competition in the steel industry
limits the pricing power of the company. The ratings also factor
in the company's high working capital intensity on account of high
inventory days, which results in a stretched liquidity position.
The company's modest profitability coupled with the funding of
working capital through debt has resulted in weak debt coverage
indicators, with elevated Total debt/OPBDITA and weak interest
coverage ratio and thin debt service coverage ratio. The ratings
also take into account the company's high client concentration
risk, with the company heavily reliant on one customer for a
substantial proportion of its revenues. However, the ratings
derive comfort from the experience of the promoters and the
company's reputed client base, with which the company has strong
relationships, as evidenced by repeat orders received from these
customers in the past.

Going forward, the company's ability to attain a sustained
improvement in scale, diversify its client base and attain an
optimal working capital cycle will be the key rating
sensitivities.

SNIPL was established in March 2010 as a closely held company by
Mr. Alpesh Suriya along with other members of the family. It is
engaged in manufacturing steel structures and fabrication of
process plant equipment, material handling equipment, pollution
control equipment, power plant equipment etc. It also undertakes
fabrication and erection of pre-engineered buildings (PEB). The
company's manufacturing facility is located at the Rajasthan
Industrial Investment Corporation (RIICO) Growth Centre at
Bhilwara, Rajasthan and is spread over an area of 20,000 square
metres. The facility is equipped with Goliath cranes, Hoist crane
and Mobile cranes of various capacities along with sand blasting
equipment and tool room machinery.

Recent Results
The company reported a Profit After Tax (PAT) of INR0.08 crore on
an Operating Income (OI) of INR12.41 crore in FY 2014, as against
a PAT of INR0.05 crore on an OI of INR9.62 crore in the previous
year. In FY2015, the company, on a provisional basis, reported an
OI of INR13.50 crore.


SHREE RAMA: CARE Puts 'D' Rating on INR75cr Loan on Credit Watch
----------------------------------------------------------------
CARE places the ratings assigned to bank facilities of Shree Rama
Newsprint Limited on credit watch.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    160.00      CARE BBB (SO) Placed
                                            on Credit Watch

   Long-term Bank Facilities     60.00      CARE D Placed on
                                            Credit Watch

   Short-term Bank Facilities    75.00      CARE D Placed on
                                            Credit Watch

Rating Rationale
CARE has placed ratings assigned to the bank facilities of Shree
Rama Newsprint Limited (SRNL) on "credit watch" in view of its
proposed acquisition by Riddhi Siddhi Gluco Biols Ltd (RSGL) and
consequently expected release of the corporate guarantee extended
by The West Coast Paper Mills Limited (WCPL, rated CARE BBB/CARE
A3 (On Credit Watch)) to the lenders of SRNL for repayment of the
obligations on the bank facilities. CARE is monitoring the
developments in this regard and will take a view on the ratings
once the exact implications of the above development on the credit
profile of the company are clear.

Incorporated in 1994, SRNL was initially promoted by Mr. Vashu Ram
Singhani. SRNL went into financial trouble in the initial years of
operations and WCPL acquired stake in SRNL as a part of debt
restructuring exercise in September 2003. WCPL along with promoter
group companies hold 50.10% of the equity share capital of SRNL as
on March 31, 2015. The promoter group has been operating in the
paper industry for almost six decades. Mr. S.K. Bangur has served
as the president of the Indian Paper Manufacturers' Association,
an apex body of large and integrated paper mills, from 2001 to
2003.

With an installed capacity of 132,000 metric tonnes per annum
(MTPA); SRNL is one of the largest newsprint manufacturers in the
country. With its plant located near the industrial belt of Hazira
(in the Surat district of Gujarat); SRNL has access to most of the
major newspaper publishers in the Northern, Western and Southern
states of the country.

In FY14 (refers to period from April 1 to March 31), SRNL reported
total income of INR404 crore as compared to INR378 crore in FY13.
The company reported adjusted net loss of INR68 crore in FY14 as
compared to adjusted net loss of INR57 crore in FY13. In 9MFY15,
SRNL reported total income INR305 crore and net loss of INR66
crore.


SHRI TULSI: ICRA Assigns 'B+' Rating to INR5.0cr Fund Based Loan
----------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR5.00
crore fund based limits of Shri Tulsi Industries.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund-Based Limits       5.00         [ICRA]B+; Assigned

The assigned rating takes into account the established track
record of the firm in the oil manufacturing industry and easy
availability of raw material by virtue of plant's location in
Maharashtra. However, the rating is constrained by the highly
competitive and limited value additive nature of the cotton oil
industry which coupled with STI's modest scale of operations has
resulted in modest profitability indicators for the firm.
Moreover, the firm's profitability remains exposed to fluctuations
in prices of raw material. The rating is also constrained by the
moderate financial profile of the firm characterised by moderate
coverage and capitalization indicators. The ratings also factor in
risks inherent in a partnership firm with respect to capital
withdrawals and exposure to regulatory risks.

Shri Tulsi Industries is a proprietorship firm promoted by Mrs. VS
Chopda which commenced operations in 1997. The firm is engaged in
crushing of cotton seed to produce cotton oil and cotton cake.
Cotton oil is sold to refineries for refining and cotton cake is
used as a cattle feed. The unit is located at Vidarbha District in
Maharashtra. Shri Tulsi Industries derived 75% of its revenues
from cotton oil cake and 24% from cotton oil in FY15.

Recent Results
The firm reported Profit After Tax (PAT) of INR0.57 crores on
operating income (OI) of INR32.08 crores in FY15 provisional
results as against PAT of INR034 crores on OI of INR34.53 crores
in FY14.


SINGLA JEWELLERS: CRISIL Reaffirms B+ Rating on INR150MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Singla Jewellers
Pvt Ltd (Singla) continues to reflect Singla's weak financial risk
profile, marked by high gearing, a small net worth, and weak debt
protection metrics, and its large working capital requirements.
The rating also factors in the company's susceptibility to
volatility in gold prices, its small scale of operations in a
fragmented industry, and geographical concentration in its revenue
profile.

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

These rating weaknesses are partially offset by Singla's healthy
revenue growth and its promoters' extensive experience in the gold
and diamond jewellery industry.
Outlook: Stable

CRISIL believes that Singla will continue to benefit from its
promoters' extensive industry experience, over the medium term.
The outlook may be revised to 'Positive' in case of significant
improvement in the company's capital structure primarily on
account of equity infusion or more-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' if the
company reports a decline in its profitability margins or if it
undertakes a large debt-funded capital expenditure programme,
resulting in weak debt protection metrics.

Singla is engaged in the retailing of gold and diamond jewellery
through its flagship 1800-square feet (sq ft) showroom at Karol
Bagh (Delhi). The company was set up in 1998 by Mr. Ram Niwas
Singla and his cousin, Mr. Ajay Gupta. It started another retail
showroom of about 2500 sq ft in Pitam Pura (Delhi) in May 2011.
Singla gets jewellery manufactured on job-work basis from external
artisans.


SPRAY ENGINEERING: ICRA Reaffirms 'B' Rating on INR21cr Loan
------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B on the
INR27.77 crore (earlier INR30.00 crore) bank facilities (including
proposed limits of INR0.27 crore) of Spray Engineering Devices
Ltd. ICRA has also reaffirmed its short term rating of [ICRA] A4
on the INR16.00 crore (earlier INR16.00 crore) non fund based bank
facilities of SEDL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund based limits-
   CC/ODBD                 21.00       [ICRA]B; reaffirmed

   Fund based limits-
   WCTL                     6.50       [ICRA]B; reaffirmed

   Fund based limits-
   Unallocated              0.27       [ICRA]B; reaffirmed

   Non fund based limits-
   LC                       6.00       [ICRA]A4; reaffirmed

   Non fund based limits-
   BG                      10.00       [ICRA]A4; reaffirmed

The rating reaffirmation takes into account the healthy year-on-
year growth in FY 15 in SEDL's revenues and operating profit on
the back of good response to its new product-Low Temperature
Evaporator Module (LTEM), and consequent improved order book
position (Order book to FY15 operating income of 1.06 times). This
was however, accompanied by a decline in the company's net
profitability owing to high interest outgo due to full utilization
of its bank limits as well as increase in interest rate being
charged. ICRA's rating also factors in SEDL's high working capital
intensity with NWC/OI of 0.42x, due to high receivable levels. The
ratings continue to factor in the vulnerability of SEDL's
profitability to slowdown in the sugar sector. Further, the
company remains exposed to the risk of adverse foreign exchange
fluctuations in the absence of a hedging mechanism. ICRA's rating
however derives comfort from the promoter's long standing
experience in the sugar sector and SEDL's established track record
as a supplier of critical energy saving equipment to sugar mills.
This apart, the rating also takes into account SEDL's reputed
clientele consisting of various national and international sugar
companies. ICRA also takes note of the company's moderate capital
structure with gearing of 0.79 times as on March 31, 2015.

Going forward, SEDL's ability to sustain its revenue growth and
profitability while managing its working capital cycle and
liquidity will remain the key rating sensitivities.

SEDL was formed by the merger of two partnership firms- namely
Spray Engineering Devices and C&C Systems which came into effect
from December 1, 2004. The company has been promoted by the Verma
family and is involved in the manufacture of equipment for sugar
mills, mainly energy saving devices, automation devices and
condensers. The company's manufacturing facilities are located at
Baddi, Himachal Pradesh.

Recent results
SEDL reported, on a provisional basis, a net profit of INR0.42
crore on an operating income of INR71.75 crore for FY 2015, as
compared to a net profit of INR1.41 crore on an operating income
of INR41.29 crore in the previous year.


SREE KUMAR: CRISIL Reaffirms B Rating on INR140MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sree Kumar
Agro Oils Pvt Ltd (SKAOPL) continues to reflect SKAOPL's below-
average financial risk profile marked by a modest net worth, high
gearing and below-average debt protection metrics, and its
exposure to intense competition in the edible oil industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           140       CRISIL B/Stable (Reaffirmed)
   Long Term Loan         10       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     55       CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the company's promoters in the edible oil industry,
and its efficient working capital management.
Outlook: Stable

CRISIL believes that SKAOPL will maintain its established market
position in the edible oil industry over the medium term on the
back of its promoters' extensive industry experience and its
established relationships with customers. The outlook may be
revised to 'Positive' if the company achieves substantial and
sustained improvement in its revenues and operating profitability,
or if there is an improvement in its net worth supported by equity
infusion by its promoters. Conversely, the outlook may be revised
to 'Negative' if there is a decline in SKAOPL's profitability
margins, or significant deterioration in its capital structure
most likely on account of larger-than-expected working capital
requirements or large debt-funded capital expenditure.

Incorporated in December 2006, SKAOPL started commercial
production in October 2008. It manufactures rice bran oil and de-
oiled rice bran at its solvent extraction plant at Jakkaram
village, near Bhimavaram (Andhra Pradesh).


SRI ONKAR: CRISIL Assigns 'B' Rating to INR74MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Sri Onkar Cotton Agro Industries (SOCAI).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            74       CRISIL B/Stable

The rating reflects SOCAI's weak financial risk profile, marked by
a small net worth, average gearing, and debt protection metrics.
The rating also factors in the firm's modest scale of operations
with a low operating margin, and the susceptibility of its margins
to volatility in cotton prices and to the regulatory framework
governing the cotton industry. These rating weaknesses are
partially offset by the extensive experience of SOCAI's partners
in the cotton ginning industry.
Outlook: Stable

CRISIL believes that the SOCAI will continue to benefit over the
medium term from the extensive industry experience of its
partners. The outlook may be revised to 'Positive' if the firm's
scale of operations and profitability improves considerably,
leading to much higher cash accruals and hence to a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of a significant decline in SOCAI's revenue or
profitability, or if it's financial risk profile, particularly its
liquidity, deteriorates onaccount of large debt-funded working
capital requirements.

SOCAI, founded in 2008 as a partnership firm,gins and presses
cotton;it has a product mix of cotton bales and cotton seed. Its
production facilities are at Basmath Road, Parbhani district
(Maharashtra).


SUDHA BUSINESS: ICRA Suspends B+ Rating on INR0.79cr Term Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR0.79
crore term loan and INR6.50 crore cash credit facility and
[ICRA]A4 rating assigned to the INR3.30 crore bank guarantee
facility of Sudha Business Enterprises Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SUNBEAM ENTERPRISES: CRISIL Reaffirms B Rating on INR35.5MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sunbeam Enterprises
(SE) continue to reflect SE's modest scale of operations and weak
financial risk profile, marked by high gearing and a small net
worth. These rating weaknesses are partially offset by the
established track record of SE's promoters in the steel-based
products industry and the firm's diversified product portfolio.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bill Discounting      40        CRISIL A4 (Reaffirmed)

   Mortgage Loan
   Facility              35.5      CRISIL B/Stable (Reaffirmed)

   Packing Credit        10.0      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    10.0      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SE will continue to benefit over the medium
term from its promoters' extensive industry experience and its
diversified product portfolio. The outlook may be revised to
'Positive' in case of is a significant and sustained increase in
the firm's revenue and profitability, better working capital
management, or infusion of capital by its partners, leading to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if SE reports low profitability, if
its working capital requirements increase, or if it undertakes a
debt-funded capital expenditure programme, thereby further
weakening its financial risk profile.

Set up in 1994, SE is a partnership firm with members of the
Chabbra family as partners; the firm is based in New Delhi. It
manufactures and exports steel-based products, such as office
furniture and healthcare aids. Its plant is in Manesar (Haryana).
The firm's operations are managed by Mr. Mahesh Chhabra and his
son Mr. Nitin Chhabra.


SURYA METALLOYS: Ind-Ra Assigns 'IND B+' LT Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Surya Metalloys
Private Limited (SMAPL) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable. SMAPL's bank facilities have been assigned
ratings as follows:

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Fund-based limits       30        'IND B+'/Stable/'IND A4'
   Non-fund-based limits   10        'IND A4'
   Term loan               20        'IND B+'/Stable

KEY RATING DRIVERS

The ratings reflect SMAPL's lack of operational track record and
weak credit profile. SMAPL commenced operations in April 2013 and
reported net revenue of INR427 million, net financial leverage of
4.26x and EBITDA gross interest coverage of 1.33x in FY14. SMAPL's
presence in the highly fragmented steel industry also constrains
the ratings.

The rating, however, benefits from over-two-decade-long experience
of SMAPL's founders in the industry. The ratings are further
supported by SMAPL's comfortable liquidity position as reflected
in its around 78% average utilisation of the working capital
facilities during the 12 months ended April 2015.

RATING SENSITIVITIES

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

Positive: A substantial increase in the size of the business while
improving or maintaining the credit profile could lead to a
positive rating action.

COMPANY PROFILE

Incorporated in November 2011, SMAPL manufactures mild-steel
ingots. The company caters to the construction and steel
manufacturing industries. It has a 20,760mtpa manufacturing
facility at Nasirabad, Rajasthan.


TATWA TECHNOLOGIES: ICRA Assigns C Rating to INR6.77cr Term Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]C to the INR5.5
crore cash credit limits, INR6.77 crore term loans and INR1.5
crore bank guarantee facility of Tatwa Technologies Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-
   Cash Credit             5.50         [ICRA]C assigned

   Fund Based Limit-
   Term Loans              6.77         [ICRA]C assigned

   Non- Fund Based
   Limit Bank Guarantee    1.50         [ICRA]C assigned

The assigned rating takes into account TTL's unsatisfactory track
record of debt servicing in the past, although ICRA notes that the
company has been meeting its debt obligations in a timely manner
in recent months. The company has been facing stretched liquidity
condition because of the high working capital intensity of its
operations due to increase in receivables. ICRA notes that a
significant portion of the receivables has been outstanding for a
long time, a small fraction of which has been recovered thus far.
Given the significant debt repayment obligations for the company
in the near to medium term, ICRA expects the liquidity position to
remain under stress. Moreover, with top two customers accounting
for majority of the revenues during FY14, the company remains
exposed to customer concentration risks. The opinion also takes
note of the experience of the promoters in the business process
outsourcing industry, the moderate financial risk profile of TTL
as reflected by low gearing and modest debt coverage indicators
and the consistent growth in turnover witnessed over the last
three years. In ICRA's opinion, TTL's ability to manage its
working capital requirements and recover its receivables in a
timely manner would be key rating sensitivities going forward.

Established in 2002, Tatwa Technologies Limited is an information
technology company engaged in providing voice based BPO services
like inbound/outbound call center services, software design and
development services and packaged technology solutions. The
company operates across West Bengal, Odisha, Maharashtra, Gujarat,
Andhra Pradesh, Jharkhand, Bihar and Uttar Pradesh (East) regions
with a total of more than 1000 seating capacity at its various
branches.

Recent Results

TTL registered a profit after tax of INR0.83 crore on the back of
an OI of INR31.82 crore during 2013-14 as against a profit after
tax of INR0.47 crore on the back of an OI of INR17.68 crore during
2012-13. During 2014-15, as per the provisional results, the
company has registered an OI and PAT of INR35.50 crore and INR0.92
crore respectively.


TECHNO INDIA: ICRA Assigns 'C+' Rating to INR10cr Overdraft Loan
----------------------------------------------------------------
ICRA has assigned an [ICRA]C+ rating to the INR19.0 crore fund
based limits of Techno India.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loans              9.00       [ICRA]C+ assigned
   Overdraft Limit        10.00       [ICRA]C+ assigned

The assigned rating primarily takes into account TI's recent
delays in timely servicing of debt taken from other lenders. The
rating also takes into account the inherent cash flow mismatches,
given the nature of business of education institutes, which makes
appropriate treasury operations critical in servicing the debt-
obligations in a timely manner, limited financial flexibility as
fee structure is regulated by the State Government and moderate
placement across colleges for the last two academic sessions with
large dependence on a single company for the placements. In
addition, new admissions as a percentage of intake capacity has
declined in 2014 over the previous year for MBA and M- tech
courses offered by Techno India College and the metric remains low
for schools operated by the Trust as well. ICRA also notes that
the education industry in India is highly regulated thus exposing
the colleges to the risk of any regulatory changes in future. The
rating positively factor in the established track record of the
Trust in imparting education, large number of courses offered
through different colleges and schools, increasing TI's reach
among the student community and favorable financial risk profile
characterized by healthy profitability and comfortable gearing
levels. In ICRA's opinion, the ability of the Trust to service its
debt obligations in a timely manner would be a key rating
sensitivity going forward.

TI was established in 2001 as a trust in Kolkata, West Bengal and
manages four colleges offering under and post graduate courses
across engineering, management and computer application. TI also
manages eight primary and secondary level schools. Techno India
college is the flagship college of the trust contributing
significant proportion of the total fees revenue of the trust.

Recent Results
During FY15 (provisional results), TI recorded a net surplus of
INR14.95 crore on an operating income of INR64.90 crore as against
a net surplus of INR12.65 crore on an operating income of INR56.92
crore during FY14.


VANDANA TIMBER: ICRA Suspends 'B' Rating on INR2.0cr Cash Credit
----------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR2.00
crore long term fund based facilities and [ICRA]A4 rating to the
INR12.75 crore short term facilities of Vandana Timber Private
Limited. The suspension follows ICRAs inability to carry out a
rating surveillance due to non cooperation from the company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term-Cash
   Credit Limit            2.00         [ICRA]B suspended

   Short Term-Forward
   Cover                   0.25         [ICRA]A4 suspended

   Short Term-Letter
   of Credit              12.50         [ICRA]A4 suspended

Incorporated as a private limited company in 2006 and is currently
headed by Mr.Sanchit Jethwa , Mrs Deepali Jethwa , Mrs. Vandana
Jethwa , Mrs. Komal Jethwa and Mr. Bhumik Jethwa. The prmoters
have a long experience in timber related industry. VTPL is engaged
in timber trading business where it imports teakwood/hardwood from
African countries and sells it to saw mills in India. The
company's works is located in Gandhidham of Kutch District
(Gujarat), near to the Kandla port. The company is already engaged
in timber trading through other group entity Shyam Timber Private
Limited rated [ICRA]B+/[ICRA]A4.


VIJAYASREE FOODS: CRISIL Reaffirms B+ Rating on INR60MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short-term bank
facility of Vijayasree Foods (VF), and has reaffirmed its rating
on the company's long-term bank facilities at 'CRISIL B+/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       7.5        CRISIL A4  (Reassigned)

   Cash Credit         60.0        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term   8.5        CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

   Long Term Loan       4.0        CRISIL B+/Stable (Reaffirmed)

The ratings reflect VF's below-average financial risk profile
marked by its small net worth, moderate gearing and weak debt
protection metrics. The ratings of the firm are also constrained
on account of its modest scale of operations in the intensely
competitive rice milling industry, and the susceptibility of its
profitability margins to changes in paddy prices and government
regulations. These rating weaknesses are partially offset by the
extensive experience of VF's partners in the rice milling
industry.
Outlook: Stable

CRISIL believes that VF will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if the firm registers a substantial
increase in its scale of operations, while maintaining its
profitability margins, or there is a substantial increase in its
net-worth on the back of sizeable capital additions by its
partners. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in the firm's profitability margins, or
significant deterioration in its capital structure caused most
likely because of a large debt-funded capital expenditure or a
stretch in its working capital cycle.

VF was established as a partnership firm in 2011 by Mr. M K V Rami
Reddy and Mr. M L G K Avathar Reddy, and their family members. The
firm mills and processes paddy into rice; the firm also generates
by-products, such as broken rice, bran, and husk. The firm is
based in Tenali district in Andhra Pradesh.


* INDIA: Macquarie Sees Souring Restructured Loan as Ticking Bomb
----------------------------------------------------------------
Anto Antony and Anoop Agrawal at Bloomberg News report that
India's state-run banks' restructured loans are souring at a
record pace, threatening their appetite for new lending with
profitability already at a seven-year low.

According to Bloomberg News, industry data showed that reworked
assets that turned bad almost doubled to INR570 billion ($8.9
billion) in the year ended March 31.  There's another INR2.9
trillion in the category, which must be reclassified as delinquent
or healthy within two years.  The report says Macquarie Group Ltd.
has called this debt a ticking time bomb. Standard & Poor's
predicts a record portion will fail in the year ending March 2016
as Fitch Ratings Ltd. sees lenders' return on equity falling to
the least since 2006, Bloomberg relates.

"A further rise in soured restructured loans is inevitable,"
Bloomberg quotes Deep Narayan Mukherjee, a senior director at
Fitch's India Ratings and Research Pvt in Mumbai, as saying in a
May 27 phone interview. "We aren't seeing any signs in macro
economic developments that will help loan repayments."

Bloomberg says bank credit has been the missing link as Prime
Minister Narendra Modi strives to revive growth in Asia's third-
largest economy. Lending increased 10.5 percent in the 12 months
through May 1, Reserve Bank of India data show, rebounding from
February's 8.88 percent, which was the slowest pace since 1994,
Bloomberg reports.

Banks previously had to provision for only 5 percent of loans
identified as restructured versus upwards of 15 percent for those
classified as bad, Bloomberg recalls. The RBI then ruled that, as
of March 31, banks must consider any loans they reorganize as bad
and make a 15 percent provision immediately, the report relates.
The outstanding restructured loans, equal to about
INR2.9 trillion, weren't affected, the report notes.

According to Bloomberg, RBI Governor Raghuram Rajan has proposed
penalties and incentives to get lenders to move faster in
containing soured debt in an effort to bolster the financial
system. He explained his hard line on classifying delinquencies
during a speech in the western state of Gujarat in November, the
report recalls.

"A nonperforming loan by any other name smells as bad," the report
quotes Mr. Rajan as saying. "Forbearance allows banks to postpone
provisioning for bad loans. So when eventually the hidden bad
loans cannot be disguised any more, the hit to the bank's income
and balance sheet is larger and more unexpected."

India's state-owned lenders account for more than 70 percent of
all loans and their credit profiles will take longer to improve
because they are tied to corporate balance sheets, Bloomberg adds
citing Moody's Investors Service in a May 13 report.



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


PROFESIONAL TELEKOMUNIKASI: S&P Affirms BB+ CCR; Outlook Now Pos.
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it revised the rating
outlook on PT Profesional Telekomunikasi Indonesia (Protelindo) to
positive from stable.  At the same time, S&P affirmed its 'BB+'
long-term corporate credit rating on the company and 'BB+' long-
term issue rating on the existing senior unsecured bank loan that
the Indonesia-based independent tower company guarantees.  S&P
also affirmed the 'axBBB+' long-term ASEAN regional scale rating
on Protelindo.

"We revised the outlook to reflect Protelindo's strengthening
financial risk profile, which could support an upgrade over the
next two years," said Standard & Poor's credit analyst Annabelle
Teo.  "We affirmed the rating based on the company's stable cash
flows from its long-term tower lease contracts, effective
management, and strong operating efficiency."

S&P believes that a material tower acquisition could strengthen
Protelindo's market position.  The company has made no major
acquisitions since purchasing the tower portfolio of Hutchison CP
Telecommunications Indonesia (HCPT) in 2012, and its growth has
been mainly organic.  The tower portfolio has matured as the
company increased the number of colocations and build-to-suit
towers.  Protelindo has more than 11,000 towers and a tenancy
ratio of nearly 1.8x, giving it a strong market position.
Protelindo is currently Indonesia's largest independent tower
company, with Tower Bersama being a close second.  However, with
recent tower deals among Protelindo's competitors, such as the
tower sale from PT XL Axiata Tbk. to PT Solusi Tunas Pratama Tbk.
in December 2014, Protelindo's market share of the independent
tower market fell to 38% in 2014 from 44% in 2012.

A tower portfolio acquisition could help reduce Protelindo's
customer concentration from HCPT.  As of Dec. 31, 2014, HCPT
contributes about 36% of Protelindo's revenue and has a weak
market position, in S&P's view.  Protelindo's concentration risk
is mitigated by: (1) the essential nature of the telecom
infrastructure to the industry; (2) the support of HCPT's parent
Hutchison Whampoa Ltd. (A-/Stable/--; cnAA/--) through consistent
investments in the company; and (3) non-cancelable lease
contracts, even if ownership of the telecom operator changes.

"We believe Protelindo has the financial flexibility to absorb a
large tower portfolio acquisition.  The company's organic rather
than acquisition-driven growth has strengthened its financial
position over the past two years.  This strength is due to stable
cash flows from long-term lease contracts, increased colocations,
and lack of paid dividends as Protelindo anticipates future tower
acquisitions.  We have factored in an acquisition of 3,500 towers
in 2016 as part of our base-case scenario.  We believe the
company's current financial position could even accommodate an
acquisition of about 5,000 towers.  However, we view this scenario
as unlikely, given the lack of acquisition opportunities in the
Indonesian tower industry," S&P said.

"In our base-case scenario, we estimate the ratio of funds from
operations (FFO) to debt at 24%-35% in 2015-2016.  We expect the
ratio to remain in the same range in 2016 even if the company pays
Indonesian rupiah (IDR) 9 trillion to acquire 3,500 towers.  In
our stress-case scenario, we estimate that Protelindo can acquire
up to 5,000 towers without the FFO-to-debt ratio falling below
18%.  We expect this ratio to recover to more than 23% in the year
post-acquisition given the strong, contracted cash flows that
accompany a tower purchase.  In both our base- and stress-case
scenarios, the financial metrics are commensurate with a
"significant" financial risk profile," S&P added.

S&P could raise the rating if Protelindo's market position and
diversity materially improve and the ratio of FFO to debt is at
least 20%.  S&P could also upgrade the company if its financial
performance strengthens further, as shown in a ratio of FFO to
debt sustained at more than 30%.

S&P could revise the outlook back to stable if Protelindo's makes
large debt-financed tower acquisitions that are more than S&P
expects.  This would include a scenario where the acquisitions did
not materially improve the company's market position or customer
diversity and the ratio of FFO to debt remained below 30%.
Downward rating pressure could also emerge if Protelindo's market
position deteriorates because Hutchison winds up its operations or
sells them to a weaker telecom operator.



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


NZ DESIGN: Goes Into Receivership
---------------------------------
Cliff Sanderson at Dissolve.com.au reports that NZ Design and
Build has gone into receivership. Kim Thompson has been appointed
receiver of the company, the report says.

According to the report, the receiver said NZ Design and Build had
three contracts for constructing homes in Christchurch. The
company was also reportedly doing 23 projects for insurance firms.
The company owes trade creditors over NZ$1 million, says the
report.

NZ Design and Build is a building company based in Tauranga.



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


WOORI BANK: Fitch Raises Rating on Hybrid Securities to 'BB'
------------------------------------------------------------
Fitch Ratings has affirmed Korea-based Woori Bank's Long-Term
Foreign-Currency Issuer Default Rating at 'A-'.  The Outlook is
Stable.  Simultaneously, Fitch has upgraded Woori Bank's Viability
Rating (VR) to 'bbb+' from 'bbb'.

The upgrade of Woori Bank's VR mainly reflects Fitch's view about
rating relativities among Korea's largest commercial banks - two
of which are still rated two notches higher - on a forward-looking
basis considering recent developments at the system level and
bank-specific level.  Firstly, Korea's authorities have adopted
more aggressive policies to support economic growth and ease the
financial burden on borrowers, although such pro-consumer steps
have had the effect of constraining the banking system's revenue
and growth prospects.  This has been reinforced by stricter
oversight by the regulators.  At the same time, system asset
quality has benefited, and none more so than at Woori Bank.  This
also reflects management's greater focus on reducing risk.  Both
areas, in which the bank lags peers, have historically constrained
Woori Bank's VR.

KEY RATING DRIVERS
IDRS, NATIONAL RATINGS, SENIOR DEBT, SUPPORT RATING AND SUPPORT
RATING FLOOR

The bank's IDRs, National and senior debt ratings, Support Rating
and Support Rating Floor reflect Fitch's continued belief that
there is extremely high probability that the South Korean
government (AA-/Stable) would support Woori Bank, if required.
This view is based on Woori Bank's systemic importance as the
second-largest bank in Korea, with 13% and 15% of the banking
system's loans and deposits respectively.

The Stable Outlook reflects the Stable Outlook on South Korea.

The 'AAA(tha)' rating on Woori Bank's Thai baht-denominated senior
unsecured debt is based on Woori Bank's Long-Term Foreign Currency
IDR, which is at the same level with Thailand's Long-Term Local-
Currency IDR of 'A-'/Stable and corresponds to 'AAA(tha)' on the
National Rating scale.

VIABILITY RATING

Woori Bank's VR takes into account its strong franchise in Korea,
where it is the second-largest bank by assets and deposits.  Woori
Bank has consistently maintained sound capitalization and margins,
but recently that has been made more challenging by the operating
environment which is putting pressure on sector profitability.
However, it also considers the bank's risk controls and asset
quality - both of which still lag its large domestic peers - to
have improved recently.  This reflects positively on management
quality, which historically has been compromised by turnover at
senior levels.  Another key factor is the bank's funding/liquidity
profile, with a reliance on foreign currency wholesale funding,
although this is not unique to Woori Bank; in fact the bank's
funding profile has improved over the past five years.

Its precautionary-and-below (PBL) loans ratio (3.6% at end-2014)
compares unfavorably with the commercial bank average (about
2.5%), although it has improved significantly from a peak of 6.3%
at end-2010.  Woori Bank's growth appetite has declined recently
as its management has focused on the sale of KDIC's controlling
stake in the bank.  That said, a focus on mortgage loans in recent
years has seen its loan book expand on average by about 5% a year.

Woori Bank's long-term underlying profitability has weakened due
to softer economic growth, falling interest rates, various
regulatory-driven costs and continued social and political
pressure on the margins and fees of Korean financial institutions.
Nevertheless, credit costs have improved and Fitch expects Woori
Bank's return on assets to be 0.3%-0.4% over the near term.

The bank is highly likely to be designated a "domestic
systemically important bank" (D-SIB) in Korea by the regulator in
2016, meaning the likely imposition of higher capital standards.
This, a more disciplined approach to loan growth, and a heightened
focus on originating better quality assets than in the past, leads
Fitch to expect Woori Bank to progressively strengthen its Fitch
Core Capital (FCC) ratio, which was 10.2% at end-2014.  Fitch
notes the FCC ratio fell from end-2013, but this reflects Woori
Bank's simultaneous merger with its parent and re-consolidation
with Woori Card rather than any fundamental deterioration in the
bank's own capitalisation.

Woori Bank's loans/customer deposits ratio weakened to 125% in
2014 from 118% in 2013, mainly due to the consolidation of Woori
Card.  Nevertheless, the bank is compliant with local prudential
guidelines concerning funding and liquidity.  Like its local
peers, Woori is dependent upon foreign-currency wholesale funding
to support foreign-currency lending, but it is mostly long-term in
nature.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
Woori Bank's legacy Tier 2 notes are rated one notch below its
Long-Term IDR.  These notes have minimal non-performance risk
relative to the banks' senior unsecured debt.  The securities have
gone-concern loss absorption features and no coupon payment
flexibility.  Fitch rates the notes one notch below the anchor
rating to reflect their below-average loss-severity relative to
senior unsecured instruments as a result of their subordinated
status.

Fitch uses the support-driven IDR or the VR (whichever is higher)
as the anchor rating for Korea's systemically important banks'
Tier 2 instruments (both Basel III Tier 2 and legacy Tier 2
securities) because they will be non-performing when the issuing
bank becomes insolvent or defaults, which is similar to the point
at which senior debt is considered to be in default, and Fitch
expects pre-emptive support to be provided to avoid insolvency.

Woori Bank's legacy hybrid securities are rated four notches below
the bank's VR, in line with Fitch's criteria, to reflect their
high loss severity (two notches) and non-performance risk (two
notches).  The hybrid Tier 1 capital securities have limited
flexibility over coupon payments despite their going-concern loss
absorption feature of the non-cumulative coupon deferral, the key
reason for the VR being the anchor rating.

RATING SENSITIVITIES

IDRS, NATIONAL RATINGS, SENIOR DEBT, SUPPORT RATING AND SUPPORT
RATING FLOOR

The IDRs, National and senior debt ratings, Support Rating and
Support Rating Floor are potentially sensitive to any change in
assumptions around the propensity or ability of the Korean
authorities to provide timely support to the bank.  This might
arise if there is a change in the ability of the Korean
authorities to provide support.  Also, global regulatory
initiatives aimed at reducing implicit government support
available to banks may cause downward pressure on the ratings.

The ratings on Woori Bank's Thai baht-denominated senior unsecured
debt are at the highest end on Thailand's National rating scale.
Therefore, there is no upside.  The debt rating could be
downgraded if Woori Bank's Long-Term Foreign Currency IDR is
downgraded below Thailand's Long-Term Local Currency IDR.
Alternatively, an upgrade of Thailand's Long-Term Local Currency
IDR may also lead to Woori Bank's debt being downgraded.

VIABILITY RATING (VR)
The bank's VR is sensitive to a change in Fitch's assumptions
regarding primarily Woori Bank's company profile and how it can
mitigate the impact of the operating environment, which will also
largely reflect management's future strategy and approach to, risk
appetite, growth and capital.

It could be upgraded if there is a significant improvement in its
risk appetite or in management quality, which would likely
manifest in sustained improvement in asset quality.  That said,
even though there have been some improvements recently, the
upgrade already anticipates some further improvements, thus
limiting the prospects of a further upgrade in the near term.

The VR could be downgraded if there is a significant and
unexpected increase in risk appetite (including from above-peer
growth), which heightens the prospects of future deterioration in
loan quality and noticeable erosion in its capitalization.
Negative action could also be taken in the event of further senior
management turnover and concerns that it would impact the bank's
strategy and governance.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
Woori Bank's legacy Tier 2 subordinated debt ratings are broadly
sensitive to the same considerations that might affect Woori
Bank's Long-Term IDR, which is the anchor for such securities.

Woori Bank's legacy hybrid securities ratings are broadly
sensitive to the same considerations that might affect Woori
Bank's VR, which is the anchor for such securities.

The rating actions are:

Woori Bank

International ratings:
Long-Term Foreign Currency IDR affirmed at 'A-'; Stable Outlook
Short-Term Foreign Currency IDR affirmed at 'F1'
Viability Rating upgraded to 'bbb+' from 'bbb'
Support Rating affirmed at '1'
Support Rating Floor affirmed at 'A-'
Senior unsecured debt affirmed at 'A-'
Subordinated debt affirmed at 'BBB+'
Hybrid securities upgraded to 'BB' from 'BB-'

National ratings:
Senior unsecured Thai baht-denominated debt affirmed at 'AAA(tha)'


* SOUTH KOREA: State-Invested Firms to Undergo Restructuring
------------------------------------------------------------
Park Si-soo at The Korea Times reports that state-run railroad
operator Korea Railroad Corporation (KORAIL), the Korea Land and
Housing Corporation (LH) and several other public firms will
undergo intense restructuring, according to the finance ministry.

It is part of a state-driven budget saving targeting money-losing
public units and those stunting the growth of private rivals, the
report relates.

According to the report, the ministry said that under the plan,
four public firms will be subject to merger or closure, and the
functions of 48 others adjusted. An estimated 5,700 officials will
assume new roles, which will save up to KRW7.6 trillion.

"We will draw a concrete action plan and timetable by early June
through negotiations with related ministries," the report quotes
Roh Hyung-wook, a finance ministry officer, as saying. "We will
unveil another budget-saving program for public firms in the
fields of education, energy, industrial promotional, public
health, medicine, finance and environment in the fourth quarter of
this year."

KORAIL is expected to face a major restructuring since it has long
been considered a "budget guzzler," the report says.

A total of 47 cargo-only stations will be shut, the report notes.
The Korea Times says the railroad company will also withdraw from
online shopping and restaurant businesses. The firm will spin off
its units engaging in logistics, train repair and lease and
maintenance services, which the ministry said would help boost its
managerial efficiency. It will also allow private firms to operate
unprofitable lines.

Yet the ministry denied speculation that private firms'
involvement is a step toward KORAIL's privatization, saying it
will block further involvement of private firms. Critics have
argued KORAIL's privatization will end up jeopardizing national
security, according to the Korea Times.

The report adds that LH will stop building profitable medium-sized
and large houses, and the Korea Appraisal Board will withdraw from
competing services with private appraisers. The Korea Expressway
Corporation will get out of the maintenance of private-funded
highways, the Korea Times says.



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


* BOND PRICING: For the Week May 25 to May 29, 2015
---------------------------------------------------

Issuer               Coupon   Maturity    Currency    Price
------               ------   --------    --------    -----


  AUSTRALIA
  ---------

ANTARES ENERGY LTD    10.00   10/30/23       AUD        1.88
BOART LONGYEAR MAN     7.00   04/01/21       USD       70.75
BOART LONGYEAR MAN     7.00   04/01/21       USD       68.30
CML GROUP LTD          9.00   01/29/20       AUD        1.02
CRATER GOLD MINING    10.00   08/18/17       AUD       36.00
FMG RESOURCES AUGU     6.88   04/01/22       USD       73.68
GRIFFIN COAL MININ     9.50   12/01/16       USD       40.00
GRIFFIN COAL MININ     9.50   12/01/16       USD       40.00
IMF BENTHAM LTD        6.46   06/30/19       AUD       71.75
KBL MINING LTD        10.00   02/16/17       AUD        0.31
LAKES OIL NL          10.00   03/31/17       AUD        9.06
MIDWEST VANADIUM P    11.50   02/15/18       USD        4.25
MIDWEST VANADIUM P    11.50   02/15/18       USD        4.39
STOKES LTD            10.00   06/30/17       AUD        0.46
TREASURY CORP OF V     0.50   11/12/30       AUD       62.92


CHINA
-----

CHANGCHUN CITY DEV     6.08   03/09/16       CNY       40.47
CHANGCHUN CITY DEV     6.08   03/09/16       CNY       40.75
CHANGZHOU INVESTME     5.80   07/01/16       CNY       70.72
CHANGZHOU INVESTME     5.80   07/01/16       CNY       70.61
CHINA GOVERNMENT B     1.64   12/15/33       CNY       72.52
CHINA NATIONAL ERZ     5.65   09/26/17       CNY       63.22
CHIZHOU CITY MANAG     7.58   04/20/16       CNY       61.40
CLOUD LIVE TECHNOL     6.78   04/05/17       CNY       81.00
DANYANG INVESTMENT     6.30   06/03/16       CNY       70.82
ERDOS DONGSHENG CI     8.40   02/28/18       CNY       72.97
GUILIN ECONOMIC CO     6.90   05/09/18       CNY       74.80
HANGZHOU XIAOSHAN      6.90   11/22/16       CNY       72.01
HANGZHOU XIAOSHAN      6.90   11/22/16       CNY       70.78
HEILONGJIANG HECHE     7.78   11/17/16       CNY       70.20
HEILONGJIANG HECHE     7.78   11/17/16       CNY       71.93
HUAIAN CITY URBAN      7.15   12/21/16       CNY       70.75
HUAIAN QINGHE NEW      6.79   04/29/17       CNY       70.76
HUNAN CHANGDE REGI     5.90   01/29/16       CNY       69.76
JIANGSU HUAIAN SMA     5.80   12/28/15       CNY       72.00
JIANGSU HUAJING AS     5.68   09/28/17       CNY       74.75
JIANGSU LIANYUN DE     7.85   07/22/15       CNY       70.50
KUNSHAN ENTREPRENE     4.70   03/30/16       CNY       40.03
KUNSHAN ENTREPRENE     4.70   03/30/16       CNY       40.34
LIAOYUAN STATE-OWN     7.80   01/26/17       CNY       71.30
LIAOYUAN STATE-OWN     7.80   01/26/17       CNY       71.88
LUOHE CITY CONSTRU     6.81   03/30/17       CNY       61.67
MIANYANG SCIENCE &     7.16   05/15/19       CNY       68.68
NANJING NANGANG IR     6.13   02/27/16       CNY       50.04
NANJING NANGANG IR     6.13   02/27/16       CNY       50.06
NANJING PUBLIC HOL     5.85   08/08/17       CNY       65.88
NANTONG STATE-OWNE     6.72   11/13/16       CNY       70.11
NANTONG STATE-OWNE     6.72   11/13/16       CNY       71.75
NINGBO CITY ZHENHA     6.48   04/12/17       CNY       71.77
NINGBO URBAN CONST     7.39   03/01/18       CNY       75.31
NINGDE CITY STATE-     6.25   10/21/17       CNY       61.16
PANJIN CONSTRUCTIO     7.70   12/16/16       CNY       72.41
PANJIN CONSTRUCTIO     7.70   12/16/16       CNY       72.01
QINGDAO CITY CONST     6.19   02/16/17       CNY       72.11
QINGZHOU HONGYUAN      6.50   05/22/19       CNY       41.18
QINGZHOU HONGYUAN      6.50   05/22/19       CNY       40.71
SHANGHAI REAL ESTA     6.12   05/17/17       CNY       71.74
TAIZHOU CITY CONST     6.90   01/25/17       CNY       70.78
URUMQI STATE-OWNED     6.48   04/28/18       CNY       75.00
WUXI COMMUNICATION     5.58   07/08/16       CNY       50.41
WUXI COMMUNICATION     5.58   07/08/16       CNY       50.68
XIANGTAN JIUHUA EC     6.93   12/16/16       CNY       69.50
XIANGTAN JIUHUA EC     6.93   12/16/16       CNY       71.53
XUZHOU XINSHENG CO     7.48   05/08/18       CNY       75.21
YANGZHOU ECONOMIC      5.80   05/12/16       CNY       50.77
YANGZHOU URBAN CON     5.94   07/23/16       CNY       70.88
YANGZHOU URBAN CON     5.94   07/23/16       CNY       70.62
YINCHUAN URBAN CON     6.28   03/09/17       CNY       51.15
YIYANG CITY CONSTR     8.20   11/19/16       CNY       72.39
ZHUCHENG ECONOMIC      6.40   04/26/18       CNY       61.85
ZHUCHENG ECONOMIC      7.50   08/25/18       CNY       49.77
ZHUHAI ZHONGFU ENT     6.60   03/28/17       CNY       49.96
ZIBO CITY PROPERTY     5.45   04/27/19       CNY       48.98
ZOUCHENG CITY ASSE     7.02   01/12/18       CNY       62.11


INDONESIA
---------

BERAU COAL ENERGY      7.25   03/13/17       USD       54.25
BERAU COAL ENERGY      7.25   03/13/17       USD       54.50
DAVOMAS INTERNATIO    11.00   12/08/14       USD       13.38


INDIA
-----

3I INFOTECH LTD        5.00   04/26/17       USD       25.38
BLUE DART EXPRESS      9.30   11/20/17       INR       10.09
BLUE DART EXPRESS      9.50   11/20/19       INR       10.19
BLUE DART EXPRESS      9.40   11/20/18       INR       10.14
COROMANDEL INTERNA     9.00   07/23/16       INR       16.15
GTL INFRASTRUCTURE     3.53   11/09/17       USD       30.25
INCLINE REALTY PVT    10.85   04/21/17       INR        9.70
INCLINE REALTY PVT    10.85   08/21/17       INR       12.93
INDIA GOVERNMENT B     7.64   01/25/35       INR       22.91
JAIPRAKASH ASSOCIA     5.75   09/08/17       USD       73.86
JCT LTD                2.50   04/08/11       USD       21.88
ORIENTAL HOTELS LT     2.00   11/21/19       INR       73.08
PYRAMID SAIMIRA TH     1.75   07/04/12       USD        1.00
REI AGRO LTD           5.50   11/13/14       USD       20.63
REI AGRO LTD           5.50   11/13/14       USD       20.63
SHIV-VANI OIL & GA     5.00   08/17/15       USD       23.75


JAPAN
-----

AVANSTRATE INC         5.00   11/05/17       JPY       31.13
AVANSTRATE INC         3.02   11/05/15       JPY       39.13
ELPIDA MEMORY INC      0.70   08/01/16       JPY        9.50
ELPIDA MEMORY INC      0.50   10/26/15       JPY        9.50
ELPIDA MEMORY INC      2.29   12/07/12       JPY        9.50
ELPIDA MEMORY INC      2.03   03/22/12       JPY        9.50
ELPIDA MEMORY INC      2.10   11/29/12       JPY        9.50


KOREA
-----

2014 KODIT CREATIV     5.00   12/25/17       KRW       28.21
2014 KODIT CREATIV     5.00   12/25/17       KRW       28.21
DONGBU CORP            4.00   05/03/16       KRW       71.94
DOOSAN CAPITAL SEC    20.00   04/22/19       KRW       35.07
EXPORT-IMPORT BANK     0.50   11/21/17       BRL       74.56
EXPORT-IMPORT BANK     0.50   12/22/17       BRL       73.37
HYUNDAI HEAVY INDU     4.90   12/15/44       KRW       57.18
HYUNDAI HEAVY INDU     4.80   12/15/44       KRW       58.24
HYUNDAI MERCHANT M     7.05   12/27/42       KRW       37.89
KIBO ABS SPECIALTY     5.00   03/29/18       KRW       27.21
KIBO ABS SPECIALTY    10.00   02/19/17       KRW       33.62
KIBO ABS SPECIALTY    10.00   09/04/16       KRW       35.99
KIBO ABS SPECIALTY    10.00   08/22/17       KRW       27.22
KIBO ABS SPECIALTY     5.00   01/31/17       KRW       30.08
KIBO GREEN HI-TECH    10.00   12/21/15       KRW       38.65
LSMTRON DONGBANGSE     4.53   11/22/17       KRW       27.91
POSCO ENERGY CORP      4.66   08/29/43       KRW       70.79
POSCO ENERGY CORP      4.72   08/29/43       KRW       70.23
POSCO ENERGY CORP      4.72   08/29/43       KRW       70.12
POSCO PLANTEC CO L     3.89   09/13/16       KRW       65.82
POSCO PLANTEC CO L     3.62   09/13/15       KRW       84.78
SINBO SECURITIZATI     5.00   02/21/17       KRW       30.50
SINBO SECURITIZATI     5.00   02/02/16       KRW       31.70
SINBO SECURITIZATI     8.00   02/02/16       KRW       36.66
SINBO SECURITIZATI     5.00   02/21/17       KRW       30.50
SINBO SECURITIZATI     5.00   12/13/16       KRW       31.27
SINBO SECURITIZATI     5.00   03/14/16       KRW       33.00
SINBO SECURITIZATI     5.00   07/19/15       KRW       50.87
SINBO SECURITIZATI     9.00   07/27/15       KRW       56.84
SINBO SECURITIZATI     4.60   06/29/15       KRW       58.85
SINBO SECURITIZATI     4.60   06/29/15       KRW       58.85
SINBO SECURITIZATI     5.00   06/07/17       KRW       23.21
SINBO SECURITIZATI     5.00   06/07/17       KRW       23.21
SINBO SECURITIZATI     5.00   06/29/16       KRW       33.12
SINBO SECURITIZATI     5.00   05/27/16       KRW       33.49
SINBO SECURITIZATI     5.00   05/27/16       KRW       33.49
SINBO SECURITIZATI     5.00   03/13/17       KRW       30.28
SINBO SECURITIZATI     5.00   03/13/17       KRW       30.28
SINBO SECURITIZATI     5.00   07/26/16       KRW       32.79
SINBO SECURITIZATI     5.00   07/26/16       KRW       32.79
SINBO SECURITIZATI     5.00   10/01/17       KRW       28.69
SINBO SECURITIZATI     5.00   10/01/17       KRW       28.69
SINBO SECURITIZATI     5.00   10/01/17       KRW       28.69
SINBO SECURITIZATI     5.00   01/19/16       KRW       32.14
SINBO SECURITIZATI     5.00   01/29/17       KRW       30.76
SINBO SECURITIZATI     5.00   03/12/18       KRW       27.36
SINBO SECURITIZATI     5.00   03/12/18       KRW       27.36
SINBO SECURITIZATI    10.00   12/27/15       KRW       38.07
SINBO SECURITIZATI     5.00   08/16/16       KRW       31.73
SINBO SECURITIZATI     5.00   08/16/17       KRW       29.25
SINBO SECURITIZATI     5.00   08/16/17       KRW       29.25
SINBO SECURITIZATI     5.00   12/07/15       KRW       34.64
SINBO SECURITIZATI     5.00   09/13/15       KRW       42.59
SINBO SECURITIZATI     5.00   09/13/15       KRW       42.59
SINBO SECURITIZATI     5.00   08/24/15       KRW       43.60
SINBO SECURITIZATI     5.00   08/31/16       KRW       32.39
SINBO SECURITIZATI     5.00   08/31/16       KRW       32.39
SINBO SECURITIZATI     5.00   09/28/15       KRW       38.99
SINBO SECURITIZATI     5.00   10/05/16       KRW       32.05
SINBO SECURITIZATI     5.00   10/05/16       KRW       30.49
SINBO SECURITIZATI     5.00   07/24/17       KRW       28.67
SINBO SECURITIZATI     5.00   07/24/18       KRW       26.57
SINBO SECURITIZATI     5.00   07/24/18       KRW       26.57
SINBO SECURITIZATI     5.00   07/08/17       KRW       29.66
SINBO SECURITIZATI     5.00   07/08/17       KRW       29.66
SINBO SECURITIZATI     5.00   02/11/18       KRW       27.56
SINBO SECURITIZATI     5.00   02/11/18       KRW       27.56
SINBO SECURITIZATI     5.00   01/15/18       KRW       28.02
SINBO SECURITIZATI     5.00   01/15/18       KRW       28.02
SINBO SECURITIZATI     5.00   06/27/18       KRW       26.75
SINBO SECURITIZATI     5.00   06/27/18       KRW       26.75
SINBO SECURITIZATI     5.00   12/25/16       KRW       30.53
SK TELECOM CO LTD      4.21   06/07/73       KRW       68.35
TONGYANG CEMENT &      7.50   04/20/14       KRW       70.00
TONGYANG CEMENT &      7.30   04/12/15       KRW       70.00
TONGYANG CEMENT &      7.50   09/10/14       KRW       70.00
TONGYANG CEMENT &      7.50   07/20/14       KRW       70.00
TONGYANG CEMENT &      7.30   06/26/15       KRW       70.00
U-BEST SECURITIZAT     5.50   11/16/17       KRW       28.88
WISE MOBILE SECURI    20.00   05/19/18       KRW       69.90
WISEPOWER CO LTD       4.00   08/10/15       KRW       40.64


SRI LANKA
---------

SRI LANKA GOVERNME     5.35   03/01/26       LKR       74.40


MALAYSIA
--------

BANDAR MALAYSIA SD     0.35   02/20/24       MYR       70.03
BANDAR MALAYSIA SD     0.35   12/29/23       MYR       70.50
BIMB HOLDINGS BHD      1.50   12/12/23       MYR       69.43
BRIGHT FOCUS BHD       2.50   01/22/31       MYR       65.30
BRIGHT FOCUS BHD       2.50   01/24/30       MYR       67.72
LAND & GENERAL BHD     1.00   09/24/18       MYR        0.37
SENAI-DESARU EXPRE     0.50   12/31/38       MYR       67.00
SENAI-DESARU EXPRE     0.50   12/31/41       MYR       71.54
SENAI-DESARU EXPRE     0.50   12/31/40       MYR       70.25
SENAI-DESARU EXPRE     0.50   12/31/43       MYR       74.19
SENAI-DESARU EXPRE     0.50   12/30/39       MYR       68.89
SENAI-DESARU EXPRE     0.50   12/31/42       MYR       72.96
SENAI-DESARU EXPRE     1.35   06/30/28       MYR       58.28
SENAI-DESARU EXPRE     1.35   12/29/28       MYR       57.23
SENAI-DESARU EXPRE     1.10   12/31/21       MYR       74.10
SENAI-DESARU EXPRE     1.10   06/30/22       MYR       72.49
SENAI-DESARU EXPRE     1.15   12/30/22       MYR       71.24
SENAI-DESARU EXPRE     1.15   06/30/23       MYR       69.72
SENAI-DESARU EXPRE     1.15   12/29/23       MYR       68.19
SENAI-DESARU EXPRE     1.15   06/28/24       MYR       66.69
SENAI-DESARU EXPRE     1.15   12/31/24       MYR       65.14
SENAI-DESARU EXPRE     1.15   06/30/25       MYR       63.68
SENAI-DESARU EXPRE     1.35   12/31/25       MYR       63.94
SENAI-DESARU EXPRE     1.35   06/30/26       MYR       62.70
SENAI-DESARU EXPRE     1.35   12/31/26       MYR       61.56
SENAI-DESARU EXPRE     1.35   06/30/27       MYR       60.42
SENAI-DESARU EXPRE     1.35   12/31/27       MYR       59.35
SENAI-DESARU EXPRE     1.35   06/29/29       MYR       56.23
SENAI-DESARU EXPRE     1.35   12/31/29       MYR       55.27
SENAI-DESARU EXPRE     1.35   06/28/30       MYR       54.35
SENAI-DESARU EXPRE     1.35   12/31/30       MYR       53.41
SENAI-DESARU EXPRE     1.35   06/30/31       MYR       52.50
UNIMECH GROUP BHD      5.00   09/18/18       MYR        1.30


PHILIPPINES
-----------

BAYAN TELECOMMUNIC    13.50   07/15/06       USD       22.75
BAYAN TELECOMMUNIC    13.50   07/15/06       USD       22.75


SINGAPORE
---------

AXIS OFFSHORE PTE      7.52   05/18/18       USD       55.00
BAKRIE TELECOM PTE    11.50   05/07/15       USD        4.51
BAKRIE TELECOM PTE    11.50   05/07/15       USD        4.51
BERAU CAPITAL RESO    12.50   07/08/15       USD       56.00
BERAU CAPITAL RESO    12.50   07/08/15       USD       74.78
BLD INVESTMENTS PT     8.63   03/23/15       USD        9.88
BUMI CAPITAL PTE L    12.00   11/10/16       USD       33.00
BUMI CAPITAL PTE L    12.00   11/10/16       USD       29.01
BUMI INVESTMENT PT    10.75   10/06/17       USD       32.75
BUMI INVESTMENT PT    10.75   10/06/17       USD       28.91
ENERCOAL RESOURCES     6.00   04/07/18       USD       14.38
INDO INFRASTRUCTUR     2.00   07/30/10       USD        1.88
OSA GOLIATH PTE LT    12.00   10/09/18       USD       72.25
SWIBER CAPITAL PTE     6.25   10/30/17       SGD       71.63
SWIBER CAPITAL PTE     6.50   08/02/18       SGD       64.88
SWIBER HOLDINGS LT     7.13   04/18/17       SGD       70.75


THAILAND
--------

G STEEL PCL            3.00   10/04/15       USD        4.05
MDX PCL                4.75   09/17/03       USD       35.50


VIETNAM
-------

BANK FOR INVESTMEN    10.20   05/19/21       VND        1.00
BANK FOR INVESTMEN    10.33   05/19/16       VND        1.00
DEBT AND ASSET TRA     1.00   10/10/25       USD       57.28




                             *********

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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