TCRAP_Public/150605.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Friday, June 5, 2015, Vol. 18, No. 110


                            Headlines


A U S T R A L I A

BASANT MARKETING: First Creditors' Meeting Set For June 12
HIGHFIELDS COMMUNITY: First Creditors' Meeting Set For June 12
LA TROBE: S&P Assigns B Rating on Class F Notes
LM AUSTRALASIA: First Creditors' Meeting Set For June 15
PATSOLD PTY: First Creditors' Meeting Set For June 15

SOUTHERN CROSS: Placed Into Receivership
SUPERFERT DONGBU: Administrator Puts Assets Up for Sale


C H I N A

ACORN INTERNATIONAL: Deloitte Touche Has Going Concern Doubt
GUANGXI NONFERROUS: Facing Debt Pressure as Bonds Due
KAISA GROUP: Single-B China Property Debt Cheap, Creditor Says
ORIENT PAPER: Short-Term Debt Raises Going Concern Doubt
SUNAC CHINA: Moody's Says Abandoned Bid Strengthens Liquidity


I N D I A

A.S. TRADERS: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
AIRVISION TECHNOLOGIES: CRISIL Cuts Rating on INR62.6MM Loan to D
AISHWARYA COTTONS: ICRA Assigns B+ Rating to INR12cr Loan
ALM INFOTECH: CRISIL Reaffirms B+ Rating on INR450MM Term Loan
ANAND CRANKS: CRISIL Suspends B+ Rating on INR55MM Cash Loan

ANANDESHWAR POLYPACK: ICRA Suspends 'B' Rating on INR3cr Loan
ASCENDUM SOLUTIONS: ICRA Reaffirms B+ Rating on INR25cr Term Loan
BANK OF INDIA: S&P Cuts Rating on Compliant Hybrid Notes to 'B+'
BHARAT WOVEN: CRISIL Suspends B- Rating on INR62.5MM LT Loan
BHARTI PRINTERS: CRISIL Cuts Rating on INR35MM Cash Loan to D

BHOOMI GINNING: ICRA Reaffirms B+ Rating on INR12cr Cash Credit
BIAX ELECTRIC: CRISIL Reaffirms B+ Rating on INR65MM Packing Loan
CAPITAL VENTURES: ICRA Reaffirms 'B' Rating on INR30cr LT Loan
DESIGNER EXPORTS: CRISIL Reaffirms B- Rating on INR50MM Cash Loan
DIPESH ENGINEERING: CRISIL Reaffirms B+ Rating on INR40MM Loan

EURASIAN MINERALS: ICRA Suspends 'B-' Rating to INR12.50cr Loan
EVERSHINE TIMBER: CRISIL Suspends B+ Rating on INR15MM Cash Loan
GLOBAL POLYBAGS: CRISIL Suspends B+ Rating on INR85MM LT Loan
HINDUSTAN ANTIBIOTICS: CRISIL Suspends D Rating on INR570.9M Loan
INFANT ENGINEERS: CRISIL Suspends B Rating on INR27MM LT Loan

JAY ENTERPRISE: ICRA Assigns 'B' Rating to INR7.0cr Cash Credit
JAY KISHAN: ICRA Reaffirms B+ Rating on INR12cr Cash Loan
JYOTI POLYVINYL: CRISIL Reaffirms 'B+' Rating on INR10MM Loan
KAILASH RICE: CRISIL Suspends B+ Rating on INR120MM Cash Loan
MANMEET ISPAT: ICRA Suspends 'B' Rating on INR5.50cr Loan

MARKS ENTERPRISES: CRISIL Reaffirms B Rating on INR20MM Loan
NAVBHARAT INSULATION: CRISIL Reaffirms B- Rating on INR20MM Loan
NIMCO RATA: CRISIL Lowers Rating on INR55MM Cash Loan to 'B'
P.K. SULPHIKER: CRISIL Cuts Rating on INR70MM Cash Loan to B
PUJA ISPAT: ICRA Withdraws B+ Rating on INR7.50cr Bank Loan

QUICK FOODS: ICRA Reaffirms B+ Rating on INR8.0cr Cash Credit
RAGHAV WOOLLEN: CRISIL Assigns B+ Rating to INR44.5MM Bank Loan
RAJCHANDRA AGENCIES: CRISIL Ups Rating on INR80MM Loan to B+
RASHMI SPONGE: CRISIL Suspends B+ Rating on INR340MM Cash Loan
ROBO EQUIPMENTS: CRISIL Suspends 'D' Rating on INR100MM Cash Loan

ROYAL CARBON: CRISIL Upgrades Rating on INR210MM LT Loan to B+
S.N.G. AGRO: CRISIL Assigns B+ Rating to INR80MM Cash Credit
S.N.G. TRADING: CRISIL Assigns B+ Rating to INR90MM Cash Loan
SAINATH COTTON: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
SHIV GORAKH: ICRA Suspends B+/A4 Rating on INR11.75cr Loan

SHIVAM TERINE: ICRA Assigns B+ Rating to INR4.57cr Term Loan
SHREEYAM POWER: ICRA Reaffirms 'D' Rating on INR721.74cr Loan
SHRI BHAGIYALAKSHIMI: CRISIL Assigns B+ Rating to INR46MM LT Loan
SOMANI KUTTNER: CRISIL Cuts Rating on INR20MM Loan to B+
SREE MANJUNATHA: ICRA Assigns 'B' Rating to INR6.0cr FB Loan

SRI BALAJI: CRISIL Suspends 'B+' Rating on INR35MM Term Loan
SURANA GREEN: CRISIL Cuts Rating on INR300MM Term Loan to D
SYNERGY ELECTRIC: ICRA Suspends 'D' Rating on INR31.70cr Loan
T. L. VERMA: CRISIL Suspends B+ Rating on INR60MM Cash Loan
TRIDENT COATINGS: CRISIL Suspends B Rating on INR45MM LT Loan

VIJAY LATEX: ICRA Lowers Rating on INR9.50cr Cash Loan to 'D'
VIJAY SABRE: ICRA Lowers Rating on INR10cr Cash Credit to 'C'
WEST ASIA: ICRA Suspends 'D' Rating on INR109.8cr Bank Loan
ZED VITRIFIED: ICRA Assigns B+ Rating to INR19.56cr Term Loan


N E W  Z E A L A N D

J WEIR AND CO: Placed Into Liquidation
MILSON AEROSPACE: Goes Into Liquidation


S I N G A P O R E

AVAGO TECHNOLOGIES: Fitch Retains 'BB+' IDR on Note Conversion
FLEXTRONICS INT'L: Moody's Affirms Ba1 CFR, Alters Outlook to Pos


S O U T H  K O R E A

WOORI BANK: Moody's Rates Additional Tier 1 Notes at (P)Ba2


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


BASANT MARKETING: First Creditors' Meeting Set For June 12
----------------------------------------------------------
Grahame Peter Hill -- grahame@hillscorporate.com.au -- of Hills
Corporate Services Pty Ltd was appointed as administrator of
Basant Marketing Pty Limited on June 3, 2015.

A first meeting of the creditors of the Company will be held at
Suite M2 135 Victoria Road, in Drummoyne, New South Wales, on
June 12, 2015, at 10:00 a.m.


HIGHFIELDS COMMUNITY: First Creditors' Meeting Set For June 12
--------------------------------------------------------------
Helen Newman and Andrew Fielding of BDO were appointed as
administrators of Highfields Community Sports Club Ltd on
June 1, 2015.

A first meeting of the creditors of the Company will be held at
offices of BDO, level 10, 12 Creek Street, in Brisbane,
Queensland, on June 12, 2015, at 10:00 a.m.


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

The ratings reflect:

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

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

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

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

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

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

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

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

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

RATINGS ASSIGNED

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


LM AUSTRALASIA: First Creditors' Meeting Set For June 15
--------------------------------------------------------
Anthony Robert Cant and Simon Patrick Nelson of Romanis Cant were
appointed as administrators of LM Australasia Pty. Ltd. on June 3,
2015.

A first meeting of the creditors of the Company will be held at
the offices of Romanis Cant, 106 Hardware Street, in Melbourne,
Victoria, on June 15, 2015, at 11:00 a.m.


PATSOLD PTY: First Creditors' Meeting Set For June 15
-----------------------------------------------------
Gavin Moss & Nick Combis of Vincents Chartered Accountants were
appointed as administrators of Patsold Pty Ltd, trading as "Video
EZY Taree", "Movies Games & More", "Taree Video", "Goulburn Video
Info." and as "Movies, Games & More", on June 2, 2015.

A first meeting of the creditors of the Company will be held at
The Zebu Room of Rydges Port Macquarie, 1 Hay Street, in Port
Macquarie, on June 15, 2015, at 11:00 a.m.


SOUTHERN CROSS: Placed Into Receivership
----------------------------------------
Kevin Farmer of Warwick Daily News reports that Southern Cross
Automotive Group has been placed into receivership.  Receiver
Peter Hedge took control of the business on June 2, the report
says.

He said the company had accumulated more debt than it could
handle, the report relates.

"It's been necessary to relieve the previous owners of the
management of the company for the purposes of being able to keep
the business trading during the transition to a new owner," the
report quotes Mr. Hedge as saying.  "It is effectively like a
change of ownership, it's business as usual."

Warwick Daily relates that Mr. Hedge said he did not anticipate
that any jobs would be lost, but warned that some local business
would have lost money through their dealings with the previous
management.

He said the company that owned the business was not the same as
the business itself, the report relays.

"This is a good, viable business that operates the best brands in
the automotive industry," Mr. Hedge, as cited by Warwick Daily,
said.

Mr. Hedge said the insolvency of the parent company would not
directly impact the ability of the business to continue operating
under the receiver, according to the report.

Headquartered in Toowoomba, Southern Cross Automotive Group sells
top car brands including Ford, BMW, Renault, Jaguar Land Rover,
Volvo, Nissan, Mitsubishi and Kia. The group employs nearly 200
people.


SUPERFERT DONGBU: Administrator Puts Assets Up for Sale
-------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Cor Cordis, the
administrator of Superfert Dongbu Pty Ltd, is seeking expressions
of interest for the sale of the business and its assets.

The assets available include plant and equipment, stock, customer
data base, intellectual property and vehicles, the report says.

Superfert Dongbu was involved in importing and distributing bulk
fertilisers to broad acre farmers in Western Australia.  The
company entered into administration on May 13, 2015 with Dino
Travaglini of Cor Cordis being appointed administrator of the
company.



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


ACORN INTERNATIONAL: Deloitte Touche Has Going Concern Doubt
------------------------------------------------------------
Acorn International, Inc., reported a net loss of US$44.3 million
on US$94.8 million in revenue for the year ended Dec. 31, 2014,
compared to a net loss of US$39.9 million on US$185 million of
revenues in the same period in 2013.

Deloitte Touche Tohmatsu Certified Public Accountants LLP
expressed substantial doubt about the Company's ability to
continue as a going concern, citing that the Company has recurring
losses from operations and negative cash flows from operation.

The Company's balance sheet at Dec. 31, 2014, showed US$126
million in total assets, US$34.1 million in total liabilities, and
stockholders' equity of US$91.7 million.

A copy of the Form 20-F filed with the U.S. Securities and
Exchange Commission for the fiscal year ended Dec. 31, 2014,
is available at http://is.gd/bZtfQZ

Shanghai, China-based Acorn International, Inc., an integrated
multi-platform marketing company, develops, promotes, and sells a
portfolio of proprietary-branded products; and third parties
products in the People's Republic of China.


GUANGXI NONFERROUS: Facing Debt Pressure as Bonds Due
-----------------------------------------------------
Bloomberg News reports that Guangxi Nonferrous Metals Group Co.
may have difficulty repaying its bonds on its own, China Credit
Rating Co. said, highlighting the risk of it becoming the second
state-owned firm to default.

Bloomberg relates that the company, based in Nanning in
China's southern Guangxi province, must repay CNY1.3 billion ($210
million) of principal and CNY62.92 million of interest on its 4.84
percent notes due June 13.  China Credit Rating cut Guangxi
Nonferrous Metals' score to BBB- from BBB+ and lowered its outlook
to negative from stable June 3, citing "huge" short-term debt
pressure and production curbs, Bloomberg relays.

Asia's biggest economy, whose growth slowed to its weakest pace
since 1990 last year, has shown little evidence of acceleration
even after Premier Li Keqiang cut interest rates three times since
November, Bloomberg discloses.  According to Bloomberg, a bottle
maker that supplies Coca-Cola Co. became the fourth company to
miss obligations in the onshore bond market last week and a maker
of smoked duck leg cited increasing difficulty getting credit as
it defaulted on bank loans ahead of a bond deadline June 12.

"Lower-rated issuers are facing big pressure to repay debt,"
Bloomberg quotes Sun Binbin, a bond analyst at China Merchants
Securities Co. in Shanghai, as saying. "But given the loose
monetary environment, there won't be a surge in bond defaults in
China."

Baoding Tianwei Group Co. became the nation's first state-owned
enterprise to default on domestic debt in April, the report notes.

The yield premium for three-year AA- rated corporate bonds over
sovereign notes has dropped 36 basis points this year to 234,
Bloomberg discloses citing ChinaBond.

Dagong Global Credit Rating Co. on June 4 cut Guangxi Nonferrous
Metals' issuer and 2015 bond rating to AA- from AA, saying it
hasn't received any filing from the company regarding the notes'
repayment plan, Bloomberg News relates.

The yield on Guangxi Nonferrous Metals' bonds has risen three
basis points this week to 3.49 percent as of June 3, ChinaBond
data show, Bloomberg discloses.

The company is trying to raise funds for its note repayment with
the help of the provincial government, China Credit Rating said in
a report on June 4, Bloomberg notes.

Guangxi Nonferrous Metals is owned by the State-owned Assets
Supervision & Administration Commission of Guangxi province.


KAISA GROUP: Single-B China Property Debt Cheap, Creditor Says
--------------------------------------------------------------
Bei Hu at Bloomberg News reports that Benjamin Fuchs is unfazed by
being caught in the first dollar bond default of a Chinese
developer.

The chief investment officer of BFAM Partners (Hong Kong), a
hedge-fund firm overseeing $1.2 billion of assets, said offshore
debt of Chinese property developers with a single-B credit rating
was "extremely cheap" and the default risk exaggerated.

"That's precisely where you should be investing," he said on
June 3 at the Sohn Conference Hong Kong presented by the Karen
Leung Foundation, a gathering where top Asia-focused hedge-fund
managers share ideas and raise money to combat gynecological
cancers, Bloomberg relays.

According to Bloomberg, BFAM is among eight remaining money
managers sitting on the offshore bondholder committee of Kaisa
Group Holdings Ltd. The Shenzhen-based company became the first
Chinese developer to default on U.S.-dollar debt in April, sending
shock waves across the high-yield bond market, the report notes.

BFAM, which traces its roots to proprietary trading desks at
Lehman Brothers Holdings Inc. and Nomura Holdings Inc., holds
single-B rated offshore debt of various publicly listed Chinese
developers, which Mr. Fuchs describes as "the weakest among the
strongest," with high yields and low default rates, reports
Bloomberg News.

Such bonds are trading at an average yield of about 10 percent,
attractive even accounting for the risk, Mr. Fuchs, as cited by
Bloomberg, said. Even if a cumulative 30 percent of companies held
by investors default on their bonds and no money is recovered,
owners of a diversified basket of single-B Chinese developer debt
will be able to break even, the report notes.

Defaults on that scale are unlikely as that figure is four times
the losses during the global financial crisis, when the three-year
cumulative single-B debt default rate reached 17 percent with a 45
percent recovery rate, he added, citing rating-company data,
Bloomberg News relays.

"The high-yield market is implicitly pricing in this huge Chinese
financial crisis," Bloomberg quotes Mr. Fuchs as saying. Fear that
international investors won't get paid for holding offshore
subordinated debt "doesn't match the reality," he added.

Asian corporate dollar high-yield bonds returned 1 percent this
year, Bloomberg reports citing Bank of America Merrill Lynch
index. Their average yields have come down to 7.76 percent from
the 10 percent peak in mid-January, which was triggered by the
Kaisa concerns, the report notes.

According to Bloomberg News, Mr. Fuchs said company owners
typically have their net worth tied up in offshore listed
companies used to issue debt, which they would lose in the case of
a default.  That gives them a way to obtain hard-to-get funding to
buy land in China. They are also one of the few legal ways for
them to move cash offshore, he added.

"There are some super strong financial incentives to repay and
maintain that whole offshore structure despite the fact legally,
we all know it's relative weak," the report quotes Mr. Fuchs as
saying.

Developers are set to benefit from Chinese central bank monetary
easing and the release of pent-up demand after the recent
relaxation of property-purchase restrictions, he said, Bloomberg
relays.

"We don't think the financial crisis is around the corner; we
don't think the property market is about to collapse," Bloomberg
quotes Mr. Fuchs as saying. "Spreads are going to get much
tighter."

                        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
June 3, 2015, Moody's Investors Service changed to negative from
positive the outlook on Kaisa Group Holdings Ltd's Ca corporate
family and senior unsecured debt ratings.  At the same time,
Moody's has affirmed the company's Ca corporate family and senior
unsecured debt ratings.


ORIENT PAPER: Short-Term Debt Raises Going Concern Doubt
--------------------------------------------------------
Orient Paper, Inc., filed its quarterly report on Form 10-Q,
disclosing that as of March 31, 2015, the Company had current
assets of $23.3 million and current liabilities of $40.8 million
(including amounts due to related parties of $3.59 million),
resulting in a working capital deficit of $17.6 million.

The Company is currently seeking to restructure the term of its
liabilities by raising funds through long-term loans to pay off
liabilities with shorter terms.

Its ability to continue as a going concern is dependent upon
obtaining the necessary financing or negotiating the terms of the
existing short-term liabilities to meet current and future
liquidity needs, the company said in the regulatory filing.

The Company disclosed net income of $2.11 million on $26.5 million
of revenues for the three months ended March 31, 2015, compared
with net income of $2.53 million on $25.8 million of revenue for
the same period in 2014.

The Company's balance sheet at March 31, 2015, showed $237 million
in total assets, $61.0 million in total liabilities, and
stockholders' equity of $176 million.

A copy of the Form 10-Q is available at:

                        http://is.gd/Jt8g03

Orient Paper, Inc. -- http://www.orientpaperinc.com/-- is a paper
manufacturer in North China.  Using recycled paper as its primary
raw material, Orient Paper produces and distributes three
categories of paper products: corrugating medium paper, offset
printing paper, and other paper products, including digital photo
paper.  The Company is currently building facilities to expand
into the production of tissue paper.

With production operations based in Baoding in North China's Hebei
Province, Orient Paper is located strategically close to the
Beijing and Tianjin region, home to a growing base of industrial
and manufacturing activities and one of the largest markets for
paper products consumption in the country.

Orient Paper's production facilities are controlled and operated
by its wholly owned subsidiary Shengde Holdings Inc, which in turn
controls and operates Baoding Shengde Paper Co., Ltd., and Hebei
Baoding Orient Paper Milling Co., Ltd. for manufacturing digital
photo, corrugating medium and offset printing paper.

Founded in 1996, Orient Paper has been listed on the NYSE MKT with
the ticker symbol "ONP" since December 2009.


SUNAC CHINA: Moody's Says Abandoned Bid Strengthens Liquidity
-------------------------------------------------------------
Moody's Investors Service says that Sunac China Holdings Limited's
(B1 stable) announcement on May 28, 2015 that it had decided to
terminate the agreement to purchase a controlling stake in the
troubled property developer, Kaisa Group Holdings Ltd (Ca
negative) will support Sunac's liquidity position and prevent
Sunac's overall financial profile from weakening.

"Sunac's decision to abandon its proposed takeover of Kaisa will
not immediately affect the former's ratings because we expect that
Sunac will continue to expand and to use its available internal
resources for land and other acquisitions," says Franco Leung, a
Moody's Vice President and Senior Analyst.

The termination of the share purchase will, however, avoid a
further weakening of Sunac's financial profile and a diversion of
its management resources.

The cash consideration of the proposed share purchase would have
consumed about HKD4.55 billion of Sunac's internal cash.

Kaisa's weak credit profile would also have negatively affected
Sunac's financial position and diverted Sunac's management
resources.

Over the next 12-18 months, Moody's expects that Sunac's debt
leverage -- as measured by revenue/debt -- will trend towards 80%,
as opposed to 75%-80% if the takeover bid was successful. The 80%
range is comparable to that of Sunac's B1 peers.

"The refund of the pre-payments that Sunac made to Kaisa will also
support Sunac's liquidity profile," adds Leung.

According to the termination agreement, Kaisa will refund half of
the HKD2.32 billion of pre-payments to Sunac before 29 May 2015,
and the remainder -- with interest -- no later than 28 December
2015.

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

Sunac China Holdings Limited is an integrated residential and
commercial property developer, with ongoing or completed projects
in China's main regions of Beijing, Tianjin, Shanghai, Chongqing
and Hangzhou.

The company develops a wide range of properties, including high-
rise and mid-rise residences, detached villas, townhouses, retail
properties, offices and car parks.

Sunac was incorporated in the Cayman Islands on 27 April 2007 and
listed on the Hong Kong Stock Exchange on 7 October 2010. At end-
2014, it owned 71 projects and its land bank totaled 21.6 million
square meters.



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A.S. TRADERS: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
--------------------------------------------------------------
CRISIL rating on the long-term bank facility of A.S. Traders (AST)
continues to reflect the firm's below-average financial risk
profile, particularly its liquidity, marked by high leverage
ratio.

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

The rating also factors in geographical concentration the firm's
revenue profile and its modest scale of operations. These rating
weaknesses are partially offset by the extensive experience of
AST's promoters in the liquor industry and the firm's distribution
tie-up with an industry leader.
Outlook: Stable

CRISIL believes that AST will, over the medium term, benefit from
the promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm registers a sustainable increase
in its scale of operations and profitability, or diversifies its
revenue profile through addition of new geographies, consequently
improving the capital structure. Conversely, the outlook may be
revised to 'Negative' in case of an adverse impact of regulatory
changes on AST's profitability and revenue growth, or a stretch in
the firm's working capital cycle.

AST, is a partnership firm incorporated in June 21, 2013 and a
distributor for the UB group's Kingfisher Beer for the Punjab
region. The firm was also awarded with Heineken beer agency during
November 2014. The firm is promoted by the Grover family which has
been in the liquor business for over three decades.


AIRVISION TECHNOLOGIES: CRISIL Cuts Rating on INR62.6MM Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Airvision Technologies Pvt Ltd (AVTPL) to 'CRISIL D' from
'CRISIL B-/Stable'.

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

   Funded Interest
   Term Loan             26        CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Proposed Long Term
   Bank Loan Facility     6.4      CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Term Loan             62.6      CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by AVTPL in
servicing its debts; the delays have been caused by the company's
weak liquidity. AVTPL's liquidity is weak on account of low cash
accruals vis-a-vis debt obligations.

AVTPL also has a modest scale of, and working-capital-intensive,
operations, and the company's below-average financial risk
profile, marked by high gearing, subdued debt protection metrics,
and net cash accruals tightly matched with term debt obligation
over the medium term. However, the company benefits from its
promoters' extensive experience in manufacturing air terminal
equipments and their established relationship with customers.

AVTPL, incorporated in 2006, manufactures air terminal equipments,
primarily air handling units and air washers. The company's
manufacturing unit is in at Vasai (Maharashtra). AVTPL's day-to-
day operations are managed by Mr. Anand Shetye.


AISHWARYA COTTONS: ICRA Assigns B+ Rating to INR12cr Loan
---------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to the INR12.00
crore fund based limits of Aishwarya Cottons.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits       12.00        [ICRA]B+ assigned

The rating assigned takes into account the firm's small scale of
operations restricting financial flexibility, its financial
profile characterized by thin margins on account of intense
competition in highly fragmented industry and high gearing. The
rating also considers susceptibility of margins to adverse
fluctuations in cotton prices which are subject to seasonality and
government regulations on minimum support price (MSP) and export
quota. The rating is further constrained by the capital fund
withdrawal risk as inherent to partnership firms. However, the
rating favourably takes into account the long standing experience
of the partners in the ginning industry.

Aishwarya Cotton is engaged in cotton trading, ginning & pressing.
The firm's major products include cotton seed and cotton lint. It
was established in 2012 and commenced operations in April 2013.
The firm was promoted by Mr. B. Muddubasavan Gowd and his family;-
the promoters of the firm have longstanding experience in the
business through their other group entities.

Recent results
As per audited financials for FY2014, the company reported net
profit after tax of INR1.20 crore on operating income of INR135.84
crore as compared to net profit after tax of INR0.37 crore on
operating income of INR75.56 crore for FY2013.


ALM INFOTECH: CRISIL Reaffirms B+ Rating on INR450MM Term Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of ALM Infotech
City Pvt Ltd (ALM) continues to reflect the company's exposure to
the risks and cyclicality inherent in the Indian real estate
industry, and high implementation and funding risk associated with
the ongoing project, ILD Grand, Gurgaon. These rating weaknesses
are partially offset by its promoters' extensive experience in the
real estate sector.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             450       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ALM will maintain its credit risk profile,
backed by its promoters' extensive experience in the real estate
sector over the medium term. The outlook may be revised to
'Positive' in case ALM receives more-than-expected customer
advances for the ongoing project, thereby substantially improving
its overall liquidity. Conversely, the outlook may be revised to
'Negative' if the firm faces time or cost overuns in its projects
and reports lower-than-expected sales.

Incorporated in 2006, ALM is engaged in real-estate development in
Gurgaon and the NCR region. The company is promoted by Mr.
Alimuddin and Mr. Nuzhat Alim of the ILD (International Land
Developers) group.

The company has successfully implemented a commercial real estate
project ILD Trade Centre in Gurgaon (Sector 47, Sohna Road) and is
now focusing on residential real estate projects. With this in
mind, the company launched the ILD Grand residential project in
Sec 37, Gurgaon on Jan 2012. The project is still under
construction and is expected to be complete by December 2015.


ANAND CRANKS: CRISIL Suspends B+ Rating on INR55MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Anand
Cranks (AC).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            55       CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility     15       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by AC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AC is yet to
provide adequate information to enable CRISIL to assess AC's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

AC is a partnership firm started by Mr. Jatinder Anand and his
brother Sarvinder Singh Anand in 1995 and is in the manufacturing
of Crank Shafts, Connecting Rods, Cam Shafts and other auto parts.
The manufacturing capacities of the firm are located in Ludhiana,
Punjab.


ANANDESHWAR POLYPACK: ICRA Suspends 'B' Rating on INR3cr Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR3 crore cash
credit limit and INR2 crore term loan and [ICRA]A4 rating to the
INR2.00 crore non fund based bank facilities of Anandeshwar
Polypack Private Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.


ASCENDUM SOLUTIONS: ICRA Reaffirms B+ Rating on INR25cr Term Loan
-----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the INR25.00
crore term loan facilities and INR5.00 crore fund based facilities
of Ascendum Solutions India Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loans              25.00        [ICRA]B+/Reaffirmed
   Fund Based facilities    5.00        [ICRA]B+/Reaffirmed

The reaffirmation in the rating takes into account the experience
of the promoters in the ITeS industry, the company's established
relationship with its renowned customer base and the stable rental
income generated by the company from its leased office space which
supports its cash flows and debt repayment obligations. The
rating, however, remains constrained by the company's modest scale
of operations and financial profile characterized by weak capital
structure and coverage indicators which have deteriorated during
the year on account of decline in the operating margin. While the
customer concentration remains high during 2014-15 on account of
lack of addition of any new customers, the company's long term
association with these customers partially insulates the risk of
order volatility. The working capital intensity of the company
also remains high owing to high value of receivables outstanding
from group companies. The rating also factors in the high
competitive intensity in the IT industry amidst globally weak
macro environment, thereby limiting pricing flexibility to an
extent, and the susceptibility of the earnings to fluctuating
exchange rates and wage inflation.

Promoted by Mr. Mahendra Vora in February 2008, Ascendum is a
small sized Information Technology (IT) solutions company.
Headquartered in Cincinati, USA, the company is part of the Vora
Ventures Group which is a privately held technology holding group
comprising 14 IT companies broadly classified under three
categories -- IT infrastructure, IT Products and IT services.
Ascendum was established with an amalgamation of Cincinati based
Professional Data Resources (Data processing services), Bangalore
based Ascendum Systems (10 years of experience in development of
offshore, onshore and dual shore projects) and Garnet
Infosolutions (Microsoft Dynamics platform partner and implementer
focused on delivering IT solutions). Ascendum is primarily engaged
in IT services and offers key services like software application
development, application maintenance, and consulting services
(staffing) to small, medium as well as large firms mainly in USA
and Europe across diverse verticals like retail, financial
services, automobile, energy & utilities and manufacturing.

Recent Results
The company reported a net profit of INR2.1 crore on an operating
income of INR19.6 crore as per the provisional financials for
2014-15, as against a net profit of INR2.6 crore on an operating
income of INR20.4 crore during 2013-14.


BANK OF INDIA: S&P Cuts Rating on Compliant Hybrid Notes to 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BBB-' long-term and 'A-3' short-term issuer credit ratings on
Bank of India.  The outlook on the long-term rating is stable.
S&P also affirmed its 'BBB-' long-term issue ratings on the
outstanding senior unsecured notes of the India-based bank.  At
the same time, S&P lowered the long-term issue ratings on Bank of
India's Basel II compliant hybrid notes (upper Tier 2 subordinated
and hybrid Tier 1 notes) to 'B+' from 'BB'.

S&P also affirmed its 'BBB-' long-term and 'A-3' short-term issuer
credit ratings on Bank of India (New Zealand) Ltd. (BOI (New
Zealand)).  The outlook on the long-term rating is stable.  BOI
(New Zealand) is the New Zealand subsidiary of Bank of India.

"We affirmed the ratings to reflect Bank of India's sound
franchise and business diversity and a 'very high' likelihood of
government support," said Standard & Poor's credit analyst Amit
Pandey.

The ratings reflect one notch of uplift because S&P expects the
government of India (unsolicited rating BBB-/Stable/A-3) to
provide timely and sufficient extraordinary support to the bank if
it comes under financial distress.

"We expect Bank of India's asset quality to remain weak over the
next 12 months," said Mr. Pandey.  "We therefore lowered the
bank's stand-alone credit profile [SACP] to 'bb+' from 'bbb-'."

S&P expects Bank of India's credit costs to remain high because of
continued pressure on asset quality, given the tough operating
conditions for the corporate sector in India.  About 70% of the
bank's loans are in the domestic market, and about 74% of these
loans are to the corporate and micro and small and midsize
enterprise segments.  The rising stress in these exposures has led
to an increase in the bank's consolidated gross nonperforming loan
ratio to 5.36% as of March 31, 2015, from 3.14% as of March 31,
2014.  In addition, Bank of India has sizable exposure to the
infrastructure and metal sectors, which S&P views as having high
risk.  These sectors have also come under stress in the current
business cycle.  The bank's ratio of standard restructured loans
to total loans is about 5.3% as of March 31, 2015, which may also
contribute to the slippages.

S&P expects Bank of India's earnings to remain weak over the next
12-18 months because of high credit costs and declining net
interest margins.  The bank's mediocre internal capital generation
is unlikely to support its loan growth.  Bank of India has relied
on equity infusions and additional Tier 1 issuance to support its
growth over the past three to four years.  S&P anticipates that
moderate loan growth and capital-raising will keep the bank's
risk-adjusted capital (RAC) ratio (pre-diversification) under
Standard & Poor's framework above 5% over the next 12-18 months;
the ratio was 5.6% as of March 31, 2014.

S&P lowered the issue ratings on Bank of India's Basel II
compliant hybrid issues by two notches to reflect the revision in
the bank's SACP.  S&P rates legacy Basel II hybrid Tier 1 and
upper Tier 2 issues of Indian banks three notches below the SACP
if the SACP falls in the speculative-grade category.

S&P equalizes the ratings and outlook on BOI (New Zealand) with
those on Bank of India to reflect the parent's unconditional and
irrevocable guarantee of the subsidiary's obligations.

The stable outlook on Bank of India reflects S&P's expectation
that the bank will maintain its current credit profile over the
next 12 months.  The ratings and outlook on BOI (New Zealand) will
move in tandem with that on Bank of India.

S&P could downgrade Bank of India if the bank's pre-
diversification RAC ratio dips below 5%, possibly because the bank
can't raise sufficient capital to support growth, its
profitability continues to deteriorate, or India's economic risk
rises.  S&P could also downgrade Bank of India if the bank's asset
quality weakens significantly.

S&P is unlikely to raise the rating on Bank of India because it
would require a one-notch improvement in the bank's SACP and an
upgrade of India, which is unlikely over the outlook horizon.  In
a low likelihood scenario, S&P could raise the SACP if: (1) Bank
of India raises a large amount of capital and then maintains its
such that the RAC ratio remains above 7%; or (2) the bank improves
its asset quality and risk management.


BHARAT WOVEN: CRISIL Suspends B- Rating on INR62.5MM LT Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Bharat
Woven Polymers Pvt Ltd (BWPPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           15        CRISIL B-/Stable

   Letter of credit &
   Bank Guarantee         2.5      CRISIL A4

   Long Term Loan        62.5      CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by
BWPPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BWPPL is yet to
provide adequate information to enable CRISIL to assess BWPPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Incorporated in July 2011, BWPPL is engaged in the manufacturing
of PP woven sacks, which are used for packaging in various
industries such as rice, cement, and sugar. The company has its
manufacturing unit at Nalgonda (Andhra Pradesh), which commenced
operations in September 2012. BWPPL is promoted by Mr. K Subhash
Chandra Bose.


BHARTI PRINTERS: CRISIL Cuts Rating on INR35MM Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Bharti Printers (BP) to 'CRISIL D' from 'CRISIL B+/Stable'.

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

   Long Term Loan        27        CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Proposed Fund-Based
   Bank Limits           18        CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Working Capital
   Facility               2.5      CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by BP in
servicing its term debt; the delays have been caused by the firm's
weak liquidity. The weak liquidity is also reflected in over-
utilisation of BP's bank limits.

BP also has a modest scale of operations in the fragmented offset
printing industry and has large working capital requirements.
However, the firm benefits from the extensive experience of its
proprietor in the printing industry.

Established in 1980 as a proprietorship firm, BP is engaged in
designing, printing, and binding of books, brochures and other
reading materials for the Printing and Stationery Department of
Himachal Pradesh, Punjab and Haryana. The firm is also engaged in
printing of pamphlets, brochures, booklets and other printed
materials for various nodal agencies, schools along with printing
of mono-cartons of certain pharmaceuticals for multiple customers
at its printing facility in Chandigarh.

BP reported a net profit of INR3.6 million on a net sales of
INR124.3 million for 2013-14 (refers to financial year, April 1 to
March 31) against a net profit of INR1.8 million on a net sales of
INR79.9 million for 2012-13.


BHOOMI GINNING: ICRA Reaffirms B+ Rating on INR12cr Cash Credit
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR12.00 crore (enhanced from INR9.50 crore) cash credit facility
of Bhoomi Ginning Pressing Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based-Cash
   Credit                  12.00        [ICRA]B+ reaffirmed

The reaffirmation of rating continues to be constrained by Bhoomi
Ginning Pressing Private Limited's (BGPPL) modest scale of
operation characterized by thin profitability, and low debt
coverage indicators along with high gearing level due to reliance
on external borrowings. The rating also factors in the low value
additive nature of operations and intense competition on account
of the fragmented industry structure, which leads to thin profit
margins. Further, the rating also takes in to account the
vulnerability to adverse movement in agricultural produce prices
as seen from present weak cotton prices. These are affected by
weak global markets, and reduced imports by China, as well as slow
domestic demand from spinning units.

The rating, however, considers the long experience of the
promoters in the cotton industry and easy availability of raw
material by virtue of its favourable location. The rating also
favourably considers firms' presence in forward integration of
cottonseeds providing diversification and additional revenues.

Bhoomi Ginning Pressing Private Limited was incorporated in 2006
as a private limited company. It is engaged in the ginning and
pressing of raw cotton and crushing of cottonseeds. The
manufacturing unit is located at Jasdan, Dist. Rajkot, Gujarat. It
is equipped with 24 ginning machines, one pressing machine (semi
automatic) and two expellers with an installed capacity of 220
cotton bales, 0.50 MT cottonseed oil and 12.50 MT cottonseed oil
cake per day (24 hours operation). Three directors namely, Mr.
Sanjaybhai Ramani, Mr. Ashishbhai Ramani and Mr. Maganbhai Ramani
manage the company.

Recent Results
During FY15 (unaudited provisional financials), the company
reported an operating income of INR66.63 crore and a net profit of
INR0.63 crore against an operating income of INR58.05 crore and
net profit of INR0.08 crore in FY14.


BIAX ELECTRIC: CRISIL Reaffirms B+ Rating on INR65MM Packing Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Biax Electric
and Controls Pvt Ltd (Biax) continues to reflect Biax's modest net
worth and weak debt protection metrics, and its small scale and
working capital intensity of operations. These rating weaknesses
are partially offset by the company's established market position
in the electrical and precision equipment export market.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Export Packing Credit    65      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Biax will continue to benefit over the medium
term from its established market position. The outlook may be
revised to 'Positive' in case of significant improvement in the
company's scale of operations and cash accruals. Conversely, the
outlook may be revised to 'Negative' if Biax's working capital
cycle is stretched, or if it undertakes a large debt-funded
capital expenditure programme, constraining its financial risk
profile.

Update:
Biax's operating income increased to INR195 million in 2014-15
(refers to financial year, April 1 to March 31) from INR181
million in the previous year. The company's operating margin has
remained in the range of 7.4 to 7.9 per cent over the four years
through 2014-15; CRISIL expects the operating margin to remain at
a similar level over the medium term. Biax's operations are
working capital intensive as reflected in its gross current assets
of 111 days as on March 31, 2015.

Biax's financial risk profile has remained below average, marked
by an average gearing, a modest net worth and weak debt protection
metrics. The company's gearing was 1.75 times and it's net worth
INR410 million, as on March 31, 2015; the modest net worth was
because of low accretion to reserves. Biax's debt protection
metrics remained weak, with interest coverage and net cash
accruals to total debt ratios of 1.4 times and 0.6 times,
respectively, in 2014-15, because of its moderate profitability.
The company's financial risk profile is expected to remain weak
over the medium term.

Biax's liquidity is stretched due to low cash accruals and
working-capital-intensive operations. The company's annual cash
accruals are estimated at INR4 million to INR6 million against nil
debt obligations, over the next two years. However, the company
receives support from its promoters in the form of unsecured
loans, the balance of which stood at INR4.5 million as on
March 31, 2015.

Incorporated in 2001, Biax manufactures electrical and precision
accessories at its facility in Silvassa (Dadra and Nagar Haveli).
The company derives 100 per cent of its revenue from exports to
the US, Europe, and the Middle East. It is managed by Mr. Malay
Shah.


CAPITAL VENTURES: ICRA Reaffirms 'B' Rating on INR30cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed its rating of [ICRA]B on the INR30.00 crore
(enhanced from INR22.00 crores) bank facilities of Capital
Ventures Private Limited (CVPL).

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund          30.00        [ICRA]B; reaffirmed
   based Limits

The rating reaffirmation takes into consideration the high
competitive intensity in the company's business of trading of fast
moving consumer goods (FMCG) primarily in export markets. Presence
of a number of players in the industry limits the operating
profitability of CVPL and also other players in the industry. The
rating also takes note of the weak financial profile of the
company marked by a levered capital structure and also inadequate
coverage indicators. Debt levels of the company have increased
consistently to fund the working capital requirements of a growing
scale of operations. In addition, the liquidity of the company
remained stretched given the full utilization of sanctioned
working limits. Further, the profitability of the company remains
vulnerable to the foreign exchange fluctuation risk. The rating,
however, takes into consideration the long experience of the
promoters in this business, low operating risk on account of
diversified product profile comprising branded products and
company's established relationship with suppliers which ensures
timely availability of products and scheduled completion of
orders. Going forward, the ability to improve its profitability
and also efficient management of its working capital requirements
will remain key rating drivers for the company.

Incorporated in 1999, CVPL is involved in trading of fast moving
consumer goods (FMCG) products like personal care products,
detergent and fabric care products, home care products, grocery,
beverages, snacks, candy, dietary supplements, pharma and tobacco.
The company procures the products from various manufactures,
dealers, wholesaler and distributors in the domestic market and
exports to countries like Australia, Singapore, Dubai, Pakistan,
Netherland, USA, UK and others. CVPL also forayed into rice
milling during 2014-15 and sells rice under its brand
'Parliament'.

Recent Result
Based on provisional financials of 2014-15, CVPL recorded a net
profit of INR0.74 crore on an operating income of INR155.11 crore,
as against a net profit of INR0.21 crore on an operating income of
INR141.83 crore in 2013-14.


DESIGNER EXPORTS: CRISIL Reaffirms B- Rating on INR50MM Cash Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Designer Exports (DE)
continue to reflect DE's below-average financial risk profile,
marked by weak capital structure and subdued debt protection
metrics.

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

The rating also factors in DE's modest scale of operations and its
large working capital requirements. These rating weaknesses are
partially offset by the partners' extensive industry experience.
Outlook: Stable

CRISIL believes that DE will continue to benefit over the medium
term from its partners' extensive industry experience and their
funding support. The outlook may be revised to 'Positive' in case
of significant ramp-up in the scale of operations and
profitability, resulting in improvement in its cash accruals and
subsequently financial risk profile. Conversely, the outlook may
be revised to 'Negative' in case of further deterioration in its
financial risk profile, most-likely because of lower-than-expected
cash accruals, or elongation in working capital cycle, or higher-
than-expected capital withdrawal by partners.

Update
DE's revenues registered a modest 3 per cent year-on-year growth
to around INR300 million in 2014-15 (refers to financial year,
April 1 to March 31); this was mainly driven by steady demand from
its existing customers. The firm's operating margin is expected to
remain moderate in the range of 4-5 per cent in 2014-15 in line
with historical trend.

The firm's operations are highly working capital intensive as
reflected in its estimated gross current assets (GCA) of around
220 days as on March 31, 2015; the GCAs days have been at similar
levels in the past. These GCAs emanate from the company's
inventory levels of 40 to 50 days and receivables cycle of 160 to
170 days. As a result, the firm's average bank limit utilisation
has been high at around 100 per cent for the 12 months ended April
2015. DE's net worth is small at around INR25 million as on March
31, 2015. The firm has substantial debt contracted for funding its
working capital requirements; this, coupled with small net worth
has resulted in high gearing of around 4.0 times as on March 31,
2015.

DE based in Kolkata was established as a partnership concern in
1999 by Mr. Raj Kumar Dugar and family. The firm is engaged in
manufacturing of ready-made garments and also trades in fabrics.


DIPESH ENGINEERING: CRISIL Reaffirms B+ Rating on INR40MM Loan
--------------------------------------------------------------
CRISIL's ratings continue to reflect Dipesh Engineering Works'
(DEW; part of the Dipesh group) average financial risk profile
marked by small net worth and moderate gearing, its working-
capital-intensive operations and susceptibility to volatility in
raw material prices. These rating weaknesses are partially offset
by the promoters' extensive experience in machine and equipment
manufacturing industry and its established clientele.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            40       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       85       CRISIL A4 (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Unique Chemoplant Equipments (UCE) and
DEW. This is because both the entities, together referred to as
the Dipesh group, are engaged in the same line of business, have
significant operational and financial linkages, and are under a
common management.
Outlook: Stable

CRISIL believes that the Dipesh group will benefit over the medium
term from its promoters' extensive industry experience and its
established relationship with customers. The outlook may be
revised to 'Positive' if the group scales up operations while it
improves its margins significantly, leading to substantial cash
accruals and improvement in capital structure, or in case of a
significant improvement in the group's working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
slowdown in inflow of orders, or decline in profitability margin
leading to deterioration in the business risk profile, or large
debt-funded capital expenditure, or large capital withdrawals by
the promoter, weakening the group's capital structure.

Update
The Dipesh group is estimated to have registered a revenue of
around INR 320 million to INR340 million during 2014-15 (refers to
financial year, April 1 to March 31) as against INR666 million in
the previous year. The revenue decline was on account of lower
order received in 2014-15. CRISIL believes that going ahead the
business risk profile of the company is likely to improve through
a healthy order book position of INR700 million as on April 2015
leading to improved revenue visibility over the medium term. In
2014-15 its operating margin improved to 12 to 13 per cent from
around 8 per cent in the previous year backed by execution of
higher margin contracts during the period.
Furthermore gross current assets (GCA) were high estimated at over
420 days to 450 days as on March 31  2015 primarily on account of
high holding of around 400 days as on March 31 2015, leading to a
fully bank limit utilization over the past twelve months ended
March 2015.

The group is estimated to have an average financial risk profile
marked by small net worth of around INR110 million to INR120
million and moderate gearing of 1.10 to 1.20 times as on March
2015. However its debt protection metrics are expected to above
average with estimated interest coverage of above 2 times and net
cash accruals to total debt of 10 to 15 per cent during 2014-15.

The net cash accruals are expected to improve to INR180 million to
INR200 million backed by an improvement in profitability and as
against nil term debt obligations during 2014-15.

DEW was set up in 1979 by Mr. Jayantibhai Patel and another
partner as a partnership firm and was reconstituted as a
proprietorship firm with Ms. Savitaben J. Patel, wife of Shri
Jayantibhai B Patel as proprietor. DEW manufactures machinery and
equipment used in the chemical, petrochemical, pharmaceutical,
pesticide, refinery, dye, and dye intermediates industries.

UCE was set up in 1995 as a proprietorship firm by Mr. Ketan
Patel. It manufactures machinery and equipment used in chemical,
petrochemical, pharmaceutical, pesticide, refineries, dye, and dye
intermediates industries. UCE's manufacturing unit is in Ambarnath
(Maharashtra).


EURASIAN MINERALS: ICRA Suspends 'B-' Rating to INR12.50cr Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- assigned to
the INR12.50 crore fund based bank facilities of Eurasian Minerals
& 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.


EVERSHINE TIMBER: CRISIL Suspends B+ Rating on INR15MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Evershine Timber International Pvt Ltd (ETIPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            15       CRISIL B+/Stable
   Letter of Credit       80       CRISIL A4
   Proposed Cash
    Credit Limit           2       CRISIL B+/Stable
   Working Capital
   Demand Loan             3       CRISIL B+/Stable


The suspension of ratings is on account of non-cooperation by
ETIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ETIPL is yet to
provide adequate information to enable CRISIL to assess ETIPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

ETIPL, incorporated in 2005 and promoted by Chennai-based Patel
family, trades in imported medium density fibre boards, particle
boards, timber logs and other related products. The day-to-day
operations of the company are managed by Mr. Shanthilal K Patel.


GLOBAL POLYBAGS: CRISIL Suspends B+ Rating on INR85MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Global
Polybags Industries Pvt Ltd (GPIPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Export Packing
   Credit                125       CRISIL A4

   Foreign Bill
   Discounting
   (Non-letter of
   credit [LC])           50       CRISIL A4

   Letter of Credit      460       CRISIL A4

   Letter of Credit      150       CRISIL A4

   Foreign Bill
   Discounting (Non-LC)   90       CRISIL A4

   Long Term Loan         85       CRISIL B+/Stable

   Standby Line of
   Credit                 50       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
GPIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GPIPL is yet to
provide adequate information to enable CRISIL to assess GPIPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Set up in 1996, GPIPL was reconstituted as a private limited
company in 1998. The company, located in Virudhunagar (Tamil
Nadu), manufactures plastic bags.


HINDUSTAN ANTIBIOTICS: CRISIL Suspends D Rating on INR570.9M Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Hindustan Antibiotics Limited (HAL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      570.9      CRISIL D

   Proposed Short Term
   Bank Loan Facility      229.1      CRISIL D

The suspension of ratings is on account of non-cooperation by HAL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HAL is yet to
provide adequate information to enable CRISIL to assess HAL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

HAL, established in 1954, is a wholly owned GoI undertaking, with
a manufacturing unit in Pimpri (Maharashtra). HAL manufactures and
markets bulk drugs, mainly penicillin, streptomycin, gentamicin,
and hamycin. It has also begun manufacturing formulation products
such as injectables, capsules, tablets, liquid syrups, and large-
volume parenterals.


INFANT ENGINEERS: CRISIL Suspends B Rating on INR27MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Infant Engineers Private Limited (IEPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          17         CRISIL B/Stable
   Long Term Loan       27         CRISIL B/Stable
   Working Capital
   Term Loan             6         CRISIL B/Stable

The suspension of rating is on account of non-cooperation by IEPL
with CRISIL's efforts to undertake a review of the rating
outstanding. Despite repeated requests by CRISIL, IEPL is yet to
provide adequate information to enable CRISIL to assess IEPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Established in 1989 as a partnership entity, and based in
Sriperumbudur (Tamil Nadu) Infant Engineers Pvt. Ltd (IEPL) is
involved in the manufacturing of machined parts for brake systems,
fuel transmission and injection sub-assemblies, suspension and
shock absorbers, engine sub-parts and wiper sub- assemblies used
in the automotive industry. IEPL was later converted into a
private limited company during the year 2000. The promoters
Mr.R.Rajagopalan and Mr.S.Rajasekaran have a long standing
experience of around 3 decades in the auto ancillary manufacturing
industry.


JAY ENTERPRISE: ICRA Assigns 'B' Rating to INR7.0cr Cash Credit
---------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR7.00
crore fund-based limits of Jay Enterprise. ICRA has also assigned
the long term rating of [ICRA]B and a short term rating of
[ICRA]A4 to the INR5.00 crore un-allocated amount of JE.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit Limit       7.00        [ICRA]B assigned
   Unallocated Limit       5.00        [ICRA]B and [ICRA]A4
                                       Assigned

The assigned ratings are constrained by the modest scale of
operations of Jay Enterprise (JE), weak financial profile
characterized by low profitability, leveraged capital structure
and weak credit metrics at present. The ratings also take into
consideration the stretched liquidity position as reflected by
high utilization of bank limits. ICRA also notes that operations
and revenue growth also remain exposed to the cyclicality and
highly fragmented nature of textile Industry.

The assigned ratings, however favourably factor in the significant
experience of the partners in the textile business and the
location advantage enjoyed by the company in terms of proximity to
customers and suppliers.

Jay Enterprise was incorporated in 2010 as a proprietorship firm
and was later converted to a partnership firm in April 2013. Since
its inception, the firm has been carrying on the activity of
trading in finished fabrics. JE at present deals in variety of
fabrics, such as polyester fabric, synthetic fabrics, cotton
fabrics and others. JE has a registered office and warehouse
(taken on lease) located at Surat, Gujarat.

Recent Results:
JE recorded a net profit of INR0.05 crore on an operating income
of INR21.62 crore for the year ending March 31, 2014. As per the
unaudited results of FY15, the company has reported a profit
before tax of INR0.28 crore on an operating income of INR31.84
crore.


JAY KISHAN: ICRA Reaffirms B+ Rating on INR12cr Cash Loan
---------------------------------------------------------
A rating of [ICRA]B+ has been reaffirmed to INR12.00 crore fund
based cash credit facility of Jay Kishan Fibre Private Limited. A
rating of [ICRA]A4 has also been reaffirmed to INR10.00 crore fund
based warehousing facility of JKFPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             12.00       [ICRA]B+; Reaffirmed
   Warehousing facility    10.00       [ICRA]A4; Reaffirmed

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

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

Kutch Ginning and Spinning Private Limited (KGSPL) was set up in
the year 2005 as a private limited company by family members and
relatives having a long experience in cotton industry. However in
July 2013 two directors i.e. Mr. Bharat Thacker and Mr. Karsukh
Galara resigned from directorship and Mr. Vithal Sapatia was
admitted as new director. Further the name of the company was also
changed from Kutch Ginning & Spinning Private Limited to Jay
Kishan Fibre Private Limited. The manufacturing facility of the
company is located at Bhuj (Dudhai) Kutch. The company is
currently engage in cotton ginning, pressing and crushing
business. At present, the plant is equipped with 36 ginning
machines, 1 fully automatic pressing machine and 10 expellers.

Recent Results
During FY15 (unaudited provisional financials), the company
reported an operating income of INR44.98 crore and profit before
depreciation and taxes of INR0.35 crore.


JYOTI POLYVINYL: CRISIL Reaffirms 'B+' Rating on INR10MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Jyoti Polyvinyl
Ltd (JVPL; part of the Jyoti group) continue to reflect the Jyoti
group's modest scale of operations in the fragmented polyvinyl
chloride (PVC) pipe manufacturing industry, its working-capital-
intensive nature of operations, and the susceptibility of its
operating margin to volatility in raw material prices. These
rating weaknesses are partially offset by the extensive industry
experience of the group's promoters, and its healthy capital
structure though on a moderate net worth.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        5         CRISIL A4 (Reaffirmed)
   Cash Credit          10         CRISIL B+/Stable (Reaffirmed)
   Inland/Import
   Letter of Credit     25         CRISIL A4 (Reaffirmed)
   Packing Credit       25         CRISIL A4 (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of JVPL and Jyoti Vinyl Ltd (JVL). This is
because the two companies, together referred to as the Jyoti
group, have a common management, business synergies, and fungible
funds. Also, they have provided cross corporate guarantees to each
other.
Outlook: Stable

CRISIL believes that the Jyoti group will continue to benefit over
the medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the group's scale of
operations increases significantly while it sustains its
profitability and comfortable capital structure. Conversely, the
outlook may be revised to 'Negative' if the Jyoti group's
financial risk profile deteriorates, most likely because of lower-
than-expected profitability, substantial working capital
requirements, or a large debt-funded capital expenditure.

Update
For 2013-14 (refers to financial year, April 1 to March 31), the
group reported flattish growth with sale turnover of INR203
million. The turnover remains stable at around INR200 million
since past 3 years ended 2013-14 marked by stable order flow. The
group mainly registers about 60-70 per cent of sales through
exports and rest through domestic market. The company supplies its
products to mainly Middle East countries with Dubai being the
major contributor. CRISIL expects the group to grow its scale of
operations with moderate pace of around 10 to 15 per cent backed
by expected capex for new product launch in PVC segment over the
medium term. In 2013-14, the group's profitability decline to 8.8
per cent against 11.5 per cent a year earlier. The profitability
decline mainly due to rise in raw material (resin powder) costs
that the group imports and thereby pressurizing gross margins
during the same year. The operating profitability is expected to
be around 9 per cent over the medium term supported by stable
realizations against raw material prices. The operations continue
to be working capital intensive with its operating cycle measured
by gross current assets (GCA) days to be around 260-280 days and
overall WC requirement to rise with scale of operations over the
medium term. As on March 2014, the gearing of the group remain low
at 0.5 times marked by low debt for funding its working capital
requirement against moderate networth of INR100 million. supported
by steady accretion to reserves. Over the medium term, the gearing
is expected to increase marginally and be in range of 0.4 to 0.8
times marked by expected debt funded capex to be undertaken for
new product launch in PVC segment. In 2013-14, despite decline in
profitability, the debt protection metrics improved with interest
coverage and NCATD at 2.3 times and 16 per cent mainly due to
lower interest burden for bank limit utilization throughout the
year. With marginal improvement expected in its profitability in
2014-15, the debt protection metrics are expected to be at average
level with interest coverage and NCATD at 2.6 times and 20 per
cent. Over the medium term the group's financial risk profile
continues to be marked by healthy gearing, average debt protection
metrics and liquidity.

Incorporated in 1992, JVPL manufactures PVC profiles and sheets.
JVL, incorporated in the same year, manufactures PVC pipes and
sheets. The group is promoted by the Jain family and has its
manufacturing facility at Vadodara (Gujarat).

JVPL, on a standalone basis, reported a profit after tax (PAT) of
INR0.4 million on net sales of INR84 million for 2013-14 (refers
to financial year, April 1 to March 31), against a PAT of INR0.6
million on net sales of INR89 million for 2012-13.


KAILASH RICE: CRISIL Suspends B+ Rating on INR120MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Kailash
Rice and General Mills Pvt Ltd (KRGM).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           120       CRISIL B+/Stable

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

The suspension of rating is on account of non-cooperation by KRGM
with CRISIL's efforts to undertake a review of the rating
outstanding. Despite repeated requests by CRISIL, KRGM is yet to
provide adequate information to enable CRISIL to assess KRGM's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Incorporated in 2001 by Mr. Vipan Gupta, KRGM is engaged in
milling of basmati (more than 60 per cent) and other varieties of
rice. It operates a rice mill in Kapurtala (Punjab) with milling
capacity of about 6 tonnes per hour (tph). The company has a
sorting facility with capacity of about 8 tph.


MANMEET ISPAT: ICRA Suspends 'B' Rating on INR5.50cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR5.50
crore fund-based bank facilities of Manmeet Ispat Pvt. Ltd.
(MIPL). The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


MARKS ENTERPRISES: CRISIL Reaffirms B Rating on INR20MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Marks Enterprises Pvt
Ltd (MEPL) continue to reflect MEPL's weak financial risk profile,
marked by a high total outside liabilities to tangible net worth
ratio, a small net worth, and weak liquidity.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           20        CRISIL B/Stable (Reaffirmed)
   Letter of Credit      77.5      CRISIL A4 (Reaffirmed)

The ratings also factor in the company's marginal scale of
operations in the highly fragmented trading industry. These rating
weaknesses are partially offset by the extensive experience of
MEPL's promoter in the trading business.
Outlook: Stable

CRISIL believes that MEPL will continue to benefit over the medium
term from its promoter's extensive experience in the trading
business. The outlook may be revised to 'Positive' if the company
significantly scales up its operations and operating
profitability, while it prudently manages its working capital
cycle. Conversely, the outlook may be revised to 'Negative' if
MEPL's liquidity weakens significantly, or if its working capital
cycle lengthens, or if its revenue and profitability are
constrained.

MEPL, incorporated in 2011 and promoted by Mr. Somnath Harjai,
trades in yarn and metal (such as aluminium scrap, ingots, and
billets).

For 2014-15 (refers to financial year, April 1 to March 31), MEPL
reported, on a provisional basis, a profit after tax (PAT) of
INR2.4 million on net sales of INR694 million, against a PAT of
INR2.8 million on net sales of INR1.03 billion for the previous
year.


NAVBHARAT INSULATION: CRISIL Reaffirms B- Rating on INR20MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Navbharat Insulation
and Engg. Co. (NIEC) continue to reflect NIEC's modest scale of
operations, large working capital requirements, and weak financial
risk profile, marked by modest net worth, high gearing, and
inadequate debt protection metrics.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        20        CRISIL A4 (Reaffirmed)
   Cash Credit           19.5      CRISIL B-/Stable (Reaffirmed)
   Letter of Credit       9        CRISIL A4 (Reaffirmed)
   Working Capital
   Term Loan             20        CRISIL B-/Stable (Reaffirmed)

These rating weaknesses are partially offset by the promoter's
extensive experience in the insulation industry.
Outlook: Stable

CRISIL believes that NIEC will continue to benefit over the medium
term from the promoter's extensive experience. The outlook may be
revised to 'Positive' if sustainable increase in accruals or a
sizeable long-term fund infusion strengthens the liquidity.
Conversely, the outlook may be revised to 'Negative' if a stretch
in working capital cycle constrains the liquidity and debt-
servicing ability.

Update
NIEC's revenue increased to an estimated INR65 million in 2014-15
(refers to financial year, April 1 to March 31) from INR47million
in previous year. Delays in realisation of receivables, with funds
remaining tied up in working capital, continue to constrain the
scale of operations. The operating margin moderated to 11.5 per
cent from 17.6 per cent during the period due to low profits on
some projects.

The financial risk profile remains below average, with low net
worth of INR22 million and high gearing of 2.3 times as on March
31, 2015; the interest coverage and net cash accruals to total
debt ratios were at 1.1 and 0.01 times, respectively,  for 2014-
15. The liquidity remains weak: the bank limits were almost fully
utilised at around 99 per cent in the 12 months through March 2015
because of large working capital requirements. In December 2014,
the cash credit facility of around INR38.5 million was
restructured into cash credit, working capital term loan, and
funded interest term loan of INR19.5 million, INR24.9 million and
INR2.8 million, respectively. The net cash accruals were low at an
estimated INR0.4 million, against nil maturing term debt in 2014-
15. The cash accruals are expected to tightly match term loan
obligations of around INR1.4 million in 2015-16. Any shortfall in
debt servicing is expected to be met by promoter funding. The
company has outstanding unsecured loans of around INR4.1 million.

NIEC, set up by Mr. R L Khanduja in the late 1960s, undertakes
insulation contracts for oil refineries, engineering and
manufacturing units, and buildings such as shopping malls and
hospitals.

NIEC reported, a profit after tax (PAT) of INR0.7 million on
operating income of about INR47.5 million for 2013-14 (refers to
financial year, April 1 to March 31) against a PAT of INR1.1
million on operating income of INR134.2 million for 2012-13.


NIMCO RATA: CRISIL Lowers Rating on INR55MM Cash Loan to 'B'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Nimco Rata Iron Ore and Minerals Exports Pvt Ltd (NRIM; a part of
the Nimco group) to 'CRISIL B/Stable/CRISIL A4' from 'CRISIL
BB/Stable/CRISIL A4+'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bill Discounting      45        CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Cash Credit           55        CRISIL B/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

The rating downgrade reflects deterioration in the Nimco group's
business risk profile, marked by a substantial decline in
operating revenue, coupled with operating losses in 2014-15
(refers to financial year, April 1 to March 31) leading to further
deterioration in the financial risk profile of the group. Nimco
group's revenue has been declining over the past three years
attributed to lower demand due to lower demand from its customers
particularly from the customers based in China. Furthermore, the
group's inventory losses lead to operating losses, further leading
to deterioration in the debt protection metrics as reflected in
the weak Interest Coverage Ratio ICR) and net cash accruals to
total debt (NCATD) on account of negative operating margins and
deteriorating net worth. The increasing working capital
requirements have further lead to the moderately high bank limit
utilization.

The ratings continue to reflect the susceptibility of the Nimco
group's business risk profile to changes in India's regulatory
framework governing iron ore trade and exposure to risks related
to geographic concentration in its revenue profile and below-
average financial risk profile. These rating weakness are
partially offset by the promoters' extensive industry experience
and their funding support.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of NRIM and Sujata Resources Pvt Ltd
(SRPL). This is because the companies together referred to as the
Nimco group, operate in a common business, have a common
management team, and fungible funds.
Outlook: Stable

CRISIL believes that the Nimco group will benefit over the medium
term from its promoters' extensive experience in the iron ore
trading business. The outlook may be revised to 'Positive' if the
group improves its business and financial risk profiles with
sizeable and sustainable improvement in revenue and profitability
and reduction in its working capital cycle. Conversely, the
outlook may be revised to 'Negative' if the financial risk profile
weakens with lower-than-expected revenue growth or further stretch
in its working capital cycle.

NRIM was incorporated in Mumbai in January 2008 as a business
venture between the Harshadray and Srivastava groups. The NRIM
began commercial operations in 2010-11. NRIM trades in iron ore
fines, which are exported to China. Mr. B J Sheth, the managing
director, oversees NRIM's daily operations.

NRIM purchases all its iron ore fines from the Srivastava group.
An affiliate of the Harshadray group, SRPL mines iron ore fines at
mines owned by the Srivastava group.


P.K. SULPHIKER: CRISIL Cuts Rating on INR70MM Cash Loan to B
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
P.K. Sulphiker (PKS) to 'CRISIL B/Stable' from 'CRISIL B+/Stable'.

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

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

The rating downgrade reflects CRISIL's belief that the firm's
liquidity will remain under pressure over the medium term marked
by low cash accruals and incremental working capital requirements.
The firm's working capital requirements have increased
substantially post revision of payables cycle by PWD in Kerala.
The firm is likely to post cash accruals of INR1.9 million to
INR2.2 million over the medium term.

The ratings continue to reflect PKS's modest scale of operations
in the intensely competitive civil construction industry,
geographic concentration in its revenue profile, large working
capital requirements, and susceptibility to volatility in raw
material prices. These rating weaknesses are partially offset by
the extensive industry experience of PKS's proprietor and his
funding support, and the firm's moderate financial risk profile,
marked by low gearing.
Outlook: Stable

CRISIL believes that PKS will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
ramps up its scale of operations while efficiently managing its
working capital. Conversely, the outlook may be revised to
'Negative' if PKS generates lower-than'expected cash accruals, its
working capital requirements increase, or it undertakes a large
debt-funded capital expenditure.

PKS   was set up as a proprietorship firm in 1993 by Mr. P K
Sulphiker. The firm undertakes civil construction activities,
including construction and improvement of roads and bridges, in
Kerala.


PUJA ISPAT: ICRA Withdraws B+ Rating on INR7.50cr Bank Loan
-----------------------------------------------------------
ICRA has withdrawn the suspended rating of [ICRA]B+ assigned to
the INR7.50 crore fund based bank facilities of Puja Ispat Trading
Private Limited. As per ICRA's policy on withdrawals, ICRA can
withdraw the ratings in case the ratings remain suspended for more
than three years.


QUICK FOODS: ICRA Reaffirms B+ Rating on INR8.0cr Cash Credit
-------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR8.00 crore
(enhanced from INR5.50 crore) fund based cash-credit & packing
credit facility, INR1.33 crore (reduced from INR1.93 crore) term
loan facility of Quick Foods Co. ICRA has also reaffirmed rating
of [ICRA]A4 to INR0.25 crore short-term non-fund based facility of
QFC.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             8.00        [ICRA]B+ reaffirmed
   Term Loan               1.33        [ICRA]B+ reaffirmed
   BG/Import LC/FSC        0.25        [ICRA]A4 reaffirmed

The ratings continue to be constrained by QFC's small scale of
operations with limited brand presence and stretched liquidity
position marked by high inventory levels on account of seasonal
nature of operations leading to high working capital borrowings.
The ratings also factor in the vulnerability of profitability to
fluctuations in raw material prices which are subject to
seasonality and crop harvest. ICRA further incorporates the
intense competition in the food processing industry ,low brand
visibility and the partnership status of QFC, whereby any
significant withdrawals from the capital account could affect its
net worth and thereby its capital structure.

The ratings, however continues to favorably factor in the long
experience of the promoters in food processing business; positive
demand outlook given the government's initiatives to promote food
industry as well as growing demand for ready to eat food on
account of changing food habits across urban regions in India.
Further the ratings positively factor in the presence in premium
quality products as well as diversification in ready to eat and
frozen food industry entailing high profitability margins.

Quick Foods Co. (QFC) was incorporated in the year 2009 and is
engaged in manufacturing of dehydrated and frozen products with
its manufacturing facilities located in Gomta, Gujarat. It is a
group company of Pardes Dehydration Co., engaged in dehydration of
vegetables. QFC was formed with a motive to add more value added
products under the group's banner. The firm is currently headed by
Mr. Hitendra Parekh, who has been present in food processing
industry since 1983.

Recent Results
For the year ended 31st March 2014, the firm has reported an
operating income of INR23.06 crore with a profit after tax (PAT)
of INR2.45 crore.


RAGHAV WOOLLEN: CRISIL Assigns B+ Rating to INR44.5MM Bank Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Raghav Woollen Mills (RWM).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             34        CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility    44.5      CRISIL B+/Stable

   Bank Guarantee         1.5      CRISIL A4

   Cash Credit           30        CRISIL B+/Stable

The ratings reflect RWM's average financial risk profile, marked
high gearing, and average debt protection metrics, and the firm's
modest scale of operations in the highly fragmented blanket
industry. These rating strengths are partially offset by RWM's
prudent working capital management and its partners' extensive
industry experience.
Outlook: Stable

CRISIL believes that RWM will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' in case of significantly better cash
accruals or capital infusion, along with efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of low cash accruals or large working capital requirements
or if RWM undertakes a large debt-funded capital expenditure
programme, leading to deterioration in its financial risk profile.

Established in 2004, RWM is a partnership firm based in Panipat
(Haryana). The firm started its operations in 2004 by
manufacturing and selling recycled acrylic yarn. In October 2013,
the firm discontinued yarn manufacturing and commenced a new unit
to manufacture polyester mink blankets. The firm is owned and
managed by Mr. Naresh Gupta and his brother, Mr. Umesh Gupta.


RAJCHANDRA AGENCIES: CRISIL Ups Rating on INR80MM Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Rajchandra Agencies (RA) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

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

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

The rating upgrade reflects the improvement in RA's liquidity
profile marked by increase in RA's cash accruals. RA is estimated
to report cash accruals of about INR7-8 million in 2014-15 (refers
to financial year, April 1 to March 31) as against INR1 million a
year ago. The improvement was driven by increase in its scale of
operations and sale of high-margin traded goods. CRISIL believes
that RA's financial flexibility is to be sustained over the medium
term, with further expected increase in its scale of operations
and cash accruals and absence of term debt repayments.

The rating reflects RA's average financial risk profile, marked by
small net worth, high gearing, and average debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of the firm's promoters in the distribution
business and their established relationships with principals and
customers.
Outlook: Stable

CRISIL believes that RA will benefit from its promoters' extensive
experience and established relationships with principals, over the
medium term. The outlook may be revised to 'Positive' in case RA
reports higher than expected cash accruals leading to improvement
of its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if RA's financial risk profile, particularly
its liquidity, deteriorates due to elongation of its working
capital cycle or any debt-funded capital expenditure.

Set up in 2004 as a partnership concern, RA is an authorised
distributor for Bharti Airtel Ltd's prepaid and direct-to-home
(DTH) products, ITC's cigarette, foods, and personal care
products, and Lava International Ltd's mobile handsets for Dahisar
and Borivali in Mumbai. RA is managed by Mr. Mukesh Gupta and Mr.
Hari Gupta.


RASHMI SPONGE: CRISIL Suspends B+ Rating on INR340MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Rashmi
Sponge Iron and Power Industries Limited (RSIPIL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           340       CRISIL B+/Stable

   Letter of credit &
   Bank Guarantee        195.5     CRISIL A4

   Proposed Long Term
   Bank Loan Facility     98.5     CRISIL B+/Stable

   Term Loan              25       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
RSIPIL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RSIPIL is yet to
provide adequate information to enable CRISIL to assess RSIPIL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

RSIPIL was set up in 2001 by late Mr. Satyanarayan Agarwal and his
two sons, Mr. Kailash Agarwal and Mr. Manoj Agarwal. It
manufactures sponge iron and ingots. Its production facilities are
in Siltara Growth Centre, an industrial park near Raipur
(Chhattisgarh).


ROBO EQUIPMENTS: CRISIL Suspends 'D' Rating on INR100MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Robo Equipments and Forgings Private Limited (Robo).

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

   Cash Credit          100        CRISIL D

   Long Term Loan        25.8      CRISIL D

   Proposed Long Term
   Bank Loan Facility     2.2      CRISIL D

The suspension of ratings is on account of non-cooperation by Robo
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Robo is yet to
provide adequate information to enable CRISIL to assess Robo's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Robo was incorporated in 2010 by Mr. B V S Raju and Mr. M
Ramakrishna. The company began undertaking job work for Larsen And
Toubro Limited (L&T) (rated CRISIL AAA/FAAA/CRISIL A1+) in October
2011. The company, however, commenced full operations in March
2013 and currently provides steel support structures to Utkal
Alumina International Ltd. Robo is expected to also provide steel
support structures to Bharat Heavy Electrical Ltd (BHEL; rated
'CRISIL AAA/Stable/CRISIL A1+').


ROYAL CARBON: CRISIL Upgrades Rating on INR210MM LT Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Royal Carbon Black Pvt Ltd (RCBPL) to 'CRISIL B+/Stable' from
'CRISIL D'.

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

   Long Term Loan       210        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL D')

   Proposed Long Term
   Bank Loan Facility    10        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL D')

The rating upgrade follows payment of all bank dues by RCBPL and
demonstration of timely debt servicing for the past three months
and the expectation of maintenance of the same. The upgrade also
factors in RCBPL's improved profitability post its strategy of
changing the product portfolio and improvement in working capital
management that has resulted in improved liquidity.
Outlook: Stable

CRISIL believes that RCBPL will derive benefits over the medium
term from its advantage of lower raw material cost which leads to
ability of pricing its products better than its key competitors.
The outlook may be revised to 'Positive' in case the company
significantly scales up its operations by increasing its product
profile and expanding its geographical reach, while it maintains
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' in case RCBPL's financial risk profile deteriorates
because of stretched working capital cycle, or if it undertakes
any large, debt-funded capital expenditure programme, negatively
impacting its debt servicing ability.

Incorporated in October 2009, RCBPL is promoted by Mr. Vishesh
Agarwal, Mr. Kushal Agarwal and their associates. RCBPL extracts
fuel oil, carbon black, and steel from scrap tyres through
pyrolysis.

RCBPL's manufacturing facility, at Patalganga (Maharashtra),
around 20 kilometres from Jawaharlal Nehru Port, Navi Mumbai
(Maharashtra), has a capacity of 31,680 tonnes per annum. The
facility has technology obtained from Jinan Eco Energy and
Technology Company Ltd, China. The project, initially estimated to
cost INR350 million, was to be funded by debt of INR210 million
and equity of INR140 million. The project faced time and cost
overruns, mainly because of delays in financial closure, and
commenced commercial operations in July 2012, a year behind
schedule. The cost overrun of around INR40 million has been funded
by an unsecured loan from a group company.

For 2014-15 (refers to financial year, April 1 to March 31),
RCBPL's estimated profit after tax is INR1.8 million (Rs.22.7
million loss for the previous year) on estimated operating income
of INR234.6 million (Rs.182.4 million).


S.N.G. AGRO: CRISIL Assigns B+ Rating to INR80MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of S.N.G. Agro Impex Pvt Ltd (SNGAIPL; part of the
SNG group).

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

   Proposed Long Term
   Bank Loan Facility     45       CRISIL B+/Stable

The rating reflects the SNG group's moderate scale of operations
in the highly fragmented agricultural commodities trading
industry, and its weak financial risk profile marked by high total
outside liabilities to tangible net worth ratio and weak debt
protection metrics. These rating weaknesses are partially offset
by its promoters' extensive experience in the industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SNGAIPL and its associate concern,
S.N.G. Trading Company (SNGTC). This is because the two entities,
together referred to as the SNG group, are in the same line of
business, are managed by the same promoters, and have fungible
finances.
Outlook: Stable

CRISIL believes that the SNG group will continue to benefit from
its promoters' extensive industry experience. The outlook maybe
revised to 'Positive' if the group generates sizeable cash
accruals or receives substantial capital infusion leading to
better capital structure, while it efficiently manages its working
capital cycle. Conversely, the outlook maybe revised to 'Negative'
in case of low cash accruals or large working capital
requirements, or any considerable debt-funded capital expenditure,
exerting pressure on the group's liquidity.

Incorporated in 2008-09 (refers to financial year, April 1 to
March 31), SNGAIPL is a Delhi-based company that processes and
trades in rice, pulses and agricultural commodities. The company's
operations are managed by Mr. Nitin Aggarwal, Mr. Mayank Gupta and
Mr. Kumar Gaurav.

SNGTC was incorporated in 2005-06 by Mr. Kumar Gaurav. It
processes and trades in rice, pulses and agricultural commodities
on job work basis.

For 2013-14, SNGAIPL reported a profit after tax (PAT) of INR2.3
million on net sales of INR1638.9 million, against a PAT of INR1.1
million on net sales of INR1452.2 million for 2012-13.


S.N.G. TRADING: CRISIL Assigns B+ Rating to INR90MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of S.N.G. Trading Company (SNGTC; part of the SNG
group).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           90        CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility    35        CRISIL B+/Stable

The rating reflects the SNG group's moderate scale of operations
in the highly fragmented agricultural commodities trading
industry, and its weak financial risk profile marked by high total
outside liabilities to tangible net worth ratio and weak debt
protection metrics. These rating weaknesses are partially offset
by its promoters' extensive experience in the industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SNGTC and its associate concern, S.N.G.
Agro Impex Pvt Ltd (SNGAIPL). This is because the two entities,
together referred to as the SNG group, are in the same line of
business, are managed by the same promoters, and have fungible
finances.
Outlook: Stable

CRISIL believes that the SNG group will continue to benefit from
its promoters' extensive industry experience. The outlook maybe
revised to 'Positive' if the group generates sizeable cash
accruals or receives substantial capital infusion leading to
better capital structure, while it efficiently manages its working
capital cycle. Conversely, the outlook maybe revised to 'Negative'
in case of low cash accruals or large working capital
requirements, or any considerable debt-funded capital expenditure,
exerting pressure on the group's liquidity.

SNGTC was incorporated in 2005-06 (refers to financial year, April
1 to March 31) by Mr. Kumar Gaurav. It processes and trades in
rice, pulses and agricultural commodities on job work basis.

Incorporated in 2008-09, SNGAIPL is a Delhi-based company that
processes and trades in rice, pulses and agricultural commodities.
The company's operations are being managed by Mr. Nitin Aggarwal,
Mr. Mayank Gupta and Mr. Kumar Gaurav.

For 2013-14, SNGTC reported a book profit of INR0.9 million on net
sales of INR974.2 million, against a book profit of INR0.5 million
on net sales of INR864.1 million for 2012-13.


SAINATH COTTON: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Sainath
Cotton Industries (SCI).

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

   Proposed Long Term
   Bank Loan Facility     1.7      CRISIL B/Stable

The suspension of rating is on account of non-cooperation by SCI
with CRISIL's efforts to undertake a review of the rating
outstanding. Despite repeated requests by CRISIL, SCI is yet to
provide adequate information to enable CRISIL to assess SCI's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

SCI, set up in 2005, operates in the cotton ginning industry. The
Kadi (Gujarat)-based firm is promoted and managed by Mr. Suresh
Patel.


SHIV GORAKH: ICRA Suspends B+/A4 Rating on INR11.75cr Loan
----------------------------------------------------------
ICRA has suspended [ICRA]B+/[ICRA]A4 ratings assigned to the
INR11.75 crore fund based and non fund based facilities of Shiv
Gorakh Timber Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


SHIVAM TERINE: ICRA Assigns B+ Rating to INR4.57cr Term Loan
------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR6.10
crore bank facilities of Shivam Terine Private Limited.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term fund based
   Limit-Term Loans         4.57        [ICRA]B+ Assigned

   Long term fund based
   Limit-Cash Credit        1.50        [ICRA]B+ Assigned

   Unallocated limit        0.03        [ICRA]B+ Assigned

The assigned rating is constrained by the company's relatively
modest scale of operations, vulnerability of operations to
cyclicality observed in the textile industry and intensely
competitive business environment owing to the highly fragmented
nature of industry. ICRA notes that the company's capital
structure is stretched owing to modest net worth and is likely to
further impinge on account of ongoing debt funded capex.
However, the assigned rating draws comfort from the long track
record of the promoters in the textile industry and locational
advantages by virtue of its proximity to sources of key raw
materials and downstream processing units.

Established in 2009, Shivam Terine Private Limited is engaged in
the business of dyeing of fabrics. SSIPL is a group company of the
Khurana group. The company's registered office and processing
facility is in Surat, Gujarat.

Recent result
STPL has reported a net profit of INR0.18 crore on an operating
income of INR16.33 crore for the year ending March 31, 2014.


SHREEYAM POWER: ICRA Reaffirms 'D' Rating on INR721.74cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]D for INR721.74
crore term loans and INR80 crore fund based limits of Shreeyam
Power and Steel Industries Limited (SPSIL) (erstwhile Ruchi Power
and Steel Industries Limited). ICRA has also reaffirmed the short-
term rating of [ICRA]D for INR121.43 crore non-fund based limits
of SPSIL.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Term Loans               721.74       [ICRA]D; reaffirmed
   Fund Based Limits         80.00       [ICRA]D; reaffirmed
   Non-Fund Based Limits    121.43       [ICRA]D; reaffirmed

The rating takes into account the stretched liquidity position of
SPSIL which has resulted in instances of devolvement of letter of
credit. The company has been declared sick by the Board for
Industrial and Financial Reconstruction and has approached lenders
for restructuring its debt wef Apr 1, 2014 (proposing for a
moratorium period of two years on outstanding term loans). The
proposal is yet to be approved by the bankers and the company has
not paid any interest/installment of term loans since Apr 2014.
The rating continues to be constrained by the weak financial
performance of SPSIL as reflected by erosion of net worth, net
loss during last five years (FY11-9M FY15) and weak coverage
indicators. Further, the company's Pithampur unit is still closed
and Gandhidham unit is operating at sub-optimal levels (due to
lack of adequate working capital funds) resulting in low capacity
utilization. The ratings are further constrained by inherent
cyclical and intensely competitive nature of the steel industry
and susceptibility of SPSIL's profitability to variation in raw
material prices which is further escalated by the fact that
company does not have access to captive raw material sources.
Nevertheless, ICRA takes note of SPSIL's professional management,
promoters' long track record in steel business and improvement in
capacity utilization and operating profits of the company in 9M
FY15 (SPSIL reported operating profit of INR24.52 crore in 9M FY15
as against an operating loss of INR26 crore in FY14). Going
forward, the company's ability to tie up funds for working
capital, operate its plants efficiently at optimal utilization
levels and generate adequate profits to service its debt
obligations in a timely manner will remain the key rating
sensitivity factors.

Shreeyam Power and Steel Industries Limited (formerly Ruchi Power
& Steel Industries Ltd.) was incorporated in July 1995. The
company is a part of Ruchi Group which has diversified interests
including commodities, iron and steel, real estate, milk products
etc. SPSIL has been promoted by Mr. Santosh Shahra who is a
graduate in Mechanical Engineering from Indore University and has
over 35 years of experience in steel business. Apart from SPSIL,
Mr. Shahra is also associated with National Steel and Agro
Industries Limited which involved in manufacturing of flat steel
products namely Cold Rolled Coils, Galvanized steel and Galvanized
Colour Coated steel products in various grades. SPSIL has two
manufacturing units, one each in Gandhidham (Gujarat) and
Pithampur (Madhya Pradesh). The Pithampur unit is not operational
and the company plans to sell off this unit.

Recent Results
In FY 2014, the company reported an operating income of INR282.40
crores and net loss of INR179.59 crores as compared to operating
income of INR344.52 crores and net loss of INR237.49 crores in FY
2013. In 9M FY15 (provisional results), SPSIL reported an
operating income of INR353.90 crores, operating profit of INR24.52
crores and net loss of INR96.88 crores.


SHRI BHAGIYALAKSHIMI: CRISIL Assigns B+ Rating to INR46MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Shri Bhagiyalakshimi Travels (SBT).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan        46        CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility     4        CRISIL B+/Stable

The rating reflects extensive industry experience of SBT's
proprietor, its established relationships with customers, and its
healthy operating profitability. These rating strengths are
partially offset by SBT's modest scale of operations in the highly
competitive travel services industry, and the firm's below-average
financial risk profile, marked by a modest net worth and high
gearing.
Outlook: Stable

CRISIL believes that SBT will continue to benefit its proprietor's
extensive industry experience. The outlook may be revised to
'Positive' in case the firm's capital structure improves driven by
substantial improvement in scale of operations while maintaining
profitability. Conversely, the outlook may be revised to
'Negative' in the case firm's cash accruals decline significantly
or if it takes any large debt funded capex leading to
deterioration in its financial risk profile and liquidity.

Established in 2000 as proprietorship firm by Mr. D Maran, SBT is
engaged in providing bus rental services to corporate and others.
It also provides inter-city bus services to and fro Chennai. The
firm currently has a fleet of 125 buses.


SOMANI KUTTNER: CRISIL Cuts Rating on INR20MM Loan to B+
--------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Somani
Kuttner India Pvt Ltd (SKIPL) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       91         CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Bill Discounting     30         CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Letter of credit &
   Bank Guarantee       40         CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

  Overdraft Facility    20         CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The ratings downgrade reflect pressure on SKIPL's business risk
profile, with decline in revenue following receipt of fewer orders
in 2014-15 (refers to financial year, April 1 to
March 31). The revenue is estimated at INR220 million in 2014-15,
much lower than previous expectations. The scale of operations is
expected to remain small over the near term, given the small order
book of INR192 million as on April 30, 2015. The inflow of new
orders will be a key monitorable for the near term. The rating
downgrade also reflects SKIPL's stretched liquidity over the near
term on account of the sizeable retention money deposits with, and
low advances from, customers, keeping the gearing high. The
liquidity will remain contingent on the timing and extent of
retention money released, which will, also constitute a key rating
sensitivity factor. Significant delays in receipt of receivables
may further stretch the liquidity.

The ratings reflect the company's working-capital-intensive
operations, vulnerability to cyclicality in the end-user, steel
industry, and below-average financial risk profile, with a low net
worth and high gearing. These rating weaknesses are partially
offset by the extensive experience of SKIPL's promoters in the
steel industry and the strong operational support it receives from
Kuttner GmbH and Co (Kuttner), Germany.
Outlook: Stable

CRISIL believes that SKIPL's business will benefit from the
promoter's extensive experience and the operational support from
Kuttner. The outlook may be revised to 'Positive' if there is
improvement in SKIPL's revenue visibility on the back of new
orders, and timely release of retention money, also enhancing
liquidity. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in the company's liquidity profile, most
likely due to delays in receivables or a decline in revenue and
profitability.

Incorporated in August 1996, SKIPL is jointly promoted by the
Somani group and Kuttner, which hold stakes of 50.01 per cent and
49.99 per cent, respectively, in SKIPL. Kuttner is a leading
player in the design, engineering, and installation of foundry
equipment and in steel mill technology. The Somani group is
managed by Mr. D K Somani, and his son Mr. T K Somani.

For 2014-15, SKIPL reported a provisional profit after tax (PAT)
of INR1 million on operating income of INR220 million, against a
PAT and operating income of INR5.8 million and INR507 million,
respectively, for the previous year.


SREE MANJUNATHA: ICRA Assigns 'B' Rating to INR6.0cr FB Loan
------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR6.00
crore fund based limits of the Sree Manjunatha Cotton Mills.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits       6.00         [ICRA]B assigned

The rating assigned takes into account the firm's small scale of
operations restricting financial flexibility, its financial
profile characterized by thin margins on account of intense
competition in highly fragmented industry, high gearing and weak
coverage indicators; the company witnessed 20.71% decline in
operating income in FY2014 on account of lower sales of cotton
lint. The rating also considers susceptibility of margins to
adverse fluctuations in cotton prices which are subject to
seasonality and government regulations on minimum support price
(MSP) and export quota. The rating is further constrained by the
capital fund withdrawal risk as inherent to partnership firms.
However, the rating favourably takes into account the long
standing experience of the partners in the ginning industry.

Sree Manjunatha Cotton Mills is a partnership firm that was formed
in 2007; based in Adoni, Andhra Pradesh the firm is engaged in
cotton ginning and trading. The firm purchases kappas from local
market/farmers and processes them in its ginning unit by
separating cotton seeds and waste from the cotton. The finished
products are the cotton bales which are sold in the local markets
of AP & Tamilnadu. The firm was promoted by Mr. B. Muddubasavan
Gowd and his family; the partners of the firm have longstanding
experience in the business through their other group entities.

Recent results
As per audited financials for FY2014, the firm reported net profit
after tax of INR0.08 crore on operating income of INR20.00 crore
as compared to net profit after tax of INR0.24 crore on operating
income of INR25.50 crore for FY2013.


SRI BALAJI: CRISIL Suspends 'B+' Rating on INR35MM Term Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Sri
Balaji Industries-Visakhapatnam (SBI).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      25        CRISIL B+/Stable

   Term Loan               35        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by SBI
with CRISIL's efforts to undertake a review of the rating
outstanding. Despite repeated requests by CRISIL, SBI is yet to
provide adequate information to enable CRISIL to assess SBI's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Established in 2011 and promoted by Mr. Subrahmanyam, SBI is a
proprietary concern engaged in distillation of solvents that are
used in manufacture of various bulk drugs.


SURANA GREEN: CRISIL Cuts Rating on INR300MM Term Loan to D
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Surana Green Energy Ltd (SGEL) to 'CRISIL D' from 'CRISIL B-
/Stable'. The downgrade in rating reflects instances of delay by
SGEL in servicing its term debt obligations on account of weak
liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Term Loan      25        CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Term Loan              300        CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The rating also factors in SGEL's below-average financial risk
profile marked by a weak capital structure and susceptibility to
risks inherent in the power-generation industry. The company,
however, benefits from its promoters' extensive experience in the
industry.

Set up in March 2012, SGEL generates wind power; the entity was
formed by taking over the windmills of its group company Surana
Green Power Ltd.


SYNERGY ELECTRIC: ICRA Suspends 'D' Rating on INR31.70cr Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR31.70 crore term loan, INR11.59 crore fund based and INR2.18
crore non-fund based bank facilities of Synergy Electric Private
Limited. ICRA has also suspended the short term rating of [ICRA]D
assigned to the INR5.35 crore short term fund based bank facility
and INR1.00 crore short term non fund based bank facility (sub-
limit of the long term fund based limits) of SEPL. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


T. L. VERMA: CRISIL Suspends B+ Rating on INR60MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
T. L. Verma and Company Private Limited (TLV).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           60        CRISIL B+/Stable
   Letter of Credit      50        CRISIL A4

The suspension of ratings is on account of non-cooperation by TLV
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, TLV is yet to
provide adequate information to enable CRISIL to assess TLV's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

TLV was founded by Mr. Tarsem Lal Verma in 1982. The company
trades toughened and processed glass and plywood, and has a wine
shop in Chandigarh.


TRIDENT COATINGS: CRISIL Suspends B Rating on INR45MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Trident
Coatings Private Limited (TCPL).

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

   Proposed Long Term
   Bank Loan Facility    45        CRISIL B/Stable

    Term Loan            35        CRISIL B/Stable

The suspension of rating is on account of non-cooperation by TCPL
with CRISIL's efforts to undertake a review of the rating
outstanding. Despite repeated requests by CRISIL, TCPL is yet to
provide adequate information to enable CRISIL to assess TCPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Incorporated in 2005, TCPL is engaged in providing powder and
liquid coating on job work basis. TCPL, located in Chennai,
provides anti corrosive coating (i.e liquid and powder) to metal
used as spare parts used largely to automobile companies like Rane
Madras Ltd, Eicher Motors Ltd, etc.


VIJAY LATEX: ICRA Lowers Rating on INR9.50cr Cash Loan to 'D'
-------------------------------------------------------------
ICRA has revised the long term and short term ratings assigned to
the INR20 crore line of credit of Vijay Latex Products Private
Limited to [ICRA]D from [ICRA]B and [ICRA]A4.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long Term Fund Based-      09.50      Revised to [ICRA]D
   Demand cash credit                    from [ICRA]B

   Long Term Fund Based-      05.90      Revised to [ICRA]D
   Term Loan                             from [ICRA]B

   Long Term Fund Based-      00.60      Revised to [ICRA]D
   Corporate Loan                        from [ICRA]B

   Short Term Non Fund        02.00      Revised to [ICRA]D
   Based-Letter of Credit                from [ICRA]A4

   Short Term Non Fund        01.00      Revised to [ICRA]D
   Based-Bank Guarantee                  from [ICRA]A4

   Unallocated Amount         01.00      Revised to [ICRA]D
                                         from [ICRA]B/[ICRA]A4

The rating revision factors in VLPPL's recent instances of delays
in debt servicing reflecting highly stressed liquidity position
due to delays in realizing receivables. The ratings are further
constrained by VLPPL's small scale of operations, weak financial
profile characterized by losses incurred by the company in FY 2014
and weak debt coverage indicators. The rating also takes into
account the highly fragmented and competitive nature of the
industry and vulnerability of operations to volatility in prices
and availability of the principal raw material (natural rubber
latex).

The rating however favorably factors in the long experience of the
promoters in the rubber glove manufacturing industry.

Incorporated in 1992 by Mr. Jitendra Salot, Vijay Technologies (I)
Private Limited (VTIPL) was dormant till FY 2007 and commenced
commercial operations from FY 2009 as a manufacturer of rubber
gloves. VTIPL then acquired its parent company which was engaged
in the same line of business effective from April 2010. The
company then changed its name to Vijay Latex Products Private
Limited in June, 2013. The company has its factory located in
Umbergaon, Gujarat and has its head office in Andheri, Mumbai.
The company is a part of the Vijay group which is a group of nine
companies which is principally engaged in dealing with supply of
equipment and execution of turnkey projects in fire and safety
protection. Its group company Vijay Sabre Safety Private Limited
is engaged in manufacture and trading of fire and safety
equipments (rated [ICRA]C and [ICRA]A4 by ICRA).

Recent Results
VLPPL recorded a net loss of INR0.44 crore on operating income of
INR23.24 crore for the year ending March 31, 2014.


VIJAY SABRE: ICRA Lowers Rating on INR10cr Cash Credit to 'C'
-------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR11.49
crore fund based bank facilities of Vijay Sabre Safety Private
Limited to [ICRA]C from [ICRA]B+. ICRA has also reaffirmed the
short term rating of [ICRA]A4 assigned to the INR8.00 crore non-
fund based bank facilities of the company.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long Term Fund Based-    10.00      [ICRA]C revised from
   Demand cash Credit                  [ICRA]B+

   Long Term Fund Based-    00.90      [ICRA]C revised from
   Standby Line of Credit              [ICRA]B+

   Long Term Fund Based-    00.59      [ICRA]C revised from
   Term Loan                           [ICRA]B+

   Short Term Non Fund      03.00      [ICRA]A4 reaffirmed
   Based- Letter of Credit

   Short Term Non Fund
   Based- Bank Guarantee    05.00      [ICRA]A4 reaffirmed

The revision in rating factors in VSSPL's weakened financial
profile in FY14 evidenced by decline in net profitability and
sluggishness in realization of receivables resulting in stretched
liquidity position, necessitating increased utilization of working
capital limits and delay in payments to creditors. The ratings
also continue to be constrained by the susceptibility of margins
to foreign exchange risks and intense competitive pressure from
players in the organized sector. ICRA notes that the company has
given a large corporate guarantee to its group entity, Vijay Latex
products Private Limited (rated [ICRA]D by ICRA) which has a weak
financial profile.

The ratings, however, continue to positively factor in the
experience of the promoters of more than two decades in the fire
and safety industry and its reputed customer base.

Incorporated in 1988 by Mr. Jitendra Salot, VSSPL is engaged in
manufacture and trading of fire and safety equipments with its
head office in Sakinaka, Mumbai and has its manufacturing and
trading units in Silvassa and Umbergaon. The company is ISO
9000:2001 certified and its product range is approved by BIS and
CE marked. VSSPL has been an authorized distributor of Scott
Health & Safety Limited in India since inception.

The company is a part of the Vijay group which is a group of nine
companies which is principally engaged in dealing with supply of
equipment and execution of turnkey projects in fire and safety
protection. Its group company Vijay Latex Products Private Limited
is engaged in manufacturing of rubber gloves (rated [ICRA]D by
ICRA).

Recent Results
VSSPL recorded a net profit of INR0.51 crore on an operating
income of INR32.74 crore for the year ending March 31, 2014 and
has achieved net sales of INR33.23 crore for the year ending March
31, 2015.


WEST ASIA: ICRA Suspends 'D' Rating on INR109.8cr Bank Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]D rating outstanding on INR109.8
crore bank facilities of West Asia Maritime Limited. The
suspension follows lack of cooperation from the company.

West Asia Maritime Limited (WAM), incorporated in 1993, is engaged
in the shipping business with presence in the dry bulk and
chemical tanker segments. WAM is part of the ETA-Ascon group of
companies, which is promoted by the UAE-based Al-Ghurair group and
the Chennai-based Buhari family. Emirates Trading Agency LLC is
the largest shareholder in WAM (36.3% stake). WAM currently has a
fleet of two dry-bulk vessels. WAM has four subsidiaries, viz,
West Asia Maritime Overseas Private Limited (WAMOPL), West Asia
Maritime Singapore Private Limited (WAMSPL), Sethu Inc (Sethu) and
Sethu Maritime Limited (Sethu-Maritime)-- all of which are engaged
in the shipping business.


ZED VITRIFIED: ICRA Assigns B+ Rating to INR19.56cr Term Loan
-------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to the INR19.56
crore (enhanced from INR13.40 crore) term loans facility and the
INR10.00 crore (enhanced from INR8.00 crore) cash credit facility
of Zed Vitrified Private Limited. ICRA has also assigned the short
term rating of [ICRA]A4 to the INR4.50 crore (enhanced from
INR3.00 crore) non fund based bank guarantee facility and INR0.06
crore non fund based credit exposure facility of ZVPL.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term Loan           19.56      [ICRA]B+; Assigned/Outstanding
   Cash Credit         10.00      [ICRA]B+; Assigned/Outstanding
   Bank Guarantee       4.50      [ICRA]A4; Assigned/Outstanding
   Credit Exposure
   limit                0.06      [ICRA]A4; Assigned

ICRA also has rating of [ICRA]B+ outstanding for INR13.40 crore
term loan facility and INR8.00 crore cash credit facility and
[ICRA]A4 outstanding for INR3.00 crore non fund based bank
guarantee facility Zed Vitrified Private Limited.

The ratings continues to remain constrained by Zed Vitrified
Private Limited's (ZVPL) weak financial profile as reflected by
stretched capital structure, weak coverage indicators and high
working capital intensity. The ratings also take into
consideration the intense competition with the presence of large
established organized tile manufacturers and unorganized players.

The ratings also take into account the vulnerability of ZVPL's
profitability to increasing gas & power costs, cyclicality
associated with the real estate industry and stretched liquidity
position on account of slow debtor realizations.

The ratings, however, favorably consider the experience of the key
promoters in the ceramic industry and the location advantage
enjoyed by ZVPL with its plant located in Morbi giving it easy
access to raw materials. Further, setting up of new manufacturing
line will double ZVPL's installed capacity thereby resulting into
increased scale of operations going forward.

Zed Vitrified Private Limited (ZVPL) is engaged in the manufacture
of vitrified tiles with its plant situated in Morbi, Gujarat. The
company was incorporated in 2010 and the operations commenced in
April 2011. It is promoted by Mr. Karmashi Patel, Mr. Dayalji
Patel, Mr. Ashokkumar Rangpariya, Mr. Mahesh Patel and Mr.
Maheshkumar. The plant has an installed capacity of 1,18,000 MTPA.
It currently manufactures two sizes i.e. 605X605 and 600X900 with
the current set of machineries and production facilities.

Recent Results
For the year ended 31st March, 2015 as unaudited provisional;
results, ZVPL reported an operating income of INR49.37 crore and
profit before providing for taxes of INR0.96 crore.



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


J WEIR AND CO: Placed Into Liquidation
--------------------------------------
J Weir and Co has been placed into liquidation. This comes after
the failure of many people to pay for funerals leaving owners
unable to pay all the debts of the company, the report says.

According to the report, it has been said the problem of the
company started from a number of its clients facing financial
issues and leaving unpaid funeral debts which could cost between
from NZ$4,000 up to NZ$14,000.


MILSON AEROSPACE: Goes Into Liquidation
---------------------------------------
Susan Teodoro at Stuff.co.nz reports that Milson Aerospace has
been put into liquidation.  Damien Grant --
Damien@waterstone.co.nz -- of Auckland-based firm Waterstone
Liquidators, was appointed liquidator for Milson Aerospace on May
28, the report says.

The government gazette reports the petitioning creditor is DHL
Global Forwarding (New Zealand) Limited, Stuff.co.nz relates.

The Feilding registered company's sole director and shareholder is
David French, also of Feilding, according to the report.

Stuff.co.nz relates that Kieran Jones -- kieran@waterstone.co.nz -
- of Waterstone Liquidators, said the current focus is on making
enquiries to locate and realise the company's assets.

He said the company owed DHL between NZ$15,000 and NZ$20,000,

According to Stuff.co.nz, Mr. Jones said the liquidator has 25
working days to file a report, which is due in July.

Mr. French told Stuff he had tried to keep the company going.

"As you can imagine I'm not very happy about it," Stuff.co.nz
quotes Mr. French as saying.  "I've been trying very hard to keep
the company going, but the judge decided there wasn't enough to
keep it going . . . I strived to do the best I could."

Mr. French said he had been suffering health problems in recent
times, the report relays.

According to the report, Mr. Jones said Palmerston North Airport
is a contingent creditor with unpaid storage fees and Airloans
Limited has a general security agreement, a type of floating
charge, for NZ$130,000 over the assets of the company.

Milson Aerospace is a Palmerston North-based restoration and
refurbishment service for aircraft and the administrator of the
Milson Aerospace collection.



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


AVAGO TECHNOLOGIES: Fitch Retains 'BB+' IDR on Note Conversion
--------------------------------------------------------------
Fitch Ratings believes the ratings for Avago Technologies Ltd.
(Avago), including the 'BB+' long-term Issuer Default Rating
(IDR), are unaffected by the conversion of $1 billion of
convertible notes.

Pro forma for the conversion payment, Fitch believes liquidity
remains solid and does not impact the company's ability to fund a
portion of the recently announced Broadcom Corp. (Broadcom)
acquisition with available cash, given Avago already received bank
commitments to refinance all existing debt at both Avago and
Broadcom in connection with the transaction.

Silver Lake Partners, sole holder of $1 billion of Avago's 2%
convertible senior notes due 2021, exercised the option to convert
the notes.  Avago will repay the principal amount with available
cash and the excess conversion value with ordinary shares.

Fitch believes the Broadcom acquisition will modestly strengthen
Avago's operating profile with increased scale and
diversification, despite operating profit margin dilution and
integration risk associated with the deal.

Fitch believes the combined company will benefit from greater
scale, given escalating investment intensity required to maintain
technology leadership.  Annual revenues more than double to $15.1
billion, versus Fitch's prior expectations for $6.6 billion of
fiscal 2015 sales for Avago on a standalone basis.  Combined
annual free cash flow (FCF) should exceed $1 billion, supporting
roughly $3 billion of research and development (R&D) and $1
billion of capital spending through the cycle.

The acquisition also diversifies revenues, reducing Avago's
exposure to short-cycle products, including smart phones, which
Fitch estimates currently represent 35% to 40% of total sales.
The combination adds Broadcom's market leadership in
infrastructure and networking and broadband and connectivity.  Pro
forma for the combination, the Wired Infrastructure segment should
represent roughly 40% of total revenues, Wireless closer to 35%,
Enterprise Storage roughly 10% and the remainder from Industrial &
Other, which includes licensing.

Fitch expects operating EBITDA margin in the low 30s, pro forma
for the transaction, down from the high 30s on a standalone basis.
Fitch anticipates less volatile gross margins from increased
diversification, although profitability will remain cyclical due
to substantial fixed costs in the operating model.  Over the
intermediate term, Fitch expects $750 million of anticipated cost
synergies the company expects to achieve within 18 months
following the acquisition's close to drive mid-cycle operating
EBITDA margin expansion.

Fitch believes there is meaningful integration risk associated
with the transaction, given the deal is the largest ever in the
semiconductor space.  Fitch believes the company will need to
bridge differing technology leadership requirements to maintain
market share, given little minimal product overlap.  Avago's R&D
intensity (15% of sales) is lower than that of Broadcom (23%), and
the company is targeting lowering combined R&D intensity (20%) to
the mid-teens over the longer term, requiring substantial R&D
rationalization.

The company has secured $15.5 billion of committed bank debt
financing and will use $6.5 billion to refinance existing debt at
both Avago and Broadcom and the remaining $9 billion to fund a
portion of the transaction.  Pro forma for the transaction, Fitch
estimates total leverage (total debt to operating EBITDA) of 3.2
times (x), excluding anticipated cost synergies.  Fitch expects
total leverage will strengthen to below 3x from the company's use
of FCF for debt reduction and profitability growth within 18
months following the acquisition's close.

Avago announced it will buy Broadcom for $37 billion and will be
financed by 140 million of Avago shares and shares equivalents, $9
billion of incremental debt and $8 billion of available cash from
both companies.  The deal requires approval by both Avago and
Broadcom shareholders, as well as certain regulatory approvals.
Avago expects the deal to close in the first calendar quarter of
calendar 2016.

Avago's ratings and Outlook reflect Fitch's expectations for solid
operating performance from secular demand growth related to the
LTE transition, datacentre spending, internet protocol (IP)
traffic and connected home/internet of things (IoT).  As a result,
Fitch anticipates mid-single digit organic revenue growth (on a
constant currency basis) through the intermediate term, in
addition to inorganic growth from Broadcom and $250 million to
$300 million of annual revenues from Emulex, which Avago closed in
the current quarter.

Beyond debt reduction, Fitch expects Avago to remain acquisitive,
although the company's capacity for large incremental acquisitions
may be limited over at least the near term.  Acquisitions
primarily have been to diversify end market exposure, including
increasing exposure from enterprise storage via the acquisitions
of Emulex, PLX Technology and LSI.

KEY RATING DRIVERS

The ratings are supported by Avago's:

   -- Significant scale and strong positions in secular growth
      markets, driven by Avago's technology leadership in
      integrated high performance FBAR filters.

   -- Reduced but still strong profitability with expectations
      for margin expansion from anticipated cost synergies
      related to the acquisition.

   -- Consistent and solid annual mid-cycle FCF, providing ample
      financial flexibility for debt reduction and to organically
      fund smaller technology focused acquisitions.

Rating concerns center on:

   -- Expectations for ongoing and potentially significant debt
      financed acquisitions, as well as the attendant integration
      risks, given importance of research and development (R&D)
      investments.

   -- Expectations for operating volatility from short-cycle
      products, particularly smartphones, which require annual
      design socket wins and should represent lower but still
      substantial percentage of total sales.  Fitch also
      anticipates additional volatility from uneven demand
      patterns in wireline infrastructure and enterprise and data
      center spending.

   -- Still substantial customer concentration, given wireless
      communications representing roughly a third of pro forma
      revenues and significant exposure to leading smart phone
      makers.

KEY ASSUMPTIONS

   -- Strong Wireless segment revenue growth, driven by smart
      phone model ramps in fiscal 2015.  Fitch assumes more
      normalized mid-single digit growth beyond the near term.

   -- Enterprise segment revenue growth in the low- to mid-single
      digit, driven by solid enterprise and data center spend.

   -- Low single digit revenue growth for the Wireline segment,
      due to solid demand for ASIC and fiber optics.

   -- Low single digit revenue growth for Industrial, consistent
      with the broader market.

   -- Solid low- to mid-single digit revenue growth from
      Broadcom, driven by solid connectivity and broadband
      demand.

   -- Fitch assumes blended operating EBITDA margin in the low
      30s, pro forma for the acquisition, and expands modestly
      from $750 million of cost synergies beginning 18 months
      following the transaction's close.

   -- R&D remains at $3 billion annually, while capital spending
      remains near $1 billion.

RATING SENSITIVITIES

Positive rating action could occur if Fitch expects:

   -- Total leverage will remain below 2.5x over the longer term,
      driven by voluntary debt reduction, structurally higher
      profitability or management's commitment to maintain
      financial policies consistent with investment grade; or

   -- Reduced debt-financed acquisition activity, driven by
      structurally higher FCF enabling Avago to fund deals
      without significant incremental debt.

Negative rating actions could result from:

   -- Market share erosion at leading customer or in aggregate,
      indicating an loss of technological advantage; or

   -- Fitch expects total leverage sustained above 3x from
      profitability and FCF degradation or diminished commitment
      to reduce debt from FCF.

LIQUIDITY

Pro forma for the conversion payment, Fitch believes liquidity as
of May 3, 2015 is solid and consisted of:

   -- $1.5 billion of cash and cash equivalents, all of which is
      readily available due to the company's incorporation in
      Singapore;

   -- $500 million undrawn senior secured revolving credit
      facility (RCF) expiring 2019.

Fitch expects annual FCF of $500 million to $1 billion also
supports liquidity.

Pro forma for the conversion payment, total debt as of May 3, 2015
is $3 billion and consists of $3 billion senior secured term loan
B maturing in 2019.

The term loan B amortizes at $46 million (1%) annually until the
bullet maturity in 2019.

FULL LIST OF RATINGS

Fitch currently rates Avago Technologies Finance Pte. Ltd. as:

   -- IDR at 'BB+';
   -- $4.6 billion senior secured term loan B at 'BBB-/RR1';
   -- $500 million senior secured RCF at 'BBB-/RR1'.


FLEXTRONICS INT'L: Moody's Affirms Ba1 CFR, Alters Outlook to Pos
-----------------------------------------------------------------
Moody's Investors Service changed Flextronics International Ltd.'s
ratings outlook to positive from stable and affirmed the Ba1
Corporate Family Rating and the SGL-1 Speculative Grade Liquidity
Rating.

The revision of the outlook to positive reflects Moody's
expectation that Flextronics will capture growth opportunities
from new customers and markets and demonstrate steady financial
performance as the electronics manufacturing services industry
continues to evolve towards a more collaborative model between
suppliers and customers.

The Ba1 CFR reflects Flextronics' diversification drive, solid
cash generating capacity, and Moody's expectation that the company
will maintain its leading position as the second largest
electronics manufacturing services ("EMS") provider in the world
by revenues. Flextronics will benefit as the industry evolves from
contract manufacturing to involve full supply chain services and
greater design and build collaboration with its customers. These
trends should serve to minimize the enduring cyclical volatility
in the EMS sector, resulting from limited demand visibility,
relatively high customer concentration and high fixed costs
associated with maintaining manufacturing operations to serve
communications and computing customers across the globe.

Flextronics has a global manufacturing footprint with facilities
located in low labor cost regions, and is growing vertically-
integrated operations and end-to-end product life cycle
capabilities which can expand its profitability and potentially
deliver returns on invested capital that are commensurate with an
investment grade rating. The company has been diversifying its end
markets into business areas that are more recent adopters of EMS
outsourcing, which deliver higher margins and longer product
cycles, such as automotive, medical and industrials, that offset
the more volatile electronics sectors. In addition, given its
significant scale, the company has demonstrated the ability to
redeploy assets to different customers and/or segments over time.

While Moody's anticipates financial leverage, proforma for the
pending $500 million acquisition of Mirror Controls International
will be above 3.0 times adjusted total debt to EBITDA, the company
should be able to reduce leverage to the mid 2.0 times levels over
the next year. Moody's expects Flextronics to deliver margin
improvements from its recent restructuring efforts and continued
expansion into higher margin industries while it lessens its
exposure to the lower margin consumer technologies business and
reduces recurring restructuring costs.

Flextronics' SGL-1 rating reflects its very good liquidity
position. This is supported by Moody's expectation of cash
balances of at least $1.5 billion (cash was over $1.6 billion as
of March 31, 2015) and consistent generation of free cash flow.
Cash flow could be slightly affected by ongoing margin pressure in
the consumer technology segment over the next year, although
Moody's expects relatively stable capital expenditures compared to
prior years. Liquidity is also supported by Flextronics' full
access to a $1.5 billion committed unsecured revolving credit
facility maturing March 2019 and the expectation that Flextronics
will remain covenant compliant over the next twelve months.

The senior unsecured notes and senior unsecured bank credit
facility are rated Ba1 using Moody's Loss Given (LGD) Default
Methodology. Moody's notes that Flextronics has significant
international accounts payable balances at the foreign
subsidiaries, the majority of which are deemed subordinate to the
unsecured debt at the parent, due to the upstream guarantees
supporting the parent debt and the cash flows generated at the
guarantee subsidiaries.

What Could Change the Rating - Up

Flextronics' ratings could be upgraded if the company continues
its path of tangible progress in business line diversification
that delivers operating and financial metrics improvement,
evidenced by operating margins sustained above 3.0%, sustained
total debt to EBITDA below 2.5x (Moody's adjusted) and free cash
flow to adjusted debt in the low double digits.

What Could Change the Rating - Down

The rating could be downgraded if Flextronics reverses its
operating improvements, experiences substantial revenue erosion or
experiences material customer/program losses without offsetting
increases in new customer wins/program ramps, such that its
profitability metrics deteriorate (e.g., operating margins
approach 2.0%), or total debt to EBITDA is sustained above 3.25x
(Moody's adjusted).

Rating Actions:

  -- Corporate Family Rating -- Affirmed Ba1

  -- Probability of Default Rating -- Affirmed Ba1-PD

  -- Senior Unsecured Notes -- Affirmed Ba1 (LGD-3)

  -- Speculative Grade Liquidity Rating affirmed at SGL-1

  -- Outlook changed to Positive from Stable

Based in Singapore, with operating headquarters in Santa Clara,
CA, Flextronics Corporation is one of the world's largest
electronics manufacturing services (EMS) companies providing a
full spectrum of integrated, value-added solutions to original
equipment manufacturers (OEMs).

The principal methodology used in these ratings was Global
Distribution & Supply Chain Services published in November 2011.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.



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


WOORI BANK: Moody's Rates Additional Tier 1 Notes at (P)Ba2
-----------------------------------------------------------
Moody's Investors Service assigned a (P)Ba2 (hyb) rating to the
proposed USD non-cumulative additional Tier 1 notes (AT1
securities) to be issued by Woori Bank (deposits A1/senior
unsecured A1 negative, BCA baa2).

The (P)Ba2 (hyb) rating assigned to the proposed AT1 securities is
notched off Woori Bank's baa2 adjusted baseline credit assessment
(BCA), which is the same as its baa2 BCA.

The rating of the AT1 notes is placed three notches below the
bank's baa2 adjusted BCA, in line with Moody's framework for
rating non-viability contingent capital securities.

Woori's proposed AT1 securities are subject to a full write down
upon the occurrence of a trigger event. In addition, coupons are
skipped on a non-cumulative basis at the issuer's option, and on a
mandatory basis subject to availability of distributable items.

At the same time, Moody's has affirmed the long- and short-term
ratings of Woori Bank. A full list of the affected ratings can be
found at the end of this press release.

For its own business reasons, Moody's has withdrawn the outlooks
on all of the bank's junior instrument ratings. For more
information, please refer to "Moody's Investors Service's Policy
for Withdrawal of Credit Ratings," available at moodys.com. The
long-term deposit and senior unsecured ratings carry a negative
outlook.

The (P)Ba2 (hyb) rating has two main drivers. First, the anchor
for the rating is the standalone creditworthiness of Woori Bank,
plus any rating uplift for affiliate support, if applicable. For
Woori Bank, the standalone credit strength is reflected in the
baa2 BCA.

Second, in-line with Moody's methodology for rating non-viability
contingent capital securities, the rating for the proposed AT1
securities is three notches below this anchor point of baa2, which
positions the rating at (P)Ba2 (hyb). This captures instrument-
specific risks, including the risks of mandatory and/or
discretionary coupon suspension, and the contractual loss-
absorption features in combination with the AT1 securities' deeply
subordinated claim in liquidation.

The proposed AT1 securities are contractual non-viability
securities. The principal of the securities will be written down
in full with no chance of recovery if the issuer is designated as
"insolvent financial institution" 'pursuant to the Act on
Structural improvement of the Financial Industry. In liquidation,
they are senior only to equity shares and coupons are skipped on a
non-cumulative basis at the issuer's option, and on a mandatory
basis subject to availability of distributable items.

The rating of this instrument could be upgraded if Moody's were to
adjust the baa2 adjusted BCA of Woori Bank upwards. The bank's BCA
could rise if (1) its net income to tangible assets ratio exceeds
0.8%, (2) its problem loans to gross loans ratio falls below 1% or
(3) its tangible common equity to risk weighted assets exceeds
15%.

Conversely, downward pressure on the rating of this instrument
could materialize if the baa2 adjusted BCA of Woori Bank were to
be adjusted downward. The bank's BCA could be lowered if (1) its
net income to tangible assets ratio falls below 0.2%, (2) its
problem loans to gross loans ratio rises to 3% or (3) its tangible
common equity to risk weighted assets ratio falls below 8%. If
there was an increase in the probability of a coupon suspension,
Moody's would also reconsider the rating level.

  -- Long-term foreign currency deposits rating of A1 (negative
     outlook)

  -- Long-term foreign currency senior unsecured/senior unsecured
     MTN ratings of A1/(P)A1 (negative outlook)

  -- Short-term foreign currency deposit rating of P-1

  -- Short-term foreign currency commercial paper/other short-
     term ratings of P-1/(P)P-1

  -- Woori Bank London Branch's short-term foreign currency
     commercial paper rating of P-1

  -- Foreign currency Basel III compliant subordinated debt
     rating of Baa3(hyb)

  -- Foreign currency Basel III compliant subordinated MTN rating
     of (P)Baa3

  -- Foreign currency Basel II subordinated debt rating of Baa1

  -- Foreign currency Basel II junior subordinated MTN rating of
     (P)Baa2

  -- Foreign currency preference stock non-cumulative rating of
     Ba2 (hyb)

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

Woori Bank headquartered in South Korea, had assets of KRW270
trillion or USD244 billion as of 31 December 2014.


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


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

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

AUSTRALIA

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


CHINA

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

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

PULSE ENERGY LTD          PLE             15.04          -4.52


PHILIPPINES

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


SINGAPORE

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


THAILAND

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




                             *********

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

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

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


                            *********


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

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

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

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

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



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