TCRAP_Public/150609.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

             Tuesday, June 9, 2015, Vol. 18, No. 112


                            Headlines


A U S T R A L I A

AUSTRALIAN UNITED: First Creditors' Meeting Set For June 16
DEVLIN BROS.: First Creditors' Meeting Set For June 18
FORTESCUE METALS: Talks With Baosteel, Japan Firms on Mines
HELSAL YACHTING: First Creditors' Meeting Set For June 16
WEBCO BOWLING: In Liquidation; Creditors Meeting Set For June 12


C H I N A

EVERGRANDE REAL: Moody's B1 CFR Unaffected by Acquisition
SOHO CHINA: Moody's Ba1 CFR Unaffected by Consent Solicitation
ZHEJIANG TOPOINT: Panels Belong to SPVs, Not Debtor's Estate


I N D I A

ABHA POWER: ICRA Reaffirms B+ Rating on INR6.0cr Cash Loan
AMIT METALIKS: CRISIL Puts B- Ratings on Notice of Withdrawal
BHARTI PRINTERS: CRISIL Cuts Rating on INR35MM Cash Loan to 'D'
DIPESH ENGINEERING: CRISIL Reaffirms B+ Rating on INR40MM Loan
G. A. INDUSTRIES: CRISIL Reaffirms B- Rating on INR70MM Cash Loan

GANPATI ROLLER: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
GOOD LUCK: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
HMA AGRO: ICRA Withdraws 'D' Rating on INR20.8cr Bank Loan
HMA FOOD: ICRA Withdraws 'D' Rating on INR7.5cr Bank Loan
J.B. COTTON: ICRA Assigns 'B+' Rating to INR4.0cr Cash Credit

JANPRAGATI EDUCATION: ICRA Suspends 'B' Rating on INR9.43cr Loan
JYOTI POLYVINYL: CRISIL Reaffirms B+ Rating on INR10MM Loan
JYOTI VINYL: CRISIL Reaffirms B+ Rating on INR10MM Cash Loan
K PATEL: CRISIL Reaffirms B+ Rating on INR98.8MM Demand Loan
KRIVI METALEX: CRISIL Rates INR80MM Letter of Credit at B+

MELA SINGH: ICRA Reaffirms 'B+' Rating on INR9.0cr Term Loan
NAKSHATRA UPSCALE: CRISIL Assigns B+ Rating to INR200MM Loan
NAVBHARAT INSULATION: CRISIL Reaffirms B- Rating on INR20MM Loan
NEW BONANZA: CRISIL Reaffirms B+ Rating on INR65MM Cash Credit
NEW PALSANA: ICRA Reaffirms 'D' Rating on INR42.30cr Term Loan

NIMCO RATA: CRISIL Lowers Rating on INR55MM Cash Credit to 'B'
PAHAL ENGINEERS: CRISIL Reaffirms B+ Rating on INR43.3MM Loan
PMV MALTINGS: ICRA Assigns 'B-' Rating to INR80MM Term Loan
PUNJAB KESARI: CRISIL Reaffirms 'B' Rating on INR57MM Loan
R R DURAFABS: CRISIL Reaffirms B Rating on INR50MM Overdraft Loan

RASHMI YARNS: CRISIL Reaffirms 'B' Rating on INR180MM Cash Loan
RIVU ENTERPRISES: Ind-Ra Assigns IND BB- Long-Term Issuer Rating
RRC INTERNATIONAL: ICRA Suspends 'D' Rating on INR27cr Loan
S.N.G. TRADING: CRISIL Assigns 'B+' Rating to INR90MM Cash Loan
SANMATI EDIBLE: ICRA Assigns 'B' Rating to INR8.0cr LT Loan

SHREE GANESH: ICRA Reaffirms 'D' Rating on INR203.47cr Term Loan
SHREE RAGHUVANSHI: ICRA Reaffirms B+ Rating on INR25cr Cash Loan
SRI SAI: CRISIL Reaffirms 'D' Rating on INR43.9MM Term Loan
STEELMAN INDUSTRIES: CRISIL Assigns B+ Rating to INR80MM Loan
SURANA GREEN: CRISIL Cuts Rating on INR300MM Term Loan to 'D'

SWASTIK COPPER: CRISIL Reaffirms B+ Rating on INR200MM Cash Loan
TANWAR INDUSTRIES: CRISIL Reaffirms B+ Rating on INR49MM Loan
TATA MOTORS: Moody's Says FY2015 Results Higher than Expected
TECHNE INFRA: CRISIL Reaffirms B+ Rating on INR32.5MM Cash Loan
THERMAL FABRICATORS: CRISIL Assigns 'B' Rating to INR14MM Loan

TLG AGRO: CRISIL Reaffirms 'B' Rating on INR41.4MM Packing Loan
VENKATESH COTTON: CRISIL Assigns B+ Rating to INR75cr Loan
ZIMIDARA PESTICIDES: CRISIL Assigns B+ Rating to INR100MM Loan


I N D O N E S I A

GOLDEN AGRI-RESOURCES: Moody's Alters Outlook to Negative


J A P A N

CSP CORPORATION: Files For Bankruptcy
SONY CORP: Ex-CFO Criticizes Hirai Ahead of Shareholder Meeting
TRIDENT CO: Bankruptcy Filing Linked to Weak Yen
* JAPAN: Corporate Bankruptcies Caused by Weak Yen Rise in May


N E W  Z E A L A N D

DOMINION FINANCE: FMA Reaches NZ$10MM Deal With Directors
PUMPKIN PATCH: Fails to Find Buyer for Business


S I N G A P O R E

FLEXTRONICS INT'L: Moody's Rates New $500MM Note Offering at Ba1
PRECISION CAPITAL: Moody's Withdraws B1 Corporate Family Rating


X X X X X X X X

* BOND PRICING: For the Week June 1 to June 5, 2015


                            - - - - -


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


AUSTRALIAN UNITED: First Creditors' Meeting Set For June 16
-----------------------------------------------------------
David Ross and Shanon Thomson of Hall Chadwick were appointed as
administrators of Australian United Brokers Pty Ltd on June 3,
2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Level 10, 575 Bourke Street, in Melbourne, on
June 16, 2015, at 10:00 a.m.


DEVLIN BROS.: First Creditors' Meeting Set For June 18
------------------------------------------------------
David Raj Vasudevan and Gess Michael Rambaldi of Pitcher Partners
were appointed as administrators of Devlin Bros. Transport Pty.
Ltd. on June 5, 2015.

A first meeting of the creditors of the Company will be held at
Pitcher Partners, Level 19, 15 William Street, in Melbourne on
June 18, 2015, at 2:30 p.m.


FORTESCUE METALS: Talks With Baosteel, Japan Firms on Mines
-----------------------------------------------------------
Brett Foley and David Stringer at Bloomberg News report that
billionaire Andrew Forrest's Fortescue Metals Group Ltd. has held
talks with Baosteel Group Corp. and Japanese firms about the sale
of stakes in some of its mines, people with knowledge of the
matter said.

The iron ore producer, which has a market value of $5.6 billion,
has spoken with about 10 potential Asian investors, according to
the people, Bloomberg says.  It is considering selling as much as
a 20 percent holding in some assets, the people said, asking not
to be identified as the details are private, Bloomberg relates.

According to the report, Fortescue said in March it would consider
selling minority stakes in mines, railroads and ports. Iron ore
prices have tumbled to six-year lows after the largest suppliers,
including Rio Tinto Group and Vale SA, expanded production and
economic growth slowed in China, the report notes.

Bloomberg says shares of Fortescue jumped last month after a
report that Chinese-linked companies had made purchase
applications to Australia's foreign investment regulator. The
Perth-based producer, which has $7.4 billion in net debt, sold
$2.3 billion of bonds in March after halting an earlier, larger
offering amid the rout in commodity prices, Bloomberg recalls.

"Fortescue holds discussions with third parties on many issues on
a regular basis and is always open to commercial discussions with
current and potential partners," the company said in a statement
to the Australian Stock Exchange, Bloomberg relays.

Fortescue, which has joint ventures with companies including
Baosteel and Formosa Plastics Group, would only sell stakes in
assets if it can achieve a fair value, Forrest told Bloomberg
Television on March 28. The company abandoned a plan to sell a
stake in its port and rail unit in 2013 after saying the offers
had not met its objectives for value and terms, adds Bloomberg.

                      About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western Australia
and exporting it from Port Hedland.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 25, 2015, Fitch Ratings affirmed Fortescue Metals Group
Limited's (Fortescue) Long-Term Issuer Default Rating (IDR) at
'BB+' and revised the Outlook to Negative from Stable.  The rating
action is in response to Fitch lowering its expectations for the
benchmark iron ore price.

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


HELSAL YACHTING: First Creditors' Meeting Set For June 16
---------------------------------------------------------
John Morgan and Stephen James of BCR Advisory were appointed as
administrators of Helsal Yachting & Leisure Pty Ltd, trading as
The Metz On The Bay, on June 3, 2015.

A first meeting of the creditors of the Company will be held at
The Salamanca Inn, 10 Gladstone Street, Battery Point, in Tasmania
on June 16, 2015, at 1:00 p.m.


WEBCO BOWLING: In Liquidation; Creditors Meeting Set For June 12
----------------------------------------------------------------
Daniel Lopresti and Mark Hall of Clifton Hall were appointed as
Joint and Several Liquidators of Webco Bowling Pty Ltd on June 2,
2015.

A meeting of creditors will be held at 10:30 a.m. on June 12, 2015
at Clifton Hall, Level 3, 431 King William Street, in Adelaide.



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EVERGRANDE REAL: Moody's B1 CFR Unaffected by Acquisition
---------------------------------------------------------
Moody's Investors Service said that Evergrande Real Estate Group
Limited's announced acquisition of a 92% stake in Starthigh
International Limited (unrated) will not affect Evergrande's B1
corporate family rating, B2 senior unsecured debt rating or the
negative outlook on the ratings.

On June 2, 2015, Evergrande announced that it agreed to acquire
the shares beneficially owned by the Hong Kong-listed Chinese
property developer, C C Land Holdings Limited (unrated) in
Starthigh.

Starthigh operates property development and investment businesses
mainly in Chongqing, and owns a portfolio of property projects
with a gross floor area of 3.42 million.

The consideration for C C Land Holdings' 92% stake and
shareholder's loan in Starthigh will total RMB5.5 billion, and
will be paid in instalments of up to nine months from the date of
the agreement.

The proposed share purchase is still subject to a number of
conditions, including satisfactory due diligence results and
approval by Evergrande's shareholders.

Evergrande's acquisition announcement comes after the company said
on 29 May 2015 that it was placing 820 million of its shares for
sale, with the net proceeds amounting to around HKD4.6 billion.
The company said it intended to use the proceeds to repay debt,
and for general working capital purposes.

"We expect that Evergrande will have sufficient cash to settle the
proposed acquisition of Starthigh. The transaction will therefore
have no impact on Evergrande's ratings or outlook," says Franco
Leung, a Moody's Vice President and Senior Analyst.

The cash consideration of the proposed share purchase represents
around 9.2% of Evergrande's cash balance at end-2014.

Moody's points out that the new equity raised by Evergrande in May
2015 also strengthened the company's liquidity position.

"We also expect that Evergrande's total leverage will not be
affected by the acquisition, given Starthigh's insignificant
levels of debt when compared with Evergrande's adjusted debt,
which totaled RMB210 billion at end-2014," adds Leung who is also
the Lead Analyst for Evergrande.

Moody's notes that the proposed acquisition, if completed, will
add developed properties in Chongqing, as well as projects under
development in the major Chinese city to Evergrande's portfolio.
Property sales in Chongqing have performed better than in lower
tier cities; the latter of which exhibit high inventory levels.

Evergrande's negative ratings outlook continues to reflect its
high refinancing risk and debt leverage, against the backdrop of
more challenging market conditions, as well as its increased
investment in non-property businesses.

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

Evergrande Real Estate Group Limited is one of the major
residential developers in China. It has a standardized operating
model.

Founded in 1996 in Guangzhou, the company has rapidly expanded its
business across the country over the past few years. At 31
December 2014, its land bank totaled 147 million square meters in
gross floor area across 147 Chinese cities.


SOHO CHINA: Moody's Ba1 CFR Unaffected by Consent Solicitation
---------------------------------------------------------------
Moody's Investors Service says that SOHO China Limited's consent
solicitation has no immediate impact on its Ba1 corporate family
rating and senior unsecured debt ratings, or on the stable ratings
outlook.

SOHO China is seeking consent from its 2017 and 2022 senior note
holders to amend the terms of the notes, including amendments in
relation to debt incurrence, amendments with consent of holders,
suspension of certain covenants, and certain defined terms.

"The proposed amendments will provide SOHO China with more
flexibility in financial management and to incur debt.
Consequently, the amendments -- if approved -- will loosen
existing restrictions on the company's ability to raise debt,"
says Stephanie Lau, a Moody's Assistant Vice President and
Analyst.

"Although the amended terms with respect to debt incurrence would
loosen, Moody's does not expect the company to change its
financial policies and profile to an extent that would pressure
its ratings," says Lau, who is also the lead analyst for SOHO
China.

SOHO China has shifted its strategy from a "build-to-sell" model
to a "build-and-hold" model. Although this shift will increase the
company's income stability, it also raises funding needs and
execution risks related to the ramping up of leases for its newly
developed investment properties.

During the transition phase, the company's debt leverage measured
by debt/EBITDA will increase, as it will take time to achieve
stable rental income while development revenue declines.

In 2014, SOHO China's revenue declined 58% year-on-year to RMB6.1
billion from RMB14.6 billion in 2013. The proportion of revenue
from property development also declined to RMB5.7 billion from
RMB14 billion in 2013.

As a result, SOHO China's EBITDA/interest expense dropped to 3.1x
in 2014 from 6.6x in 2013, and its adjusted debt/EBITDA surged to
6.2x from 2.1x (without adjustment for mortgage guarantee).

However, Moody's expects SOHO China will maintain its prudent
financial policy and adequate liquidity. SOHO China has
demonstrated discipline in its financial management, with its debt
leverage position -- as measured by debt/total assets -- below 30%
over the past five years.

At end-2014, SOHO China's debt to total assets was 26.4%.

Its cash-on-hand of RMB12.5 billion as of end-2014, combined with
its ability to monetize unencumbered properties, will reduce the
company's need to take incur additional material debt over the
next few years.

Moreover, SOHO China has a solid track record of property leasing
and management, expertise that is crucial for the execution of its
new business plan. The company has developed and manages over 2.6
million square meters of commercial space. It is also a major
office property manager in Beijing.

Overall, its investment property business is progressing as
planned. At end-2014, 47% of its investment portfolio had been
completed, and new projects, such as Wangjing SOHO Tower 3 and
Guanghualu SOHO II in Beijing, as well as SOHO Fuxing Plaza and
Sky SOHO in Shanghai, had been completed and have started
generating cash.

Therefore, even with the decline in property development revenue,
Moody's estimates SOHO China's adjusted EBITDA/interest expense
will remain around 1.5x-2.0x, and debt to total assets around 30%
over the next 1-2 years. These ratios position it within the Ba
range when compared with other Moody's-rated REITs in the region.

SOHO China's Ba1 corporate family rating reflects its strengths in
developing iconic commercial properties in prime locations in
Beijing and Shanghai. The company has also demonstrated strong
capabilities in leasing and managing commercial properties.

However, the rating is constrained by execution and financial
risks associated with its developing investment property
portfolio. But such financial risks are partly mitigated by the
company's prudent discipline of maintaining adequate liquidity and
low debt leverage.

The principal methodology used in this rating was Global Rating
Methodology for REITs and Other Commercial Property Firms
published in July 2010.

SOHO China Limited, incorporated in March 2002 and listed on the
Hong Kong Stock Exchange in October 2007, develops, leases and
manages commercial properties in Beijing and Shanghai's core
business districts.


ZHEJIANG TOPOINT: Panels Belong to SPVs, Not Debtor's Estate
------------------------------------------------------------
Bankruptcy Judge Gloria M. Burns held that 7.34MW of solar panels
are property of the domestic special purpose vehicles and not
property of the Debtors' estate in the case captioned IN RE:
Zhejiang Topoint Photovoltaic Co., Ltd. Debtors, CASE NO.
14-24549(GMB) (Bankr. D.N.J.).

A dispute was brought before the court between the debtors,
Zhejiang Topoint Photovoltaic Co., Ltd., et al., and third parties
H2 Contracting LLC and Hessert Construction NJ LLC, regarding the
ownership of 7.34 megawatts of solar panels in storage at a
warehouse located in New Jersey.

Hessert requested determination that the panels belong to two
special purpose vehicles, Topoint CL Mansfield, LLC (the Mansfield
SPV) and Topoint CL Gloucester, LLC (the Gloucester SPV), rather
than the Debtors, because Hessert filed a breach of contract suit
against each of the SPVs and sought to ensure the SPVs had assets
to satisfy any judgment it obtains.

Judge Burns held that the SPVs had obtained title to 7.34MW of
panels when the the SPVs made payments to the Debtors for the
panels and the Debtor completed physical delivery of the panels to
Solergy LLC's warehouse.

A copy of the May 12, 2015 opinion is available at
http://is.gd/QooN7cfrom Leagle.com.

Attorney for Debtors:

    Douglas G. Leney, Esq.
    ARCHER & GREINER, P.C.
    One Centennial Square
    Haddonfield, NJ 08033
    E-mail: dleney@archerlaw.com

           - and -

    Jason M. Sweny, Esq.
    NGUYEN CHEN LLP
    11200 Westheimer, Suite 120
    Houston, TX 77042

Attorney for H2 Contracting, LLC/Hessert Construction:

    Damien O. Del Duca, Esq.
    DEL DUCA LEWIS, LLC
    21 East Euclid Avenue, Suite 100
    Haddonfield, NJ 08033
    E-mail: dod@delducalewis.com

            - and -

    Richard A. Barkasy, Esq.
    E-mail: rbarkasy@schnader.com
    SCHNADER HARRISON SEGAL & LEWIS, LLP
    Woodland Falls Corporate Park
    220 Lake Drive East, Suite 200
    Cherry Hill, NJ 08002-1165

                      About Zhejiang Topoint

Zhejiang Topoint Photovoltaic Co., Ltd., is engaged in the
development, manufacturing, and marketing of photovoltaic solar
panels in China for sale and export to international markets,
including the United States. Marketing of the solar panels is
performed by affiliate Zhejiang Jiutai New Energy Co. Ltd.
Manufacturing of the Topoint Group's products is generally
conducted from its facilities located in the Zhejiang Province of
the People's Republic of China.

Topoint is subject to proceedings before the People's Court of
Haining City, Zhejiang Province. Yueming Zhang is the court
appointed bankruptcy administrator.
Zhejiang Topoint and its three affiliates filed petitions under
Chapter 15 of the U.S. Bankruptcy Code in Camden, New Jersey
(Bankr. D.N.J. Lead Case No. 14-24549) on July 16, 2014, to seek
U.S. recognition of the proceedings in China. Topoint estimated
assets of at least US$10 million and debt of less than US$10
million in the Chapter 15 petition.

Counsel in the U.S. cases is Stephen M. Packman, Esq., at Archer &
Greiner, P.C., in Haddonfield, New Jersey.



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ABHA POWER: ICRA Reaffirms B+ Rating on INR6.0cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the INR3.00
crore term loans and INR6.00 crore cash credit facilities of
Abha Power and Steel Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limit-
   Term Loan               3.00        [ICRA]B+ reaffirmed

   Fund Based Limit-
   Cash Credit             6.00        [ICRA]B+ reaffirmed

The reaffirmation of the rating takes into account APSPL's weak
financial profile characterized by the declining top-line over the
last few years, primarily due to scaling down of ingot production,
notwithstanding an improvement in the operating margin during the
same period due to increase in the sale of SGCI insert, low net
profitability and depressed level of coverage indicators. ICRA
notes that the liquidity profile of the company has remained
stretched in view of high utilization of working capital limits,
which in turn restricts its financial flexibility.

Moreover, the company has significant debt service obligations
compared to its current cash accruals, which is further likely to
keep its liquidity under pressure in the near to medium term. The
rating is also constrained by the lack of backward integration in
the company's operations, which keeps margins sensitive to
fluctuations in the input as well as output prices and exposure to
the cyclicality inherent in the steel industry, leading to
volatility in profits and cash-flows of all the players in the
similar line of business, including APSPL.

The rating, however, continues to favourably factor in the
experience of the promoters in the steel industry and locational
advantage of the plant due to proximity to the raw material
sources, which leads to low inward freight costs. ICRA also notes
that the company's newly commissioned value added casting facility
is likely to strengthen its business profile, going forward.

APSPL, set up in 2005 by Mr Subhas Chand Agarwal and Mr Harish
Shah and their family members, is engaged in the manufacturing of
mild steel (MS) ingots and spheroidal graphite cast iron (SGCI)
inserts. The company's manufacturing facility is located at the
Silpahari Industrial Area, close to Bilaspur in Chhattisgarh with
the annual production capacity of 14,256 metric tons (MT) of mild
steel ingot and 4,800,000 pcs of SGCI inserts. During 2015-16, the
company has also started commercial production of alloy steel
castings with an annual production capacity of 2,400 MT.

Recent Results
During 2014-15, APSPL has reported net sales of INR19.08 crore
(provisional). The company reported a net profit of INR0.19 crore
on an operating income of INR19.13 crore in 2013-14.


AMIT METALIKS: CRISIL Puts B- Ratings on Notice of Withdrawal
-------------------------------------------------------------
CRISIL has withdrawn its ratings on Amit Metaliks Ltd's (AML's)
cash credit, letter of credit, and bank guarantee facilities from
State Bank of India following the expiry of the notice period; the
ratings had been earlier placed on notice of withdrawal for 60
days.

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

   Cash Credit         294       CRISIL B-/Stable (Notice of
                                 Withdrawal)

   Cash Credit         305       CRISIL A4 (Withdrawn)

   Letter of Credit     30       CRISIL A4 (Notice of Withdrawal)

   Term Loan           246       CRISIL B-/Stable (Suspended)

   Letter of Credit     20       CRISIL B-/Stable (Withdrawn)

CRISIL has also placed on 'Notice of Withdrawal' for a period of
60 days the company's cash credit facilities from Andhra Bank and
Bank of Baroda, and cash credit and letter of credit facilities
from Oriental Bank of Commerce, on AML's request. The ratings on
these facilities will be withdrawn at the end of the notice
period.

The above actions are in line with CRISIL's policy of withdrawal
of its ratings on bank loan facilities.

The rating on the company's term loan has been suspended.

AML manufactures billets and thermo-mechanically treated bars. The
company markets its products under the Trishakti brand in West
Bengal, Bihar, and Uttar Pradesh. Its day-to-day operations are
managed by its promoter-director Mr. Amit Singh.


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.


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 Rs 340 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 Rs 700 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.
About the Group

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).


G. A. INDUSTRIES: CRISIL Reaffirms B- Rating on INR70MM Cash Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of G. A. Industries (GAI)
continues to reflect GAI's modest scale of operations and below-
average financial risk profile marked by modest net worth, high
gearing, and subdued debt protection metrics.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            70        CRISIL B-/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of GAI's proprietor in the iron and steel products
trading business.
Outlook: Stable

CRISIL believes that GAI will continue to benefit over the medium
term from its proprietor's extensive experience in the iron and
steel products trading business. The outlook may be revised to
'Positive' if the firm's revenue and profitability improve
substantially and sustainably while it also strengthens its
capital structure. Conversely, the outlook may be revised to
'Negative' if considerable decline in accruals or stretch in
working capital cycle further weakens its financial risk profile.

GAI, set up in 2010, is a proprietorship concern owned by Mr. Anil
Kumar Goyal. It trades in iron and steel products mainly MS Plates
and TMT bars. Mr. Goyal along with his son Mr. Deepak Goyal,
manage the day-to-day operations.


GANPATI ROLLER: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Ganpati Roller
Flour Mills (GRFM) continues to reflect GRFM's below-average
financial risk profile marked by modest net worth and capital
structure, and its average scale of operations in the intensely
competitive wheat processing industry.

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

These rating weaknesses are partially offset by its partners'
extensive industry experience and its prudent working capital
management.
Outlook: Stable

CRISIL believes that GRFM will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if the firm significantly improves
its scale of operations and profitability, along with efficient
working capital management, or its promoters infuse substantial
capital, strengthening its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if GRFM's financial risk
profile deteriorates driven by low cash accruals, large working
capital requirements or a significant debt-funded capital
expenditure.

Update
GRFM had registered healthy revenue growth of 56 per cent year-on-
year in 2013-14 (refers to financial year, April 1 to March 31)
achieving INR583 million; it is estimated to register revenue of
around INR700 million for 2014-15. SMRFM`s operating margin has
been at around 2.1 per cent in 2013-14; it is expected to improve
marginally over the medium term. The company`s working capital
management has been in line with CRISIL's expectations with gross
current assets estimated at less than 60 days for 2014-15. The
working capital requirements are partially met through creditors
of 15 to 20 days.

GRFM has a below-average financial risk profile marked by high
gearing of 4.37 times as on March 31, 2014, and average debt
protection metrics marked by interest coverage ratio of 1.9 times
for 2013-14. The gearing has been high due to significant capital
withdrawals; however, it is estimated to improve to below 2.5
times in 2014-15 supported by capital infusion. GRFM's liquidity
is comfortable with average bank limit utilisation at 87 per cent
for the 12 months through March 31, 2015. CRISIL believes that
GRFM will maintain its comfortable liquidity aided by enhancement
in bank lines.

Established in 1996 and based in Kolhapur (Maharashtra), GRFM
manufactures wheat products. The firm is owned and managed by Mr.
Ashwin Kumar Jain and his family members, and has a manufacturing
unit in Kolhapur.


GOOD LUCK: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Good Luck Publishers
Limited (GLPL) continue to reflect GLPL's weak financial risk
profile, marked by high gearing and average debt protection
metrics. The rating also factors in the company's working capital
intensive operations. These rating weaknesses are partially offset
by the extensive experience of GLPL's promoters in the publishing
industry and their funding support.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          100       CRISIL B+/Stable (Reaffirmed)
   Term Loan              8.7     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GLPL will maintain its business risk profile
supported by its promoters' extensive experience in the industry.
The outlook may be revised to 'Positive' if GLPL scales up its
operations and improves its capital structure, either due to
improved working capital management or through fresh equity
infusion. Conversely, the outlook may be revised to 'Negative' if
GLPL's liquidity weakens significantly, most likely because of
substantially low cash accruals, or if it undertakes a
considerably large, debt-funded capital expenditure programme.

GLPL was set up in 2000 by Mr. Ashok Kumar Verma. It prints and
publishes education text books for the Central Board of Secondary
Education and Indian Certificate of Secondary Education. The
facility is based in Saharanpur (Uttar Pradesh).


HMA AGRO: ICRA Withdraws 'D' Rating on INR20.8cr Bank Loan
----------------------------------------------------------
ICRA has withdrawn the suspended ratings of [ICRA]D assigned to
INR20.8 crore bank lines of HMA Agro Industries Limited. As per
ICRA's policy on withdrawals, ICRA can withdraw the rating in case
the rating remains suspended for more than three years.


HMA FOOD: ICRA Withdraws 'D' Rating on INR7.5cr Bank Loan
---------------------------------------------------------
ICRA has withdrawn the suspended rating of [ICRA]D assigned to
INR7.5 crore bank lines of HMA Food Export Private Limited. As per
ICRA's policy on withdrawals, ICRA can withdraw the rating in case
the rating remains suspended for more than three years.


J.B. COTTON: ICRA Assigns 'B+' Rating to INR4.0cr Cash Credit
-------------------------------------------------------------
The long-term rating of [ICRA]B+ has been assigned to the INR4.00
crore cash credit facility and the INR1.41 crore term loan
facility of J.B. Cotton.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit              4.00       [ICRA]B+ assigned
   Term Loan                1.41       [ICRA]B+ assigned
The assigned rating is constrained by limited track record of
operations with the operations commencing from February 2015
leading to uncertainty related to the level of product off take
and commercial success as well as possible stress on the financial
profile of the firm on account of debt funded nature of the
project and highly working capital intensive nature of operations.
The rating is further constrained by highly competitive and
fragmented industry structure owing to low entry barriers which is
expected to keep margins under pressure and vulnerability of the
firm's profitability to the adverse fluctuations in raw cotton
prices, which are subject to seasonality, crop harvest and
regulatory risks with regards to MSP for raw cotton fixed by GOI.
ICRA also notes that JBC is a partnership concern and any
substantial withdrawal from capital account in future could
adversely impact the credit profile of the firm.

The rating, however, favourably takes into account past experience
of the promoters in the cotton industry and the favorable location
of the firm's manufacturing facility in Saurashtra region of
Gujarat giving easy access to raw material.

Established in August 2013, J.B. Cotton (JBC) has set up a green
field project for cotton ginning, pressing and crushing with its
facility located at Amreli (Gujarat) and commenced commercial
operations from February 2015. The plant is equipped with twenty
four ginning machines and one pressing machine with total
production capacity of 33,600 Metric Tonnes Per Annum (MTPA) and
two expellers with a total crushing capacity of 2,100 MTPA
(Considering 280 working days in a year).


JANPRAGATI EDUCATION: ICRA Suspends 'B' Rating on INR9.43cr Loan
----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR9.43 crore term loans and INR0.07 crore unallocated limits of
Janpragati Education Society. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the entity.

Janpragati Education Society was established in 2003 as a trust in
Raipur, Chhattisgarh. The Society manages five colleges and offers
under graduate and post graduate courses in pharmacy, graduate
level courses in engineering and nursing, and post graduate course
in management. The current strength of the students stands at
around 1900.


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.


JYOTI VINYL: CRISIL Reaffirms B+ Rating on INR10MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Jyoti Vinyl Ltd
(JVL; 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.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         2.5       CRISIL A4 (Reaffirmed)
   Cash Credit           10         CRISIL B+/Stable (Reaffirmed)
   Inland/Import
   Letter of Credit      35         CRISIL A4 (Reaffirmed)
   Packing Credit        52.5       CRISIL A4 (Reaffirmed)

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.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of JVL and Jyoti Polyvinyl Ltd (JVPL).
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, JVL manufactures PVC pipes and sheets. JVPL,
incorporated in the same year, manufactures PVC profiles 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
INR3 million on net sales of INR120 million for 2013-14 (refers to
financial year, April 1 to March 31), against a PAT of INR4
million on net sales of INR123 million for 2012-13.


K PATEL: CRISIL Reaffirms B+ Rating on INR98.8MM Demand Loan
------------------------------------------------------------
CRISIL ratings on the bank facilities of K Patel and Company Pvt
Ltd (KPCPL) continue to reflect exposure to risks related to
timely completion of its project and to off take risk. These
rating weaknesses are partially offset by the long-standing track
record of KPCPL's promoters in the real estate sector and the
company's limited exposure to funding risk.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Working Capital
   Demand Loan           98.8       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KPCPL will continue to benefit over the
medium term from its promoters' successful track record in the
real estate sector. The outlook may be revised to 'Positive' if
the company successfully completes the construction and sale of
its project on schedule, generating adequate cash flows to meet
funding requirements and debt obligations. Conversely, the outlook
may be revised to 'Negative' in case of delays in project
execution or low customer acquisition leading to lower than
expected cash accruals, affecting KPCPL's debt servicing
capability.

KPCPL is based in Mumbai and is engaged in real estate
development, primarily in Mumbai. The company was incorporated in
1973 and is managed by Mr. Meghjibhai Patel and his family
members.


KRIVI METALEX: CRISIL Rates INR80MM Letter of Credit at B+
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Krivi Metalex Pvt Ltd (KMPL).

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

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

The rating reflects KMPL's modest scale of operations, low
profitability and small net worth. These weaknesses are partially
offset by confirmed supply agreement with its customers and
healthy demand prospects in the solar sector.
Outlook: Stable

CRISIL believes that KMPL will continue to benefit, over the
medium term, from its customer tie ups. The outlook may be revised
to 'Positive' if KMPL reports large scale of operations and
profitability leading to sizeable cash accruals. Conversely, the
outlook may be revised to 'Negative' if KMPL reports delays in
liquidation of debtors, or adverse changes in contractual
arrangements with its customers, thereby adversely affecting its
credit risk profile.

Incorporated in 2013, KMPL trades in solar cells. KMPL is promoted
by Mr. Raj Bhalala and his mother, Ms. Rita Bhalala.


MELA SINGH: ICRA Reaffirms 'B+' Rating on INR9.0cr Term Loan
------------------------------------------------------------
ICRA has reaffirmed its long term rating on the INR9.0 crore fund
based bank facilities of Mela Singh Memorial Educational Trust at
[ICRA]B+.

                            Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Long-term Fund Based
   Facilities-Term Loan      9.00         [ICRA]B+; Reaffirmed

ICRA's rating continues to reflect the limited operational track
record of the institutes managed by the trust, which coupled with
high revenue dependence on engineering courses and oversupply
situation of colleges offering these courses, has led to a decline
in fresh enrolments in the past two years. The ability of the
trust to improve the pace of enrolments and limit the dropouts
would be critical to generate sufficient accruals for timely debt
servicing. The trust's liquidity position is also stretched with
cash accruals closely matching the scheduled debt repayments and
the trust's contribution towards capital expenditure; however the
liquidity position is expected to ease as no major capital
expenditure is expected in the near term. The liquidity position
is also weakened by cash flow mismatches as the fees are collected
semi annually while the scheduled debt repayments are on a
quarterly basis. However, the rating favourably factors in the
satisfactory profitability levels with operating profitability in
the range of 45-50% over the last three years. This coupled with a
moderately leveraged capital structure has led to a moderate
financial profile.

Going forwards, the ability of the trust to improve enrolments and
total student strength while maintaining the profitability levels
will be the key rating sensitivities.

The trust operates two institutes viz. Guru Nanak Institute of
Technology (GNIT) and Guru Nanak Institute of Management (GNIM) at
Ambala, Haryana, and is managed by Mr. Tarlochan Singh. The trust
offers engineering and management courses with a total strength of
1469 students in AY 2014-15. All the courses are approved by the
AICTE and the Haryana Government and the institutes are affiliated
to the Kurukshetra University.

Financial Results
MEMET reported revenue receipts of INR11.58 crore and a net
surplus of INR0.89 crore in 2013-14, as against revenue receipts
of INR12.85 crore and a net surplus of INR2.51 crore in the
previous year. As per provisional results, the trust reported
revenue receipts of INR10.23 crore in 2014-15.


NAKSHATRA UPSCALE: CRISIL Assigns B+ Rating to INR200MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Nakshatra Upscale Estates Projects Pvt Ltd
(NUEPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     200        CRISIL B+/Stable

The rating reflects NUEPL's exposure to risks related to timely
completion and saleability of its upcoming real estate project,
the geographical concentration in its revenue profile, its
exposure to intense competition, and susceptibility to risks
inherent in the Indian real estate industry. These weaknesses are
partially offset by the benefits that NUEPL derives from its
promoters' extensive experience in the real estate development
business.
Outlook: Stable

CRISIL believes that NUEPL will continue to benefit, over the
medium term, from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if NUEPL reports large
cash flows, supported by aforetime completion of, or significantly
high realisations from, its ongoing/upcoming projects. Conversely,
the outlook may be revised to 'Negative' if NUEPL faces delays in
project completion or in receipt of customer payments, or
witnesses booking slowdown, or undertakes large, debt-funded
projects, thereby weakening its liquidity.

Incorporated in 2011, NUEPL is a Bengaluru-based residential real
estate developer; Mr. Manjunath Naidu, NEUPL's director, manages
its operations. The company is currently developing a project in
North Bengaluru, named Nakshatra Celestia, to be completed by
December 2015. The company plans to develop a multistoried
building project, over the medium term.


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

                       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)

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.


NEW BONANZA: CRISIL Reaffirms B+ Rating on INR65MM Cash Credit
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of New Bonanza
India Ltd (NBIL) continues to reflects NBIL's declining operating
profitability and cash accruals, and exposure to risks related to
implementation of its upcoming project for refurbishing its plant
and to competition in the intensely fragmented kraft paper
industry.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             65       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       8.5     CRISIL B+/Stable (Reaffirmed)
   Standby Line of
   Credit                   9.0     CRISIL B+/Stable (Reaffirmed)
   Term Loan                6.0     CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of NBIL's promoters in the paper industry and the
company's moderate financial risk profile marked by a comfortable
capital structure and moderate debt protection metrics.

CRISIL had assigned its 'CRISIL B+/Stable' rating to the bank
facilities of NBIL on April 28, 2015.
Outlook: Stable

CRISIL believes that NBIL will benefit over the medium term from
its established track record in the paper industry. CRISIL,
however, also believes that NBIL's liquidity will remain
constrained by large working capital requirements over the period.
The outlook may be revised to 'Positive' if timely commencement of
the upcoming project results in improved profitability and
accruals for the company or if significantly better working
capital management leads to improvement in its liquidity.
Conversely, the outlook may be revised to 'Negative' if NBIL's
financial risk profile, particularly its liquidity, deteriorates
significantly because of time or cost overruns in its proposed
project or if the project does not reap benefits as expected.

NBIL was incorporated in 1995 and was taken over by the current
management in 2008. The company manufactures kraft paper and
absorbent kraft paper. Its manufacturing unit is in Meerut (Uttar
Pradesh) and is managed by Mr. Hemraj Singh, his wife Ms. Suman
Singh, and his business associate Mr. Pankaj Aggarwal.

NBIL reported a profit after tax (PAT) of INR0.38 million on net
sales of INR279.2 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR5.3 million on net sales
of INR253.3 million for 2012-13.


NEW PALSANA: ICRA Reaffirms 'D' Rating on INR42.30cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR42.30
crore (reduced from INR49.00 crore) term loan facility of
New Palsana Industrial Co-Op Society Ltd at [ICRA]D. ICRA has also
reaffirmed the short term rating assigned to NPICSL's INR20.00
crore short term non-fund based facilities at [ICRA]D.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan               42.30       [ICRA]D reaffirmed
   Bank Guarantee          20.00       [ICRA]D reaffirmed

The reaffirmation of ratings reflects the continuing delays in
debt servicing by the company over the past one year, owing to
delays in project execution by NPICSL which has constrained the
liquidity position of the society to service its debt obligations.
Going ahead, timely payments of member's overhead contribution
will remain critical, given the uncertainty associated with
joining of new members and flexibility of withdrawal for existing
memberships. Further, the ratings are constricted on account of
its revenues being vulnerable to cyclicality associated with the
textile industry and changing environmental regulations affecting
operations of member units.

However, the ratings draw comfort with necessary bank funding &
government subsidies in place for the proposed project and
financial support to the society in terms of corporate guarantee
provided by its current members. The ratings also positively
consider the relatively lower operating costs for a CETP as
compared to individual treatment plants, which could attract
additional members to join the society bringing down the members'
overhead costs per unit.

New Palsana Industrial Co-Op Society Limited is an organization
promoted by the members of New Palsana Industrial Assocaition for
the purpose of development of common effluent treatment plant for
management of waste water generated by the member units during
manufacturing process. Currently, there are 22 members of the
society, who are primarily small and medium scale dyeing and
printing units located in the vicinity of the plant situated at
Baleshwar (Palsana, Gujarat). The proposed plant has a capacity to
process 45 million liters of waste water in a day.


NIMCO RATA: CRISIL Lowers Rating on INR55MM Cash Credit 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.


PAHAL ENGINEERS: CRISIL Reaffirms B+ Rating on INR43.3MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Pahal Engineers
(Pahal). The ratings reflect Pahal's modest scale of operations in
a highly fragmented industry, large working capital and leveraged
capital structure.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         42.5      CRISIL A4 (Reaffirmed)

   Cash Credit            42.5      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     43.3      CRISIL B+/Stable (Reaffirmed)

   Term Loan               1.7      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the promoters'
extensive industry experience and the firm's near-term revenue
visibility, supported by confirmed orders.
Outlook: Stable

CRISIL believes that Pahal will benefit from the extensive
experience of its promoters over the medium term. The outlook may
be revised to 'Positive' if the firm improves its financial risk
profile by significant scaling up its operations and maintaining
its profitability. Conversely, the outlook may be revised to
'Negative' if Pahal's liquidity is constrained by delays in debtor
realization, or lesser-than-expected revenue or a decline in its
profitability.

Update
For 2014-15 (refers to financial year, April 1 to March 31),
Pahal's sales growth is estimated to be flattish with sales at
around INR150 million. However, the current order book of INR260
million is expected to drive sales over the near to medium term.
Also, company mostly undertakes government order through tender
base approach and the exposure is limited to Gujarat. The firm is
expected to grow with moderate growth of 5 to 10% over the medium
term. In 2013-14, the firm's profitability had declined to 11.8
per cent against 14.3 per cent a year earlier mainly due to higher
proportion of sub-contracting work given to other players.
However, for the year 2014-15, the profitability is estimated to
improve with major work undertaken by the firm and reduced sub-
contracting proportion. CRISIL expects firm to report
profitability at around 13.0 to 13.5 per cent over the medium
term. The firm's operating cycle measured by gross current assets
(GCA) days are expected to be around 220 to 230 days dominated by
book debts and overall working capital requirement to rise with
scale of operations. With rising working capital requirements and
stable but modest accruals the gearing is expected to remain in
the range of 1.4 to 1.8 times over the medium term. The firm's
liquidity is supported by moderate cushion between its cash
accruals and term debt obligations and promoter support; however
it continues to be constrained by working capital intensive nature
of operations and low financial flexibility.

Pahal reported profit-after-tax (PAT) of INR3.8 million on net
sales of INR156.2 million for 2013-14 as against profit-after-tax
(PAT) of INR5.2 million on net sales of INR130 million for 2012-
13.

Pahal was founded as a proprietorship firm in 2008. The firm is
owned and managed by Mr. Pritesh Shah. Pahal executes turnkey
projects related to water distribution systems in Gujarat.


PMV MALTINGS: ICRA Assigns 'B-' Rating to INR80MM Term Loan
-----------------------------------------------------------
ICRA has assigned its rating of [ICRA]B- to the INR20.00 crore
cash credit facility and the INR80.00 crore term loan of
PMV Maltings Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             20.00       [ICRA]B-; assigned
   Term Loan               80.00       [ICRA]B-; assigned

ICRA's ratings are constrained by the stressed capital structure
of the company and the vulnerability of the company's
profitability to fluctuations in raw material prices which are
subject to seasonality and crop harvest. The ratings also take
note of the sector concentration risk and customer concentration
risk which are partly mitigated by the extensive experience of the
promoters; the long standing relationships of more than four
decades with the customers and the concentrated nature of the malt
industry.

Nevertheless, ICRA positively takes note of the established
presence of the promoters and the group company- The Malt Company
(India) Private Limited (MCIPL, rated [ICRA]BB (Stable)/[ICRA]A4)
in the malt production business; the company's established
relationships with major breweries; limited competition in the
industry due to the major capacities being vested with only two
producers (MCIPL and Bar Malt) and favourable medium term demand
growth prospects for the beer industry.

Going forward, the ability of the company to ramp up its scale of
operations in a profitable manner and manage its liquidity
position will be the key rating sensitivities.

Incorporated in 2008, PMV was a dormant company till the demerger
of MCIPL, which came into effect from April 2013. Under the
demerger scheme, MCIPL transferred two of its units i.e. Pataudi
(Haryana) and Kashipur (Uttarakhand) units to PMV, while retaining
the Khandsa (Haryana) based unit. PMV manufactures barley malt
with an installed capacity of 30,000 metric tonnes per annum
(MTPA) and 150,000 MTPA at Pataudi and Kashipur units
respectively.

Incorporated in 1970, MCIPL has a unit located at Khandsa to
manufacture barley malt and malt extract. The current installed
capacity of MCIPL is 25,000 MTPA of malt, 20,000 MTPA of liquid
malt extract and 500 MTPA of dry malt extract. The group is
promoted by Mr. P K Jain, who started his business career in 1965
when he joined as a partner in M/s Standard Rubber Mills and as a
promoter director in Bar Malt India Ltd (BML). Mr. P K Jain left
BML in 1970 and promoted MCIPL.

Mr. Mohit Jain and Mr. Vikas Jain, sons of Mr. P K Jain, look
after the operations and finance areas of the company.
Recent Results In 2013-14, PMV recorded a net profit of INR4.83
crore on an operating income of INR93.96 crore.


PUNJAB KESARI: CRISIL Reaffirms 'B' Rating on INR57MM Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Punjab Kesari
Publishers Pvt Ltd (PKP) continues to reflect PKP's small scale of
operations, modest financial risk profile marked by modest net
worth, and geographic concentration in its revenue. These rating
weaknesses are partially offset by assured inflow of orders from
Hind Samachar Ltd (HSL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      57        CRISIL B/Stable (Reaffirmed)

   Term Loan               48        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRSIIL believes that PKP will continue to benefit over the medium
term from assured orders from HSL. The outlook may be revised to
'Positive' if PKP's financial risk profile improves significantly,
driven by improved cash accruals or equity infusion. Conversely,
the outlook may be revised to 'Negative' if PKP's financial risk
profile, particularly liquidity, weakens because of low cash
accruals or large debt-funded capital expenditure.

PKP prints a certain portion of Punjab Kesari, a Hindi newspaper
based in North India and owned by PKP's promoters; PKP's printing
facilities are in Delhi and Jaipur (Rajasthan). PKP also procures
inks, chemicals, and oils, for supply to HSL. PKP was incorporated
in 2004 by Mr. Ashwini Kumar and his family members and commenced
printing operations in February 2012.


R R DURAFABS: CRISIL Reaffirms B Rating on INR50MM Overdraft Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of R R Durafabs Private
Limited (RRDPL) continue to reflect RRDPL's weak financial risk
profile marked by moderate gearing and small net worth, modest
scale of operations, working capital intensive nature of business
and susceptibility to risks related to intense competition in the
power transmission segment. These rating weaknesses are partially
offset by its promoters' extensive experience in the business.
Outlook: Stable

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          90        CRISIL A4 (Reaffirmed)
   Overdraft Facility      50        CRISIL B/Stable (Reaffirmed)

CRISIL believes that RRDPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company improves its
scale of operations and profitability on a sustainable basis,
leading to better financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case its financial risk profile
deteriorates owing to reduced revenue and margins, or if the
company undertakes a large debt-funded capital expenditure
programme, or if there is a delay in receipt of bills from its
main principal leading to deterioration in its liquidity profile.

Incorporated in 2000 by Mr. Venkata Ramana and his family members,
RRDPL is engaged in erection of electrical transmission lines. It
was initially set up as a partnership concern but was
reconstituted as a private limited company in 2009. The company is
based in Hyderabad, Telangana.

For 2013-14(refers to financial year, April 1 to March 31), RRDPL
reported a profit after tax (PAT) of INR3.3 million on total
revenue of INR192.07 million against a PAT of INR4.7 million on
total revenue of INR191.42 million for 2012-13.


RASHMI YARNS: CRISIL Reaffirms 'B' Rating on INR180MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Rashmi Yarns Ltd (RYL)
continues to reflect RYL's modest scale of operations in the
intensely competitive texturised yarn segment and the company's
working-capital-intensive operations.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             180       CRISIL B/Stable (Reaffirmed)

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

The ratings also factor in RYL's below-average financial risk
profile, marked by modest net worth and subdued debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of RYL's promoters.
Outlook: Stable

CRISIL believes that RYL will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' if the company registers a
significant and sustainable growth in its revenue and
profitability while improving its debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case RYL
registers a significant decline in its revenue and margins or if
its working capital cycle lengthens further, leading to
deterioration in its financial risk profile.

RYL, set up as a private limited company in 1997, became a public
limited company in 2006 and is engaged in texturising and twisting
of polyester partially oriented yarn. The company's registered
office is in Mumbai and its manufacturing units in Silvassa and
Surat (Gujarat). RYL's day-to-day operations are managed by its
directors, Mr. Pankaj Mehta and Mr. Lakhabhai Wagh.


RIVU ENTERPRISES: Ind-Ra Assigns IND BB- Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rivu Enterprises
Pvt. Ltd. (REPL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable. The agency has also assigned REPL's bank
facilities the following ratings:

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term loan              27.4       IND BB-/Stable

   Fund-based working     25.0       IND BB-/Stable
   capital limit

   Proposed fund-based    35.0       Provisional IND BB-/
   working capital limit             Stable

KEY RATING DRIVERS

The ratings reflect REPL's moderate scale of operations as well as
credit profile. In FY15 (year end March), revenue was INR378.05
million (FY14: INR249.44 million), net financial leverage (total
adjusted net debt/operating EBITDAR) was 3.09x (2.74x) and
interest coverage (operating EBITDA/gross interest expense) was
2.23x (2.97x). The ratings also factor in REPL's moderate
liquidity profile as reflected in its 82.87% average maximum
working capital utilisation during the 12 months ended April 2015.

The ratings benefit from three decades of experience of the
company's founder in the chicken processing industry.

RATING SENSITIVITIES

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

Negative: Deterioration in the overall liquidity profile could
lead to a negative rating action.

Incorporated in 2010, REPL is engaged in the processing of chicken
in Kolkata, West Bengal. Its production capacity is 15,000kg
chicken/per day. The company's day-to-day operations are managed
by Gautama Das. The company has three retail outlets in Kolkata.
REPL plans to launch processed chicken products under its own
brand Rivu in the near term. Also, the promoter plans to open 25
shops in FY16 and 100 shops in the long-term under a franchisee
model in Kolkata.


RRC INTERNATIONAL: ICRA Suspends 'D' Rating on INR27cr Loan
-----------------------------------------------------------
ICRA has suspended long-term rating and the short-term rating of
[ICRA]D assigned to the term loans, fund based facilities, non-
fund based facilities, and proposed limits of RRC International
Freight Services Limited aggregating to INR27.00 crore. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

RRC International Freight Services Limited, earlier known as RR
Logistics Private Limited, was incorporated in 2003, though the
actual operations commenced in 2007. The company is engaged in the
transportation of capital goods for core sectors which includes
providing logistics services with special focus on movement of
project and over-dimensional cargo. The company offers total
logistics solutions starting from marine operations (barging for
unloading the cargo from vessel to barge and bringing it to port),
getting custom clearance and finally transporting it to the site.
The promoter, Mr. Ramesh Agarwal, initially started a
transportation business in 1988 in partnership with his elder
brother and subsequently in 2007 started his own transportation
business through RRC.


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). 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.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             90        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      35        CRISIL B+/Stable

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.


SANMATI EDIBLE: ICRA Assigns 'B' Rating to INR8.0cr LT Loan
-----------------------------------------------------------
ICRA has assigned its rating of [ICRA]B to the INR8.00 crore fund
based bank limits of Sanmati Edible Oils Private Limited.

                           Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Long term Fund Based       8.00        [ICRA]B; Assigned
   Working Capital Limits

ICRA's rating factor in the high business risks associated with
the edible oil (and related products) industry including high
competitive intensity as well as fragmentation; vulnerability of
profitability to competition from imports; fluctuations in product
prices due to linkage with global edible oil price movements and
changes in import duty differential between crude and refined oil;
and agro-climatic risks associated with availability of raw
material. These factors apart, the rating is also constrained by
high customer concentration and the company's modest financial
risk profile as reflected in high gearing and low profitability
margins. However, the rating favourably factors in the promoter's
extensive experience and long track record in the edible oil
industry; established relations with customers such as Emami
Biotech Limited and Adani Wilmar Limited, favourable location with
proximity to the mustard seed belt in Rajasthan; and favourable
demand prospects for edible oil in India.

Going forward, the ability of the company to improve its
profitability, diversify its customer base and attain an optimal
working capital cycle will be the key rating sensitivities.

Sanmati Edible Oils was established as a partnership firm in 1992
by the Jaipur, Rajasthan based, Jain family. The constitution of
the firm was changed to private limited company in March 1999 and
it was renamed as SEOPL. SEOPL is engaged in the extraction of
crude edible oil and De-Oiled Cake (DOC) from mustard seeds as
well as trading of crude edible oil and DOC. The manufacturing
facility of the company is located at Jaipur with a processing
capacity of around 15,000 Metric Tonnes Per Annum (MTPA) as on
March 31, 2015.

The key promoters of the company are, Mr. Suresh Chand Jain, Mr.
Suresh Kumar Jain and Mr. Ramesh Kumar Jain. The promoters have
also promoted S K Solvex Private Limited (rated [ICRA]B ) which is
engaged in manufacturing of mustard oil and DOC, Sanjay Containers
Private Limited which manufactures tin containers and Shri Vikas
Industries which is engaged in the trading of mustard oil and DOC.

Recent Results
In 2013-14, the company reported a Profit After Tax (PAT) of
INR0.09 crore on an Operating Income (OI) of INR91.88 crore, as
against a PAT of INR0.04 crore on an OI of INR60.56 crore in the
previous year. The company, on a provisional basis, reported an OI
of INR138.91 crore in 2014-15.


SHREE GANESH: ICRA Reaffirms 'D' Rating on INR203.47cr Term Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]D for the
INR51.02 crore cash credit facility and INR203.47 crore term loans
of Shree Ganesh Metaliks Ltd. ICRA has also reaffirmed the short
term rating of [ICRA]D for the INR11.50 crore non fund based
facility of SGML.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-
   Cash Credit             51.02        [ICRA]D reaffirmed

   Fund Based Limit-
   Term Loan              203.47        [ICRA]D reaffirmed

   Non Fund Based
   Limits- LC/BG           11.50        [ICRA]D reaffirmed

The reaffirmation of ratings takes into account the delays by the
company in meeting its debt servicing obligation. The delays have
been on account of low cash accruals from the business, which was
adversely impacted because of the ongoing weakness in the steel
industry. The ratings continue to remain constrained by the
adverse capital structure post restructuring of loan facility, and
the depressed debt coverage indicators due to moderate operating
profitability, notwithstanding marginal improvement in the same in
2014-15. The ratings are also constrained by the weak liquidity
profile of SGML as a result of the high working capital required
in the business. The ratings, however, favorably factor in the
long track record and the established presence of the promoters in
the sponge iron manufacturing business, and the substantial
savings in the power cost due to the commencement of the 18 MW
waste heat recovery based power plant and the 14 MW fuel based
power plant.

Incorporated in 2003, SGML is engaged in the manufacturing of
sponge iron with an installed capacity of manufacturing 400 Tons
Per Day (TPD) of sponge iron. The plant of the company is located
near Rourkela in the state of Odisha.

SGML, has recently commissioned a 18 MW waste heat recovery based
(WHRB) power plant, 14 MW FBC based power plant, 30 MTPA induction
furnace and a 150 MTPA coal washery plant with a total project
cost of more than INR230 crores.

Recent Results
SGML reported a profit before tax (PBT) of INR2.20 crore in 2014-
15 (Provisional) on the back of an operating income (OI) of
INR241.91 crore as against a PAT of INR(19.01) crore on an OI of
INR141.68 crore in 2013-14.


SHREE RAGHUVANSHI: ICRA Reaffirms B+ Rating on INR25cr Cash Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B+ to the
INR1.50 crore term loan and INR25.00 crore cash credit facility of
Shree Raghuvanshi Fibers Pvt Ltd. ICRA has also reaffirmed the
short term rating at [ICRA]A4 to INR0.35 crore fund based
facilities of SRFPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             25.00      [ICRA]B+; Reaffirmed
   Term Loan                1.50      [ICRA]B+; Reaffirmed
   DAUE                     0.35      [ICRA]A4; Reaffirmed

The ratings continue to be constrained by SRFPL's weak financial
profile as reflected by substantial decline in revenue during
FY15, stretched capital structure, high utilization of working
capital borrowing and weak coverage indicators. The ratings also
consider the low profit 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, positively consider the long experience of
the promoters in the cotton ginning and pressing business and
favorable location of the company which gives it easy access to
raw cotton. Further, its presence in crushing also provides
additional revenues as well as diversification.

Incorporated in 2007, Shree Raghuvanshi Fibers Pvt Ltd. (SRFPL) is
engaged in ginning of raw cotton to produce cotton seeds and
cotton bales. The business is promoted and managed by Mr. Bhavesh
Shelani, Mr. Gopal Shelani and Mr. Harshad Shelani. The factory is
located at Gondal, Rajkot (Gujarat). The company is equipped with
36 ginning machines and has an annual installed capacity of
processing 215 MTPD of raw cotton. Moreover, vertically integrated
operations of seed crushing to manufacture cotton seed oil and oil
cake has an intake capacity of 95 MTPD of cotton seeds.

Recent Results
During FY15 (unaudited provisional financials), the company
reported an operating income of INR141.20 crore and profit before
tax of INR0.63 crore.


SRI SAI: CRISIL Reaffirms 'D' Rating on INR43.9MM Term Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri Sai
Krishna Educational Society (SSKES) continues to reflect instances
of delay by the society in servicing its debt; the delays have
been caused by its weak liquidity.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     15.1       CRISIL D (Reaffirmed)
   Secured Overdraft
   Facility               16.0       CRISIL D (Reaffirmed)
   Term Loan              43.9       CRISIL D (Reaffirmed)

SSKES has a small scale of operations and a high degree of
geographical concentration in its revenue profile. The society is
also exposed to regulatory changes and intense competition in the
education sector. It, however, benefits from its promoters'
extensive industry experience and the healthy demand prospects for
the education sector.

SSKES, established in 2006, operates two educational institutes in
Kurnool (Andhra Pradesh)-G Pullaiah College of Engineering &
Technology and Ravindra College of Engineering for Women. These
institutes are affiliated to Jawaharlal Nehru Technology
University and are approved by the All India Council for Technical
Education.


STEELMAN INDUSTRIES: CRISIL Assigns B+ Rating to INR80MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4+' ratings to
the bank facilities of Steelman Industries (SMI).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      80        CRISIL B+/Stable
   Export Packing Credit   35        CRISIL B+/Stable
   Packing Credit          30        CRISIL A4

The ratings reflect the firm's modest scale of operations along
with concentrated customer base and average financial risk profile
marked by a weak interest coverage ratio. These rating weaknesses
are partially offset by the proprietor's extensive experience in
the trading industry, a diversified product profile, and SMI's
comfortable total outside liabilities to tangible net worth ratio.
Outlook: Stable

CRISIL believes SMI will benefit from the industry experience of
its promoters and maintain its business risk profile backed by
established relationships with its customers. The outlook may be
revised to 'Positive' in case of significant growth in its scale
of operations or profitability along with customer diversification
and improvement in working capital management, leading to
improvement in business risk profile. Conversely, the outlook may
be revised to 'Negative' if there is a decline in sales or
profitability levels, or if SMI's liquidity weakens on account of
a stretch in working capital cycle.

Established in 1995, SMI is a sole proprietorship firm of Mr. Sham
Sunder Gupta that manufactures and trades in bicycle parts and
corrugated galvanised steel sheets. It also exports biscuits,
candies, liquid glucose, and corn starch to African countries.
Moreover, the firm started importing and trading in polyvinyl
chloride (PVC) resin and PVC panels in 2014-15 (refers to
financial year, April 1 to March 31). SMI is based in Ludhiana,
Punjab.

SMI is estimated to have reported a book profit of INR1.2 million
on net sales of INR154.0 million for 2014-15, against a book
profit and net sales of INR4.1 million and 189.7 million,
respectively, for 2013-14.


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.


SWASTIK COPPER: CRISIL Reaffirms B+ Rating on INR200MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Swastik Copper Pvt
Ltd (SCPL) continue to reflect SCPL's modest financial risk
profile, marked by a small net worth, high gearing, and average
debt protection metrics.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        360        CRISIL A4 (Reaffirmed)
   Cash Credit           200        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       40        CRISIL A4 (Reaffirmed)

The ratings also factor in the company's modest scale of
operations in the transformer industry and its large working
capital requirements. These rating weaknesses are partially offset
by the extensive industry experience SCPL's promoters.
Outlook: Stable

CRISIL believes that SCPL's financial risk profile will remain
constrained over the medium term because of large borrowings. The
outlook may be revised to 'Positive' if SCPL's liquidity and
capital structure improve, most likely driven by substantial
equity infusion. Conversely, the outlook may be revised to
'Negative' if the company faces delays in receipt of payment from
its debtors, leading to weakening of its liquidity, or if it
undertakes a large debt-funded capital expenditure programme,
thereby weakening its capital structure.

Established by Mr. Sandeep Jain in 1995, SCPL manufactures
distribution and power transformers, with capacities ranging from
5 kilovolt amperes (kVA) to 10,000 kVA. The company supplies
transformers to electricity boards/power distribution companies in
Uttar Pradesh, Rajasthan, Chhattisgarh, and Madhya Pradesh. It has
an installed capacity to manufacture 1000 transformers of ratings
of up to 250 kVA and 1500 transformers of ratings in the range of
250 kVA to 10,000 kVA, apart from 3000 protective boxes.


TANWAR INDUSTRIES: CRISIL Reaffirms B+ Rating on INR49MM Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Tanwar Industries (TI)
continues to reflect TI's modest scale of operations in the
fragmented and competitive power storage equipment industry and
its modest financial risk profile.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------     -------
   Bank Guarantee         30        CRISIL A4 (Reaffirmed)
   Cash Credit            30        CRISIL B+/Stable (Reaffirmed)
   Term Loan              49        CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of TI's promoters and the firm's decade-long
association with Mahindra and Mahindra Ltd (rated 'CRISIL
AAA/Stable/CRISIL A1+').
Outlook: Stable

CRISIL believes that TI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm improves its
financial risk profile significantly, with increase in scale of
operations and profitability resulting in substantial net cash
accruals. Conversely, the outlook may be revised to 'Negative' if
TI's liquidity deteriorates, with substantial increase in working
capital requirements or low cash accruals or delays in project
completion.

TI, a partnership firm, was set up in 1998. It is managed by Mr.
Mohammed Tahir and Mr. Arvind K Lunia. It manufactures diesel
generator sets. The firm operates in Rajasthan.


TATA MOTORS: Moody's Says FY2015 Results Higher than Expected
-------------------------------------------------------------
Moody's Investors Service says that Tata Motors Limited's (Ba2
stable) consolidated results for the fiscal year ended March 31,
2015 (FY2015) were higher than its expectations, mainly on account
of the better operating performance of Jaguar Land Rover
Automotive Plc (JLR, Ba2 positive).

"As proceeds from the recently concluded rights issue of INR 75
billion will be used towards retiring INR 40 billion of debt and
the balance to fund Tata Motors' capital expenditure for its India
business and towards building liquidity reserves for its other
small businesses, we anticipate minimal incremental debt for the
company's non-JLR businesses," says Kaustubh Chaubal, a Moody's
Vice President and Senior Analyst.

"However, we expect JLR's debt to rise to partly fund its
announced capital expenditure of GBP3.6 billion-GBP3.8 billion,
resulting in consolidated leverage of 2.3x-2.6x over the next 12
months," adds Chaubal.

Chaubal was speaking on the release of a Moody's issuer comment,
"India - Tata Motors Limited: Rights Issue and Improving
Commercial Vehicles Sales in India Will Limit Tata Motors' Drag on
JLR in FY2016". The report was authored by Chaubal and Vincent
Tordo, a Moody's Associate Analyst.

Looking ahead, Moody's expects Tata Motors' standalone leverage to
improve in March 2016, mainly on account of lower debt and a
substantial turnaround in its standalone operations.

Moody's further expects that the ramp-up of the new Jaguar XE,
which entered the market in March 2015; the launch of the new
lightweight Jaguar XF, the 2016 model year Evoque -- including a
convertible variant, the F-PACE -- and the full-year contribution
from Discovery Sport will support JLR's volume growth over the
next 12-18 months.

However, weaker demand from China and mixed demand conditions in
Europe, markets that account for almost 25% and 19% respectively
of JLR's volumes, are expected to weigh on performance in FY2016.

Sales in China were affected most in January-March, down 20% year-
on-year. Furthermore, a change in model mix and launch costs
associated with the new products will likely exert pressure on
JLR's margins. In India, demand for medium and heavy commercial
vehicles (M&HCV) will continue to drive the recovery for Tata
Motors India.

Furthermore, new product launches from the Prima LX and Ultra
range, and bus orders under the Jawaharlal Nehru National Urban
Renewal Mission -- a city modernization scheme launched by the
Indian government -- are expected to provide the fillip for M&HCV
growth over the next 12-18 months.

Looking back over FY2015, Moody's notes that Tata Motors'
consolidated net sales of INR2,607 billion and reported EBITDA of
INR421 billion were both up 13% from FY2014. EBITDA margins were
flat at 16% and consolidated leverage at March 2015 increased
marginally to 1.71x from 1.59x last year, due to increased
borrowings.

Tata Motors also reported standalone EBITDA of INR3.0 billion for
January-March, positive for the first time in the last six
quarters, mainly due to an uptick in replacement demand for
M&HCVs. A further pickup in M&HCVs and recovery in the light
commercial vehicles segment in H2 FY2016 should drive improvement
in standalone EBITDA.


TECHNE INFRA: CRISIL Reaffirms B+ Rating on INR32.5MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Techne Infra India Pvt
Ltd (TIIPL) continue to reflect its small scale of modest scale of
operations, and working capital intensity in its operations, and
average financial risk profile, marked by a small net worth and
high gearing. These rating weaknesses are partially offset by the
extensive experience of the company's promoters in the civil
construction industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        25         CRISIL A4 (Reaffirmed)
   Cash Credit           32.5       CRISIL B+/Stable (Reaffirmed)
   Term Loan              2.5       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TIIPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company achieves
sustained growth in its cash accruals while controlling delays in
its receivables. Conversely, the outlook may be revised to
'Negative' if TIIPL's liquidity deteriorates, most likely due to a
stretch in working capital cycle or any large debt-funded capital
expenditure.

Update
TIIPL's revenue increased to an estimated INR230 million to INR245
million in 2014-15 (refers to financial year, April 1 to March
31), from INR195 million in 2013-14, backed by increased order
execution and healthy order book position. The revenue is expected
at INR250 million to INR270 million over the medium term. The
operating margin reduced to an estimated 9 to 10 per cent in 2014-
15 from 11.3 per cent in 2013-14 on account of increased raw
material prices. The typical gross margins for projects are around
15 per cent; CRISIL, therefore, expects TIIPL's operating margin
to remain at 9 to 10 per cent over the medium term.

The operations are moderately working capital intensive, with
estimated gross current assets (GCAs) of 145 days as on March 31,
2015, on account of considerable debtors and advancesgiven the
tender-based nature of operations. The company offers credit of
over 30 days to customers to remain competitive in a highly
fragmented industry, and gets credit of about 9months from its
suppliers. Its cash accruals of INR20 million were adequate for
meeting incremental working capital requirements of INR13.9
million over the two years through 2014-15.

The liquidity is adequate. For 2014-15, thecash accruals are
estimated at INR13 million to INR14 million, against maturing debt
of INR3.6 million. The bank limits of INR32.5 million have been
utilised moderately, at an average of 92 per cent over the 11
months through March 2015. It had healthy unencumbered cash and
cash equivalents of INR2 millionas on March 31, 2015. CRISIL
believes that TIIPL'sliquidity will remain adequate over the
medium term, especially given theabsence of any major debt-funded
capital expenditure.

TIIPL was incorporated in 2010, promoted by Mr. Dimitrius John
D'Mello, Mr. Suneel Vashdev Alreja, and Mr. Hemant Bidaiah
Lychettira. The company is a civil contractor based in Mumbai.


THERMAL FABRICATORS: CRISIL Assigns 'B' Rating to INR14MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Thermal Fabricators Pvt Ltd (TFPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                1        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       5        CRISIL B/Stable
   Cash Credit             14        CRISIL B/Stable
   Letter of Credit        55        CRISIL A4

The ratings reflect TFPL's modest scale and highly working-
capital-intensive nature of operations, and low operating
profitability. These rating weaknesses are partly offset by the
extensive experience of the company's promoter in timber
processing.
Outlook: Stable

CRISIL believes that TFPL will continue to benefit over the medium
term from its promoter`s extensive industry experience. The
outlook may be revised to 'Positive' if TFPL's scale of operations
or profitability improves, leading to a substantial increase in
its accruals. Conversely, the outlook may be revised to 'Negative'
in case of a further stretch in the company's working capital
cycle or large debt-funded capital expenditure, leading to
pressure on its financial risk profile.

Incorporated in 1995 and based in Thane (Maharashtra), TFPL
manufactures wooden doors, door frames, flooring, and decking. It
also processes timber and trades in imported timber. TFPL is
promoted and managed by Mr. Sanjay Deorah; its registered office
is at Thane.


TLG AGRO: CRISIL Reaffirms 'B' Rating on INR41.4MM Packing Loan
---------------------------------------------------------------
CRISIL ratings on the bank facilities of TLG Agro Traders Pvt Ltd
(TLGPL) continue to reflect TLGPL's start-up and consequently
small scale of operations in the competitive basmati rice segment,
along with customer concentration in the company's revenue
profile.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            18.5      CRISIL B/Stable (Reaffirmed)
   Export Packing
   Credit                100.0      CRISIL A4 (Reaffirmed)

   Export Packing
   Credit                 41.4      CRISIL B/Stable (Reaffirmed)
    Term Loan             35        CRISIL B/Stable (Reaffirmed)

The ratings also reflect the company's weak financial risk
profile, marked by high gearing and below-average debt protection
metrics, and working-capital-intensive operations. These rating
weaknesses are partially offset by the extensive experience of
TLGPL's promoters in the basmati and non-basmati rice segments.
Outlook: Stable

CRISIL believes that TLGPL will continue to benefit over the
medium term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's capital
structure improves, either with an equity infusion or sizeable
cash accruals, backed by an improvement in its scale of operations
and profitability. Any improvement in its working capital
management could also result in a 'Positive' outlook revision.
Conversely, the outlook may be revised to 'Negative' if TLGPL's
financial risk profile deteriorates because of low revenue and
profitability or any large debt-funded capital expenditure
programme. Any increase in the company's working capital
requirements, resulting in deterioration in its liquidity, could
also lead to a 'Negative' outlook revision.

TLGPL was founded by the Dharamkot (Punjab)-based Goyal family in
2008. The key promoters, Mr. Hitesh Goyal, Mr. Dinesh Garg, and
Mr. Chandal Goyal, are engaged in the company's day-to-day
operations. TLGPL is a commission agent for farmers, for paddy and
wheat. The company also trades in basmati and non-basmati rice,
and exports the same to Dubai. Moreover, TLGPL has set up a rice
milling unit, which began processing basmati rice in December
2013.


VENKATESH COTTON: CRISIL Assigns B+ Rating to INR75cr Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISILA4' ratings to the
bank facilities of Venkatesh Cotton Company (VCC).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     15.5       CRISIL B+/Stable

   Long Term Loan         18.0       CRISIL B+/Stable
   Bank Guarantee          3.5       CRISIL A4
   Cash Credit            75.0       CRISIL B+/Stable

The ratings reflect the firm's subdued financial risk profile,
with small net worth, high gearing and modest debt protection
metrics. The firm also has moderate working capital requirements
and exposure to volatility in cotton prices and to unfavourable
regulatory changes. These weaknesses are partially offset by the
promoters' extensive experience in the cotton ginning business and
diverse customer base.
Outlook: Stable

CRISIL believes that VCC will continue to benefit over the medium
term from its partners' extensive experience in the cotton
industry. The outlook may be revised to 'Positive' if the firm
reports higher-than expected revenue and strengthens its capital
structure, while it maintains stable profitability. Conversely,
the outlook may be revised to 'Negative' if decline in revenue or
profitability, or any large debt-funded capital expenditure
weakens VCC's financial risk profile.
VCC, set up as a partnership firm in 2010 gins and processes raw
cotton. VCC processes raw cotton into cotton seeds and cotton
bales for sale across India. The firm is promoted by the Biyani
and Binayake families, and Mr. Devanand Dhoot. Its unit at Bhokar,
Nanded has a processing capacity of 1000 quintals per day.


ZIMIDARA PESTICIDES: CRISIL Assigns B+ Rating to INR100MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Zimidara Pesticides (ZP).

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

The rating reflects ZP's exposure to risk related to geographic
concentration and weak financial risk profile marked by high total
outside liabilities to tangible net worth ratio and low interest
coverage ratio. These rating weaknesses are partially offset by
its promoters' extensive experience in the pesticides industry and
moderate risk management policies.
Outlook: Stable

CRISIL believes that ZP will maintain its business risk profile
over the medium term, backed by its promoters' extensive
experience in the pesticide trading segment. The outlook may be
revised to 'Positive' if ZP's net worth increases substantially,
driven by sustained improvement in profitability or fresh equity
infusion, while it maintains its working capital cycle.
Conversely, the outlook may be revised to 'Negative' if ZP's scale
of operations or profitability declines on account of change in
government regulations in the agro-chemical industry, or if its
liquidity weakens on account of stretched working capital cycle.

ZP was incorporated in 1990 as a proprietorship firm by Mr. Om
Prakash. The firm trades in pesticides, seeds, and fertilizers. ZP
is an authorised dealer and distributor of around 42 pesticide
companies in Abohar (Punjab). The day-to-day operations of ZP are
managed by Mr. Om Prakash.

ZP is estimated to report a net profit of INR1.5 million on net
sales of INR1036 million for 2014-15 (refers to financial year,
April 1 to March 31) as against a net profit of INR1.2 million on
net sales of INR840 million for 2013-14.



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


GOLDEN AGRI-RESOURCES: Moody's Alters Outlook to Negative
---------------------------------------------------------
Moody's Investors Service changed to negative from stable the
outlook for Golden Agri-Resources Ltd ("GAR").

At the same time, Moody's has affirmed GAR's Ba2 corporate family
rating.

The outlook change reflects the continued deterioration in GAR's
credit metrics, arising in turn from falling palm oil prices and
weak returns from its heavy investment in downstream activities.

Accordingly, leverage has risen, with debt/EBITDA rising to 5.7x
for the financial year ended 31 December 2014 from 2.4x in the
year ended 31 December 2012.

At the same time, liquidity has tightened, with short-term debt
totaling $1.72 billion as of 31 March 2015, including the likely
put of its $400 million convertible bond on 4 October 2015.
However, since March, GAR has issued SGD200 milllion of notes due
2018.

"From being strongly positioned for its rating range in late 2012,
GAR's credit metrics have deteriorated steadily," says Alan
Greene, a Moody's Vice President and Senior Credit Officer.

"The global growth in edible oil supplies and particularly palm
oil has contributed to lower oil prices and thus lower plantation
returns for GAR, while excessive refining capacity challenges the
near-term profitability of its downstream investments," adds
Greene.

GAR accounts for some 8% of Indonesia's total CPO output, but that
figure rises to 25% when measured in terms of the company's
overall traded volumes in palm oil products.

Moody's forecasts the crude palm oil (CPO) price to average
MYR2,240 per tonne in 2015 and, year to date, it has averaged
MYR2,215 compared with MYR2,409 for the whole of 2014. So far,
efforts to stoke demand for CPO by the major producers, Indonesia
and Malaysia, by accelerating the imposition of biodiesel
blending, have yet to drive the price of CPO sustainably higher.

At these price levels, GAR's upstream activities are still
profitable and can achieve cash profits of over $250 per tonne;
but, if it fails to take decisive action on capex, investments and
shareholder distributions -- and if its non-plantation businesses
underperform -- then leverage will keep rising.

GAR's downstream moves have involved the construction of
refineries, oleo-chemical plants, biodiesel conversion facilities
and associated logistics.

However, these investments have yet to yield meaningful returns
because other players have adopted similar strategies, resulting
in overcapacity in refining.

Moody's expects GAR's rate of investment in downstream facilities
to slow now that the required assets are largely in place.
However, the reported EBITDA margin for its downstream activities
fell from $28/tonne in FY2013 to $9/tonne in FY2014, it slightly
improved to $11/tonne in Q1 2015.

GAR continues to invest in upstream operations, undertaking modest
new planting equivalent to 2% to 3% of its existing area each
year. It has also acquired plantations in Indonesia and is
investing in Liberia.

"Based on our expectations, in the absence of a major recovery in
the price of CPO -- which is the key determinant of its EBITDA --
or asset disposals, GAR will likely show a fourth consecutive year
of negative free cash flow and rising net debt in FY2015," says
Greene, who is also Lead Analyst for GAR.

The negative outlook is based on Moody's expectation that GAR will
find it challenging to reverse the rise in leverage, unless CPO
prices recover significantly and/or it achieves better margins on
its downstream operations. It also reflects the company's tight
liquidity conditions.

The outlook is negative and so a rating upgrade is unlikely in the
near term. The outlook could return to stable if leverage and
other metrics show signs of recovery and GAR's debt maturity
profile improves. To achieve a stable outlook, we would expect
EBIT/interest to rise well above 4x, RCF/net debt emerging in the
mid-teens per cent, and debt/EBITDA falling firmly below 4.0x.

The rating may show downward pressure if (1) CPO prices fall
consistently below our expectations; (2) unexpected costs related
to the expansion of plantations and processing facilities arise;
(3) significant cash outflows into other long-term assets,
aggressive shareholder returns, or support for affiliates occur,
and 4) access to trade finance is impaired.

Metrics that could prompt a downgrade include 1) EBITA margins
fall below 7.5%; 2) EBITA/interest falls below 4.0x; or 3) RCF/net
debt falls below 13%-15%; and 4) adjusted debt/EBITDA surpasses
4.0x to 4.5x, all on a sustained basis.

The principal methodology used in this rating was Global Protein
and Agriculture Industry published in May 2013.

Golden Agri, registered in Mauritius, is the largest listed oil
palm plantation company in Indonesia. Listed on the Singapore
Stock Exchange in 1999, it mainly operates in Indonesia and China
and is 50.35% owned by the Widjaja family.


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


CSP CORPORATION: Files For Bankruptcy
-------------------------------------
Keiko Ujikane at Bloomberg News reports that CSP Corporation, a
clothing maker and retailer, filed for bankruptcy on May 29 with
liabilities of about JPY1.5 billion, according to Teikoku, a
corporate credit research company.

Bloomberg relates that the yen's drop since October pushed up CSP
Corporation's production costs in South Korea and China, hurting
income. With sales already slowing after a rapid expansion, this
pushed the company into bankruptcy, according to Teikoku.

Hyogo-based CSP Corporation sold casual wear such as floral
t-shirts for young women under the CHU XXX brand.


SONY CORP: Ex-CFO Criticizes Hirai Ahead of Shareholder Meeting
---------------------------------------------------------------
Reuters reports that an influential former Sony Corp executive has
urged current Chief Executive Kazuo Hirai to focus on innovation
than just restructuring in a letter criticizing the Japanese
firm's management ahead of a shareholder meeting this month.

Reuters relates that the letter by Tamotsu Iba, a former Sony CFO
and vice chairman, was sent to Sony executives on June 1, the same
day that Japan's corporate governance code took effect with the
aim of improving shareholder accountability in a country where
companies have been criticized for not looking after investors'
interests.

Reuters obtained a copy of the letter from a source. A Sony
spokesman declined to comment about the contents of the letter,
the third that Iba has sent to Sony's management since the
start of the year, Reuters says.

In Monday [June 1]'s letter, Iba criticized Hirai's plans to give
Sony units more independence in decision-making and said the
company should consider issuing class shares -- similar to plans
by Toyota Motor Corp -- to secure long-term funds, Reuters says.

He also lamented the lack of innovation which he said dimmed the
once iconic brand's appeal, relates Reuters.

Sony is due to hold its annual shareholder meeting on June 23,
Reuters notes. While Iba owns only a small stake, according to
people with knowledge of the matter, he is part of a so-called
"old boys" network of influential former executives who played a
role in pushing out Hirai's predecessor, Howard Stringer, reports
Reuters.

Investors, however, have said Iba's criticism of Hirai and his
management team is unlikely to gain much traction because Sony
stocks have more than doubled over the past year amid the
restructuring drive, adds Reuters.

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

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


TRIDENT CO: Bankruptcy Filing Linked to Weak Yen
------------------------------------------------
Trident Co. was damaged by the yen's strength of recent years and
the currency's swift depreciation more recently. It had about
JPY4 billion of liabilities when it filed for bankruptcy on
April 14, Bloomberg adds.

According to Bloomberg, Teikoku said the weaker yen increased
Trident's costs of supplies and came on top of slower consumer
demand, problems at factories in China, and a JPY2 billion loss
related to a foreign exchange derivative after the yen surged
following the collapse of Lehman Brothers in 2008.

Established in 1978, Trident Co. was a wholesaler of sports shoes
and sandals.


* JAPAN: Corporate Bankruptcies Caused by Weak Yen Rise in May
--------------------------------------------------------------
Keiko Ujikane at Bloomberg News reports that Japanese corporate
bankruptcies linked to a weak yen rose for a 17th straight month,
underscoring damage to small and medium-sized companies from Prime
Minister Shinzo Abe's reflationary policy.

According to a survey by Teikoku Databank Ltd, 37% of the
companies that failed in May cited the weaker currency as a
contributor, bringing the total number of bankruptcies this year
associated with the yen to 196, Bloomberg relays.  Failure related
to foreign exchange rose 37 percent in May from a year earlier,
Bloomberg says.

Bloomberg notes that the surge in bankruptcies reflected the rapid
decline in the yen following the Bank of Japan's boost in monetary
easing in October, according to Teikoku. It forecast similar
failures will increase through the end of the year, the report
says.



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


DOMINION FINANCE: FMA Reaches NZ$10MM Deal With Directors
----------------------------------------------------------
The Financial Markets Authority (FMA), together with the
liquidators of Dominion Finance Group (DFG) and the receivers of
North South Finance (NSF), has reached a settlement agreement in
relation to civil claims against the directors of DFG and NSF. The
agreement will see NZ$10.235 million paid to liquidators and
receivers for distribution to investors.

As a result of the settlement, the FMA will discontinue its civil
proceedings against the directors of DFG and NSF.

In reaching the settlement, the FMA joined with the liquidators of
DFG and the receivers of NSF in negotiated settlement discussions.
The directors of the collapsed finance companies failed to perform
their roles as directors and did not take adequate steps to ensure
they were aware of the company's true position.

The FMA's civil claim against the directors of DFG and NSF
(Terence Butler, Ann Butler, Robert Whale, Richard Bettle, Paul
Forsyth and Vance Arkinstall) was stayed in 2010 pending the
outcome of the criminal proceedings against the directors.  The
directors were sentenced in 2013 and received varying sentences of
home detention, community work and reparation payments of between
NZ$50,000 and NZ$300,000.

                       About Dominion Finance

Based in Auckland, New Zealand, Dominion Finance Holdings
Limited was engaged in the provision of financial services
through the raising of debenture stock.  The company operated
through its wholly owned subsidiaries Dominion Finance Group
Limited and North South Finance Limited, and investment vehicle
Dominion Investment Fund Limited.  Both Dominion Finance Group
Limited and North South Finance Limited accepted debenture stock
investments and apply them (in conjunction with its own funds)
towards the provision of certain loans and other financial
accommodation.

Dominion Finance Group was put into receivership in
September 2008 owing about NZ$176.9 million to more than 5,900
investors. It was put into liquidation by the High Court at
Auckland in May 2009. Associate Judge Faire appointed William
Black and Andrew Grenfell of McGrathNicol as liquidators of the
firm.  Receiver Rod Partington of Deloitte said the liquidation
application will not affect the progress of the receivership.

North South Finance went into receivership in July 2010, owing
approximately NZ$31 million to 6,900 investors.

In total, the group is estimated to owe creditors NZ$400 million.


PUMPKIN PATCH: Fails to Find Buyer for Business
-----------------------------------------------
Christopher Adams at The New Zealand Herald reports that Pumpkin
Patch has canned plans to find a buyer for the struggling business
and said it will continue focusing on "performance improvement
initiatives" that offer greater value to shareholders.

In March the company said "certain third parties" had expressed an
interest in the firm and its board was seeking formal proposals
around either an acquisition or re-capitalisation, the report
relates.

The Herald notes that the announcement sparked a surge in the
firm's stock price, which has been languishing on the back of poor
financial results.

According to the report, chairman Peter Schuyt said the process of
seeking proposals had been completed.

"The outcome is that the board intends to continue focusing on its
performance improvement initiatives, which it believes can deliver
greater value to shareholders over the medium-term than any
alternative presently available," the report quotes Mr. Schuyt as
saying.  "The company, and its advisors, held discussions with a
number of interested parties but these did not result in any
proposals being received that, in the board's opinion, represent
satisfactory outcomes for the company."

He confirmed previous guidance for normalised earnings before
interest, tax, depreciation and amortisation (ebitda) to be in the
order of NZ$14.0 million in the year to July 31, the Herald
relates.

"Targeted reductions in the level of debt and inventory are also
expected to be achieved," Mr. Schuyt, as cited by the Herald,
added. "Nonetheless, market conditions are expected to remain
challenging and earnings may be volatile going forward."

The Herald says Pumpkin Patch has been struggling with margin-
sapping discounting on both sides of the Tasman, online
competition and supply chain challenges.

Its shares, which have shed 45 per cent over the past year,
recently traded at 26 cents, giving the company a market
capitalisation of NZ$44 million, the report notes.

                       About Pumpkin Patch

Based in New Zealand, Pumpkin Patch Limited (NZE:PPL) --
http://www.pumpkinpatch.biz/-- is a designer, marketer, retailer
and wholesaler of children's clothing.  The Company's product
range encompasses all stages of a child's growth, from baby to
toddler, primary school kid to pre and early teen, including
clothing, nightwear, accessories, rainwear, footwear and teddy
collection.  Pumpkin Patch also caters for mums-to-be with a
maternity collection.  The Company also has a fashion mini-brand
for discerning pre and early-teen girls, Urban Angel Girls.  The
Company's collections are available in numerous countries and
regions, including New Zealand, Australia, the United Kingdom,
the United States, South Africa and the Middle East.  Pumpkin
Patch predominantly sells through its own store network in
New Zealand, Australia, the United Kingdom and the United States.
The Company's subsidiaries include Torquay Enterprises Limited,
Pumpkin Patch Originals Limited, Pumpkin Patch LLC, Pumpkin Patch
Direct Limited, Patch Kids Limited and Urban Angel Girls Limited.



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


FLEXTRONICS INT'L: Moody's Rates New $500MM Note Offering at Ba1
----------------------------------------------------------------
Moody's Investors Service assigned a Ba1 (LGD3) rating to
Flextronics International Ltd.'s $500 million senior unsecured
note offering. The proceeds of the notes will be used for general
corporate purposes, including funding the pending $500 million
acquisition of Mirror Controls International. All other ratings
including, the Ba1 Corporate Family Rating (CFR) remain unchanged.
The outlook is positive.

The Ba1 CFR reflects Flextronics' diversification drive, solid
cash generating capacity, and Moody's expectation that the company
will maintain its position as a leading Tier-I EMS provider.
Flextronics will benefit as the EMS industry evolves from contract
manufacturing to involve full supply chain services and greater
design 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' global manufacturing footprint with facilities
located in low cost regions, and its vertically-integrated
operations and end-to-end product life cycle capabilities can
expand its profitability and potentially deliver returns on
invested capital that are commensurate with an investment grade
rating. The company's diversification into end markets that are
recent adopters of EMS outsourcing, which deliver higher margins
and longer product cycles, such as automotive, medical and
industrials, 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.

The Ba1 (LGD-3) rating of the senior unsecured notes was assigned
using Moody's Loss Given Default (LGD) 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.

The positive rating outlook reflects Moody's expectation that
Flextronics will continue to maintain steady customer
relationships and demonstrate improving operating performance
which can expand its profitability and potentially deliver returns
on invested capital that are commensurate with an investment grade
rating.

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:

  -- Senior Unsecured Notes due 2025 --- Assigned Ba1 (LGD3)

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 this rating 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.


PRECISION CAPITAL: Moody's Withdraws B1 Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn Precision Capital Private
Ltd. (PCPL)'s B1 corporate family rating with a stable outlook.

Moody's has withdrawn the rating for its own business reasons.

PCPL, along with its subsidiary MMI International Ltd.,
manufactures precision technology. Headquartered in Singapore,
PCPL focuses on mechanical and electro-mechanical components for
the hard disk drive (HDD) industry, primarily on base plates,
voice coil motor assembly (VCMA) and top covers.



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


* BOND PRICING: For the Week June 1 to June 5, 2015
---------------------------------------------------

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


  AUSTRALIA
  ---------

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


CHINA
-----

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


INDONESIA
---------

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


INDIA
-----

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


JAPAN
-----

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


KOREA
-----

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


SRI LANKA
---------

SRI LANKA GOVERNME     5.35   03/01/26       LKR       74.40


MALAYSIA
--------

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


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

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


SINGAPORE
---------

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


THAILAND
--------

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


VIETNAM
-------

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



                             *********

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

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

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


                            *********


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

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

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

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

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



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