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        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

            Thursday, June 11, 2015, Vol. 18, No. 114


                            Headlines


A U S T R A L I A

AUSTRALIAN DIGITAL: First Creditors' Meeting Set For June 16
CANBERRA EYE: In Voluntary Administration Amid Directors Dispute
CAPITAL WORKS: Central Systems Will Buy All of Work in Progress
CARINGBAH BUSINESS: First Creditors' Meeting Set For June 17
CARVILL HOLDINGS: First Creditors' Meeting Set For June 17

DOUBLE BAY: Creditors Meet Over Fish Face Liquidation
WINTINT PTY: First Creditors' Meeting Set For June 18


C H I N A

ZHONGRONG INTERNATIONAL: Sells Dollar Bond Amid Default Concern


I N D I A

ADITYA ULTRA: ICRA Reaffirms C+ Rating on INR8.0cr Cash Loan
AGARWAL JEWELLER: Ind-Ra Suspends IND BB- Long-Term Issuer Rating
AGGARWAL AND COMPANY: ICRA Suspends B Rating on INR10cr Cash Loan
ALFA BATTERIES: CRISIL Suspends B Rating on INR55MM Cash Loan
ALLIED RECYCLING: CRISIL Ups Rating on INR199.7MM Loan to B+

ALPINE DISTILLERIES: CRISIL Suspends B Rating on INR85MM Loan
ANJANI GOODS: CRISIL Suspends 'B' Rating on INR42.5MM Cash Loan
ANUNAY FAB: CRISIL Suspends 'C' Rating on INR792MM Cash Credit
ARIHANT SHIP: CRISIL Suspends B Rating on INR80MM Cash Credit
ARUNA ALLOY: Ind-Ra Withdraws IND BB+(suspended) LT Issuer Rating

AVANI TEXTILES: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
AXIS OVERSEAS: CRISIL Suspends B+ Rating on INR143.7MM Cash Loan
B D MOTORS: Ind-Ra Ups Long-Term Issuer Rating to 'IND BB-'
BALAJI COTTON: ICRA Lowers Rating on INR7cr Cash Credit to 'D'
BHAGWAN PRECISION: CRISIL Reaffirms B- Rating on INR54MM Loan

CRESCENT EXPORT: ICRA Reaffirms B+ Rating on INR8.5cr Loan
DEVELOPMENT PROJECTS: CRISIL Suspends B Rating on INR57.4MM Loan
EIAR IFMR: Ind-Ra Rates INR7.1MM Series A3 PTCs 'IND BB+(SO)'
EMPEROR TEXTILES: CRISIL Reaffirms B+ Rating on INR127.5MM Loan
FABKNIT INDIA: ICRA Suspends B+ Rating on INR8cr Fund Based Loan

FABULLA CERAMICS: ICRA Suspends 'D' Rating on INR3cr Cash Loan
G. N. PET: CRISIL Ups Rating on INR35.5MM Term Loan to 'C'
GARIB NAWAZ: CRISIL Raises Rating on INR35MM Cash Loan to 'C'
GAURAV TREE: ICRA Reaffirms 'B' Rating on INR2.54cr Term Loan
GAURI SAI: CRISIL Suspends B- Rating on INR73.2MM Term Loan

GOODWILL ENTERPRISE: ICRA Suspends 'B' Rating on INR0.60cr Loan
GREEN VILLAGE: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
HOTEL SUKHAMAYA: ICRA Withdraws 'D' Rating on INR6.20cr Loan
INDIA: RBI Unveils New Measures on Debt Restructuring
JAI BHARAT: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating

JAI VENKTESH: CRISIL Suspends B Rating on INR110MM Cash Loan
JASDEV SINGH: ICRA Ups Rating on INR10.50cr Term Loan to B-
JAYAPRIYA CHIT: CRISIL Assigns B+ Rating to INR100MM Loan
K.R.K EDUCATIONAL: ICRA Assigns 'D' Rating to INR30cr LT Loan
KALYAN AQUA: CRISIL Reaffirms B+ Rating on INR21.5MM Bank Loan

KAMAKHYA COLD: CRISIL Reaffirms 'D' Rating on INR126.3MM Loan
KIRPA FOODS: CRISIL Reaffirms B- Rating on INR100MM Cash Loan
KUDOS CHEMIE: ICRA Suspends 'D' Rating on INR1402.95cr Loan
LAP DEVELOPERS: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
MAHESH DYEING: CRISIL Reaffirms B+ Rating on INR45MM Cash Loan

MARVELOUS ENGINEERS: ICRA Suspends B+ Rating on INR2.69cr LT Loan
OMNITECH INFOSOLUTIONS: ICRA Suspends 'D' Rating on INR131cr Loan
OSWAL F M: ICRA Suspends 'D' Rating on INR162cr Bank Loan
PARVATIYA PLYWOOD: CRISIL Reaffirms B+ Rating on INR57.5MM Loan
PIANO PRESITEL: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating

PIONEER GENCO: Ind-Ra Withdraws IND D(suspended) LT Issuer Rating
RADHE COTTON: ICRA Lowers Rating on INR5.0cr Cash Loan to 'D'
RAJA MOTORS: CRISIL Reaffirms B Rating on INR55MM Cash Credit
RAJENDRA KUMAR: CRISIL Reaffirms B+ Rating on INR97.5MM Term Loan
RENOWN IRRIGATION: ICRA Suspends 'D' Rating on INR3cr Cash Loan

RODAS IMPEX: ICRA Suspends B+ Rating on INR8cr Bank Loan
RYDAK SYNDICATE: Ind-Ra Ups Long-Term Issuer Rating From IND BB+
SAI OM: CRISIL Assigns B+ Rating to INR20MM Cash Loan
SHITALPUR MOHINDER: ICRA Reaffirms B- Rating on INR5.92cr Loan
SHIV SHANKAR: CRISIL Reaffirms B+ Rating on INR110MM Cash Loan

SHRI BHAGYODAYA: CRISIL Reaffirms B+ Rating on INR74.7MM Loan
SNOWBIRD MARKETING: CRISIL Reaffirms 'B' Rating on INR60MM Loan
SONPAL EXPORTS: CRISIL Reaffirms B+ Rating on INR320MM Loan
SRI LAKSHMI: CRISIL Reaffirms B+ Rating on INR250MM Cash Loan
T.M.M.R. RATHINASAMY: CRISIL Rates INR50MM Cash Credit at 'B'

TRADE LINKERS: CRISIL Ups Rating on INR120MM Cash Loan to B+
VASU ALLOYS: CRISIL Assigns B- Rating to INR50MM Cash Loan
VEEKAS PIPES: CRISIL Reaffirms 'B+' Rating on INR100MM Loan
VEGA CONTROLS: CRISIL Cuts Rating on INR10MM Cash Loan to B
VIJAYWARGI INFRA: Ind-Ra Suspends 'IND BB+' LT Issuer Rating

VINDHYA CEREALS: CRISIL Assigns B+ Rating to INR320MM Cash Loan
VISION DISTRIBUTION: ICRA Suspends B+/A4 Rating on INR20cr Loan
VITARAG EXPORT: ICRA Suspends 'B' Rating on INR9cr Cash Loan
WIANXX IMPEX: ICRA Reaffirms B- Rating on INR49cr LT Loan


J A P A N

JAPAN COMMERCIAL 2007-1: S&P Lowers Rating on Class E Notes to D


N E W  Z E A L A N D

GREEN MAN: Brewery Rescued Out of Liquidation


P A K I S T A N

PAKISTAN: Mass Tax Avoidance Chokes Country's Economy


S I N G A P O R E

SKY FITNESS: Owes Members SGD3.8 Million After Sudden Closure
* SINGAPORE: Worst Souring Loans Since 2009 Show Asian Contagion


                            - - - - -


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


AUSTRALIAN DIGITAL: First Creditors' Meeting Set For June 16
------------------------------------------------------------
Glenn Anthony Crisp and Malcolm Kimbal Howell of Jirsch Sutherland
were appointed as administrators of Australian Digital Marketing
Services and Consulting Pty Ltd on June 4, 2015.

A first meeting of the creditors of the Company will be held at
Jirsch Sutherland, Melbourne, Level 12, 460 Lonsdale Street, in
Melbourne, on June 16, 2015, at 10:30 a.m.


CANBERRA EYE: In Voluntary Administration Amid Directors Dispute
----------------------------------------------------------------
John Thistleton at Canberra Times reports that the Canberra Eye
Hospital is in voluntary administration and its owners, who
include pioneering eye surgeons, appear to be in a dispute over
the sale of the business with shareholders.

Canberra Times relates that one of the founders, Dr Leo Shanahan,
said the company had AUD2.3 million in the bank 15 months before
it went into voluntary administration in about January. Dr
Shanahan, a distinguished Australian ophthalmologist who has run
practices in Sydney and clinics in Goulburn and Cooma, told an
earlier meeting of creditors he could not understand why the
company had been placed in voluntary administration, the report
says.

His comments are in minutes of creditors meetings subsequently
filed with the Australian Securities and Investments Commission,
Canberra Times notes.

"Mr Shanahan noted that he would be very disappointed if the
ultimate owner does not look after the people of Canberra," the
meeting minutes, as cited by Canberra Times, said. "Mr Shanahan
noted there was a proposed settlement between shareholders prior
to the company being placed in voluntary administration. However
it would not be agreed by shareholders. Subsequently, some
shareholders have moved their operations to the new hospital," the
minutes say. No other detail is proved about the "new hospital".

According to the report, the minutes showed Dr Shanahan has also
disagreed with some comments from administrator Jamieson Louttit,
of Sydney, in a report to creditors in February.

The private hospital at Symonston was established 2004, by
Canberra developer Dimitri Nikias, Dr Shanahan, Dr Stuart Saunders
and Dr Iain Dunlop. They opened the $7 million, state-of-the-art
hospital on Canberra Avenue for territory and south-east NSW
patients, the report discloses.

According to Canberra Times, creditors have been meeting to
determine whether to end administration and hand back the company
to its directors, or wind the company up or execute a deed of
company arrangement.

The report relates that the administrator has engaged medical
specialists to ensure the hospital accreditation is maintained and
that it can be sold as a going concern. An offer has been received
for the sale but the affairs of the company have not been resolved
and another meeting is scheduled for June 29 in Sydney, says
Canberra Times.

Canberra Eye Hospital started in Barry Drive in 1982, evolved into
a specialist hospital spread across two sites in Civic and Curtin,
seeing 200 patients a day and performing 2000 operations a year.


CAPITAL WORKS: Central Systems Will Buy All of Work in Progress
---------------------------------------------------------------
The West Australian reports that Central Systems will acquire all
of the work in progress of failed home builders Capital Works
Construction, trading as Freelife and Visionaire Homes, as part of
a deal brokered by administrator Deloitte Restructuring Services.

Centrals provide construction and maintenance services across
Australia at all stages of project life and is part of the ASX-
listed Resource Development Group.

Deloitte Restructuring Services partner Jason Tracy --
jtracy@deloitte.com.au -- said the acquisition by Centrals
followed an expressions of interest process, according to The West
Australian.

"We sought expressions of interest to purchase the work in
progress contracts and associated records," the report quoted Mr.
Tracy as saying. "The capability and capacity to deliver on the
works for a number of parties was then evaluated, as well as the
ability to re-contract with homebuyers and subcontractors, before
the agreement with Centrals was reached."

The report discloses that Mr. Tracy said the agreement would
maximize the value realized for the work in progress and would
reduce the overall creditor pool.

"Centrals also have a home indemnity insurance policy with QBE and
the administrators will be working with QBE and Centrals to ensure
the timely resumption of construction of homes," the report quoted
Mr. Tracy as saying.

Capital Works Construction, trading as Freelife and Visionaire
Homes, is likely to be put into liquidation, but creditors have
been warned to expect no returns, the report says.

Deloitte in a report said the company behind the Freelife and
Visionaire brands had likely been trading while insolvent since
mid-2014, discloses the report.

Capital Works Constructions was put into administration last month
owing an estimated AUD8.5 million, the report notes.  It had 229
dwellings under construction across metropolitan Perth and
contracts for another 84.

Mr. Tracy said Deloitte was investigating potential breaches of
the Corporations Act, including trading while insolvent, the
report adds.


CARINGBAH BUSINESS: First Creditors' Meeting Set For June 17
------------------------------------------------------------
Trent Andrew Devine and Andrew John Spring of Jirsch Sutherland
were appointed as administrators of Caringbah Business and Sports
Club Limited on June 4, 2015.

A first meeting of the creditors of the Company will be held at
Jirsch Sutherland, Level 4, 55 Hunter Street, in Sydney, on
June 17, 2015, at 12:00 p.m.


CARVILL HOLDINGS: First Creditors' Meeting Set For June 17
----------------------------------------------------------
Gavin Moss and Nick Combis of Vincents Chartered Accountants were
appointed as administrators of Carvill Holdings Pty Ltd on June 4,
2015.

A first meeting of the creditors of the Company will be held at
Vincents Chartered Accountants, Level 19, MLC Centre, 19-29,
Martin Place, in Sydney, on June 17, 2015, at 10:00 a.m.


DOUBLE BAY: Creditors Meet Over Fish Face Liquidation
-----------------------------------------------------
Scott Bolles at goodfood reports that creditors will meet June 9,
to pick over the bones of Double Bay's recently closed Fish Face
restaurant.

The liquidators report on the award winning eatery makes sobering
reading for restaurant investors and suppliers, according to
goodfood.

The report notes that creditors entries totaling AUD701,624
include AUD480,000 owed to individuals J Taylor and K Shaw,
Claudios Seafood [AUD14,763], Vintage & Vine [AUD8,094].

Even Woollahra Council is on the list, to the tune of AUD4501, the
report adds.


WINTINT PTY: First Creditors' Meeting Set For June 18
-----------------------------------------------------
Michael Gregory Jones of Jones Partners Insolvency & Business
Recovery was appointed as administrator of Wintint Pty Ltd on June
5, 2015.

A first meeting of the creditors of the Company will be held at
Jones Partners Insolvency & Business Recovery, Level 13, 189 Kent
Street, in Sydney, on June 18, 2015, at 3:00 p.m.



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C H I N A
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ZHONGRONG INTERNATIONAL: Sells Dollar Bond Amid Default Concern
---------------------------------------------------------------
Lianting Tu at Bloomberg News reports that Zhongrong International
has sold the first dollar bond since the late 1990s, when the
industry's implosion saddled international investors with heavy
losses.

Zhongrong raised $225 million selling three-year notes to yield
6 percent on June 8, Bloomberg says. It's the only financial
institution from China with a BB score from Standard & Poor's
currently to tap the market, and the first since Fujian
International Trust & Investment Corp. sold U.S. currency notes in
1997, Bloomberg notes.

S&P said Zhongrong's junk rating underscores the risk that trust
companies may bail out their own failed investments to avoid
reputational risk, Bloomberg relates. The firms have expanded
rapidly over the last decade, becoming big shadow lenders and a
key source of financing for the nation's property and local
government-related companies, notes the report.

"The biggest risk for China's trust sector is still the deep
rooted expectations that trust companies will need to bail out
failed investments," Bloomberg quotes Harry Hu, an S&P analyst in
Hong Kong, as saying. Those "expectations take time to change."

The company's notes, sold at 100 cents on the dollar, were quoted
at a mid-market price of 99.6875 cents as of 2:04 p.m. in
Singapore on June 8, Bloomberg discloses citing DBS Group Holdings
Ltd.

The Reg S deal attracted more than $575 million in orders from
64 accounts, according to a person familiar with the offering, who
is not authorized to speak publicly and asked not to be
identified, Bloomberg reports. Private banks were allocated
49 percent of the notes, with the rest being sold to banks, asset
managers, pension funds and life insurance companies, the report
states.

Bloomberg notes that as China's economic growth has slowed, a
number of trust companies' investment products have failed.
Although under no legal obligation to rescue investors, several
have stepped in.

Bloomberg, citing a June 2014 report by DBS Vickers Hong Kong Ltd,
says Zhongrong itself bailed out at least three of its investment
products. All were property related -- Langfang Hairunda Property
Development in the northern province of Hebei for CNY870 million
($140 million), Qingdao Kaiyue Property for CNY380 million and
Erdos Enterasys Property Development in Inner Mongolia for 980
million, Bloomberg discloses.

The "implicit credit support makes trust companies' key credit
ratios hard to gauge," Bloomberg quotes S&P as saying in a June 3
note. "This is primarily because the provision of such support
significantly raises their on and off balance sheet liabilities,"
considering the firms' typically small balance sheets relative to
their assets under management.

S&P estimates trust companies' assets may have reached
CNY5.7 trillion as of March 31, assuming support for most trust
products. That compares with total equity of CNY329.5 billion,
says Bloomberg.

According to Bloomberg, China Trustee Association data show that
as of the end of March, China had 425 trust projects with
repayment risk totaling CNY97.4 billion.

Zhongrong, established in 1987 as Harbin International Trust
Investment Co., is China's second-biggest trust firm by assets
under management. It has one of the highest ratios of collective
trust funds to total reserves among the 68 trust companies in
China, according to DBS Vickers analyst Chen Shujin. Collective
trust funds are products sold to individual investors rather than
a single entity, and are considered higher risk, she said,
Bloomberg reports.

As reported in the Troubled Company Reporter-Asia Pacific on
May 28, 2015, Standard & Poor's Ratings Services assigned its 'BB'
long-term local currency issue rating to a U.S. dollar benchmark-
sized bond by Zhongrong International Bond 2015 Ltd.  S&P also
assigned its 'cnBBB-' long-term Greater China regional scale
rating to the bond.  The issuer is a special purpose company
wholly owned by Zhongrong International Holdings Ltd.
(BB/Stable/B; cnBBB-/cnA-3), which guarantees the bond and is an
indirectly wholly owned subsidiary of Zhongrong International
Trust Co. Ltd.  S&P's ratings are subject to its review of the
final documentation related to the transaction.



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I N D I A
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ADITYA ULTRA: ICRA Reaffirms C+ Rating on INR8.0cr Cash Loan
------------------------------------------------------------
ICRA has re-affirmed [ICRA]C+ rating to theINR15.00 crore long
term fund based facility of Aditya Ultra Steel Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             8.00        [ICRA]C+ reaffirmed
    Term Loan              7.00        [ICRA]C+ reaffirmed

The reaffirmation of the rating continues to take into account
AUSPL's weak financial risk profile characterized by operating
losses upto FY14, adverse capital structure, high working capital
utilization and moderate scale of operations coupled with net
losses in FY15; Further, the rating continues to be constrained by
the low capacity utilization levels owing to change in the
management and subsequent suspension of operations. The rating
continues to take into account the vulnerability of margins to any
adverse fluctuations in raw material (steel ingots and billets)
prices and negative impact on demand due to cyclicality and slow
down in the construction segment. ICRA also takes note of the high
competitive intensity in the TMT bars manufacturing Industry given
the low complexity of work involved. The rating however continues
to favorably factor in reasonable experience of the management in
the steel business.

Incorporated in July 2011, Aditya Ultra Steel Private Limited
(AUSPL) is engaged in the business of manufacturing of TMT bars at
with its manufacturing facility located in Rajkot district of
Gujarat having an installed capacity of 1,20,000 MTPA of TMT bars.

The founder promoters of the company, namely Mr. Dipen Faldu, Mr.
Chirag Lakhani and Mr. Bharat Pandey have agreed upon an
arrangement to sell their stake in AUSPL to the new management
team comprising of seven promoters in May 2014. As per the terms
of the agreement, the new promoters, namely Mr. Kantilal Patel,
Mr. Bhavesh Patel, Mr. Gopal Patel, Mr. Sandip Patel, Mr. Mulji
Patel, Mr. Ramesh Patel and Mr. Bhanji Patel will collectively buy
out the 75% stake held by the erstwhile promoters at a
predetermined value in the coming months.

Recent Results
In FY14, AUSPL reported an operating income ofINR40.20 crore and
net loss of INR2.44 crore as against operating income ofINR49.47
crore and net loss ofINR4.74 crore for the financial year FY 13.
Further, during FY15 (provisional unaudited financials), AUSPL
reported an operating income ofINR52.80 crore and net loss
ofINR1.03 crore.


AGARWAL JEWELLER: Ind-Ra Suspends IND BB- Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M/s Agarwal
Jewellers' (AJ) 'IND BB-' Long-Term Issuer Rating to the suspended
category.  The Outlook was Stable. The rating will now appear as
'IND BB-(suspended)' on the agency's website.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for AJ.

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

AJ's ratings are as follows:

  -- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
     from 'IND BB-'

  -- INR40 million fund-based limits: migrated to 'IND BB-
     (suspended)' from 'IND BB-'

  -- INR41.2 million term loan limits: migrated to 'IND BB-
     (suspended)' from 'IND BB-'


AGGARWAL AND COMPANY: ICRA Suspends B Rating on INR10cr Cash Loan
-----------------------------------------------------------------
ICRA has suspended the [ICRA] B rating assigned to theINR10.00
crore long term fund based limits and [ICRA]A4 rating to INR20.00
crore short term non fund based limits of Aggarwal and Company.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based- Cash
   Credit (CC)             10.00        [ICRA]B suspended

   Letter of Credit (LC)   20.00        [ICRA]A4 suspended

Aggarwal and Company (AAC) is a partnership firm and part of the
Bhavnagar based Aggarwal group which is promoted and managed by
Mr. Balkrishna Aggarwal and other family members. AAC is currently
engaged in trading of steel scrap and coking coal as well as
manufacturing of industrial oxygen gas and supplies only to its
group entities. Apart from AAC, other Aggarwal group entities are
involved in steel re-rolling, ship breaking as well as
manufacturing of low ash metallurgical coke.


ALFA BATTERIES: CRISIL Suspends B Rating on INR55MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Alfa Batteries Pvt Ltd (ABPL).

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

   Proposed Long Term
   Bank Loan Facility     2.8       CRISIL B/Stable

   Term Loan              2.2       CRISIL B/Stable

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

ABPL incorporated in 2010, manufactures lead-acid based automotive
batteries and inverter batteries. The company is managed by Mr.
Rajendra G. Joshi. ABPL has its manufacturing unit located in
Jaysingpur (Kolhapur, Maharashtra).


ALLIED RECYCLING: CRISIL Ups Rating on INR199.7MM Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Allied Recycling Ltd (ARL) to 'CRISIL B+/Stable' from 'CRISIL B-
/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Buyer Credit Limit      10        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Cash Credit            199.7      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Term Loan               90.3      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's expectation of improvement in
ARL's liquidity marked by increasing cushion between the company's
cash accruals and short-term debt obligations driven by expected
moderate revenue growth and sustained operating profitability. The
rating upgrade also factors in the absence of any major debt-
funded capital expenditure plan and low expected incremental
working capital requirements because of revenue growth being in-
line with expectations over the medium term.

The rating reflects the extensive experience of ARL's promoter in
the structural products industry, the company's moderate operating
efficiency driven by partially integrated operations, and
successful forward integration (into wire rods). These rating
strengths are partially offset by ARL's modest scale of operations
and average debt protection metrics.
Outlook: Stable

CRISIL believes that ARL will continue to benefit over the medium
term from its promoters' extensive steel industry experience.  The
outlook may be revised to 'Positive' if ARL achieves significant
improvement in operating revenue and profitability while
maintaining its working capital requirements, leading to
substantial cash accruals and better liquidity. Conversely, the
outlook may be revised to 'Negative' in case of weakening of ARL's
liquidity, most likely on account of increase in working capital
cycle, low cash accruals, or large debt-funded capital
expenditure.

Set up in 2003 by Mr. Vijay Kumar Abrol, ARL manufactures billets
at its facility in Ludhiana (Punjab). While 50 per cent of the
billets are used for manufacturing wire rods, the rest are sold.
Till June 2009, it manufactured ingots and traded in hot-rolled
(HR) and cold-rolled (CR) sheets. The manufacturing of ingots has
been discontinued; however, trading activities generate about 30
per cent of the total revenue reported.

ARL reported profit after tax (PAT) of INR5.3 million on net sales
of around INR2.0 billion for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR11.1 million on net
sales of INR1.7 billion for 2012-13.


ALPINE DISTILLERIES: CRISIL Suspends B Rating on INR85MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Alpine Distilleries Pvt Ltd (ADPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       1.5        CRISIL A4
   Term Loan           85.0        CRISIL B/Stable

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

Promoted by Mr. Debasis Mukherjee and Mr. Balbir Singh Malhotra,
ADPL operates an IMFL bottling facility in Hooghly district (West
Bengal). The company manufactures IMFL on jobwork basis for larger
branded liquor manufacturers. The company is also setting up a
country liquor plant at Hooghly, West Bengal.


ANJANI GOODS: CRISIL Suspends 'B' Rating on INR42.5MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Anjani
Goods Pvt Ltd (AGPL).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           42.5       CRISIL B/Stable
   Letter of Credit     355         CRISIL A4
   Proposed Long Term
   Bank Loan Facility    22.5       CRISIL B/Stable

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

AGPL was established by Mr. Jivrajbhai Dharamshibhai Patel, Mr.
Hiteshbhai Vallabhbhai Patel, and Mr. Vallabhbhai Muljibhai Patel
in 2008. The company is in the ship-breaking business at its plot
in Sachana.


ANUNAY FAB: CRISIL Suspends 'C' Rating on INR792MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Anunay
Fab Limited (AFL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           792       CRISIL C
   Letter of Credit       60       CRISIL A4
   Proposed Long Term
   Bank Loan Facility     68       CRISIL C

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

AFL is a public limited company manufacturing cotton textile
products such as bed-spread sets and terry-cotton towels. The
company was incorporated in 1994 by Mr. Radheshyam Agrawal and his
sons, Mr. Purushottam Agrawal and Mr. Anjani Agrawal.


ARIHANT SHIP: CRISIL Suspends B Rating on INR80MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Arihant
Ship Breakers (Arihant).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        20        CRISIL A4
   Cash Credit           80        CRISIL B/Stable

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

Arihant was set up in 1983 as a partnership firm by Mr. Sanjeev
Jain and his wife, Mrs. Nita Jain. The firm was subsequently
reconstituted as a proprietorship concern under Mrs. Nita Jain.
Arihant used to operate from Alang (Gujarat) but later on shifted
base to Mumbai (Maharashtra). Along with the ship-breaking
business, Arihant is also engaged in ship broking business.


ARUNA ALLOY: Ind-Ra Withdraws IND BB+(suspended) LT Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Aruna Alloy
Steels Private Ltd's (AASPL) Long-Term Issuer Rating of 'IND
BB+(suspended)'.

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

Ind-Ra suspended AASPL's ratings on 15 September 2014.

AASPL's ratings are as follows:

  - Long-term Issuer Rating:  'IND BB+(suspended)'; rating
    withdrawn

  - INR7.7 million term loans: 'IND BB+(suspended)'; rating
    withdrawn

  - INR90 million fund-based working capital limits:  'IND
    BB+(suspended)' and 'IND A4+(suspended)'; ratings withdrawn.

  - INR1m non-fund-based working capital limits: 'IND
    A4+(suspended)'; rating withdrawn


AVANI TEXTILES: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Avani Textiles
Limited (ATL) a Long-Term Issuer Rating of 'IND BB+'. The Outlook
is Stable. The agency has also assigned ATL's bank loans the
following ratings:

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Fund-based working      730        Long-Term 'IND BB+'/
   capital limit                      Stable and Short-Term
                                      'IND A4+'
   Term loan               372.65     Long-Term 'IND BB+'/Stable

KEY RATING DRIVERS

The ratings reflect ATL's stagnant revenue since FY11 (FY14:
INR2,957.38 million). The company is present in the highly
fragmented yarn industry which is susceptible to government
interventions and monsoon fluctuation.

However, the ratings benefit from the company's healthy EBITDA
margins of 11% in FY14 (FY13: 11.59%) and moderate credit metrics
with net financial leverage (total adjusted net debt/operating
EBITDA) of 4.63x (4.83x) and gross interest coverage (operating
EBITDA/gross interest expense) of 1.91x (1.87x).

The ratings are further supported the company's comfortable
liquidity position with around 94% average working capital
utilisation for the 12 months ended April 2015. The ratings also
benefit from the three-decade-long experience of ATL's founders in
the yarn processing industry

RATING SENSITIVITIES

Positive: An increase in the operating profitability leading to an
improvement in the overall credit profile will lead to a positive
rating action.

Negative: Any decline in the profitability leading to
deterioration in the credit metrics will lead to a negative
ratings action.


AXIS OVERSEAS: CRISIL Suspends B+ Rating on INR143.7MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Axis Overseas Ltd (AOL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit         143.7       CRISIL B+/Stable

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

AOL was set up in 2005 in Kolkata (West Bengal). It trades in raw
jute and jute finished products. The company is currently managed
by Mr. Aditya Sarda and his business associates. AOL supplies raw
jute to jute mills based primarily in eastern and central India.


B D MOTORS: Ind-Ra Ups Long-Term Issuer Rating to 'IND BB-'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded B D Motors Ltd's
(BDML) Long-Term Issuer Rating to 'IND BB-' from 'IND B+'. The
Outlook is Stable. The agency has also upgraded BDML's bank loans
ratings as follows:

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Fund-based working     351.40      Upgraded to 'IND BB-'/
   capital limits                     Stable from 'IND B+'

   Long-term loans         44.55      Upgraded to 'IND BB-'/
                      (reduced 77.4)  Stable from 'IND B+'

   Non-fund-based           1.00      Upgraded to 'IND A4+'
   working capital limits             from 'IND A4'

KEY RATING DRIVERS

The upgrade reflects the improvement in BDML's liquidity position
and credit metrics. Liquidity position is now comfortable with
93.81% average maximum working capital utilisation during the 12
months ended May 2015 as against full utilisation last year.
Unaudited financials for FY15 (year end March) indicate net
financial leverage improving to 6.4x (FY14: 9.1x) on a 100bp yoy
improvement in EBITDA margins to 7.05%.  EBITDA interest cover
also improved marginally to 1.25x in FY15 (FY14: 1.17x).

The ratings continue to factor in BDML's association with Tata
Motors Limited as it operates the latter's passenger vehicles
dealerships in Burdwan, West Bengal through four exclusive
showrooms.

RATING SENSITIVITIES

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

Negative: A sustained decline in the credit metrics will lead to a
negative rating action.

BDML, incorporated by Narendra Kumar Agarwal in 2009, trades
automobiles. The company is a dealer for Tata Motors' passenger
vehicles. It runs its operations from four showrooms and two
workshops in Burdwan, Durgapur and Asansol. BDML owns all the
showrooms and workshops.


BALAJI COTTON: ICRA Lowers Rating on INR7cr Cash Credit to 'D'
--------------------------------------------------------------
ICRA has revised the long term rating from [ICRA]B to [ICRA]D
forINR7.00 crore fund based facilities of Balaji Cotton
Industries.

                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long term fund based-
   Cash Credit                7.00       [ICRA]D (revised from
                                         [ICRA]B)

The ratings revision reflects the ongoing delays in interest as
well as debt servicing reflecting the stress on its liquidity
position. The ratings continue to be constrained by the firm's
weak financial profile as reflected by low profitability,
leveraged capital structure along with stretched liquidity and
weak debt coverage indicators as on 31st March 2014.The ratings
also take into account the low value additive nature of operations
and intense competition on account of fragmented industry
structure leading to thin profit margins. The ratings are further
constrained by vulnerability of profitability to adverse
fluctuations in raw material prices which are subject to seasonal
availability of raw cotton and government regulations on MSP and
export quota. Further, BCI being a partnership firm, any
significant withdrawals from the capital account would affect its
net worth and thereby the gearing levels.

The ratings, however, positively factors in the long experience of
the promoters in the cotton ginning and pressing business and the
advantages arising from the firm's proximity to the raw material
sources which ensures regular and easy availability of raw cotton
as well as favorable demand outlook for cotton and cottonseed.

Established in 2005, Balaji Cotton Industries is engaged in cotton
ginning, pressing and crushing operations. The business is owned
and managed by Mr. Vijay Jivani and other family members. The
firm's manufacturing facility is located at Tankara, Dist Rajkot.
The firm has 18 ginning machines and 1 pressing machine with the
processing capacity of 100 TPD of raw cotton. It has also
installed 4 expellers for cottonseed crushing.

Recent Results
For the year ended 31st March 2014,Balaji Cotton Industries
reported an operating income ofINR51.75 crore and profit after tax
of INR0.27 crore .


BHAGWAN PRECISION: CRISIL Reaffirms B- Rating on INR54MM Loan
-------------------------------------------------------------
CRISIL's ratings on bank loan facilities of Bhagwan Precision
Private Limited (BPPL) continue to reflect BPPL's weak financial
risk profile marked by high gearing and muted debt protection
metrics and stretched liquidity profile marked by insufficient
cash accruals vis-a-vis debt repayment obligation, along with its
start-up phase and small scale of operations in the intensely
competitive automotive (auto) components segment. The company
however is meeting its repayment obligations in a timely manner
through promoter support. These rating weaknesses are partially
offset by the promoters' extensive experience in the auto
components segment and their financial support.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           20        CRISIL B-/Stable (Reaffirmed)
   Term Loan             54        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BPPL will gradually improve its business risk
profile over the medium term, with the company stabilizing
operations at its manufacturing facility. However, believes that
the company's financial risk profile could remain weak during the
period, because of its working-capital-intensive operations. The
outlook may be revised to 'Positive' if BPPL considerably
increases its scale of operations and improves its operating
profitability, leading to better cash accruals. Conversely, the
outlook may be revised to 'Negative' if the company's financial
risk profile deteriorates with sizeable debt contracted to meet
its incremental working capital requirement, or a lower-than-
expected ramp up in its capacity, or restricted profitability
negatively affecting its cash accruals, or a substantial debt-
funded capital expenditure programme.

Update
BPPL's scale of operations and operating margins are expected to
remain low at around Rs96 million and 7.0 per cent respectively in
2014-15 (refers to financial year, April 1 to March 31) on account
of initial stage of operations. The company on a provisional basis
is expected to report loss of around INR18 million in 2014-15.
CRISIL believes that BPPL's scale of operations will gradually
improve with the stabilization of its operations, supported by its
promoter's extensive industry experience and long-standing
relationships with its major customer Mahindra & Mahindra.

BPPL's operations being highly working capital intensive have high
gross current assets of around 140 days as on March 31, 2015. The
company, in general, extends credit of 75 to 80 days to its
customers, and tends to maintain inventory of 50 to 55 days,
against which it receives credit of 90 to 100 days from its
suppliers. CRISIL believes that the company's operations will
remain working-capital-intensive over the medium term.

BPPL's financial risk profile remains weak marked by small net
worth, due to continues losses, and sizeable debt levels against
low scale of operations and minimal profitability leading to high
gearing and weak debt protection metrics. CRISIL believes BPPL's
financial risk profile will remain weak over the medium term on
account of low profitability leading to continued high dependence
on bank borrowings for meeting working capital requirements.

BPPL was set up in 2010 by Mr. Vijay Pal and his family members.
The company manufactures precision turned steel parts and
components used in the automobile industry, primarily for
tractors. The key product includes highly precise ground and honed
components, used in hydraulic lifts in tractors. The company
started operations in July 2012. BPPL's key customer is M&M.


CRESCENT EXPORT: ICRA Reaffirms B+ Rating on INR8.5cr Loan
----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to theINR8.50
crore packing credit,INR8.00 crore (enhanced fromINR7.00 crore
earlier) FDB/ FBE andINR3.45 crore (enhanced fromINR3.00 crore
earlier) term loan facilities of Crescent Export Syndicate. ICRA
has also reaffirmed the [ICRA]A4 rating assigned to theINR0.10
crore non-fund based bank facility of CES.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits-
   Packing Credit          8.50        [ICRA]B+ reaffirmed

   Fund Based Limits-
   FDB/ FBE                8.00        [ICRA]B+ reaffirmed/
                                        assigned
   Fund Based Limits-
   Term Loan               3.45        [ICRA]B+ reaffirmed/
                                       assigned

   Non Fund Based          0.10        [ICRA]A4 reaffirmed
   Limits- Bank Guarantee

The reaffirmation of the ratings take into consideration the
firm's high working capital intensity of operations leading to
stretched liquidity position, as also reflected by high
utilisation of the bank limits, restricting the firm's financial
flexibility. The ratings further take into account the
vulnerability of the firm's profitability to volatility in foreign
exchange rates with almost the entire revenue is being derived
from exports and susceptibility of its profit margins to
continuity of various export incentives extended by the Government
of India (GoI) in the form of duty drawback and focus product
licences. With 65% of the total sales to European nations during
2014-15 (P), CES remains exposed to geographical concentration
risks. The firm also remains exposed to client concentration risks
with the top five clients accounting for more than 50% of the
firm's sales during 2014-15 (P). Moreover, the risks associated
with CES's legal status as a partnership firm including the risk
of withdrawal of capital by the partners will remain a credit
concern. The ratings, however, derive comfort from the established
track record of the promoters in the leather bag manufacturing
business, advantages of procurement of leather from local
tanneries in Kolkata and acceptable product quality demonstrated
by repeat orders from the existing customers; established
relationship with them mitigates counterparty risk to an extent.

Crescent Export Syndicate was promoted by Mr. Mohammed Azhar and
his spouse, Mrs. Sunita Sabiha Azhar, in the year 1982. The firm
is engaged in the manufacturing of leather bags, wallets and other
accessories and has its manufacturing facility at Kasba, Kolkata,
with a production capacity of 20,000 bags and 35,000 wallets and
other accessories per month.

Recent Results
The firm reported a net profit ofINR1.25 crore (provisional) on an
operating income ofINR45.21 crore (provisional) during 2014-15; as
compared to a net profit ofINR1.47 crore on an operating income
ofINR47.96 crore during 2013-14.


DEVELOPMENT PROJECTS: CRISIL Suspends B Rating on INR57.4MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Development Projects Private Limited's (DPPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          57.4       CRISIL B/Stable
   Long Term Loan        6.5       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility   36.1       CRISIL B/Stable

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

Development Projects Pvt Ltd (DPPL) incorporated in 2010 trades in
jaggery and also provides cold storage facility to the jaggery
manufacturers and potato farmers and traders in West Bengal.
DPPL's cold storage is located at Burdwan district of state of
West Bengal. The company promoted by Mr. Gopal Suhasaria has taken
over an existing cold storage under DPPL. The day to day
operations of the company are primarily looked after by Mr.
Suhasaria who has an experience of over two decades in potato and
jaggery trading.


EIAR IFMR: Ind-Ra Rates INR7.1MM Series A3 PTCs 'IND BB+(SO)'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Eiar IFMR Capital
2014 (an ABS transaction) final ratings as follows:

  -- INR317.7 million Series A1 pass through certificates (PTCs):
     'IND A(SO)'; Outlook Stable

  -- INR28.5 million Series A2 PTCs: 'IND BBB(SO)'; Outlook
     Stable

  -- INR7.1 million Series A3 PTCs: 'IND BB+(SO)'; Outlook Stable

The micro finance loan pool assigned to the trust was originated
by Grameen Koota Financial Services Private Limited (GKFSPL; the
originator or seller).

KEY RATING DRIVERS

The final ratings are based on the origination, servicing,
collection and recovery expertise of GKFSPL, the legal and
financial structure of the transaction and the credit enhancement
(CE) provided in the transaction. The final rating of Series A1
PTCs addresses the timely payment of interest on monthly payment
dates and ultimate payment of principal by the final maturity date
on 23 March 2016 in accordance with the transaction documentation.

The final rating of Series A2 PTCs addresses the timely payment of
interest on monthly payment dates only after complete redemption
of Series A1 PTCs and ultimate payment of principal by the final
maturity date on 23 March 2016 in accordance with the transaction
documentation. The final rating of Series A3 PTCs addresses the
timely payment of interest on monthly payment dates only after
complete redemption of Series A1 and Series A2 PTCs and ultimate
payment of principal by the final maturity date on 23 March 2016
in accordance with the transaction documentation.

The transaction benefits from the internal CE on account of excess
interest spread, subordination and over-collateralisation. The
level of overcollateralisation available to Series A1, A2 and A3
was 10.98%, 2.98% and 0.98%, respectively, of the initial pool
principal outstanding (POS) at the time of closing of the
transaction. The total excess cash flow or the internal CE
available to Series A1, A2 and A3 was 18.06%, 8.91% and 6.52%,
respectively, of the initial POS. The transaction also benefits
from the external CE of 10.00% of initial POS in the form of fixed
deposits in the name of the originator with a lien marked in
favour of the trustee. The collateral pool assigned to the trust
at par had the initial POS of INR356.9m, as of the pool cut-off
date of 30 November 2014.

The external CE will be used in case of a shortfall in the
following - a) complete redemption of all Series of PTCs on the
final maturity date, b) monthly interest payment to Series A1
investors c) monthly interest payment of Series A2 investors after
complete redemption of Series A1 investors and d) monthly interest
payment of Series A3 investors after complete redemption of Series
A1 and A2 investors.

RATING SENSITIVITIES

As part of its analysis, Ind-Ra built a pool cash flow model based
on the transaction's financial structure. The agency also analysed
historical data to determine the base values of key variables that
would influence the level of expected losses in this transaction.
The base values of the default rate, recovery rate, time to
recovery, collection efficiency, prepayment rate and pool yield
were stressed to assess whether the level of CE was sufficient for
the current rating levels.

Ind-Ra also conducted rating sensitivity tests. If the assumptions
of the base case default rate worsen by 30%, the model-implied
rating sensitivity suggests that the rating of all the Series of
PTCs will be downgraded by one notch.


EMPEROR TEXTILES: CRISIL Reaffirms B+ Rating on INR127.5MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Emperor Textiles Pvt
Ltd (ETPL) continue to reflect ETPL's below-average financial risk
profile, marked by high gearing and customer concentration risks
in its revenue profile. These rating weaknesses are partially
offset by the extensive experience of the company's promoters in
the textile industry.

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

   Letter of Credit       2.5       CRISIL A4 (Reaffirmed)

   Long Term Loan       127.5       CRISIL B+/Stable (Reaffirmed)

   Packing Credit       120         CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that ETPL 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
cash accruals through higher revenues and operating profitability,
resulting in an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if ETPL's
revenues or margins decline significantly, or if it undertakes a
large debt-funded expansion project, thereby considerably
weakening its financial risk profile.

Incorporated in 2005, ETPL is a vertically integrated textile
manufacturer based in Tirupur (Tamil Nadu). The company's day-to-
day operations are managed by Mr. A Palanisamy and Mr. P
Karthikeyan.

ETPL reported a net loss of INR19.6 million on revenues of INR
435.3 million for 2013-14 (refers to financial year, April 1 to
March 31), as against a net loss of INR3.0 million on revenues of
INR521.4 million for 2012-13.


FABKNIT INDIA: ICRA Suspends B+ Rating on INR8cr Fund Based Loan
-----------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to theINR8.0 crore
fund based facilities of Fabknit India Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


FABULLA CERAMICS: ICRA Suspends 'D' Rating on INR3cr Cash Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to theINR3.00 crore
cash credit limits andINR2.40 crore term loans of
Fabulla Ceramics Private Limited. ICRA has also suspended the
[ICRA]D rating assigned to theINR0.40 crore non-fund based
facilities of FCPL. The suspension follows ICRAs inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

Incorporated in June 2007, Fabulla Ceramics Private Limited (FCPL)
commenced commercial production of ceramic wall tiles in 2009 with
its plant being located at Morbi in Rajkot district of Gujarat.
FCPL has been promoted by Mr. Vasant Bhila who has been associated
with ceramic tile industry for more than two decades. The company
currently manufactures ceramic wall tiles of sizes 12"x15" and
12"x18" having installed capacity of ~15000 metric tonne per annum
(MTPA). The company sells the products under its brand name
"Colorado".


G. N. PET: CRISIL Ups Rating on INR35.5MM Term Loan to 'C'
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
G. N. Pet (GNP; part of the GN group) to 'CRISIL C' from 'CRISIL
D'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           25        CRISIL C (Upgraded from
                                   'CRISIL D')

   Funded Interest
   Term Loan             13.7      CRISIL C (Upgraded from
                                   'CRISIL D')

   Proposed Long Term
   Bank Loan Facility      .2      CRISIL C (Upgraded from
                                   'CRISIL D')

   Term Loan             35.5      CRISIL C (Upgraded from
                                   'CRISIL D')

   Working Capital
   Term Loan             25.6      CRISIL C (Upgraded from
                                   'CRISIL D')

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of GNP and Garib Nawaz Polymers Private
Limited (GNPPL). This is because the two entities, together
referred to as the GN group, are in the same line of business,
have close operational and financial linkages, and are under a
common management.

The rating upgrade reflects timeliness in repayments of term debt
obligations by the GN group. The group's financial flexibility,
however, remains constrained by the full utilisation of its bank
limits and tightly matched cash accruals against debt obligations
in 2015-16 (refers to financial year, April 1 to March 31). During
2014-15, on a provisional basis, the group's revenue doubled to
INR233 million from the previous year's INR107 million. Its
operating margin, however, declined to 15.3 per cent from the
previous year's 22.0 per cent primarily due to the management's
decision to drive the sales by compromising the margins.

The GN group's working capital cycle improved to 278 days, on a
provisional basis, in 2014-15 from 598 days in 2013-14 driven by
reduction in inventory and debtor days. The decline in inventory
and debtor days was partially offset by a decline in creditor
days.

The GN group's financial risk profile in 2014-15 remained in line
with the previous year, with estimated gearing at 2.3 times as on
March 31, 2015 as against 2.2 times as on March 31, 2014. The debt
protection metrics also remained weak in 2014-15, with interest
coverage ratio of 1.2 times and NCATD (net cash accruals to total
debt) ratio of 0.03 times, in line with the previous year.

The GN group rating continues to reflect, groups weak financial
profile marked by muted debt-protection measures and high gearing,
small scale of operations in the intensely competitive packaging
industry, and working-capital-intensive operations. However, the
group has a moderate operating efficiency supported by fiscal
benefits and diverse applications of its product.

GNPPL, set up in 2007 by Mr. Sunil Bansal, manufactures
polyethylene terephthalate bottles for consumers in the
pharmaceuticals industry. It commenced commercial operations
during 2008. In 2009, Mr. Bansal established proprietorship
concern GNP, which is also in the same line of business and
commenced commercial operations during 2011. Both entities'
manufacturing facilities are located in Baddi (Himachal Pradesh).

GNP, on a provisional basis, reported a book profit of INR1.0
million on net sales of INR123.9 million for 2014-15 against a
book loss of INR9.9 million on net sales of INR30.3 million for
2013-14.


GARIB NAWAZ: CRISIL Raises Rating on INR35MM Cash Loan to 'C'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Garib Nawaz Polymers Pvt Ltd (GNPPL; part of the GN group) to
'CRISIL C' from 'CRISIL D'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           35        CRISIL C (Upgraded from
                                   'CRISIL D')

   Funded Interest
   Term Loan             11.4      CRISIL C (Upgraded from
                                   'CRISIL D')

   Proposed Long Term
   Bank Loan Facility    12.4      CRISIL C (Upgraded from
                                   'CRISIL D')

   Term Loan             24.2      CRISIL C (Upgraded from
                                   'CRISIL D')

   Working Capital
   Term Loan             27        CRISIL C (Upgraded from
                                   'CRISIL D')

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of GNPPL and GN Pet (GNP). This is because
the two entities, together referred to as the GN group, are in the
same line of business, have close operational and financial
linkages, and are under a common management.

The rating upgrade reflects timeliness in repayments of term debt
obligations by the GN group. The group's financial flexibility,
however, remains constrained by the full utilisation of its bank
limits and tightly matched cash accruals against debt obligations
in 2015-16 (refers to financial year, April 1 to March 31). During
2014-15, on a provisional basis, the group's revenue doubled to
INR233 million from the previous year's INR107 million. Its
operating margin, however, declined to 15.3 per cent from the
previous year's 22.0 per cent primarily due to the management's
decision to drive the sales by compromising the margins.

The GN group's working capital cycle improved to 278 days, on a
provisional basis, in 2014-15 from 598 days in 2013-14 driven by
reduction in inventory and debtor days. The decline in inventory
and debtor days was partially offset by a decline in creditor
days.

The GN group's financial risk profile in 2014-15 remained in line
with the previous year, with estimated gearing at 2.3 times as on
March 31, 2015 as against 2.2 times as on March 31, 2014. The debt
protection metrics also remained weak in 2014-15, with interest
coverage ratio of 1.2 times and NCATD (net cash accruals to total
debt) ratio of 0.03 times, in line with the previous year.

The GN group rating continues to reflect, groups weak financial
profile marked by muted debt-protection measures and high gearing,
small scale of operations in the intensely competitive packaging
industry, and working-capital-intensive operations. However, the
group has a moderate operating efficiency supported by fiscal
benefits and diverse applications of its product.

GNPPL, set up in 2007 by Mr. Sunil Bansal, manufactures
polyethylene terephthalate bottles for consumers in the
pharmaceuticals industry. It commenced commercial operations
during 2008. In 2009, Mr. Bansal established proprietorship
concern GNP, which is also in the same line of business and
commenced commercial operations during 2011. Both entities'
manufacturing facilities are located in Baddi (Himachal Pradesh).

GNPPL, on a provisional basis, reported a net profit of INR1.2
million on net sales of INR109.5 million for 2014-15 against a net
profit of INR0.5 million on net sales of INR76.6 million for 2013-
14.


GAURAV TREE: ICRA Reaffirms 'B' Rating on INR2.54cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
theINR2.54 crore (reduced from INR3.90 crore) term loan and
INR2.25 crore (reduced from INR2.79 crore) cash credit facilitiy
of Gaurav Tree & Agro Products Private Limited. ICRA has also
assigned a long term rating of [ICRA]B to theINR0.50 crore untied
limit and a short term rating of [ICRA]A4 to the non fund based
limit of GTAPPL.

                        Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limit-
   Term Loan               2.54        [ICRA]B reaffirmed

   Fund Based Limit-
   Cash Credit             2.25        [ICRA]B reaffirmed

   Fund Based Limit-
   Untied limits           0.50        [ICRA]B assigned

   Non Fund Based Limit
   Bank Guarantee          0.20        [ICRA]A4 assigned

The ratings take into account GTAPPL's small scale of current
operations, weak financial profile characterized by almost
stagnant turnover in 2014-15 compared to the previous fiscal and
highly leveraged capital structure on account of the debt funded
capital expenditure. The rating also factors in the risks inherent
in the rice milling activity, including the vulnerability to agro-
climatic conditions and consequently the harvest and paddy prices,
and the exposure to changes in government policies, especially
with respect to minimum support price (MSP) and export
restrictions. ICRA also notes that rice milling business, being a
highly competitive industry with low entry barriers restricts
pricing flexibility. The ratings, however, derive comfort from
GTAPPL's experienced management with their longstanding presence
in the rice milling industry through their group companies and
also the company's entitlement to various fiscal benefits,
approval for which has been received, under the West Bengal
Incentive Scheme 2007 for Micro and Small Scale Enterprises, which
is expected to positively impact the company's profitability and
cash flows going forward. ICRA also notes that GTAPPL's proximity
to raw material sources ensures easy availability of paddy at
competitive rates.

GTAPPL, incorporated in 2005, is engaged in the milling of non-
basmati rice (raw and parboiled rice) from its manufacturing
facility at Bhutkir Hat in the district of Jalpaiguri, West
Bengal. The operations of its rice mill commenced from March 2012
with an installed capacity 14,688 metric tonne per annum (MTPA).
In addition to its own manufacturing, the company is also engaged
in custom milling (job work) for various co-operative societies,
who acts on behalf of various government organizations in West
Bengal. The company is promoted by the Berlia family based at
Siliguri, West Bengal.

Recent Results
During 2014-15, the company reported a net profit of INR0.27 crore
(provisional) on an operating income of INR13.46 crore
(provisional), as compared to a net profit of INR0.14 crore on an
operating income of INR13.94 crore in 2013-14.


GAURI SAI: CRISIL Suspends B- Rating on INR73.2MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Gauri Sai Ware House (GSW).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      6.8       CRISIL B-/Stable
   Term Loan              73.2       CRISIL B-/Stable

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

GSW, established as a partnership firm in September 2012 by Mrs.
Mangala Pathare, Mrs. Rajashree Sutar and Mrs. Ruchita Modak, is
constructing a 63000 square feet (sq. ft.) warehouse in Khed,
Pune. The day to day operations of the firm are managed by Mr.
Bhausaheb Pathare (Husband of Mrs. Mangala Pathare). The Pathare
family operates eight other warehouses in Khed along the Pune-
Nashik highway.


GOODWILL ENTERPRISE: ICRA Suspends 'B' Rating on INR0.60cr Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR0.60 crore
term loans and [ICRA]A4 rating assigned to the INR4.50 crore
export packing credit facility and the INR0.40 crore SLC facility
of Goodwill Enterprise. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the firm.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan               0.60         [ICRA]B Suspended
   Export Packing Credit   4.50         [ICRA]A4 Suspended
   SLC Facility            0.40         [ICRA]A4 Suspended

Goodwill Enterprise (GE), incorporated in 1999, is engaged in the
business of processing and export of frozen seafood to the
European countries and to China, Vietnam, Malaysia and Thailand.
The firm's processing plant has an EU approval under 'PP' category
for export of seafood items. The firm is predominantly an export
oriented player with ~ 90% of its revenue derived from the
overseas market.


GREEN VILLAGE: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Green Village
Agros Private Limited (GVA) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable. Ind-Ra has also assigned GVA's bank
facilities following ratings:

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Fund-based facilities   185        'IND BB'/Stable/
                                      'IND A4+'

   Term loans                7.5      'IND BB'/Stable

KEY RATING DRIVERS

The ratings reflect GVA's moderate scale of operations as
indicated by revenue of INR1,033.48 million in FY14 (FY13:
INR1,014.70 million). The ratings also reflect the company's
declining EBITDA margins (FY14: 2.56%, FY13: 3.02%, FY12: 3.74%).
Credit profile is weak with net financial leverage of 7.37x in
FY14 (FY13: 5.18x) and EBITDA gross interest coverage of 1.57x
(1.47x). GVA is present in the highly fragmented and intense
competitive rice milling industry and is vulnerable to the
seasonality of operations.

The ratings, however, derive strength from two decade-long
experience of GVA's promotors in the rice industry. The ratings
also benefit from healthy growth prospects for the rice milling
industry and the entity's strong relationship with its customers
and suppliers.

RATING SENSITIVITIES

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

Positive: A significant improvement in the operating profitability
and the consequent improvement in the credit metrics will be
positive for the ratings.

GVA is a private limited entity established in 2006. The company
is involved in the processing and trading of rice and has a 4MT
per hour milling plant at Karnal (Haryana). The company deals in
both basmati and non-basmati rice which, apart from domestic
sales, are majorly exported to the Middle East, the US and the UK.
It is an ISO 2008:9001 and ISO 2005:22000 certified company with
many brands such as Mother`s Choice and Noor & Chaht under its
name.


HOTEL SUKHAMAYA: ICRA Withdraws 'D' Rating on INR6.20cr Loan
------------------------------------------------------------
ICRA has withdrawn the suspended rating of [ICRA]D assigned to the
INR6.20 crore fund based bank facilities of Hotel Sukhamaya
Private Limited. As per ICRA's policy on withdrawals, ICRA can
withdraw the ratings in case the ratings remain suspended for more
than three years.


INDIA: RBI Unveils New Measures on Debt Restructuring
-----------------------------------------------------
The Times of India reports that the Reserve Bank of India said
banks that decide to recast a company's debt under the so-called
"strategic debt restructuring" (SDR) scheme must hold 51 percent
or more of the equity after the debt-for-share conversion.

The measure was part of a set of guidelines announced by the RBI
on Monday on the SDR scheme, which provides a more flexible
process for lenders to recover bad loans, the report says.

TOI relates that other measures announced on June 8 include
allowing lenders to convert debt to equity within 30 days of the
review of the company's account.

In addition, lenders who acquire shares of a listed company under
a restructuring will be exempted from making an open offer, as per
rules from capital markets regulator Securities and Exchange Board
of India (SEBI), the RBI said, the report relays.

The RBI said these restructuring norms will also apply to all
company accounts before June 8, adds TOI.


JAI BHARAT: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned JAI BHARAT RICE
MILLS (JBRM) a Long-Term Issuer Rating of 'IND B+'.  The Outlook
is Stable. The agency has also assigned JBRM's INR170.50 million
fund-based working capital limit a Long-Term 'IND B+' rating with
Stable Outlook and Short-Term 'IND A4' rating.

KEY RATING DRIVERS

The ratings reflect JBRM's weak credit metrics with interest
coverage (operating EBITDA/gross interest expenses) of 1.23x and
net financial leverage (total adjusted debt/operating EBITDA) of
6.43x in FY15. The ratings also reflect JBRM's tight liquidity
position as evident by the almost-full utilisation of its working
capital limits during the 12 months ended April 2015.

The ratings also reflect JBRM's small scale of operations as
indicated by its top-line of INR613.99m in FY15. Working capital
cycle was long at 119 days in FY15.
The ratings are supported by the firm's established track record
of over 15 years and over two-decade-long of experience of its
promoters in the rice industry.

RATING SENSITIVITIES

Positive: Substantial growth in the revenue leading to an
improvement in the credit metrics will be positive for the
ratings.

Negative: Elongation of the working capital cycle leading to
deterioration in the interest coverage will be negative for the
ratings.


JAI VENKTESH: CRISIL Suspends B Rating on INR110MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Jai Venktesh Concast Pvt Ltd (JVPL).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          110         CRISIL B/Stable
   Term Loan             62.9       CRISIL B/Stable

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

JVPL, based in Durgapur (West Bengal) and incorporated in 2007, is
promoted by Mr. Abdul Rashid and his business associates. It
manufactures mild steel billets. It commenced commercial
operations in December 2010. The facility includes two furnaces of
36,000 tonnes per annum each and, at present, the utilisation is
close to 80 per cent.


JASDEV SINGH: ICRA Ups Rating on INR10.50cr Term Loan to B-
-----------------------------------------------------------
ICRA has upgraded its long term rating on the INR11.00 crore bank
facilities of Jasdev Singh Sandhu Foundation (JSSF) to [ICRA]B-
from [ICRA]D.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based-Term Loan    10.50       [ICRA]B-; upgraded from
                                       [ICRA]D

   Fund Based-Over Draft    0.50       [ICRA]B-; upgraded from
                                       [ICRA]D

The ratings revision is centrally driven by JSSF's improved debt
servicing track record. ICRA's ratings favorably factor in the
experience of JSSF's promoters in the field of education and the
trust's diversified revenue streams, coming from one school and 5
colleges. The ratings also take into account the trust and
moderate surplus margins and capital structure (Operating surplus
margin of 36% in FY2014 and Gearing of 0.8x as on March 31, 2015).
The ratings are however constrained by JSSF's modest scale of
operations and its low overall occupancy, which has further
declined in 2014 (30% in 2014 as compared to 35% in the previous
year) owing to weak market scenario and high competition.
Going forward JSSF's ability to ramp up its operating scale while
improving occupancy and managing cashflows will be the key rating
drivers.

JSSF commenced operations with a school in 2001, followed by
colleges across various streams. At present there are five
educational institutes being run by the trust. All institutes are
located in a common campus in Patiala, Punjab.

Recent Results
JSSF reported revenue receipts of INR7.2 crore with a net surplus
of INR0.2 crore for FY2014, as compared to revenue receipts of
INR7.0 crore and a net surplus of INR0.1 crore for the previous
year.


JAYAPRIYA CHIT: CRISIL Assigns B+ Rating to INR100MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Jayapriya Chit Funds Pvt Ltd (Jayapriya).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility       10       CRISIL B+/Stable

   Long Term Loan           40       CRISIL B+/Stable

   Overdraft Facility      100       CRISIL B+/Stable

Chit funds constitute a unique business model, wherein a group of
people come together to lend and borrow among themselves under the
administration of a foreman. The chit funds business, widely
prevalent in South India, is largely unorganised, and has only a
few large players operating in the organised segment.  The rating
factors in the industry-level risks, such as the liberal
regulatory regime for chit funds compared to that for non-banking
financial companies, the adverse legacy of failed chit funds, and
the general misconceptions about chit funds.

The rating reflects Jayapriya's modest capitalisation and
profitability, small scale of operations, and the inherent risks
in the chit funds sector.  These rating weaknesses are partially
offset by the promoters' extensive experience in the business, and
the company's long track record of operations.
Outlook: Stable

CRISIL believes that Jayapriya will continue to benefit from its
experienced management and its established track record in the
chit funds business. The outlook may be revised to 'Positive' if
the group ramps up its scale of operations substantially, or
improves its capitalisation and profitability. Conversely, the
outlook may be revised to 'Negative' if the company's asset
quality or profitability deteriorates.

Jayapriya has been in the chit funds business since 1985, with
operations concentrated in Tamil Nadu. It is part of the Neyveli-
based Jayapriya group, promoted by Mr. C Rajagopalan. Jayapriya is
registered with the District Registrar of Chit Funds, Cuddalore
District, Tamil Nadu. Mr. C. R. Jayasankar, the current managing
director, has expanded the company's operations, by opening
branches in other locations in Tamil Nadu and Pudduchery. It has
47 branches, more than 50,000 members, and 1170 groups as on
December 31, 2014. It has a network of about 6500 agents who
source members for the company. Jayapriya's monthly auction is
about INR0.5 billion. Jayapriya has receivables of INR3.6 billion
and a net worth of INR110 million as on December 31, 2014.

For 2013-14 (refers to financial year, April 1 to March 31),
Jayapriya reported a profit after tax (PAT) of INR17 million on a
total income of INR348 million, against a PAT of INR25 million on
a total income of INR274 million for the previous year. For the
nine months ended December 31, 2014, the company had a PAT of
INR19 million on a total income of INR332 million (provisional).


K.R.K EDUCATIONAL: ICRA Assigns 'D' Rating to INR30cr LT Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]D to the INR12.00
crore1 long-term loans of M/s K.R.K Educational Trust. This apart,
ICRA also has a long-term rating outstanding of [ICRA]D to the
INR18.00 crore1 long-term loans of KRKET.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term loans      30.00      [ICRA]D Assigned/Outstanding

The rating reflects the continuing delays in debt servicing owing
to nascent stage of operations of the trust with modest seat
occupancy levels, the high competitive intensity in the higher
education sector in the state of Tamil Nadu, and the resultant
weak financial performance of the trust over the last three years,
ICRA, nevertheless, takes note of the support provided by
trustees, who have long standing experience in technology sector,
providing solutions to the energy sector through group companies.
Timeliness of such support would be critical in regularization of
its debt servicing, and remain a key rating sensitivity factor.

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

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


KALYAN AQUA: CRISIL Reaffirms B+ Rating on INR21.5MM Bank Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kalyan Aqua and Marine
Exports India Private Limited (KAMPL) continue to reflect KAMPL's
company's large working capital requirements, its exposure to
regulatory changes and intense competition in the seafood
processing industry, and the susceptibility of its profitability
margins to fluctuations in foreign exchange rates.

                      Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          3.4     CRISIL A4 (Reaffirmed)
   Foreign Bill Disc.    300       CRISIL A4 (Reaffirmed)
   Letter of Credit       25       CRISIL A4 (Reaffirmed)
   Packing Credit        150       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     21.5     CRISIL B+/Stable (Reaffirmed)
   Standby Letter of      12.5     CRISIL B+/Stable (Reaffirmed)
   Credit
   Term Loan              58.3     CRISIL B+/Stable (Reaffirmed)

The ratings of the company are also constrained on account of the
company's average financial risk profile marked by its small net
worth, high gearing, and average debt protection metrics. These
rating weaknesses are partially offset by the extensive experience
of KAMPL's promoters in the seafood industry.
Outlook: Stable

CRISIL believes that KAMPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is a sustained
improvement in the company's working capital management, or there
is a substantial improvement in its capital structure on the back
of sizeable equity infusion by its promoters. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
the company's profitability margins, or substantial deterioration
in its capital structure caused most likely by a large debt-funded
capex or a stretch in its working capital cycle.

KAMPL was established as a partnership firm ' Kalyan Aqua and
Marine Exports ' by Mr. P Rajendra Prasad and his family members
in 2004. The firm was reconstituted as a private limited company
in 2007. KAMPL processes and exports shrimps.


KAMAKHYA COLD: CRISIL Reaffirms 'D' Rating on INR126.3MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kamakhya Cold
Storage Pvt Ltd (KCSPL) continues to reflect instances of delay by
KCSPL in servicing its debt; the delays have been caused by the
company's weak liquidity.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility    126.3       CRISIL D (Reaffirmed)

   Term Loan              73.7       CRISIL D (Reaffirmed)

KCSPL is also exposed to cyclicality in the real estate industry
and geographical concentration in its revenue profile. The
company, however, benefits from the extensive industry experience
of its promoters.

KCSPL, a part of the Sita Balmukund group, was incorporated as a
private limited company in 1997. The company was set up to
undertake real estate development and is presently being managed
by the promoters, Mr. R K Goel, and his son, Mr. Yogesh Goel.


KIRPA FOODS: CRISIL Reaffirms B- Rating on INR100MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Kirpa Foods (KF)
continues to reflect KF's below-average financial risk profile
marked by tight liquidity owing to initial stage of operations in
the intensely fragmented rice industry. These rating weaknesses
are partially offset by its promoters' extensive industry
experience and their funding support.

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

CRISIL had assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Kirpa Foods (KF) on May 22, 2015.
Outlook: Stable

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

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


KUDOS CHEMIE: ICRA Suspends 'D' Rating on INR1402.95cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to INR1402.95 crore
bank facilities of Kudos Chemie Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

KCL was incorporated in September 1988 and is engaged in
manufacturing of speciality chemicals under the purines group. It
commenced manufacturing operations in FY 1994 with an installed
capacity of 120 TPA (tons per annum) of synthetic caffeine,
theophylline and its derivatives. Over the years, the caffeine
capacity has been increased and KCL is now a leading supplier of
caffeine globally. Though KCL remained focussed on caffeine till
FY 2008-09, it has been introducing new products since FY 2009-10
to diversify the customer and product profile. In addition to
caffeine, KCL now also manufactures theobromine, Cyano Acetic
Acid, Cyclohexenyl Ethylamine, adenie and theophylline.


LAP DEVELOPERS: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Lap Developers
Private Limited (LDPL) 'IND BB-' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND BB-(suspended)' on the agency's website. The agency
has also migrated the 'Provisional IND BB-' rating on the
company's proposed INR220 million bank loan limits to 'Provisional
IND BB-(suspended)'.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage of LDPL.

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


MAHESH DYEING: CRISIL Reaffirms B+ Rating on INR45MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Mahesh Dyeing
and Printing Mills Pvt Ltd (MDPMPL) continues to reflect MDPMPL's
modest scale of operations, its exposure to intense competition in
the fragmented dyeing and processing industry, and its stretched
working capital cycle.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            45       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     25       CRISIL B+/Stable (Reaffirmed)

   Rupee Term Loan        30       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the company's
moderate financial risk profile, marked by an above-average
capital structure, and the extensive experience of its promoters
in the textile dyeing and processing segment.
Outlook: Stable

CRISIL believes MDPMPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
moderate capital structure. The outlook may be revised to
'Positive' if the company achieves healthy growth in operations,
while it prudently manages its working capital requirements and
maintains its financial risk profile. Conversely, the outlook may
be revised to 'Negative' if MDPMPL's cash accruals decline, its
working capital requirements increase further, or it undertakes a
large debt-funded capital expenditure (capex) programme, leading
to weakening of its financial risk profile, particularly its
liquidity.

Update
MDPMPL, on a provisional basis, registered net sales of INR236.8
million for the 11 months ended February 28, 2015, as against
INR212.1 million reported for 2013-14 (refers to financial year,
April 1 to March 31). The improvement in sales was driven by the
increase in capacity during 2014. With the increased capacity,
CRISIL expects the company to report a moderate increase in sales
over the medium term. MDPMPL reported an operating margin of 10.1
per cent for 2013-14 and with stabilisation of operations, CRISIL
expects company to report an improvement in its operating margin
to between 10.1 and 10.6 per cent over the medium term.

MDPMPL's gross current assets were at 200 days as on March 31,
2014, and is estimated to stay at around 175 days in 2014-15 led
by high debtors and moderate inventory. The company's financial
risk profile is marked by high gearing, estimated at 1.7 times as
on March 31, 2015, driven by its outstanding rupee term loan and
large working capital requirements. In the absence of any debt-
funded capex and moderate accretion to reserves, CRISIL expects
the company's gearing to improve to 1.2 to 1.5 times over medium
term.

MDPMPL's debt protection metrics remain average, with net cash
accruals to total debt ratio estimated at around 0.13 times and
interest coverage ratio at around 2.20 times, for 2014-15. With
gradual repayment of term loans and no major debt-funded capex,
CRISIL expects the company to report moderate improvement in its
debt protection metrics over the medium term.

MDPMPL reported a profit after tax (PAT) of INR3.1 million on net
sales of INR212.1 million for 2013-14, against a PAT of INR1.9
million on net sales of INR161.7 million for 2012-13. For 2014-15
company is estimated to have registered a PAT of INR8.1 million on
net sales of INR238.6 million.

Surat (Gujarat)-based MDPMPL dyes and processes fabrics. The
company caters mainly to textile players in and around Surat. It
is promoted by Mr. Nandkishore Rathi and his family.


MARVELOUS ENGINEERS: ICRA Suspends B+ Rating on INR2.69cr LT Loan
-----------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR2.69 crore
long term fund based facilities of Marvelous Engineers Private
Limited. ICRA has also suspended [ICRA]A4 rating assigned to the
INR2.75 crore short term fund based facilities of MEPL. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

MEPL was incorporated in 1990 and is engaged in the manufacture of
machined components which find their application in off-road
vehicles, industrial systems and tractors. The company derives
close to 65% of its sales from exports/deemed exports. MEPL has
two machine shops located in Gokul Shirgaon, Kolhapur with a
product range consisting of over 200 different types of
components. Products manufactured by MEPL include various types of
carriers, flanges, housings, fly wheel assemblies.


OMNITECH INFOSOLUTIONS: ICRA Suspends 'D' Rating on INR131cr Loan
-----------------------------------------------------------------
ICRA has suspended the rating of [ICRA]D assigned to the INR131.0
crore long-term fund based limits,INR30 crore term loans,INR23.0
crore non-fund based limits and INR12.5 crore short-term fund
based limits of Omnitech Infosolutions Limited (Omnitech). The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


OSWAL F M: ICRA Suspends 'D' Rating on INR162cr Bank Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to INR162.00 crore
bank facilities of Oswal F M Hammerle Textiles Limited (OFMH). The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Incorporated in November 2005, Oswal F M Hammerle Textiles Limited
is a joint venture between Vardhman Polytex Limited (VPL) and F.M
Hammerle, Austria. VPL holds 82% of total equity and rest is held
by the JV partner. The JV was formed to set up a green field
project for manufacturing of yarn dyed shirting fabric. OFMH
commenced the commercial production in July 2008 with 72 looms and
has expanded to current 124 looms.


PARVATIYA PLYWOOD: CRISIL Reaffirms B+ Rating on INR57.5MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Parvatiya Plywood Pvt
Ltd (PPPL) continue to reflect PPPL's weak financial risk profile,
marked by modest net worth; the ratings also factor in the
company's modest scale of operations and large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of PPPL's promoters in the wood panels
industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          57.5       CRISIL B+/Stable (Reaffirmed)
   Term Loan            12.5       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PPPL will maintain its credit risk profile
over the medium term, backed by its long track record of
operations and promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's scale of
operations increases, leading to higher-than-expected cash
accruals and thus, improvement in liquidity. Conversely, the
outlook may be revised to 'Negative' if the company's financial
risk profile deteriorates, most likely because of large debt-
funded capital expenditure programmes or significant increase in
working capital, leading to deterioration in the company's
liquidity.

PPPL was set up in 1987 by Mr. Akhilesh Pratap Saraswat and his
family members in Ram Nagar (Nainital; Uttarakhand). The company
manufactures various grades of plywood, block boards, and flush
doors.


PIANO PRESITEL: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Piano Presitel
(Piano) a Long-Term Issuer Rating of 'IND BB'.  The Outlook is
Stable. Rating actions on Piano's bank loans are as follows:

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long-term loan         54.2        assigned 'IND BB'/Stable

   Fund-based working     70          assigned 'IND BB'/Stable/
   capital limits                     'IND A4+'

   Proposed long-term     30          assigned 'Provisional
   Loan                               IND BB'/Stable

KEY RATING DRIVERS

The ratings reflect Piano's small scale of operations and moderate
credit metrics. According to the provisional financials for FY15
(year end March), revenue was INR328m (FY14: INR258m), net
leverage was 2.19x (2.29x) and interest coverage was 4.28x
(2.30x). Profitability has been stable in the range of 23%-25%
over the past four years.

The ratings are supported by the company's modest liquidity
position with its fund-based facilities being utilised at an
average of 83% over the 12 months ended March 2015. The ratings
also benefit from over-three-decade-long experience of Piano's
founders in the auto ancillary industry.

RATING SENSITIVITIES

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

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

Set up in1982, Piano is engaged in the manufacture and supply of
various varieties of auto parts such as washers, clips and allied
stainless steel components. The company has its manufacturing
facility at Thane.


PIONEER GENCO: Ind-Ra Withdraws IND D(suspended) LT Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Pioneer Genco
Limited's (PGL) Long-Term Issuer Rating of 'IND D(suspended)'. The
agency has also withdrawn the 'IND D(suspended)' rating on the
company's INR551 million term loans.

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

Ind-Ra suspended PGL's ratings on 21 November 2014.


RADHE COTTON: ICRA Lowers Rating on INR5.0cr Cash Loan to 'D'
-------------------------------------------------------------
ICRA has revised the long term rating from [ICRA]B to [ICRA]D for
INR6.30 crore fund based facilities of Radhe Cotton & Oil
Industries.

                            Amount
   Facilities            (INR crore)   Ratings
   ----------            -----------   -------
   Long term fund based-     5.00      [ICRA]D (revised from
   Cash Credit                         [ICRA] B)

   Long term fund based-     1.30      [ICRA]D (revised from
   Term Loan                           [ICRA] B)

The ratings revision reflects the ongoing delays in servicing its
debt and interest obligation reflecting the stress on its
liquidity position. The ratings continue to be constrained by the
firm's weak financial profile as reflected by low profitability,
leveraged capital structure along with stretched liquidity and
weak debt coverage indicators as on 31st March 2014. The ratings
also take into account the low value additive nature of operations
and intense competition on account of fragmented industry
structure leading to thin profit margins. The ratings are further
constrained by vulnerability of profitability to adverse
fluctuations in raw material prices which are subject to seasonal
availability of raw cotton and government regulations on MSP and
export quota. Further, RCOI being a partnership firm, any
significant withdrawals from the capital account would affect its
net worth and thereby the gearing levels.

The ratings, however, positively factors in the long experience of
the promoters in the cotton ginning and pressing business and the
advantages arising from the firm's proximity to the raw material
sources which ensures regular and easy availability of raw cotton
as well as favorable demand outlook for cotton and cottonseed.

Radhe Cotton and Oil Industries is established in the year 2013 as
a partnership firm by Mr. Shailesh Varmora along with six other
partners. The manufacturing plant of the firm is situated at
Rajkot, Gujarat. The firm has installed 26 ginning machines, 1
pressing machine and 6 expellers. The commercial production of the
firm has commenced from the first week of March 2014.

Recent Results
For the year ended 31st March 2014, RCOI has reported an operating
income of INR0.75 crore and net loss of INR0.34 crore.


RAJA MOTORS: CRISIL Reaffirms B Rating on INR55MM Cash Credit
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Raja Motors (Sirsa)
(RMS) continues to reflect RMS's modest scale of operations and
intense competition in the automobile (auto) dealership market,
and average financial risk profile marked by a modest net worth
and weak debt protection metrics. These rating weaknesses are
partially offset by RMS's established position and its promoters'
extensive experience in the auto dealership market.

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

   Proposed Long Term
   Bank Loan Facility     22.5     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RMS will continue to benefit over the medium
term from its established market position in the auto dealership
market in Sirsa (Punjab). The outlook may be revised to 'Positive'
if the firm exhibits a significant and sustainable improvement in
its revenue and accruals, leading to improvement in its net worth
and interest coverage ratio. Conversely, the outlook may be
revised to 'Negative' if RMS's scale of operations and
profitability margin deteriorate or it undertakes a large debt-
funded capital expenditure programme, constraining its capital
structure.

RMS, a partnership firm, was set up in 2008 by Mr. Om Prakash
Makkar and his son, Mr. Rajesh Kumar Makkar. It is the sole
authorised dealer for Hyundai Motor India Ltd in Sirsa.

RMS reported a net profit of INR0.3 million on net sales of INR398
million for 2013-14, against a net profit of INR0.3 million on net
sales of INR379 million for 2012-13.


RAJENDRA KUMAR: CRISIL Reaffirms B+ Rating on INR97.5MM Term Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of M/s. Rajendra
Kumar Sureka & Others (RKS) continues to reflect RKS's exposure to
risks associated with the development of its proposed real estate
project, and the firm's vulnerability to risks and cyclicality
inherent in the Indian real estate industry. These rating
weaknesses are partially offset by the favourable location of, and
low funding risk associated with, the firm's upcoming real estate
project.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan            97.5       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RKS will continue to benefit over the medium
term from the favourable location of its ongoing project. The
outlook may be revised to 'Positive' if the firm implements its
project as per schedule and receives better-than-expected response
for the project in terms of occupancy level or lease rental rates,
and thereby generates substantial rental income. Conversely, the
outlook may be revised to 'Negative' if there is a cost overrun
and/or delays in project execution, or if RKS receives a low
response for the project, resulting in low occupancy rates or
rental income and hence, in deterioration in its liquidity and
financial flexibility.

RKS, an association of persons established by Guwahati-based Mr.
Rajendra Kumar Sureka, is currently developing a commercial mall-
cum-office space on G S Road in Guwahati. The firm's other
associates are Mr. Sureka's brother, Mr. Krishna Kumar Sureka, and
mother, Mrs. Patiya Devi Sureka. The firm plans to earn rental
income by leasing out the commercial and office space.


RENOWN IRRIGATION: ICRA Suspends 'D' Rating on INR3cr Cash Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA]D ratings assigned to the INR3.00
crore cash credit facility and INR1.41 crore term loan facility of
Renown Irrigation Systems Limited. ICRA has also suspended the
short term rating of [ICRA]D assigned to INR1.50 crore non-fund
based facilities of RISL. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.

Renown Irrigation Systems Limited (RISL) was incorporated in the
year 1996 as a limited company and is engaged in assembly and
installation of Micro Irrigation System (MIS) including Drip
Irrigation System, Sprinkler Irrigation System and Mini Sprinkler
Irrigation System. RISL is engaged in installations of entire MIS
which includes components like control head, main pipes, lateral
pipes, emitters etc. it is promoted by Mr. P. L. Patel who has an
experience of more than two decades in the field of irrigation
equipments. RISL is registered as an authorized supplier with
Gujarat Green Revolution Corporation (GGRC), a Gujarat Government
undertaking. RISL manufactures MIS related products viz HDPE
pipes, emitting pipes and sprinkler pipes at its manufacturing
unit located in Junagarh (Gujarat) and has an installed capacity
of 1400 metric tonnes per annum (MTPA) for manufacturing different
grades of pipes.


RODAS IMPEX: ICRA Suspends B+ Rating on INR8cr Bank Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]B+ ratings assigned to theINR8.00
crore bank limits of Rodas Impex Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Incorporated in 2001, Rodas Impex Private Limited is in the
business of manufacturing and selling synthetic fabrics in the
Bhilwara market in Rajasthan. RIPL has been promoted by Mr. Jugal
Kishore Chamodi. RIPL started operations with financial assistance
from Rajasthan State Industrial Development & Investment
Corporation Ltd (RIICO). The company currently has 42 loom out of
which 25 looms are double width looms.


RYDAK SYNDICATE: Ind-Ra Ups Long-Term Issuer Rating From IND BB+
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Rydak Syndicate
Limited's (RSL) Long-Term Issuer Rating to 'IND BBB-' from 'IND
BB+'. The Outlook is Stable.

KEY RATING DRIVERS

Improved Credit Metrics: The upgrade reflects RSL's improved
overall credit metrics with gross interest coverage of 2.4x in
FY15 (FY14: 2.1x) and net leverage of 2.6x (2.9x). The upgrade
also reflects the company's increase in the scale of operations to
INR893m in FY15 from INR795m in FY14 and EBITDA margins to 9.5%
from 8.7%.

Shorter Working Capital Cycle: Working capital cycle also improved
to 29 days in FY15 from 43 days in FY14. This was due to an
increase in the credit period allowed by RSL's suppliers to 88
days in FY15 from 79 days in FY14 and a reduction in its inventory
days to 111 from 119. However, inventory days remained high due to
the seasonal nature of the business and the company's policy of
inventory holding during the last quarter to earn high
realisations between April and June.

Long Operational Track Record: RSL is into tea manufacturing for
over 117 years. The company thus has long-standing relationship
with customers.

Comfortable Liquidity Position: RSL reported positive cash flow
from operations of INR90 million in FY15 (FY14: INR67 million).
Also, its average working capital utilisation was around 95% over
the 12 months ended April 2015.

Industrial Constraints: RSL's EBITDA margins largely remain a
function of its labour cost and fuel cost. The margins have
remained volatile due to variations in labour cost, despite the
increase in realisation, Furthermore, the company is exposed to
the vagaries of nature that impact both the quality and quantity
of tea leafs.

RATING SENSITIVITIES

Positive: Substantial improvements in the scale of operations
while maintaining the profitability with gross leverage below 2.0x
could lead to a positive rating action.

Negative: Deterioration in the credit metrics with the net
leverage exceeding 3.0x or the elongation of net working capital
cycle could lead to a negative rating action.

Incorporated in 1898, RSL has integrated tea manufacturing
operations, comprising the cultivation of tea and manufacturing
black crush, tear, curl tea. It has six tea estates covering a
total area of 3,447 hectares in West Bengal and Assam, and have a
total capacity to manufacture 7 million kilograms of tea per year.

RSL's ratings:

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

  -- INR15 million term loan (reduced from INR20m): Upgraded to
     long-term 'IND BBB-'/Stable from 'IND BB+'

  -- INR150.4 million fund-based working capital limits: Upgraded
     to long-term 'IND BBB-'/Stable from 'IND BB+'

  -- INR8 million non-fund-based working capital limits: Upgraded
     to short-term 'IND A3' from 'IND A4+'


SAI OM: CRISIL Assigns B+ Rating to INR20MM Cash Loan
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sai Om Petro Specialities Limited (SOPSL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Letter Of Guarantee     45        CRISIL A4
   Bank Guarantee           5        CRISIL A4
   Cash Credit             20        CRISIL B+/Stable

The ratings reflect SOPSL's modest scale of operations, low
profitability, and large working capital requirements. These
rating weaknesses are partially offset by the extensive experience
of SOPSL's promoter in petroleum waste refining and the company's
above-average financial risk profile marked by low gearing and
healthy debt protection metrics.
Outlook: Stable

CRISIL believes that SOPSL will benefit from its promoter's
significant industry experience and its above-average financial
risk profile over the medium term. The outlook may be revised to
'Positive' if SOPSL scales up operations and maintains
profitability, leading to substantial accruals. Conversely, the
outlook may be revised to 'Negative' in case of significantly
large working capital requirements or considerable debt-funded
capital expenditure, leading to pressure on the company's
financial risk profile.

Incorporated in 1994, SOPSL is based in Mumbai and is promoted by
Mr. Purshottam Sharma. The company reprocesses and refines used
and waste oils.


SHITALPUR MOHINDER: ICRA Reaffirms B- Rating on INR5.92cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B- to the
INR5.92 crore seasonal cash credit facility, INR0.8 crore working
capital loan, INR3.74 crore term loans (reduced from INR4.75
crore), INR0.17 crore bank guarantee (enhanced from INR0.11 crore)
and INR0.95 crore unallocated limits (enhanced from nil) of
Shitalpur Mohinder Kalimata Himghar Pvt. Ltd.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based- Seasonal
   Cash Credit             5.92       [ICRA]B- reaffirmed
   Fund Based- Working
   Capital Loan            0.80       [ICRA]B- reaffirmed

   Fund Based- Term Loan   3.74       [ICRA]B- reaffirmed

   Non-Fund Based - Bank
   Guarantee               0.17       [ICRA]B- reaffirmed

   Unallocated Limits      0.95       [ICRA]B- reaffirmed

The rating reaffirmation takes into account SMKHPL's adverse
financial risk profile as reflected by an unfavourable capital
structure, depressed debt coverage indicators and subdued return
on capital employed, and the regulated nature of the industry,
making it difficult to pass on increase in operating costs in a
timely manner, leading, in turn, to downward pressures on
profitability. The high working capital intensity of operations
has stretched the liquidity position as also reflected by high
utilization of its working capital facility. The rating also takes
into consideration the company's exposure to agro-climatic risks,
with its business performance being entirely dependent upon a
single agro commodity, i.e. potato. SMKHPL remains exposed to risk
of loan delinquency by the farmers and decline in potato prices,
as has been the case in the current financial year, further
accentuates such risks. The rating also takes note of the long
track record of the promoters in the management of cold storages
and the favourable location of the company's cold storage unit in
West Bengal, a state with large potato production. In ICRA's
opinion, the ability of the entity to improve its profitability
and capital structure while managing its working capital
requirements would remain key rating sensitivities going forward.

Incorporated in May, 2011, SMKHPL is engaged in providing cold
storage facility to potato farmers and traders on a rental basis.
The facility of the company is located in Burdwan district of West
Bengal having an annual storage capacity of 19,845 metric tonnes.

Recent Results
SMKHPL reported a net loss of INR0.25 crore on an operating income
of INR2.95 crore during FY14 as compared to a net loss of INR0.65
crore on an operating income of INR2.26 crore during FY13.


SHIV SHANKAR: CRISIL Reaffirms B+ Rating on INR110MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shiv Shankar Oil
Industries Pvt Ltd (SSOIPL; part of the Sonpal group) continue to
reflect the limited value addition in the Sonpal group's
operations, and its below-average financial risk profile, marked
by a high total outside liabilities to tangible net worth (TOLTNW)
ratio and a weak interest coverage ratio. These rating weaknesses
are partially offset by the extensive experience of the group's
promoter in the agricultural commodities business and its moderate
scale of operations.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         40       CRISIL A4 (Reaffirmed)

   Cash Credit           110       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     50       CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SSOIPL, Sonpal Exports Pvt Ltd (SEPL),
and Hanuman Industries (HI). This is because all these entities,
together referred to as the Sonpal group, are engaged in similar
lines of business and have a common promoter and fungible cash
flows.
Outlook: Stable

CRISIL believes that the Sonpal group will continue to benefit
over the medium term from its promoter's extensive industry
experience. The outlook may be revised to 'Positive' if the group
significantly improves its financial risk profile, most likely
because of significant improvement in profitability and working
capital management. Conversely, the outlook may be revised to
'Negative' if the group's operating revenue and margins are lower
than expected, or if its working capital management weakens,
weakening its debt protection metrics and liquidity.

Update
On a provisional basis, the Sonpal group reported net sales of
around INR3.3 billion in 2014-15 (refers to financial year,
April 1 to March 31), down 33 per cent from INR4.9 billion a year
ago. During 2014-15, the group discontinued transactions with a
key customer (which accounted for around 50 per cent of its
revenue in the past) and focused on expanding its customer base.
CRISIL believes that the Sonpal group will report modest revenue
growth of 5 to 10 per cent over the medium term backed by addition
of customers. Because of its trading operations, the group's
operating margin is low, at 3.2 per cent in 2014-15 against 3.1
per cent a year ago, and is expected to remain at a similar level
over the medium term.

The group has large working capital requirements with gross
current assets of 200 days as on March 31, 2015. Its working-
capital-intensive operations and moderate credit from suppliers
led to high reliance on external debt, as reflected in its average
bank limit utilisation of over 90 per cent for the nine months
through December 2014. Also, high reliance on external debt and
low profitability led to weak financial risk profile marked by
high TOLTNW ratio and weak debt protection metrics. The group's
TOLTNW ratio was 3.7 times as on March 31, 2015, and interest
coverage and net cash accruals to total debt ratios were 1.2 times
and 0.02 times, respectively, for 2014-15. The Sonpal group is
likely to generate annual accruals of INR25 million against no
major term debt obligations over the medium term; its accruals are
expected to meet part of its incremental working capital
requirements over the period.

For 2014-15, SG reported on a provisional basis, profit after tax
(PAT) of INR12 million on net sales of INR3.3 billion, as against
a PAT of INR22.4 million on net sales of INR4.9 billion for 2013-
14.

SEPL, incorporated in 2004, hulls natural sesame seeds for the
export market. HI was set up in 2003 as a proprietorship concern;
it was reconstituted as a partnership firm in 2007. Apart from
sorting, the firm trades in sesame seeds and other agricultural
products in the export market. SSOIPL was incorporated in 2011 and
is in the same line of business. The group is promoted by Mr.
Manojkumar Sonpal.


SHRI BHAGYODAYA: CRISIL Reaffirms B+ Rating on INR74.7MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shri Bhagyodaya Metals
Pvt Ltd (SBMPL) continue to reflect SBMPL's modest scale of
operations in the intensely competitive utensil manufacturing
industry, and susceptibility of its operations to the tender-based
nature of its business, resulting in volatility in sales.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       10.7       CRISIL A4 (Reaffirmed)

   Cash Credit          30         CRISIL B+/Stable (Reaffirmed)

   Letter of Credit     30         CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   74.7       CRISIL B+/Stable (Reaffirmed)

   Term Loan             4.6       CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the company's below-average financial
risk profile, marked by a small net worth. These rating weaknesses
are partially offset by the extensive industry experience of the
company's promoters and its integrated operations, resulting in
strong operating efficiencies.
Outlook: Stable

CRISIL believes that SBMPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
improves its net worth, backed by equity infusion and/or a
substantial increase in its topline and operating margin leading
to substantial accretion to reserves. Conversely, the outlook may
be revised to 'Negative' if SBMPL's financial risk profile,
particularly its liquidity, weakens, most likely due to a sizeable
increase in its working capital requirements or a decline in its
operating margin or large debt-funded capital expenditure.

Update
For 2014-15 (refers to financial year, April 1 to March 31), SBMPL
on a provisional basis, reported net sales of  INR130.1 million as
against INR161.4 million a year ago; witnessing year-on-year
decline of 19 per cent. The decline in sales was mainly due to
lesser number of tender-based order executed by the company during
the year. With expected increased sales of the company's new
product (kitchen sinks), CRISIL believes that SBMPL will achieve a
moderate annual sales growth of 5 to 10 per cent over the medium
term. The company's operating margin improved to 8.7 per cent in
2014-15 from 6.7 per cent in the previous year, driven by
reduction in tender-based orders executed during the year (which
restricts the firms pricing power). SBMPL's financial risk profile
remains moderate, marked by gearing estimated at around 1 time and
moderate debt protection metrics; Net cash accruals to total debt
and interest coverage ratios are estimated at 0.17 times and 2.3
times, respectively as on March 31, 2015. However, the company had
a modest net worth of around INR36.5 million as on March 31, 2015.
SBMPL is expected to generate accruals of INR6 million as against
repayment obligations of INR2.5 million in 2015-16. Its accruals
are expected to remain adequate to meet repayment obligations over
the medium term. The liquidity remained constrained by high bank
limit utilisation at an average of 95 per cent over the 12 months
through March 2015.

SBMPL, on a provisional basis, reported a profit after tax (PAT)
of INR2.2 million on net sales of INR130 million for 2014-15, as
against a PAT of INR1.7 million on net sales of INR161.3 million
for 2013-14.

SBMPL was set up by Mr. Sheshmal Shah and his family in Ahmedabad
(Gujarat) in 1990. The company manufactures stainless steel
utensils, which it sells under the Bharat brand to various
traders/dealers in Gujarat. Additionally, SBMPL regularly bids for
tenders from various government organisations.


SNOWBIRD MARKETING: CRISIL Reaffirms 'B' Rating on INR60MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Snowbird
Marketing Pvt Ltd (Snowbird) continues to reflect the high
customer and geographical concentration in Snowbird's revenue
profile, and the susceptibility of its operating margin to
volatility in raw material prices.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           60        CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the company's promoters in the fabric-trading
industry, and the funding support it receives from them.
Outlook: Stable

CRISIL believes that Snowbird 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 a
substantial increase in its revenues and profitability, leading to
improvement in is cash accruals and hence in its liquidity.
Conversely, the outlook may be revised to 'Negative' if Snowbird's
financial risk profile deteriorates, most likely because of lower-
than-expected improvement in its profitability.

Snowbird was set up in 2008 by the Jain family of Delhi. The
company trades in cotton, printed, lining, sofa (handloom), grey,
and other fabrics. The Jain family has over 26 years of experience
in the fabric-trading business through group entities.


SONPAL EXPORTS: CRISIL Reaffirms B+ Rating on INR320MM Loan
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Sonpal Exports Pvt Ltd
(SEPL; part of the Sonpal group) continue to reflect the limited
value addition in the Sonpal group's operations, and its below-
average financial risk profile, marked by a high total outside
liabilities to tangible net worth (TOLTNW) ratio and a weak
interest coverage ratio. These rating weaknesses are partially
offset by the extensive experience of the group's promoter in the
agricultural commodities business and its moderate scale of
operations.

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

   Export Packing Credit  320       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     290       CRISIL B+/Stable (Reaffirmed)

   Standby Line of Credit  20       CRISIL B+/Stable (Reaffirmed)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Shiv Shankar Oil Industries Pvt Ltd
(SSOIPL), SEPL, and Hanuman Industries (HI). This is because all
these entities, together referred to as the Sonpal group, are
engaged in similar lines of business and have a common promoter
and fungible cash flows.

Outlook: Stable

CRISIL believes that the Sonpal group will continue to benefit
over the medium term from its promoter's extensive industry
experience. The outlook may be revised to 'Positive' if the group
significantly improves its financial risk profile, most likely
because of significant improvement in profitability and working
capital management. Conversely, the outlook may be revised to
'Negative' if the group's operating revenue and margins are lower
than expected, or if its working capital management weakens,
weakening its debt protection metrics and liquidity.

Update
On a provisional basis, the Sonpal group reported net sales of
around INR3.3 billion in 2014-15 (refers to financial year,
April 1 to March 31), down 33 per cent from INR4.9 billion a year
ago. During 2014-15, the group discontinued transactions with a
key customer (which accounted for around 50 per cent of its
revenue in the past) and focused on expanding its customer base.
CRISIL believes that the Sonpal group will report modest revenue
growth of 5 to 10 per cent over the medium term backed by addition
of customers. Because of its trading operations, the group's
operating margin is low, at 3.2 per cent in 2014-15 against 3.1
per cent a year ago, and is expected to remain at a similar level
over the medium term.

The group has large working capital requirements with gross
current assets of 200 days as on March 31, 2015. Its working-
capital-intensive operations and moderate credit from suppliers
led to high reliance on external debt, as reflected in its average
bank limit utilisation of over 90 per cent for the nine months
through December 2014. Also, high reliance on external debt and
low profitability led to weak financial risk profile marked by
high TOLTNW ratio and weak debt protection metrics. The group's
TOLTNW ratio was 3.7 times as on March 31, 2015, and interest
coverage and net cash accruals to total debt ratios were 1.2 times
and 0.02 times, respectively, for 2014-15. The Sonpal group is
likely to generate annual accruals of INR25 million against no
major term debt obligations over the medium term; its accruals are
expected to meet part of its incremental working capital
requirements over the period.

For 2014-15, SG reported on a provisional basis, profit after tax
(PAT) of INR12 million on net sales of INR3.3 billion, as against
a PAT of INR22.4 million on net sales of INR4.9 billion for 2013-
14.

SEPL, incorporated in 2004, hulls natural sesame seeds for the
export market. HI was set up in 2003 as a proprietorship concern;
it was reconstituted as a partnership firm in 2007. Apart from
sorting, the firm trades in sesame seeds and other agricultural
products in the export market. SSOIPL was incorporated in 2011 and
is in the same line of business. The group is promoted by Mr.
Manojkumar Sonpal.


SRI LAKSHMI: CRISIL Reaffirms B+ Rating on INR250MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Sri Lakshmi Ganesh
Modern Raw & Boiled Rice Mill (SLG) continues to reflect SLG's
modest scale of operations, its modest financial risk profile
marked by its small net worth, high gearing and weak debt
protection metrics and susceptibility of its profitability margins
to changes in paddy prices and government regulations.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          250        CRISIL B+/Stable (Reaffirmed)
   Long Term Loan        20        CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of SLG's promoters in the rice milling
industry and its longstanding relationship with its customers and
suppliers.

Outlook: Stable

CRISIL believes that SLG will benefit over the medium term from
its promoters' extensive experience in the rice milling industry.
The outlook may be revised to 'Positive' in case of a significant
and sustained increase in the firm's revenue and profitability, or
substantial capital infusion by its promoters, resulting in
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if SLG's revenue and profitability
decline substantially, or if the firm undertakes a large debt-
funded capital expenditure programme, or if its promoters withdraw
capital, weakening its financial risk profile.

SLG was set up in 1983 by Mr. B Satyanarayana Murthy and his
family. The firm mills and processes paddy into rice; the firm
also generates by-products, such as broken rice, bran, and husk.).

For 2013-14 (refers to financial year, April 1 to March 31), SLG
reported a profit after tax (PAT) of INR1 million on net sales of
INR366 million, against a PAT of INR1 million on net sales of
INR259 million for 2012-13.


T.M.M.R. RATHINASAMY: CRISIL Rates INR50MM Cash Credit at 'B'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of T.M.M.R. Rathinasamy Nadar & Co. (TMMR).

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

The rating reflects the firm's exposure to risks related to
product and geographic concentration in revenue profile, modest
scale of operations in a highly competitive edible oil industry
and the firm's weak financial risk profile. These weaknesses are
partially offset by the established 'Pasumark' brand name in
sesame oil industry in South India and the promoter's extensive
experience in the edible oil industry.
Outlook: Stable

CRISIL believes that TMMR will benefit from its established brand
in the sesame oil industry in South India. The outlook may be
revised to 'Positive' if the company's revenues and operating
margins improve significantly, led by product and geographic
diversity. Conversely, the outlook may be revised to 'Negative' if
the company's revenues and margins decline sharply, or if the
company's working capital management deteriorates resulting in
further deterioration in financial risk profile.

TMMR was set up in 1974 as a partnership firm by Mr. T.M.M.R.
Rathinasamy Nadar. The company is based in Virudhunagar (Tamil
Nadu), and is engaged in manufacture and sale of gingelly oil
under the brand 'Pasumark'. The day-to-day operations are managed
by Mr. Nadar and his son Mr.T.R.Ganesan.

TMMR reported, a profit after tax (PAT) of INR0.4 million on
operating income of INR217 million for 2013-14 (refers to
financial year, April 1 to March 31); the company reported a PAT
of INR0.3 million on operating income of INR224 million for 2012-
13.


TRADE LINKERS: CRISIL Ups Rating on INR120MM Cash Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Trade Linkers (TL; part of the Singhal group) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

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

The rating upgrade reflects CRISIL's belief that the Singhal
group's business and financial risk profiles will improve over the
medium term, marked by its consistently above-average revenue
growth and stable, moderate profitability. The group's revenue is
expected to grow at around 15 per cent over the medium term backed
by established relationships with customers. Its total outside
liabilities to tangible net worth ratio is expected to improve to
around 3 times as on March 31, 2015, from around 6 times as on
March 31, 2013. The improvement is supported by continuous funding
support from the promoters in the form of capital infusion (INR41
million over the four years ended
March 31, 2015) and unsecured loans (INR43 million as on March 31,
2015). The unsecured loans have been treated as neither debt nor
equity as these loans are from promoters and relatives and are
expected to stay in the business over the medium term).

The rating reflects the Singhal group's average financial risk
profile and high geographical concentration in its revenue
profile. These rating weaknesses are partially offset by the
promoters' extensive experience in the industry and its
established relationships with customers and suppliers.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of TL and Singhal Pipes Pvt Ltd (SPPL).
This is because the two entities, together referred to as the
Singhal group, are in the same line of business and have a common
management.
Outlook: Stable

CRISIL believes that the Singhal group will continue to benefit
over the medium term from its promoters' extensive industry
experience and its established relationships with customers. The
outlook may be revised to 'Positive' in case of a significant
improvement in the group's financial risk profile most likely
because of an improvement in operating profitability or working
capital cycle. Conversely, the outlook may be revised to
'Negative' in case of a substantial increase in the Singhal
group's working capital requirements, or low cash accruals, or
withdrawal of capital by the promoters, resulting in deterioration
in its liquidity.

Established in 1991, TL trades in sanitary and bathroom fittings,
and polyvinyl chloride (PVC) and mild steel pipes. The firm, based
in Ghaziabad (Uttar Pradesh), was originally established by Mr.
Sajjan Kumar Singhal as Industrial Equipment Corporation. This
firm was taken over by his son, Mr. Anil Kumar Singhal, in 2007
and was renamed TL.

Incorporated in 2005 and promoted by Mr. Sajjan Kumar Singhal and
Mr. Anil Kumar Singhal, SPPL is in the same line of business. The
company is based in Ghaziabad.

For 2014-15 (refers to financial year, April 1 to March 31), on a
provisional basis, TL reported a profit after tax (PAT) of INR4.5
million on net sales of INR700 million, against a PAT of INR1.9
million on net sales of INR632.4 million for 2013-14.


VASU ALLOYS: CRISIL Assigns B- Rating to INR50MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Vasu Alloys Pvt Ltd (VAPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           50        CRISIL B-/Stable
   Term Loan              4        CRISIL B-/Stable

The rating reflects VAPL's limited track record of operations,
susceptibility to intense competition in the lead trading
industry, below-average financial risk profile, and high inventory
levels. These rating weaknesses are partially offset by the
company's established relationships with its customers and growth
prospects of VAPL in the lead industry.
Outlook: Stable

CRISIL believes VAPL will continue to benefit from its growth
prospects. The outlook may be revised to 'Positive' if the
company's revenue and profitability increase substantially leading
to an improvement in its financial risk profile, or in case of
significant infusion of capital by promoters, resulting in an
improved capital structure. Conversely, the outlook may be revised
to 'Negative' if VAPL's capital structure weakens, or it reports
low operating profitability, or it is unable to cater to new
orders resulting in piling up of inventory.

Incorporated in 2011, VAPL is primarily engaged in manufacturing
and supplying re-melted lead ingots. This is commercially called
as raw lead or lead bullion, which is further processed to pure
lead and lead alloys. The company is based in Haryana, with
manufacturing facilities in Karnal, Haryana.

For 2014-15 (refers to financial year, April 1 to March 31), on a
provisional basis, VAPL reported a profit after tax (PAT) of
INR0.05 million on net sales of INR18.3 million, as against a loss
of INR0.2 million on net sales of INR13.8 million for 2013-14.


VEEKAS PIPES: CRISIL Reaffirms 'B+' Rating on INR100MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Veekas Pipes Pvt Ltd
(VPPL) continue to reflect its small scale of operations in the
intensely competitive steel pipes trading business, and
vulnerability to volatility in steel prices; the ratings also
factor in VPPL's below-average financial risk profile, marked by
weak debt protection metrics and high total outside liabilities to
tangible net worth (TOLTNW) ratio.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Overdraft Facility     100       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of VPPL's promoters in the steel pipe trading business.
Outlook: Stable

CRISIL believes that VPPL will continue to benefit over the medium
term from its promoters' extensive experience in the steel pipe
trading business. The outlook may be revised to 'Positive' if
better-than-expected profitability results in stronger debt
protection metrics; or if equity infusions result in reduction in
total outside liabilities to tangible net worth (TOLTNW) ratio.
Conversely, the outlook may be revised to 'Negative' if VPPL's
liquidity weakens owing to increased support to group companies,
decline in profitability, or stretch in working capital cycle.

Update
VPPL's net sales reduced to an estimated INR550 million for 2014-
15 (refers to financial year, April 1 to March 31) from INR584.2
million and INR647.5 million in 2013-14 and 2012-13, respectively,
owing to decline in average realisation. Operating margin remains
low at an estimated 3 per cent in 2014-15. Given the trading
nature of business and intense market competition, VPPL is
expected to report low profitability over the medium term as well.
Working capital requirements are moderate: the gross current
assets reduced to around 61 days as on March 31, 2014 from 77 days
a year ago and are expected to remain at this level over the
medium term. The financial risk profile is below average, marked
by high TOLTNW ratio of around 4 times and weak debt protection
metrics as on March 31, 2014; interest coverage and net cash
accruals to total debt ratio remained around 1.3 times and 0.06
times respectively. With low profitability in business, the
financial risk profile is expected to remain weak over the medium
term. The liquidity is moderate, with average bank limit
utilisation of 71 per cent for 9 months through December 2014, and
accruals generated expected to remain adequate against its
repayment obligation over the medium term. VPPL is expected to
generate accruals of around INR5 million against repayment
obligations of around INR1.5 million in 2015-16. The accruals are
expected to be utilised to support part of the working capital
requirements as well.

For 2013-14, VPPL reported a profit after tax (PAT) of INR3.6
million on an operating income of INR584.1 million, as against a
PAT of INR4.4 million on an operating income of INR647.4 million
in 2012-13.

VPPL was set up in 1971, in Ahmedabad (Gujarat), and is promoted
by Mr. Prakash Patel and Mr. Deepak Patel. The company trades in
steel pipes such as electric-resistance-welded steel pipe,
galvanised steel pipe, structural-rectangulars, rounds, and hollow
section steel pipes.


VEGA CONTROLS: CRISIL Cuts Rating on INR10MM Cash Loan to B
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Vega Controls Pvt Ltd (VCPL) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable', and has reaffirmed the rating on the company's short-
term bank facilities at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bill Discounting      6         CRISIL A4 (Reaffirmed)

   Cash Credit          10         CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Letter of credit &
   Bank Guarantee       20         CRISIL A4 (Reaffirmed)

   Term Loan            25         CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The rating downgrade reflects deterioration in VCPL's business
risk profile marked by year-on-year decline in revenue and
profitability and stretch in working capital cycle. VCPL's
profitability is under pressure on account of subdued demand from
the steel sector, which is the company's key end-user segment.
Consequently, VCPL's operating margin declined to about 5.0 per
cent in 2014-15 (refers to financial year, April 1 to March 31)
from 8.7 per cent in the previous year. Its working capital cycle
has lengthened on account of stretch in its receivables. Also, the
decline in VCPL's operating income and profitability has resulted
in low net cash accruals, weakening the company's liquidity.
Furthermore, the fixed obligations arising from the recent
restructuring of its debt (cash credit limit converted into a
working capital term loan) are expected to put further pressure on
its liquidity over the medium term.

The ratings reflect VCPL's modest scale of operations, large
working capital requirements, end-user industry concentration in
its revenue, and susceptibility of its operating margin to
volatility in raw material costs. These rating weaknesses are
partially offset by the extensive experience of VCPL's promoters
in the automation industry.
Outlook: Stable

CRISIL believes that VCPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports
substantial cash accruals or improves its working capital cycle,
leading to improvement in its financial risk profile, particularly
liquidity. Conversely, the outlook may be revised to 'Negative' in
case of weakening of the company's financial risk profile,
particularly liquidity, most likely because of low cash accruals
or stretch in working capital cycle.

VCPL was initially established as a partnership firm in 1997 by
the Purandare family of Pune (Maharashtra) and was reconstituted
as a private limited company in 2004. VCPL is a channel partner of
ABB Ltd and provides customised control panel and automation
system solutions to customers. The company mainly caters to
players in the steel industry across India.


VIJAYWARGI INFRA: Ind-Ra Suspends 'IND BB+' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vijaywargi Infra
Engineers Private Limited's (VIEPL) 'IND BB+' Long-Term Issuer
Rating to the suspended category. The Outlook was Stable. The
rating will now appear as 'IND BB+(suspended)' on the agency's
website.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for VIEPL.

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

VIEPL's ratings are as follows:

  -- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
      from 'IND BB+'

  -- INR57.5 million fund-based limits: migrated to 'IND
     BB+(suspended)' from 'IND BB+'

  -- INR180 million non-fund-based limits: migrated to 'IND
     A4+(suspended)' from 'IND A4+'


VINDHYA CEREALS: CRISIL Assigns B+ Rating to INR320MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Vindhya Cereals Pvt Ltd (VCPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan            43.8       CRISIL B+/Stable
   Cash Credit         320         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility   16.2       CRISIL B+/Stable

The rating reflects VCPL's large working capital requirements and
weak financial risk profile marked by high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the company's diversified customer base and established network
of distributors.

For arriving at the rating, CRISIL has treated VCPL's unsecured
loans of INR152.2 million from its promoters and their friends and
relatives as neither debt nor equity based on an undertaking from
the management that the loans will be retained in the business for
more than three years.
Outlook: Stable

CRISIL believes that VCPL will continue to benefit over the medium
term from its diversified customer base and established
distributor network. The company's financial risk profile is,
however, expected to remain constrained by low profitability, high
gearing, and weak debt protection metrics, over the period. The
outlook may be revised to 'Positive' in case of significant
improvement in the company's financial risk profile driven by
substantial capital infusion by the promoters or significantly
large cash accruals or improved working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
low accruals, lengthening of working capital cycle, or large debt-
funded capital expenditure, leading to deterioration in VCPL's
financial risk profile, particularly its liquidity.

VCPL, established in 2009 by Mr. Kamlesh Kumar Argal, mills and
processes basmati rice. Its manufacturing facility is at
Obedullaganj in Raisen (Madhya Pradesh).


VISION DISTRIBUTION: ICRA Suspends B+/A4 Rating on INR20cr Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA]B+/[ICRA]A4 ratings assigned to the
INR20.00 crore bank limits of Vision Distribution Private Limited
(VDPL). The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

VDPL was incorporated in 1996 by Mr. Rakesh Babbar, with the main
business objective of distribution of various electronic products.
Currently the company has exclusive distributorship of Blackberry
and HTC mobile handsets for the state of Delhi. The company also
trades mobile handsets of other brands such as iPhone and Samsung
in Delhi and exports mobile handsets to countries like Dubai,
Singapore and Hongkong.


VITARAG EXPORT: ICRA Suspends 'B' Rating on INR9cr Cash Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR2.00 crore
term loans and the INR9.00 crore cash credit facility and [ICRA]A4
rating assigned to the INR0.25 crore bank guarantee facility of
Vitarag Export Industries. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the firm.

                             Amount
   Facilities              (INR crore)      Ratings
   ----------              -----------      -------
   Term Loan                   2.00         [ICRA]B Suspended
   Cash Credit Facility        9.00         [ICRA]B Suspended
   Bank Guarantee Facility     0.25         [ICRA]A4 Suspended

Vitarag Export Industries (VEI) was established in February 2009
as a partnership firm. The firm is involved in the business of
groundnut seed crushing with a total installed capacity to crush
13,200 MT of ground nut seeds per annum. The firm also has a
solvent extraction plant to extract oil from oiled cakes with
installed capacity to process 3000 MT of oil cakes per annum. The
manufacturing facility of the firm is located at Dhoraji in
Junagadh district of Gujarat.


WIANXX IMPEX: ICRA Reaffirms B- Rating on INR49cr LT Loan
---------------------------------------------------------
ICRA has re-affirmed its long-term rating of [ICRA]B- on the INR49
crore long term fund based limits of Wianxx Impex Private Limited
(WIPL).

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund
   Based Limits            49.00        [ICRA]B-; Reaffirmed

ICRA's rating reaffirmation factors in the good profile of tenants
in WIPL's mixed use property, Europark, and improved occupancy
level from 24% to ~50% (excluding hotel portion) over the last one
year, which has resulted in lower commitment towards assured
returns to customers (INR8.98 crore in 2013-14 to INR5.29 crore in
9m2014-15) apart from better rental inflows.

However, the rating is constrained by WIPL's stretched liquidity
position which has rendered it dependent on refinancing and
financial support from promoters. Despite the successful
commencement of operations of almost half of the mall area and
improvement in footfalls, WIPL's committed outflows remain
substantial and it has been securitizing the enhanced lease
rentals to part fund its commitments. The committed outflows
include buyback for the sold portion, land lease payments, assured
returns to customers, debt repayments and capital expenditure
toward setting up the hotel. While WIPL plans to sell additional
area in order to bridge the funding gap, the timeliness of the
same remains critical in the backdrop of a subdued market
scenario.

Going forward, the ability of the company to sell additional area
and receive funding support from promoters in a timely manner will
be a key rating sensitivity. Further, ICRA will also monitor
additional area leased by the company which would be an important
factor in mitigating the operational risk of the mall.

Incorporated in 1995 by three brothers -- Mr. Rajeev Anand, Mr.
Sandeep Anand and Mr. Sanjeev Anand, WIPL owns a mall cum hotel
cum multiplex property in Ghaziabad, Uttar Pradesh. The property
has been set up on a 6.02-acre land parcel that has been taken on
a 90 years lease from UPSIDC, starting 2004. (A brief snapshot of
the project is given in the adjoining table). The project is
located on the main Delhi-Ghaziabad Highway (NH-58), near Delhi-
Ghaziabad border (~3 kms). Key residential clusters in proximity
to the mall include Vaishali, Kaushambi, Vasundhra and
Indirapuram. Besides, the mall is also easily accessible from East
Delhi. Prior to CY2000, Wianxx was engaged in the business of
export and imports of textiles. However, owing to the slowdown in
the business, it stopped dealing in exports. In order to
diversify, the promoters implemented their maiden project Europark
in this company.

Recent Results
The company reported an operating income (OI) of INR6.61 crore and
a net loss of INR3.68 crore in 2013-14, as compared to an OI of
INR2.61 crore and a net loss of INR3.45 crore in the previous
year. The company, on a provisional basis, reported an OI of
INR6.62 crore and a net loss of INR2.43 crore for 9mFY2014-15.



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


JAPAN COMMERCIAL 2007-1: S&P Lowers Rating on Class E Notes to D
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from
'CC (sf)' its rating on the class E floating-rate notes issued
under the Japan Commercial Real Estate Funding CMBS 2007-1 G.K.
(JCREF CMBS 2007-1) transaction.

The servicer has completed the sales of the properties backing the
transaction's underlying loans and specified bonds.  However, the
outstanding balance of the class E notes exceeded the total
proceeds collected from the loans that were payable to the notes,
and the notes incurred losses on the transaction's payment date in
June 2015.  Based on this, S&P lowered to 'D (sf)' its rating on
the class E notes.

S&P intends to maintain its 'D (sf)' ratings on the class E notes
for at least 30 days, and then withdraw its ratings on this class.

JCREF CMBS 2007-1 is a multiborrower commercial mortgage-backed
securities (CMBS) transaction.  Nine loans originally secured the
notes, and 56 real estate properties and real estate trust
certificates initially backed the loans.  Barclays Securities
Japan Ltd. (formerly, Barclays Capital Japan Ltd.) arranged the
transaction.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

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

            http://standardandpoorsdisclosure-17g7.com

RATING LOWERED

Japan Commercial Real Estate Funding CMBS 2007-1 G.K.

JPY58.2 billion commercial mortgage-backed floating rate notes due
December 2015

Class   To       From      Initial issue amount   Coupon
E       D (sf)   CC (sf)   JPY2.7 bil.            Floating rate



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


GREEN MAN: Brewery Rescued Out of Liquidation
---------------------------------------------
Simon Hartley at Otago Daily Times reports that Dunedin's Green
Man Brewery has been resurrected with a new focus on export sales
to Asia.

Green Man has been bought out of liquidation for an undisclosed
sum, the report says.

ODT relates that the new owner is making a multimillion-dollar
investment, with all new equipment being imported.

According to the report, Mingchun "William" Qiu, of Christchurch,
has retained the existing two staff and branding. He plans to
expand the Grange St, North Dunedin, enterprise, import new
Chinese equipment and begin export sales, the report relays.

Established in 2006, Green Man Brewery was New Zealand's first
certified organic craft beer producer.



===============
P A K I S T A N
===============


PAKISTAN: Mass Tax Avoidance Chokes Country's Economy
-----------------------------------------------------
Farhan Bokhari at the Financial Times reports that as an
industrialist in Pakistan's southern port city of Karachi recounts
his woes, from frequent power cuts to a shortage of trained
workers, his accountant barges in with a question: "Sir, how much
should we earn from the farm this year?"

"Let me see how much we need to earn from the farm and get back to
you," the industrialist replies, the FT relates.

The FT says the encounter provides a glimpse of one of Pakistan's
toughest economic challenges: reforming its chronically
dysfunctional tax-collection system.

Only about 0.5 per cent of Pakistan's 200 million people pay
income tax, compared with 2-3 per cent in India and 20 per cent in
China, according to the OECD, the FT relays.

Compliance with income tax payments is so poor in parts of the
country that the cost of running local tax offices exceeds the tax
they collect, according to the report.

"Frankly, the government could end up saving money in some of our
remote areas if the tax offices there were shut down today," the
FT quotes one government official as saying.

The problem has not been solved by a plummeting poverty rate,
which fell from 65 per cent in 1991 to 13 per cent in 2011, the FT
discloses citing UN figures released last month.

Huge numbers of affluent Pakistanis dodge their tax by colluding
with corrupt tax officials to understate their incomes, exploiting
loopholes, or both, the report notes.



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


SKY FITNESS: Owes Members SGD3.8 Million After Sudden Closure
-------------------------------------------------------------
Samantha Boh at The Strait Times reports that a gym which ceased
operations unexpectedly in March allegedly owes a total of
SGD3.8 million to its members, banks and other stakeholders.

Close to 700 members of Sky Fitness are estimated to be affected,
some of whom have taken their case to the Small Claims Tribunals,
The Strait Times relates citing Chinese evening daily Shin Min
Daily News.

According to the Accounting and Corporate Regulatory Authority's
records, the company has been in liquidation since April 21, the
report says.

The Strait Times notes that affected members of the gym located at
HarbourFront Tower Two have taken to the Internet to seek help and
to discuss their next course of action.

Some claimed that they had signed up for packages with the gym as
recently as February and felt cheated as they believe the gym was
probably already in financial difficulties then, the report
relays.

One member was quoted by the Chinese paper saying: "The gym was
still aggressively marketing their packages a few weeks before
they closed, which I thought was not right".


* SINGAPORE: Worst Souring Loans Since 2009 Show Asian Contagion
----------------------------------------------------------------
Christopher Langner and Chanyaporn Chanjaroen at Bloomberg News
report that Singapore's worst souring loans in six years are
adding to signs Southeast Asian borrowers are buckling under
pressure from slowing Chinese economic growth and rising U.S.
interest rates.

Bloomberg says banks in Southeast Asia's biggest finance center
have placed 2.3 percent of their lending books in a "special
mention" category, the first signal that a company may struggle to
repay, the highest since 2009.  Thai banks have allocated
2.8 percent, the worst in four-and-a-half years, while Indonesia
has the most non-performing loans since the start of 2012, the
report discloses.

"We're coming out of a period when credit conditions were quite
favorable for Asean and the cycle is beginning to turn," the
report quotes Gene Fang, an associate managing director at Moody's
Investors Service in Singapore, as saying. "The two big macro
economic drivers are the slowdown in China and rising interest
rates."

According to Bloomberg, the emergence of overdue debt concerns may
restrain record lending just as it's most needed. Indonesia's
economy grew at the slowest pace since 2009 last year and
Singapore expanded the least in two years as prices of commodities
from palm oil to natural gas slumped, Bloomberg notes.  Bloomberg
says the International Monetary Fund warned in April shocks from
U.S. monetary tightening and a stronger greenback could be
amplified in Asia by rising personal and corporate liabilities.

Bank lending in Indonesia, Singapore and Thailand reached $1.15
trillion at the end of December, according to data compiled by
Bloomberg. That's about three-quarters of the nations' combined
economies. Singapore banks have lent the equivalent of 1.5 times
the country's gross domestic product, the data show.

The boom may be peaking, says Bloomberg. China, the biggest
consumer of products from Southeast Asia, grew at its slowest pace
in a quarter of a century in 2014. The U.S. is expected to raise
its benchmark interest rate to 0.45 percent by the third quarter,
according to analysts surveyed by Bloomberg, prompting other
central banks to follow suit.

"The scenario of a 'double whammy' posed by a rise in U.S.
interest rates and a strong U.S. dollar could expose
vulnerabilities among some Asian borrowers," Bloomberg quotes Ravi
Menon, the governor of the Monetary Authority of Singapore as
saying in a May 28 speech. As a result, "banks in emerging Asia
could face higher non-performing loans."

As fiscal pressures cause loans to fail, some banks may start to
retrench their lending activity, said Ambreesh Srivastava, a
senior director at Fitch Ratings Ltd. in Singapore, Bloomberg
relays. That shouldn't necessarily be viewed as a negative.

"If this results in a more conservative stance, that may actually
arrest the growth in non-performing loans over time," Srivastava,
as cited by Bloomberg, said. "And that's a good thing."

Bloomberg notes that costs are already up for the region's
corporate bond issuers. The yield on Thailand's 10-year government
notes, used as a gauge for company borrowing rates, has risen 23
basis points this year to 2.96 percent, even as the central bank
cut interest rates to kickstart growth, Bloomberg discloses.
Singapore's benchmark rose 38 basis points to 2.66 percent and
Indonesia's five-year yardstick bond has increased 59 basis
points.

Thailand's Thanachart Bank Pcl classified 3.95 percent of its
loans as non-performing in the first quarter, according to the
bank, Bloomberg relays. It's the worst ratio among major lenders
in Singapore, Indonesia, Malaysia and Thailand, Bloomberg-compiled
data show.



                             *********

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.



                 *** End of Transmission ***