TCRAP_Public/150619.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, June 19, 2015, Vol. 18, No. 120


                            Headlines


A U S T R A L I A

BOWLAND INGLE: Goes Into Liquidation
LYONS & PEIRCE: First Creditors' Meeting Set For June 26
MONIC IT: First Creditors' Meeting Set For June 29
PADDINGTON BOWLING: First Creditors' Meeting Set For June 25
QANTAS AIRWAYS: Moody's Changes Outlook to Pos. & Affirms Ba1 CFR

ST BARBARA LIMITED: Moody's Affirms Caa1 CFR, Outlook Stable
WESTERN DESERT: Owners Disappointed Over Closure of Mines


C H I N A

CHINA SHANSHUI: S&P Lowers CCR to 'CCC'; Outlook Negative
SKYSTAR BIO-PHARMA: Plans to Regain NASDAQ Listing Compliance
YOU ON DEMAND: Incurs $2.92-Mil. Net Loss in Q1 Ending Mar. 31


I N D I A

A.K. BUILDERS: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
ADI WIRES: CRISIL Reaffirms 'D' Rating on INR23.5MM Cash Loan
ANAND PRAKASH: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
BALWINDRA TOOLS: CRISIL Reaffirms B Rating on INR16.3MM Loan
BHAGWAN PRECISION: CRISIL Reaffirms B- Rating on INR54MM Loan

C B RANWADE: CRISIL Cuts Rating on INR41MM Bank Loan to 'D'
DEVARSHEE COMPLEX: CRISIL Cuts Rating on INR95MM Loan to 'D'
DIGITAL CERAMICS: CRISIL Reaffirms B+ Rating on INR40MM Loan
GOMATHI STEELS: CRISIL Reaffirms B+ Rating on INR130MM Loan
GURBAKSH SINGH: ICRA Assigns 'B-' Rating to INR14cr Loan

JAY METAL: ICRA Reaffirms 'B' Rating on INR2.85cr Term Loan
KISHOR SORTEX: CRISIL Reaffirms B+ Rating on INR30MM Cash Loan
LAKSHMANAN ISOLA: ICRA Assigns B- Rating to INR7.75cr Cash Loan
M. K. ROY: CRISIL Reaffirms 'B' Rating on INR51.5MM Cash Credit
M B TIMBER: CRISIL Cuts Rating on INR290MM Loan to 'D'

MAA SUBHALA: CRISIL Reaffirms B- Rating on INR56.9MM LT Loan
MATOSHREE COTTON: ICRA Suspends B+ Rating on INR6.0cr Cash Loan
MEGHA GRANULES: Ind-Ra Affirms 'IND D' Long-Term Issuer Rating
NARENDRA DEV: CRISIL Reaffirms B+ Rating on INR110MM Cash Loan
NEXTGEN FIBRES: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating

NISSAN SYNTEX: ICRA Reaffirms B+ Rating on INR4.90cr Cash Loan
NIYAS PROJECTS: ICRA Assigns B+ Rating to INR10cr Term Loan
PIONEER FABRICATORS: CRISIL Reaffirms B Rating on INR140MM Loan
PLASTO ELTRONICS: CRISIL Reaffirms B+ Rating on INR30MM Loan
PMR CONSTRUCTION: ICRA Reaffirms B+ Rating on INR5.0cr LT Loan

POOJA CASHEW: CRISIL Suspends B+ Rating on INR180MM Cash Loan
PURAN MURTI: CRISIL Suspends D Rating on INR110MM Term Loan
PRAJAY PROPERTIES: CRISIL Reaffirms D Rating on INR1.21BB Loan
PREMIER PIPES: CRISIL Reaffirms B+ Rating on INR45MM Cash Loan
R K SHAH: ICRA Lowers Rating on INR10cr Cash Credit to 'D'

RAJA MOTORS: CRISIL Ups Rating on INR33MM Cash Loan to B+
RAMESWAR UDYOG: ICRA Reaffirms B+ Rating on INR4.75cr Cash Loan
RATTAN POLYCHEM: ICRA Ups Rating on INR11.5cr LT Loan to B+
RAVIRAJ FOILS: CRISIL Suspends B+ Rating on INR120MM Term Loan
S.R. TIMBER: CRISIL Suspends D Rating on INR280MM LOC

S.R. WORTH: CRISIL Suspends 'D' Rating on INR200MM LOC
SELVEL ADVERTISING: ICRA Reaffirms 'D' Rating on INR8cr Loan
SHREE NURSINGSAHAY: CRISIL Cuts Rating on INR120MM Loan to B-
SHRI JOTHILINGAM: CRISIL Assigns B+ Rating to INR65MM Cash Loan
SINGLA AND SINGLA: CRISIL Cuts Rating on INR60MM Cash Loan to B

SOLAR PRINT: Ind-Ra Affirms 'IND BB' Long-Term Issuer Rating
SRI SATHYA: ICRA Lowers Rating on INR7cr Cash Credit to B+
SRI VAIBHAVA: CRISIL Reaffirms 'D' Rating on INR52.5MM LT Loan
SRI VENKATESWARA: ICRA Assigns B+ Rating to INR3.5cr LT Loan
SRISHTI CONSTRUCTIONS: CRISIL Ups Rating on INR62.5MM Loan to B+

SUNSILK DYEING: CRISIL Suspends D Rating on INR57.7MM Term Loan
SVARN TELECOM: ICRA Puts 'B' LT Rating on Notice For Withdrawal
TIMCO STEEL: ICRA Suspends B+ Rating on INR5.5cr Term Loan
TULIP TELECOM: Ind-Ra Withdraws 'IND D(Suspended)' Rating
UGAM IMPEX: CRISIL Suspends D Rating on INR373MM Bank Loan

VEGA CONTROLS: CRISIL Reaffirms 'B' Rating on INR25MM Term Loan
VISHAL BUILDERS: CRISIL Suspends B+ Rating on INR10MM Cash Loan
YASHASVI YARNS: Ind-Ra Lowers Long-Term Issuer Rating to 'IND D'
YASHWANT ENTERPRISES: CRISIL Cuts Rating on INR70MM Loan to 'D'
* FY15 Corporate Default Rate Declined to 3.5%, Ind-Ra Says


I N D O N E S I A

PAKUWON JATI: Fitch Raises IDR to 'BB-'; Outlook Stable


J A P A N

SKYMARK AIRLINES: Creditors to Choose Rehab Plan on Aug. 5


N E W  Z E A L A N D

FP IGNITION 2011-1: Moody's Assigns Ba1 Rating to Class E Notes


P A K I S T A N

ALLIED BANK: Moody's Raises Deposit Ratings From Caa1


P H I L I P P I N E S

SIARGAO BANK: Placed Under PDIC Receivership


S I N G A P O R E

PUMA ENERGY: Fitch Affirms 'BB' IDR; Outlook Stable


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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A U S T R A L I A
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BOWLAND INGLE: Goes Into Liquidation
------------------------------------
News.com.au reports that liquidators for Bowland Ingle Farm are in
the process of trying to contact families who have booked birthday
parties at the venue, telling them to make other arrangements.

News.com.au relates that insolvency firm Clifton Hall's director
Daniel Lopresti said the business closed with debts of about
AUD250,000.

He said staff were trying to contact people who made bookings
before the business closed. This includes birthday bookings, the
report says.

According to the report, Mr Lopresti said the firm had not been
able to contact everybody.  "We endeavour to contact people who
have made bookings," the report quotes Mr Lopresti as saying.

The business closed suddenly at the beginning of the month, the
report notes.

News.com.au says the firm has been in the process of notifying
staff and creditors since.

Groups who have paid a deposit for a function at the venue can
lodge a request to have it returned, the report states.

"The only way they can get a return is if there is sufficient
funds following the liquidation," Mr Lopresti, as cited by
News.com.au, said.


LYONS & PEIRCE: First Creditors' Meeting Set For June 26
--------------------------------------------------------
Bryan Kevin Hughes and Mr Daniel Johannes Bredenkamp of Pitcher
Partners were appointed as administrators of Lyons & Peirce
Karratha Pty Ltd and Lyons & Peirce Karratha (WA) Pty Ltd on June
16, 2015.

A first meeting of the creditors of the Company, or a first
meeting for each of the Companies, will be held at The Atrium
Theatrette, Level 4, 168 St Georges Terrace, in Perth, Western
Australia, on June 26, 2015, at 2:00 p.m. (WST) & 3:00 p.m. (WST).


MONIC IT: First Creditors' Meeting Set For June 29
--------------------------------------------------
Travis Pullen of TJP Advisory was appointed administrator of Monic
IT Pty Ltd on June 17, 2015.

A first meeting of the creditors of the Company will be held at
Suite 17, 101 Wockham Terrace, in Spring Hill, Queensland, on
June 29, 2015, at 3:45 p.m.


PADDINGTON BOWLING: First Creditors' Meeting Set For June 25
------------------------------------------------------------
Peter Krejci and Brian Silvia of BRI Ferrier were appointed as
administrators of Paddington Bowling Club on June 15, 2015.

A first meeting of the creditors of the Company will be held at
BRI Ferrier, Level 30, 'Australia Square', 264 George Street, in
Sydney, on June 25, 2015, at 11:00 a.m.



QANTAS AIRWAYS: Moody's Changes Outlook to Pos. & Affirms Ba1 CFR
-----------------------------------------------------------------
Moody's Investors Service, ("Moody's") has affirmed all ratings of
Qantas Airways Limited (Qantas) and changed the outlook to
positive from stable. The ratings affirmed include Qantas' Ba1
corporate family rating, Ba2 senior unsecured rating, NP (Not
Prime) short term rating and (P)Ba2/(P)NP program ratings.

RATINGS RATIONALE

"The change in outlook from stable to positive reflects the
reduction in adjusted debt due to changes in Moody's approach for
capitalizing operating leases. The updated approach for standard
adjustments for operating leases is explained in the cross-sector
rating methodology Financial Statement Adjustments in the Analysis
of Non-Financial Corporations, published on June 15, 2015" says
Matthew Moore a Moody's Vice President -- Senior Analyst.

"The change in outlook also considers the considerable progress
the company has made on its transformation program, the more
conservative approach to capacity management in the domestic
market, as well as the benefits being realized from weakening of
the Australian dollar and lower fuel prices" adds Moore.

The updated lease methodology will lead to a significant reduction
in Qantas' lease adjusted debt, which Moody's expects will decline
by around 20% as a result of the change. This combined with recent
improvements in Qantas' operating profile will lead to strong
credit metrics for its current rating.

"The company is on track to achieve its targeted $1 billion of net
debt reduction and we are expecting a substantial improvement in
EBITDA for FY15. As a result we expect adjusted gross debt-to-
EBITDA could improve to around 3.0x to 3.5x in FY15 with scope for
further improvement in FY16 if operating conditions remain
supportive and Qantas' continues to execute on its
transformation", says Moore.

"Our expectation for improved EBITDA generation is a result of the
company's solid progress under its large transformation program
and the ongoing improvement in competitive and operating
conditions, particularly in the domestic market." Moore says.

"The impact of lower fuel prices and a weaker Australian dollar
will also provide solid support to improved earnings over the next
twelve months", Moore adds.

The company continues to perform on its transformation program,
including realizing $875 million of transformation-led benefits
and completing 4,000 of the planned 5,000 headcount reduction by
FY15. Qantas' has flagged it expects more than $1.1 billion of
benefits over FY16 and FY17 of which $600 million are in the
implementation phase.

Qantas' ratings continue to reflect the carrier's large scale and
coverage in the Australian domestic aviation market, its dual
flying brands and extensive global route network and code-sharing
arrangements, including its tie-up with Emirates. The ratings are
currently supported by stable earnings generation from its loyalty
business and its solid liquidity including access to around $2.9
billion in unrestricted cash balances and approximately A$1
billion of committed bank revolving undrawn lines of credit.

The ratings are balanced by the improved, but still fragile,
conditions in the operating and competitive environment both
internationally and domestically, as well as the company's cost
base, which is still somewhat elevated relative to competitors.

"The ratings could be upgraded if the company is able to continue
to execute on its transformation program and if current operating
conditions continue to improve in both the domestic and
international market" says Moore, adding "Positive momentum would
also require ongoing debt reduction, such that Qantas is able to
maintain leverage below 4.0x under several scenarios including
weaker operating conditions and a return to increased
competition".

On the other hand, negative rating pressure could evolve if Qantas
is unable to sustain and/or build on recent improvements in the
core profitability of its international and domestic businesses or
reduce debt to appropriate levels, commensurate with its
sustainable earnings. Financial metrics that Moody's would look
for include Debt/EBITDA remaining above 5.0x on a sustained basis.
In addition, a material deterioration in liquidity could impact
the carrier's ratings.

Qantas is Australia's largest domestic carrier and estimates its
total domestic market share at around 63%.


ST BARBARA LIMITED: Moody's Affirms Caa1 CFR, Outlook Stable
------------------------------------------------------------
Moody's Investors Service has affirmed the Caa1 corporate family
rating and senior secured rating of St. Barbara Limited (St.
Barbara) and changed the outlook on the ratings to stable from
negative.

RATINGS RATIONALE

"The outlook change reflects the progress made on the company's
Simberi mine in Papua New Guinea, leading to a strengthening in
cashflow metrics", says Saranga Ranasinghe, a Moody's Analyst.

St. Barbara has increased production and reduced the All in
Sustaining Cost (AISC) at the Simberi mine to generate free
cashflow in the quarter ended March 2015, for the first time since
the asset was acquired in 2012.

"Moody's has previously stated that the rating outlook could
revert to stable if St. Barbara can successfully execute on the
initiatives to increase production and reduce the unit cash costs
at Simberi, and demonstrate a sustainable improvement such that
the mining operations there are at least cashflow break even,
limiting the cash drain on the group. We believe, the current
increase in production is sustainable and the mine will generate
positive cashflows in the medium term", adds Ranasinghe.

The turnaround in operations at Simberi augments the strong
performance at the company's Gwalia mine in Australia and has
contributed to stronger cashflow generation. Depleting cash levels
due to the loss making Pacific assets and its ability to repay the
$75 million Red kite facility when it starts to amortize were key
concerns for the rating.

The suspension of operations at Gold Ridge, the eventual sale of
the mine and the turn-around of operations at Simberi has stopped
the cash drain on the company in the last two quarters. The
company in the March quarter was able to successfully generate $40
million of free cash flow for the period and ended the March
quarter with A$108 million of cash on hand.

Notwithstanding the volatility in the gold price, St. Barbara
continues to benefit from the weakening Australian dollar.
Australian denominated gold price has remained at relatively
strong levels compared to the US dollar denominated gold price. We
are not expecting any material increase in gold prices, risks are
to the downside. We are currently using a gold price sensitivity
range of USD1,100-1,300/oz, focusing on USD1,200/oz. St. Barbara
also benefits from the hedges in place for 100k oz of production
at A$1,600.

Any further upward movement on St. Barbara's rating and or outlook
will depend on the company sustaining the improvements made at the
Simberi mine. The rating could face positive momentum if the
company demonstrates sustainability in the AISC levels achieved at
Simberi and generates free cashflow from the mine.

On the other hand, the rating could face negative pressure if
there are any material reductions in production and/or AISC levels
at Simberi leading to concerns about the company's ongoing
production profile and liquidity. The rating could also face
negative pressure if there is a material weakening in gold
fundamentals, with Australian dollar denominated gold prices
declining to levels where the company is unable to generate
positive free cashflow from two mines.

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.

St. Barbara Limited is an Australian ASX listed gold producer and
explorer. The company is headquartered in Melbourne, Australia and
the company's flagship operations are located in Leonora, Western
Australia, 240km north of Kalgoorlie.


WESTERN DESERT: Owners Disappointed Over Closure of Mines
---------------------------------------------------------
Australian Associated Press reports that indigenous traditional
owners in the Top End are disappointed that the collapse of two
mines have taken with them hopes for economic development.

The Western Desert Resources mine and the Sherwin Iron mine both
went into receivership last year.

According to the report, Northern Land Council CEO Joe Morrison
said Aboriginal people counting on them for work have been left
frustrated.

"People embraced those mines on the basis that there was going to
be employment, and Western Desert did in fact employ a lot of
Aboriginal people and we applaud them for that," he told AAP on
June 12.

"But it didn't realise its full potential and didn't pay any
benefits to traditional owners.

"So the potential for those mines to become an environmental and
cultural legacy for people now to deal with is foremost on
people's minds."

AAP relates that Mr Morrison said in a suppressed commodity price
environment it was highly unlikely other operators would be found
to take over those mines.

He said they highlighted the importance of careful planning for
northern development, the report relays.

"How much can the residents of northern Australia put up with this
kind of development is the question we need to ask ourselves as a
nation, because we don't want to end up with just holes in the
ground . . . but we do want development," AAP quotes Mr. Morrison
as saying.

Aboriginal people in the Northern Territory are primary landowners
of 50 per cent of the jurisdiction and hold native title claims to
most of the rest, AAP notes.

AAP adds that Mr. Morrison said they and their unique perspectives
should therefore be front and centre of any plans for development.

"We desperately hope (the White Paper on Developing Northern
Australia) broadens the horizons about the north in terms of what
it is currently and what it should be," the report quotes Mr.
Morrison as saying.

"It should be a place of enormous pride for the country in the
future that the north is developed in a way that sustains the
people as well as generates economic and employment opportunities.

"We can't just think about this as economic transactions. We must
think about them as the kinds of developments that support
people's culture and their longstanding traditions."



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CHINA SHANSHUI: S&P Lowers CCR to 'CCC'; Outlook Negative
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on China-based cement producer China Shanshui Cement
Group Ltd. (Shanshui) to 'CCC' from 'B+'.  The outlook is
negative.  S&P also lowered the rating on the company's
outstanding senior unsecured notes to 'CCC-' from 'B'.

At the same time, S&P lowered its long-term Greater China regional
scale ratings on Shanshui to 'cnCCC' from 'cnBB', and that on its
notes to 'cnCCC-' from 'cnBB-'.  S&P removed all ratings from
CreditWatch, where they were placed with negative implications on
April 16, 2015.

The downgrade reflects S&P's belief that the Hong Kong High
Court's appointment of receivership for 43.29% shareholding of
China Shanshui Investment has already hurt Shanshui's financing
ability and operation.  In S&P's assessment, the company's
liquidity would deteriorate to "weak" and there is a heightened
repayment risk to its financial obligations coming due over the
next 12 months.  China Shanshui Investment is an investment
holding company, which has about 25.09% share of Shanshui, making
it the second-largest shareholder.

"In our view, Shanshui's liquidity risk will increase and the
issuer may default in the next 12 months if the situation does not
improve," said Standard & Poor's credit analyst Jian Cheng.  "The
company has made an offer to buy back its US$400 million notes due
2016, which it is scheduled to pay out in July.  We believe
Shanshui could redeem the bond, but its near-term refinancing
needs bolstering because some banks have reduced their credit
lines to the company."

"It is also uncertain if banks will continue to extend funding to
Shanshui given the risks from ownership change and the company's
ability to manage its operations and its capacity to fulfill its
outstanding financial obligations," Mr. Cheng said.

S&P believes Shanshui's refinancing prospect could be affected by
the uncertainties on its shareholding structure.  S&P do not rule
out the possibility that Shanshui's chairman could be replaced,
which could trigger the early redemption for its outstanding 2020
notes, as defined in the notes covenant.  In S&P's view, this may
happen in the near term because the chairman currently does not
own a majority stake and voting power.

"The company's operation and cash flows may also face uncertainty
although it is hard to quantify the impact of suppliers and
contractors demanding prompt payment or reviewing the credit
period they will grant to Shanshui.  We are also unsure on how
long it will take for the court to decide on Shanshui chairman's
appeal against the receivership," Mr. Cheng said.

The rating on its outstanding senior unsecured notes due 2020 is
one notch lower than the issuer credit rating.  This reflects
S&P's expectation that the notes have material structural
subordination.

Shanshui's stock has been suspended from trading in the Hong Kong
Stock Exchange since April 16, 2015.

The negative outlook reflects the company's weakened liquidity due
to large maturities and the related refinancing risk, and the
potential change of control if the chairman is removed, which
could trigger early redemption of 2020 notes.  In S&P's view,
Shanshui has large financial obligations coming due, and the
potential for reduced access to funding and lower cash flows due
to termination of some supplier and contractor relationships.

"Management's ability to operate and secure funding is highly
uncertain, given disagreement over the ownership of China Shanshui
Investment and the sudden change in the controlling shareholder of
Shanshui in the middle of April 2015.  The controlling shareholder
currently does not have a board seat in Shanshui," Mr. Cheng said.

S&P may lower the rating if the company fails to roll over its
short-term bank loan and that results in a near-term liquidity
crisis or missing of interest payment.  S&P may also lower the
rating if the change-of-control clause is triggered for the notes
due 2020.

S&P may raise the rating if the company's liquidity improves.
This could happen if Shanshui's shareholder structure does not
significantly change, its access to bank facilities and the
capital market improves, and its operation remains stable.  This
could also happen if existing shareholders provide financial
support when Shanshui faces financial distress.


SKYSTAR BIO-PHARMA: Plans to Regain NASDAQ Listing Compliance
-------------------------------------------------------------
Skystar Bio-Pharmaceutical Company, a China-based manufacturer and
distributor of veterinary medicine, vaccines, micro-organisms and
feed additives, on June 15 disclosed that the Company timely
submitted a "Plan of Compliance" to Nasdaq in accordance with
applicable Nasdaq rules. The Plan of Compliance sets out the
Company's plan to regain compliance with Nasdaq's continued
listing rules.

On April 15, 2015, and May 22, 2015, the Company received
notifications from the Nasdaq Stock Market informing the Company
that since it had not filed its Annual Report on Form 10-K for the
fiscal year ended December 31, 2014 and its Quarterly Report on
Form 10-Qfor the quarter ended March 31, 2015, respectively, the
Company was not in compliance with Nasdaq Listing Rule 5250(c)(1).

The Nasdaq notification letters do not result in the immediate
delisting of the Company's common stock, and the stock has
continued to trade under its current trading symbol. If the Plan
of Compliance is approved by the Nasdaq staff, the Company may be
eligible for a listing exception of up to 180 calendar days from
the original notice of non-compliance, or until October 12, 2015,
to regain compliance. If the Nasdaq staff concludes that the
Company will not be able to cure the deficiency, the Company's
common stock will be subject to delisting by Nasdaq.

Skystar intends to regain compliance and report full year fiscal
2014 results and first quarter fiscal 2015 results as soon as
practicable.

             About Skystar Bio-Pharmaceutical Company

Skystar -- http://www.skystarbio-pharmaceutical.com-- is a
China-based developer, manufacturer and distributor of veterinary
medicine, vaccines, micro-organisms and feed additives formulated
and packaged in house across several modern manufacturing and
distributions facilities. Skystar's distribution network includes
almost 3,000 distribution agents of which 360 are franchised
stores with exclusivity agreements covering 29 provinces
throughout China.


YOU ON DEMAND: Incurs $2.92-Mil. Net Loss in Q1 Ending Mar. 31
--------------------------------------------------------------
YOU On Demand Holdings, Inc., filed its quarterly report on Form
10-Q, disclosing a net loss of $2.92 million on $1.03 million of
revenues for the three months ended March 31, 2015, compared with
a net loss of $7.45 million on $138,000 of revenues for the same
period in 2014. The Company's balance sheet at March 31, 2015,
showed $22.4 million in total assets, $7.80 million in total
liabilities, and stockholders' equity of $13.3 million. A copy of
the Form 10-Q is available at http://is.gd/Udw1fr

                        About YOU On Demand

New York, N.Y.-based YOU On Demand Holdings, Inc., operates in the
Chinese media segment through its Chinese subsidiaries and
variable interest entities: (1) a business which provides to cable
providers both an integrated value-added service solution and
platform for the delivery of pay-per-view ("PPV") and video on
demand ("VOD") as well as enhanced premium content for cable
providers and (2) a cable broadband business based in the Jinan
region of China.

YOU On Demand Holdings, Inc., reported a net loss of $13.02
million on $1.96 million of revenue for the year ended Dec. 31,
2014, compared with a net loss of $7.89 million on $309,000 of
revenue in 2013.

KPMG Huazhen (SGP) expressed substantial doubt about the Company's
ability to continue as a going concern, citing that the Company
incurred net losses from continuing operations and had a
significant accumulated deficit.
The Company's balance sheet at Dec. 31, 2014, showed $23.7 million
in total assets, $6.47 million in total liabilities, $1.26 million
in convertible redeemable preferred stock and total stockholders'
equity of $16.0 million.



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A.K. BUILDERS: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
A.K. Builders (AKB) to 'CRISIL B+/Stable ' from 'CRISIL B/Stable'
and has reaffirmed its rating on the firm's short-term bank
facility at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         80       CRISIL A4 (Upgraded
                                   from 'CRISIL B/Stable')

   Cash Credit          100        CRISIL B+/Stable (Reaffirmed)

The rating upgrade reflects healthy growth in AKB's turnover and
profitability backed by strong order inflow. The firm is likely to
report operating income of around INR550 million in 2014-15
(refers to financial year, April 1 to March 31) driven by its
healthy order book. AKB's operating income is expected to reach
around INR800 million in 2015-16. The firm has an order book of
around INR850 million to be executed in the next two years.
Additionally, the firm's profitability has improved, with profit
after tax estimated at INR50 million in 2014-15. AKB has an
average financial risk profile, marked by a small net worth and
high gearing estimated at around 1.5 times as on March 31, 2015.
The financial risk profile is expected to improve gradually on
account of healthy order book, but is expected to remain average
over the medium term. Moreover, the firm has high geographic
concentration in its revenue profile. CRISIL believes AKB's
business and financial risk profiles will improve over the medium
term on account of healthy order book and its promoter's extensive
experience in the construction industry.

The rating reflects AKB's average financial risk profile, marked
by a small net worth, high gearing and high geographic and revenue
concentration in its revenue profile. These rating weaknesses are
partially offset from the extensive experience of its promoters in
the civil-construction industry.
Outlook: Stable

CRISIL believes that AKB will continue to benefit over the medium
term from its promoter's extensive industry experience and its
moderate order book. The outlook may be revised to 'Positive' if
the firm reports substantial cash accruals and if its capital
structure improves, most likely through equity infusion by its
promoter. Conversely, the outlook may be revised to 'Negative' if
AKB's liquidity weakens significantly, most likely because of low
cash accruals, or if the firm undertakes a large debt-funded
capital expenditure programme, leading to weakening in its capital
structure.

AKB was set up by Mr. Ashok Sharma as a proprietorship firm in
2000. The firm undertakes road construction projects in Punjab and
Sikkim.


ADI WIRES: CRISIL Reaffirms 'D' Rating on INR23.5MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Adi Wires Pvt
Ltd (AWPL) continues to reflect instances of delays by AWPL in
debt servicing owing to its weak liquidity. The company is yet to
service its part payment due for April 2015. Liquidity remains
stretched with full utilisation of the bank lines because of its
working-capital-intensive operations.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit           23.5         CRISIL D (Reaffirmed)
   Term Loan             31.8         CRISIL D (Reaffirmed)

AWPL also has a weak financial risk profile, marked by modest net
worth, subdued debt protection metrics, modest scale of
operations, and working-capital-intensive operations. These
weaknesses are partially offset by its promoters' extensive
experience in the steel industry, mainly in sponge iron and ingot
manufacturing.

AWPL, based in Jharkhand, was incorporated in 2006; it
manufactures binding wires and wire nails, which are largely used
in the construction industry. The company is promoted and managed
by Mr. Amit Sarawgi and Mr. Rohit Jain.


ANAND PRAKASH: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research has assigned Anand Prakash Ankit Kumar
(APAK) a Long-Term Issuer Rating of 'IND BB-'.  The Outlook is
Stable.  Ind-Ra has also assigned APAK's INR337.5m fund-based
facilities 'IND BB-'/Stable/'IND A4+' ratings.

KEY RATING DRIVERS

The ratings reflect APAK's weak credit metrics and tight liquidity
position.  FY14 (year end March) net financial leverage (adjusted
debt/operating EBITDAR) was 6.62x (FY13: 6.96x) and EBITDA gross
interest coverage (operating EBITDA/gross interest expense) was
1.15x (1.16x).  Liquidity is tight as reflected in around 90% use
of the working capital limits during the 12 months ended April
2015.  The ratings also factor in APAK's moderate scale of
operations and agricultural commodity trading nature of the
business which returns weak profitability (FY14 EBITDA margin:
2.43%).  According to management, revenue remained unchanged at
INR2.45 bil. in FY15.

The ratings are supported by over a decade-long experience of
APAK's founders in the agro trading business and the company's
established customer relationships.

RATING SENSITIVITIES

Negative: Deterioration in the operating profitability leading to
deterioration in the interest coverage will be negative for the
ratings.

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

APAK is a proprietorship concern set up in 2002 in Delhi.  The
firm is into rice trading.  The management of the firm is handled
by Anand Prakash and Ankit Kumar.


BALWINDRA TOOLS: CRISIL Reaffirms B Rating on INR16.3MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Balwindra Tools Private
Limited (BTPL) continue to reflect BTPL's modest financial risk
profile, marked by high gearing and modest debt protection
metrics, and its small scale of operations in the highly
fragmented and competitive hand tools industry. These rating
weaknesses are partially offset by the extensive industry
experience of the company's promoter and its established
relationships with customers.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             10       CRISIL B/Stable (Reaffirmed)

   Export Packing Credit   62.5     CRISIL A4 (Reaffirmed)

   Long Term Loan          14.7     CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      16.3     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BTPL will continue to benefit over the medium
term from its promoter's extensive industry experience and its
established clientele. The outlook may be revised to 'Positive' in
case of improvement in the company's scale of operations and
profitability, resulting in substantial cash accruals, or
considerable capital infusion by its promoter, leading to better
financial flexibility. Conversely, the outlook may be revised to
'Negative' if BTPL's liquidity deteriorates, most likely on
account of stretch in its working capital cycle or pressure on its
profitability.

BTPL was incorporated in 1980, promoted by Mr. Balwindra Singh, in
Ludhiana (Punjab). The company manufactures hand tools such as
spanners, wrenches, bars, L-handles, hammers, hacksaws, vices,
carpentry tools, lubricant tools, and garden tools. It derives a
major portion of its revenue from the export market, mainly from
the sale of spanners such as wheel spanners, L-spanners, and cross
spanners. The promoter's family has experience of over 50 years in
manufacturing hand tools.


BHAGWAN PRECISION: CRISIL Reaffirms B- Rating on INR54MM Loan
-------------------------------------------------------------
CRISIL's rating on bank loan facilities of Bhagwan Precision Pvt
Ltd (BPPL) continues to reflect BPPL's weak financial risk
profile, marked by high gearing and muted debt protection metrics,
and stretched liquidity marked by insufficient cash accruals vis-
a-vis debt repayment obligation. The company, however, has been
meeting its repayment obligations on time because of funding
support from promoters. Also, the rating reflects the company's
initial phase and small scale of operations in the intensely
competitive automotive (auto) components segment. 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         42.7       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 stabilising
operations at its manufacturing facility. CRISIL, however,
believes that BPPL's financial risk profile will remain weak
during this period, because of its working-capital-intensive
operations. The outlook may be revised to 'Positive' if the
company 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
BPPL's financial risk profile deteriorates owing to sizeable debt
contracted to meet its incremental working capital requirement, or
a modest increase 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 margin are estimated to
have remained low at around INR96 million and 7.0 per cent,
respectively, for 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 estimated to have reported loss of
around INR18 million for 2014-15. CRISIL believes that BPPL's
scale of operations will gradually improve with the stabilisation
of its operations, supported by its promoters' extensive industry
experience and long-standing relationships with its major customer
Mahindra & Mahindra Ltd (M&M).

BPPL had high gross current assets of around 140 days as on
March 31, 2015, given its working-capital-intensive operations.
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 BPPL's operations will remain
working capital intensive over the medium term.

BPPL's financial risk profile remains weak, marked by a small net
worth, because of continuous losses, and sizeable debt levels
against small 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. BPPL specialises in 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.


C B RANWADE: CRISIL Cuts Rating on INR41MM Bank Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of C B Ranwade Patil (CBRP) to 'CRISIL D' from 'CRISIL BB-
/Stable'. The rating downgrade reflects the irregularities in bank
limits. This is based on CRISIL's discussion with the banker.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              29        CRISIL D (Downgraded
                                      from 'CRISIL BB-/Stable')

   Proposed Long Term       41        CRISIL D (Downgraded from
   Bank Loan Facility                 'CRISIL BB-/Stable')

   Term Loan                30        CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

CBRP, based in Pune (Maharashtra), is a proprietorship firm of Mr.
Chaburau B Ranwade. The firm mines and crushes stone aggregates
and has a stone quarry near Pune.


DEVARSHEE COMPLEX: CRISIL Cuts Rating on INR95MM Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on bank facilities of Devarshee
Complex (DC) to 'CRISIL D' from 'CRISIL B-/Stable' on account of
irregularities in bank limits. This is based on CRISIL's
discussion with the banker.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Project Loan             95        CRISIL D (Downgraded
                                      from 'CRISIL B-/Stable')

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

DC, based in Pune (Maharashtra) and established in 2012, is a
partnership firm, with Mr. Popat Ranawade and Mr. Avdhoot Raykar
of Pune as partners. The firm is engaged in real estate
development. It is currently undertaking the construction of a
residential project, Devarshee Complex, in Pune.


DIGITAL CERAMICS: CRISIL Reaffirms B+ Rating on INR40MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Digital Ceramics Pvt
Ltd (DCPL) continue to reflect its working-capital-intensive
operations, and small scale of operations in the highly
competitive ceramic tiles industry. These rating weaknesses are
partially offset by the extensive experience of the promoters in
the ceramic tiles industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         20        CRISIL A4 (Reaffirmed)
   Cash Credit            40        CRISIL B+/Stable (Reaffirmed)
   Term Loan              10        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that DCPL will continue to benefit from its
promoters' extensive industry experience over the medium term. The
outlook may be revised to 'Positive' if the company significantly
improves with its scale of operation and profitability leading to
sizeable cash accruals and its capital structure improves on
account of reduction in working capital cycle or equity infusion.
Conversely, the outlook may be revised to 'Negative', if DCPL's
financial risk profile, particularly liquidity weakens marked by
decline in profitability or stretched working capital cycle or
sizeable debt-funded capital expenditure (capex).

Incorporated in 2003, DCPL is promoted by Mr. Kanti Patel and his
family. The company manufactures ceramic tiles for walls and
floors at its facility in Morbi (Gujarat).

For 2013-14, DCPL reported a net loss of INR13.8 million on sales
of INR94.6 million, as against a net profit of INR0.4 million on
net sales of INR117.7 million for 2012-13.


GOMATHI STEELS: CRISIL Reaffirms B+ Rating on INR130MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Gomathi Steels
(GS) continue to reflect GS's modest scale of operations in the
intensely competitive steel products industry and the firm's
below-average financial risk profile, marked by a modest net
worth, high gearing, and weak debt protection metrics. These
rating weaknesses are partially offset by the extensive experience
of GS's proprietor in the steel products industry.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           20      CRISIL A4 (Reaffirmed)

   Bill Discounting         20      CRISIL A4 (Reaffirmed)

   Cash Credit             130      CRISIL B+/Stable (Reaffirmed)

   Bill Discounting
   under Letter of Credit    6      CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that GS will continue to benefit over the medium
term from the industry experience of its proprietor. The outlook
may be revised to 'Positive' if the firm substantially increases
its scale of operations while improving its margins and capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of a significant decline in GS's revenue and margins or
lengthening of its working capital cycle, leading to deterioration
in its financial risk profile.

Update
GS's revenue improved to INR1 billion during 2014-15 (refers to
financial year, April 1 to March 31) from INR803 million during
2013-14 because of addition of customers, which accounted for
about INR90 million of its revenue, and sustained offtake by
existing clients. CRISIL expects GS's revenue to improve
moderately by 5 per cent year-on-year over the medium term
supported by addition of customers. The firm's operating margin is
estimated at 3.8 per cent for 2014-15 supported by moderate scale
of operations. CRISIL expects GS's operating margin to remain at
3.8 per cent over the medium term.

GS's financial risk profile remains weak marked by small net
worth, weak debt protection metrics, and high gearing. The firm's
net worth is estimated at INR67 million as on March 31, 2015.
CRISIL expects the net worth to increase marginally and remain in
the range of INR74 million to INR83 million over the medium term.
Also, GS's debt protection metrics remain weak with interest
coverage ratio of 1.4 times and net cash accruals to total debt
ratio of 0.04 times for 2014-15. GS reported high gearing of 2.88
times as on March 31, 2015, owing to significant reliance on debt.
CRISIL expects GS's gearing to improve marginally, but remain
high, over the medium term.

GS's liquidity remains stretched. Its expected annual cash
accruals of around INR10 million will be tightly matched with
annual debt obligations of INR6 million over the medium term.
Also, its bank limit was utilised extensively, at an average of
101.9 per cent over the 12 months through March 2015. The firm
also availed of ad hoc limits to meet its working capital
requirements. CRISIL expects GS's liquidity to remain stretched
over the medium term marked by tightly matched accruals with debt
obligations and high bank limit utilisation.

GS is a proprietorship concern of Mr. Govindasamy established in
2003. The firm manufactures various steel products such as nails,
bolts, couplers, and mild steel wires, and trades in steel wire
rods. Its manufacturing units are near Chennai.


GURBAKSH SINGH: ICRA Assigns 'B-' Rating to INR14cr Loan
--------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B- to the INR14.0
crore bank facilities of Gurbaksh Singh B.A. Builders Pvt Ltd.
ICRA has also assigned its short term rating of [ICRA]A4 to the
INR14.0 crore non-fund based limits of GSBA.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based limits        14.0        [ICRA]B-; assigned
   Non fund based limits    14.0        [ICRA]A4; assigned

ICRA's rating is constrained by GSBA's stretched liquidity
position due to its growing working capital requirements (NWC/OI
of 55% in FY2015, up from 18% in FY2013 and 42% in FY2014) despite
decline in operating scale, which has also led to consistently
high utilization of working capital limits. The liquidity position
has been further exacerbated by one significant receivable (Rs 20
crore as compared to GSBA's net worth of INR15.21 crore as on
March 31, 2015). This apart, the rating factors in GSBA's
geographical concentration in Delhi/NCR, as well as the decline in
the company's operating income over the past few years. ICRA's
rating however derives comfort from GSBA's track record in the
construction business and the promoters' extensive experience in
the industry. The rating also favorably factors in GSBA's healthy
order book position which provides revenue visibility over the
medium term, as well as the company's moderate profitability
(Operating margin of 9% in FY2014 and 10% in FY 2015). The rating
also takes into account the company's moderate leverage and
coverage indicators (Gearing of 1.06x and 0.88x as on March 31,
2014 and March 31, 2015 respectively, Interest coverage of 1.42x
and 2.08x in FY 2014 and FY 2015 respectively).

The company's ability to improve its working capital cycle and
liquidity position and manage funding so as to execute the current
order book in a timely manner will be the key rating
sensitivities.

GSBA was started by Late Sardar Gurbaksh Singh in 1923 to
undertake civil construction work. GSBA was converted into a
private limited company in 1983 and is currently managed by Mr.
G.S.Mahal (Grandson of Mr. Gurbaksh Singh), who has more than 20
years of experience.

Recent results
The company reported a net profit of INR1.41 crore on an Operating
Income (OI) of INR52.02 crore in FY2014, as compared to a net
profit of INR1.71 crore on an OI of INR60.27 crore in the previous
year. As per provisional results, the company reported an OI of
INR45.09 crore in FY 2015.


JAY METAL: ICRA Reaffirms 'B' Rating on INR2.85cr Term Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
the INR2.50 crore cash credit facility and INR2.85 crore term loan
facility of Jay Metal. The rating of [ICRA]A4 has also been
reaffirmed to the INR0.18 crore short-term non-fund based limit
(sublimit of term loan facility) of JM.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             2.50        [ICRA]B reaffirmed
   Term Loan               2.85        [ICRA]B reaffirmed
   Non-fund Based,
   Short-term facility    (0.18)       [ICRA]A4 reaffirmed

The reaffirmation of the ratings continues to take into account
the weak financial profile of the firm, which is expected to
remain stretched in the near term on account of debt funded nature
of the project and working capital intensive nature of operations.
The ratings are further constrained by the small scale of
operations and vulnerability of firm's profitability to
fluctuations in raw material prices; however it is partly
mitigated by procurement of raw materials against firm orders.

The ratings also take into account the competitive pressures from
large number of players, including established players in the
industry. ICRA also notes that as JM is a partnership firm and any
significant withdrawals from the capital account by the partners
would adversely affect its net worth and thereby its capital
structure; this remains a key rating sensitivity.

The ratings, however, favorably take into account the long
standing experience of the promoters in the casting industry and
locational advantage available to the firm due to its proximity to
raw material sources and customers, which reduces freight cost.

Jay Metal (JM) is a partnership firm engaged in manufacturing of
cylinder liners and sleeves using centrifugal casting process. The
firm's manufacturing facility is located at Shapar, Rajkot in
Gujarat and has an installed capacity of manufacturing nine lakh
pieces of cylinder liners per annum. The firm also has in-house
machining centre which consists of two CNC machines. The firm
started commercial production from July 22, 2013 and is promoted
by Mr. Vinod Sakhiya and Mr. Sanjay Sakhiya, who have more than a
decade of experience in the cylinder liners business.

Recent Results
As per the provisional results, JM reported a profit after tax of
INR0.60 crore on an operating income of INR9.69 crores, during the
financial year 2014-15.


KISHOR SORTEX: CRISIL Reaffirms B+ Rating on INR30MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kishor Sortex and Rice
Mill Pvt Ltd (KRPL) continue to reflect KRPL's below-average
financial risk profile, marked by a small net worth and
averagedebt protection metrics. The ratings also factor in the
company's modest scale of operations in the highly fragmented rice
industry, and its large and seasonal working capital requirements.
These rating weaknesses are partially offset by the extensive
experience of the company's promoters in the rice milling
industry.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         60       CRISIL A4 (Reaffirmed)

   Cash Credit            30       CRISIL B+/Stable (Reaffirmed)

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

Outlook: Stable

CRISIL believes that KRPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant
improvement in the company's scale of operations or profitability,
or equity infusion by its promoters, leading to better liquidity.
Conversely, the outlook may be revised to 'Negative' if KRPL's
profitability declines or if there is a substantial increase in
its working capital requirements.

Update
For 2014-15 (refers to financial year, April 1 to March 31),
KRPL's revenue is estimated at INR156 million,flat compared to
INR158 million in 2013-14. The company's revenue remains
susceptible to the monsoons as well as tostate government policies
with regard to mandatory custom milling and export/import bans.
KRPLis estimated to report a moderate operating margin of around
4.9 per cent for 2014-15 broadly in line with past trends.

KRPL's financial risk profile remains below average, with a small
net worth, estimated at INR23.3 million as on March 31, 2015, and
average interest coverage ratio of around 1.72 times in 2014-15.
While its gearing is estimated at only 1.33 times for March 31,
2015, the gearing peaks to over 1.50 times during the peak season.
The company's liquidity has also remained stretched, with low
annual cash accruals, estimated at INR3.5 million to INR4.0
million over the medium term, and fully utilised bank limits
during the peak season.

Over the medium term, CRISIL expects KRPL's operations to remain
highly susceptible to monsoon conditions and to state government
policies. The company's financial risk profile is likely to remain
average over this period, marked by a small net worth and average
interest coverage ratio. Its liquidity will remain stretched due
to low cash accruals and high peak-season bank limit utilisation.

Incorporated in 2005, KRPL is promoted by Mr. Krishna Kumar
Agarwal and Mr. Bishwanath Agrawal. The company mills and
processes non-basmati rice at its unit in Durg (Chhattisgarh).


LAKSHMANAN ISOLA: ICRA Assigns B- Rating to INR7.75cr Cash Loan
---------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B- to the INR7.75
crore fund based facility of Lakshmanan Isola Pvt. Ltd.  ICRA has
also assigned a short-term rating of [ICRA]A4 to the INR0.50 crore
fund based facility and the INR0.70 crore non-fund based facility
of Laksola.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term scale-
   Cash Credit             7.75         [ICRA]B- assigned

   Short-term: Fund
   Based                   0.50         [ICRA]A4 assigned

   Short-term: Non-
   fund Based              0.70         [ICRA]A4 assigned

The ratings assigned take into account the small scale of
operations of the company, restricting the financial and operating
flexibility to an extent. ICRA also notes the the weak financial
profile of the characterized by high gearing of 2.18x as on March
31, 2014, with erosion of net worth due to net losses over the
past two years and low debt coverage indicators such as interest
cover of 0.39x and total debt/ OPBITDA of 21.9x.

Furthermore, the working capital intensity is also high at 43% in
FY 2014-15 due to stretched receivables and high inventory levels.
The ratings also factor in the high customer concentration with
the top five customers contributing to 75% of the revenue during
FY 2014-15. However, the risk is mitigated by the long standing
association with reputed customers such as BHEL, Indian Railways,
Pearl Insulators Pvt. Ltd. and Crompton Greaves, among others.
ICRA takes note of the susceptibility of profitability to
volatility in raw material prices with the inability to pass on
the fluctuation in raw material prices to customers as the company
mostly has long-term fixed price contracts with customers such as
BHEL and Indian Railways. The ratings also factor in the
vulnerability of margins to foreign exchange fluctuations with
exports being unhedged.

Lakshmanan Isola Private Limited was established in 1976 in
collaboration with Swiss Insulating Works (Isola) to manufacture
mica-based insulating materials. Later on the shares of Isola were
bought back by the promoters, and currently Laksola is a part of
the Senapathy Group of companies, which has over four decades of
experience in the field of electrical insulation. Laksola's market
reach covers USA, UK, Switzerland, Brazil, Germany, France,
Russia, Australia, South Africa, Singapore, Iran, Saudi Arabia,
with the product range including calcined and uncalcined mica
papers on both muscovite and phlogopite mica.

Recent Results
Laksola reported a net loss of INR1.74 crore on an operating
income of INR19.56 crore in FY 2014-15, as per provisional
results, as compared to a net loss of INR1.80 crore on an
operating income of INR16.69 crore in FY 2013-14.


M. K. ROY: CRISIL Reaffirms 'B' Rating on INR51.5MM Cash Credit
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of M. K. Roy and Bros.
Project Pvt Ltd (MKRBPPL) continues to reflect MKRBPPL's modest
scale of operations and its working capital intensive operations.
These rating weaknesses are partially offset by the benefits that
the company derives from its promoters' extensive industry
experience and healthy relationship with its major customers.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        95         CRISIL A4 (Reaffirmed)
   Cash Credit           51.5       CRISIL B/Stable (Reaffirmed)
   Term Loan              6         CRISIL B/Stable (Reaffirmed)

Update
MKRBPPL's sales are estimated at INR370.0 million in 2014-15
(refers to financial year, April 1 to March 31) as against
INR383.0 million in the previous year. Its operating margin is
estimated to have improved to around 10-11 per cent in 2014-15
from 9.8 per cent in 2013-14 as the company has reduced sub-
contracting thereby optimizing operating expenses. The margins are
expected to further improve over the medium term.

The company had large gross current assets (GCAs), estimated at
182 days as on March 31, 2015, driven by large inventory of 62
days as on that date and high credit extended to customers. The
creditors of the company are estimated to be 179 days as on March
31, 2015. The company funds its working capital requirements
through short-term bank borrowings. Its bank limits were utilized
at an average of 87 per cent over the 10 months through March
2015.

MKRBPPL's financial risk profile remains moderate, marked by
modest net worth, average debt protection metrics and low gearing.
Its net worth and gearing are estimated at INR84 million and 0.53
times, respectively, as on March 31, 2015; its interest coverage
ratio is estimated at 3.7 times and net cash accruals to total
debt (NCATD) ratio is estimated at 0.37 times, for 2014-15.
Outlook: Stable

CRISIL believes MKRBPPL will maintain its business risk profile
over the medium term backed by its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if the
company significantly scales up its operations and profitability
or improves its working capital management leading to improvement
in liquidity. Conversely, the outlook may be revised to 'Negative'
if MKRBPPL's financial risk profile deteriorates due to low cash
accruals, stretched working capital cycle or large debt-funded
capital expenditure.

MKRBPPL, formed in 1989 as a proprietorship concern, was
reconstituted as a private limited company in 2000. The company,
promoted by Mr. M K Roy and family, is engaged in supply, design,
fabrication, and erection of storage tanks, and laying of
pipelines for transportation of petrochemical products; it also
undertakes welding, testing and repair works.


M B TIMBER: CRISIL Cuts Rating on INR290MM Loan to 'D'
------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
M B Timber Pvt Ltd (MBTPL) to 'CRISIL D/CRISIL D' from 'CRISIL
C/CRISIL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              50        CRISIL D (Downgraded from
                                      'CRISIL A4')

   Letter of Credit        290        CRISIL D (Downgraded from
                                      'CRISIL A4')
The rating downgrade reflects instances of delay by MBTPL in
servicing its debt and overutilisation of its cash credit account
for more than 30 consecutive days; the delay and overutilisation
of cash credit account have been because of the company's weak
liquidity.

MBTPL also has working-capital-intensive operations and a below-
average financial risk profile marked by weak debt protection
metrics. Moreover, the company's operating margin is susceptible
to fluctuations in foreign exchange rates. However, MBTPL benefits
from established market position, supported by the promoters'
extensive experience in the timber industry.

MBTPL was established as a partnership firm in 1991 by Mr. Ajay
Kumar Gupta and Mr. Ganga Prasad Gupta; the firm was reconstituted
as a closely held company in 2001. MBTPL trades in timber and
manufactures sawn timber.


MAA SUBHALA: CRISIL Reaffirms B- Rating on INR56.9MM LT Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Maa Subhala
Cold Storage Pvt Ltd (MSCSPL) continues to reflect MSCSPL's weak
financial risk profile, marked by weak debt protection metrics,
and its exposure to risks related to the highly regulated and
intensely competitive cold storage industry in West Bengal. These
rating weaknesses are partially offset by the extensive industry
experience of the company's promoters.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           45.2      CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    56.9      CRISIL B-/Stable (Reaffirmed)

   Term Loan              6        CRISIL B-/Stable (Reaffirmed)

   Working Capital
   Term Loan              1.9      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MSCSPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of efficient
management of financing to farmers by MSCSPL. Significant scaling
up of its operations leading to higher profitability, or an
improvement in its capital structure resulting in a better
financial risk profile, may also result in a 'Positive' outlook.
Conversely, the outlook may be revised to 'Negative' if MSCSPL's
liquidity is constrained by delays in repayments by farmers, or
lower-than-expected cash accruals, or any significant debt-funded
capital expenditure.

MSCSPL was incorporated in 2003 to provide cold storage facilities
to potato farmers and traders. The company is promoted by Mr. Asit
Manna and Mr. Banamali Manna; its facility is in Paschim Medinipur
district (West Bengal).


MATOSHREE COTTON: ICRA Suspends B+ Rating on INR6.0cr Cash Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating reaffirmed to the INR6.65 crore
long term loans & working capital facilities of Matoshree Cotton
Private Limited. 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                  6.00         [ICRA]B+ suspended

   Fund Based- Term Loan   0.65         [ICRA]B+ suspended

Incorporated in 2007, Matoshree Cotton Private Limited (MCPL) is
engaged in the ginning and pressing of raw cotton and crushing of
cottonseeds. The company is managed by two directors, namely, Mr.
Ashokbhai Kalotra and Mr. Laxmanbhai Kalotra. The manufacturing
unit is located in Mahuva, Bhavnagar, Gujarat. It has 18 ginning
machines, one pressing machine (automatic) and five expellers with
an installed capacity of 200 cotton bales, 4 MT cottonseed oil and
31.50 MT cottonseed oil cake per day (24 hours operation).


MEGHA GRANULES: Ind-Ra Affirms 'IND D' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research has affirmed Megha Granules Private
Limited's Long-Term Issuer Rating at 'IND D'.  The agency has also
affirmed MGPL's bank loan ratings as:

                       Amount
   Facilities        (INR Mln)           Ratings
   ----------        ---------           -------
  Long-term loans      651.5             Affirmed at
               (increased from 473.6)    Long-Term 'IND D'

  Fund-based           268.8             Affirmed at Long-Term
  working capital (increased from 139)   'IND D'
  limits

  Non-fund-based        38.9             Affirmed at Short-Term
  working capital (reduced from 145.0)   'IND D'
  limits

KEY RATING DRIVERS

The ratings continue to reflect MGPL's tight liquidity leading to
delays in debt servicing for the 12 months ended May 2015.

RATING SENSITIVITIES

Timely debt servicing and the use of working capital facilities
within limits for three consecutive months will be positive for
the ratings.

Assam-based MGPL was incorporated in May 2005 and belongs to the
Agarwal group of Industries.  The company manufactures woven
sacks, ferro alloys, etc.  It has set up a 13,620mtpa
manufacturing unit of polypropene/high-density polyethylene woven
sacks and woven poly-propene block bottom valve bags at Chaygaon
Industrial Growth Centre, Kamrup (Assam).


NARENDRA DEV: CRISIL Reaffirms B+ Rating on INR110MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities continue to reflect
Narendra Dev (Railways) NDR's modest scale of operations, exposure
to intense competition, and large working capital requirements.
These rating weaknesses are partially offset by the extensive
industry experience of the firm's promoters and its healthy order
book.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         95        CRISIL A4 (Reaffirmed)
   Cash Credit           110        CRISIL B+/Stable (Reaffirmed)

CRISIL had, on May 25th, 2015, assigned its 'CRISIL
B+/Stable/CRISIL A4' ratings on the bank loan facilities of NDR.
Outlook: Stable

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

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


NEXTGEN FIBRES: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research has assigned Nextgen Fibres Private
Limited a Long-Term Issuer Rating of 'IND B'.  The Outlook is
Stable.  The agency has also assigned these ratings to NFPL's bank
loans:

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
  Fund-based working     40.00       'IND B'/Stable
  capital limits

  Long-term loan         80.00       'IND B'/Stable

  Non-fund-based          5.00       'IND A4'
  working capital limit

KEY RATING DRIVERS

The ratings reflect NFPL's short operational track record, as it
commenced operation only in July 2014.

The ratings are constrained by the company's small scale of
operations as reflected in its revenue of INR61 mil. in FY15 based
on the provisional statement.  Also, the credit metrics of the
company are likely to be weak during FY15, as it was the first
full year of operations.  8MFY15 unaudited numbers reflect EBITDA
interest coverage of 1.56x and net financial leverage of 11.22x.

The ratings are further constrained by tight NFPL's liquidity
situation as reflected from its 90.13% average maximum use of the
fund-based utilization during the six months ended May 2015.

The ratings are, however, supported by the easy availability of
raw materials for the company by being located in proximity to
local suppliers.

RATING SENSITIVITIES

Positive: Improvement in the overall credit metrics will be
positive for the ratings

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

Established in 2013, NFPL has a 5,475 tons per annum recycled
polyester staple fibres manufacturing unit at Silvassa.  Nayan
Kamalkant Garg, Kamalkant Mohanlal Garg and Rajni Tarun Jain are
the directors of the company.


NISSAN SYNTEX: ICRA Reaffirms B+ Rating on INR4.90cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed an [ICRA]B+ rating to the INR4.90 crore fund-
based cash credit facility and INR0.15 crore fund-based term loan
facility of Nissan Syntex Private Limited. The rating of [ICRA]A4
has also been reaffirmed to short-term fund based facilities
INR3.25 crore (sublimit of cash credit) of NSPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit              4.90        [ICRA]B+; Reaffirmed
   Term Loan                0.15        [ICRA]B+; Reaffirmed
   PC/PCFC/FBP/FBD/
   FCBP/FCBD               (3.25)       [ICRA]A4; Reaffirmed

The rating continues to be constrained by the company's modest
scale of operations with weak financial profile as reflected by
decline in revenue during FY15 due to weak market conditions, high
gearing levels and stretched liquidity position. While assigning
the ratings, ICRA also takes note of high competitive intensity on
account of fragmented nature of the fabric manufacturing industry
and the exposure of the company's profitability to adverse
movements in yarn and grey fabric prices which may not be fully
passed on to the customers as well as high competitive intensity
on account of fragmented nature of the textile industry. The
ratings further factors in the vulnerability of company's
operations to currency fluctuations due to company's presence in
exports.

The ratings, however, favorably consider the extensive experience
as well as long track record of promoters in the textile industry
and easy availability of key raw materials like yarns, grey cloth
as well as fabrics on account of company's location in Ahmedabad
one of the major textile belts of Gujarat. Further, the ratings
also favorably factors in the reputed supplier base comprising of
fabric mills like Arvind Limited, Mafatlal, Oswal Denim, etc and
branded customer chains like Pantaloons, Westsite, Jabong, etc as
well as diversified product profile of the company with presence
in distributorship of prominent textile companies, as well as
fabric and garments manufacturing business.

Nissan Syntex Private Limited (NSPL) was incorporated in 1982 and
is promoted by Mr. Harkishandas P. Parekh and Mr. Sanjay H. Parekh
with its manufacturing unit located in Ahmedabad. The company is
engaged in textile business with its operations diversified into
three main segments i.e. manufacturing of poly viscose, poly
cotton, synthetic, etc. types of fabrics, manufacturing of
garments which includes denim and cotton trousers and authorized
distributorship of Mafatlal Denim Ltd. and Arvind Ltd. in
Ahmedabad region.

Recent Results
During FY15 (unaudited provisional financials), the company
reported an operating income of INR18.55 crore and profit after
tax (PAT) of INR0.30 crore.


NIYAS PROJECTS: ICRA Assigns B+ Rating to INR10cr Term Loan
-----------------------------------------------------------
ICRA has assigned a rating of [ICRA]B+ to the INR10.00 crore term
loan limits of Niyas Projects.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan               10.00        [ICRA]B+ assigned

The assigned rating is constrained by moderate market risk for the
Libdom Luxury Villas project with 48% of the villas yet to be sold
in Phase I; and initial stage of construction of Phase II with
bookings yet to commence; and high competition from reputed
developers in residential segment in Hyderabad as NP is yet to
establish its brand standing. The rating is further constrained by
the bullet repayments for the firm's term loan with repayments
starting from December 2015 in six quarterly instalments, which
are contingent upon the company achieving sufficient sales in the
project. The assigned rating, however, positively factors in the
demonstrated project execution capability of the promoters with
completion of around 9 projects; and low funding risk with the
debt being tied-up and the entire committed promoter equity having
been brought in and also significant customer advances received.

Going forward, the ability of the company to successfully execute
the ongoing project without time and cost overruns, while
achieving sales before the commencement of its term loan
repayment, will remain the key rating sensitivities from a credit
rating perspective.

Niyas Projects (NP) is a partnership firm started in 2011, with
the main objective of building and developing housing projects.
The firm is led by Mr. G. Vinod Reddy, with 10 years of experience
in the real estate sector. NP is currently constructing a project
-- Libdom Luxury Villas at Peerencheru Panchayath, Rajendra Nagar,
near APPA Junction, Ranga Reddy (District), Telangana. The project
will be constructed in three phases; and currently Phases I and II
are under progress. Under Phase I, the firm is constructing 141
villas across 13.25 acres at an estimated cost of INR57.32 crore.
The total built-up area will be 3,12,260 sft and the size of the
villas range from
150-200 sq. yd.


PIONEER FABRICATORS: CRISIL Reaffirms B Rating on INR140MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Pioneer Fabricators Pvt
Ltd (PFPL) continue to reflect PFPL's average scale of operations
in the fabrication industry and its large working capital
requirements. These rating weaknesses are partially offset by the
company's moderate financial risk profile, marked by its low
gearing and moderate debt protection metrics, and extensive
industry experience of its promoters.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         110        CRISIL A4 (Reaffirmed)

   Cash Credit            140        CRISIL B/Stable (Reaffirmed)

   Letter of Credit        30        CRISIL A4 (Reaffirmed)

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

CRISIL had upgraded its ratings on the long-term bank facilities
of Pioneer Fabricators Pvt Ltd (PFPL) to 'CRISIL B/Stable' from
'CRISIL C'; while reaffirming the rating on company's short term
facilities at 'CRISIL A4' through its rating rationale dated
May 15, 2015.

The rating upgrade reflects the repayment by PFPL of its entire
term debt obligations (not rated by CRISIL). CRISIL believes that
PFPL will sustain its improved liquidity over the medium term,
supported by its improved cash accruals and the absence of any
debt-funded capital expenditure (capex) plans. Furthermore, low
incremental working capital requirements are also expected to
provide cushion to PFPL's liquidity over the medium term.
Outlook: Stable

CRISIL believes that PFPL will continue to benefit over the medium
term from its promoters extensive industry experience. The outlook
may be revised to 'Positive' in case of significant improvement in
its scale of operations, while maintaining its profitability, or
improvement in PFPL's working capital management. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
the company's financial risk profile, most-likely because of
lower-than-expected cash accruals, driven by decline in revenues
and profitability, or further elongation in the working capital
cycle, or any significant debt-funded capex plans.

PFPL was set up in 1988 by Mr. Ramesh Chandra Agarwal in Uttar
Pradesh. It offers engineering services and is involved in
designing and fabrication of iron and steel structures, such as
steel bridge girders, metal crash barriers, railway-track girders,
building structures, guard rails, chain-link fencing, and road
infrastructure. The company also trades in mild steel and
stainless steel in the domestic market.


PLASTO ELTRONICS: CRISIL Reaffirms B+ Rating on INR30MM Loan
------------------------------------------------------------
CRISIL has reaffirmed its CRISIL B+/Stable/CRISIL A4 rating on the
bank loan facilities of Plasto Eltronics Private Limited (PEPL).

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           2       CRISIL A4 (Reaffirmed)

   Bill Discounting
   under Letter of Credit   20      CRISIL A4 (Reaffirmed)

   Cash Credit              30      CRISIL B+/Stable (Reaffirmed)

   Letter of Credit         15      CRISIL A4 (Reaffirmed)

   Supplier Bill
   Discounting               5      CRISIL A4 (Reaffirmed)

   Term Loan                 5.9    CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the company's large working
capital requirements and its modest scale of operations along with
exposure to customer concentration risk in its revenue profile.
These rating weaknesses are partially offset by the extensive
experience of the promoters in the plastic industry.

Update
The revenues of the company, although modest, is estimated to have
improved from INR104 million in 2013-14 to INR250 million in 2014-
15. Higher revenue growth was on account of increased off-take
from its key customer -- Bentec India Limited (rated, CRISIL
B/Stable/CRISIL A4). Also, despite increase in the revenues, the
operating margin of the company is estimated to be lower in in
2014-15. The financial risk profile continues to remain moderate
marked by low gearing and above-average debt-protection metrics.
On account of intensive working capital requirement, the liquidity
of the company remains stretched with high bank limit utilisation.
However, comfort is derived from its small term debt obligation
and flexibility of the promoter to infuse need based funds in the
business.
Outlook: Stable

CRISIL believes that PEPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company scales up its
operations and diversifies its customer base, thereby improving
its business risk profile. Conversely, the outlook could be
revised to 'Negative' if its financial risk profile, particularly
its liquidity, deteriorates, driven by low accruals, lengthening
of its working capital cycle, or substantial debt-funded capital
expenditure.

Incorporated in 2002, PEPL manufactures thermoplastic and
thermostat moulded, fabricated, and extruded components such as
meter covers, switch boards, and batten-holder boards. Its day-to-
day operations are managed by Mr. Swarochis Ghuwalewala and Mr.
Sachin Ghuwalewala.


PMR CONSTRUCTION: ICRA Reaffirms B+ Rating on INR5.0cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed the [ICRA] B+ rating to the INR5.0 crore long
term fund-based facilities of M/s PMR construction Company. ICRA
has also reaffirmed the short term rating assigned to the INR15.0
crore non fund based limits of PMR at [ICRA] A4.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term, fund-
   based facilities         5.0         [ICRA]B+ reaffirmed

   Short-term, non
   fund-based facilities   15.0         [ICRA]A4 reaffirmed

The re-affirmation of the ratings takes into account the firm's
weak order book size, small scale of operations; and the
substantial geographical and sectoral concentration risks, with
the firm's operations restricted to road projects in north Kerala
alone. The ratings further consider the stretched liquidity
position of the firm, resulting from delays in release of payments
and bill certification activities by clients, who are
predominantly Government agencies. The vulnerability of profit
margins to volatility in raw material prices and labour costs have
been considered as well.

The ratings, nevertheless, takes comfort from the longstanding
experience and track record of the promoters in the construction
industry spanning over four decades and the adequate man power and
equipment resource base available with the firm for backing the
execution of ongoing projects. Going forward, the ratings would
remain sensitive to the ability of the firm to maintain a healthy
order inflow and manage its working capital cycle.

PMR Constructions was incorporated as a partnership firm in 2002,
by Mr. PM Alavi Haiji and his sons. Mr. Haji is a class 'A' (PWD)
civil contractor in the state of Kerala, and has more than four
decades of experience in the contracting industry. The firm
undertakes civil government contracts involving construction of
roads, bridges and buildings. However, in the last few years the
firm had been primarily involved with construction and improvement
of roads in Kerala.

Recent Results
In 2014-15, as per the provisional unaudited financials, the
company reported net after-tax profit of INR1.7 crore on operating
income of INR29.59 crore as compared to net after-tax profit of
INR1.3 crore on operating income of INR33.2 crore in 2013-14.


POOJA CASHEW: CRISIL Suspends B+ Rating on INR180MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Pooja
Cashew Factory (PCF).

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

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

Set up in 2005, PCF processes and trades in raw cashew nuts. The
firm's day-to-day operations are managed by the proprietor, Mr. S
Vijayan.


PURAN MURTI: CRISIL Suspends D Rating on INR110MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Puran
Murti Educational Society (PMES).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Term Loan      51        CRISIL D
   Term Loan              110        CRISIL D

The suspension of ratings is on account of non-cooperation by PMES
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PMES is yet to
provide adequate information to enable CRISIL to assess PMES'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'

PMES was incorporated in 2007 by Mr. Vijay Pal and his friends,
Mr. Bhopal Singh and Mr. Puran Singh. The society operates two
colleges for engineering and polytechnic in Sonipat (Haryana) on a
campus measuring 40 acres. The courses offered by the society in
the engineering college include civil, mechanical, electrical,
electronics & communication, and computer science. The engineering
college is affiliated to the Technical University, Haryana, and
the polytechnic college is under the polytechnic board of Haryana;
all its courses are approved by the All India Council for
Technical Education.


PRAJAY PROPERTIES: CRISIL Reaffirms D Rating on INR1.21BB Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Prajay Properties Pvt
Ltd (PPPL; part of the Prajay group) continues to reflect
instances of delay by PPPL in servicing its debt; the delays have
been caused by the group's weak liquidity.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Project Loan           1213        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        7        CRISIL D (Reaffirmed)

The Prajay group is also exposed to implementation and demand
risks associated with its ongoing project - Prajay Megapolis, and
is vulnerable to cyclicality inherent in the Indian real estate
industry. However, the group benefits from its promoters'
extensive industry experience in real estate development business.

For arriving at the rating, CRISIL has combined the business and
financial risk profile of PPPL and its wholly owned subsidiary -
Prajay Land Capital Pvt Ltd (PLCPL), together referred to as the
Prajay group. This is because each company owns a part of the land
on which the Prajay Megapolis project is being constructed, and
PPPL will pay a revenue share to PLCPL for the proportion of land
owned by the latter.

PPPL, incorporated in 2007 by Prajay Engineers Syndicate Ltd, is
developing a high-rise residential real estate project - Prajay
Megapolis - in Hyderabad (Andhra Pradesh). State General Reserve
Fund, Oman, has invested around INR659 million in PPPL by way of
compulsory convertible debentures. PLCPL, a wholly owned
subsidiary of PPPL, owns 8.35 acres of land out of the total 17.12
acres under development.


PREMIER PIPES: CRISIL Reaffirms B+ Rating on INR45MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Premier Pipes Ltd (PPL)
continue to reflect PPL's working-capital-intensive operations and
low operating profitability. These weaknesses are partially offset
by the benefits PPL derives from its promoters' extensive
experience.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         20        CRISIL A4 (Reaffirmed)
   Cash Credit            45        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     25        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PPL will maintain its business risk profile,
over the medium term, owing to its promoters' extensive
experience. The outlook may be revised to 'Positive' if PPL
reports significant improvement in scale of operations,
profitability and working capital management, thereby
strengthening its liquidity. Conversely, the outlook may be
revised to 'Negative' if PPL reports low cash accruals, large
additional debt-funded capital expenditure, or stretched working
capital requirements, thereby weakening its financial risk
profile, particularly liquidity.

Kanpur-based PPL, set up in 1971 and promoted by Mr. Ajay Kumar
Jain, manufactures primarily mild steel, galvanised iron pipes and
polyvinyl chloride pipes.


R K SHAH: ICRA Lowers Rating on INR10cr Cash Credit to 'D'
----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR10.00
crore fund-based cash credit facility of R K Shah Projects Pvt.
Ltd. to [ICRA]D from [ICRA]C. ICRA has also revised the short-term
rating assigned to the INR5.00 crore non-fund based bank guarantee
sub-limit of R K Shah to [ICRA]D from [ICRA]A4.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-      10.00        Revised to [ICRA]D from
   Cash Credit (CC)                     [ICRA]C
   Limits


   Non-Fund Based Limits    5.00        Revised to [ICRA]D from
   Bank Guarantee (BG)                  [ICRA]A4
   Limits

The rating action takes into account the strained liquidity
position of the company as exhibited by the delays in meeting its
interest payment obligations to the bank. The rating continues to
be constrained by the weak financial profile of the company
characterized by small scale of operations, highly leveraged
capital structure owing to high reliance on working capital
borrowings and the consequent high interest burden. The rating
also continues to be constrained by the geographical
concentration, since a majority of the projects executed are based
in Gujarat and the exposure to intense competition at the time of
bidding. The rating also factor in the time overruns in the
projects undertaken resulting in unbilled revenues and blocking of
retention money as well as high inventory holding.

The rating, nevertheless, favorably factor in the long experience
of the company's promoters in the construction business and its
clientele largely comprising state government bodies.

Established in 1998, R K Shah Projects Pvt. Ltd. (R K Shah) is
engaged in the execution of construction contracts pertaining to
state owned entities. R K Shah undertakes infrastructure works
pertaining to construction of bridges/ treatment plants/ roads/
pumping stations etc in Gujarat majorly as a sub-contractor. It
also undertakes building (residential/ commercial/ industrial)
construction work and renders engineering services. R K Shah has
its administrative office in Surat, Gujarat.


RAJA MOTORS: CRISIL Ups Rating on INR33MM Cash Loan to B+
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Raja Motors (Fatehabad) (RMF) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            33       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Overdraft Facility     20       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Term Loan               6.5     CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that RMF will report
healthy revenue growth and sustain its operating margin over the
medium term, leading to steady increase in cash accruals and,
hence, to a better financial risk profile. It is expected to
register healthy year-on-year revenue growth of 15 to 18 per cent,
albeit on a small base, supported by increase in revenue from
service centres and from sales of spare parts. Meanwhile, the
firm's operating margin will remain sustained at 4.0 to 5.0 per
cent in 2015-16 (refers to financial year, April 1 to March 31).
RMF's liquidity is supported by funding from the promoters in the
form of equity infusion of INR3.2 million in 2014-15 and the
absence of any significant capital expenditure over the medium
term.

The rating reflects RMF's moderate financial risk profile, marked
by a moderate total outside liabilities to tangible net worth
ratio and average debt protection metrics, small scale of
operations, and its exposure to intense competition in the
automotive dealership market. These weaknesses are partially
offset by the firm's strong track record in the automotive
dealership market for vehicles of Hyundai Motor India Ltd (HMIL;
rated 'CRISIL A1+') along with being the exclusive dealer of HMIL
in the region of Fatehabad (Haryana).
Outlook: Stable

CRISIL believes that RMF will continue to benefit over the medium
term from its promoters' extensive experience in the automobile
dealership market. The outlook may be revised to 'Positive' if the
firm registers significant improvement in its financial risk
profile because of significant and sustainable increase in its
revenue and accruals, and efficient working capital management.
Conversely, the outlook may be revised to 'Negative' if RMF's
financial risk profile, particularly liquidity, deteriorates
because of low cash accruals, or large working capital
requirements or debt-funded capital expenditure.

RMF, established as a partnership concern in September 2009, is an
authorised dealer for HMIL in Fatehabad. The firm is promoted by
Mr. Om Prakash Makkar and his son Mr. Rajesh Makkar. It is a part
of the Raja group, which has been in the automobile dealership
business for over two decades.


RAMESWAR UDYOG: ICRA Reaffirms B+ Rating on INR4.75cr Cash Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to INR4.75
crore1 cash credit facility (sub limit of FDBP/FUDBP) of Rameswar
Udyog Private Limited. ICRA has also reaffirmed an [ICRA]A4 rating
to INR14.75 crore short term fund based facilities of RUPL.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long Term-Fund Based
   Cash Credit              (4.75)      [ICRA]B+; Reaffirmed

   Short Term-Fund Based
   FDBP/FUDBP               14.75       [ICRA]A4; Reaffirmed

   Short Term-Fund Based
   Export Packing Credit    (14.75)     [ICRA]A4; Reaffirmed

The ratings continue to remain constrained by the company's
financial risk profile marked by shrinking sales from industrial
garments division, low profitability, stretched capital structure,
and weak coverage indicators. The ratings also incorporate high
competitive nature of industry and risks arising from
susceptibility of profitability to the currency fluctuation risk
due to export dominated sales profile; though the same is
mitigated to the extent of hedging undertaken by the company. The
ratings further factor in the exposure of the company operations
to change in export incentive structure which currently forms a
considerable portion of operating profits as well as the linkage
of demand for company's product to the overall economic scenario,
though legal bindings and increasing awareness towards safety
renders marginal stability to demand.

The ratings positively considered the experience and long standing
presence of the Nowrangroy Rameswar Group in varied businesses as
well as foray into spinning from FY17 could render stable growth
to operations. ICRA further takes note of the execution and
implementation risks associated with the new project and the
consequent stretch on the credit metrics given the aggressive
project gearing.

Rameswar Udyog Private Limited (RUPL) was incorporated in 1996 to
engage in manufacturing and export of industrial garments. The
company is a part of Nowrangroy Rameswar Group founded by Late
Rameswar Ajitsaria in 1920. The group has its core activities in
aluminum trading, flour milling and export of textile products.
Earlier RUPL was involved in aluminum trading and used to get the
manufacturing of industrial garments done on job work basis. In
2006 it started its own garment stitching unit. Its product
profile consists of boiler suit, pant, long coat, short coat,
jacket and trouser. In order to diversify its business, the
company started a new division 'Home-Tex' for the manufacturing of
bed sheets and made-ups in 2008.

Industrial garments formed the majority of sales in the initial
years thereafter the company started with the bed linen division
in FY09; however, RUPL has discontinued its Bed Linen Division in
FY13 as it involves high processing cost which makes it less
profitable when compared to the industrial garment segment.
Further in order to diversify its operations and increase its
scale of operations the company started up with export of cotton
yarn from FY14.

Recent Results
During FY15, as per unaudited provisional figures, RUPL reported
an operating income of INR181.20 crore and profit after tax of
INR1.16 crore.


RATTAN POLYCHEM: ICRA Ups Rating on INR11.5cr LT Loan to B+
-----------------------------------------------------------
ICRA has upgraded its long term rating on the INR11.5 crore
(reduced from INR13.24 crore) long-term bank facilities of Rattan
Polychem Private Limited (RPPL) to [ICRA]B+ from [ICRA]B. Further,
ICRA has reaffirmed its short term rating of [ICRA]A4 on the
INR8.0 crore non-fund based limits (sub-limit of fund based
limits) of RPPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term: Fund
   Based Limits             11.5        [ICRA]B+; upgraded

   Short Term: Non-
   Fund Based Limits         8.0        [ICRA]A4; reaffirmed

The rating upgrade is driven by improvement in RPPL's plant
capacity utilization, which aided an year-on-year increase in
operating income of 51% in FY2015. The rating action also takes
into account the expected improvement in the company's liquidity
with lower scheduled repayments going forward. ICRA expects that
RPPL will continue to benefit from the favourable demand prospects
for Expandable Poly Styrene (EPS) as end products have varied
applications across packaging and thermal insulation. The rating
is also supported by the locational advantage, the company enjoys
due to the proximity of the manufacturing facility to the National
Capital Region(NCR) which allows easy access to raw materials and
also provides a large market for finished goods.

The ratings continue to be constrained on account of the
vulnerability of RPPL's profitability to fluctuations in prices of
polymers; the company's modest financial risk profile marked by
declining profit margins and high working capital intensity.
Going forward, a sustained improvement in profitability and
capacity utilization along with the ability to manage its working
capital efficiently will be the key rating sensitivities.

RPPL, incorporated in 2009, manufactures EPS which is used as a
primary raw material for manufacturing Thermocole products for
various applications such as thermal insulation of buildings, cold
storage, industrial refrigeration and air conditioning. The
manufacturing facilities of the company are located in Faridabad,
Haryana, with a capacity of 9,490 Metric Tonnes Per Annum (MTPA).

Recent Results
Based on provisional accounts, RPPL reported an operating income
(OI) of INR41.53 Crore and a net profit of INR0.40 Crore for FY
2014-15 as against an OI of INR27.51 crore and a net profit of
INR0.26 crore for the previous year.


RAVIRAJ FOILS: CRISIL Suspends B+ Rating on INR120MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Raviraj
Foils Limited (RFL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         35         CRISIL A4
   Cash Credit            60         CRISIL B+/Stable
   Letter of Credit       32.5       CRISIL A4
   Proposed Long Term
   Bank Loan Facility     82.0       CRISIL B+/Stable
   Term Loan             120.0       CRISIL B+/Stable

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

Incorporated in 1997, RFL manufactures aluminum foils used for
packaging in the pharmaceutical and food processing industries.
The company's plant is located in Ahmedabad (Gujarat).


S.R. TIMBER: CRISIL Suspends D Rating on INR280MM LOC
-----------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
S.R. Timber Products Pvt. Ltd. (SR Timber).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              70        CRISIL D
   Letter of Credit        280        CRISIL D
   Rupee Term Loan           9.5      CRISIL D
   Standby Line of Credit   15        CRISIL D

The suspension of ratings is on account of non-cooperation by SR
Timber with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SR Timber is yet
to provide adequate information to enable CRISIL to assess SR
Timber'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'

SR Timber, set up in 2001 by Mr. Akhilesh Singh and Mr. Sashi
Bhushan Singh, trades in timber. In 2004, Mr. Akhilesh Singh and
his sister Ms. Chittra Singh set up SR Worth for manufacturing of
value-added wooden products. In 2005, the promoters incorporated
SR Log for trading in timber.


S.R. WORTH: CRISIL Suspends 'D' Rating on INR200MM LOC
------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
S.R. Worth Ltd (SR Worth).

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Cash Credit                50        CRISIL D
   Letter of Credit          200        CRISIL D
   Standby Line of Credit      9        CRISIL D

The suspension of ratings is on account of non-cooperation by SR
Worth with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SR Worth is yet
to provide adequate information to enable CRISIL to assess SR
Worth'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'

For arriving at its ratings, CRISIL has combined the business and
the financial risk profiles of SR Worth, S.R. Timber Products Pvt.
Ltd. (SR Timber) and S.R. Log Products Pvt Ltd (SR Log),
collectively referred to as the SR group. This is because all
these entities are under a common management, and are in a similar
line of business. Furthermore, SR Timber and SR Worth have
guaranteed each other's debt.

SR Timber, set up in 2001 by Mr. Akhilesh Singh and Mr. Sashi
Bhushan Singh, trades in timber. In 2004, Mr. Akhilesh Singh and
his sister Ms. Chittra Singh set up SR Worth, formerly known as SR
Worth Ayat Niryat Pvt. Ltd., for manufacturing of value-added
wooden products. In 2005, the promoters incorporated SR Log for
trading in timber.


SELVEL ADVERTISING: ICRA Reaffirms 'D' Rating on INR8cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]D to the INR4.55
crore (revised from INR1.59 crore earlier) term loan facility of
Selvel Advertising Private Limited. ICRA has also reaffirmed the
short term rating of [ICRA]D to the INR8 crore (revised from
INR12.55 crore earlier) fund based bank facilities of SAPL. ICRA
also reaffirms the rating of [ICRA]D both on long term and short
term scales to SAPL's non fund based bank limit of INR1 crore
(sub-limit of fund based limit) which is fully interchangeable
between long term and short term.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limit-
   Term Loan              4.55        [ICRA]D reaffirmed/assigned

   Fund Based Limits      8.00        [ICRA]D reaffirmed

   Non Fund Based Limit
   Letter of Guarantee   (1.00)       [ICRA]D/[ICRA]D reaffirmed

The reaffirmation of the ratings continues to take into account
the delays in debt servicing on account of a continuing liquidity
tightness being faced by the company. ICRA notes that SAPL's high
level of receivables has led to a high working capital intensity
of operations, negatively impacting its liquidity.

The ratings are also constrained by the continuing weakness in
demand scenario, adversely impacting the company's top-line,
continuity of its exposure in group entities with weak credit risk
profile, and exposure to regulatory risks. The ratings also factor
in the intense competition from both organized and unorganized
players in the outdoor advertising industry, and the cyclicality
inherent in the industry leading to volatility in cash flows of
the players including SAPL. However, ICRA also takes note of the
experience of the promoters in the outdoor advertising business,
the company's established position in the Eastern region,
particularly in Kolkata, and the large number of sites owned by
SAPL with an ability to provide multi-format advertising options
to clients, which strengthen its competitive position, as well as
its diverse client base mitigating sales concentration risks.

Incorporated in 1970, SAPL is a wholly-owned subsidiary of Kolkata
based Rusi & Zarin Gimi Family Holding Private Limited. SAPL has
four wholly-owned subsidiaries namely Selvel Transit Advertising
Pvt. Ltd., Selvel Outdoor Services Pvt. Ltd., Tristar Advertising
Pvt. Ltd. and Premier Publicity Pvt. Ltd. which are in the outdoor
advertising business and have their operational presence in
Kolkata. Earlier, SAPL had another wholly-owned subsidiary, namely
Outdoor Advertising Professionals (India) Pvt. Ltd. (OAPPL) having
operational presence in various states. However, in 2013-14, SAPL
divested its entire investment in OAPPL to an associate company.

Recent Results
During the first nine months of 2014-15, the company posted a loss
(before tax) of INR2.13 crore (provisional) on an operating income
of INR22.40 crore (provisional). The company reported a net profit
of INR1.28 crore on an operating income of INR38.87 crore in 2013-
14.


SHREE NURSINGSAHAY: CRISIL Cuts Rating on INR120MM Loan to B-
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shree Nursingsahay Mudungopal (Engineers) Pvt Ltd (SNMEPL) to
'CRISIL B-/Stable' from 'CRISIL B/Stable', and has reaffirmed its
rating on the company's short-term bank facility at 'CRISIL A4'.

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

   Letter of credit &
   Bank Guarantee           60       CRISIL A4 (Reaffirmed)

   Proposed Long Term       30       CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The rating downgrade reflects CRISIL's belief that SNMEPL's
liquidity will remain constrained over the medium term because of
stretch in receivables resulting in full utilisation of bank lines
and weak profitability levels. This is because of non-recovery of
debtors of more than INR20 million outstanding for more than 48
months; CRISIL believes non-recovery of these debtors can have a
significant negative impact on SNEMPL's financial and liquidity
risk profile. The company's liquidity is also constrained by net
losses in 2014-15 (refers to financial year, April 1 to March 31)
driven by high interest costs. The company registered 30 per cent
year-on-year decline in sales in 2014-15 because of low offtake in
the diesel generator (DG) sets segment.

The ratings reflect SNMEPL's weak financial risk profile marked by
small net worth, high gearing, and weak risk coverage ratio, the
rating also factor in SNMEPL's large working capital requirements,
marked by high gross current assets. This rating weakness is
partially offset by SNMEPL's established position and its
promoters' extensive experience in the electrical equipment
distribution industry.
Outlook: Stable

CRISIL believes that SNMEPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant
increase in SNMEPL's net cash accruals or prudent working capital
management leading to a better financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of a decline in
SNMEPL's revenue and profitability, resulting in a weaker than
expected net cash accruals.

Set up in 1949, SNMEPL trades in industrial electrical equipment
such as DG sets, high-tension transformers, circuit breakers,
wires and cables, capacitors, protection relays, industrial fans,
and misting systems. The company is headquartered in New Delhi.


SHRI JOTHILINGAM: CRISIL Assigns B+ Rating to INR65MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Shri Jothilingam Pattu Mahal Pvt Ltd (SJPMPL).

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

The rating reflects SJPMPL's large inventory and strained
liquidity, and its weak financial risk profile marked by small net
worth and average debt protection metrics. These rating weaknesses
are partially offset by the promoters' extensive experience in the
textile retailing business.

For arriving at the rating, CRISIL has treated as neither debt nor
equity, unsecured loans of INR23.2 million provided to SJPMPL by
its promoters, friends and relatives. This is based on an
undertaking from the management that the unsecured loans will
remain in the business till the closure of the bank credit limit.
Outlook: Stable

CRISIL believes that SJPMPL will maintain its stable business risk
profile over the medium term backed by its promoter's extensive
industry experience and established regional presence. The outlook
may be revised to 'Positive' if significant increase in revenue,
profitability and cash accruals, or improved working capital
management, or infusion of large capital strengthens the financial
risk profile, particularly capital structure and liquidity.
Conversely, the outlook may be revised to 'Negative' if low cash
accruals, stretch in working capital cycle, or any large debt
funded capital expenditure weakens the financial risk profile,
particularly liquidity.

SJPMPL, incorporated in 2006 by Mr. A. Senthil Kumar, retails in
textile products. The company currently has two showrooms at
Kovilpatti, district Tuticorin, Tamil Nadu.


SINGLA AND SINGLA: CRISIL Cuts Rating on INR60MM Cash Loan to B
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Singla and Singla (SAS) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

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

The rating downgrade reflects deterioration in SAS's business and
financial risk profiles. The firm's operating income has declined
due to weak demand for its product, molasses, while its operating
margin has been volatile. However, the firm's business risk
profile is supported by its established relationships with
customers (sugar mills) and low supplier concentration risk.
CRISIL believes that SAS's business risk profile will remain under
pressure over the medium term owing to weak demand, but will be
supported by the firm's established relationships with customers.

SAS's financial risk profile is modest, marked by stretched
liquidity and a high total outside liabilities to tangible net
worth ratio. The firm's liquidity is constrained by high reliance
on external borrowings and capital withdrawals by its promoters.
However, it does not have any major term debt obligations. CRISIL
believes that SAS's financial risk profile will remain under
pressure over the medium term due to stretched liquidity.

The rating reflects SAS's weak financial risk profile, marked by a
highly leveraged capital structure and modest debt protection
metrics, and its working-capital-intensive operations. These
rating weaknesses are partially offset by the extensive experience
of the firm's partners in trading in agricultural commodities, and
its low exposure to inventory risk.
Outlook: Stable

CRISIL believes that SAS will continue to benefit over the medium
term from its partners' extensive trading experience. The outlook
may be revised to 'Positive' if the firm's capital structure and
operating profitability improve significantly. Conversely, the
outlook may be revised to 'Negative' in case of a significant
increase in SAS's working capital requirements, or if the firm
contracts a large quantum of debt to fund capital expenditure,
thereby constraining its financial risk profile.

SAS was originally set up as a proprietorship firm in 2008 by Mr.
Rajesh Singla in Sangrur (Punjab). In January 2010, the firm was
reconstituted as a partnership concern with Mr. Rajesh Singla's
son Mr. Deepak Singla, and his nephew Mr. Gagandeep Singla,
joining as partners. SAS trades in molasses, a by-product when
extracting sugar from sugarcane, used in the fermentation process
by distilleries; the firm also trades in broken rice.


SOLAR PRINT: Ind-Ra Affirms 'IND BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research has affirmed Solar Print Process
Private Limited's Long-Term Issuer Rating at 'IND BB'.  The
Outlook is Stable.  The agency has also affirmed SPPPL's bank
loans as:

                      Amount
  Facilities        (INR Mln)         Ratings
  ----------        ---------         -------
  Term loan            16.90          Affirmed at Long-
              (increased from 8.6)    Term 'IND BB'/Stable

  Line of credit       10.00          Affirmed at Long-
  (term loan) (reduced from 11.34)    Term 'IND BB'/Stable

  Fund-based           50.00          Affirmed at Long-
  limits                              Term 'IND BB'/Stable
                                      and Short-Term 'IND A4+'

  Letter of             6.70          Affirmed at Long-
  Guarantee   (increased from 5.8)    Term 'IND BB'/Stable
                                      and Short-Term 'IND A4+'

KEY RATING DRIVERS

The ratings reflect SPPPL's small scale of operations as evident
from the topline of INR380.21 mil. in FY15 based on provisional
financials (FY14: INR334.69 mil.).  Ind-Ra expects the revenue to
grow in the near term as benefits derived from the INR52.27 mil.
capex, completed over FY14-FY15, will accrue to the company.

The ratings also factor in SPPPL's moderate credit metrics with
interest coverage (operating EBITDA/gross interest expense) at
1.49x in FY15 (FY14: 1.96x) and financial leverage (adjusted
debt/operating EBITDAR) at 6.36x (5.89x).

The ratings are supported by over three decades of experience of
SPPPL's promoters in providing print services and the company's
established client base.  The ratings are further supported by
SPPPL's satisfactory EBITDA margins (FY15: 11.29%; FY14: 12.36%)
and comfortable liquidity position.  Its use of the working
capital limits was 53.71% on average during the 12 months ended
May 2015.

RATING SENSITIVITIES

Negative: Deterioration of the EBITDA margins leading to weaker
credit metrics will be negative for the ratings.

Positive: A significant improvement in the revenue leading to
improvements in the credit metrics will be positive for the
ratings.

SPPPL was incorporated in 1983 and provides an entire range of
print services, using state of the art technology and solutions
from industry leaders.  It has its works and registered office in
New Delhi.


SRI SATHYA: ICRA Lowers Rating on INR7cr Cash Credit to B+
----------------------------------------------------------
ICRA has revised the long-term rating on the INR7.00 crore cash
credit facility of Sri Sathya Exim to [ICRA]B+ from [ICRA]BB-
(stable). ICRA has re-affirmed the short-term rating of [ICRA]A4
to the unallocated INR3.00 crore credit lines of the firm; the
rating of [ICRA]B+ shall apply if the facility availed is long-
term in nature.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-Term Fund based    7.00         Revised to [ICRA]B+
   facilities: Cash                     from [ICRA]BB- (Stable)
   credit


   Long-Term/Short-Term    3.00         Revised to [ICRA]B+ from
   Unallocated                          [ICRA]BB-(Stable)/
                                        [ICRA]A4 reaffirmed

The revision in the long-term ratings takes into consideration the
deterioration in the financial profile of the firm, as witnessed
through the significant decline in the operating income during
FY14 and FY 15 due to the weak demand conditions in end-user
industries. The firm's liquidity position also deteriorated in
FY14 and FY15 due to a sharp increase in the receivables period.
The ratings are further constrained by the firm's modest scale of
operations, the inherently thin margins in the trading nature of
its business characterised by intense competition and high degree
of fragmentation in the industry.

The rating, however, continues to take support from the promoter's
experience in the steel trading industry; and the locational
benefit the firm derives out of its proximity to its customer-
base. Going forward, managing its receivables through an effective
payment collection mechanism would be the key credit monitorable.

Sri Sathya Exim, a sole proprietorship firm established in 2005,
is engaged in the trading of steel intermediaries, such as mild
steel (MS) billets, MS ingots and finished steel products, such as
thermo-mechanically-treated (TMT) bars, and quenched and self-
tempered (QST) rebars. Based out of Gummidipoondi, Tamil Nadu, the
firm is managed by its proprietor, Mr. T. R. Sathyaseelan and his
brother Mr. Thirugnanam. Some of SSE's key customers are ARS
Metals, Suryadev Alloys, Noble Tec, and Tulsyan NEC, among others.

Recent Results
For the FY2014-15, as per the provisional financial statements,
the firm's operating profit stood at INR1.05 crore on an operating
income of INR39.69 crore. For the FY2013-14, as per the audited
financial statements, the firm reported an operating profit of
INR1.2 crore on an operating income of INR64.4 crore


SRI VAIBHAVA: CRISIL Reaffirms 'D' Rating on INR52.5MM LT Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Vaibhava Lakshmi
Enterprises Private Limited (SVLEPL) continue to reflect instances
of delay by SVLEPL in servicing its debt; the delays have been
caused by the company's weak liquidity.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         52.5       CRISIL D (Reaffirmed)

   Open Cash Credit       22.5       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     45         CRISIL D (Reaffirmed)

The rating also reflects SVLEPL's weak financial risk profile
marked by high gearing and exposure to inherent risks in poultry
industry. The above mentioned weaknesses are partially offset by
the extensive entrepreneurial experience of its promoters.

Set up in 2013, Sri Vaibhava Lakshmi Enterprises Pvt. Ltd (SVLEPL)
is engaged in the poultry industry and produces eggs from layer
chicken. The company has farms in Nandigama village, Krishna
district (Andhra Pradesh). The company is promoted by Mr. Venkata
Narayan and his family members, and commenced commercial
operations from September 2013.


SRI VENKATESWARA: ICRA Assigns B+ Rating to INR3.5cr LT Loan
------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the INR2.50
crore term loan facilities and the INR3.50 crore fund based
facilities of M/s. Sri Venkateswara Food Processing Industries.
ICRA has also assigned the short-term rating of [ICRA]A4 to the
INR12.00 crore fund based facilities of the Entity.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term loan facilities     2.50       [ICRA]B+/assigned

   Long-term Fund based
   facilities               3.50       [ICRA]B+/assigned

   Short-term Non Fund
   based facilities        12.00       [ICRA]A4/assigned

The assigned ratings considers significant experience of the
promoter in the edible oil refining industry The ratings, however,
remain constrained by low capacity utilization owing to nascent
stages of operations, high geographic concentration with its
presence being limited to the state of Tamil Nadu, exposure of
earnings to volatile raw material prices and foreign exchange
fluctuations, as the entity imports majority of its raw material
requirements from Ukraine. The ratings also take into account
financial profile of the entity characterized by small scale of
operations and thin operating margins, highly geared capital
structure and weak coverage indicators. ICRA also takes note of
the issue related to risks of capital continuity and limited
disclosures associated with proprietorship concerns.

Founded in 2010 as proprietorship concern by Mr. M.K. Ponnusamy,
Sri Venkateswara Food Processing Industries is primarily engaged
in refining of sunflower oil and groundnut oil. The commercial
operation commenced in 2011. The entity is also engaged in trading
of rice bran oil to wholesalers and retailers. The entity imports
its raw material primarily from Ukraine, processes them in its
manufacturing facility in Perundurai, Tamil Nadu and has an
aggregate installed capacity to process 60 Tonnes Per Day (TPD).

Recent Results
According to audited results, the Firm has reported net profit of
INR0.12 crore on an operating income of INR23.4 crore during the
period 2013-14 as against net profit of INR0.03 crores on an
operating income of INR6.13 crores for the year 2012-13.


SRISHTI CONSTRUCTIONS: CRISIL Ups Rating on INR62.5MM Loan to B+
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Srishti Constructions (SC) to 'CRISIL B+/ Stable' from 'CRISIL
B/Stable', and has reaffirmed its rating on the firm's short-term
facility at 'CRISIL A4'.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         92.5       CRISIL A4 (Reaffirmed)

   Cash Credit            25         CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term     62.5       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that SC's business and
financial risk profiles will improve over the medium term. The
firm's business risk profile is supported by an order book of
around INR1 billion (as on March 31, 2015), providing revenue
visibility for around 18 months. The rating upgrade also factors
in the quality and timeliness of the firm's project execution,
leading to a healthy compound annual growth rate of 24 per cent in
its revenue over the four years through 2014-15 (refers to
financial year, April 1 to March 31). SC's financial risk profile
is also expected to be better than previously expected. Its
gearing is expected at around 0.5 times over the medium term
supported by sustenance of improved inventory at 40 to 50 days
compared with around 100 days earlier. Additionally, SC's
liquidity will gradually improve with steady increase expected in
its net cash accruals coupled with low repayment obligations and
the absence of any significant capital expenditure plans.

The ratings reflect SC's working-capital-intensive and small scale
of operations in the highly fragmented civil construction
industry. These rating weaknesses are partially offset by the
extensive industry experience of the firm's promoters, and its
above-average financial risk profile, marked by low gearing and
moderate debt protection metrics.
Outlook: Stable

CRISIL believes that SC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm registers a
substantial increase in its sales while sustaining its
profitability. Conversely, the outlook may be revised to
'Negative' in case of an increase in SC's working capital
requirements and/or significant withdrawal of capital by its
promoters, leading to deterioration in its financial risk profile.

SC is a partnership firm started in 1998 by Mr. Ravi Goyal and Mr.
Rajesh Kumar. The firm, based in Jalandhar (Punjab), undertakes
civil construction work.


SUNSILK DYEING: CRISIL Suspends D Rating on INR57.7MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sunsilk
Dyeing and Printing Mills Pvt Ltd (SDPMPL).

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Cash Credit               30         CRISIL D
   EPCG Guarantee (ST)        3.3       CRISIL D
   Term Loan                 57.7       CRISIL D

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

Incorporated in 2007, SDPMPL undertakes job work for dyeing of
knitted fabrics. With effect from April 2012, the company's
operations were taken over by the new management comprising of Mr.
Manoj Kumar Sethia (of Gujarat based Ginza Industries Ltd), Mr.
Arvind Sethia, and Mr. Suresh Baid.


SVARN TELECOM: ICRA Puts 'B' LT Rating on Notice For Withdrawal
---------------------------------------------------------------
ICRA has placed the [ICRA]B rating assigned to the INR23.50 crore
long-term, fund-based facilities and the [ICRA]A4 rating assigned
to the INR1.50 crore short-term, non-fund-based facilities of
Svarn Telecom on notice for withdrawal for one month at the
request of the company. As per ICRA's 'Policy on Withdrawal of
Credit Rating', the aforesaid ratings will be withdrawn after one
month from the date of this withdrawal notice.


TIMCO STEEL: ICRA Suspends B+ Rating on INR5.5cr Term Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR3.0 crore cash credit limits and 5.50 crore term loans of
Timco Steel Company (TSC). ICRA has also suspended the short term
rating of [ICRA]A4 assigned to the INR2.0 crore non fund based
limits of TSC. The suspension follows ICRA's inability to carry
out rating surveillance in the absence of requisite information
from the company.


TULIP TELECOM: Ind-Ra Withdraws 'IND D(Suspended)' Rating
---------------------------------------------------------
India Ratings and Research has withdrawn Tulip Telecom Limited's
Long-Term Issuer Rating of 'IND D(suspended)'.  The agency has
also withdrawn the Long Term 'IND D(suspended)' rating on the
company's INR1.25 bil. non-convertible debentures.

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


UGAM IMPEX: CRISIL Suspends D Rating on INR373MM Bank Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ugam
Impex Ltd (UIL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              300       CRISIL D
   Mortgage Loan Facility    14       CRISIL D
   Proposed Long Term
   Bank Loan Facility       373       CRISIL D
   Term Loan                 43       CRISIL D

The suspension of ratings is on account of non-cooperation by UIL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, UIL is yet to
provide adequate information to enable CRISIL to assess UIL 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'.

UIL was incorporated in 1996 as a private limited company. In
2009, UIL was reconstituted as a public limited company. UIL has
several business divisions comprising yarn and fabrics trade,
diamond trade and export, and wind power generation.


VEGA CONTROLS: CRISIL Reaffirms 'B' Rating on INR25MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vega Controls Pvt Ltd's
(VCPL) continue to reflect its modest scale and working-capital-
intensive nature of operations with end-user industry
concentration in the 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.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            10        CRISIL B/Stable (Reaffirmed)

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

   Proposed Long Term
   Bank Loan Facility      6        CRISIL B/Stable (Reaffirmed)

   Term Loan              25        CRISIL B/Stable (Reaffirmed)

CRISIL had on 3rd June 2015, downgraded its rating on the long-
term bank loan facilities of VCPL to 'CRISIL B/Stable' from
'CRISIL B+/Stable', while reaffirming its rating on the firm's
short-term bank facilities at 'CRISIL A4'.
Outlook: Stable

CRISIL believes that VCPL will continue to benefit over the medium
term from its promoters' extensive experience in the automation
industry. The outlook may be revised to 'Positive' if the company
reports higher-than-expected 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 deterioration in the financial
risk profile, particularly liquidity, most-likely because of
lower-than-expected cash accruals, or elongation in the 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 customized control panel and automation
system solutions to customers. The company mainly caters to
players in the steel industry across India.


VISHAL BUILDERS: CRISIL Suspends B+ Rating on INR10MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Vishal
Builders (VB).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           50        CRISIL A4
   Cash Credit              40        CRISIL B+/Stable
   Proposed Cash Credit
   Limit                    10        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by VB
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VB is yet to
provide adequate information to enable CRISIL to assess VB'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'.

VB, set up in 1971 as a partnership concern, undertakes civil
construction activity. The firm, based in Raipur (Chhattisgarh),
undertakes contracts from various government agencies as well as
private players in and around Raipur. It has a class A5
certification under the Public Works Department, Chhattisgarh, and
Chhattisgarh Housing Board. VB is managed by Mr. Vikas Gawri and
his family.


YASHASVI YARNS: Ind-Ra Lowers Long-Term Issuer Rating to 'IND D'
----------------------------------------------------------------
India Ratings and Research has downgraded Yashasvi Yarns Limited's
(YYL) Long-Term Issuer Rating to 'IND D' from 'IND BB-'.  The
Outlook was Positive.  Rating actions on YYL's bank loans are:

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
  Term loan             285.4      Downgraded to Long-Term
                                   'IND D' from 'IND BB-'

  Fund-based limits     510.0      Downgraded to Long-Term
                                   'IND D' from 'IND BB-'

  Non-fund-based        260.0      Downgraded to Short-Term
  limits                           'IND D' from 'IND A4+'

KEY RATING DRIVERS

The downgrade reflects the deterioration in YYL's liquidity
position and financial profile.  Despite YYL's bank limits being
restructured by its lenders in 2HFY15, the company is continuously
delaying the servicing of interest on its debt facilities by over
30 days.  Bank statements studied by Ind-Ra also reflect the over-
utilization of working capital limits for a continuous period of
over 30 days during Q1FY16.  Provisional FY15 financials indicate
an EBITDA loss of INR112.8 mil.

RATING SENSITIVITIES

Timely debt servicing for at least three consecutive months could
result in a positive rating action.

Established in 1993, YYL manufactures texturised and twisted
variants of polyester yarn.


YASHWANT ENTERPRISES: CRISIL Cuts Rating on INR70MM Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Yashwant Enterprises (Yashwant) to 'CRISIL D from 'CRISIL
B/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            50       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Proposed Long Term     70       CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B/Stable')

The rating downgrade reflects Yashwant's overutilisation of its
cash credit account for more than 30 consecutive days because of
weakening liquidity. The liquidity has weakened following
diversion of funds by Yashwant to support the operations of an
associate concern which is engaged in real estate development.

The rating reflects Yashwant's weak financial risk profile, marked
by modest net worth, high gearing, and weak debt protection
metrics. The rating also factors in the firm's modest scale of
operations with high geographical and end-user industry
concentration in its revenue profile. However, the firm benefits
from the extensive experience of its proprietor in the building
materials trading industry.

Yashwant trades in a variety of building materials such as cement,
flooring, and bricks,. It was set up as proprietorship firm in
2009 and is owned and managed by Mr. Vinod Patil. The firm is part
of the Baramati (Maharashtra)-based Kale group, which is primarily
engaged in real estate development. Yashwant's clientele includes
group entities.


* FY15 Corporate Default Rate Declined to 3.5%, Ind-Ra Says
-----------------------------------------------------------
India Ratings and Research says the annual corporate default rate
declined for the second consecutive year to 3.5% in FY15 (FY13:
4.5%, FY14: 4.1%).  Rating activities remained net positive in
FY15, with the upgrade-to-downgrade ratio remaining more or less
unchanged at 2.16 compared with 2.2 last year.  The continuation
of net positive ratios for two successive years is in sharp
contrast to FY12 (0.5:1) and FY13 (0.7:1) when downgrades outpaced
upgrades by a significant margin.

Ind-Ra believes that the Indian economy is recovering and the
fundamentals have improved considerably since mid-2013.  Ind-Ra
expects the Indian economy to grow at 7.7% in FY16 (FY15: 7.3%) on
the back of an incipient recovery in consumption demand, which
will be the initial growth driver followed by investment.
However, the balance sheets of corporates and banks remain
stretched and impaired, which coupled with low demand has been
holding back investments.  Corporates continue to struggle with
excessive debt levels, and a broad-based recovery in credit
metrics is likely to be slow.  Moreover, the proportion of non-
performing assets and restructured assets to total banking assets
stands at over 10%, which is likely to weigh down on banks'
balance sheets for some time.  Banks may have to struggle to raise
capital to support growth in their balance sheets.

The downward bias in interest rate will benefit issuers across the
board, as the Reserve Bank of India has cut repo rate by 75bp in
2015 till now.  While the sub-par monsoon in 2015 has clearly
reduced the head room available to the regulator to cut repo rate
further, Ind-Ra believes there would be room for another 25bp repo
rate cut in FY16 in case of a normal monsoon.



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


PAKUWON JATI: Fitch Raises IDR to 'BB-'; Outlook Stable
-------------------------------------------------------
Fitch Ratings has upgraded PT Pakuwon Jati Tbk's Long-Term Foreign
Currency Issuer Default Rating and foreign currency senior
unsecured rating to 'BB-' from 'B+'.  The Outlook on the IDR is
Stable.

At the same time, the agency has also upgraded the rating on the
USD200m senior unsecured notes due in 2019 to 'BB-' from 'B+'.
The notes are issued by Pakuwon Prima Pte Ltd and guaranteed by
Pakuwon and some of its subsidiaries.

The upgrade reflects Pakuwon's solid and growing recurring
cashflows from its investment property portfolio of seven retails
malls, three office buildings, one serviced apartment, and one
hotel across Jakarta and Surabaya.  Its retail malls' net
leaseable area (NLA) of 512,000 sqm places Pakuwon among the
leading commercial landlords in Indonesia.  The quality of its
portfolio in terms of location and tenant quality ensures that the
company enjoys high occupancy rates and rental reversions.

KEY RATING DRIVERS
Strong Investment Property Portfolio: Pakuwon is a leading
Indonesian commercial landlord in terms of NLA.  Its malls have
occupancy rates of more than 91% (above the industry average), and
long-term leases that expire in 5.2 years on average.

Fitch expects Pakuwon's investment property to generate around
IDR1.2trn (USD90m) of recurring EBITDA in 2015 compared with
IDR980 bil. in 2014, due to full-year recognition of recurring
income from the recently acquired PT Pakuwon Permai.  As Pakuwon
adds more investment properties to its portfolio, recurring
EBITDA/interest coverage ratio will remain solid at above 2.5x and
continue to comfortably cover Pakuwon's loan amortisation and
dividend payment in 2015-2017.

Volatility in Development Cashflows Mitigated: Pakuwon continues
to have significant exposure to development properties, even
though its investment portfolio has grown via acquisitions and
organically.  The cashflows from its development projects are
inherently cyclical and more volatile, but Pakuwon's strong
investment property portfolio moderates this exposure.

Pakuwon benefits from its market leadership in Surabaya and its
ability to create value from its large integrated mixed-use
developments despite being a smaller developer.  These advantages
have helped the company maintain an EBITDA margin of more than 50%
across its development properties.

Manageable US Dollar Exposure: Pakuwon had USD200m senior
unsecured notes and USD58m mandatory convertible notes payable in
its balance sheet at end-2014 - representing 67% of the company's
total debt.  However, Pakuwon's solid recurring EBITDA will
insulate the company from the depreciation of the Indonesian
rupiah against the US dollar.  Fitch estimates that even if the
rupiah depreciates further to 15,000 to the dollar, Pakuwon's
recurring EBITDA/interest will remain above 2.0x.  In addition,
the company has hedged the full principal of its US dollar bond
against depreciation of the rupiah using a call spread agreement.
The call spread for the first USD100m is for IDR13,000-14,500 and
the second USD100m for IDR13,000-15,500.

Conservative Financial Policy, Leverage: Pakuwon has a
conservative financial policy and track record of low leverage.
Pakuwon has a target debt/EBITDA of less than 2.5x and the company
has moved below its target leverage since 2012.  Fitch believes
that Pakuwon's leverage in 2015-2017 will remain appropriate for
its 'BB-' rating with net debt/net inventory lower than 30%.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for the issuer
include:

   -- 5%-10% increase in average rental rates a year in each of
      the company's malls
   -- Projects to progress in line with management expectations
   -- Dividend pay-out ratio of 30% from net income
   -- Annual land acquisition expenditure of at least IDR500bn

RATING SENSITIVITIES

Positive: Fitch do not foresee positive rating action in the next
two years.  However, an upgrade might be considered if the
investment property assets increase to above USD1bn (2014: USD
668m) and its top three investment property assets generate less
than 60% (2014: around 90%) of recurring revenue.

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

   -- Sustained deterioration in the ratio of recurring EBITDA
      from investment properties to interest to below 2.0x
   -- Net debt/net inventory (net inventory defined as Investment
      Properties + Inventory + Property and Equipment - Advances)
      rising above 35% on a sustained basis (2014: 18%)
   -- Weakening of business profile that would be reflected in a
      significant rise in vacancy rates or a sustained fall in
      rentals
   -- Share of cash flows generated from investment property
      falls to less than 40%



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


SKYMARK AIRLINES: Creditors to Choose Rehab Plan on Aug. 5
----------------------------------------------------------
Jiji Press reports that the Tokyo District Court decided on
June 15 two rehabilitation plans will be up for discussion at an
upcoming meeting of creditors for failed Skymark Airlines.

It is very unusual for multiple plans to be submitted to a meeting
of creditors aimed at deciding a rehabilitation program for a
failed company, the report relates.

According to Jiji Press, the Skymark creditors will be asked to
choose one of the two at the meeting, to be held on Aug. 5.

Jiji Press relates that one of the two plans was submitted by
Skymark itself and includes assistance from ANA Holdings Inc., the
parent of major carrier All Nippon Airways. The other was drawn up
by U.S. aircraft leasing firm Intrepid Aviation, the biggest
creditor that opposes the ANA group taking the lead on Skymark's
turnaround, says Jiji Press.

To be adopted, a plan will require majority support in terms of
both the number of creditors and the value of claims, the report
notes.

Claims totaling JPY308.9 billion were reported to the Tokyo court,
with Intrepid accounting for about JPY115 billion, according to
Jiji Press.

The second-largest creditor is European aircraft maker Airbus SAS,
with about JPY88 billion. Attention should therefore be paid to
which plan Airbus will support, analysts said, the report relays.

Jiji Press says the plan drafted by Skymark features JPY18 billion
in fresh investment from Tokyo-based private equity fund Integral
Corp., ANA Holdings and a fund to be set up jointly by government-
linked Development Bank of Japan and Sumitomo Mitsui Banking Corp.

Intrepid's plan calls on Integral to invest JPY18 billion in
Skymark and for choosing an airline other than ANA as a cosponsor
for its rehabilitation, the report states.

                      About Skymark Airlines

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

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

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

Skymark was delisted from the Tokyo Stock Exchange in March.



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


FP IGNITION 2011-1: Moody's Assigns Ba1 Rating to Class E Notes
---------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
Class E and Class F notes to be issued by New Zealand Guardian
Trust Company Limited in its capacity as trustee of the FP
Ignition Trust 2011-1 New Zealand.

Issuer: FP Ignition Trust 2011-1 New Zealand

NZD14.9 million Class E Notes, Assigned Ba1 (sf)

NZD21.0 million Class F Notes, Assigned B1 (sf)

The rating assignment follows a restructuring of the capital
structure. Two new Class E and Class F notes will be issued, the
existing Class OA1 note will be renamed Class G. In addition, the
minimum credit support levels have been amended as follows for
Class A; D; E; F and G.

For Class A Notes, 35.6%

For Class B Notes, 26.5%

For Class C Notes, 22.5%

For Class D Notes, 17.8%

For Class E Notes, 13.9%

For Class F Notes, 8.4%

For Class G Notes, 5%

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and the ultimate payment of principal with respect to
Class E and F notes by the legal final maturity.

The transaction is a cash securitization of operating and finance
leases extended to New Zealand corporates, small and medium-sized
businesses and their employees. The leases are secured by
passenger cars, light and heavy commercial vehicles and equipment.

The transaction has a one-year revolving period, followed by the
scheduled amortization period.

FP Ignition Trust 2011-1 New Zealand is Fleet Partners only New
Zealand ABS transaction. Fleet Partners has issued three
Australian ABS transactions.

RATINGS RATIONALE

The current portfolio backing the rated notes consists of vehicle
and equipment lease contracts. As at May 31, 2015, the securitized
portfolio totaled NZD373.1 million and has an average portfolio
residual value of 61.7%. The maximum residual value (RV) exposure
of the total portfolio is capped at 66% of the pool. The RV
portion of the lease cash flows was set at closing of the lease
contracts, based on estimates of vehicle values at lease contract
maturity. The transaction is subject to both default and market or
RV risk of the underlying vehicles, because the lessees have the
right to return the vehicles at the contract maturity date to
cover the final lease balance outstanding under an operating
lease.

Moody's analysis focused, amongst other factors, on: (1) an
evaluation of the credit quality of the underlying lessees; (2) an
evaluation of the underlying RV exposures; (3) back-up maintenance
and servicer solutions; (4) the credit enhancement provided by
subordination; (5) the liquidity support available in the
transaction by way of principal to pay interest, and the liquidity
reserve fund.

Moody's loss and cash flow analysis for auto lease transactions
with residual value risk consists of a two-step process in which
we first analyse the credit risk due to borrower defaults and, in
the second stage, analyse the residual value risk as described
above.

For the assessment of lessee default risk, Moody's determined the
lessee default distribution of the portfolio using CDOROM, which
simulates lessee defaults based on asset correlations and default
probability assumptions.

Moody's assumed a mean lessee default rate of 3.3%. For cash flow
modeling, Moody's assumed a recovery rate following lessee default
of 45%.

Moody's rating approach for assessing residual value risk in EMEA
and Asia Pacific consists of five main steps: (1) defining the
baseline Aaa haircut for the market; (2) determining the
transaction Aaa haircut; (3) deriving non-Aaa or mezzanine
haircuts; (4) calculating tranche-specific residual value credit
enhancement, based on the residual value haircut appropriate for
the tranche; and (5) adjusting the residual value credit
enhancement to account for guarantees or the benefit of dealer
buy-back agreements.


To account for RV risk in the portfolio, Moody's assumes a Aaa
haircut of 45%, a Aa2 haircut of 35.5%, an A2 haircut of 30.5%, a
Baa2 haircut of 25.5%, a Ba1 haircut of 20%, and a B1 haircut of
12% on RV cash flows.

During the revolving period, principal collections are first
allocated towards the purchase of new receivables. Remaining funds
are allocated to the remaining notes ensuring that required
minimum CE levels are maintained.

During the amortization period, all notes will be repaid
sequentially.

A liquidity reserve equal to 2.5% of the outstanding amount of all
rated notes (with a hard floor of NZD300,000) provides support to
the transaction.

Methodology Underlying the Rating Action:

The principal methodology used in this rating "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS," published in
January 2015.

Factors that would lead to an upgrade or downgrade of the rating:

Factors that could lead to an upgrade or downgrade of the notes'
ratings include: (1) an improvement or deterioration in the credit
quality and performance of the collateral pool; (2) higher or
lower than expected recoveries on defaulted loans; and (3) higher
or lower than expected RV cash flows.

The Australian economy and the market for used vehicles are
primary drivers of performance.

Other reasons for worse performance than Moody's expects include
poor servicing, error on the part of transaction parties, a
deterioration in credit quality of transaction counterparties,
lack of transactional governance, and fraud.



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


ALLIED BANK: Moody's Raises Deposit Ratings From Caa1
-----------------------------------------------------
Moody's Investors Service, on June 17, 2015, upgraded the local-
currency deposit ratings of five Pakistani banks to B3/Not-Prime
from Caa1/Not-Prime and their foreign-currency deposit ratings to
Caa1/Not-Prime from Caa2/Not-Prime. The affected banks are Allied
Bank Limited, Habib Bank Ltd., MCB Bank Limited, National Bank of
Pakistan and United Bank Ltd. The long-term local-currency deposit
ratings have a stable outlook.

At the same time, Moody's upgraded the baseline credit assessments
(BCAs) of Allied Bank, Habib Bank, MCB Bank and United Bank to b3
from caa1, and affirmed National Bank of Pakistan's BCA at caa1.

The rating actions principally reflect the following
considerations: (1) Moody's revised assessment of Pakistan's (B3
stable) macro profile to "Very Weak+" from "Very Weak"; (2)
Moody's expectation that the improved economic outlook and
government credit profile will lead to further improvements in the
banks' financial profiles; and (3) the government's still-limited,
albeit slightly strengthened, capacity to support the banks.

The rating actions also follow Moody's upgrade of Pakistan's
foreign-currency issuer and senior unsecured bond ratings to B3
from Caa1 (see "Moody's upgrades Pakistan's bond ratings to B3
with a stable outlook," published on 11 June 2015).

The rating agency has also assigned long and short-term
Counterparty Risk (CR) Assessments of B2(cr)/NP(cr) to Allied
Bank, Habib Bank, MCB Bank and United Bank and a B3(cr)/NP(cr) to
National Bank of Pakistan, in line with its revised methodology.
Moody's new banks rating methodology is available at:

http://www.moodys.com/viewresearchdoc.aspx?docid=PR_320662


RATING RATIONALE

(1) THE CHANGE IN THE MACRO PROFILE TO "VERY WEAK+"

Moody's revision of Pakistan's macro profile to "Very Weak+" from
"Very Weak" reflects the anticipated improvement in the country's
credit conditions as a result of measures recently initiated by
the government to strengthen the banking system.

The government has submitted to parliament revised legislation
governing credit bureaus as part of its National Financial
Inclusion Strategy. The rating agency expects this legislation to
improve banks' access to information and encourage bank credit to
broader sections of society.

The government is also proposing changes to the legislative
framework to support the rehabilitation of weak but viable
companies, which in turn will improve banks' work-outs of troubled
loans and recoveries. The authorities are reforming the bankruptcy
framework by introducing two legislative measures: (1) the
Corporate Rehabilitation Act, which will provide a mechanism for
the re-organisation and rehabilitation of distressed companies;
and (2) the Corporate Restructuring Companies Act, which aims to
set up private corporate restructuring companies to take over the
assets of bankrupt companies. In addition, Alternative Dispute
Resolution (ADR) mechanisms have been established in Karachi and
Lahore, which will speed-up dispute resolution.

Moody's assessment of Pakistan's Very Weak+ macro profile also
takes into account the low levels of credit relative to the size
of the economy, the country's low per-capita income, weak
competitiveness and narrowly diversified economy, the country's
poor institutional framework, weak governance and rule of law, as
well as geopolitical risks that render the country highly
susceptible to event risk.

(2) IMPROVED FINANCIAL PROFILES OF ALLIED BANK, HABIB BANK, MCB
BANK AND UNITED BANK

Moody's BCA upgrades for Allied Bank, Habib Bank, MCB Bank and
United Bank follow the improving economic environment and
government credit-risk profile, and reflect the rating agency's
expectation of sustained improvement in the banks' financial
profiles. Moody's expects 4.7% GDP growth for Pakistan for the
fiscal-year ending June 2016 from 4.2% in FY2015. The rating
agency also anticipates growing business opportunities for the
banks once projects related to the China-Pakistan Economic
Corridor advance and as the authorities make further progress in
tackling the country's continued energy shortfall. Furthermore,
Moody's notes that the strengthening in the government's credit-
risk profile will improve the quality of the banks' liquid assets
and increase their Moody's-adjusted capital buffers.

--- UPGRADE OF ALLIED BANK LIMITED'S BCA

Moody's expects Allied Bank's financial performance to continue to
improve, benefiting from the improvement in the operating
environment. For 2014, the bank reported a relatively high 1.9%
return on tangible banking, while in Q1 2015 net profit grew by
30% compared with Q1 2014. Asset quality has also stabilised, as
the ratio of non-performing loans (NPLs) to gross loans equalled
7.1% as of March 2015. However, concentration on the bank's
balance sheet remains high, which mainly results from its large
exposure to government securities. As of December 2014, investment
in Pakistani government securities accounted for 46% of assets and
8x Common Equity Tier 1 (CET 1) capital. Furthermore, although
improved, the Moody's-adjusted CET 1 ratio stood at a modest 8.0%
as of December 2014 (after assigning 100% risk weight to the
bank's holdings in Pakistan government securities).

--- UPGRADE OF HABIB BANK LTD'S BCA

The rating agency expects the financial performance of the
country's largest bank to continue to improve owing both to the
improved operating environment and the bank's recent focus on
alternative banking channels that will support low-cost deposit
growth. At December 2014, the return on tangible banking assets
improved to 1.7% from 1.4% at year-end 2013. In Q1 2015, net
profit grew by 63% compared with Q1 2014. Asset quality has also
stabilized, with a 12.4% ratio of NPLs to gross loans as of March
2015. However, despite Habib Bank's operations in 25 countries
accounting for 13% of assets, the rating agency believes that
concentration on the bank's balance sheet remains high with
investments in Pakistani government securities accounting for 43%
of assets and over 7x CET 1 capital as of December 2014. Although
improved, the Moody's-adjusted CET 1 ratio stood at a modest 7.3%
as of December 2014 (after assigning 100% risk weight to the
bank's holdings in Pakistan government securities).

--- UPGRADE OF MCB BANK LIMITED'S BCA

MCB's profitability benefits from its strong service quality and
franchise that results in a high funding reliance in low-cost
current and saving deposits. For 2014, the bank reported a return
on tangible banking assets of 2.65%, while in Q1 2015 net profit
grew by 42% compared with Q1 2014. As of March 2015, current
account and saving deposits accounted for 91% of total deposits.
Asset quality has also stabilized, with a 6.7% ratio of NPLs to
gross loans as of March 2015, while the Moody's-adjusted CET 1
ratio improved to 10.0% as of December 2014 (after assigning 100%
risk weight to the bank's holdings in Pakistan government
securities). Nevertheless, concentration on the bank's balance
sheet remains high, which mainly results from its large exposure
to Pakistani government securities. As of December 2014,
investment in government securities accounted for 50% of assets
and over 5x CET 1 capital, linking the bank's solvency with the
sovereign's credit-risk profile.

--- UPGRADE OF UNITED BANK LTD'S BCA

The rating agency expects United Bank's financial performance to
continue to improve as the bank capitalizes on the improved
domestic operating environment and retains its foreign operations,
mainly in the GCC, targeting mid-tier corporate entities. As of
December 2014, return on tangible banking assets improved to 2.0%
from 1.8% at year-end 2013, while in Q1 2015, net profit grew by
39% compared with Q1 2014. Also United Bank's asset quality has
stabilized, with a 11.4% ratio of NPLs to gross loans as of March
2015. However, despite foreign operations accounting for 24% of
assets (mainly in the GCC), Moody's believes that concentration on
the bank's balance sheet remains high, with investments in
Pakistani government securities accounting for 34% of assets and
over 7x CET 1 capital as of December 2014. Although improved, the
Moody's-adjusted CET 1 ratio stood at a modest 6.8% as of December
2014 (after assigning 100% risk weight to the bank's holdings in
Pakistan government securities).

-- AFFIRMATION OF NATIONAL BANK OF PAKISTAN'S BCA

The affirmation of National Bank of Pakistan's caa1 BCA reflects
the continued asset-quality deterioration that the bank has been
facing in the last two years, which offsets the improvement in
capital and in the quality of its liquid assets.

The rating agency expects National Bank of Pakistan's asset
quality pressures to ease-off towards the end of the year, but
notes that the bank's asset-quality metrics are significantly
worse than those of its peers. As of March 2015, the ratio of NPLs
to gross loans increased to 18.3%, while the 80% ratio of loan
loss reserves to NPLs lagged those of its domestic peers.
Additionally, the bank's credit costs are high, at about 1.7% of
gross loans during Q1 2015, weighing on its profitability with a
return on tangible banking assets of 1.1% as of December 2014.
Although lower than its domestic peers, the bank also maintains
high exposure to Pakistani government securities. As of December
2014, the bank's investments in government securities accounted
for 28% of assets and over 7x CET 1 capital.

The credit negatives mentioned above offset the improvement in the
quality of the bank's liquid assets and its Moody's-adjusted
capital levels, with the Moody's-adjusted CET 1 ratio improving to
7.8% as of December 2014.

(3) GOVERNMENT SUPPORT

Moody's rates Allied Bank, Habib Bank, MCB Bank and United Bank's
on a standalone basis at the same level as the government. Their
deposit ratings do not benefit from support uplift, even though
Moody's also assumes a High or Very High probability of support.
This is because the rating agency believes that the government's
capacity to support banks is limited at the B3 rating level.

The upgrade of National Bank of Pakistan's deposit ratings to B3
from Caa1 reflects the government's improved capacity to support
the bank. Moody's assumes a Very High probability of support for
National Bank of Pakistan, given its majority 75% government
ownership and its systemic importance (based on its 12% market
share in deposits). As a result, the bank's deposit ratings
benefit from one notch of government-support uplift.

WHAT COULD CHANGE THE RATING UP/DOWN

The banks' ratings could come under upward pressure as a result of
further improvements in the operating environment and in the
sovereign's credit-risk profile. Moody's could also upgrade
National Bank of Pakistan's standalone BCA following improvements
in its asset-quality metrics.

All five banks' ratings could come under pressure if credit losses
significantly increase, weakening their capital levels, and/or if
they experience outflows that weaken their funding and liquidity
positions. A weakening in the government's creditworthiness would
also have negative rating implications, even though Moody's does
not consider it likely, given the recent upgrade with a stable
outlook.

RATIONALE FOR THE CR ASSESSMENT

As part of the action, Moody's has assigned long and short-term CR
Assessments of B2(cr)/NP(cr) to Allied Bank, Habib Bank, MCB Bank
and United Bank and B3(cr)/NP(cr) to National Bank of Pakistan.

CR Assessments are opinions of how counterparty obligations are
likely to be treated if a bank fails, and are distinct from debt
and deposit ratings in that they (1) consider only the risk of
default rather than expected loss; and (2) apply to counterparty
obligations and contractual commitments rather than debt or
deposit instruments. The CR Assessment is an opinion of the
counterparty risk related to a bank's covered bonds, contractual
performance obligations (servicing), derivatives (e.g., swaps),
letters of credit, guarantees and liquidity facilities.

The CR Assessment takes into account the issuer's standalone
strength as well as the likelihood of affiliate and government
support in the event of need, reflecting the anticipated seniority
of these obligations in the liabilities hierarchy. The CR
Assessment also incorporates other steps authorities can take to
preserve the key operations of a bank, should it enter a
resolution.

For Pakistani banks, the CR Assessment is positioned one notch
above the Adjusted BCA and therefore above the deposit ratings,
reflecting Moody's view that its probability of default is lower
than that of deposits. Moody's believe that senior obligations
represented by the CR Assessment will be more likely preserved in
order to limit contagion, minimize losses and avoid disruption of
critical functions.

The CR Assessments do not benefit from any additional notches
government support uplift. According to Moody's methodology, CR
Assessments are capped by the lower of: (1) the local-currency
deposit ceiling, or (2a) the local government bond rating plus one
notch or (2b) the local government bond rating plus two notches
where the adjusted BCA itself is already above the local
government bond rating. As a result CR Assessments of Pakistani
banks are capped at the local government bond rating of B3 plus
one notch, given that no bank has an adjusted BCA in excess of the
government bond rating.

For National Bank of Pakistan, the bank's CR Assessment of B3(cr)
is aligned with the government bond rating and does not benefit
from government-support uplift.

LIST OF AFFECTED RATINGS

Issuer: Allied Bank Ltd

Counterparty Risk Assessment, Assigned NP(cr)

Counterparty Risk Assessment, Assigned B2(cr)

Adjusted Baseline Credit Assessment, Upgraded to b3 from caa1

Baseline Credit Assessment, Upgraded to b3 from caa1

Local-Currency Deposit Rating, Upgraded to B3 Stable from Caa1
Positive

Foreign-Currency Deposit Rating, Upgraded to Caa1 from Caa2

Short Term Deposit Ratings, Affirmed NP

Outlook, Stable

Issuer: Habib Bank Ltd

Counterparty Risk Assessment, Assigned NP(cr)

Counterparty Risk Assessment, Assigned B2(cr)

Adjusted Baseline Credit Assessment, Upgraded to b3 from caa1

Baseline Credit Assessment, Upgraded to b3 from caa1

Local-Currency Deposit Rating, Upgraded to B3 Stable from Caa1
Positive

Foreign-Currency Deposit Rating, Upgraded to Caa1 from Caa2

Short Term Deposit Rating, Affirmed NP

Outlook, Stable

Issuer: MCB Bank Ltd

Counterparty Risk Assessment, Assigned NP(cr)

Counterparty Risk Assessment, Assigned B2(cr)

Adjusted Baseline Credit Assessment, Upgraded to b3 from caa1

Baseline Credit Assessment, Upgraded to b3 from caa1

Local-Currency Deposit Rating, Upgraded to B3 Stable from Caa1
Positive

Foreign-Currency Deposit Rating, Upgraded to Caa1 from Caa2

Short Term Deposit Rating, Affirmed NP

Outlook, Stable

Issuer: United Bank Ltd

Counterparty Risk Assessment, Assigned NP(cr)

Counterparty Risk Assessment, Assigned B2(cr)

Adjusted Baseline Credit Assessment, Upgraded to b3 from caa1

Baseline Credit Assessment, Upgraded to b3 from caa1

Local-Currency Deposit Rating, Upgraded to B3 Stable from Caa1
Positive

Foreign-Currency Deposit Rating, Upgraded to Caa1 from Caa2

Short Term Deposit Rating, Affirmed NP

Outlook, Stable

Issuer: National Bank of Pakistan

Counterparty Risk Assessment, Assigned NP(cr)

Counterparty Risk Assessment, Assigned B3(cr)

Adjusted Baseline Credit Assessment, Affirmed caa1

Baseline Credit Assessment, Affirmed caa1

Local-Currency Deposit Rating, Upgraded to B3 Stable from Caa1
Positive

Foreign-Currency Deposit Rating, Upgraded to Caa1 from Caa2

Short Term Deposit Rating, Affirmed NP

Outlook, Stable



=====================
P H I L I P P I N E S
=====================


SIARGAO BANK: Placed Under PDIC Receivership
--------------------------------------------
The Monetary Board (MB) placed Siargao Bank (A Rural Bank), Inc.
under the receivership of the Philippine Deposit Insurance
Corporation (PDIC) by virtue of MB Resolution No. 919.B dated June
11, 2015. As Receiver, PDIC took over the bank on June 15, 2015.

Siargao Bank is a three-unit rural bank with Head Office located
at 03406 Jose C. Sering Bldg., Borromeo St., Surigao City, Surigao
del Norte. Based on the Bank Information Sheet filed with the PDIC
as of December 31, 2014, the bank is owned by John and Nanette S.
Wright (19.09%), Socorro L. Sering (18.58%), Eugene Razon and
Jacqueline Sering (18.54%), Mary Ann Lucille L. Sering (13.46%),
Joseph Calderon and Remedios Sering (10.64%) and Vert Bleu
Acquisitions, Inc. (2.78%). The Bank's President is Nanette S.
Wright and its Chairman is Remedios S. Calderon.

Latest available records show that as of March 31, 2015, Siargao
Bank had 9,739 accounts with total deposit liabilities of PHP116.9
million. Total insured deposits amounted to PHP112.6 million or
96.4% of total deposits.

PDIC said that during the takeover, all bank records shall be
gathered, verified and validated. The state deposit insurer
assured depositors that all valid deposits shall be paid up to the
maximum deposit insurance coverage of PHP500,000.00.

Depositors with valid deposit accounts with balances of
PHP50,000.00 and below need not file deposit insurance claims,
except when they have outstanding obligations with Siargao Bank or
acted as co-makers of these obligations, and have incomplete
and/or have not updated their addresses with the bank. PDIC
targets to start mailing payments to these depositors at their
addresses recorded in the bank by the first week of July.

Depositors may update their addresses until June 25, 2015 using
the Mailing Address Update Forms to be distributed by PDIC
representatives at the bank premises.

For depositors that are required to file deposit insurance claims,
the PDIC targets to start claims settlement operations for these
accounts by the second week of July.

The PDIC also announced that it will conduct a Depositors-
Borrowers Forum on June 26 and 29, 2015 to inform depositors of
the requirements and procedures for filing deposit insurance
claims. The time and venue of the Forum will be posted in the bank
premises and announced in the PDIC website, www.pdic.gov.ph.
Likewise, the schedule of the claims settlement operations, as
well as the requirements and procedures for filing claims will be
announced through notices to be posted in the bank premises, other
public places and the PDIC website.



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


PUMA ENERGY: Fitch Affirms 'BB' IDR; Outlook Stable
---------------------------------------------------
Fitch Ratings has affirmed Singapore-based Puma Energy Holdings
Pte Ltd's Long-term Issuer Default Ratings and Puma International
Financing S.A's senior unsecured notes at 'BB'.  The Outlook on
the IDR is Stable

Puma Energy's ratings reflect the company's highly diversified
vertically-integrated midstream and downstream distribution
business model, and the execution risk embedded in its growth
strategy.

Puma Energy is biased towards fuel distribution, with no direct
global peer, a focus on high growth developing markets and holds
leading domestic market positions.  Fitch expects it to continue
to generate steady funds from operations (FFO), underpinned by
stable unit margins, with volume growth driven by acquisitions and
growing long-term demand in developing countries.

Puma Energy's strategy involves high acquisition/capex spend.  FFO
readily marketable inventories (RMI) and lease-adjusted net
leverage peaked at 4.5x in 2014, a level that is not commensurate
with a 'BB' rating.  However, Fitch expects it to deleverage to
just below 4x in 2015, and retain adequate cash conversion
(excluding developmental capex) and liquidity sources, supporting
the Stable Outlook.

KEY RATING DRIVERS

Limited Debt-funded Acquisitions/Capex
Following substantial spending on capex and acquisitions over the
past two years (USD1.4bn p.a), Fitch includes in its forecasts for
the current ratings modest expansion/acquisition of USD500m p.a
over the next four years, funded by internally generated operating
cash flows.

Fitch expects any capex & acquisitions over the USD500m p.a mark
that is not funded by internal cash flows to be financed by
external sources other than debt.  While Fitch acknowledges that
acquisitions will inherently lead to an increase in size and
diversification, Puma Energy's ratings could come under pressure
from material debt if it were raised to fund such purchases.

Deleveraging Expected
Fitch expects Puma Energy to deleverage to below 4x beyond 2015,
due to an expected slowdown in debt-funded acquisition/capex.
Fitch expects latest acquisitions to continue contributing to the
company's top line in 2015.

In 2014 Puma Energy's debt protection measures weakened with FFO
RMI and lease-adjusted net leverage peaking at 4.5x.  This was due
to rapid expansion, not sufficiently offset by improved
profitability, and an increase in operating leases as a result of
an Australian acquisition.  Operating leases for the group
increased to USD122m in 2014 (2013: USD22m), resulting in an
increase of USD800m in off-balance sheet debt.

Stable Margins
The lower oil price has not materially impacted Puma Energy's
EBITDA in absolute (USD) terms.  Puma Energy mainly operates in
semi-regulated and fully regulated markets, where the government
sets a margin over the price for distributors, which results in
stable predictable EBITDA unit margins.  In free markets, Puma
Energy systematically hedges its commodity price exposure.  Hence
lower oil prices do not impact the distribution margin and as a
result does not affect its EBITDA/m3.  In terms of volumes, lower
oil prices can have a slightly positive impact on Puma Energy, as
it can lead to increased consumption and therefore translate into
an increase in sales volumes.

Diversified with Leading Market Shares
The current ratings reflect Puma Energy's high business,
geographic and customer diversification.  The group benefit from
its unique integrated business model, with no direct peer on a
global basis.  Close to 50% of its 2014 EBITDA was generated in
investment grade-rated countries, with Australia as the main
contributor, in spite of it being present in many developing
countries.  The ratings also factor in Fitch's expectations that
oil products will remain in demand in developing markets due to
their essential nature, therefore enjoying limited price
elasticity.

Limited Price, FX Risk
The 'BB' ratings incorporate our view of adequate risk management.
Puma Energy hedges its physical supply.  All of its supply stock
is either pre-sold or hedged against price fluctuations.  In
addition, in regulated markets, the maximum margins are often
established with a reference to US dollars, which allows Puma
Energy to increase prices in local currency terms in response to
currency depreciation.  Aside from currency hedges, Puma Energy
mitigates foreign currency fluctuations through natural hedges
such as borrowing in local currencies and setting maximum days
receivables within 10 - 15 days.

RMI Adjustments
In evaluating leverage ratios and interest coverage ratios, Fitch
excludes debt and the interest costs used to finance RMI (such as
refined oil products) as Puma Energy's inventories are protected
against price risk and fulfils most if not all of the eligibility
criteria as set out in the Commodity Processing and Trading
Companies, Ratings Navigator Companion report dated 3 February
2015.  The differential between RMI adjusted and RMI unadjusted
FFO net leverage is around 1.0x, supporting the IDR at the 'BB'
level. In our interest cover metrics, interest costs for RMI are
reclassified as cost of goods sold.

KEY ASSUMPTIONS

Fitch's expectations are based on the agency's internally
produced, conservative rating case forecasts.  They do not
represent the forecasts of rated issuers individually or in
aggregate. Key Fitch forecast assumptions include:

   -- Stable unit margins
   -- Double-digit increase in volumes for 2015 and 2016,
      reflecting the impact of acquisitions and capex
   -- Acquisitions/capex of around USD500m funded by internally
      generated FFO

RATING SENSITIVITIES

Future developments that could lead to a positive rating action
include:

   -- Enhanced business risk profile reflecting a successful
      execution of its growth plans through acquisitions and
      greenfield projects, while maintaining sufficient geographic
      diversification.

   -- Steady profitability and internal cash flow growth, with
      EBITDAR surpassing USD1bil.

   -- Free cash flow (FCF)/EBITDAR excluding expansionary capex
      (cash conversion) at or above 35% on a sustained basis
      (2014: 67% )

   -- FFO adjusted net leverage (RMI adjusted) below 3.0x with
      evidence of deleveraging on a sustained basis

   -- Maintaining FFO fixed charge coverage above 4.5x (2014: 2.6x
      RMI adjusted)

Future developments that could lead to a negative rating action
include:

   -- A sharp deterioration in sales volume due to a competitive
      or regulatory environment or reflecting difficulties in
      integrating acquisitions with EBITDAR falling below
      USD500 mil.

   -- FCF/EBITDAR excluding expansionary capex (cash conversion)
      decreasing to 15% or below on a sustained basis

   -- FFO adjusted net leverage (RMI adjusted) remaining above
      4.0x on a sustained basis

LIQUIDITY AND DEBT STRUCTURE

Liquidity is adequate.  At end-2014 the group had a total of
USD978 mil. of available undrawn credit facilities.  In addition,
the company had USD459m of unrestricted cash on its balance sheet.
This is sufficient to cover short-term debt of USD584m maturing in
2015.  In May 2015, Puma Energy increased its USD725m senior bank
facility to USD1.25 bil. and extended the maturity (USD750m three-
year and USD500m one-year facilities).

In our analysis, we regard Puma Energy's opco debt (USD633m as at
end-2014 excluding inventory financing which is considered as
self-liquidating, or 1x EBITDA) as prior-ranking to the unsecured
debt at Puma International Financing S.A. level.

Currently Fitch envisage the level of prior-ranking debt/EBITDA to
stay comfortably below the 2.0x-2.5x trigger for structural
subordination and lower recoveries for unsecured debt, as the
group continues to refinance part of its opco debt with holdco
level debt.  As a result the unsecured debt rating is equalized
with that of the IDR at 'BB'.



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


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

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

AUSTRALIA

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


CHINA

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

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

PULSE ENERGY LTD          PLE             15.04          -4.52


PHILIPPINES

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


SINGAPORE

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


THAILAND

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



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***