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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Tuesday, June 23, 2015, Vol. 18, No. 122


                            Headlines


A U S T R A L I A

APE INDUSTRIES: First Creditors' Meeting Set For June 30
AUSTDAN TRADING: First Creditors' Meeting Set For June 30
CARMICHAEL BUILDERS: Placed in Liquidation
FLEXI ABS 2015-2: Fitch Puts 'BBsf' Final Rating on Class E Notes
FLEXI ABS 2015-2: Moody's Assigns Ba1 Rating to Class E Notes

INTERSTAR MILLENNIUM: Fitch Affirms 'Bsf' Class B Notes Ratings
LIBERTY SERIES 2013-1: S&P Affirms B Rating on Class F Notes
LIBERTY SERIES 2013-2: S&P Affirms B Rating on Class F Notes
QLI PTY: First Creditors' Meeting Set For June 30


C H I N A

GREENTOWN CHINA: CEO Steps Down After 17 Years
WEST CHINA: Moody's Reviews B1 CFR for Possible Upgrade


H O N G  K O N G

NOBLE GROUP: Sues Ex-China Customer to Block Wind Up Bid


I N D I A

A ONE: CRISIL Assigns 'B+' Rating to INR35MM Cash Credit
AISHWARYA AGRI: CRISIL Suspends B+ Rating on INR42MM Cash Credit
AMARAVATHI SPINNING: CRISIL Assigns 'D' Rating to INR70MM Loan
ANKIT METAL: ICRA Assigns C+ Rating to INR414.03cr Term Loan
AVC MOTORS: CRISIL Reaffirms B+ Rating on INR120MM Cash Credit

BHARTI FARMS: ICRA Assigns 'D' Rating to INR5.44cr Cash Credit
BHUSHAN POWER: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
BRIJ SUGAR: CRISIL Reaffirms 'D' Rating on INR100MM Term Loan
CARD PRO: CRISIL Suspends 'B+' Rating on INR52.7MM Bank Loan
CIRCAR JUTE: CRISIL Suspends B Rating on INR100MM Overdraft Loan

COUNT N: CRISIL Reaffirms B+ Rating on INR7.1MM Cash Credit
DARJEELING ORGANIC: Ind-Ra Withdraws 'IND B(suspended)' Rating
DAVENDRA FEEDS: ICRA Assigns 'B' Rating to INR8.50cr Cash Credit
DENTCARE DENTAL: CRISIL Reaffirms B- Rating on INR110MM Cash Loan
DEVANGA SANGHA: Ind-Ra Withdraws 'IND BB-(suspended)' Rating

GAS PROJECTS: CRISIL Assigns B+ Rating to INR2.5MM LT Bank Loan
HARYANA OILS: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
JAGABANDHU ENTERPRISERS: CRISIL Rates INR1.1MM Term Loan at 'B'
JAYAM EDUCATIONAL: Ind-Ra Withdraws IND BB+(suspended)' Rating
KSS ABHISHEK: CRISIL Suspends B+ Rating on INR40MM Cash Loan

MAHALAXMI YARNS: Ind-Ra Assigns 'IND D' Long-Term Issuer Rating
MATOSHRI PRATISHTHAN: ICRA Suspends 'D' Rating on INR5.83cr Loan
MULTITUDE INFRA: Ind-Ra Affirms 'IND BB-' Long-Term Issuer Rating
NAJEEM CASHEW: CRISIL Reaffirms B- Rating on INR10MM Cash Loan
NEO METALIKS: Ind-Ra Withdraws 'IND BB(Suspended)' Issuer Rating

OSWAL KNIT: Ind-Ra Withdraws 'IND D(Suspended)' LT Issuer Rating
PALANI ANDAVAR: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
PIONEER STEELS: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
PVR PROJECTS: CRISIL Suspends B+ Rating on INR400MM Bank Loan
QUAD LIFESCIENCES: Ind-Ra Assigns IND BB Long-Term Issuer Rating

R.K. INDUSTRIES: Ind-Ra Ups Long-Term Issuer Rating to 'IND BB-'
RAGHU INFRA: CRISIL Cuts Rating on INR750MM Bank Loan to 'D'
S.S. INFRAZONE: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
S S DEVELOPERS: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
SAI BALAJI: CRISIL Ups Rating on INR27.5MM Term Loan to B+

SAMPRASH FOODS: Ind-Ra Withdraws 'IND D(Suspended)' Issuer Rating
SARADHAMBIKA PAPER: ICRA Assigns B+ Rating to INR6.0cr LT Loan
SATVAM NUTRIFOODS: CRISIL Assigns 'B' Rating to INR52.5MM Loan
SCHOOL BOOK: ICRA Reaffirms 'B+' Rating on INR5.0cr Cash Credit
SHASHI STRUCTURAL: CRISIL Reaffirms B Rating on INR122.5MM Loan

SHREEJI COTTON: ICRA Suspends B+ Rating on INR7cr Cash Credit
SNOWTEMP COMMERCIAL: ICRA Suspends B+ Rating on INR5.95cr Loan
SOHO LIMITED: ICRA Assigns 'B' Rating to INR6.50cr Loan
SOMA-ISOLUX NH: CRISIL Reaffirms D Rating on INR33.89BB Loan
SUNCORP EXIM: CRISIL Suspends B+ Rating on INR180MM Cash Credit

SRI LAKSHMI: CRISIL Ups Rating on INR44MM Term Loan to 'B-'
TECHNO INDIA: ICRA Assigns 'C+' Rating to INR16cr Overdraft Loan
ULTRA DRUGS: Ind-Ra Withdraws 'IND D(Suspended)' Rating
UNIQUE ENTERPRISE: ICRA Assigns B Rating to INR5.0cr Cash Credit
UNISEX AGENCIES: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan

VEER HATCHERIES: ICRA Assigns 'D' Rating to INR4.40cr Cash Credit
VEERABHADRA MINERALS: CRISIL Reaffirms B+ Rating on INR15MM Loan
VIJAY DEEP: Ind-Ra Withdraws 'IND BB-(Suspended)' Issuer Rating
VIJAYAWADA ELECTRICITY: Ind-Ra Withdraws 'BB+(suspended)' Rating
VIN AUTO: CRISIL Reaffirms 'B' Rating on INR50MM Cash Credit

VISAKHA TRADES: Ind-Ra Raises Long-Term Issuer Rating to IND BB-
YOGESH INDUSTRIES: CRISIL Cuts Rating on INR80MM Cash Loan to B


M O N G O L I A

MONGOLIA: S&P Rates Proposed Chinese Renminbi Notes Issuance 'B+'


S O U T H  K O R E A

LEO MOTORS: Files Financial Statements of Acquired Assets


X X X X X X X X

* BOND PRICING: For the Week June 15 to June 19, 2015


                            - - - - -


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


APE INDUSTRIES: First Creditors' Meeting Set For June 30
--------------------------------------------------------
Brent Kijurina and Richard Albarran of Hall Chadwick were
appointed as administrators of APE Industries Australia Pty
Limited on June 18, 2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick Chartered Accountants, Level 40, 2 Park Street, in
Sydney, New South Wales, on June 30, 2015, at 10:00 a.m.


AUSTDAN TRADING: First Creditors' Meeting Set For June 30
---------------------------------------------------------
Anne Meagher and Terrence John Rose of SV Partners were appointed
as administrators of Austdan Trading Pty Ltd on June 19, 2015.

A first meeting of the creditors of the Company will be held at
SV Partners, 138 Mary Street, in Brisbane, Queensland, on
June 30, 2015, at 4:00 p.m.


CARMICHAEL BUILDERS: Placed in Liquidation
------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Carmichael
Builders, a company based in Darling Downs, has been placed into
liquidation. Richard Albarran and David Ingram of Hall Chadwick
Chartered Accountants have been appointed liquidators of the
company, the report says.

Unpaid subcontractors were requested to file a proof of debt with
the liquidator, Dissolve.com.au relates. Recently, a statement was
released by the Queensland Building and Construction Commission
saying that the company is facing investigation, according to the
report.


FLEXI ABS 2015-2: Fitch Puts 'BBsf' Final Rating on Class E Notes
-----------------------------------------------------------------
Fitch Ratings has assigned final ratings to Flexi ABS Trust 2015-
2's asset-backed floating-rate notes. The issuance consists of
notes backed by small balance unsecured consumer loans originated
by Certegy Ezi-Pay Pty Ltd (Certegy) whose ultimate parent is
FlexiGroup Limited. The ratings are as follows:

AUD100 million Class A1 notes: 'F1+sf';
AUD125.1 million Class A2 notes: 'AAAsf'; Outlook Stable;
AUD17.1 million Class B notes: 'AAsf'; Outlook Stable;
AUD12.85 million Class C notes: 'Asf'; Outlook Stable;
AUD10 million Class D notes: BBBsf'; Outlook Stable;
AUD5.7 million Class E notes: BBsf'; Outlook Stable; and
AUD14.25 million Class F notes: NRsf

The notes are issued by Perpetual Corporate Trust Limited in its
capacity as trustee of Flexi ABS Trust 2015-2.

At the cut-off date, the total collateral pool consisted of
142,188 individual consumer loan contracts totalling AUD280.9m.
The loan receivables are retail point-of-sale interest-free
consumer finance receivables that finance a wide variety of
products including solar equipment (43.1%); jewellery (17.9%);
fitness equipment (4%); and a broad cross section of other
products. Transactions issued by Certegy have portfolios that have
a remaining term that is shorter than typical Australian ABS
transactions; therefore we have amended back-loaded loss timing to
ensure the pool, towards the tail, is at least larger than the
balance of expected losses that are realised within our cashflow
analysis.

KEY RATING DRIVERS

Experienced Originator: Certegy is a wholly owned subsidiary of
FlexiGroup Limited (FlexiGroup), a provider of retail point-of-
sale consumer finance. Certegy provides "no interest ever"
consumer loans, an interest-free product, and cheque guarantee
products in Australia. Certegy delivers its products through a
varied network of retailers and service providers.

Diverse and Granular Portfolio: The portfolio comprises of
receivables originated to a geographically diversified pool of
Australian retail customers across many asset types. The average
contract size is AUD1,976 while the weighted average (WA)
remaining term stands at 22.5 months. The pool contains 54.2%
homeowners and 30% repeat customers.

Strong Track Record: Delinquencies greater than 30 days on
Certegy's retail portfolio have historically tracked below 3.0%.

Availability of Excess Spread: The transaction yields significant
levels of excess spread which is used to support the rating of the
Class D and E notes, while sufficient credit enhancement, provided
by the subordination of more junior notes, exists for the Class
A1, A2, B and C notes, to be rated independent of any soft credit
support (excess spread).

Support Features Support Rating: A liquidity reserve, funded by
proceeds from issuance, will ensure stable cash flows for all
rated notes and trust expenses. A derivative reserve account will
be established to set aside any voluntary prepayments made by
borrowers, to ensure sufficient income is available to cover
future swap payments.

No Residual Value Risk: All securitised loans are structured so
that there is no exposure to residual value risk, with the
borrower liable for such risks at all times.

RATING SENSITIVITIES

In Fitch's analysis, all rated classes of notes could withstand
more than a 50% increase in the base case default level for each
notes' relevant rating stress. Under Fitch's 'AAA' stress, the
Class A notes can withstand more than 6.0x the expected base case
loss currently experienced. The Class B, C, D and E notes could
withstand respectively, 4.8x, 3.6x, 2.6x and 1.8x, the expected
base case loss than is currently experienced.

DUE DILIGENCE USAGE:

No third party due diligence was provided or reviewed in relation
to this rating action.

DATA ADEQUACY

Fitch conducted a file review of 12 sample loan files focusing on
the underwriting procedures conducted by Certegy compared to
Certegy's credit policy at the time of underwriting. Fitch has
checked the consistency and plausibility of the information and no
material discrepancies were noted that would impact Fitch's rating
analysis.

Key Rating Drivers and Rating Sensitivities are further discussed
in the corresponding new issue report entitled "Flexi ABS Trust
2015-2", published today. Included as an appendix to the report
are a description of the representations, warranties, and
enforcement mechanisms.


FLEXI ABS 2015-2: Moody's Assigns Ba1 Rating to Class E Notes
-------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to notes
issued by Perpetual Corporate Trust Limited in its capacity as the
trustee of the Flexi ABS Trust 2015-2.

Issuer: Flexi ABS Trust 2015-2

   -- AUD 100.00 million Class A1 Notes, Definitive Rating
      Assigned P-1 (sf)
   -- AUD 125.10 million Class A2 Notes, Definitive Rating
      Assigned Aaa (sf)
   -- AUD 17.10 million Class B Notes, Definitive Rating Assigned
      Aa2 (sf)
   -- AUD 12.85 million Class C Notes, Definitive Rating Assigned
      A2 (sf)
   -- AUD 10.00 million Class D Notes, Definitive Rating Assigned
      Baa2 (sf)
   -- AUD 5.70 million Class E Notes, Definitive Rating Assigned
      Ba1 (sf)

The AUD 14.25 million Class F Notes are not rated by Moody's.

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

The transaction is a cash securitisation of a portfolio of
Australian unsecured, retail, 'no interest ever' payment plans,
originated by Certegy Ezi-Pay Pty Ltd, a subsidiary of FlexiGroup
Ltd.

This is FlexiGroup's fifth term-securitisation of Certegy assets
and the fifth one rated by Moody's.  The transaction features a
short term P-1 (sf) tranche, with a legal final maturity of 12
months from issuance.  The tranche represents 35% of the total
issuance.  Key factors supporting the P-1 (sf) rating include:

   -- Principal cashflows -- which will be allocated to the
      short-term tranche in priority to other tranches until it
      is fully repaid -- will be sufficient to amortize the
      tranche within the 12-month period.  The amortization is
      tested with no prepayment and assuming an Aaa-commensurate
      level of defaults and delinquencies occurring during the
      amortisation period.

   -- The corporate administration and insolvency regime in
      Australia and the hot back-up servicing arrangements with
      Dun & Bradstreet (Australia) Pty Limited mitigate the risk
      of a prolonged servicer disruption.  These two factors are
      relevant in the context of assigning the P-1 (sf) rating
      because FlexiGroup and Certegy are unrated.

Another notable feature of the transaction is the high proportion
of receivables relating to solar energy.  While historical
performance data for solar energy receivables is limited to only a
few years, we expect the performance of these receivables to
broadly track the performance of receivables relating to other
home-owner industries.

Home-owner industry obligors typically display lower default rates
than non-home-owner industry obligors in the Certegy portfolio.

RATINGS RATIONALE

Flexi ABS Trust 2015-2 is the securitisation of retail, unsecured,
'no interest ever' receivables extended to obligors located in
Australia.  Notable features of the transaction include the unique
nature of the collateral, the strong back-up servicing
arrangements, and short-weighted average lives of notes.

The receivables are unsecured payment plans, originated by Certegy
through various retailers at the point of sale.  Rather than
relying on interest payable by the underlying obligors, the
product is instead reliant on a retailer fee component to meet
financing costs and for profit margin generation.

During the life of the receivables, the customer will make monthly
or fortnightly payments to Certegy, with the difference between
the balance payable by the obligor and the balance funded by
Certegy (equal to the merchant fee) representing implicit
interest.  The loans are made on a full recourse, unsecured basis.

The expected default rate of 2.50% is broadly in line with
consumer auto-loan ABS transactions in the Australian market.

The minimum 21.0% subordination commensurate with an Aaa rating of
the senior notes is, on the other hand, materially higher that of
a typical auto-loan ABS transaction.  This is attributed to the
unsecured nature of the receivables leading to zero recovery
values.

Certegy and FlexiGroup are unrated.  Consequently, the transaction
structure includes back-up servicing arrangements provided by Dun
& Bradstreet (Australia) Pty Limited.  Dun & Bradstreet carries
out servicing in parallel with Certegy, providing near 'hot'
levels of support and mitigating risks of a prolonged servicing
disruption.

In order to fund the purchase price of the portfolio, the Trust
issued seven classes of notes.  The notes will be repaid on a
sequential basis until the later of: (1) repayment of the Class A1
short-term tranche, and (2) increase in the subordination to Class
A notes to 25% from 21.0%.

The notes will also be repaid on a sequential basis if there are
any unreimbursed charge-offs or the pool amortises to below 10% of
the original balance.  At all other times, the structure will
follow a pro-rata repayment profile (assuming pro-rata conditions
are still satisfied).  This principal pay down structure is
similar to other structures in the Australian ABS market.

Methodology Underlying the Rating Action:

Factors That Would Lead to an Upgrade or Downgrade of the Rating:

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the rating.  Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors.  The Australian job market is a
primary driver of performance.

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings.  Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors.  The Australian job market is a
primary driver 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.

Moody's Parameter Sensitivities:

If the default rate rises to 5.0% (double Moody's assumption of
2.5%) then the model-indicated rating for the Class A2 Notes drops
five notches to A2.  Similarly, the model-indicated rating for the
Class B Notes, Class C Notes and Class D Notes drop seven, six and
five notches to Baa3, Ba2 and B1 respectively under this scenario.


INTERSTAR MILLENNIUM: Fitch Affirms 'Bsf' Class B Notes Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings of 20 tranches from six
Interstar Millennium Series transactions and placed one on rating
watch negative. These transactions are backed by pools of
Australian conforming residential mortgages originated through a
network of mortgage originators and brokers under the Interstar
Millennium Trust Securitization programs.

KEY RATING DRIVERS

The affirmations reflect Fitch's view that the available credit
enhancement is sufficient to support the notes' current ratings,
and the agency's expectations of Australia's economic conditions.
Credit quality and performance of the underlying loans have
remained within the agency's expectations.

At 30 April 2015, Interstar Millennium Series 2005-2L had the
highest level of 30+ arrears at 5.0%, below Fitch's Low-doc Dinkum
Index of 5.4%. Interstar Millennium Series 2006-2G had the lowest
level of 30+ arrears at 1.98%.

Interstar 2004-5, Interstar 2006-1 and Interstar 2006-2G each
contain less than 30% low-doc loans. At end-April 2015, 30+ day
arrears were 3.2%, 2.3% and 1.98%, respectively, compared with
Fitch's 30+ days Dinkum prime index of 1.17%.

Both Interstar 2005-2L and Interstar 2006-3L have underlying
mortgage pools comprising 90% low-doc loans. At end-April 2015,
their 30+ day arrears were 5.0% and 4.7%, respectively, compared
with Fitch's 30+ days Dinkum conforming low-doc index of 5.4%.

Interstar 2006-4H is a high loan-to-value ratio (LVR) pool, with
100% of full-doc loans with LVRs above 90% at issuance. By 30
April 2015, the percentage of the pool with LVRs over 90% had
reduced to 32.9% from 35.1% and the 30+ day arrears were 4.0%.

The weighted average indexed LVRs ranged from 46.6% in Interstar
Millennium Series 2004-5 to 86.2% in Interstar Millennium Series
2006-4H, and the weighted average seasoning is greater than five
years for each of the transactions.

The underlying pools for all transactions are fully covered by
LMI, with policies provided by QBE Lenders Mortgage Insurance Ltd
(Insurer Financial Strength Rating: 'AA-'/Outlook Stable) and
Genworth Financial Mortgage Insurance Pty Ltd (Insurer Financial
Strength Rating: 'A+'/Outlook Stable).

The rating watch negative placed on the Class A2, AB and B notes
of Interstar 2005-3E reflect the downgrade of The Royal Bank of
Scotland plc (RBS, BBB+/Stable/F2) on 19 May 2015, which is a
currency swap provider for the transaction. No remedy has been
taken within 30 calendar days from the downgrade and the
transaction has not been collateralised to reflect the current
ineligibility of the counterparty as specified in the
documentation. Fitch is monitoring the situation as the trust
manager and the currency swap provider are investigating a range
of possible solutions. Fitch expects to resolve the rating watch
negative in the upcoming weeks.

RATING SENSITIVITIES

The ratings of all Class A notes are independent of any potential
downgrades to the LMI provider's ratings.

Interstar 2004-5 pays sequentially. Consequently there has been a
build-up in credit enhancement and the transactions are relatively
insensitive to increases in foreclosures. At the 'AAAsf' modelled
loss severity of 23.9%, the Class A2-2 notes of Interstar 2004-5
can withstand an increase in foreclosures of 100%.

At the 'AAAsf' modelled loss severities of 19.7%, the Interstar
2005-2L's Class A1 and Class A2 notes can withstand an increase in
foreclosures to 61.3%. At the 'AA+sf' modelled loss severity the
Class AB notes can withstand an increase in foreclosures to 30.8%.
The Interstar 2006-3L's Class A2 and AB notes can withstand an
increase in foreclosures to 52.1% and 29.5% at their respective
'AAAsf' and 'AA+sf' modelled loss severities of 23.6% and 17.6%.

The Class A2 and Class AB notes of the Interstar 2006-4H can
withstand an increase in foreclosures to 98.53% and 50.54% at the
'AAAsf' modelled loss severity of 18.61%. At the 'AAAsf' loss
severity of 24.44%, the Class A and A2 notes of Interstar 2006-2G
can withstand an increase in foreclosure frequency to 39.7%. At
the same level the Class AB notes can withstand an increase in
foreclosures to 21.7%.

At the 'AAAsf' loss severity of 24.57%, the Class A notes of the
Interstar 2006-1 can withstand an increase in foreclosure
frequency to 54.7%. At the 'AA+sf' loss severity of 18.39%, the
Class AB notes can withstand an increase in foreclosures to 24.1%

Class B notes for all transactions would be downgraded if there
was a significant reduction in payment of LMI claims and an
unexpected deterioration in delinquencies, defaults and losses.
There are currently no charge offs to date on the Class B notes.
Fitch's analysis excludes credit to excess spread.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation
to this rating action.

DATA ADEQUACY

Fitch conducted a file review of 10 sample loan files focusing on
the underwriting procedures conducted by Advantedge compared to
its credit policy at the time of underwriting. Fitch has checked
the consistency and plausibility of the information and no
material discrepancies were noted that would impact Fitch's rating
analysis.

A comparison of the transactions' representations, warranties and
enforcement mechanisms (RW&Es) to those of typical RW&Es for this
asset class is also available by accessing the reports and/or
links given under Related Research below.

The full list of rating actions is as follows (note balances are
as at 30 April 2015):

Interstar Millennium Series 2004-5 Trust (Interstar 2004-5):
AUD3.2 million Class A2-2 notes (ISIN AU3FN0003901) affirmed at
'AAAsf'; Outlook Stable;
AUD33.8 million Class AB notes (ISIN AU300INTA032) affirmed at
'AAAsf'; Outlook Stable; and
AUD11.3 million Class B notes (ISIN AU300INTA040) affirmed at
'Bsf'; Outlook Stable.

Interstar Millennium Series 2005-2L Trust (Interstar 2005-2L):
USD45.0 million Class A1 notes (ISIN US46071TAA16) affirmed at
'AAAsf'; Outlook Stable;
AUD68.0 million Class A2 notes (ISIN AU300INTC012) affirmed at
'AAAsf'; Outlook Stable;
AUD10.8 million Class AB notes (ISIN AU300INTC020) affirmed at
'AA+sf'; Outlook Stable; and
AUD5.9 million Class B notes (ISIN AU300INTC038) affirmed at
'Bsf'; Outlook Stable.

Interstar Millennium Series 2005-3E Trust (Interstar 2005-3E):
GBP53.8 million notes Class A2 (ISIN XS0232803709) 'AAAsf'; placed
on RWN;
AUD37.0 million notes Class AB (ISIN AU300INTD010) 'AAAsf'; placed
on RWN; and
AUD44.5 million notes Class B (ISIN AU300INTD028) 'Bsf'; placed on
RWN.

Interstar Millennium Series 2006-1Trust (Interstar 2006-1):
AUD88.4 million Class A notes (ISIN AU300INTE018) affirmed at
'AAAsf'; Outlook Stable;
AUD3.2 million Class AB notes (ISIN AU300INTE026) affirmed at
'AA+sf'; Outlook Stable; and
AUD3.8 million Class B notes (ISIN AU300INTE034) affirmed at
'Bsf'; Outlook Stable.

Interstar Millennium Series 2006-2G Trust (Interstar 2006-2G):
USD68.7 million Class A1 notes (ISIN USQ49677AA73) affirmed at
'AAAsf'; Outlook Stable;
USD63.0 million Class A2 notes (ISIN USQ49677AB56) affirmed at
'AAAsf'; Outlook Stable;
AUD8.6 million Class AB notes (ISIN AU0000INBHC6) affirmed at
'AAAsf'; Outlook Stable; and
AUD10.1 million Class B notes (ISIN AU0000INBHD4) affirmed at
'Bsf'; Outlook Stable.

Interstar Millennium Series 2006-3L Trust (Interstar 2006-3L):
AUD186.5 million Class A2 (ISIN AU0000INNHB3) affirmed at 'AAAsf';
Outlook Stable;
AUD14.5 million Class AB (ISIN AU0000INNHC1) affirmed at 'AA+sf';
Outlook Stable; and
AUD11.1 million Class B (ISIN AU0000INNHD9) affirmed at 'Bsf';
Outlook Stable.

Interstar Millennium Series 2006-4H Trust (Interstar 2006-4H):
AUD58.5 million Class A2 notes (ISIN AU3FN0000816) affirmed at
'AAAsf'; Outlook Stable
AUD10.6 million Class AB notes (ISIN AU3FN0000824) affirmed at
'AAAsf'; Outlook Stable
AUD11.0 million Class B notes (ISIN AU3FN0000832) affirmed at
'Bsf'; Outlook Stable


LIBERTY SERIES 2013-1: S&P Affirms B Rating on Class F Notes
------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
B and class D notes issued by Secure Funding Pty Ltd. as trustee
of Liberty Series 2013-1 Trust.  At the same time, S&P affirmed
its ratings on the remaining five classes of notes.

The raising of the rating on the class B notes to 'AAA (sf)' from
'AA (sf)' and on the class D notes to 'A (sf)' from 'BBB (sf)'
reflects:

   -- S&P's view of the improved credit quality of the underlying
      collateral portfolio, largely due to a decrease in the
      weighted-average loan-to-value (LTV) ratio and increased
      seasoning of the loan portfolio.

   -- The sequential payment structure of the notes to date,
      which has increased the credit support provided to the
      class B and class D notes.  The amount of credit support
      provided to both classes of notes is in excess of the
      minimum amount assessed as being commensurate with the
      notes' respective current rating levels and is thereby
      deemed sufficient to withstand the respective level of
      cash-flow stresses commensurate with the ratings.

The ratings reflect:

   -- S&P's view of the improved credit risk of the underlying
      collateral portfolio, which consists of loans to
      nonconforming and prime-quality borrowers.  The portfolio
      consists of 501 consolidated loans with a weighted-average
      current LTV ratio of 72.8% and weighted-average loan
      seasoning of 50.8 months.

   -- The amount of credit support provided for each class of
      notes is in excess of the minimum amount assessed as being
      commensurate with the respective rating levels and is
      sufficient to withstand the respective level of cash-flow
      stresses commensurate with the ratings.

   -- The support provided by lenders' mortgage insurance (LMI)
      policies, which cover 16.5% of the pool of mortgages.  The
      LMI providers in this transaction are QBE Lenders' Mortgage
      Insurance Ltd. and Genworth Financial Mortgage Insurance
      Pty Ltd.  The LMI policies on the insured loans cover 100%
      of the outstanding principal of the loans insured,
      including accrued interest during the recovery period and
      reasonable realization costs.

   -- A liquidity facility to support noteholder payments, equal
      to 3.5% of the outstanding balance of the invested amount
      of the rated notes and the stated amount of the class G
      notes, amortizing to a floor of AUD860,000.

   -- Principal draws, as an additional form of liquidity.
      Principal collections can be utilized as an additional form
      of liquidity to meet any short-term liquidity shortfalls.

   -- The provision of a reserve account established and
      maintained through the trapping of excess spread on each
      payment date up to a maximum limit of AUD700,000.  The
      reserve account may be utilized to meet current loan
      losses, or as liquidity support for required payments.

   -- The underwriting and servicing operations of Liberty
      Financial Pty Ltd.

   -- At the close of the transaction, there were no loans in the
      pool in arrears.  Total arrears have subsequently increased
      to 3.9% of the current pool, as of March 31, 2015.  Of this
      proportion, 2.5% are in arrears by greater than 90 days.

   -- As of March 31, 2015, AUD961,276 of loans in the pool have
      defaulted, with a realized loss of AUD84,880.  The realized
      losses to date have been covered by excess spread.

   -- The portfolio has a 0.6% exposure to loans to borrowers
      whose income has not been fully verified.  For 16.9% of
      loans to borrowers, the income, savings, credit history, or
      debt-servicing assessments have been verified through
      alternative sources such as business activity statements
      and bank statements.  Standard & Poor's has assumed a
      higher default frequency for these loans in its calculation
      of credit support for the corresponding rating levels.

   -- Loans to borrowers with unfavorable credit records make up
      18.6% of the loan portfolio by current balance.  Market
      experience has shown that these borrowers are more likely
      to default, compared with the general population.

RATINGS RAISED

Class      Rating To       Rating From
B          AAA (sf)        AA (sf)
D          A (sf)          BBB (sf)

RATINGS AFFIRMED
Class      Rating
A2         AAA (sf)
A3         AAA (sf)
C          A (sf)
E          BB (sf)
F          B (sf)
G          NR
NR--Not rated.


LIBERTY SERIES 2013-2: S&P Affirms B Rating on Class F Notes
------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
B and class D notes issued by Secure Funding Pty Ltd. as trustee
of Liberty Series 2013-2 Trust.  At the same time, S&P affirmed
its ratings on the remaining five classes of notes.

The raising of the rating on the class B notes to 'AAA (sf)' from
'AA (sf)' and on the class D notes to 'A (sf)' from 'BBB (sf)'
reflects:

   -- S&P's view of the improved credit quality of the underlying
      collateral portfolio, largely due to a decrease in the
      weighted-average loan-to-value (LTV) ratio and increased
      seasoning of the loan portfolio.

   -- The sequential payment structure of the notes to date,
      which has increased the credit support provided to the
      class B and class D notes.  The amount of credit support
      provided to both classes of notes is in excess of the
      minimum amount assessed as being commensurate with the
      notes' respective current rating levels and is thereby
      deemed sufficient to withstand the respective level of
      cash-flow stresses commensurate with the ratings.

The ratings reflect:

   -- S&P's view of the improved credit risk of the underlying
      collateral portfolio, which consists of loans to
      nonconforming and prime-quality borrowers.  The portfolio
      consists of 1,420 consolidated loans with a weighted-
      average current LTV ratio of 71.3% and weighted-average
      loan seasoning of 61.6 months.

   -- The amount of credit support provided for each class of
      notes is in excess of the minimum amount assessed as being
      commensurate with the respective rating levels and is
      sufficient to withstand the respective level of cash-flow
      stresses commensurate with the ratings.

   -- The support provided by lenders' mortgage insurance (LMI)
      policies, which cover 22.4% of the pool of mortgages.  The
      LMI providers in this transaction are QBE Lenders' Mortgage
      Insurance Ltd. and Genworth Financial Mortgage Insurance
      Pty Ltd.  The LMI policies on the insured loans cover 100%
      of the outstanding principal of the loans insured,
      including accrued interest during the recovery period and
      reasonable realization costs.

   -- A liquidity facility to support noteholder payments, equal
      to 4.0% of the outstanding balance of the invested amount
      of the rated notes and the stated amount of the class G
      notes, amortizing to a floor of AUD600,000.

   -- Principal draws, as an additional form of liquidity.
      Principal collections can be utilized as an additional form
      of liquidity to meet any short-term liquidity shortfalls.

   -- The provision of a reserve account established and
      maintained through the trapping of excess spread on each
      payment date up to a maximum limit of AUD1,500,000.  The
      reserve account may be utilized to meet current loan
      losses, or as liquidity support for required payments.

   -- The underwriting and servicing operations of Liberty
      Financial Pty Ltd.  At the close of the transaction, there
      were no loans in the pool in arrears.  Total arrears have
      subsequently increased to 3.8% of the current pool, as of
      March 31, 2015. Of this proportion, 2.1% are in arrears by
      greater than 90 days.

   -- As of March 31, 2015, AUD1,664,805 of loans in the pool
      have defaulted, with a realized loss of AUD62,593.  The
      realized losses to date have been covered by excess spread.

   -- Of the portfolio, 9.8% are loans to borrowers for whom
      income, savings, credit history, or debt-servicing
      assessments have been verified through alternative sources
      such as business activity statements and bank statements.
      Standard & Poor's has assumed a higher default frequency
      for these loans in its calculation of credit support for
      the corresponding rating levels.

   -- Loans to borrowers with unfavorable credit records make up
      14.8% of the loan portfolio by current balance.  Market
      experience has shown that these borrowers are more likely
      to default, compared with the general population.

RATINGS RAISED
Class      Rating To       Rating From
B          AAA (sf)        AA (sf)
D          A (sf)          BBB (sf)

RATINGS AFFIRMED
Class      Rating
A2         AAA (sf)
A3         AAA (sf)
C          A (sf)
E          BB (sf)
F          B (sf)
G          NR
NR--Not rated.


QLI PTY: First Creditors' Meeting Set For June 30
-------------------------------------------------
Craig Crosbie and Mark Robinson of PPB Advisory were appointed as
administrators of QLI Pty Ltd on June 18, 2015.

A first meeting of the creditors of the Company will be held at
The Cube Wodonga, 118 Hovell St, in Wodonga, Victoria, on
June 30, 2015, at 2:30 p.m.



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


GREENTOWN CHINA: CEO Steps Down After 17 Years
----------------------------------------------
Sandy Li at South China Morning Post reports that Greentown China
Holdings chief executive Shou Bainian has resigned after 17 years
at the mainland property developer.

Mr. Shou, 61, whose resignation took effect on June 21, said he
had had no disagreement with the board and that no matters related
to this departure need to be brought to the attention of the
shareholders, SCMP relates citing a filing with the Hong Kong
stock exchange. Shou will remain an executive director, the report
notes.

Cao Zhounan, 46, has been named chief executive, says SCMP.

According to the report, the announcement came less than three
weeks after the developer and Sunac China agreed on a
CNY3.4 billion (HK$4.24 billion) package to resolve their dispute
on existing joint ventures.

SCMP says the new package involved an aggregate net cash flow of
CNY3.4 billion (HK$4.3 trillion) and will see Sunac take over four
joint ventures. Greentown gains control of three of the projects.
In addition, Tianjin-based Sunac will take a 39.2 per cent stake
in a community project in the city, while Greentown will own 40.8
per cent and an independent third party will hold the rest.

Cao joined Greentown Real Estate in February 2009 as executive
general manager, the report notes.

Since September 2010, Cao also served as the general manager and
authorised representative of Bluetown Property Construction
Management Group, formerly known as Greentown Property
Construction Management Group. In March, Cao was appointed a
director of Greentown Real Estate.

Shou also resigned as an executive vice-chairman of the board, the
report adds.

Liu Wensheung was appointed as a non-executive director, SCMP
relays.

Jia Shenghua, Ke Huanzhang and Hui Wan Fai were named as
independent non-executive directors, the report adds.

Greentown China Holdings Limited is a China-based property
developer, with a primary focus in Hangzhou City and Zhejiang
Province.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 16, 2015, Moody's Investors Service assigned a B2 rating to
Greentown China Holdings Limited's proposed tap bond offering. The
proposed offering will take place on the same terms and conditions
as its existing USD300 million 8% 2019 notes issued in September
2013.  The outlook on the rating is stable.


WEST CHINA: Moody's Reviews B1 CFR for Possible Upgrade
-------------------------------------------------------
Moody's Investors Service has put West China Cement Limited (WCC)
B1 corporate family and senior unsecured debt ratings under review
for upgrade.

On June 19, 2015, WCC announced that Conch International Holdings
(HK) Limited (unrated) -- a wholly owned subsidiary of Anhui Conch
Cement Co., Ltd. (unrated) -- would subscribe to shares equivalent
to a 16.67% equity stake in WCC.

The subscription proceeds of about HKD1.5 billion would be used
for general working capital and for potential acquisitions and/or
other investment opportunities.

The completion of the share subscription is conditional upon (1)
no material breach of any representation, warranty or undertaking
by the company pursuant to the subscription agreement; and (2) the
Hong Kong Stock Exchange granting a listing of and permission to
deal in the subscription shares on the stock exchange.

RATINGS RATIONALE

"WCC will improve its cash balance and equity positions once the
proposed share subscription by Conch Cement goes through," said
Franco Leung, a Moody's Vice President and Senior Analyst.

WCC will benefit from tangible improvements; by 1.4x in its cash
position and by 24% in equity - from their levels as of end-2014.

"Furthermore, Conch Cement's state-owned enterprise status could
help WCC enhance its access to financing channels, further
improving its liquidity profile," says Jiming Zou, a Moody's
Assistant Vice President and Local Analyst for WCC.

Moody's points out that Conch Cement is the third-largest producer
in Shaanxi Province based on total production capacity.  If the
equity subscription goes through, WCC will have a better gauge of
market supply and prices.

In addition, the subsequent change in ownership by WCC's founder,
Mr. Zhang, from 38.9% to 32.4% will not trigger a change of
control, as the minimum holding required is 25%.

Moody's will review the impact of the equity subscription on (1)
WCC's business strategy; (2) the composition of WCC's board of
directors and Conch Cement's participation; (3) WCC's financial
policy; and (4) the business relationship and cooperation between
WCC and Conch Cement and subsequent benefits.

West China Cement Limited (WCC) is one of the leading cement
producers in China's Shaanxi Province by capacity.  As of end-
2014, the company's annual capacity reached 23.7 million tons.  It
recorded RMB3.9 billion revenue for 2014.

Anhui Conch Cement Co., Ltd., listed on the Hong Kong Stock
Exchange since 1997 and the Shanghai Stock Exchange since 2002, is
the second-largest cement producer in China by production volume.
It recorded sales of RMB60.8 billion in FY2014.


================
H O N G  K O N G
================


NOBLE GROUP: Sues Ex-China Customer to Block Wind Up Bid
---------------------------------------------------------
Andrea Tan at Bloomberg News reports that Noble Group Ltd. sued a
former Chinese iron ore customer of ten-years standing to stop any
attempts to shut a Singapore unit over an alleged debt of
$102,718.

Noble Resources International Pte has been granted an interim
injunction by the Singapore High Court preventing Rizhao Zhongrui
Native Produce Co. from winding-up proceedings, and is pursuing
separate claims against the firm, Noble said in a statement,
Bloomberg relates. A closed hearing is scheduled for June 25.

The Chinese firm shouldn't be allowed to harass and "assert undue
commercial pressure" with the threat of action, Noble Resources'
global head of iron ore and special ores Timothy Gazzard said in
court papers, according to the report. Zhongrui said it suffered
loss and reputational damage over poor quality iron ore it bought
and that Noble was aggressive and unreasonable, Bloomberg relays.

According to Bloomberg, Mr. Gazzard said in the court papers Noble
Resources' "reputation and credibility would be in serious danger
of being irreparably damaged," if Zhongrui isn't restrained from
trying to wind it up. Zhongrui's attempts may also trigger default
provisions in banking and credit facilities, contracts with
suppliers and customers and reflect negatively on parent Noble,
Mr. Gazzard, as cited by Bloomberg, said.

Bloomberg notes that the Singapore court case comes as Noble
fights on a wider front against criticisms of its accounting
practices. In Hong Kong, the trader is also suing a former
employee, whom it claims is behind the anonymous group Iceberg
Research, for spreading false information about the company,
Bloomberg says. Noble in an open letter this week to critics,
which included an ex-Morgan Stanley banker, defended its methods
and valuations, Bloomberg reports.

Disputes between the decade-long partners began last year
according to court papers obtained by Bloomberg. After a few
rounds of e-mail exchanges with lawyers from both companies, the
Rizhao, Shandong-based company in April issued a statutory demand
for the payment that resulted in Noble's lawsuit, Bloomberg
states.  A creditor can seek to liquidate a company if payment
isn't made within three weeks after the demand, the report notes.

"The statutory demand was plainly an abuse of process," Bloomberg
quotes Noble as saying in its e-mailed response.

Noble is financially strong and there's no suggestion that Noble
Resources is insolvent, the commodity trader's lawyers wrote to
Zhongrui on April 15, urging the Chinese company to withdraw its
statutory demand or face legal action, Bloomberg notes. The unit
had a 76 percent jump in net income to $176 million in 2013 on
sales of $17.2 billion, adds Bloomberg.

Zhongrui won't "lose any sleep" and will resist Noble Resources'
claims, the Chinese firm's lawyers said in court papers, adds
SCMP.

                          About Noble Group

Noble Group Limited (SGX:N21) -- http://www.thisisnoble.com/-- is
a Hong Kong-based company engaged in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores .Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in Asia
and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.



=========
I N D I A
=========


A ONE: CRISIL Assigns 'B+' Rating to INR35MM Cash Credit
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of A One Duty Free Private Limited (AODPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Export
   Packing Credit           20         CRISIL A4

   Proposed Cash
   Credit Limit             35         CRISIL B+/Stable
   Proposed Bank
   Guarantee                77         CRISIL A4
   Bank Guarantee           93         CRISIL A4
   Cash Credit              15         CRISIL B+/Stable

The ratings reflect AODPL's nascent and modest scale of
operations, and its modest financial risk profile marked by modest
networth and debt protection metrics. These rating weaknesses are
partially offset by the benefits derived from the extensive
industry experience of its promoters' and its exclusive tie-ups
with its key principals.

Outlook: Stable
CRISIL believes that AODPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the company
reports higher-than-expected revenues and profitability coupled
with better working capital management, resulting in a substantial
increase in its cash accruals, and hence, an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the revenues and profitability are lower-than-
expected, or if there is stretch in working capital cycle, or if
it undertakes large debt-funded capital expenditure, leading to
weakening of its financial risk profile.

Incorporated in the year 2010, AODPL is engaged in distribution of
confectionary and tobacco products at duty free outlets located in
international airports in India. Promoted by Mr. Bommidala Rama
Krishna and his family, the company operates through SEZ in
Vishakhapatnam.


AISHWARYA AGRI: CRISIL Suspends B+ Rating on INR42MM Cash Credit
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Aishwarya Agri Processors Private Limited (AAPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              42        CRISIL B+/Stable
   Foreign Letter of
   Credit                    8        CRISIL A4
   Term Loan                24.3      CRISIL B+/Stable

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

AAPL was set up as a partnership firm named Aishwarya Industries
in 1995 and was engaged in rice milling in Ranga Reddy district
(Andhra Pradesh). The company was reconstituted as a private
limited company with the current name in January 2013. AAPL is
managed by Mr. Om Prakash Goel and Mr. Naresh Kumar Goel, with
other family members. The mill has a rice milling capacity of 12
tph (raw and parboiled included); the company increased capacity
from 6 tph in 2012-13.


AMARAVATHI SPINNING: CRISIL Assigns 'D' Rating to INR70MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Amaravathi Spinning Mills (Rajapalayam) Pvt Ltd
(ASMRPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                19        CRISIL D
   Letter of Credit         20        CRISIL D
   Export Packing Credit     5        CRISIL D
   Bank Guarantee            5.3      CRISIL D
   Cash Credit              70        CRISIL D

The ratings reflect instances of delay by ASMRPL in servicing its
term debt due to its constrained liquidity.

ASMRPL's scale of operations is modest and the company has a weak
financial risk profile marked by high gearing and weak debt
protection metrics. However, the company benefits from its
promoters' extensive experience in the textile industry.

Incorporated in 1989, ASMRPL manufactures yarn and socks. The
company is based in Rajapalayam (Tamil Nadu).


ANKIT METAL: ICRA Assigns C+ Rating to INR414.03cr Term Loan
------------------------------------------------------------
ICRA has assigned [ICRA]C+ rating to INR414.03 crore term loans,
INR223.21 crore working capital term loans, INR165.15 crore funded
interest term loans, INR333.62 crore cash credit and INR9.00 crore
bank guarantee limits of Ankit Metal & Power Limited. The bank
guarantee facilities of the company are also rated in the short
term for which ICRA has assigned an [ICRA]A4 rating. The [ICRA]A4
rating has also been assigned to INR135.02 crore Letter of Credit
facilities of the company.

                        Amount
   Facilities         (INR crore)      Ratings
   ----------         -----------      -------
   Term loans            414.03        [ICRA]C+ assigned
   Working capital
   term loans            223.21        [ICRA]C+ assigned

   Funded Interest
   Term Loan             165.15        [ICRA]C+ assigned

   Cash Credit           333.62        [ICRA]C+ assigned

   Letter of Credit      135.02        [ICRA]A4 assigned

   Bank Guarantee          9.00        [ICRA]C+/[ICRA]A4 assigned

The ratings primarily take into account the stretched liquidity
position of the company characterized by multiple instances of
devolvement of non-fund based facilities in recent times and
subsequent periodic overutilization of the fund based facilities.
The ratings also take into consideration the adverse financial
metrics of the company as reflected by its loss making nature of
operations, highly aggressive capital structure and weak debt
coverage metrics during April 2014 to March 2015 (FY2015). ICRA
also notes that AMPL's non-integrated nature of operations,
exposes its margins and cashflows to variability in the iron ore
and steel prices. The ratings, however, also take cognizance of
the long experience of the promoters of the company in the steel
and ferro alloys businesses, and its favourable repayment schedule
in the near term, as per the CDR package, which is likely to
support the liquidity position of the company, going forward.
Additionally, the rating also factors in the gradual improvement
observed at the operating level during the third quarter of
FY2015.

AMPL, promoted by the SKP group based out of Kolkata, West Bengal,
is engaged in the manufacturing sponge iron, iron ore pellets,
steel billets, TMT bars and wire rods from its facility located at
Jorediah in West Bengal. The company's TMT bars are sold in the
market under the brand name of "Ankit". Apart from manufacturing,
AMPL is also engaged in trading in iron and steel based products.

Recent results
AMPL registed a net loss of INR76.52 crore on an operating income
of INR1475.70 during FY2014. During FY2013, the company had
registered a PAT of INR51.19 crore on an operating income of
INR1192.77 crore. During April-December 2014, AMPL has registered
a net loss of INR156.51 crore on an operating income of INR866.48
crore.


AVC MOTORS: CRISIL Reaffirms B+ Rating on INR120MM Cash Credit
--------------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of
AVC Motors (AVC) continues to reflect AVC's weak financial risk
profile, marked by small net worth, high gearing, and weak debt
protection metrics. The rating also factors in the firm's exposure
to intense competition in the automotive dealership business.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           120       CRISIL B+/Stable (Reaffirmed)
   Term Loan              26       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of AVC's promoters in the automotive dealership
business and the benefits the firm derives from the leadership
position of its principal in the utility vehicle segment.

Outlook: Stable
CRISIL believes that AVC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's cash accruals
increase substantially, leading to improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if AVC reports significantly low cash accruals because of slowdown
in passenger vehicle sales, or undertakes any large debt-funded
capital expenditure programme, adversely impacting its financial
risk profile.

Update
AVC, on a provisional basis, reported operating revenue of around
INR945 million in 2014-15 (refers to financial year, April 1 to
March 31). The firm's scale of operations declined in 2014-15, on
account of opening of a Mahindra & Mahindra Ltd (M&M) dealership
in Muktsar. CRISIL believes that AVC's revenue will grow at a
moderate pace of 8 to 10 per cent per annum over the medium term.
The firm's operating margin is estimated at 4.24 per cent in 2014-
15, and is expected to remain at a similar level over the medium
term.

AVC's operations remain working capital intensive, with gross
current assets estimated at 98 days as on March 31, 2015. The
large working capital requirements emanate from large inventory of
40 to 60 days. The firm's liquidity is weak, marked by high bank
limit utilisation of 97 per cent on an average over the 12 months
through March 2015 and cash accruals of around INR10 million
against term loan obligation of INR8.1 million in 2014-15. CRISIL
believes that AVC's liquidity will remain weak over the medium
term on account of working capital intensive operations.

AVC's financial risk profile remains weak, marked by small net
worth of INR93 million to INR95 million and moderate total outside
liabilities to tangible net worth ratio of 2.46 times as on March
31, 2015. The firm also had a weak interest coverage ratio of 1.34
times for 2014-15. CRISIL believes that AVC's financial risk
profile will remain weak over the medium term.

AVC is a partnership firm set up in January 2011 by Ms. Bimla
Devi, Ms. Rupesha Rani (daughter-in-law of Ms. Bimla Devi), and
Mr. Surinder Kumar. The firm began operations in December 2011 in
Bathinda (Punjab) with the dealership for passenger and commercial
vehicles of M&M. It has a showroom-cum-workshop in Bathinda and
two outlets in Mansa and Malout (Punjab).


BHARTI FARMS: ICRA Assigns 'D' Rating to INR5.44cr Cash Credit
--------------------------------------------------------------
ICRA has assigned its [ICRA] D rating to the INR12.24 crore bank
facilities of Bharti Farms India (P) Limited. The suspension of
Bharti Farms India (P) Limited has been revoked.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-
   Term Loan               5.01         [ICRA]D: assigned

   Fund Based Limits-
   Cash Credit             5.44         [ICRA]D: assigned

   Unallocated             1.79         [ICRA]D: assigned

ICRA's rating is driven by delays in debt servicing by BFIPL on
account of its stretched liquidity position. ICRA takes note of
the high competitive intensity in the poultry business, the
seasonality of demand for poultry products as well as risks
related to disease outbreak. BFIPL has a modest scale of
operations and a weak financial profile. ICRA also takes
cognizance of the positive demand prospects for the poultry
industry in India and the extensive experience of the promoters in
the poultry industry.

Going forward, a track record of timely debt servicing, driven by
a sustained improvement in the company's liquidity position will
be the key rating sensitivity.

BFIPL was incorporated in 2010-11 to breed layer birds and sell
table eggs to traders and contract farmers in Haryana and Uttar
Pradesh. It has a production capacity of 82,500 parent birds, at a
time. The unit is located at Village Budha Khera, District Jind,
Haryana. The promoters of the company are Mr. Jitender Kumar, Mr.
Narender Singh and Mr. Sudhir Singh, and have experience of more
than 25 years in the poultry business.

Recent Results
The company reported a Profit after Tax (PAT) of INR0.20 crore on
an Operating Income (OI) of INR23.18 crore in 2013-14 as compared
to a PAT of INR0.11 crore on an OI of INR5.12 crore in 2012-13.
For 2014-15, the company reported, on a provisional basis, an
operating income of INR23.23 crore.


BHUSHAN POWER: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Bhushan Power &
Steel Limited's (BPSL) 'IND BB' Long-Term Issuer Rating with a
Rating Watch Negative (RWN) to the suspended category. This rating
will now appear as 'IND BB(suspended)' on the agency's website.

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

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary. Also the agency
has withdrawn the ratings on BPSL's proposed facilities in the
absence of final documentation.

BPSL's ratings are as follows:

-- Long-term Issuer Rating: migrated to 'IND BB(suspended)' from
   'IND BB'/RWN

-- INR220 billion long-term bank loans: migrated to 'IND
   BB(suspended)' from 'IND BB'/RWN

-- Proposed INR69.67 billion term loans: 'Provisional
   'IND BB'/RWN; rating withdrawn

-- INR36.67 billion fund-based working capital limits: migrated
   to 'IND BB(suspended)' from 'IND BB'/RWN

-- Proposed INR3.3 billion fund-based working capital limits:
   'Provisional IND BB'/RWN; rating withdrawn

-- INR33.77 billion non-fund-based working capital limits:
   migrated to 'IND A4+(suspended)' from 'IND A4+'/RWN

-- Proposed INR3.23 billion non-fund-based working capital
   limits: 'Provisional IND A4+'/RWN; rating withdrawn

-- INR10 billion short-term bank loans: migrated to 'IND
   A4+(suspended)' from 'IND A4+'/RWN


BRIJ SUGAR: CRISIL Reaffirms 'D' Rating on INR100MM Term Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Brij Sugar
Industries Pvt Ltd (BSIPL) continues to reflect delays by BSIPL in
meeting its term debt obligations; the delays were caused by weak
liquidity. The stretch in liquidity is on account of the decline
in sugar prices.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              30        CRISIL D (Reaffirmed)
   Term Loan               100        CRISIL D (Reaffirmed)

BSIPL has a weak financial risk profile, marked by a leveraged
capital structure, and is exposed to risks related to its initial
stage of operations. These weaknesses are partially offset by the
extensive experience of the company's promoters in the sugar
industry.

BSIPL was incorporated in 2010, promoted by Mr. Mahindra Goel is a
sugar manufacturing unit at Jyotiba Phule Nagar (Uttar Pradesh).


CARD PRO: CRISIL Suspends 'B+' Rating on INR52.7MM Bank Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Card
Pro Solutions Pvt Ltd (CPSPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           3         CRISIL A4
   Cash Credit             15         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      52.7       CRISIL B+/Stable
   Term Loan               29.3       CRISIL B+/Stable

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

CPSPL, incorporated in 1989 as Kamal Offset Pvt Ltd, got its
current name in 2010. The company manufactures paper
telecommunication cards (recharge coupons) and smart cards. It is
promoted by Mr. Vikas Choudhary and Mr. Kishin Gidwani. The
company is based in Mumbai.


CIRCAR JUTE: CRISIL Suspends B Rating on INR100MM Overdraft Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Circar
Jute Mills Pvt Ltd (CJMPL).

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

   Overdraft Facility      100        CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility       15        CRISIL B/Stable

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

CJMPL was incorporated in 1983 in Andhra Pradesh and is currently
run by Bhartia family. Currently, the company manufactures jute
products such as cloth and gunny bags. The jute mill has
manufacturing capacity of 40 tonnes per day. The promoters' have
been in the jute manufacturing business for over six decades.


COUNT N: CRISIL Reaffirms B+ Rating on INR7.1MM Cash Credit
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Count N Denier
Yarns Pvt Ltd (CDYPL) continues to reflect CDYPL's modest scale of
operations in the intensely competitive textile trading space, and
below-average financial risk profile because of large working
capital requirements. These rating weaknesses are partially offset
by the extensive experience of CDYPL's promoter in the textiles
industry.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             7.1      CRISIL B+/Stable (Reaffirmed)
   Term Loan               5.2      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that CNDYPL will continue to benefit from the
extensive experience of its promoter in the textile industry over
the medium term. The outlook may be revised to 'Positive' if the
company increases its scale of operations significantly while
maintaining its profitability. Conversely, the outlook may be
revised to 'Negative' if the company's profitability comes under
pressure, most likely because of intense competition in the
industry, or if its working capital requirements increase
significantly, leading to pressure on its financial risk profile,
particularly liquidity.

Update
CNDYPL's revenue and profitability was in line with CRISIL's
expectations in 2013-14 (refers to financial year, April 1 to
March 31). Revenue is expected to remain flattish in 2014-15 owing
to overall slowdown in the market. Operating margin is likely to
be 4 to 4.5 per cent due to limited value addition and fragmented
nature of the industry. Further the company's profitability will
remain vulnerable to changes in the cotton prices, as sharp
changes in the prices will likely have an impact on the inventory
valuation.

The company's working capital cycle has been in line with the
expectation , with gross current asset [GCA] of 116 days as on
March 31, 2015, as against CRISIL's expectation of 122 days,
driven primarily by receivables  of about 100 days. CRISIL
believes that CNDYPL's working capital cycle will continue to be
exposed to variations in cotton availability and price
fluctuations, based on which the stocking pattern of the company
may change.

CNDYPL's liquidity is supported by unsecured loans from the
promoters at regular intervals. The company's bank lines continue
to be utilised by 90 to 95per cent in the peak period - November
to June - due to its moderate working capital intensity, and the
availability of funding support from promoters. CRISIL expects
that funding support from the promoters will remain over the long-
term. CNDYPL had no long-term debt as on March 31, 2015.

The company's financial risk profile continues to remain modest,
marked by modest net worth of INR      11 million and moderate
gearing of 2.8 times, respectively, as on March 31, 2015. The
modest debt protection metrics were marked by interest coverage
ratio of 1.6 times and net cash accruals to total debt ratio of
0.08 times in 2014-15. With the absence of any debt-funded capex
plan, CRISIL believes that CNDYPL's financial risk profile will
remain modest over the medium term.

CDYPL was set up in 2008 by Mr. Anil Agrawal. It trades in cotton
yarn and grey fabrics. The company also undertakes jobwork for
doubling of yarn. CNDYPL procures cotton yarn and grey fabric from
manufacturers and traders based in Bhiwandi and Kalbadevi in
Mumbai

CNDYPL reported a net profit of INR0.04 million on net sales of
INR409.9 million for 2014-15 (refers to financial year, April 1 to
March 31), as against a net profit of INR1.2 million on net sales
of INR414.7 million for 2013-14.


DARJEELING ORGANIC: Ind-Ra Withdraws 'IND B(suspended)' Rating
--------------------------------------------------------------
India Ratings and Research has withdrawn Darjeeling Organic Tea
Estates Private Limited's (DOTEPL) 'IND B(suspended)' Long-Term
Issuer Rating.

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

Ind-Ra suspended DOTEPL's ratings on Sept. 2, 2014.

DOTEPL's ratings:

   -- Long-Term Issuer Rating: 'IND B(suspended)'; rating
      withdrawn
   -- INR296.6 mil. long-term loans: Long-term
      'IND B(suspended)'; rating withdrawn

   -- INR370 mil. fund-based limits: Long-term
      'IND B(suspended)'; rating withdrawn

   -- INR5 mil. non-fund-based limits: Short-term 'IND
      A4(suspended)'; rating withdrawn


DAVENDRA FEEDS: ICRA Assigns 'B' Rating to INR8.50cr Cash Credit
----------------------------------------------------------------
ICRA has assigned its [ICRA] B rating to the INR13.45 crore bank
facilities of Davendra Feeds India (P) Limited. The suspension of
Davendra Feeds India (P) Limited has been revoked.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-
   Term Loan               3.00         [ICRA]B: assigned

   Fund Based Limits-
   Cash Credit             8.50         [ICRA]B: assigned

   Unallocated             1.95         [ICRA]B: assigned

ICRA's rating is constrained by the high competitive intensity in
the poultry business given the limited entry barriers and DFIPL's
subdued operating performance in FY15. The rating also takes into
account DFIPL's dependence on its group companies from which it
derives about 40% of its operating income, as the liquidity
position of the group entities is stretched. The rating also
factors in the company's elevated Total Debt/OPBDITA* and high
gearing levels. The rating, however, takes into account DFIPL's
location advantage, due to its proximity to hatchery companies and
the extensive experience of the promoters in the poultry business,
coupled with positive demand prospects for the poultry feed
industry.

Going forward, an increase in scale of operations driven by
optimum capacity utilization along with efficient management of
the working capital cycle will be the key rating sensitivities.

DFIPL is a part of the Bharti group and is engaged in
manufacturing poultry feed supplement. The manufacturing unit is
located at Village Budha Khera, District Jind, Haryana. The
promoter, Mr. Narender Singh, looks after the day to day
operations of the business. The company started its manufacturing
operations in 2012-13 and has a production capacity of 72,000
tonnes per annum. The company is fulfilling the internal
requirement for all group companies, which are engaged in the
business of poultry and hatchery; about 40% of the total
production is supplied to group companies.

Recent Results
The company reported a Profit after Tax (PAT) of INR0.43 crore on
an Operating Income (OI) of INR67.80 crore in 2013-14 as compared
to a PAT of INR0.13 crore on an OI of INR9.06 crore in 2012-13.
For 2014-15, the company reported, on a provisional basis, an
operating income of INR56.92 crore.


DENTCARE DENTAL: CRISIL Reaffirms B- Rating on INR110MM Cash Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Dentcare
Dental Lab Pvt Ltd (DLPL; part of the Dentcare group) continues to
reflect the Dentcare group's stretched liquidity with its cash
accruals expected to tightly match its term debt repayment
obligations, and the group's fully utilized bank limits.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           110       CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      1       CRISIL B-/Stable (Reaffirmed)

   Term Loan               4       CRISIL B-/Stable (Reaffirmed)

The rating is also constrained by its below-average financial risk
profile marked by its modest net worth, high gearing, and moderate
debt protection metrics. These rating strengths are partially
offset by the extensive experience of the group's promoters in the
dental prostheses industry, and its wide distribution network.

CRISIL had assigned its 'CRISIL B-/Stable' rating on the long-term
bank loan facilities of DLPL on April 16, 2015.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of DLPL and Dentcare Dental Lab (DDL).
This is because these entities, together referred to as the
Dentcare group, have common promoters, are in the same line of
business, have operational linkages and have fungible cashflows.

Outlook: Stable
CRISIL believes that the Dentcare group will continue to benefit
over the medium term from its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if the group
registers a substantial and sustained increase in its scale of
operations, while maintaining its profitability margins, or there
is a substantial improvement in its capital structure on the back
of sizeable equity infusion from its promoters. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
the group's profitability margins, or significant deterioration in
its capital structure, caused most likely by a stretch in its
working capital cycle.

DDL was set up in 1988, and DLPL was set up in 2007 by Mr. John
Kuriakose and his family members. Both these entities manufacture
dental prostheses. Their manufacturing units are based in
Ernakulam (Kerala).


DEVANGA SANGHA: Ind-Ra Withdraws 'IND BB-(suspended)' Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the 'IND BB-
(suspended)' rating on Devanga Sangha's (DS) INR16.91 million bank
loans.

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

Ind-Ra had suspended DS' rating on Nov. 4, 2014.


GAS PROJECTS: CRISIL Assigns B+ Rating to INR2.5MM LT Bank Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Gas Projects India Pvt Ltd (GPIPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       2.5       CRISIL B+/Stable

   Bank Guarantee          57.5       CRISIL A4

   Cash Credit             30         CRISIL B+/Stable

The ratings reflect GPIPL's modest scale and working-capital-
intensive nature of operations, and its susceptibility to
volatility in raw material prices. The ratings also factor in the
company's average financial risk profile, marked by below-average
debt protection metrics, though its capital structure is moderate.
These rating weaknesses are partially offset by the extensive
experience of GPIPL's promoters in the manufacture of storage and
distribution systems for compressed gases and fuels industry, and
their funding support.

For arriving at the ratings, CRISIL has treated unsecured loans,
estimated at INR96.9 million as on March 31, 2015, from GPIPL's
promoters as neither debt nor equity; this is because these loans
are expected to be retained in the business over the medium term.

Outlook: Stable
CRISIL believes that GPIPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if there is a
significant and sustained improvement in the company's revenue and
profitability, leading to higher cash accruals. Conversely, the
outlook may be revised to 'Negative' in case of weakening of
GPIPL's financial risk profile, particularly its liquidity, most
likely because of low cash accruals, a stretch in its working
capital cycle, or large debt-funded capital expenditure.

Incorporated in 2001, GPIPL manufactures storage and distribution
systems for compressed gases and fuels such as liquefied petroleum
gas (LPG) bobtail and road tankers, vaporisers, and reticulated
gas systems, and provides turnkey-based services for the same. The
company is promoted by Mr. Sachin Parikh and its manufacturing
facilities are located in Navi Mumbai (Maharashtra).


HARYANA OILS: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research has migrated Haryana Oils & Soya Ltd's
(HOSL) 'IND B+' Long-Term Issuer Rating with a Stable Outlook to
the suspended category.  This rating will now appear as 'IND
B+(suspended)' on the agency's website.

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

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

HOSL's ratings are:

   -- Long-Term Issuer Rating: migrated to 'IND B+(suspended)'
      from 'IND B+'
   -- INR40 mil. fund-based working capital limits: migrated to
      'IND B+(suspended)'/'IND A4(suspended)' from 'IND B+'/
      'IND A4'
   -- INR600 mil. non-fund-based working capital limits: migrated
      to 'IND B+(suspended)'/'IND A4(suspended)' from
      'IND B+'/'IND A4'


JAGABANDHU ENTERPRISERS: CRISIL Rates INR1.1MM Term Loan at 'B'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Jagabandhu Enterprisers Pvt Ltd (JEPL). The
ratings reflect JEPL's modest scale of operations and large
working capital requirements. These rating weaknesses are
partially offset by the extensive experience JEPL's promoter in
the electrical transmission business and running petrol pump.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                1.1       CRISIL B/Stable
   Bank Guarantee          78         CRISIL A4
   Overdraft Facility      25         CRISIL A

Outlook: Stable
CRISIL believes that JEPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if JEPL increases its scale
of operations and operating margin or improves its working capital
management, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
low accruals, lengthening of the company's working capital cycle,
or significant debt-funded capital expenditure.

JEPL was originally set up in 1994 as partnership firm, which was
reconstituted as a private limited company with the current name
in 2000. The company is engaged in testing, construction,
erection, and commissioning of sub-transmission lines /switching
stations, and other allied works. The company also owns petrol
pump in Odisha. The day to day operations of the company is being
managed by Mr. Jagabandhu Muduli.


JAYAM EDUCATIONAL: Ind-Ra Withdraws IND BB+(suspended)' Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the 'IND
BB+(suspended)' rating on Jayam Educational Health and Charitable
Trust's (JEHCT) INR214m bank loans.

The rating has been withdrawn due to lack of adequate information.
Ind-Ra will no longer provide ratings or analytical coverage for
JEHCT's loans.

Ind-Ra had suspended JEHCT's rating on Nov. 4, 2014.


KSS ABHISHEK: CRISIL Suspends B+ Rating on INR40MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
KSS Abhishek Safety Systems Pvt Ltd (KSSA).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              40        CRISIL B+/Stable
   Letter of Credit         50        CRISIL A4
   Proposed Long Term
   Bank Loan Facility        1.5      CRISIL B+/Stable
   Term Loan                30        CRISIL B+/Stable

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

KSSA was incorporated in 1985 as Abhishek Auto Industries Ltd
(AAIL) for manufacturing seat belts. Its name was changed to the
current one in October 2007 when it formed a joint venture with
the US-based KSS Inc. KSS Abhishek's plant in IMT Manesar, Gurgaon
(Haryana) has seat-belt manufacturing capacity of 5 million pieces
per annum. KSS Inc is a designer and manufacturer of safety-
critical components and systems, including airbags, seat belts,
and steering wheels. KSS Inc's products are used in more than 300
vehicle models produced by over 60 automobile manufacturers
worldwide.


MAHALAXMI YARNS: Ind-Ra Assigns 'IND D' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research has assigned Mahalaxmi Yarns a Long-
Term Issuer Rating of 'IND D'.  The agency has also assigned these
ratings to Mahalaxmi Yarn's bank loans:

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Fund-based working      50.0       Long-Term 'IND D'
   capital limits

   Long-Term Loans         41.1       Long-Term 'IND D'

KEY RATING DRIVERS

The ratings reflect Mahalaxmi Yarns' tight liquidity leading to
delays in debt servicing for the 12 months ended April 2015.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months could
result in a positive rating action.

COMPANY PROFILE

Set up in 2003, Mahalaxmi Yarns is a partnership firm involved in
the trading of cotton yarn and fabrics in Tirupur, Tamil Nadu.

C. Dhandapani and Vijai Mahalakshmi Spinning- Mills India Pvt.
Ltd. are the partners of the firm and their profit sharing ratio
is 64% and 36%, respectively.


MATOSHRI PRATISHTHAN: ICRA Suspends 'D' Rating on INR5.83cr Loan
----------------------------------------------------------------
ICRA has suspended the [ICRA]D rating to the INR8.00 crore bank
facilities of Matoshri Pratishthan. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
requisite information from the company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund-
   Based Limits            5.83         [ICRA]D Suspended
   Unallocated Limit       2.17         [ICRA]D Suspended

Matoshri Pratishthan (MP) was established in the year 2009 and is
running three institutes in an integrated campus in Nanded:
Vishwabharti Polytechnic Institute (VPI), School of Engineering
and School of Management. The engineering and management
institutes are affiliated to Swami Ramanand Teerth Marathwada
(SRTM) University in Nanded while VPI is affiliated to Directorate
of Technical Education, Maharashtra.


MULTITUDE INFRA: Ind-Ra Affirms 'IND BB-' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research has affirmed Multitude Infrastructures
Private Limited's (MIPL) Long-Term Issuer Rating at 'IND BB-'.
The Outlook is Stable.  The agency has also affirmed MIPL's INR140
mil. long-term bank loans (reduced from INR179.99 mil.) at
'IND BB-'/Stable.

KEY RATING DRIVERS

The affirmation reflects MIPL's strong track record of receiving
tangible financial support from its ultimate parent Emaar MGF
Group (EMGF) through interest-free unsecured loans and equity.
This has helped the company in servicing its debt on time.  Since
inception of MIPL, EMGF has infused about INR931.5 mil. through
unsecured loans.

The ratings continue to be constrained by MIPL's limited revenue
base despite revenue growing to INR133 mil. in FY15 from INR88
mil. in FY11.  Also, its interest coverage (operating EBITDAR/net
interest expense + rents) has been low at 1.07x in FY14 (year end
March; FY13: 0.8x).  For FY15, the coverage is likely to remain at
the previous year's level and improve from FY16, aided by
stability in operations and decreasing debt.  On March 31, 2015,
MIPL had outstanding bank loans of INR140m (FY14: INR180 mil.)

Provisional FY15 results indicate revenue increasing 1.7% to
INR133 mil. (FY14: INR131 mil.) on back of a slight increase in
occupancy levels and nearly stagnant average room rent.  This is
because of intense competition resulting in oversupply of room
inventory in Jaipur.  The occupancy rose to 86.3% in FY15 from
83.5% in FY14 while the average room rent rose by a meagre 0.3%.
EBITDA margins also declined to 20.6% in FY15 (FY14: 23.7%) on an
increase in employee cost to 23.4% (21.1%) as well as in sales
commission to 3.3% of total revenue (2.3%).

MIPL has an established position in Jaipur's hospitality market
supported by the central location of its hotel in the tourist city
of Jaipur.  The property has proximity to railway station, airport
and other prominent locations in the city.  In addition, MIPL's
branding and marketing tie-up with 'ITC Welcome Group' having
almost 40 years of operational track record provides it access to
the brand's global clientele.

RATING SENSITIVITIES

Positive:  A positive rating action could result from a
significant improvement in the revenue and profitability margins
so that MIPL meets its debt obligations solely from operational
cash flows.

Negative: Deterioration in the revenue and profitability margins,
leading to the net interest cover sustaining below 1.25x could be
negative for the ratings.

COMPANY PROFILE

MIPL is 100% owned by Emaar MGF Land Limited through its
downstream wholly owned subsidiaries. Emaar MGF is a JV between
Emaar Properties PJSC (Dubai) and MGF Developments Pvt. Ltd
(Delhi).  MIPL has set up a five-star hotel on the upper floors of
the Metropolitan Shopping Mall in central Jaipur.  The hotel has
been fully opened to public from October 2009 and FY11 was the
first full year of operations.


NAJEEM CASHEW: CRISIL Reaffirms B- Rating on INR10MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Najeem Cashew
Industries (NCI) reflects NCI's average financial risk profile,
marked by modest net worth, high gearing, and average debt
protection metrics. The ratings also factor in the firm's exposure
to intense competition in the cashew processing industry. These
rating weaknesses are partially offset by the extensive industry
experience of NCI's promoters.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit              10      CRISIL B-/Stable (Reaffirmed)
   Foreign Bill Purchase    20      CRISIL A4 (Reaffirmed)
   Packing Credit           90      CRISIL A4 (Reaffirmed)

Outlook: Stable
CRISIL believes that NCI will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if NCI's cash accruals and
capital structure improve. Conversely, the outlook may be revised
to 'Negative' if the firm's financial risk profile deteriorates
further, most likely because of a sharp decline in its revenues
and profitability, substantial debt-funded capital expenditure
(capex), or significant withdrawal of capital by its promoter.

NCI was established in 1991 as a proprietary concern by Mr. S.
Najeemudeen Musaliar. The firm imports, processes, and exports
cashew kernels.


NEO METALIKS: Ind-Ra Withdraws 'IND BB(Suspended)' Issuer Rating
----------------------------------------------------------------
India Ratings and Research has withdrawn Neo Metaliks Limited's
(NML) 'IND BB(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended NML's ratings on Sept. 22, 2014.

NML's ratings:

   -- Long-Term Issuer Rating: 'IND BB(suspended)'; rating
      withdrawn
   -- INR300.5 mil. long-term loans: Long-term
      'IND BB(suspended)'; rating withdrawn
   -- INR412 mil. fund-based facilities: Long-term
      'IND BB(suspended)'; rating withdrawn
   -- INR700.9 mil. non-fund-based facilities: Short-term
      'IND A4+(suspended)'; rating withdrawn


OSWAL KNIT: Ind-Ra Withdraws 'IND D(Suspended)' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research has withdrawn Oswal Knit India
Limited's 'IND D(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended Oswal Knit India's rating on Sept. 25, 2014.

Oswal Knit India's ratings:

   -- Long-Term Issuer Rating: 'IND D(suspended)'; rating
      withdrawn
   -- INR24.02 mil. long-term loans: Long-Term
      'IND D(suspended)'; rating withdrawn
   -- INR190 mil. fund-based limits: Long-Term/Short-Term
      'IND D(suspended)'; rating withdrawn
   -- INR167 mil. non-fund-based limits: Long-Term/Short-Term
      'IND D(suspended)'; rating withdrawn


PALANI ANDAVAR: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research has assigned The Palani Andavar Mills
Limited (TPAML) a Long-Term Issuer Rating of 'IND BB'.  The
Outlook is Stable.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long-term loans         13.5       Assigned 'IND BB'/Stable
   Fund-based Facilities   50.0       Assigned 'IND BB'/Stable
   Non-fund-based          26.0       Assigned 'IND A4+'
   facilities

KEY RATING DRIVERS

The ratings reflect TPAML's small scale of operations and moderate
credit profile.  Unaudited FY15 financial statement indicates
revenue of INR276m in FYE15 (FY14: INR241m).  While EBITDA
interest cover deteriorated to 3.6x at FYE15 (FYE14: 5.3x) on a
decline in EBITDA margin to 6.7% (13.1%) because of higher raw
material cost and power shortage, net leverage was unchanged at
1.9x because of scheduled debt repayments.

The ratings also factor in the company's comfortable liquidity
osition with its average use of the working capital limits being
40% for the 12 months ended April 2015.  The ratings are also
supported by the promoters' eight-decade-long experience in the
cotton yarn manufacturing business.

RATING SENSITIVITIES

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

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


PIONEER STEELS: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research has suspended Pioneer Steels' 'IND B+'
Long-Term Issuer Rating.  The Outlook was Stable.  The rating will
now appear as 'IND B+(suspended)' on the agency's website.

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

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

Pioneer's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND B+(suspended)'
      from 'IND B+'
   -- INR11.7 mil. term loans: migrated to 'IND B+(suspended)'
      from 'IND B+'
   -- INR200 mil. fund-based working capital limits: migrated to
      Long Term 'IND B+(suspended)' from 'IND B+' and Short Term
      'IND A4(suspended)' from 'IND A4'


PVR PROJECTS: CRISIL Suspends B+ Rating on INR400MM Bank Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
PVR Projects Ltd (PVRPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          500        CRISIL A4
   Cash Credit             100        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      400        CRISIL B+/Stable

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

PVRPL was incorporated in 2005, after acquiring the business of
proprietorship concern, P Venkureddy, which was in operation since
1986. PVRPL specialises in the execution of irrigation projects
mainly for government and semi-government organisations. PVRPL's
operations involve execution of civil infrastructure projects such
as canals, dams (both earthen and masonry), reservoirs, aqua-
ducts, flumes, and tunnels. It mostly undertakes projects in
Maharashtra and Andhra Pradesh. Currently, Mr. Satishkumar Reddy,
son of the promoter, Mr. P Venkureddy, manages PVRPL.


QUAD LIFESCIENCES: Ind-Ra Assigns IND BB Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research has assigned Quad Lifesciences Private
Limited (QLPL) a Long-Term Issuer Rating of 'IND BB'.  The Outlook
is Stable.  The agency has also assigned QLPL's bank loans these
ratings:

                         Amount
  Facilities           (INR Mln)     Ratings
  ----------           ---------     -------
  Proposed term loans      38        'Provisional IND BB'/Stable
  Fund-based limits       130        'IND BB'/Stable/'IND A4+'

KEY RATING DRIVERS

The ratings reflect QLPL's lack of operational track record and
small scale of operations.  The company was operational only for
45 days in FY13, and FY14 was the first full year of operations.
Management indicates revenue of around INR320m in FY15 (FY14:
INR180 mil.).

The ratings also factor in the company's moderate credit metrics
and comfortable liquidity position.  FYE14 financial leverage
(adjusted net debt/operating EBITDAR) was 1.92x and interest
coverage (operating EBITDA/gross interest expense) was 4.69x.  The
average use of the working capital limits during the 12 months
ended May 2015 was around 91%.

The ratings are supported by more than two decades of experience
of QLPL's promoter in manufacturing active pharmaceuticals
ingredients.

RATING SENSITIVITIES

Negative: Deterioration in the profitability leading to sustained
deterioration in the credit metrics will be negative for the
ratings.

Positive: A significant improvement in the revenue along with the
current credit metrics being sustained or improving will be
positive for the ratings.

COMPANY PROFILE

Incorporated in March 2012, QLPL was started operations in
February 2013.  It is engaged in manufacturing of Active
Pharmaceuticals Ingredients (API) from Herbs, Seeds, and Plants
etc.  The company's manufacturing unit is based in Derabassi,
Punjab.


R.K. INDUSTRIES: Ind-Ra Ups Long-Term Issuer Rating to 'IND BB-'
----------------------------------------------------------------
India Ratings and Research has upgraded R.K. Industries' (RKI)
Long-Term Issuer Rating to 'IND BB-' from 'IND B' with a Stable
Outlook.  The agency has also upgraded RKI's INR140 mil. fund-
based limits to Long-Term 'IND BB-'/Stable/'IND A4+' from
'IND B'/'IND A4'.

KEY RATING DRIVERS

The upgrade reflects RKI's consistent revenue growth at a CAGR of
22.3% over FY11-FY14 and improvement in EBITDA margins to 2.9% in
FY14 (FY13: 2.4%).  Provisional FY15 financials indicate 72% yoy
growth in revenue to INR1,557m and higher EBITDA margins of 3.1%.

The ratings also reflect the improvement in the company's interest
coverage and net leverage to 2.3x in FY15 (FY14: 1.6x, FY13: 2.6x)
and 3.4x (5.7x; 10.0x), respectively.

However, the company continues to face tight liquidity as
indicated by almost full utilization of the working capital limits
over the 12 months ended March 2015.

The ratings are supported by the decade-long experience of RKI's
founders in the spices processing and trading business.

RATING SENSITIVITIES

Negative: A negative rating action could result from further
stress on the liquidity and operating profitability on a sustained
basis.

Positive: A positive rating action could result from a sustained
improvement in the revenue and operating EBITDA margins leading to
an improvement in the net interest coverage.

COMPANY PROFILE

Incorporated in 2002, RKI is a Rajasthan-based proprietorship
firm.  The company is engaged in the cleaning, processing and
trading of whole spices, oil seeds and agro commodities.  Besides
catering to the domestic market, the company exports to UK, China,
Thailand, Canada, Dubai and Middle East.  Exports contributed
around 62% to its total sales in FY14 (FY13: 59%, FY12: 50%, FY11:
38%).  The company has a cleaning /sorting capacity of 20MT per
day and a groundnut shell cutting and cleaning capacity of 70MT
per day.


RAGHU INFRA: CRISIL Cuts Rating on INR750MM Bank Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Raghu Infra Pvt Ltd (RIPL) to 'CRISIL D/CRISIL D' from 'CRISIL
C/CRISIL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           750       CRISIL D (Downgraded from
                                      'CRISIL A4')

   Cash Credit              400       CRISIL D (Downgraded from
                                      'CRISIL C')

The rating downgrade reflects RIPL's over-utilisation of its fund-
based limits for more than 30 consecutive days because of weak
liquidity.

RIPL is exposed to intense competition in the fragmented civil
construction industry. However, the company benefits from its
promoters' extensive industry experience.

Set up in 1980, RIPL undertakes civil construction projects,
especially works related to irrigation and roads. The Bengaluru-
based company is promoted by Mr. K Shiva Rao and his family
members.


S.S. INFRAZONE: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned S.S. Infrazone
Private Limited (SSIPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable. The agency has also assigned SSIPL's bank
loans the following ratings:

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Fund-based working       5         Long-Term 'IND BB+'/Stable
   capital limit                      /Short-Term 'IND A4+'

   Non-fund-based         290         Short-Term 'IND A4+'
   facility

KEY RATING DRIVERS

The ratings are constrained by SSIPL's high susceptibility to
government regulations due to its tender-based nature of business.
The ratings also factor in the company's moderate revenue size.
Provisional FY15 financials indicate revenue of INR540.25m (FY14:
INR70.87m).

The ratings also factor in SSIPL's strong credit metrics and
moderate profitability with interest coverage (operating
EBITDA/gross interest expense) of 23.90x in FY15 (FY14: 41.52x),
financial leverage (adjusted net debt/operating EBITDAR) of
negative 0.50x (negative 2.97x) and EBITDA margins of 10.33%
(15.82%).

RATING SENSITIVITIES

Negative: A significant deterioration in the top line and
operating EBITDA margin will be negative for the ratings.

Positive: A significant growth in the revenue while the current
credit and liquidity profile being maintained or improving will be
positive for the ratings.

SSIPL came into existence in 2012. It is engaged in contract-based
construction work mainly for government authorities such as Jhansi
Public Works Department, Gorakhpur Public Works Department,
Lucknow Irrigation Authority. The company is CPWD Class-I (B&R)
since 1990 and MCD Class-IA (B&R) since 1981.


S S DEVELOPERS: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research has assigned S S Developers (SSD) a
Long-Term Issuer Rating of 'IND B'.  The Outlook is Stable.  The
agency has also assigned SSD's INR264.3 mil. term loans an 'IND B'
rating with a Stable Outlook.

KEY RATING DRIVERS

The ratings reflect SSD's dependence on equity injections for debt
service as cash generated by the business is not sufficient.
Promoters have injected cash in a timely manner to provide for
debt service in two of the last three years.  The ratings also
reflect the renewal risk associated with its rental agreements,
the cancellation of which can put further stress on the entity's
cash flows.

The ratings are supported by the strong clientele of SSD which
includes MNCs such as Puma Sports India Pvt Ltd and DHL Supply
Chain India Private Limited.

RATING SENSITIVITIES

Positive: A sustained improvement in the overall credit metrics
will be positive for the ratings.

Negative: Cancellation of rental agreements with its customers
leading to substantial deterioration in its credit metrics will be
negative for the ratings.

COMPANY PROFILE

SSD is a partnership entity incorporated in 2011.  The entity is
in the business of constructing warehouses and letting them out.
It has constructed two warehouses in Mayasandra, Karnataka,
admeasuring 368,000 square feet which have been let out to Puma
Sports India and DHL Supply Chain India.


SAI BALAJI: CRISIL Ups Rating on INR27.5MM Term Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sai Balaji Paraboiled Rice Mill (SBP) to 'CRISIL B+/Stable' from
'CRISIL B/Stable', while reaffirming its rating on the firm's
short-term bank facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         0.1       CRISIL A4 (Reaffirmed)

   Cash Credit           20         CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Letter of Credit       2.5       CRISIL A4 (Reaffirmed)

   Proposed Cash
   Credit Limit           2.5       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Term Loan             27.5       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects the improvement in SBP's business risk
profile, driven by a substantial and sustained increase in its
scale of operations and an improvement in its working capital
cycle. The firm's revenue is estimated to have increased
substantially to INR220 million in 2014-15 (refers to financial
year, April 1 to March 31) from INR98 million in 2013-14. The
revenue growth was driven by the stabilisation of the firm's
processing unit, which came online in the first quarter of 2013-
14. CRISIL believes that SBP will register an annual revenue
growth of around 10 per cent over the medium term on the back of
its continued addition of new customers and steady offtake by Food
Corporation of India.

SBP's working capital cycle has been reducing, as reflected in
the decline in its gross current assets to about 50 days as on
March 31, 2015, from 93 days as on March 31, 2014. The improvement
is mainly because the firm has been operating with lower inventory
and extending lesser credit to its customers. CRISIL believes that
SBP will maintain its improved working capital cycle over the
medium term on the back of its strategy to operate with lower
inventory and its enhanced collection efforts.

The ratings reflect SBP's modest scale of operations in the
intensely competitive rice milling industry, the susceptibility of
its profitability margins to volatility in paddy prices, the
vulnerability of its operations to regulatory changes, and its
small net worth, limiting its financial flexibility. These rating
weaknesses are partially offset by the extensive experience of
SBP's promoters in the rice milling industry and the firm's
efficient working capital management.

Outlook: Stable
CRISIL believes that SBP 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
sustained increase in its profitability margins, or if there is a
substantial increase in its net worth on the back of sizeable
capital additions by its partners. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in SBP's
profitability margins, or significant deterioration in its capital
structure caused most likely by large unanticipated debt-funded
capital expenditure.

SBP was set up in June 2011 as a partnership firm. It mills and
processes paddy into rice; it also generates by-products, such as
broken rice, bran, and husk. Its rice mill is located in
Mahbubnagar district (Telangana). The firm is managed by nine
partners comprising Mr. K Kannaiah Setty and his family members.


SAMPRASH FOODS: Ind-Ra Withdraws 'IND D(Suspended)' Issuer Rating
-----------------------------------------------------------------
India Ratings and Research has withdrawn Samprash Foods Private
Limited's (SFPL) Long-Term Issuer Rating of 'IND D(suspended)'.

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

Ind-Ra suspended Samprash Foods' ratings on June 16, 2014.

SFPL's Ratings are:

   -- Long-Term Issuer Rating: 'IND D(suspended)'; rating
      withdrawn
   -- INR300.0 mil. long-term loans: 'IND D(suspended)'; rating
      withdrawn
   -- INR179.5 mil. fund-based working capital limits: Long-
      term/Short-term 'IND D(suspended)'; rating withdrawn


SARADHAMBIKA PAPER: ICRA Assigns B+ Rating to INR6.0cr LT Loan
--------------------------------------------------------------
ICRA has assigned long-term rating of [ICRA]B+ to the INR0.65
crore term loans, INR6.00 crore fund based facilities and INR0.35
crore proposed facilities of Saradhambika Paper & Board Mills
Private Limited.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long-term: Term loans     0.65       [ICRA]B+/assigned

   Long-term: Fund based
   facilities                6.00       [ICRA]B+/assigned

   Long-term: Proposed
   facilities                0.35       [ICRA]B+/assigned


The rating takes into account the significant experience of the
promoters of over two decades in the paper industry and the growth
in the Company's operating income over the years. The rating also
factors in the favourable demand scenario for paper and paper
boards over the medium term and the Company's efforts to expand
the client base, which are expected to support its growth
prospects in the future. The rating is, however, constrained the
intense competition arising from excess capacity and the highly
fragmented nature of the domestic paper industry which has
impacted the Company's capacity utilization. Further, the
Company's operating margins have been declining over the past two
fiscals driven by increasing raw material and power costs. The
rating is further constrained by stretched coverage indicators and
weak capital structure, which is largely attributed to the
intermittent losses which have eroded the net worth position.
Going forward, the Company does not have any major debt-funded
capital expenditure plans over the medium term. Hence, ability of
the Company to improve its revenues by scaling up the operations
and its profit margins will be critical to improving its credit
profile.

Incorporated in 1994 and commencing operations in 1996,
Saradhambika Paper & Board Mills Private Limited is engaged in the
manufacture of kraft paperboard with GSM in the range of 250 to
450 and burst factor of 8 to 10, and caters to packaging
requirements of entities across industries. The paperboards find
application as packing materials in various forms including paper
cones, tubes and cores, fiber drums, etc. The Company's
manufacturing facility is located in Gobichettipalayam, Erode
(Tamil Nadu) and operates with an installed capacity of 55MT per
day. The Company sells its produce in the domestic markets,
primarily to entities located in South India. The Company has a
wind mill with an installed capacity of 750kW which contributes to
~60.0% of its annual power requirements.

Recent Results
The Company reported a net loss of INR0.3 crore on an operating
income of INR22.5 crore during 2013-14 as against a net profit of
INR0.4 crore on an operating income of INR18.9 crore during 2012-
13.


SATVAM NUTRIFOODS: CRISIL Assigns 'B' Rating to INR52.5MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Satvam Nutrifoods Ltd (SNL).

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

The rating reflects the initial phase of SNL's operations, and its
susceptibility to risks associated with implementation of its
project and stabilisation of its operations. The rating also
factors in SNL's small scale of operations in the intensely
competitive spice processing industry, and the company's weak
financial risk profile, marked by high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive business experience of SNL's promoter.

Outlook: Stable
CRISIL believes that SML will benefit over the medium term from
its promoter's extensive business experience. The outlook may be
revised to 'Positive' if the company registers substantial revenue
and profitability, resulting in higher-than-expected accruals and
hence in a better financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of any time or cost overrun
in SNL's project, or large debt-funded capital expenditure which
would adversely impact its financial risk profile and thus its
debt-servicing ability.

SNL, based in Ahmedabad (Gujarat), was formed on August 2014. The
company is setting up a facility for processing spices and
manufacturing instant-mix food items. It is promoted by Mr.
Ganpatlal D Patel. SNL is expected to commence commercial
operations by July 2015.


SCHOOL BOOK: ICRA Reaffirms 'B+' Rating on INR5.0cr Cash Credit
---------------------------------------------------------------
ICRA has reaffirmed an [ICRA]B+ rating to the INR5.00 crore cash
credit facility and INR4.00 crore term loan facility of School
Book Company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit             5.00         [ICRA]B+; reaffirmed
   Term Loan               4.00         [ICRA]B+; reaffirmed

The rating reaffirmation is constrained by the moderate size of
the entity in terms of turnover, presence in limited geographic
area and relatively low entry barriers in trading of stationary
papers and stationary items. The rating is also constrained by the
seasonality in the SBC's turnover and consequent reliance on
working capital funding, leveraged balance sheet with gearing of
around 5x as on March 31, 2015 due to moderate net worth and
partnership nature of the entity with relatively large capital
drawals in comparison to the accruals over last few years.
Nevertheless, the rating continue to draw comfort from relatively
good brand presence of the firm in its region of operation almost
since 1922, consistent 10% CAGR growth over last 5 years, good
profitability from operations and established relationship with
the suppliers. The firm's ability to maintain its profitability
along with the improvement of its capital structure will remain
the key rating sensitivities.

SBC is based in Mangalore and trades in stationary paper, other
stationary items (normally used in offices and schools) and books
(school and general). It also has a printing press which provides
digital printing solutions based on demand. It was incorporated in
1922 in its earliest form and has a multi story-central warehouse
in Mangalore for its trading and distribution operations, two
retail shops in Mangalore (on Car Street and on KS Rao Road) and a
digital printing press. It is being managed by 10 partners from
Bhandary family.

Recent Results
As per FY 2015 unaudited provisional's; the firm reported an
operating income of INR52.73 crore and profit before tax of
INR2.11 crore as against operating income of INR50.51 crore and
profit after tax of INR0.89 crore for FY 2014.


SHASHI STRUCTURAL: CRISIL Reaffirms B Rating on INR122.5MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shashi Structural
Engineers Pvt Ltd (SSE) continue to reflect SSE's below-average
financial risk profile, marked by a small net worth, moderate
gearing, and weak liquidity, albeit supported by healthy debt
protection metrics.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          60        CRISIL A4 (Reaffirmed)
   Cash Credit            110        CRISIL B/Stable (Reaffirmed)
   Long Term Loan           7.5      CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     122.5      CRISIL B/Stable (Reaffirmed)

The ratings also factor in the company's modest scale of
operations and large working capital requirements. These rating
weaknesses are partially offset by the extensive experience of
SSE's promoters in the civil construction industry.

Outlook: Stable
CRISIL believes that SSE will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of infusion of
substantial long-term funds by the promoters to shore up SSE's
liquidity. Conversely, the outlook may be revised to 'Negative' if
SSE's working capital cycle lengthens or if its revenue and
profitability decline, leading to lower cash accruals.

Update
For 2014-15 (refers to financial year, April 1 to March 31), SSE's
revenue is estimated at about INR230 million, up about 20 per cent
from around INR193 million in 2013-14. The company had an
unexecuted order book of INR1.16 billion as of April 2015 to be
executed over the next three years, which provides healthy revenue
visibility. SSE maintained healthy operating margin of over 30 per
cent in 2014-15; the profitability is expected to remain stable
over the medium term.

SSE's financial risk profile remains below average, marked by
estimated modest net worth of about INR120 million and moderate
gearing of about 1.5 times as on March 31, 2015. However backed by
healthy profitability, the company's debt protection metrics are
adequate, with net cash accruals to total debt and interest
coverage ratios estimated at over 3.0 times and about 0.25 times,
respectively, for 2014-15. The company's liquidity remains weak,
because of highly working-capital-intensive operations, as
reflected in its estimated gross current assets of over 400 days
as on March 31, 2015. Resultantly, the company's bank limits were
utilised fully over the 12 months through February 2015. However,
SSE is likely to generate cash accruals of just over INR55 million
in 2015-16 which will be sufficient to meet its debt obligations
of INR32 million during the year. CRISIL believes that SSE's
financial risk profile will remain below average over the medium
term, constrained by the company's working-capital-intensive
operations.

SSE, promoted by Mr. Amresh K. Tiwari, supplies aggregates and
earthwork material to large civil construction players. SSE also
undertakes works involving road construction on lower layers up to
granular sub base.


SHREEJI COTTON: ICRA Suspends B+ Rating on INR7cr Cash Credit
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating to the INR7.00 crore bank
facilities of Shreeji Cotton Industries.  The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of requisite information from the company.

                            Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   LT Scale - Fund Based
   Limits - Cash Credit      7.00        [ICRA]B+ Suspended

Established in 2006, Shreeji Cotton Industries (SCI) is owned and
managed by Mr. Ravji Ramani and Mr. Jiva Ramani. The firm is
engaged in ginning & pressing of raw cotton to produce cotton
bales and cotton seeds. The firm's factory is located at Jasdan
(Gujarat) with a processing capacity of 50 MT of raw cotton per
day.


SNOWTEMP COMMERCIAL: ICRA Suspends B+ Rating on INR5.95cr Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR5.95 crore,
cash credit and INR4.05 crore untied fund based limits of Snowtemp
Commercial Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


SOHO LIMITED: ICRA Assigns 'B' Rating to INR6.50cr Loan
-------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR9.0
crore long term fund based limits of SOHO Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based limits       6.50         [ICRA]B; Assigned
   Unallocated             2.50         [ICRA]B; Assigned

ICRA's rating is constrained on account of Soho's critical
dependence on its group company's real estate project, to which it
is acting as a labor contractor. The rating also takes into
account the company's high funding requirements given its high
receivable days and its investments in group companies. The rating
also factors in the company's stretched liquidity position, as
evident from the high utilization of its bank limits. The rating
however, derives comfort from the experience of the Mascot Soho
group in the field of construction and real estate projects,
mainly in Patna (Bihar) and Ghaziabad (Uttar Pradesh) and the
company's moderate leverage and coverage indicators (Gearing at
1.03 times, Net cash accruals/Debt of 9.38% and DSCR* of 1.48
times in FY15).

Going forward, the company's ability to execute its order book as
planned, grow and diversify its operating scale while managing
funding requirements will be the key rating sensitivities. The
company's plan to undertake new real estate projects will also be
a key monitorable.

Incorporated in 2005, Soho is promoted by Mr Bijay Pratap Singh
and is currently engaged in supply of labor to its group
companies. The company belongs to the Mascot Soho group which has
interests in real estate, civil construction etc. In the past,
Soho has also developed flats in Patna (Bihar) and Ghaziabad
(Uttar Pradesh).

Recent results
Soho, on a provisional basis, reported an Operating Income (OI) of
INR7.16 crore for FY15, on which it earned a Profit after Tax
(PAT) of INR0.22 crore, as compared to an OI of INR6.39 crore on
which it earned a PAT of INR0.17 crore in the previous year.


SOMA-ISOLUX NH: CRISIL Reaffirms D Rating on INR33.89BB Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Soma-Isolux NH
One Tollway Pvt Ltd (SIPL) continues to reflect delays in the
commissioning of SIPL's project - the six-lane Panipat (Haryana) -
Jalandhar (Punjab) 291-kilometer section of National Highway (NH)
1 - has been delayed significantly because of delays in completion
of the land acquisition process and shifting of utilities. SIPL
has again sought an extension of the commissioning of the project
after missing the revised COD of March 31, 2015. The company has
applied to the Supreme Court of India for the extension of the COD
to September 4, 2015.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan              33,890      CRISIL D (Reaffirmed)

CRISIL believes that the delays in project commissioning is likely
to have a bearing on SIPL's ability to service debt obligations in
a timely manner given that debt principal repayments begin from
July 2015. Debt disbursements resumed ever since SIPL restructured
its debt repayment schedule in 2014. However, the Supreme Court's
decision on the revision in COD coupled with consistent timely
repayment of debt obligations remains a key monitorable.

Incorporated in 2008, SIPL is a special-purpose vehicle (SPV)
promoted by the Isolux Corsan group and Soma Enterprises Ltd in
the ratio of 61:39. The SPV has entered into a concession
agreement with National Highways Authority of India (NHAI; rated
CRISIL AAA/Stable) for execution, operation, and maintenance of
the project on a build-operate-transfer (BOT) basis.

SIPL has been awarded the right to widen the four-lane
Panipat'Jalandhar section of NH 1 to six lanes, to be executed on
a BOT-toll basis. SIPL has a concession period of 15 years, which
includes a construction period of 30 months. The original COD was
November 9, 2011, which after subsequent delays and revisions, was
again approved to March 31, 2015. The company has missed the
revised COD of March 31, 2015, and has applied for a revision in
the COD to September 4, 2015.


SUNCORP EXIM: CRISIL Suspends B+ Rating on INR180MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Suncorp
Exim India Limited (SEIPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             180        CRISIL B+/Stable
   Letter of Credit         60        CRISIL A4
   Proposed Long Term
   Bank Loan Facility       10        CRISIL B+/Stable

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

SEIPL, set up in Hyderabad in 2011, is engaged in the business of
wholesale distribution of branded footwear and apparels. The
company is promoted by Mr. S Ramesh and Mr. K Rama Mohana Rao. The
promoters have an extensive experience of around a decade in the
distributorship and retailing of branded merchandise by virtue of
their association with other group entities.


SRI LAKSHMI: CRISIL Ups Rating on INR44MM Term Loan to 'B-'
-----------------------------------------------------------
CRISIL has upgraded its ratings on the long term bank facilities
of Sri Lakshmi Srinivasa Agri Processing Pvt. Ltd (SLSA) to
'CRISIL B-/Stable' from 'CRISIL D'


                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              41        CRISIL B-/Stable (Upgraded
                                      from 'CRISIL D')

   Term Loan                44        CRISIL B-/Stable (Upgraded
                                      from 'CRISIL D')

The rating upgrade reflects the timely servicing of debt by SLSA
over the past six months ended May 2015. The upgrade also reflects
CRISIL's belief that the company will continue to service its debt
in a timely fashion, with its cash accruals expected to remain
adequate to meet its maturing debt obligations.

The rating reflects SLSA's below-average financial risk profile
marked by its small net worth, high gearing, and average debt
protection metrics. The rating of the company is also constrained
on account of its modest scale of operations, its exposure to
intense competition in the cotton ginning industry resulting in
its low profitability margins, the susceptibility of its
profitability to volatility in cotton prices, and the
vulnerability of its operations to regulatory changes. These
rating weaknesses are partially offset by the benefits SLSA
derives from the extensive entrepreneurial experience of its
promoters.

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

SLSA was set up in 2012 by Mr. Attluri Jagannatha Rao,
Mrs.Harshini, and Mr. S.Seetaramurthy. The company is engaged in
ginning and pressing of raw cotton. Its ginning unit is located in
Krishna district in Andhra Pradesh.


TECHNO INDIA: ICRA Assigns 'C+' Rating to INR16cr Overdraft Loan
----------------------------------------------------------------
ICRA has assigned an [ICRA]C+ rating to the INR25.0 crore
(enhanced from INR19 crore) fund based limits of Techno India.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Term Loans           9.00       [ICRA]C+ outstanding
   Overdraft Limit     16.00       [ICRA]C+ assigned/outstanding

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

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

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


ULTRA DRUGS: Ind-Ra Withdraws 'IND D(Suspended)' Rating
-------------------------------------------------------
India Ratings and Research has withdrawn Ultra Drugs Pvt. Ltd.'s
(UDPL) 'IND D(suspended)' Long-Term Issuer Rating.

The ratings have been withdrawn due to lack of adequate
information.  India Ratings will no longer provide ratings or
analytical coverage for UDPL.

Ind-Ra suspended UDPL's ratings on May 29, 2014.

UDPL's ratings:

   -- Long-Term Issuer Rating: 'IND D(suspended)'; rating
      withdrawn
   -- INR10.5 mil. long-term loans: Long-Term 'IND D(suspended)';
      rating withdrawn
   -- INR40 mil. fund-based working capital limits: Long-Term
      'IND D(suspended)'; rating withdrawn


UNIQUE ENTERPRISE: ICRA Assigns B Rating to INR5.0cr Cash Credit
----------------------------------------------------------------
A rating of [ICRA]B has been assigned to the INR5.00 crore cash
credit facility and INR1.53 crore term loan facility of Unique
Enterprise. ICRA has also assigned a short term rating of [ICRA]A4
to the INR0.30 crore bank guarantee facility of UE.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan               1.53         [ICRA]B assigned
   Cash Credit             5.00         [ICRA]B assigned
   Bank Guarantee          0.30         [ICRA]A4 assigned

The assigned ratings are constrained by weak financial profile of
the firm characterized by low profitability and highly stretched
capital structure owing to high working capital borrowings. The
ratings also take into account the highly fragmented and
competitive industry structure with increasing competition from
ecommerce segment. Further, the ratings are constrained by
predominantly working capital intensive nature of business owing
to high inventory levels to be maintained and stock clearance
being vulnerable to changing consumer tastes, dynamic fashion
trends and economic environment.

The ratings positively consider the extensive experience of the
promoters in franchising for established brands though group
concerns, diversified brands and product profile of the firm and
favourable outlook for Gujarat region with high economic growth,
per capita income and urbanization.

Unique Enterprise is a partnership firm promoted to establish
retail stores for apparel, hosiery, shoes, sports ware and related
accessories by franchise agreements with established brands like
Adidas, Reebok, Killer Jeans and SMART. The firm was established
in August 2009. The firm has four partners. Mr. Yasinbhai
Banglawala is the key person and Mr.Agrawal actively supports the
activities of the firm. UE took over the business of group concern
Srushti Enterprise which owns 5 franchised outlets of Reebok.


UNISEX AGENCIES: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Unisex Agencies
(Unisex) continue to reflect Unisex's weak financial risk profile,
marked by high leverage and weak debt protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          40       CRISIL A4 (Reaffirmed)
   Cash Credit             90       CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the firm's working-capital-intensive
and modest scale of operations in the branded garments
distribution industry. These rating weaknesses are partially
offset by the extensive industry experience of Unisex's
proprietor, the financial support it receives from him, and its
established relationships with its principals.

Outlook: Stable
CRISIL believes that Unisex will continue to benefit over the
medium term from its established relationships with its key
principals and its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
increases its scale of operations or profitability or improves its
working capital cycle, resulting in a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
Unisex faces pressure on its revenue and profitability, or if its
working capital cycle lengthens, or if it undertakes a large debt-
funded capital expenditure programme.

Unisex was set up as a proprietorship firm in 1994 by Mr. Rohit
Khanna. It distributes products of brands such as Adidas, Jockey
sportswear, Pepe Jeans, Just for Kids, Fila, and Provogue in
Punjab, Haryana, Himachal Pradesh, and Jammu & Kashmir. In 2014-15
(refers to financial year, April 1 to March 31), the firm has also
added all brands of Raymond to its portfolio. It also retails
branded garments at its 16 retail outlets in and around Punjab.

Unisex reported a book profit of INR2.11 million on net sales of
INR351.00 million for 2013-14, against a book profit of INR2.80
million on net sales of INR315.48 million for 2012-13.


VEER HATCHERIES: ICRA Assigns 'D' Rating to INR4.40cr Cash Credit
-----------------------------------------------------------------
ICRA has assigned its [ICRA]D rating to the INR10.0 crore bank
facilities of Veer Hatcheries. The suspension of Veer Hatcheries
has been revoked.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-
   Term Loan               4.25         [ICRA]D: assigned

   Fund Based Limits-
   Cash Credit             4.40         [ICRA]D: assigned

   Unallocated             1.35         [ICRA]D: assigned

ICRA's rating is driven by delays in debt servicing by Veer
Hatcheries on account of its stretched liquidity position. ICRA
also takes note of the firm's modest scale of operations, the high
competitive intensity in the poultry business and the firm's weak
financial profile. ICRA also takes cognizance of the positive
demand prospects for the poultry industry in India and the
extensive experience of the promoters in the poultry industry.
Going forward, a track record of timely debt servicing, driven by
a sustained improvement in the firm's liquidity position will be
the key rating sensitivity.

Veer Hatcheries was incorporated in 2009-10 as a partnership firm
with Ms. Raj Bala and Mr. Ramesh Kumar as partners. The firm is
engaged in breeding layer birds and sell day old chicks to traders
and contract farmers in Haryana and Uttar Pradesh. The unit is
located at Village Padha, District. Karnal in Haryana.

Recent Results
The firm reported a Profit After Tax (PAT) of INR0.23 crore on an
Operating Income (OI) of INR17.76 crore in 2013-14, as compared to
a PAT of INR0.16 crore on an OI of INR4.86 crore in the previous
year. For 2014-15, the firm reported, on a provisional basis, an
operating income of INR20.06 crore.


VEERABHADRA MINERALS: CRISIL Reaffirms B+ Rating on INR15MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Veerabhadra Minerals
Pvt Ltd (VMPL) continue to reflect VMPL's modest scale of
operations, exposure to concentration risks in revenue profile and
susceptibility of the operating profitability to adverse movement
in foreign exchange rates.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         0.7       CRISIL A4 (Reaffirmed)
   Cash Credit            8.0       CRISIL B+/Stable (Reaffirmed)
   Foreign Bill
   Discounting           10.0       CRISIL B+/Stable (Reaffirmed)

   Foreign Letter of
   Credit                15.0       CRISIL B+/Stable (Reaffirmed)

   Long Term Loan        16.3       CRISIL B+/Stable (Reaffirmed)

   Packing Credit        20         CRISIL A4 (Reaffirmed)

These weaknesses are partially offset by VMPL's comfortable
financial risk profile marked by a comfortable gearing and debt
protection metrics, and its promoters' extensive experience in the
granite industry.

Outlook: Stable
CRISIL believes that VMPL will continue to benefit, over the
medium term, from its promoter's industry experience. The outlook
may be revised to 'Positive' if VMPL's revenue and profitability
increase significantly on a sustainable basis while improving its
capital structure. The outlook may be revised to 'Negative' if
VMPL's liquidity weakens most likely due to stretched receivables
or if its customer relationships weaken, or if the company
undertakes large debt-funded capital expenditure, thus weakening
its financial risk profile.

Incorporated in 1989, VMPL extracts and exports granites. The
company is promoted by Mr. G V Pratap Reddy and his family.  The
company has its mines spread over 9 acres in Chimakurti, Prakasham
District (Andhra Pradesh).

For 2014-15 (refers to financial year, April 1 to March 31), on a
provisional basis, VMPL reported, a profit after tax (PAT) of
INR20.3 million on total income of INR429.5 million, as against a
PAT of INR33.2 million on total income of INR493.1 million for
2013-14.


VIJAY DEEP: Ind-Ra Withdraws 'IND BB-(Suspended)' Issuer Rating
---------------------------------------------------------------
India Ratings and Research has withdrawn Vijay Deep Silk Mills Pvt
Ltd.'s 'IND BB-(suspended)' Long-Term Issuer Rating.

The ratings have been withdrawn due to lack of adequate
information.  India Ratings will no longer provide ratings or
analytical coverage for Vijay Deep Silk Mills.

Ind-Ra suspended Vijay Deep Silk Mills' ratings on Sept. 25, 2014.

Vijay Deep Silk Mills' ratings:

   -- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating
      withdrawn
   -- INR65 mil. fund-based working capital limits:
      'IND BB-(suspended)' and 'IND A4+(suspended)'; ratings
      withdrawn
   -- INR1.1 mil. non-fund-based working capital limits:
      'IND BB-(suspended)' and 'IND A4+(suspended)'; ratings
      withdrawn


VIJAYAWADA ELECTRICITY: Ind-Ra Withdraws 'BB+(suspended)' Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the 'IND
BB+(suspended)' rating on The Vijayawada Electricity Employees Co-
operative Credit Society Limited's (TVEECCSL) INR258.66m bank
loans.

The rating has been withdrawn due to lack of adequate information.
Ind-Ra will no longer provide ratings or analytical coverage for
TVEECCSL's loans.

Ind-Ra suspended TVEECCSL's ratings on July 10, 2014.


VIN AUTO: CRISIL Reaffirms 'B' Rating on INR50MM Cash Credit
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of VIN Auto (VA)
continues to reflect VA's modest scale of operations, and its
exposure to intense competition and demand cycles in the
automobile dealership industry.

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

   Channel Financing       50        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      23.5      CRISIL B/Stable (Reaffirmed)

   Term Loan               26.5      CRISIL B/Stable (Reaffirmed)

The rating also factors in the firm's below-average financial risk
profile, marked by high gearing and modest debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of the firm's promoters, and its
established relationship with its principal, Tata Motors Ltd (TML;
rated 'CRISIL AA/Stable/CRISIL A1+/CRISIL AAA (SO)/Stable').

Outlook: Stable
CRISIL believes that VA will continue to benefit over the medium
term from its established position in the Tumkur (Karnataka)
region and its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if VA's revenue and operating
margin improve substantially, leading to a sustainable increase in
its cash accruals and improvement in its debt protection metrics.
Significant equity infusion by the partners, resulting in an
improvement in the firm's capital structure, may also result in a
'Positive' outlook. Conversely, the outlook may be revised to
'Negative' if the firm's market share declines, thereby
significantly impacting its revenue, profitability, and cash
accruals, or if it undertakes any large debt-funded capital
expenditure programme, thereby further weakening its capital
structure, or in case of large withdrawals by its partners.

VA was set up in 2006 by Mr. T Vinay as a partnership firm to
undertake the dealership for TML passenger cars; it is based in
Tumkur. It has outlets in Tumkur, Tittur, and Chitradurga (all in
Karnataka).

For 2013-14 (refers to financial year, April 1 to March 31), VA
reported a profit after tax (PAT) of INR1.8 million on net sales
of INR408.4 million, as against a PAT of INR2.62 million on net
sales of INR409.8 million for 2012-13.


VISAKHA TRADES: Ind-Ra Raises Long-Term Issuer Rating to IND BB-
----------------------------------------------------------------
India Ratings and Research has upgraded Visakha Trades' (VT) Long-
Term Issuer Rating to 'IND BB-' from 'IND B+'.  The Outlook is
Stable.  The agency has also upgraded VT's bank loan ratings as:


                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
  Long term loans           14         Upgraded to 'IND BB-'/
                  (reduced from 18.3)  Stable from 'IND B+'

  Fund-based                30         Upgraded to 'IND BB-'/
  facilities                           Stable from 'IND B+'
                                       and 'IND A4+' from
                                       'IND A4'

  Non-fund-based            15         Upgraded to 'IND A4+'
  Facilities                           from 'IND A4'

KEY RATING DRIVERS

The upgrade reflects VT's improved credit metrics in FY15 (year
end March) on increased scale of operations as well as
profitability.  Unaudited FY15 financials indicate net leverage
(adjusted net debt/operating EBITDAR) of 3.5x in FY15 (FY14:
4.9x), revenue of INR104 mil. (up 67.1% yoy) and EBITDA of INR14
mil. (INR11 mil.).

The upgrade also factors in VT's continued comfortable liquidity
position with its use of the fund-based facilities being 61.4% on
average in the 12 months ended May 2015.

The ratings continue to be constrained by the company's small
scale of operations and proprietorship nature of business.

RATING SENSITIVITIES

Positive: Substantial growth in the revenue while maintaining the
profitability leading to a sustained improvement in the credit
metrics would be positive for the ratings.

Negative: Any further decline in the profitability leading to
sustained deterioration in the credit metrics would be negative
for the ratings.

COMPANY PROFILE

VT was established in 1991 as a sole proprietorship based in
Visakhapatnam.  It is involved in refurbishing the cabins of naval
ships, as well as in the building and selling of porta cabins.


YOGESH INDUSTRIES: CRISIL Cuts Rating on INR80MM Cash Loan to B
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Yogesh Industries (YI) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

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

   Long Term Loan            7       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

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

The rating downgrade reflects deterioration in YI's business risk
profile with significant decline in its revenue and profitability
margins resulting in reduced cash flows from operations. There has
also been a stretch in the firm's working capital cycle, resulting
in higher reliance on debt and weakening of its debt protection
metrics. YI's ability to register a substantial increase in its
revenue and profit margins or sustained improvement in its working
capital cycle remains a key rating sensitivity factor.

The firm's revenue declined to an estimated INR100 million in
2014-15 (refers to financial year, April 1 to March 31) from
INR381 million in 2013-14 on account of limited availability of
cotton in Adilabad (Telangana) where the firm's spinning unit is
located. The operating profit margins of the firm also declined
with reduced revenues negatively affecting the absorption of fixed
costs.

There has also been a stretch in the firm's working capital cycle
as reflected in a significant increase in its gross current asset
(GCA) to an estimated 350 days as on March 31, 2015 from 137 days
as on March 31, 2014. The increase in GCA is mainly driven by the
stretch in the firm's receivables cycle and an increase in its
inventory levels, which resulted in higher reliance on debt. The
company's depressed profitability levels, along with higher debt,
resulted in weakening of the company's interest coverage ratio to
around 0.7 times in 2014-15 from 1.2 times in 2013-14.

The rating reflects YI's below-average financial risk profile
marked by small net worth, high gearing, and below-average debt
protection metrics. The rating also factors in the firm's small
scale of operations, its exposure to intense competition in the
cotton ginning industry resulting in low profit margins, the
susceptibility of its profitability to volatility in cotton
prices, and the vulnerability of its operations to regulatory
changes. These rating weaknesses are partially offset by the
extensive experience of YI's promoters in the cotton ginning
industry.

Outlook: Stable
CRISIL believes that YI will continue to benefit over the medium
term from its management's extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial and
sustained improvement in the firm's revenue and profitability
margins, or a sustained improvement in its working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of a steep decline in the firm's profitability margins, or
significant deterioration in its liquidity caused most likely by a
further stretch in its working capital cycle.

YI was set up in 2007 by Mr. Om Prakash Ladda and Mrs. Savithribai
Ladda. The firm is engaged in ginning and pressing of raw cotton.
Its ginning unit is located in Adilabad.



===============
M O N G O L I A
===============


MONGOLIA: S&P Rates Proposed Chinese Renminbi Notes Issuance 'B+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
issue rating to the Chinese renminbi-denominated global notes that
Mongolia (B+/Negative/B) proposes to issue as part of its US$5
billion global medium-term notes program.  S&P also assigned its
'cnBB-' long-term Greater China regional scale rating to the
proposed notes.

The notes will constitute direct, unconditional, unsubordinated,
and unsecured obligations of Mongolia.  S&P expects the government
to use most of the proceeds to refinance existing debt.

The ratings on Mongolia reflect the country's underdeveloped,
resource-driven economy and its weak policy environment.  The
economy's strong medium-term growth prospects and moderate general
government debt temper these weaknesses.

Standard & Poor's could lower the rating on Mongolia in the next
12 months if the government's Comprehensive Macroeconomic
Adjustment Plan does not induce much-needed foreign direct
investments, the country's external liquidity continues to weaken,
or the government debt burden rises.

S&P may revise its outlook back to stable if the government can
realize the substantial mineral wealth of the nation and improve
its fiscal and external positions beyond S&P's current
expectations.


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


LEO MOTORS: Files Financial Statements of Acquired Assets
---------------------------------------------------------
Leo Motors, Inc. filed an amended current on Form 8-K/A report
with the Securities and Exchange Commission relating to the
Company's acquisition of 50% of the outstanding common stock of
each of (i) Leo Trading Inc., formerly Erum Motors, Inc., (ii) Leo
Motors Factory, Inc., and (iii) Leo Motors Factory 2, Inc.

As reported by the TCR on April 9, 2015, the Company acquired from
Erum, 100,000 shares of Erum's common stock for a purchase price
of 100,000,000 Korean Won.  The Company acquired from Leo Factory
1, 200,000 shares of Leo Factory 1's common stock for a purchase
price of 100,000,000 Korean Won.  The Company acquired from Leo
Factory 2, 10,000 shares of Leo Factory 2's common stock for a
purchase price of 100,000,000 Korean Won.  Pursuant to the
Acquisition Agreements, each of Erum, Leo Factory 1, and Leo
Factory 2 became a wholly-owned subsidiary of the Company.

The Amended Form 8-K provides the financial statements of Leo
Trading, Leo Factory and Leo Factory 2, copies of which are
available for free at:

                        http://is.gd/AD7KAC
                        http://is.gd/q5G4nD
                        http://is.gd/sEli4g

                          About Leo Motors

Headquartered in Hanam City, Gyeonggi-do, Republic of Korea, Leo
Motors, Inc., a Nevada corporation, is currently engaged in the
research and development of multiple products, prototypes and
conceptualizations based on proprietary, patented and patent
pending electric power generation, drive train and storage
technologies.

In 2011, the Company determined its investment in Leo B&T Inc. an
investment account was impaired and recorded an expense of
$4.5 million.  During the 2012 year the Company had a net non
operating income largely from the result of the forgiveness of
debt for $1.3 million.

Leo Motors incurred a net loss of $4.5 million on $693,000 of
revenues for the year ended Dec. 31, 2014, compared to a net loss
of $1.24 million on $0 of revenues for the year ended Dec. 31,
2013.

As of March 31, 2015, the Company had $5.77 million in total
assets, $4.87 million in total liabilities and $904,500 in total
equity.

John Scrudato CPA, in Califon, New Jersey, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2014, citing that the Company has
incurred significant accumulated deficits, recurring operating
losses and a negative working capital.  This and other factors
raise substantial doubt about the Company's ability to continue as
a going concern.



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


* BOND PRICING: For the Week June 15 to June 19, 2015
-----------------------------------------------------

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


  AUSTRALIA
  ---------

ANTARES ENERGY LTD      10.00    10/30/23   AUD        1.83
BOART LONGYEAR MANAG     7.00    04/01/21   USD       70.75
BOART LONGYEAR MANAG     7.00    04/01/21   USD       68.30
CML GROUP LTD            9.00    01/29/20   AUD        1.02
CRATER GOLD MINING L    10.00    08/18/17   AUD       28.00
IMF BENTHAM LTD          6.46    06/30/19   AUD       73.00
KBL MINING LTD          12.00    02/16/17   AUD        0.32
LAKES OIL NL            10.00    03/31/17   AUD        7.60
MIDWEST VANADIUM PTY    11.50    02/15/18   USD        4.25
MIDWEST VANADIUM PTY    11.50    02/15/18   USD        3.60
RESOLUTE MINING LTD     10.00    12/04/17   AUD        0.90
STOKES LTD              10.00    06/30/17   AUD        0.46
TREASURY CORP OF VIC     0.50    11/12/30   AUD       61.50


CHINA
-----

CHANGCHUN CITY DEVEL     6.08    03/09/16   CNY       40.22
CHANGSHA COUNTY XING     8.35    04/06/19   CNY       83.80
CHANGZHOU INVESTMENT     5.80    07/01/16   CNY       70.40
CHANGZHOU WUJIN CITY     5.42    06/09/16   CNY       50.05
CHINA GOVERNMENT BON     1.64    12/15/33   CNY       71.69
DATONG ECONOMIC CONS     6.50    06/01/17   CNY       70.01
ERDOS DONGSHENG CITY     8.40    02/28/18   CNY       71.00
HANGZHOU XIAOSHAN ST     6.90    11/22/16   CNY       70.45
HEILONGJIANG HECHENG     7.78    11/17/16   CNY       71.59
HUAIAN CITY URBAN AS     7.15    12/21/16   CNY       70.71
HUAIAN QINGHE NEW AR     6.79    04/29/17   CNY       71.46
KUNSHAN ENTREPRENEUR     4.70    03/30/16   CNY       40.02
LIAOYUAN STATE-OWNED     7.80    01/26/17   CNY       71.50
NANJING NANGANG IRON     6.13    02/27/16   CNY       49.92
NANTONG CITY TONGZHO     6.80    05/28/19   CNY       79.00
NANTONG STATE-OWNED      6.72    11/13/16   CNY       69.72
NANTONG STATE-OWNED      6.72    11/13/16   CNY       71.00
PANJIN CONSTRUCTION      7.70    12/16/16   CNY       71.31
QINGZHOU HONGYUAN PU     6.50    05/22/19   CNY       40.13
SHANGHAI REAL ESTATE     6.12    05/17/17   CNY       71.57
TAIZHOU CITY CONSTRU     6.90    01/25/17   CNY       70.74
URUMQI STATE-OWNED A     6.48    04/28/18   CNY       75.00
WUXI COMMUNICATIONS      5.58    07/08/16   CNY       50.09
XIANGTAN JIUHUA ECON     6.93    12/16/16   CNY       71.32
YANGZHOU URBAN CONST     5.94    07/23/16   CNY       70.31
ZHUCHENG ECONOMIC DE     6.40    04/26/18   CNY       60.78


INDONESIA
---------

BERAU COAL ENERGY TB     7.25    03/13/17   USD       60.00
INDONESIA TREASURY B     6.38    04/15/42   IDR       73.17
BERAU COAL ENERGY TB     7.25    03/13/17   USD       54.50


INDIA
-----

3I INFOTECH LTD          5.00    04/26/17   USD       20.00
BLUE DART EXPRESS LT     9.30    11/20/17   INR       10.12
BLUE DART EXPRESS LT     9.50    11/20/19   INR       10.18
BLUE DART EXPRESS LT     9.40    11/20/18   INR       10.15
COROMANDEL INTERNATI     9.00    07/23/16   INR       16.27
GTL INFRASTRUCTURE L     3.53    11/09/17   USD       30.13
INCLINE REALTY PVT L    10.85    08/21/17   INR       12.38
INCLINE REALTY PVT L    10.85    04/21/17   INR        9.14
INDIA GOVERNMENT BON     7.64    01/25/35   INR       22.18
JAIPRAKASH ASSOCIATE     5.75    09/08/17   USD       73.53
JCT LTD                  2.50    04/08/11   USD       21.38
ORIENTAL HOTELS LTD      2.00    11/21/19   INR       72.91
PYRAMID SAIMIRA THEA     1.75    07/04/12   USD        1.00
REI AGRO LTD             5.50    11/13/14   USD       20.63
REI AGRO LTD             5.50    11/13/14   USD       20.63
SHIV-VANI OIL & GAS      5.00    08/17/15   USD       23.63


JAPAN
-----

AVANSTRATE INC           5.00    11/05/17   JPY       30.25
AVANSTRATE INC           3.02    11/05/15   JPY       36.25
ELPIDA MEMORY INC        0.70    08/01/16   JPY        9.63
ELPIDA MEMORY INC        0.50    10/26/15   JPY        9.63
ELPIDA MEMORY INC        2.03    03/22/12   JPY        9.63
ELPIDA MEMORY INC        2.10    11/29/12   JPY        9.63
ELPIDA MEMORY INC        2.29    12/07/12   JPY        9.63


KOREA
-----

2014 KODIT CREATIVE      5.00    12/25/17   KRW       28.53
2014 KODIT CREATIVE      5.00    12/25/17   KRW       28.53
DONGBU CORP              4.00    05/03/16   KRW       36.55
DOOSAN CAPITAL SECUR    20.00    04/22/19   KRW       35.60
EXPORT-IMPORT BANK O     0.50    11/21/17   BRL       74.07
EXPORT-IMPORT BANK O     0.50    12/22/17   BRL       72.98
HYUNDAI HEAVY INDUST     2.03    12/15/44   KRW       54.60
HYUNDAI HEAVY INDUST     4.80    12/15/44   KRW       55.66
HYUNDAI MERCHANT MAR     7.05    12/27/42   KRW       37.25
KIBO ABS SPECIALTY C    10.00    02/19/17   KRW       34.04
KIBO ABS SPECIALTY C    10.00    09/04/16   KRW       36.47
KIBO ABS SPECIALTY C     5.00    01/31/17   KRW       30.40
KIBO ABS SPECIALTY C     5.00    03/29/18   KRW       27.52
KIBO ABS SPECIALTY C    10.00    08/22/17   KRW       27.45
KIBO GREEN HI-TECH S    10.00    12/21/15   KRW       40.10
LSMTRON DONGBANGSEON     4.53    11/22/17   KRW       28.22
POSCO ENERGY CORP        4.66    08/29/43   KRW       69.84
POSCO ENERGY CORP        4.72    08/29/43   KRW       69.18
POSCO ENERGY CORP        4.72    08/29/43   KRW       69.30
POSCO PLANTEC CO LTD     3.89    09/13/16   KRW       71.06
SINBO SECURITIZATION     5.00    12/25/16   KRW       30.86
SINBO SECURITIZATION     5.00    02/21/17   KRW       30.85
SINBO SECURITIZATION     5.00    02/21/17   KRW       30.85
SINBO SECURITIZATION     5.00    08/31/16   KRW       32.79
SINBO SECURITIZATION     5.00    08/31/16   KRW       32.79
SINBO SECURITIZATION     5.00    09/28/15   KRW       41.67
SINBO SECURITIZATION     4.60    06/29/15   KRW       70.02
SINBO SECURITIZATION     4.60    06/29/15   KRW       70.02
SINBO SECURITIZATION     9.00    07/27/15   KRW       63.83
SINBO SECURITIZATION     5.00    03/13/17   KRW       30.62
SINBO SECURITIZATION     5.00    03/13/17   KRW       30.62
SINBO SECURITIZATION     5.00    12/13/16   KRW       31.63
SINBO SECURITIZATION     5.00    01/29/17   KRW       31.11
SINBO SECURITIZATION     5.00    02/11/18   KRW       27.88
SINBO SECURITIZATION     5.00    02/11/18   KRW       27.88
SINBO SECURITIZATION     5.00    12/07/15   KRW       36.22
SINBO SECURITIZATION    10.00    12/27/15   KRW       39.64
SINBO SECURITIZATION     5.00    01/19/16   KRW       33.35
SINBO SECURITIZATION     5.00    03/12/18   KRW       27.67
SINBO SECURITIZATION     5.00    03/12/18   KRW       27.67
SINBO SECURITIZATION     5.00    10/01/17   KRW       29.02
SINBO SECURITIZATION     5.00    10/01/17   KRW       29.02
SINBO SECURITIZATION     5.00    10/01/17   KRW       29.02
SINBO SECURITIZATION     5.00    10/05/16   KRW       32.42
SINBO SECURITIZATION     5.00    10/05/16   KRW       30.86
SINBO SECURITIZATION     5.00    01/15/18   KRW       28.34
SINBO SECURITIZATION     5.00    01/15/18   KRW       28.34
SINBO SECURITIZATION     5.00    08/29/18   KRW       26.45
SINBO SECURITIZATION     5.00    08/29/18   KRW       26.45
SINBO SECURITIZATION     5.00    09/13/15   KRW       45.88
SINBO SECURITIZATION     5.00    09/13/15   KRW       45.88
SINBO SECURITIZATION     5.00    06/27/18   KRW       27.07
SINBO SECURITIZATION     5.00    06/27/18   KRW       27.07
SINBO SECURITIZATION     5.00    07/24/18   KRW       26.89
SINBO SECURITIZATION     5.00    07/24/18   KRW       26.89
SINBO SECURITIZATION     5.00    07/24/17   KRW       29.00
SINBO SECURITIZATION     5.00    02/02/16   KRW       32.84
SINBO SECURITIZATION     8.00    02/02/16   KRW       37.05
SINBO SECURITIZATION     5.00    03/14/16   KRW       33.33
SINBO SECURITIZATION     5.00    07/08/17   KRW       30.01
SINBO SECURITIZATION     5.00    07/08/17   KRW       30.01
SINBO SECURITIZATION     5.00    05/27/16   KRW       33.83
SINBO SECURITIZATION     5.00    05/27/16   KRW       33.83
SINBO SECURITIZATION     5.00    08/16/16   KRW       32.10
SINBO SECURITIZATION     5.00    08/16/17   KRW       29.59
SINBO SECURITIZATION     5.00    08/16/17   KRW       29.59
SINBO SECURITIZATION     5.00    07/26/16   KRW       33.21
SINBO SECURITIZATION     5.00    07/26/16   KRW       33.21
SINBO SECURITIZATION     5.00    08/24/15   KRW       47.60
SINBO SECURITIZATION     5.00    07/19/15   KRW       57.78
SINBO SECURITIZATION     5.00    06/07/17   KRW       22.10
SINBO SECURITIZATION     5.00    06/07/17   KRW       22.10
SINBO SECURITIZATION     5.00    06/29/16   KRW       33.59
SK TELECOM CO LTD        4.21    06/07/73   KRW       66.88
TONGYANG CEMENT & EN     7.50    04/20/14   KRW       70.00
TONGYANG CEMENT & EN     7.30    04/12/15   KRW       70.00
TONGYANG CEMENT & EN     7.30    06/26/15   KRW       70.00
TONGYANG CEMENT & EN     7.50    09/10/14   KRW       70.00
TONGYANG CEMENT & EN     7.50    07/20/14   KRW       70.00
U-BEST SECURITIZATIO     5.50    11/16/17   KRW       29.21
WISE MOBILE SECURITI    20.00    05/19/18   KRW       71.00
WISEPOWER CO LTD         4.00    08/10/15   KRW       41.37


SRI LANKA
---------

SRI LANKA GOVERNMENT     5.35    03/01/26   LKR       74.81


MALAYSIA
--------

BANDAR MALAYSIA SDN      0.35    02/20/24   MYR       69.91
BANDAR MALAYSIA SDN      0.35    12/29/23   MYR       70.40
BIMB HOLDINGS BHD        1.50    12/12/23   MYR       70.51
BRIGHT FOCUS BHD         2.50    01/22/31   MYR       65.37
BRIGHT FOCUS BHD         2.50    01/24/30   MYR       67.72
LAND & GENERAL BHD       1.00    09/24/18   MYR        0.36
SENAI-DESARU EXPRESS     0.50    12/31/38   MYR       65.05
SENAI-DESARU EXPRESS     0.50    12/31/40   MYR       68.18
SENAI-DESARU EXPRESS     0.50    12/31/42   MYR       70.75
SENAI-DESARU EXPRESS     0.50    12/30/44   MYR       72.86
SENAI-DESARU EXPRESS     0.50    12/30/39   MYR       66.99
SENAI-DESARU EXPRESS     0.50    12/29/45   MYR       73.82
SENAI-DESARU EXPRESS     0.50    12/31/41   MYR       69.39
SENAI-DESARU EXPRESS     0.50    12/31/43   MYR       71.90
SENAI-DESARU EXPRESS     1.35    06/30/28   MYR       58.10
SENAI-DESARU EXPRESS     1.35    12/29/28   MYR       56.77
SENAI-DESARU EXPRESS     1.10    12/31/21   MYR       74.67
SENAI-DESARU EXPRESS     1.10    06/30/22   MYR       73.12
SENAI-DESARU EXPRESS     1.15    12/30/22   MYR       71.85
SENAI-DESARU EXPRESS     1.15    06/30/23   MYR       70.33
SENAI-DESARU EXPRESS     1.15    12/29/23   MYR       68.80
SENAI-DESARU EXPRESS     1.15    06/28/24   MYR       67.28
SENAI-DESARU EXPRESS     1.15    12/31/24   MYR       65.70
SENAI-DESARU EXPRESS     1.15    06/30/25   MYR       64.19
SENAI-DESARU EXPRESS     1.35    12/31/25   MYR       64.45
SENAI-DESARU EXPRESS     1.35    06/30/26   MYR       63.21
SENAI-DESARU EXPRESS     1.35    12/31/26   MYR       61.95
SENAI-DESARU EXPRESS     1.35    06/30/27   MYR       60.68
SENAI-DESARU EXPRESS     1.35    12/31/27   MYR       59.39
SENAI-DESARU EXPRESS     1.35    06/29/29   MYR       55.48
SENAI-DESARU EXPRESS     1.35    12/31/29   MYR       54.25
SENAI-DESARU EXPRESS     1.35    06/28/30   MYR       53.09
SENAI-DESARU EXPRESS     1.35    12/31/30   MYR       51.99
SENAI-DESARU EXPRESS     1.35    06/30/31   MYR       50.91
UNIMECH GROUP BHD        5.00    09/18/18   MYR        1.29

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

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


SINGAPORE
---------

AXIS OFFSHORE PTE LT     7.52    05/18/18   USD       70.33
BAKRIE TELECOM PTE L    11.50    05/07/15   USD        4.19
BAKRIE TELECOM PTE L    11.50    05/07/15   USD        4.19
BERAU CAPITAL RESOUR    12.50    07/08/15   USD       66.50
BERAU CAPITAL RESOUR    12.50    07/08/15   USD       65.87
BLD INVESTMENTS PTE      8.63    03/23/15   USD        9.50
BUMI CAPITAL PTE LTD    12.00    11/10/16   USD       27.50
BUMI CAPITAL PTE LTD    12.00    11/10/16   USD       27.35
BUMI INVESTMENT PTE     10.75    10/06/17   USD       30.45
BUMI INVESTMENT PTE     10.75    10/06/17   USD       29.00
ENERCOAL RESOURCES P     6.00    04/07/18   USD       14.38
INDO INFRASTRUCTURE      2.00    07/30/10   USD        1.88
OSA GOLIATH PTE LTD     12.00    10/09/18   USD       68.00
SWIBER HOLDINGS LTD      7.13    04/18/17   SGD       74.00


THAILAND
--------

G STEEL PCL              3.00    10/04/15   USD        4.05
MDX PCL                  4.75    09/17/03   USD       36.50


VIETNAM
-------

BANK FOR INVESTMENT     10.20    05/19/21   VND        1.00
DEBT AND ASSET TRADI     1.00    10/10/25   USD       57.28






                             *********

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

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

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


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

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

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

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

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



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