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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

            Friday, June 26, 2015, Vol. 18, No. 125


                            Headlines


A U S T R A L I A

CARMICHAEL BUILDERS: Owes More Than AUD10.8 Million
NEWCASTLE JETS: Placed Into Liquidation
TILT WEST: First Creditors' Meeting Set For July 3
WICKHAM SECURITIES: Chairman Charged With Fraud


C H I N A

AOXING PHARMACEUTICAL: May Sell up to $50 Million of Securities
CHINA RECYCLING: Receives NASDAQ Notice of Bid Price Deficiency
CHINA SCE: Moody's Assigns 'B2' Rating to Proposed USD Notes
CHINA SCE: S&P Assigns 'B-' Rating to Proposed US$ Sr. Notes
FAST TRACK CHINA: In Liquidation, Cuts Jobs

FOSUN INT'L: Moody's Says BuyOut of Phoenix No Impact on Ba3 CFR
LAI FUNG: S&P Affirms B+ Corporate Credit Rating; Outlook Stable
WINSWAY ENTERPRISES: Moody's Says Delays in Plan are Credit Neg.


H O N G  K O N G

CHINA FISHERY: Moody's Affirms B2 CFR; Changes Outlook to Stable
CHINA PRECISION: MSPC Quits as Auditors
NOBLE GROUP: Rises on Share Buyback, China Shareholder's Support


I N D I A

AAKAF STEEL: CRISIL Reaffirms B+ Rating on INR150MM Cash Loan
AFP MANUFACTURING: CRISIL Ups Rating on INR62MM Term Loan to B
AMBICA GOLD: CRISIL Assigns B+ Rating to INR76MM Cash Loan
ASIAN ORGANO: CRISIL Assigns B+ Rating to INR70MM Cash Loan
ASTRA CHEMTECH: CRISIL Reaffirms 'D' Rating on INR140MM Loan

AVADH BUILDCON: ICRA Assigns B+ Rating to INR50cr Long Term Loan
DACSS GRANITES: CRISIL Reaffirms B+ Rating on INR112.9MM Loan
DHANDA BREEDING: CRISIL Assigns B+ Rating to INR53.8MM Loan
GRC INFRA: ICRA Assigns 'B' Rating to INR46cr Term Loan
HI-CAN INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR150MM Loan

HIMALYAN PLASTICS: CRISIL Rates INR70MM Cash Loan at 'B'
JALAN CARBONS: CRISIL Reaffirms B+ Rating on INR222MM Cash Loan
JAYAVEL PROCESSING: CRISIL Ups Rating on INR62MM LT Loan to B+
KACHCHH STEELS: ICRA Lowers Rating on INR13cr Cash Loan to 'D'
KULJA INDUSTRIES: CRISIL Assigns B- Rating to INR60MM Cash Loan

MB SYSTEMS: ICRA Assigns 'B+' Rating to INR15cr Bank Loan
MIDLAND DIESEL: CRISIL Reaffirms B- Rating to INR40MM Cash Loan
OJUS POWER: ICRA Reaffirms 'B' Rating on INR11cr Cash Credit
ONE UP: CRISIL Assigns 'B+' Rating to INR70MM Cash Loan
OSL HEALTHCARE: ICRA Suspends 'B' Rating on INR161cr Term Loan

PARAS DYEING: ICRA Assigns 'B+' Rating to INR6.0cr LT Loan
PLATO INDUSTRIES: CRISIL Assigns 'B' Rating to INR34.5MM Loan
RASBIHARI ENTERPRISES: CRISIL Suspends B Rating on INR75MM Loan
RUPAL PLASTICS: CRISIL Reaffirms B+ Rating on INR57.5MM Loan
SAMARTH DEVCON: ICRA Reaffirms 'B' Rating on INR15cr FB Loan

SANCHETI GEMS: CRISIL Reaffirms 'B+' Rating on INR50MM Loan
SANTOSH STARCH: ICRA Reaffirms 'B' Rating on INR10cr Cash Credit
SENSO GRANITO: CRISIL Suspends 'D' Rating on INR150MM Cash Loan
SHREE SAIBABA: ICRA Lowers Rating on INR29.51cr Term Loan to D
SHRI MAHADEV: CRISIL Reaffirms 'B' Rating on INR27.5MM Cash Loan

SRI CHANDRA: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
SRI LAKSHMI: CRISIL Assigns B- Rating to INR43.5MM LT Loan
SRI SAI: CRISIL Reaffirms 'B' Rating on INR100MM Cash Credit
SRI SRINIVASA: CRISIL Assigns 'B' Rating to INR59MM Cash Loan
SUPRIYA SPINNING: ICRA Reaffirms B Rating on INR87.63cr LT Loan

SWASH NONIONICS: CRISIL Reaffirms 'B' Rating on INR90MM Bank Loan
TAN-B CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR77.5MM Loan
VIJAY V.: CRISIL Cuts Rating on INR40MM Cash Loan to B+
VIMLESH PRASAD: CRISIL Reaffirms B+ Rating on INR30MM Bank Loan
VITAGREEN PRODUCTS: CRISIL Reaffirms B- Rating on INR28MM Loan


M O N G O L I A

MONGOLIA: Moody's Assigns (P)B2 Rating to Government Bonds


N E W  Z E A L A N D

CAPITAL + MERCHANT: Boss to Hand Over NZ$1.8M in Assets to Police
INDEPENDENT LIQUOR: Writes Off Goodwill as Loss Widens
MILFORD ASSET: Morningstar Puts Trans-Tasman Fund "Under Review"
MILFORD ASSET: To Pay NZ$1.5 Million Following FMA Investigation
SHANTON FASHIONS: Goes Into Liquidation; Dozens of Jobs at Risk


S I N G A P O R E

PACTERA TECHNOLOGY: Moody's Affirms Ba3 CFR, Outlook Now Negative


S O U T H  K O R E A

SOUTH KOREA: Insolvent Shipbuilders' New Orders Not Welcomed


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


CARMICHAEL BUILDERS: Owes More Than AUD10.8 Million
---------------------------------------------------
Leah Kidd at NewsMail reports that unsecured creditors of
Carmichael Builders, are owed "in excess" of AUD10.8 million.

According to NewsMail, Hall Chadwick Chartered Accountants
administrators Richard Albarrann and David Ingram said the figure
came to light following the first meeting of creditors in Brisbane
on June 22.

"Please note that this figure maybe subject to change pending
receipt of further information," the administrators wrote,
NewsMail relays.

NewsMail says the administrators will now conduct further
investigations into the affairs of the Carmichael Builders
including the reasons for the failure of the Company, insolvent
trading and other voidable transactions.

Carmichael Builders were the company responsible for the now
stalled construction of the nearly complete Friendly Society
Private Hospital Medical Suites.

Carmichael Builders is a Queensland-based construction company.
The firm was founded in 1982.

Richard Albarran and David Ingram of Hall Chadwick were appointed
as administrators of Carmichael Builders Pty Limited on June 10,
2015.


NEWCASTLE JETS: Placed Into Liquidation
---------------------------------------
The New Daily reports that Nathan Tinkler's downfall as a sporting
club owner is complete, with his company that controlled the
Newcastle Jets placed into liquidation.

Coal baron Nathan Tinkler's tenure as sports club owner is over,
after the Newcastle Jets were placed into liquidation, according
to The New Daily.

The report notes that creditors are owed around AU$21 million,
after Tinkler pulled the plug in May, before being stripped of his
A-League soccer license.

Administrator James Shaw said there is just over $600 in the bank,
and creditors have 'virtually no hope' of receiving anything they
are owed, the report notes.

Mr. Shaw told a meeting that liquidating the company is the only
option, the report relays.

"There were no proposals for a deed and so liquidation was the
only logical alternative," the report quoted Mr. Shaw as saying.

"So now, as the liquidator, we will sort of continue our
investigations and see if we can identify any possible sort of
recovery sources for the creditors," Mr. Shaw said, the report
notes.

"But, at this stage, it is fairly uncertain, but we will have a
much better idea in about a month's time," Mr. Shaw added.


TILT WEST: First Creditors' Meeting Set For July 3
--------------------------------------------------
Dino Travaglini and Mark Hutchins of Cor Cordis were appointed as
administrators of Tilt West Express Pty Limited on June 23, 2015.

A first meeting of the creditors of the Company will be held at
Conference Room, Plaza Centre, BGC Centre, 28 The Esplanade, in
Perth, on July 3, 2015, at 10:00 a.m.

WICKHAM SECURITIES: Chairman Charged With Fraud
-----------------------------------------------
Bradley Thomas Sherwin, Chairman of Wickham Securities Limited and
Principal of Sherwin Financial Planners Pty Ltd, faced court
charged on June 24 with various fraud offences following an
investigation by ASIC.

Mr Sherwin, 60, of Everton Hills, Queensland appeared in the
Brisbane Magistrates Court charged with 33 counts of dishonestly
causing detriment totalling nearly AUD10 million between May 2009
and December 2012. The charges relate to the use of self-managed
superannuation funds of former clients of Sherwin Financial
Planners.

Mr Sherwin was also charged with one count of dishonestly
breaching his duties as a director of Wickham Securities Limited
between November 2009 and October 2010.

Mr Sherwin was not required to enter a plea and was granted
conditional bail.

The matter will return to the Brisbane Magistrates Court on
July 23, 2015.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.

                     About Wickham Securities

Wickham Securities collapsed owing more than AUD27 million to
approximately 300 debenture holders. It was placed into
administration in December 2012 and liquidation in February 2013,
with Messrs Grant Sparks and David Leigh of PPB Advisory as
liquidators.

Sherwin Financial Planners was placed into administration in
January 2013 and liquidation in February 2013, along with other
companies of which Mr Sherwin was a director, including Reacroft
Pty Ltd, Astor Funds Pty Ltd and Blue Diamond Investments Pty Ltd.
Messrs Stefan Dopking, Quentin Olde and Michael Ryan of FTI
Consulting (previously Taylor Woodings) were appointed as
liquidators of those companies, which collapsed owing more than
AUD30 million to clients of Sherwin Financial Planners.

The liquidator of Sherwin Financial Planners received funding from
ASIC via the Assetless Administration Fund to prepare a detailed
report on their investigation into the company.

In September 2013, ASIC banned Mr Sherwin from providing financial
services for two years and seven months as a result of his
bankruptcy.

In April 2015 the former chief executive of Wickham Securities,
Garth Peter Robertson, was charged with fraud.

In June 2013, ASIC cancelled the registration of the auditor of
Wickham Securities, Brian Kingston, after forming the view he
failed to carry out or perform adequately and properly the duties
of an auditor.



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C H I N A
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AOXING PHARMACEUTICAL: May Sell up to $50 Million of Securities
---------------------------------------------------------------
Aoxing Pharmaceutical Company, Inc. filed a Form S-3 registration
statement with the Securities and Exchange Commission relating to
the proposed offering of any combination of common stock,
preferred stock, warrants, debt securities, either individually or
in units, with a total value of up to $50,000,000.

The Company may offer and sell these securities, from time to
time, to or through one or more underwriters, dealers and agents,
or directly to purchasers, on a continuous or delayed basis, at
prices and on other terms to be determined at the time of
offering.

The Company's common stock is currently traded on the NYSE MKT
under the trading symbol "AXN." On June 19, 2015, the last
reported sale price for the Company's common stock was $1.80.

A full-text copy of the Form S-3 prospectus is available at:

                        http://is.gd/nygcsl

                           About Aoxing

Aoxing Pharmaceutical Company, Inc. --
http://www.aoxingpharma.com/-- is a Jersey City, New Jersey-based
specialty pharmaceutical company. The Company is engaged in the
development, production and distribution of pain-management
products, narcotics and other drug-relief medicine.
Aoxing is headquartered in Shijiazhuang City, outside Beijing.

In its report on the consolidated financial statements for the
year ended June 30, 2014, BDO China Shu Lun Pan Certified Public
Accountants LLP expressed substantial doubt about the Company's
ability to continue as a going concern, citing that the Company
continues to incur losses from operations, has negative cash flow
from operations and a working capital deficit.

The Company reported a net loss of $8.63 million for the fiscal
year ended June 30, 2014, compared to a net loss of $17.3 million
for the year ended June 30, 2013.


CHINA RECYCLING: Receives NASDAQ Notice of Bid Price Deficiency
---------------------------------------------------------------
China Recycling Energy Corp., an industrial waste-to-energy
solution provider in China, on June 23 disclosed that it received
notice from Nasdaq's Listing Qualifications Department indicating
that the closing bid price of the Company's common stock was below
the minimum requirement of US$1.00 per share for 30 consecutive
business days and the Company was therefore not in compliance with
NASDAQ listing rule 5450(a)(1).

Pursuant to listing rule 5810(c)(3)(A), the Company has 180
calendar days, or until December 16, 2015, to regain compliance
with the minimum bid price rule. If, at any time during the
180-day period the closing bid price per share of the Company's
common stock is US$1.00 or above for a minimum of ten consecutive
business days, the Nasdaq staff will provide written confirmation
of compliance and this matter will be closed.

The Company is currently looking into various options available
with respect to regaining such compliance. The notification letter
has no effect at this time on the listing of the Company's common
stock on The NASDAQ Global Market. CREG's common stock will
continue to trade on The NASDAQ Global Market under the symbol
"CREG".

                About China Recycling Energy Corp.

China Recycling Energy Corp. (NASDAQ: CREG) is based in Xi'an,
China and provides environmentally friendly waste-to-energy
technologies to recycle industrial byproducts for steel mills,
cement factories and coke plants in China. Byproducts include
heat, steam, pressure, and exhaust to generate large amounts of
lower-cost electricity and reduce the need for outside electrical
sources. The Chinese government has adopted policies to encourage
the use of recycling technologies to optimize resource allocation
and reduce pollution. Currently, recycled energy represents only
an estimated 1 percent of total energy consumption and this
renewable energy resource is viewed as a growth market due to
intensified environmental concerns and rising energy costs as the
Chinese economy continues to expand. The management and
engineering teams have over 20 years of experience in industrial
energy recovery in China.


CHINA SCE: Moody's Assigns 'B2' Rating to Proposed USD Notes
------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to China SCE
Property Holdings Limited's proposed USD notes.

The outlook on the rating is stable.

China SCE will use the proceeds of the proposed note issuance to
refinance existing debt.

RATINGS RATIONALE

"The notes will improve China SCE's liquidity profile and lengthen
the average tenure of its debt portfolio, because it will use a
large portion of the proceeds to refinance its RMB2 billion notes
due January 2016," says Dylan Yeo, a Moody's Analyst.

China SCE held RMB4.7 billion of cash at end-2014. Together with
estimated operating cash flow of RMB1.5 billion in the next 12
months and the RMB1.9-RMB2.5 billion of proposed notes proceeds,
these cash sources are sufficient to cover its short-term maturing
debt of RMB3.7 billion, the RMB2.0 billion offshore bond due
January 2016, and the unpaid land premium of RMB2.1 billion.

China SCE reported RMB4.4 billion of contracted sales in the first
five months of 2015, a 7% year-on-year decline, mainly due to the
weak RMB500-RMB600 million in sales registered in January and
February. Its sales performance recovered to around RMB1 billion
in March and April, and RMB1.3 billion in May.

In addition, the new projects to be launched in July should
improve the company's contracted sales in 2H2015 and help it
achieve its full year contracted sales target of RMB13.5 billion.

Moody's expects China SCE will increase revenue to around RMB9-
RMB10 billion in 2015 from RMB6.9 billion 2014, based on its
contracted sales growth of 10% to RMB11.9 billion in 2014, as well
as the RMB6.8 billion of uncompleted but sold properties as of
end-2014. China SCE issued a positive profit alert for the six
months ending 30 June 2015, attributable to a substantial increase
in gross floor area of properties delivered to buyers.

Moody's also expects the company will continue to grow its debt in
a controlled manner to match its funding needs for construction
and land acquisition activities.

Specifically, Moody's expects adjusted EBIT/interest coverage will
be around 2.3x-2.5x in the next 12-18 months, and adjusted
revenue/debt around 60%-65%. These metrics are weak for its
rating.

The adjusted EBIT/interest coverage and revenue/debt ratios are
calculated based on Moody's standard adjustments and the
definition stated in Moody's Homebuilding And Property Development
Industry published in April 2015. The debt does not include
adjustments for mortgage guarantees.

If the company fails to complete the proposed notes issuance and
achieve its revenue target, this would lead to negative rating
pressure.

China SCE's B1 corporate family rating reflects its strong brand
and market position in the mid- to high-end segments of Quanzhou,
where robust economic growth and booming private enterprises
support the property market. The rating also factors in the
company's wide range of high-quality products and low land costs.

On the other hand, the rating is constrained by the company's weak
credit metrics, and risk associated with its expansion outside
Fujian.

The stable outlook reflects Moody's expectation that the company
will maintain discipline in its financial management and land
acquisition strategy, and its expectation that China SCE will have
adequate liquidity to support project development and debt
repayments in the next 12 to 18 months.

Given the weakened credit metrics, upward rating pressure is
limited in the near term. However, Moody's would consider an
upgrade in the medium term if China SCE: (1) demonstrates
consistent sales execution and establishes a longer track record;
(2) maintains its prudent approach to land acquisitions; and (3)
maintains adjusted EBIT/interest coverage above 3.0x-3.5x and
adjusted revenue/debt above 85%-90% on a sustained basis, based on
the revised methodology calculation.

The ratings could come under downward pressure if China SCE (1)
experiences a significant shortfall in sales, with actual sales
significantly below Moody's expectations; (2) suffers from a
material decline in profit margins; (3) experiences an impairment
of its liquidity position; and/or (4) materially increases debt
leverage.

Credit metrics indicative of such deterioration include adjusted
EBIT/interest coverage below 2.0x-2.5x and adjusted revenue/debt
below 70%-75% on a sustained basis, based on the revised
methodology calculation.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in April 2015. Please see
the Credit Policy page on www.moodys.com for a copy of this
methodology.

Founded in 1996, China SCE Property Holdings Limited is a leading
property developer in Fujian Province, China. The company has also
expanded to Shanghai, Shenzhen, Nanchang and cities around the
Bohai Rim region, including Beijing, Anshan (Liaoning Province),
Langfang (Hebei Province), and Linfen (Shanxi Province), but the
majority of its development projects are in Fujian Province.

The company listed on the Hong Kong Stock Exchange in February
2010, and is 57.6% owned by its chairman, Mr. Wong Chiu Yeung.


CHINA SCE: S&P Assigns 'B-' Rating to Proposed US$ Sr. Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
issue rating and 'cnB+' long-term Greater China regional scale
rating to a proposed issue of U.S.-dollar-denominated senior
unsecured notes by China SCE Property Holdings Ltd. (CSCE:
B/Stable/--; cnBB-/--).  The issue ratings are subject to S&P's
review of the final issuance documentation.

The issue rating is one notch lower than the long-term corporate
credit rating on CSCE to reflect structural subordination risk.
CSCE intends to use the net proceeds to refinance its existing
debt, including renminbi-denominated notes that the company issued
in 2011.

The rating on CSCE reflects the company's small business scale,
high concentration risk, as well as execution risk for projects
outside Fujian province.  The rating also reflects CSCE's weak and
volatile financial performance, and high leverage because of debt-
funded expansion.  S&P's view that CSCE has an established market
position in its home base of Quanzhou and a low-cost land bank
tempers these weaknesses.

The stable rating outlook on CSCE reflects S&P's expectation that
the company's leverage will weaken slightly because of high
capital spending over the next 12 months for expansion into new
cities.  S&P expects the company's margin to gradually decline and
its debt-to-EBITDA ratio to be 6.0x-6.5x over the next two years,
commensurate with a "highly leveraged" financial risk profile.


FAST TRACK CHINA: In Liquidation, Cuts Jobs
-------------------------------------------
Insider Medial Limited reports that Tyneside-based Fast Track
China, which supports export sales to the country, has ceased
trading leading to jobs being lost.

The company, which began trading in February 2014 to assist UK
companies in growing their business activities within China,
experienced "financial difficulties" in March 2015, according to
Insider Medial Limited.

The report notes that the following month, ten jobs were lost as
it ceased trading.  Martyn Pullin -- martyn.pullin@bwc-
solutions.com -- and David Willis -- david.willis@bwc-
solutions.com -- of BWC were appointed as joint liquidators of the
company on June 5, 2015.

As recently as January 2015, Fast Track China signed a memorandum
of understanding (MoU) to open a second exhibition center in the
city of Changsha for the promotion of UK trade, the report notes.
The agreement was expected to be followed with up to two more
center in key Chinese cities, the report relates.

At the time of the MoU, a second outbound mission was in the
process of being organized for mid-April, as well as an inbound
visit of Chinese businesses looking to trade with the UK visiting
the North East in June, the report discloses.


FOSUN INT'L: Moody's Says BuyOut of Phoenix No Impact on Ba3 CFR
----------------------------------------------------------------
Moody's Investors Service says that Fosun International Limited
(Fosun)'s acquisition of Phoenix Holdings Ltd. (unrated) has no
immediate impact on its Ba3 corporate family rating, Ba3 senior
unsecured bond rating, and the Ba3 senior unsecured rating for the
bond issued by Sparkle Assets Limited and guaranteed by Fosun.

The acquisition will improve Fosun's business profile, while the
increased funding pressure could partly be alleviated by the
company's active disposal of assets and recent $1.2 billion equity
raising.

Fosun announced on June 21 that it will acquire a 52.31% stake in
Phoenix for around $462 million.

Phoenix owns Phoenix Insurance Company Limited (unrated), one of
Israel's (A1 stable) leading insurers, and Excellence Nessuah
Investment Hose (unrated), one of its largest Asset Management
Companies.

The acquisition of Phoenix -- the third acquisition of an
insurance business by Fosun in the last 12 months -- aligns with
Fosun's strategic move to build an insurance-centric investment
holding company model.

Fosun believes that the insurance business can provide it with
long-term and low cost funding.

This new investment will further strengthen Fosun's insurance
businesses as it will improve the business and geographic
diversification of its investment portfolio.

Phoenix has total assets of $26.53 billion, more than the $18
billion held by the Portugal-based insurance businesses: --
Fidelidade - Companhia de Seguros, S.A. (unrated), Multicare
Seguros de Saude (unrated) and Cares -- Companhia de Seguros,
S.A.(unrated) that Fosun acquired in 2014.

We estimate that the assets of Fosun's insurance subsidiaries will
account for around 49% of its total assets after the consolidation
of Phoenix with US based insurers - Ironshore Inc. (parent of
Ironshore Insurance Ltd. (financial strength Baa1 stable)) and
Meadowbrook Insurance Group, Inc. (unrated), two other soon-to-be-
acquired or acquired companies.

Nevertheless, the aggressive acquisitions will add to funding
pressure on Fosun. As a result, the company has been actively
disposing of its listed investments and had raised around $1.2
billion in new equity in May 2015.

However, these proceeds will still not be enough to cover the
consideration for all of its acquisitions. We estimate that
Fosun's unpaid investment obligations totaled $3 billion at end-
2014. In addition, the acquisitions of Ironshore and Phoenix will
cost around $2.5 billion.

Fosun has not disclosed its funding plan for the Phoenix
acquisition, but we expect that it will use a combination of debt
and internal funding.

The deal is expected to close by end-October, pending regulatory
approval.

"We will closely monitor the progress of the Phoenix transaction,
including its funding plan and integration strategy. Any further
aggressive debt-funded acquisitions will pressure the company's
current rating and/or outlook."

The fast expansion into overseas insurance markets also exposes
Fosun to increased execution risk. Although it has smoothly
integrated the Portugal businesses since mid-2014 when the deal
completed, its track record of running insurance businesses
overseas is developing.

As insurance companies are under strict regulatory supervision,
Fosun needs to carefully balance the enhanced return from more
aggressive asset allocation toward equities, which will likely
increase regulatory capital requirements.

The principal methodology used in these ratings was Global
Investment Holding Companies published in October 2007. Please see
the Credit Policy page on www.moodys.com for a copy of this
methodology.

Fosun Group was founded in 1992. Its core businesses comprise: (1)
insurance; (2) steel; (3) property; (4) pharmaceuticals and
healthcare; and (5) mining.

Apart from these core businesses, Fosun also has a growing
presence in other areas, such as asset management. It also has a
significant portfolio of Chinese and overseas investments in
listed companies, equity interests in operating businesses, and
investment partnerships that are not publicly listed.

The Local Market Analyst for this rating is Kai Hu, +86 (21)
20574012.

This publication does not announce a credit rating action. For any
credit ratings referenced in this publication, please see the
ratings tab on the issuer/entity page on www.moodys.com for the
most updated credit rating action information and rating history.


LAI FUNG: S&P Affirms B+ Corporate Credit Rating; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B+' foreign currency long-term corporate credit rating on China-
based property developer Lai Fung Holdings Ltd.  The outlook is
stable.  At the same time, S&P affirmed its 'cnBB' long-term
Greater China regional scale rating on the company.  S&P also
affirmed its 'B+' long-term issue rating and 'cnBB' long-term
Greater China regional scale rating on Lai Fung's outstanding
senior unsecured notes.

"The affirmed rating on Lai Fung reflects the company's small
operating scale and high project and geographic concentration
risks," said Standard & Poor's credit analyst Dennis Lee.  "Lai
Fung also has considerable execution risk in its sizable new
project in Hengqin, near Macau.  The company's stable rental
income and satisfactory tenant management offset these
weaknesses."

S&P expects Lai Fung's concentration risk to remain high in the
next two years.  The company has a limited number of projects in
some first- and second-tier cities.  Lai Fung's revenue from
property development is also generated from a few projects in
Guangzhou, Shanghai, and Zhongshan.  This concentration may
intensify as the company's existing projects are sold.

S&P believes Lai Fung's Hengqin project has considerable execution
risk because of the large investment of about Chinese renminbi
(RMB) 3 billion in comparison to Lai Fung's scale.  Hengqin is a
new market with a number of projects in the pipeline.  However, it
lacks the established demand that Shanghai and Guangzhou have.

Lai Fung's recurring rental income is likely to continue to
provide stable cash flows for debt servicing and project
development.  The company's investment properties have
consistently maintained high occupancies, with diverse tenant
mixes.  During the past few years, Lai Fung's rental income was
sufficient to cover interest expenses.  S&P expects the company to
continue to transition toward adopting a rental income-led
strategy.

"The stable outlook reflects our expectation that Lai Fung will
continue to increase its recurring income over the next 12 months,
providing stability to the company's cash flow and debt servicing
ability," said Mr. Lee.  "Revenue from property development is
likely to remain volatile, affected by the schedules of the
company's limited projects."

Lai Fung is likely to increase capital expenditure for its Hengqin
project.  Nevertheless, S&P expects the company to be cautious
toward financial management while pursuing expansion, such that
the EBITDA interest coverage improves to about 2x over the period.

S&P may lower the rating if: (1) Lai Fung's rental income declines
for a prolonged period due to lower occupancy rates than S&P
expects or weak execution of the company's rental income-led
strategy; or (2) Lai Fung's debt-funded expansion, especially land
acquisitions and capital expenditure, becomes more aggressive than
S&P expects, such that its EBITDA interest coverage stays below
2.0x with no sign of improvement.

The rating upside is limited over the next 12 months because of
Lai Fung's high leverage.  Nevertheless, S&P could raise the
rating if the company: (1) expands its investment portfolio such
that its recurring income becomes the dominant source; or (2)
significantly reduces its borrowings and improves leverage.


WINSWAY ENTERPRISES: Moody's Says Delays in Plan are Credit Neg.
----------------------------------------------------------------
Moody's Investors Service says that the third extension of Winsway
Enterprises Holdings Limited's negotiations with bondholders and
investors on fund-raising and debt restructuring is credit
negative for the company, but such issues have been factored into
its Caa3 corporate family rating and Ca senior unsecured rating.

The ratings outlook is negative.

On June 22, 2015, Winsway announced a third extension of its
Standstill Agreement with bondholders to 20 July 2015, after
previous extensions on 31 May 2015 and 15 June 2015.

The Standstill Agreement originally came into place on 8 May 2015,
when Winsway defaulted on an interest payment of $13.15 million on
its 2016 senior notes after a 30-day grace period.

In the same announcement, Winsway disclosed that negotiations with
potential investors and bondholders are ongoing, but those with
some investors had ceased.

"This prolonged uncertainty over Winsway's debt restructuring
plans is credit negative as it will delay the execution of changes
to its business model", says Dylan Yeo, a Moody's Analyst.

To turn around its loss-making operations, Winsway plans to focus
on the logistics business and provide integrated supply-chain
solutions for its bulk commodities trading business, and reduce
its exposure to the highly volatile coal trading business through
divesting its coal mining operations.

However, the ongoing default limits access to liquidity for
working capital and Winsway's management will have to prioritize
resources towards establishing its debt-restructuring plan.

As a result, we do not expect significant improvements in
Winsway's operations in 2015.

The logistics and supply chain business generated revenue of
HKD102 million in 2014 and 13% EBITDA margin (reported). However,
the segment remains small in scale relative to Winsway's coal
trading operations, which accounted for 84% of revenue in 2014.

The winding down of its coal trading business and the scaling up
of its logistics division will take time, and earnings will remain
subject to volatility in the commodities markets due to the
relative scale of its coal trading operations.

"We expect that the coal trading business will still account for
over 80% of the company's revenue in 2015."

Winsway Enterprises Holdings Limited is an integrated commodity
supply-chain service provider in China. Its operations include
coal processing and logistic services to its main clients, which
are Chinese steel makers and coke plants. It listed on the Hong
Kong Stock Exchange in October 2010 and is 49.1% controlled by
founder Mr. Wang Xingchun.



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


CHINA FISHERY: Moody's Affirms B2 CFR; Changes Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service has changed the ratings outlook to
stable from negative on China Fishery Group Limited (CFG).

The ratings affected are CFG's B2 corporate family rating and the
senior unsecured bond rating on the notes issued by its
subsidiary, CFG Investment S.A.C.

At the same time, Moody's has affirmed both ratings.

RATINGS RATIONALE

"The outlook revision reflects the refinancing of China Fishery's
$250 million notes at Corporaci¢n Pesquera Inca," says Lina Choi,
a Moody's Vice President and Senior Analyst.

On May 14, 2015, Corporaci¢n Pesquera Inca S.A.C. (Copeinca,
unrated), a wholly owned subsidiary of CFG, announced full
redemption of its $250 million senior notes, which were repaid
through CFG's internal cash resources and $231.7 million from its
rights issue completed in April 2015.  This positive development
has reduced CFG's debt refinancing risk.

"The stable outlook also reflects CFG's improving credit profile
with lower debt leverage," says Choi, who is also the Lead Analyst
for CFG.

After the notes redemption at Copeinca, Moody's estimates that
CFG's debt level had decreased to $800-$850 million from $1,017
million at end-March 2015.

As a result, Moody's expects CFG's adjusted debt/EBITDA will be
maintained at around 4.5x over the next 12 months compared with
4.9x at end-December 2014.  This level of debt leverage positions
the company appropriately at the B2 rating level.

CFG's liquidity position has also improved.  The company reported
a cash balance of $122 million and inventory of $85 million at
end-March 2015.  These sources, together with the net proceeds
from right issues of $282 million, are adequate to cover the $250
million notes at Copeinca as well as its short-term debt of $167
million.

Moody's points out that CFG's B2 rating continues to reflect the
enlarged scale of CFG's Peruvian fishmeal after its acquisition of
Copeinca and the progressive integration of the latter.

On the other hand, the rating is constrained by (1) the company's
business and geographical concentration risk; and (2) business
volatility associated with natural resources and regulatory
controls.

Upward rating pressure could emerge if CFG shows success in
integrating its Peruvian business as evidenced by improved profit
margins, growth in revenue and cash flow, and a reduction in debt
leverage.

Profit margins and credit metrics indicative of rating upgrade
pressure include (1) EBITDA margin at 38% or above; and (2)
adjusted debt/EBITDA below 4.0x-4.5x.

On the other hand, the ratings could face downgrade pressure if:
(1) its revenue and profitability weaken materially as a result of
an unfavourable climate or because of regulatory changes; (2) it
undertakes material acquisitions funded by debt; or (3) its
liquidity position weakens as evidenced by a low level of cash and
inventory compared with a much higher level of short-term debt.

Profit margins and credit metrics indicative of a rating downgrade
include (1) EBITDA margin below 35%; or (2) adjusted debt/EBITDA
above 5.5x -- 6.0x.

China Fishery Group Limited is headquartered in Hong Kong and
listed in Singapore.  It is engaged in the Peruvian fishmeal and
fish oil business and fishing fleet operations.  China Fishery is
46.5% effectively owned by the Pacific Andes group, through
Pacific Andes International Holdings Ltd (unrated), a Hong Kong-
listed integrated fish and seafood products processor.  The
Carlyle Group, a global alternative asset management firm, holds a
6.2% stake in the company.


CHINA PRECISION: MSPC Quits as Auditors
---------------------------------------
The Board of Directors of China Precision Steel, Inc. has accepted
the resignation of MSPC, Certified Public Accountants and
Advisors, A Professional Corporation, as the Company's auditors on
June 18, 2015, according to a document filed with the Securities
and Exchange Commission.

No accountant's report on the financial statements for the past
year contained an adverse opinion or a disclaimer of opinion or
was qualified or modified as to uncertainty, audit scope or
accounting principles, except for a going concern opinion
expressing substantial doubt about the ability of the Company to
continue as a going concern.

During the Company's most recent fiscal year (ended June 30, 2014)
and from July 1, 2014, to June 22, 2015, there were no
disagreements with MSPC on any matter of accounting principles or
practices, financial disclosure, or auditing scope or procedure,
the Company said in the filing.

The Company anticipates appointing successor auditors after its
ongoing restructuring.

                   About China Precision Steel

China Precision Steel -- http://chinaprecisionsteelinc.com/-- is
a niche precision steel processing company principally engaged in
the production and sale of high precision cold-rolled steel
products and provides value added services such as heat treatment
and cutting medium and high carbon hot-rolled steel strips. China
Precision Steel's high precision, ultra-thin, high strength
(7.5mm to 0.05 mm) cold-rolled steel products are mainly used in
the production of automotive components, food packaging materials,
saw blades, steel roofing and textile needles. The Company sells
to manufacturers in the People's Republic of China as well as
overseas markets such as Nigeria, Ethiopia, Thailand and
Indonesia. China Precision Steel was incorporated in 2002 and is
headquartered in Sheung Wan, Hong Kong.

China Precision reported a net loss of $37.5 million on
$47.2 million of sales revenues for the year ended June 30, 2014,
compared to a net loss of $68.9 million on $36.5 million of
sales revenues in 2013.

As of Dec. 31, 2014, the Company had $66.3 million in total
assets, $63.7 million in total liabilities, all current, and $2.61
million in total stockholders' equity.

MSPC Certified Public Accountants and Advisors, A Professional
Corporation, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
June 30, 2014. The independent auditors noted that the Company
suffered very significant losses for the years ended June 30,
2014, and 2013, respectively. Additionally, the Company defaulted
on interest and principal repayments of bank borrowings that raise
substantial doubt about its ability to continue as a going
concern.


NOBLE GROUP: Rises on Share Buyback, China Shareholder's Support
----------------------------------------------------------------
Yuriy Humber at Bloomberg News reports that Noble Group Ltd. rose
after the company bought more stock and its second-largest
shareholder, China's sovereign wealth fund, voiced support for the
company for the first time in the wake of criticism of its
accounting practices.

"As a major shareholder of Noble Group, we will continue to
support its business," Xie Ping, executive vice president of China
Investment Corp., said in a Noble Group statement announcing the
appointment of a new director, Bloomberg relays.

Noble, Asia's largest commodity trader, rose as much as 4.3
percent and at 10:50 a.m. local time [June 24] was up 2.9 percent
to 71.5 Singapore cents, outpacing Singapore's benchmark index.

As of the close on June 23, Noble was down 42 percent since a
group calling itself Iceberg Research published its first critical
report in February, Bloomberg relates. Noble has rejected its
claims.

"Definitely, the street will treat this quite positively as it's a
show of support from a key shareholder," Carey Wong, an analyst
with OCBC Investment Research, told Bloomberg.

Now, the question is whether the fund will buy more of Noble's
stock, Bloomberg says. "We want to see the money, as the saying
goes, where their mouth is," Wong said.

Noble purchased another 14 million shares June 23, according to a
separate statement, taking its buyback to almost 120 million
shares, or 1.8 percent of total equity, Bloomberg reports.

Bloomberg says the buybacks have helped support shares in the face
of a jump in bets that the stock will fall. Short interest on
Noble's equity was up 10-fold this year, Bloomberg discloses
citing a report earlier this month from Markit Group Ltd.

The buybacks have also drained liquidity from the stock, which Ms.
Wong said may put off some investors, Bloomberg adds.

"It may reach a point where liquidity is tight," said Ms. Wong,
who rates Noble a Hold. "It may not be good news for people
looking for liquidity, so it's a Catch-22 situation."

CIC originally paid SGD2.1137 per Noble share when the fund bought
a 14.9 percent stake in 2009. It sold down its shares last year
and retains a 9.5 percent interest, according to data compiled by
Bloomberg. Noble's biggest shareholder is founder and Chairman
Richard Elman.

Noble said on June 24 it has appointed Yu Xubo, the president of
China's state-run food trader COFCO Ltd., as a non-executive
director, Bloomberg adds.

As reported in the Troubled Company Reporter-Asia Pacific on
June 23, 2015, Bloomberg News said 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 cited
by Bloomberg. A closed hearing was scheduled June 25.

Bloomberg added 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 said. Noble in an open letter to critics, which included
an ex-Morgan Stanley banker, defended its methods
and valuations, Bloomberg reported.

                         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
=========


AAKAF STEEL: CRISIL Reaffirms B+ Rating on INR150MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Aakaf Steel Pvt Ltd
(Aakaf) continue to reflect its stretched liquidity profile marked
by high reliance on external debt and low accruals and its weak
financial risk profile, marked by a high total outside liabilities
to tangible net worth (TOLTNW) ratio, and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of Aakaf's promoters in the steel industry
and its diversified clientele.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            150       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit        30       CRISIL A4 (Reaffirmed)

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

Outlook: Stable

CRISIL believes that Aakaf will continue to benefit from its
promoters extensive experience in the steel industry and its
established relationships with its customers. The outlook may be
revised to 'Positive' if the company's liquidity improves marked
by improved profitability leading to higher than expected accruals
or reduction in working capital requirements or substantial equity
infusion. Conversely, the outlook may be revised to negative if
the financial risk profile weakens marked by decline in
profitability or stretch in working capital requirements or large
debt funded capex programme.

Update
Aakaf has reported on provisional basis net sales of INR1.01
billion in 2014-15 as compared to INR1.03 billion a year ago;
witnessing year-on-year decline of 1 per cent. Operating margins
continue to remain low at 3.1 per cent and is expected to remain
at similar level over medium term. Operations continue to remain
working capital intensive with gross current assets of 100 days as
on March 31, 2015. Working capital requirements though partly
supported by moderate creditor support, reliance on external short
term debt remain high. The average bank limit utilization remained
around 95 per cent for 12 months ended December, 2014. Financial
risk profile continues to remain weak marked by TOLTNW of 3.4
times and interest coverage and net cash accruals to total debt
ratio of 1.2 times and 0.03 times respectively as on March 31,
2015. During the year 2014-15, Aakaf has repaid working capital
term loan availed; partially mitigating the risk associated with
uncertain cash flow. Aakaf is expected to generate cash accruals
of around INR4 million, which is expected to support its
incremental working capital requirements over medium term.

Aakaf on a provisional basis, reported a profit after tax (PAT) of
INR3.9 million on net sales of INR1.02 billion for 2014-15 (refers
to financial year, April 1 to March 31), as against a PAT of
INR3.7 million on net sales of INR1.03 billion for 2013-14.

Aakaf was originally set up as a sole proprietorship firm, Aakaf
Industrial Corporation, in 1992; the firm was reconstituted as a
private limited company with the current name in 2000 after it was
merged with its associate concern, Aakar Steels. Aakaf trades in
hot-rolled plates, mild-steel plates, beams, channels, round bars,
and square bars. The company sells its products primarily in
Ahmedabad (Gujarat).


AFP MANUFACTURING: CRISIL Ups Rating on INR62MM Term Loan to B
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
AFP Manufacturing Co. Pvt Ltd (AFP) to 'CRISIL B/Stable' from
'CRISIL D'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              53        CRISIL B/Stable (Upgraded
                                      from 'CRISIL D')

   Term Loan                62        CRISIL B/Stable (Upgraded
                                      from 'CRISIL D')

The rating upgrade reflects AFP's timely servicing of its debt
over the four months ended May 31, 2015, driven by improvement in
its liquidity. AFP's liquidity has improved because of proceeds
from sale of its Bhiwadi (Rajasthan) unit and unsecured loans from
promoters. The upgrade also factors in CRISIL's expectation that
AFP will maintain its operating profitability and controlled
working capital cycle and will continue to receive fund support
from its promoters whenever necessary, over the medium term.

The rating reflects AFP's modest financial risk profile, marked by
high gearing, short track record of operations, and exposure to
increasing competition in the ready-to-eat food industry, which
limits the company's pricing power. These rating weaknesses are
partially offset by AFP's wide geographic reach, diversified
revenue and product profiles, and its promoters' extensive
industry experience.
Outlook: Stable

CRISIL believes that AFP will continue to benefit over the medium
term from its promoters' extensive experience in manufacturing
namkeen and ready-to-eat snacks. The outlook may be revised to
'Positive' if the company significantly scales up operations while
maintaining profitability and working capital cycle, leading to
substantial cash accruals. Conversely, the outlook may be revised
to 'Negative' if its cash accruals are constrained by pressure on
profitability, or if its working capital cycle lengthens
materially, or if it undertakes a large debt-funded capital
expenditure programme, adversely impacting its financial risk
profile, particularly its liquidity.

Incorporated in 2007 and promoted by Mr. Anil Aggarwal, AFP
manufactures salted snacks (namkeen) and other ready-to-eat
snacks, including bakery items such as rusks, biscuits, sweets,
and confectionary products. The company has two units in Hajipur
(Bihar). AFP has been operating two restaurants, Shri Makhan and
Appointment, in New Delhi since 2010-11 (refers to financial year,
April 1 to March 31). It also undertakes catering orders for
multinational companies, to a limited extent. The company is based
in New Delhi.


AMBICA GOLD: CRISIL Assigns B+ Rating to INR76MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Ambica Gold (AG).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              76        CRISIL B+/Stable

   Proposed Cash Credit
   Limit                    49        CRISIL B+/Stable

The rating reflects the firm's modest scale of operations, low
profitability, and exposure to intense competition in the gold
jewellery business. The rating also factors in the firm's below-
average financial risk profile, marked by small net worth and high
gearing. These rating weaknesses are partially offset by the
proprietor's extensive industry experience and its controlled
working capital management.

Outlook: Stable

CRISIL believes that AG will continue to benefit over the medium
term from its proprietor's extensive experience in the gold
jewellery industry. The outlook may be revised to 'Positive' if
there is a substantial and sustained increase in the scale of
operations and profitability margin; or if the net worth increases
considerably on the back of sizeable capital infusions by the
proprietor. Conversely, the outlook may be revised to 'Negative'
if the financial risk profile, especially liquidity, deteriorates,
because of decline in profitability or stretch in working capital
cycle.

AG, set up in 2004 by Mr. Ashok Shah as a proprietorship firm,
manufactures and trades in gold jewellery especially mangalsutra.


ASIAN ORGANO: CRISIL Assigns B+ Rating to INR70MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank loan
facilities of Asian Organo Industries (AOI).

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Term Loan                  8         CRISIL B+/Stable
   Cash Credit               70         CRISIL B+/Stable
   Standby Line of Credit     7.5       CRISIL B+/Stable

The rating reflects AOI's small scale of operations in the
intensely competitive polyvinyl chloride (PVC) stabiliser
industry, the firm's below-average financial risk profile, marked
by high gearing and a small net worth, and its working-capital-
intensive operations. These rating weaknesses are partially offset
by the extensive industry experience of AOI's promoters.
Outlook: Stable

CRISIL believes that AOI 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 firm improves its
capital structure either by equity infusion or a substantial
increase in its cash accruals, backed by an improvement in its
scale of operations, profitability, and working capital
management. Conversely, the outlook may be revised to 'Negative'
if AOI's financial risk profile, particularly its liquidity,
deteriorates, most likely due to a decline in its revenue and
profitability, or large debt-funded capital expenditure, or an
increase in its working capital requirements.

AOI was established as a partnership firm in 1979 by Kota
(Rajasthan)-based Mr. Anil Agarwal. The firm manufactures PVC
stabilisers and metallic oxide. Its manufacturing facility in Kota
has a total installed capacity of 400 tonnes per month.


ASTRA CHEMTECH: CRISIL Reaffirms 'D' Rating on INR140MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Astra Chemtech Pvt Ltd
(Astra) continue to reflect instances of delay by Astra in
servicing its debt; the delays have been caused by the company's
weak liquidity.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             140        CRISIL D (Reaffirmed)
   Cheque Discounting        2.5      CRISIL D (Reaffirmed)
   Inland/Import Letter
   of Credit                30        CRISIL D (Reaffirmed)
   Packing Credit           15        CRISIL D (Reaffirmed)
   Term Loan                28        CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility        9.5      CRISIL D (Reaffirmed)

Astra's weak liquidity is mainly driven by pressure on its
operating margin, following increase in prices of imported raw
material, and the lengthening of its working capital cycle because
of delays in collection of receivables. CRISIL believes that the
company will continue to face liquidity pressures over the near
term, with continued pressure on its margins and large incremental
working capital requirements.

Astra also has a weak financial risk profile, marked by high
gearing, a small net worth, and below-average debt protection
metrics, and a modest scale of operations. However, the company
benefits from its promoters' extensive experience in the adhesives
industry.

Astra, established in 2000 by Mr. Rashid Ibrahim Sorathiya,
manufactures water- and solvent-based synthetic adhesives. It also
manufactures, on a small scale, construction chemicals, textile
specialty chemicals, specialty resins, specialty coating, and
specialty esters. The company's manufacturing facilities are in
Boisar (Maharashtra).

Astra reported profit after tax (PAT) of INR2.9 million on net
sales of INR572.7 million for 2013-14 (refers to financial year,
April 1 to March 31) on a provisional basis, against PAT of INR1.2
million on net sales of INR540.7 million for 2012-13.


AVADH BUILDCON: ICRA Assigns B+ Rating to INR50cr Long Term Loan
----------------------------------------------------------------
ICRA has assigned [ICRA]B+ rating to the INR50.00 Crore fund based
facility of Avadh Buildcon.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long term Fund Based      50.00      [ICRA]B+ assigned

The assigned rating is constrained by the residual execution risks
associated with the ongoing real estate project as well as the
significant market risk and re-financing risk given the low level
of bookings achieved till date and limited cushion available
between the date of completion and the commencement of loan
repayment. Hence, the timely achievability of sales and collection
of advances remains critical. The rating is further constrained by
the firm's exposure to intense competition in the Surat real
estate segment; sectoral and regional concentration risks arising
from focus on residential projects in Surat. ICRA also notes that
Avadh Buildcon is a partnership concern and any significant
withdrawals from the capital account would impact the net worth
and thereby the capital structure.

The assigned rating, however, favorably consider the long
experience of the promoters of Avadh Buildcon (AB) in real estate
development, the favorable location of the project Avadh Carolina
and the low regulatory risks associated with the project as all
approvals are in place.

Established as a partnership firm in 2013, M/s Avadh Buildcon is
primarily engaged in development of residential apartments. The
firm is based out of Surat, Gujarat and is currently focusing on
the execution of residential projects in Surat. The partners of
the firm have executed several projects in the past under
different partnership concerns. The projects are marketed under
the brand of Avadh group. Avadh Buildcon has two group concerns
viz. Anjani Developers (rated [ICRA]BB by ICRA) and Avadh Infra
(rated [ICRA]B+ by ICRA); both the entities are engaged in
development of residential apartments.


DACSS GRANITES: CRISIL Reaffirms B+ Rating on INR112.9MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Dacss Granites Pvt Ltd
(DGPL) continue to reflect DGPL's large working capital
requirements and its susceptibility to changes in government
regulation and to foreign exchange rates.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          2        CRISIL A4 (Reaffirmed)
   Letter of Credit       20        CRISIL A4 (Reaffirmed)
   Long Term Loan        112.9      CRISIL B+/Stable (Reaffirmed)
   Packing Credit        190        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     15.1      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by its promoters'
extensive experience in the granite industry and its above-average
financial risk profile marked by a comfortable capital structure.
Outlook: Stable

CRISIL believes that DGPL will benefit from its promoters' the
extensive industry experience and its established track record.
The outlook may be revised to 'Positive', if the company increases
its scale of operations and operating profitability on a sustained
basis, thereby leading to an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
there is deterioration in DGPL's working capital management or if
its revenue and operating profitability declines thereby leading
to a weak financial risk profile.

Incorporated in 2005 as a private limited company, DGPL processes
rough granite blocks into polished granite slabs. The company is
promoted and managed by Mr. Darala Ashwani Kumar Reddy.


DHANDA BREEDING: CRISIL Assigns B+ Rating to INR53.8MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Dhanda Breeding Farm Pvt Ltd (DBFPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             35.2       CRISIL B+/Stable
   Term Loan               53.8       CRISIL B+/Stable

The rating reflects DBFPL's modest scale of operations in the
fragmented poultry industry and the vulnerability of the company's
margins to risks inherent in this industry. These rating
weaknesses are partially offset by the extensive industry
experience of DBFPL's promoters and its moderate financial risk
profile.
Outlook: Stable

CRISIL believes that DBFPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
increases its scale of operations, while it maintains its
profitability and improves its capital structure. Conversely, the
outlook may be revised to 'Negative' if DBFPL's profitability
declines, or if its capital structure weakens most likely because
of large debt-funded capital expenditure.

Established in 2002 and based in Jind (Haryana), DBFPL is engaged
in the hatchery business. The company's poultry farms are located
in village Kakrod and Dilluwala Jind (Haryana) and have a parent
bird capacity of 65,000 layer birds per annum.

DBFPL, on a provisional basis, reported a profit after tax (PAT)
of INR14.0 million on net sales of INR164.7 million for 2014-15
(refers to financial year, April 1 to March 31), against a PAT of
INR1.1 million on net sales of INR127.7 million for 2013-14.


GRC INFRA: ICRA Assigns 'B' Rating to INR46cr Term Loan
-------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR46.00
crore term loan facilities of GRC Infra Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term-Fund
   Based-Term Loan         46.0         [ICRA]B (Assigned)

The assigned rating takes into account the favorable location of
the company's ongoing project -- GRC Brundavan -- on Mysore Road a
prominent locality of Bangalore with well developed social
infrastructure, including prestigious educational institutions,
hospitals and shopping centers. ICRA notes that all the major
statutory approvals for the project have been received, and debt
for the project finance has been tied-up.  The rating is, however,
constrained due to the marketing risk faced by the project given
that only 45% bookings was achieved till April 30, 2015 despite
the project being in advanced stages of construction. The rating
is further constrained by the weak financial profile of the
company as indicated by high gearing (5.8 times as on March 31,
2014). The rating also factors in the recent re-phasing of the
loan taken for the project owing to low sales; despite this re-
phasing, timely debt servicing would be contingent upon GIPL's
ability to sell the remaining flats and collect customer advances
at a more accelerated pace.

GRC Infra Private Limited, promoted by Mr. G. Raman Babu and Mr.
R. Eshwar Naidu, is primarily engaged in the construction and
development of residential properties. The company was
incorporated in December 2009, with its registered office at
Bangalore. GIPL is currently developing a residential
Project -- GRC Brundavan -- on Mysore Road, Bangalore, with a
total saleable area of 5,86,010 sq. ft. comprising five blocks.

Recent results
The company reported a net profit of INR5.4 crore on an operating
income of INR25 crore (as per provisional figures) during the
first 10 months of FY 2015.


HI-CAN INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR150MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Hi-Can
Industries Pvt Ltd (HIPL) continues to reflect HIPL's below-
average financial risk profile marked by high gearing, weak debt
protection metrics, and stretched liquidity with large working
capital requirements. This rating weakness is partially offset by
the benefits that HIPL derives from its promoters' extensive
industry experience and their funding support.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          150       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     5       CRISIL B/Stable (Reaffirmed)

   Term Loan             46.4     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that HIPL will continue to benefit over the medium
term from its promoters' extensive industry experience and funding
support. The outlook may be revised to 'Positive' if the liquidity
improves, driven most likely by efficient working capital
management, improved profitability, or sizeable funding support
from the promoters. Conversely, the outlook may be revised to
'Negative' if the financial risk profile weakens because of
deterioration in working capital management, decline in
profitability, or any large debt-funded capital expenditure.

Incorporated in 2009, HIPL manufactures tin cans used in packaging
food products. The company, promoted by Mr. Shailesh Makadia, is
part of the Radhe group, which has interests in renewable energy,
metal casting, packaging, food products, and infrastructure.
HIPL's manufacturing unit is in Vadodara (Gujarat).

HIPL on provisional basis has reported a profit after tax (PAT) of
INR2.8 million on net sales of INR280.3 million for 2014-15,
against a net loss of INR0.4 million on net sales of INR237.9
million for 2013-14.


HIMALYAN PLASTICS: CRISIL Rates INR70MM Cash Loan at 'B'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Himalyan Plastics Ltd (HPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           50        CRISIL A4
   Cash Credit              70        CRISIL B/Stable

The ratings reflect HPL's small scale of operations in the highly
fragmented high-density polyethylene (HDPE) pipes industry, and
the company's weak financial risk profile, marked by a small net
worth and weak debt protection metrics. These rating weaknesses
are partially offset by the extensive industry experience of HPL's
promoters.
Outlook: Stable

CRISIL believes that HPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant growth
in the company's revenue and improvement in its working capital
management, leading to a better financial risk profile,
particularly debt protection metrics and liquidity. Conversely,
the outlook may be revised to 'Negative' in case of low
profitability, resulting in lower cash accruals, or deterioration
in HPL's working capital management.

HPL, incorporated in 1980, is promoted by Mr. Bhawani Sharma and
Mr. Madan Sharma. The company manufactures and supplies PLB HDPE
pipes, telecom ducts, MDPE pipes, duct pipes, drip irrigation
systems, sprinklers, and other such products. HPL has an installed
capacity for manufacturing 4680 tonnes of PLB HDPE pipes per annum
at Chamba Ghat (Himachal Pradesh). Currently, Mr. Madan Sharma,
being a technical expert, looks after product development.

HPL reported a profit after tax (PAT) of INR1.0 million on net
sales of INR118.8 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR0.7 million on net sales
of INR71.6 million for 2012-13.


JALAN CARBONS: CRISIL Reaffirms B+ Rating on INR222MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the long-term bank facilities of Jalan Carbons
and Chemicals Pvt Ltd (JCCL) continue to reflect the company's
average financial risk profile, marked by moderate capital
structure and average debt protection metrics, and susceptibility
of its operating margins to cyclicality in the end-user industry.
These rating weaknesses are partially offset by its promoters'
extensive experience in the coal tar pitch industry.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           222       CRISIL B+/Stable (Reaffirmed)
   Rupee Term Loan         3       CRISIL B+/Stable (Reaffirmed)
   Working Capital       133       CRISIL B+/Stable (Reaffirmed)
   Term Loan

CRISIL had upgraded the ratings of the long-term bank facilities
of Jalan Carbons and Chemicals Pvt Ltd (JCCL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable' through its rating rationale
dated May 20, 2015.

The rating upgrade reflects CRISIL's belief that JCCL's improved
liquidity is expected to be maintained over the medium term,
backed by improvement in its cash accruals. During 2014-15 (refers
to financial year, April 1 to March 31), JCCL's cash accruals are
estimated in the range of INR34 million to INR36 million, driven
by improvement in its scale of operations and sustenance of its
profitability. Better-than-expected cash accruals and funding
support from promoters have led to improvement in JCCL's financial
risk profile, particularly its debt protection metrics and capital
structure. The rating upgrade also factors in the benefits that
the company will derive from its increasing scale of operations,
coupled with improving working capital management.
Outlook: Stable

CRISIL believes that JCCL will continue to benefit over the medium
term from its promoters extensive industry experience. The outlook
may be revised to 'Positive' in case JCCL reports higher than
expected cash accruals, driven by increase in scale of operations
while maintaining its profitability, or improvement in its working
capital cycle, resulting in improvement in its financial risk
profile. The outlook may be revised to 'Negative' in case of
deterioration in JCCL's financial risk profile, particularly
liquidity, most-likely because of decline in profitability, or
further elongation in working capital cycle, or larger-than-
expected debt funded capital expenditure plans.

JCCL, the flagship company of the Jalan group, is promoted by Mr.
Ajay Mohan Jalan and was set up in 1995; the company manufactures
coal tar pitch, and trades in its by-products, such as creosote
oil, naphthalene oil, and tar oil. Apart from its manufacturing
operations, the company's other sources of income include rental
income and trading income from sale of properties.

During 2013-14, International Tar Refiners Pvt Ltd, its group
entity, was amalgamated with JCCL because of shut down of its
operations.


JAYAVEL PROCESSING: CRISIL Ups Rating on INR62MM LT Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
Jayavel Processing Mill (JPM) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.


                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan           62        CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Proposed Long Term
   Bank Loan Facility       18        CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's expectation of a sustained
financial risk profile, marked by moderate gearing and healthy
debt protection metrics, following the timely completion of JPM's
processing facility and stabilization of operations. The company
is estimated to have generated operating income of INR1600 million
in 2014-15 (refers to financial year, April 1 to March 31),
reflecting strong ramp-up in its scale of operations. The ratings
also reflect the extensive industry experience of the promoters,
partially offset by the modest scale of operations intense
competition in textile industry.  in a fragmented textile
processing industry.
Outlook: Stable

CRISIL believes that JPM will continue to benefit in the medium
term from the extensive experience of the promoters. The outlook
may be revised to 'Positive' if JPM scales up its revenues
significantly, while maintaining its profitability, leading to an
improvement in its business risk profile. Conversely, the outlook
may be revised to 'Negative' if JPM's net cash accruals decline
significantly, or its working capital management deteriorates
significantly or if it undertakes a larger than expected debt
funded capex, leading to a deterioration in its financial risk
profile.

Set up in 2013, JPM in engaged in dyeing and finishing of hosiery
fabric and yarn. The manufacturing unit is situated at Erode and
is being managed by Mr. Saminathan, who has over two decades of
experience in the industry. The firm is partnered by Mr.
Saminathan and his wife.


KACHCHH STEELS: ICRA Lowers Rating on INR13cr Cash Loan to 'D'
--------------------------------------------------------------
ICRA has revised the long-term rating assigned to INR13.00 crore
cash credit facility of Kachchh Steels Private Limited from
[ICRA]BB-(Stable) to [ICRA]D.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Cash Credit Facility     13.00       Revised to [ICRA]D
                                        from [ICRA]BB-(Stable)

The rating revision reflects delays in debt servicing by the
company on its borrowings due to stretched liquidity conditions
arising out of discontinued operations.

Kachchh Steels Private Limited (KSPL) was incorporated in July
2003 and is involved in manufacturing of TMT bars with its plant
located at in Kutch, Gujarat. The plant currently has installed
capacity of 80,000 MTPA of TMT bars. The company also has a
marketing office in Ahmedabad. The company is closely held by a
group of entities, most of which are based out of India.


KULJA INDUSTRIES: CRISIL Assigns B- Rating to INR60MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Kulja Industries Ltd (KIL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           20        CRISIL A4
   Cash Credit              60        CRISIL B-/Stable

The ratings reflect KIL's small scale of operations in the highly
fragmented high-density polyethylene (HDPE) pipes industry, its
large working capital requirements and the company's below-average
financial risk profile, marked by small net worth and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive industry experience of KIL's promoters.
Outlook: Stable

CRISIL believes that KIL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if significant growth in
revenue and profitability and efficient working capital management
lead to a stronger financial risk profile, particularly debt
protection metrics, for KIL. Conversely the outlook may be revised
to 'Negative' if large working capital requirements or low
profitability, resulting in lower cash accruals further weaken the
company's financial risk profile.

KIL, promoted by the Solan-(Himachal Pradesh)-based Sharma family,
manufactures and supplies HDPE pipes, telecom ducts, medium-
density polyethylene (MDPE) pipes, duct pipes, drip irrigation
systems, and sprinklers. KIL has capacity to manufacture 6120
tonnes of HDPE pipes per annum at Chamba Ghat, Himachal Pradesh.

KIL reported a profit after tax (PAT) of INR0.2 million on net
sales of INR96.3 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR0.5 million on net sales
of INR13.3 million for 2012-13.


MB SYSTEMS: ICRA Assigns 'B+' Rating to INR15cr Bank Loan
---------------------------------------------------------
ICRA has withdrawn the [ICRA]B+ rating assigned to the INR15.00
crores bank lines of MB Systems as there is no amount outstanding
against the rated instrument.

MB Systems (MBS) was established in September 2011 in Surat
(Gujarat) as a partnership entity, and is promoted by Mr. Ramesh
Bhadani and Mr. Jayesh Mistry, who have a 50% stake each in the
firm. MBS commenced operations in December 2011, and is engaged in
the trading of greige fabric.


MIDLAND DIESEL: CRISIL Reaffirms B- Rating to INR40MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Midland Diesel Services
Pvt Ltd (MDSPL) continue to reflect MDSPL's weak financial risk
profile, marked by a modest net worth, high total outside
liabilities to tangible net worth ratio, and inadequate debt
protection metrics, and its stretched liquidity with large working
capital requirements.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          25       CRISIL A4 (Reaffirmed)
   Cash Credit             40       CRISIL B-/Stable (Reaffirmed)
   Channel Financing       20       CRISIL B-/Stable (Reaffirmed)
   Standby Line of Credit   7.5     CRISIL B-/Stable (Reaffirmed)
   Working Capital Demand  34       CRISIL B-/Stable (Reaffirmed)
   Loan

These rating weaknesses are partially offset by the extensive
experience of the company's promoters in the diesel generator
industry, and its long-standing relationship with its principal,
Cummins India Ltd (Cummins).

Outlook: Stable

CRISIL believes that MDSPL's liquidity will remain constrained
over the medium term due to its working-capital-intensive
operations and large debt repayment obligations. The outlook may
be revised to 'Positive' if the company reports significantly
higher-than-expected accruals or there is sizeable equity
infusion, improving its overall financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in MDSPL's liquidity, most likely due to lengthening
of its working capital cycle.

Established in 1984, MDSPL is an authorised dealer and service
provider for Cummins diesel engines and generator sets and their
spares, for parts of Maharashtra and Madhya Pradesh. MDSPL is
based in Nagpur (Maharashtra) and is promoted by Mr. S R Dixit and
Mr. P R Dixit, along with their family members.

For 2013-14 (refers to financial year, April 1 to March 31), MDSPL
reported a net profit of INR1 million on net sales of INR279.1
million, vis-a-vis a net profit of INR1.3 million on net sales of
INR261.8 million for 2012-13.


OJUS POWER: ICRA Reaffirms 'B' Rating on INR11cr Cash Credit
------------------------------------------------------------
ICRA has reaffirmed long-term rating of [ICRA]B assigned to
INR11.00 crore cash credit limits (earlier INR7.50 crore), INR1.91
crore term loan limits (earlier INR4.71 crore) and INR1.00 crore
(earlier INR0.25 crore) non-fund based facilities of Ojus Power
and Technologies Private Limited (OPTPL). Also, ICRA assigned
long-term rating of [ICRA]B to INR1.03 crore un-allocated long-
term facilities of OPTPL.

                           Amount
   Facilities            (INR crore)   Ratings
   ----------            -----------   -------
   Term Loan                 1.91      [ICRA]B reaffirmed
   Cash Credit              11.00      [ICRA]B reaffirmed
   Bank Guarantee            1.00      [ICRA]B reaffirmed
   Un-allocated Long Term    1.03      [ICRA]B assigned

The re-affirmation of ratings is takes into account the high
competitive pressures from organized as well as unorganized
players in the industry, especially in lower-rated DG set
segments. The rating also considers OPTPL's dependence on the
highly competitive and price sensitive indirect sales channel
through distributors, which accounted for a major proportion of
its sales. The rating is also constrained by OPTPL's leveraged
capital structure, with gearing of 3.33x as on March 31, 2015,
although capitalization and coverage indicators improved in FY
2015.

The ratings, however, take comfort from the longstanding
experience of the promoter in the DG set industry. ICRA also notes
the favourable growth prospect of DG sets in the Indian market,
primarily driven by power shortages across the country, impacting
several industries -- including infrastructure, telecommunications
and information technology. The rating, moreover, takes into
consideration the company's OEM status from Ashok Leyland for
engines in the 10-2250 KVA segment lending stability to volumes,
along with OPTPL's reputed and diversified client profile.

Going forward, improving capital structure, maintaining revenue
growth and improving margins of the company are the key rating
sensitivities from credit perspective.

Established in 2009, Ojus Power and Technologies Private Limited
is primarily engaged in the business of DG sets manufacturing,
based on engines from various manufacturers such as Ashok Leyland
and Perkins. OPTPL mainly deals with the 10-2250 KVA segment, with
its current facility operating in the 10-1500 KVA segment. The
company is primarily owned by the promoter family of Mr. Sampath
Kumar and his son, Mr. Ram Sampath Kumar. The company's client
base of includes corporate firms such as Blue Star, the Confident
Group, and Boving Fouress Private Limited. OPTPL also employs the
dealership model to market its products. In FY 2015, both its
direct and distributor selling channels contributed in the 40:60
proportion to total sales.

Recent Results
As per the results for FY2015 (unaudited/provisional), the company
reported profit after tax of INR0.45 crore on oprating income of
INR73.10 crore as against profit after tax of INR-0.49 crore on
operating income of INR54.38 crore during FY2014.


ONE UP: CRISIL Assigns 'B+' Rating to INR70MM Cash Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of One Up Minerals and Infrastructure Pvt Ltd.

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

The rating reflects OUMIPL's small scale of operations in coal
trading business and large working capital requirements. These
rating weaknesses are partially offset by the extensive experience
OUMIPL's promoter in the coal trading business.
Outlook: Stable

CRISIL believes that OUMIPL will continue to benefit over the
medium term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the company's revenue or working capital
management, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
weakening of the company's financial risk profile, especially its
liquidity, on account of stretch in working capital cycle or
pressure on profitability margins or any considerable debt-funded
capital expenditure.

Incorporated in 2012, OUMIPL trades in domestic coal. The company
is based in Ranchi. Its day-to-day operations are managed by Mr.
Deepak Rungta.


OSL HEALTHCARE: ICRA Suspends 'B' Rating on INR161cr Term Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR161 crore
term loan facilities of OSL Healthcare Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


PARAS DYEING: ICRA Assigns 'B+' Rating to INR6.0cr LT Loan
----------------------------------------------------------
ICRA has assigned its [ICRA]B+ rating to the INR6.0 crore long-
term fund-based bank facilities of Paras Dyeing and Printing
Mills.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term; Fund
   Based Limits             6.0         [ICRA]B+; assigned

ICRA's rating is constrained by the low value additive nature of
PDPM's business and the highly competitive and fragmented nature
of the industry in which it operates. The rating also factors in
the vulnerability of the firm's profitability to risks arising
from fluctuations in prices of fabric and its modest financial
profile, characterized by low profitability and modest debt
coverage indicators. Further, the rating also factors in the risks
inherent to its partnership constitution, in terms of risk of
capital withdrawal, risk of dissolution etc. However, the rating
favourably takes into account the established track record and
extensive experience of the promoters in the textile industry and
the favourable location of the facility in Balotra, Rajasthan,
which is a regional textile hub and facilitates easy access to raw
material and labour. Going forward, the ability of the firm to
improve the profitability of its operations and prudently manage
its working capital cycle will be the key rating sensitivities.

PDPM, established in 2001, is a partnership firm engaged in fabric
processing with its processing unit located in Balotra, Rajasthan,
which is a hub for processing of cotton fabric due to favorable
weather conditions. The firm has an installed capacity for
processing around 2.5 million meters of fabric per annum. The firm
is also engaged in sale of garments to retail chains like Big
Bazaar, Reliance Trends, Arvind Retail, and Max Hypermarkets. The
garment manufacturing business is outsourced by the firm to
associate parties in Tirupur, Tamil Nadu and Jaipur, Rajasthan, to
whom PDPM pays job work charges.

Recent Results
PDPM reported an operating income (OI) of INR24.29 crore and a net
profit of INR0.10 crore in 2013-14, as against an OI of INR15.16
crore and a net profit of INR0.07 crore in the previous year. The
firm, on a provisional basis, reported an OI of INR30.0 Crore and
a net profit of INR0.13 crore in 2014-15.


PLATO INDUSTRIES: CRISIL Assigns 'B' Rating to INR34.5MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Plato Industries Limited (PIL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      10.5       CRISIL B/Stable
   Bank Guarantee          35         CRISIL A4
   Cash Credit             34.5       CRISIL B/Stable

The ratings reflect PIL's small scale of operations in the highly
fragmented high-density polyethylene (HDPE) pipes industry, its
large working capital requirements and the company's below-average
financial risk profile, marked by low net worth and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive industry experience of PIL's promoters.
Outlook: Stable

CRISIL believes that PIL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if significant growth in
revenue and profitability and efficient working capital management
lead to a stronger financial risk profile, particularly debt
protection metrics, for PIL. Conversely the outlook may be revised
to 'Negative' if large working capital requirements or low
profitability leading to low accruals further weaken the company's
financial risk profile.

PIL, incorporated in 1992, is promoted by the Solan (Himachal
Pradesh) based Sharma family, manufactures and supplies HDPE
pipes, telecom ducts, medium-density polyethylene (MDPE) pipes,
duct pipes, drip irrigation systems, and sprinklers. PIL has
capacity to manufacture 2180 tonnes of HDPE pipes per annum at
Parwanoo, Himachal Pradesh.

PIL reported a profit after tax (PAT) of INR1.1 million on net
sales of INR77.7 million for 2013-14 (refers to financial year,
April 1 to March 31), against a net loss of INR1.1 million on net
sales of INR13.0 million for 2012-13.


RASBIHARI ENTERPRISES: CRISIL Suspends B Rating on INR75MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Rasbihari Enterprises Ltd (REL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              75        CRISIL B/Stable

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

REL was incorporated as a public limited company in 1982 by Mr.
Kisanlal Bastiram Sarda. The company initially traded in tobacco
and manufactured amla candy; from 2012-13 (refers to financial
year, April 1 to March 31), the company has been only processing
and trading in tendu leaves which are used to make bidis.


RUPAL PLASTICS: CRISIL Reaffirms B+ Rating on INR57.5MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rupal Plastics Pvt Ltd
(RPPL) continue to reflect RPPL's modest scale and working-
capital-intensive nature of operations, and its below-average
financial risk profile, marked by a modest net worth and subdued
debt protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          5        CRISIL A4 (Reaffirmed)
   Cash Credit            57.5      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       62.5      CRISIL A4 (Reaffirmed)
   Overdraft Facility      2.5      CRISIL B+/Stable (Reaffirmed)
   Proposed Letter of
   Credit                 32.5      CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of RPPL's promoter in the polymers trading industry and
the company's established relationships with suppliers.
Outlook: Stable

CRISIL believes that RPPL will continue to benefit over the medium
term from its promoter's extensive industry experience and its
established relationships with suppliers. The outlook may be
revised to 'Positive' if RPPL achieves significant and sustained
improvement in its revenue and profitability, while it maintains
its capital structure. Conversely, the outlook may be revised to
'Negative' in case of a significant decline in the company's
revenue or margins, or deterioration in its financial risk
profile, most likely because of a substantial increase in its
working capital requirements.

RPPL was incorporated in 1988, promoted by Mr. Hemant Mehta. The
company trades in engineering polymers, which have applications in
white goods, automobile parts, and electrical components. Its head
office is in Mumbai.

RPPL reported a profit after tax (PAT) of INR6.5 million on net
sales of INR478.7 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR4.8 million on net sales
of INR426.7 million for 2012-13.


SAMARTH DEVCON: ICRA Reaffirms 'B' Rating on INR15cr FB Loan
------------------------------------------------------------
ICRA has re-affirmed its long-term rating of [ICRA]B on the INR15
crore fund based limits (reduced from INR19 crore) of Samarth
Devcon Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits       15.0       [ICRA]B; reaffirmed

ICRA's rating continues to draws comfort from the long track
record and extensive experience of SDPL's promoters in real estate
development in Indore (Madhya Pradesh). The rating reaffirmation
positively factors in the recent pick-up in sales velocity of
villas in SDPL's ongoing project Shikharji Dreamz, moderate
execution risk given the satisfactory pace of construction and the
low approval risks for the project.

The rating is, however, constrained due to the weak overall
bookings level as SDPL has only been able to sell about 20% of the
total saleable area as of March 31, 2015. Low sales, coupled with
the fact that initially the payment plan offered by the company
was back ended, has led to low customer advance build up as well
as modest receivable levels thus rendering the company reliant on
external debt and promoter funds for progress of the project. This
apart, SDPL has also refinanced its existing debt, albeit at
higher cost, so as to extend the moratorium period to December
2015 and ease pressure on cash flows. ICRA also notes that the
scope of project has increased as SDPL has received the permission
to construct four additional floors (total P+10 now) thus raising
the total estimated cost of the project from INR47.03 crore to
INR58.83 crore. Pending the ramp up of overall sales velocity and
collection, the company will remain dependent on timely support
from promoters to manage its cash flows.

Going forward, the ability of the company to achieve higher
bookings, ensure timely collection of advances and follow the
construction schedule will be the key rating sensitivity factors.

SDPL, incorporated in November 2010, is involved in real estate
and construction activities in the city of Indore. The company is
promoted by Mr. Narender Batra, Mr. Brij Kishore Goyal and Mr. Om
Prakash Goyal. The company is currently executing a project,
'Shikharji Dreamz', in Village Arandiya in Indore. The project
consists of villas and group housing society and has total
saleable area of 5.2 lakh sq.ft. for the first phase of the
project. The total cost for the first phase of the project is
INR58.83 crore (revised from INR47.03 crore after receiving
approvals for additional floors). As on March 2015, the company
has achieved sales for 20% of the total saleable area, with total
sales value of around INR19.11 crore and received advances of
INR6.75 crore from customers.


SANCHETI GEMS: CRISIL Reaffirms 'B+' Rating on INR50MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sancheti Gems
and Jewellers India Pvt Ltd (SGJIPL) continues to reflect the
company's small scale of, and workingcapitalintensity in,
operations, and low profitability. These rating weaknesses are
partially offset by the extensive industry experience of SGJIPL's
promoters.

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

Outlook: Stable

CRISIL believes that SGJIPLwill continue to benefit over the
medium term from its promoters' experience in the jewellery
industry. The outlook may be revised to 'Positive' if ramp-up in
scale of operations, expandinggeographic presence,and improvement
in operating profitability result in strongerdebt protection
metrics. Conversely, the outlook may be revised to 'Negative' if
theoperating margin or operating income declines or the financial
risk profile weakens because of increase in working capital
requirements or any large capital expenditure.

Update
SGJIPL's revenue remained around INR222.6 million in 2014-15
(refers to financial year, April 1 to March 31; INR222.8 million
in 2013-14) on account of sluggish demand for gold jewellery. The
revenue is expected to improve to INR240 million to INR260 million
over the medium term, backed by increased demand from customers.
The operating margin was stable at around 5 per cent in 2014-15.
The inventory replenishment model that SGIPL follows mitigates the
risk of fluctuations in gold prices and is also expected to help
it maintain a stable operating margin over the medium term.

The financial risk profile is moderate, with gearing and total
outside liabilities to tangible networth ratios (TOLTNW) estimated
at 0.51 times and 0.82 times respectively and net worth of INR96
million as on March 31, 2015. The debt protection metrics are
average with interest coverage ratio and Net cash accruals to
total debt at 1.64 times and 0.07 times respectively for 2014-15.
CRISIL believes that SGJIPL's financial risk profile will remain
moderate over the medium term, marked by average net worth and
average debt protection metrics.

The liquidity is moderately stretched, with modest cash accruals
of INR3.3 million against maturing debt of INR0.54 million in
2014-15. The unencumbered cash balance was around INR1 million as
on March 31, 2015. Operations are working capital intensive, as
indicated by estimated gross current assets of 260 to 280 days as
on March 31, 2015 on account of large inventory, estimated at 250
to 260 days in 2014-15. CRISIL believes that SGJIPL's liquidity
profile will remain moderately stretched over the medium term,
marked by modest cash accruals vis-a-vis low debt obligations and
moderately working-capital-intensive operations.

SGJIPL was set up in 2010-11 (refers to financial year, April 1 to
March 31) by Mr. Naman Sancheti. The company retails in gold
jewellery and trades in gold coins, bullion, and silver. It has
one showroom, which it owns, in Durg, Chhattisgarh, over an area
of around 6000 sq ft. SGJIPL operates as a franchise of Anopchand
Tilokchand Jewellers Pvt Ltd. The company markets its products
under the ATJA the brand.


SANTOSH STARCH: ICRA Reaffirms 'B' Rating on INR10cr Cash Credit
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the INR5.00
crore term loan and INR10.00 crore cash credit facility of Santosh
Starch Products Limited (SSPL). ICRA has also reaffirmed the short
term rating of [ICRA]A4 to the INR9.00 crore (enhanced from
INR7.00 crore) short term fund based and non fund based (sublimit
of cash credit) facilities of SSPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan               5.00        [ICRA]B reaffirmed
   Cash Credit            10.00        [ICRA]B reaffirmed
   EPC/FUBP/FOBP           5.00        [ICRA]A4 reaffirmed
   Letter of Credit        2.00        [ICRA]A4 reaffirmed
   Foreign Bills
   Discounting             2.00        [ICRA]A4 assigned

Rating Rationale
The ratings continue to be constrained by exposure of the company
to inherent risks in an agro based industry, given the dependence
on availability and pricing of maize and to the strong competitive
pressures from established players and other small manufacturers.
The ratings further remain constrained by the relatively small
scale of operations as well as weak financial risk profile of the
company as reflected by adverse capital structure, moderate debt
coverage indicators and high working capital intensity of
operations. Further, ICRA has also noted the execution risks
associated with the project and market risks associated with the
scaling up of operations.

The ratings, however, favorably take into account the long
experience of the promoters of more than six decades in starch and
agro based industry as well as existing reputed clientele base of
the company including established players in the paper industry.

Santosh Starch Products Limited (SSPL), incorporated in 1983, is
promoted by Santosh Group. The company, till the first half of FY
2013, was engaged in the trading of maize starch and other starch
by products. The company is currently in the midst of setting up
eight processing lines for manufacturing of specialty starch and
starch derivatives, of which four processing lines have already
been installed and commercial production commenced from December
2013. The current installed capacity of four lines is 14,400
Metric Tonnes Per Annum (MTPA) which would eventually increase to
~33000 MTPA with installation of remaining four lines. The
promoters of SSPL have an extensive experience spanning six
decades in starch and agro based industry by virtue of their
association with the group concern, Santosh Limited.

Recent Results
For FY 2014, the company reported an operating income of INR8.75
crore and profit after tax of INR0.36 crore as against an
operating income of INR4.86 crore and profit after tax of INR0.48
crore for FY 2013. Further, for the period ended February 28,
2015, the company reported an operating income of INR16.53 crore
and profit before tax of INR0.75 crore. (as per unaudited
provisional numbers).


SENSO GRANITO: CRISIL Suspends 'D' Rating on INR150MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Senso Granito Pvt Ltd (SGPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          37.5       CRISIL D
   Cash Credit            150         CRISIL D
   Term Loan               82.5       CRISIL D

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

SGPL, incorporated in 2008, is promoted by Mr. Praful Patel and
Mr. Nilesh Himeji and their family members. The company
manufactures wall tiles and floor tiles.


SHREE SAIBABA: ICRA Lowers Rating on INR29.51cr Term Loan to D
---------------------------------------------------------------
ICRA has revised the long term rating to the INR54.84 crore fund
based bank facilities of Shree Saibaba Sugars Limited to [ICRA]D
(pronounced ICRA D) from [ICRA]B-.

                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Long-term Fund-based:
   Term Loan              29.51      Revised to [ICRA]D
                                     from [ICRA]B-

   Long-term Fund-based:
   Cash Credit            25.33      Revised to [ICRA]D
                                     from [ICRA]B-

The rating revision reflects the delays in debt servicing by the
company on account of its stretched liquidity position aggravated
by high cane procurement costs and lower realizations. The rating
revision also reflects the company's weak financial profile
leading to net losses in FY 2014 and FY 2015 which has
significantly eroded the tangible net-worth of the company in FY
2015.

Shree Saibaba Sugars Limited (SSSL) was incorporated on 9th March
2000 and commenced sugar crushing operations in SY (Sugar Year)
2006-07. The company's sugar factory is located near Ausa in the
Latur district of Maharashtra, and has a crushing capacity of 2500
TCD. The company is promoted and managed by Mr. Rajeshwar Bukey
and the shareholding is held by the promoters and the sugarcane
farmers (members) of the region. The company has a wholly-owned
subsidiary, Shree Saibaba Green Power Private Limited (SSGPPL),
which has setup a 5 MW solar power plant, commissioned in February
2013, in the vicinity of the SSSL's existing sugar factory in
Latur.

For FY 2014, SSSL reported net losses of INR18.27 crore on an
operating income of INR37.62 crore. For FY 2015, SSSL has reported
net losses of INR7.85 crore on an operating income of INR63.68
crore (provisional).


SHRI MAHADEV: CRISIL Reaffirms 'B' Rating on INR27.5MM Cash Loan
----------------------------------------------------------------
CRISIL rating on the long term bank facilities of Shri Mahadev
Silk Mills Private Limited continues to reflects SMSMPL's exposure
to intense competition in the fragmented dyeing and processing
segment and its large working capital requirements. The above
mentioned rating weaknesses are partially offset by the extensive
experience of the promoters in the industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           27.5       CRISIL B/Stable (Reaffirmed)
   Long Term Loan        26.4       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes the company will maintain a stable credit risk
profile over the medium term, backed by its promoters extensive
experience in the industry. The outlook may be revised to
'Positive', if SMSMPL achieves a healthy growth in its scale of
operations, while prudently managing its working capital cycle and
maintaining its financial risk profile. Conversely, the outlook
may be revised to 'Negative', if SMSMPL's accruals decline, or if
its working capital requirements lengthen further, leading to
deterioration in financial risk profile and liquidity.

Update
The company is estimated to have recorded a healthy 40 per cent
growth y-o-y with which its revenues are expected to touch INR210
million for 2014-15 (refers to financial year, April 1 to
March 31). Its operating profitability is expected to remain in
upwards of 9 per cent during the year.

The company receives its payments in about 90 days on an average.
On account of year end purchases made in 2012-13 & 2013-14 due to
which inventory and payable days seems inflated.

SMSMPL has a capex plan of INR29 million in 2015-16 for enhance
the capacity to 1.75 lakh meter/day from 1.1 lakh meter/day.  The
company would avail term debt of INR23 million for the capex and
the balance would be funded through internal accruals. The capex
is expected to be completed by August 2015.

The promoters continue to keep INR35 million of unsecured loans in
the company. These have interest rate lower than that of the bank
and are subordinated to bank debt. CRISIL has treated these loans
as neither debt nor equity.

The company has leveraged capital structure reflected in gearing
estimated as on March 31, 2015 at about 2.3 time. CRISIL expected
to remain in the range of 2.5 to 3.0 times over the medium term.

The company's liquidity is adequate marked by moderate bank limit
utilization and sufficient cash accruals it is expected to
generate to repay its term debt obligations. Its average bank
limit utilization over the 12 months ended March 2015 was 98 per
cent. It is expected to generate sufficient accruals versus
repayment obligations of INR8 to INR10 milion over the medium
term. Its liquidity is also supported by unsecured loans of INR35
million from the promoters.

Surat (Gujarat) based SMSMPL is engaged in the business of dyeing
and processing of man made fabrics. The company caters majorly to
the textile players in and around the city of Surat. SMSMPL has
been engaged in this business for more than 10 years. SMSMPL is
promoted by Mr. Nandkishore Rathi and his family.


SRI CHANDRA: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Chandra Moulishvar
Spinning Mills Pvt Ltd (SCMSM) continue to reflect SCMSM's below-
average financial risk profile, marked by high gearing.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        0.9        CRISIL A4 (Reaffirmed)
   Cash Credit          100         CRISIL B+/Stable (Reaffirmed)
   Long Term Loan        77.5       CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the company's modest scale of
operations in an intensely competitive textile industry and its
susceptibility to fluctuations in input costs. These rating
weaknesses are partially offset by the extensive experience of
SCMSM's promoter in the cotton textile yarn industry.
Outlook: Stable

CRISIL believes that SCMSM will continue to benefit over the
medium term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company's financial
risk profile improves, driven by larger-than-expected cash
accruals. Conversely, the outlook may be revised to 'Negative' if
SCMSM undertakes a large debt-funded capital expenditure programme
or if its revenues or operating margin decline, thereby weakening
its financial risk profile.

Update
SCMSM is estimated to report operating revenue of INR618 million
for 2014-15 (refers to financial year, April 1 to March 31),
marginally lower than CRISIL's earlier expectations because of
weak market scenario. The company's operating margin, however, has
remained stable at an estimated 8 per cent in 2014-15 driven by
established customer relationships. CRISIL believes that SCMSM's
revenue will grow at a moderate rate over the medium term,
supported by steady offtake by existing customers and addition of
new customers.

SCMSM has a below-average financial risk profile, marked by high
gearing, a small net worth and below-average debt protection
metrics. The company's gearing is estimated at 2.84 times as on
March 31, 2015 and is expected to be at similar levels over the
medium term due to high dependence on short term borrowings to
meet its working capital requirements. Its interest coverage and
net cash accruals to total debt ratios are estimated at 1.78 times
and 0.10 times, respectively, for 2014-15. CRISIL believes that
SCMSM's financial risk profile will remain below average over the
medium term, marked by high gearing in the absence of any
significant debt funded capex plans.

SCMSM's liquidity remains moderate, with adequate net cash
accruals to meet its repayment obligations. Its bank limits were
utilised at an average of 95 per cent over the 12 months through
March 2015. The company's annual net cash accruals are expected at
INR19 million to INR22 million, against annual repayment
obligations of INR16 million, over the medium term. The liquidity
is expected to be moderate over the medium term supported by
steady cash accruals.

SCMSM was set up in September 2004 by Mr. M Ravichandran. The
company manufactures hosiery yarn in Tirupur (Tamil Nadu).


SRI LAKSHMI: CRISIL Assigns B- Rating to INR43.5MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Sri Lakshmi Agro Farms (SLAF).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      21.7       CRISIL B-/Stable

   Cash Credit              4.8       CRISIL B-/Stable

   Long Term Loan          43.5       CRISIL B-/Stable

The rating reflects SLAF's modest scale- and working capital
intensive nature- of operations and to inherent risks associated
with the poultry industry. The rating also factors SLAF's weak
financial profile marked by small networth, high gearing and weak
debt protection metrics. These rating weaknesses are partially
offset by the benefits that SLAF derives from its management's
extensive experience in the poultry business.
Outlook: Stable

CRISIL believes that SLAF will benefit from management's extensive
experience in the poultry industry. The outlook may be revised to
'Positive' if the firm increases its scale of operations and
operating profitability on a sustained basis or if there is
significant equity infusion thereby improving the capital
structure and financial risk profile. Conversely the outlook may
be revised to 'Negative' in case the firm reports lower than
expected revenues and profitability, or if the firm undertakes a
large debt funded capital expenditure programme resulting in
further weakening of its financial risk profile.

Established in 2005 as a partnership firm, SLAF is engaged in
production of commercial eggs. Based out of Krishna district in
Andhra Pradesh, the firm is promoted by Mr.D. Siva Seshi Reddy and
his family.


SRI SAI: CRISIL Reaffirms 'B' Rating on INR100MM Cash Credit
------------------------------------------------------------
CRISIL's ratings on the bank facilities Sri Sai Krishna
Constructions (SSKC) continues to reflect the firm's large working
capital requirements, high degree of geographic and customer
concentration in its order-book, and its modest scale of
operations in the intensely competitive civil construction
industry.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           30       CRISIL A4 (Reaffirmed)
   Cash Credit             100       CRISIL B/Stable (Reaffirmed)

The ratings of the firm are also constrained on account of its
below-average financial risk profile marked by its small net-
worth, high gearing, and moderate debt protection metrics. These
rating weaknesses are partially offset by the extensive experience
of SSKC's promoters in the civil construction industry, and the
firm's healthy order book providing medium-term revenue
visibility.
Outlook: Stable

CRISIL believes that SSKC will continue to benefit over the medium
term from its promoters' extensive industry experience and its
healthy order book. The outlook may be revised to 'Positive' if
there is a sustained improvement in the firm's working capital
cycle, or if there is substantial improvement in its capital
structure on the back of sizeable capital infusion by its
partners. Conversely, the outlook may be revised to 'Negative' in
case of steep decline in the firm's profitability margins, or
significant deterioration in its capital structure caused most
likely because of a stretch in its working capital cycle.

SSKC was set up in 2011 as a partnership firm. The firm undertakes
infrastructure development projects, which includes construction
of roads, bridges, reservoirs, and canals. It mainly undertakes
sub-contracted projects from other engineering, procurement, and
construction contractors. The firm is based out of Hyderabad and
has four partners - G. Audisesha Reddy, G. Prathima Reddy, G.
Yashwant Reddy, and G. Sai Mounica.


SRI SRINIVASA: CRISIL Assigns 'B' Rating to INR59MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Sri Srinivasa Rajeswari Agro-Tek Mills Private
Limited (SSRMPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              59        CRISIL B/Stable

The rating reflects SSRMPL's weak financial risk profile, marked
by small net worth, high gearing and weak debt protection metrics,
and modest scale of operations in an intensely competitive rice
milling industry. These ratings weaknesses are partially offset by
the extensive experience of SSRMPL's promoters in the rice milling
industry.
Outlook: Stable

CRISIL believes that SSRMPL will continue to benefit over the
medium term from the promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company's revenues and
profitability increase substantially, leading to an improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if the company undertakes aggressive debt-funded
expansions, or if its revenues and profitability decline
substantially leading to weakening in its financial risk profile

Incorporated in 2010, SSRMPL is engaged in milling and processing
of paddy into rice, rice bran, broken rice and husk. Based out of
Bobbili in Guntur district of Andhra Pradesh. The company is
promoted by Dr. K.V.Appa Rao and his family members.

SSRMPL reported a profit after tax (PAT) of INR1 million on net
sales of INR158.3 million for 2013-14 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.8 million on net
sales of INR174.7 million for 2012-13.


SUPRIYA SPINNING: ICRA Reaffirms B Rating on INR87.63cr LT Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR87.63
crore fund based bank facilities of Supriya Spinning Mills Private
Limited at [ICRA]B. ICRA has also reaffirmed the short term rating
assigned at [ICRA]A4 to the INR25.64 crore of non fund based
facilities of SSMPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term Fund
   Based Limits            87.63       [ICRA]B reaffirmed

   Non-Fund Based
   Limits                  25.64       [ICRA]A4 reaffirmed

The reaffirmation of the ratings continues to factor in the weak
financial profile characterized by high gearing and stretched
coverage indicators. Further, the ratings are also constrained by
the modest scale of operations and commoditized nature of the
product in the highly fragmented industry which limits the
company's ability to pass on the hikes in input costs. ICRA notes
that the company is exposed to regulatory risk with regards to
minimum support price of kappas and restrictions on exports;
further, the seasonal nature of raw material availability requires
SSMPL to maintain high inventory holding exposing it to price
risk. However, the ratings favourably factor in the experience of
the promoters and their well established network; and the
operational efficiencies of the unit due to recent vintage of
plant and machinery. The ratings also draw comfort from proximity
of the unit to a major cotton growing area, the relatively lower
power tariff in AP and fiscal incentives under TUF Scheme.

The ability of the company to improve its profitability, capital
structure and continue to increase its scale of operations would
remain the key rating sensitivities.

Supriya Spinning Mills Private Limited (SSMPL) incorporated in
2005, is based in Guntur district of Andhra Pradesh. The company
is engaged in trading of cotton lint and manufacturing cotton
yarn. SSMPL started its operations with 14,400 spindles and
increased to 31,584 spindles over the last two years. Lint and
cotton waste trading activity is the primary focus of the company.


SWASH NONIONICS: CRISIL Reaffirms 'B' Rating on INR90MM Bank Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Swash Nonionics Pvt Ltd
(SNPL) continue to reflect its modest scale ofoperations in the
highly competitive chemical products industry, susceptibility of
its margins to volatility inraw material prices and its working-
capital-intensive operations.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            35       CRISIL B/Stable (Reaffirmed)

   Proposed Letter of
   Credit                  5       CRISIL A4 (Reaffirmed)

   Proposed Long Term     90       CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

The ratings also factor in SNPL's average financial risk profile
marked by low net worth, high gearing. These rating weaknesses are
partially offset by the promoters' extensive experience in the
chemical products industry.
Outlook: Stable

CRISIL believes that SNPL will continue to benefit over the medium
term from its promoters 'extensive industry experience. The
outlook may be revised to 'Positive' if the company substantially
increases its scale of operations while it improves its
profitability and capital structure or there is an improvement in
the working capital management. Conversely, the outlook may be
revised to 'Negative' in case SNPL registers significant decline
in its revenue or margins, a stretch in its working capital cycle
or undertakes a large debt-funded capital expenditure programme,
resulting in weakening of its financial risk profile.

Update
SNPL registered net sales of  about INR185 million in 2014-15
(refers to financial year, April 1 to March 31), higher than
INR160 million in 2013-14 on account of increase in exports orders
in 2014-15.The company is likely to achieve a moderate growth in
topline over the medium term on account of increased domestic and
export orders.

SNPL has reported margins of around 5.4 per cent for 2014-15. SNPL
had low operating margin in the past as it used to cater majorly
to the textile players where the margins are low due to
significant competition. Also, as the prices of its major raw
material ethylene oxide are linked to petroleum prices it is
exposed to significant price volatility. The company is expected
to improve margins to 5.5 per cent to 6 per cent over the medium
term driven by increased exports.

SNPL is estimated to generate cash accruals of INR1.8 million visa
vis no loan repayments. SNPL's operations are moderately working
capital intensive as reflected in its gross current assets (GCA)
of around 127 days as on March 31, 2015. These GCAs emanate from
SNPL's inventory of around 70 days and receivables cycle of 31
days. As a result, the company's average bank limit utilization
has been high at around 90 per cent, for the 10 months through
April 2015.SNPL's liquidity will remain moderately stretched over
the medium term marked by high bank limit utilization of 90 per
cent on account of working capital intensive operations.

SNPL's net worth has remained low at around INR14 million, as on
March 31, 2015. The company has high debt levels towards funding
its working capital requirements; these coupled with low net worth
has resulted in high gearing estimated at around 3.4 times as on
March 31, 2015.SNPL's financial risk profile will remain average
over the medium term marked by low net worth and high gearing.

SNPL, incorporated in 1990 by Mr. Nimish Munim manufactures
surfactants and otherspecialty chemicals since. The company has
its manufacturing facility at Chiplun (Maharashtra). The company
caters to industries including textiles, metal, pesticides and
paints. The day-to-day operations of the company are managed by
Mr.Yash Munim, son of Mr. Nimish Munim. The Munim family has been
inthe business of manufacturing surfactants since 1971 through
Texchem Industries a partnership firm setup by Mr. Nimish Munim.


TAN-B CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR77.5MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Tan-B Constructions (TBC).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       10        CRISIL B+/Stable
   Bank Guarantee           12.5      CRISIL A4
   Overdraft Facility       77.5      CRISIL B+/Stable

The ratings reflect the firm's below-average financial risk
profile, marked by weak debt protection metrics and a modest net
worth. The ratings also reflect its modest scale of operations in
the highly fragmented civil construction industry. These rating
weaknesses are partially offset by the extensive experience of
TBC's promoters in the civil construction industry.
Outlook: Stable

CRISIL believes that TBC will, over the medium term, continue to
benefit from the promoters' extensive industry experience. The
outlook maybe revised to 'Positive' if the firm significantly
improves its scale of operations and profitability, leading to an
improvement in its financial risk profile. Conversely, the outlook
maybe revised to 'Negative' if low cash accruals or large working
capital requirements or considerable debt-funded capital
expenditure, puts pressure on TBC's liquidity.

Set up in 2012 and based in Nilambur (Kerala), TBC undertakes
civil construction contracts, primarily road and bridges, for
Public Works Department, Kerala. The firm's day-to-day operations
are managed by Mr. Aboobacker VP.

TBC reported a profit after tax (PAT) of INR7 million on net sales
of INR199 million for 2014-15 (refers to financial year, April 1
to March 31), against a PAT of INR4 million on net sales of INR74
million for 2013-14.


VIJAY V.: CRISIL Cuts Rating on INR40MM Cash Loan to B+
-------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Vijay
V. Salunkhe (VVS) to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-
/Stable/CRISIL A4+.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee          12.5      CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit             40        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The rating downgrade reflects the deterioration in VVS's business
and financial risk profiles on account of a significant decline in
the firm's topline, and pressure on its profitability, coupled
with a stretch in its working capital cycle that is beyond
CRISIL's previous expectation. VVS's topline declined to INR81
million in 2014-15 (refers to financial year, April 1 to March 31)
from INR137 million in 2013-14; also, for 2014-15, the firm is
estimated to have reported operating losses of around 6 per cent.
The firm's gross current assets are said to have increased
significantly to over 300 days as on March 31, 2015, from 218 days
in the previous year, leading to almost full utilisation of its
working capital bank lines and weakening of its gearing and debt
protection metrics. The slower pace of project execution because
of fund allocation issues from government agencies has impacted
VVS's overall credit risk profile.

The ratings reflect VVS's small scale of, and working-capital-
intensive, operations, in the intensely competitive civil
construction segment, and its weakened financial risk profile,
marked by a small net worth, moderately high gearing, and subdued
debt protection metrics. These rating weaknesses are partially
offset by the benefits that VVS derives from the extensive
experience of its proprietor in the civil construction segment.
Outlook: Stable

CRISIL believes that VVS will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if the firm reports
significant and sustained growth in its revenue and profitability,
leading to substantial cash accruals and improvement in its
working capital management. Conversely, the outlook may be revised
to 'Negative' if VVS's financial risk profile, especially its
liquidity, deteriorates due to low cash accruals, a continued
stretch in its working capital cycle, or any large debt-funded
capital expenditure.

VVS, established in 1996 and based in Pune (Maharashtra), is a
proprietorship concern of Mr. Vijay Vasantrao Salunkhe. The firm
is a registered Class-1 contractor with Pune Municipal
Corporation, Pimpri-Chinchwad Municipal Corporation, and
Maharashtra Jivan Pradhikaran. The firm primarily undertakes
construction and maintenance contracts of water supply systems and
drainage-sewer lines.


VIMLESH PRASAD: CRISIL Reaffirms B+ Rating on INR30MM Bank Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of M/s Vimlesh Prasad
Singh (VPS) continue to reflect VPS's modest scale of operations,
geographical concentration in revenue profile, and its average
financial risk profile. These rating weaknesses are partially
offset by the extensive experience of the firm's promoters in the
construction industry.

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

   Cash Credit             10       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      30       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VPS will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm strengthens its
business risk profile by extending its geographical reach and
diversifying its customer base, and if its revenue and
profitability increase significantly, while it maintains its
capital structure. Conversely, the outlook may be revised to
'Negative' if VPS registers a significant decline in its revenue
and profitability, or faces considerable delays in realisation of
receivables, or undertakes a large debt-funded capital expenditure
programme, leading to deterioration in its financial risk profile,
particularly liquidity.

VPS was set up in 1990 as a proprietorship firm, Bimlesh Prasad
Singh. In 2008-09 (refers to financial year, April 1 to
March 31), it was reconstituted as a partnership firm under its
current name. VPS is managed by Mr. Manishankar and his family
members. The firm is a civil contractor based in Patna (Bihar).

For 2014-15, on a provisional basis, the firm reported a book
profit of INR9.7 million on net sales of INR146 million as against
a book profit of INR9.1 million on net sales of INR172 million for
2013-14.


VITAGREEN PRODUCTS: CRISIL Reaffirms B- Rating on INR28MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vitagreen
Products Pvt Ltd (VPPL) continues to reflect the susceptibility of
VPPL's operating margin to volatility in raw material prices, its
small scale of operations, and its weak financial risk profile,
marked by high  gearing and weak debt protection metrics. These
rating weaknesses are partially offset by the resourceful
background of VPPL's promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             28       CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      22       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VPPL will continue to benefit over the medium
term from the resourceful background of its promoters and their
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if the company's net worth
improves significantly, backed by equity infusion and/or
substantial cash accruals generated in the business resulting from
an increase in its scale of operations and profitability.
Conversely, the outlook may be revised to 'Negative' if VPPL's
liquidity weakens on account of lower-than-expected offtake or a
decline in profitability, or large debt-funded capital expenditure
programme.

VPPL, incorporated in 2009, is promoted by the Gujarat-based
Makadia and Kadwani families. Currently, the company is being run
by the Makadia family, which has a diversified business portfolio
under the Radhe group. VPPL manufactures and processes various
spices such as chilly, turmeric, coriander, cumin seed powder,
masala, and instant-mix food products such as dhokla, khaman, and
gulab jamun. It sells under its own brand, 77 green.

VPPL reported on a provisional basis, net loss of INR4.0 million
on net sales of INR86.2 million for 2014-15 (refers to financial
year, April 1 to March 31), as against a net loss of INR4.2
million on net sales of INR127.4 million for 2013-14.



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


MONGOLIA: Moody's Assigns (P)B2 Rating to Government Bonds
----------------------------------------------------------
Moody's Investors Service has assigned a provisional long-term
rating of (P)B2 applicable to the forthcoming offshore CNY-
denominated drawdown under the US$5,000,000,000 Global Medium Term
Note Program of the Government of Mongolia.

The rating is subject to receipt of final documentation, the terms
and conditions of which are not expected to change in any material
way from the draft documents reviewed by Moody's.

RATINGS RATIONALE

Mongolia's (P)B2 government bond rating is aligned with the
government's issuer rating of B2 (negative outlook), and is
consistent with our methodology scores of low economic strength,
very low institutional strength, moderate fiscal strength and high
event risk.

The narrowly diversified economy, which is dependent on mining and
agriculture, subjects the growth path to mineral price volatility
and occasional extremely severe winters. The development of the
Oyu Tolgoi copper and gold deposits, and other large mineral
deposits, such as high-grade coking coal in Tavan Tolgoi will be
transformational for the Mongolian economy once fully realized.

Fiscal strength is constrained by spending pressures and a
considerable rise in the debt and debt-payment burdens since the
2008 global financial crisis and recession. Although Mongolia
adopted a Fiscal Stability Law (FSL) in 2013 to buffer supply-side
and mineral price shocks, only recently have the authorities begin
the process of consolidating Development Bank of Mongolia
expenditures onto budget. Given the recent rise in government debt
and system-wide foreign-currency borrowing, Mongolia has become
even more dependent on volatile mining revenues and remains
susceptible to boom-bust economic cycles. Nonetheless, the process
of transferring off-budget fiscal and quasi-fiscal expenditure on
budget has recently begun.

Our assessment of high susceptibility to event risks is driven by
the banking sector and external vulnerabilities. The former stem
largely from banks' exposure to commodity price cycles, loose
monetary policies, and weak risk-monitoring systems. The outlook
for the country's rated banking system is negative. Large current
account deficits had been more than offset by strong project-
related FDI inflows through 2012. Since then, however, the decline
in FDI inflows coupled with the contraction in exports in 2012 and
2013 have contributed to a rundown in foreign exchange reserves, a
weakening of the currency and an increase in vulnerability to
external risks.

RATING OUTLOOK

The negative outlook on the B2 issuer rating reflects strains on
the external liquidity position, with the sharp loss in foreign-
exchange reserves over the last year. Although reserves have
stabilized, they remain insufficient to cover fully maturing
external debt obligations in the event of a sudden stop in credit.
The recent resolution of a three-year dispute between the
government and Rio Tinto to develop the second phase of the Oyu
Tolgoi mining project will boost foreign investment and exports
over time. But, until an actual ramp-up in production takes place,
Mongolia will remain dependent on external borrowings, as well as
short-term liquidity easing measures.

Expansionary monetary and fiscal policies are being gradually
tightened under the Comprehensive Macroeconomic Adjustment Plan,
which address short-term balance of payments pressures,
consolidate fiscal spending that was previously off-budget, and
implement longer-term structural adjustment measures. However, the
debt burden is high and these measures are yet to translate into a
reduction in the country's vulnerability to external and domestic
shocks relative to rating peers.

WHAT COULD CHANGE THE RATING -- UP

Key factors that could prompt an upward movement in the rating
include: (1) a replenishment of official foreign-exchange reserves
and reduction in external funding vulnerability, (2)
predictability in mineral resource development that bolsters
fiscal, external payments and economic prospects (3) a
strengthening of government finances, such as by adherence to the
fiscal stability law, and (4) greater price stability.

WHAT COULD CHANGE THE RATING -- DOWN

Triggers for a downward movement in the rating include: (1) a rise
in external debt in relation to repayment capacity, or decline in
official international reserves; (2) a credit boom or further rise
in inflationary pressures; (3) a continued rise in the government
debt, such as from lax adherence to the Fiscal Stability Law; (4)
a significant decline in foreign direct investment that places
additional strain on the balance of payments.

GDP per capita (PPP basis, US$): 11,882 (2014 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 7.8% (2014 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 10.7% (2014 Actual)

Gen. Gov. Financial Balance/GDP: -3.7% (2014 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: -8.2% (2014 Actual) (also known as
External Balance)

External debt/GDP: 173.5% (2014 Actual)

Level of economic development: Low level of economic resilience

Default history: At least one default event (on bonds and/or
loans) has been recorded since 1983.

On 14 July 2014, a rating committee was called to discuss the
rating of the Mongolia, Government of. The main points raised
during the discussion were: The issuer's susceptibility to event
risks has not materially changed.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2013. Please see the Credit Policy
page on www.moodys.com for a copy of this methodology.

The weighting of all rating factors is described in the
methodology used in this rating action, if applicable.



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


CAPITAL + MERCHANT: Boss to Hand Over NZ$1.8M in Assets to Police
-----------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that around
NZ$1.8 million of assets linked to a convicted finance company
boss is to be forfeited to the police.  The forfeiture comes less
than month after the man was released from jail on parole, the
report says.

Capital + Merchant Finance director Neal Nicholls was jailed in
2012 for eight and a half years after being found guilty on
Serious Fraud Office charges and admitting allegations made by the
Financial Markets Authority, according to the Herald.

He was released on parole last month, the report says.

The Herald relates that assets linked to Mr. Nicholls have been
targeted by police since 2013 and some property tied to him was
frozen under the Criminal Proceeds Recovery Act.  This followed a
police investigation which disclosed Mr. Nicholls had contingent
interests in various properties.

Rather than argue the case in-front of a judge, the police,
Nicholls and the legal holders of that property have now reached
an out-of-court settlement over the assets, the Herald says.

This means property worth around NZ$1.8 million will now be
forfeited to the Crown, the report notes.

According to the Herald, the settlement was approved this month by
the High Court's Justice Christian Whata, who said the agreement
was "a common sense compromise" that served the overall interests
of justice.

Suppression orders, however, remain in place over many of the
details of the settlement, the report notes.

The Herald says assets associated with former C+M director Wayne
Douglas -- Mr. Nicholls' partner-in-crime -- have also been
forfeited to the Crown and police last year cut a deal with the
owners of two properties linked to him.

A profit forfeiture order was made in connection with a
Whangaparaoa property, with a capital value of NZ$560,000 as of
2011 and which was bought by Mr. Douglas in 2008, the report
recalls. The deal meant another property linked to Mr. Douglas,
with a capital value of NZ$1.5 million, was removed from the scope
of police restraining orders, the report says.

Mr. Douglas was sentenced to a jail term of eight years and two
months and is also out on parole. The action against his assets
was the first time the police had targeted property tied to a
failed finance company director, the Herald states.

                     About Capital + Merchant

Capital + Merchant Finance Limited was placed into receivership on
Nov. 23, 2007, with the appointment of Timothy Downes and Richard
Simpson of Grant Thornton as Receivers. A second receivership also
commenced on Nov. 29, 2007, with the appointment of Grant Graham
and Brendon Gibson of Korda Mentha as Receivers. The first
receivership was concluded on March 21, 2012, and the second
receivership continues. The Official Assignee was appointed
liquidator of the company on Dec. 15, 2009, on the petition of the
Registrar of Companies.

Three former directors of C+M (Nicholls, Douglas and Tallentire)
were convicted of offences under the Crimes Act and the Securities
Act as a result of prosecutions by the Serious Fraud Office (SFO)
and the Financial Markets Authority (FMA). They received total
prison sentences of between six and eight and a half years'
imprisonment. Two of the directors (Ryan and Sutherland) were
ordered to pay reparation totaling NZ$160,000.


INDEPENDENT LIQUOR: Writes Off Goodwill as Loss Widens
------------------------------------------------------
Paul McBeth at BusinessDesk reports that Independent Liquor (NZ),
the liquor company owned by Japan's Asahi Group, has written off
its remaining goodwill, partly offsetting gains from a multi-
million dollar settlement with the former private equity owners
over the price paid for the booze empire.

The Papakura-based company founded by the late Michael Erceg
reported a loss of NZ$52.6 million in calendar 2014 compared with
a loss of NZ$41.6 million a year earlier, BusinessDesk discloses
citing financial statements lodged with the Companies Office.

BusinessDesk relates that Independent recognised NZ$208.6 million
as income from the deal cut with former owners Pacific Equity
Partners and Unitas Capital to end a claim in the Federal Court in
Melbourne that the Japanese buyers had been misled over the
company's earnings and overpaid as a result.

According to the report, the loss resulted from impairment charges
totalling NZ$255.1 million in the year, of which NZ$173.7 million
was written off goodwill and NZ$81.1 million written off the value
of brands. The impairment charges wiped out the remaining goodwill
Independent attributed to the business, representing the excess
cost of the acquisition above the fair value of net identifiable
assets, valued at NZ$327.5 million when Asahi's New Zealand
vehicle amalgamated with the holding company of the former owners,
the report says.

Independent also wrote off NZ$6.2 million of goodwill allocated to
The Mill Retail Holdings, the 35-store retail chain purchased in
2013 for NZ$18.2 million, BusinessDesk notes. The liquor company
has since decided to sell the Mill, embarking on a sale process it
expects to complete by September of this year, the report says.

BusinessDesk says the expansion into retail came after Independent
Liquor launched boutique beer brand Boundary Road in 2011,
building on its dominance in the local ready-to-drink market with
brands including Woodstock Bourbon and Vodka Cruisers. It accounts
for 11% of pack beer sales, according to the company's website,
BusinessDesk says.

Independent's accumulated losses of NZ$241.8 million ate into
equity, which was valued at just NZ$1.5 million as at December 31,
BusinessDesk notes.

According to BusinessDesk, the company boosted revenue 5.8% to
NZ$378.3 million, a slower pace of growth than its cost of sales,
meaning gross margins shrank to 24.2% from 24.7% in 2013.

Independent cut its sales and marketing spend by 16% percent to
NZ$33.9 million, while ramping up spending on administration by
34% to NZ$30.1 million. Finance costs, which are largely to
related parties, edged up 1.6% to NZ$19.6 million, adds
BusinessDesk.


MILFORD ASSET: Morningstar Puts Trans-Tasman Fund "Under Review"
----------------------------------------------------------------
The New Zealand Herald reports that Milford Asset Management's
Trans-Tasman fund been placed "under review" by research provider
Morningstar, which has flagged the risk of capital outflow
following changes to the fund's management structure last week.

The Herald relates that the former portfolio manager of the fund's
New Zealand portion, Mark Warminger, was dropped from the firm's
investment team, without explanation, last week.

According to the report, the company announced on June 18 that it
would pay a NZ$1.5 million settlement following a Financial
Markets Authority investigation into alleged market manipulation,
the details of which are yet to emerge.

The Herald says Milford co-founder and executive director Brian
Gaynor has taken over Mr. Warminger's responsibilities, while also
continuing to manage the firm's Active Growth Fund.

Sydney-based Marc Whittaker will continue to manage the Australian
portion of the Trans-Tasman fund, the report states.

Morningstar previously had a "silver" rating on the Trans-Tasman
fund, which has delivered total returns of 17.8 per cent over the
past three years, the Herald notes.

The report says the rating will be updated following a formal
meeting between Morningstar and Milford.

According to the report, Morningstar analyst Kathyrn Young said
there was a risk of capital leaving the fund following last week's
changes.

"I wouldn't characterise the risk as excessively high, but it's
certainly a possibility," the report quotes Ms. Young as saying.

If outflows did occur, Milford could be forced into selling down
holdings to make repayments, the report notes.

In that scenario, the fund's risk profile could increase because
the higher liquidity holdings would get sold first, leaving the
fund more exposed to illiquid assets, Ms. Young, as cited by the
Herald, said.

She said Morningstar had "high conviction" in Gaynor's abilities,
but the Trans-Tasman fund had a different style to the Active
Growth Fund, the Herald adds.

Milford Asset Management Limited is a New Zealand-based investment
manager. It primarily provides its services to individuals, family
trusts, charities, and institutions. It manages client specific
portfolios and mutual funds for its clients. The firm invests in
the public equity, fixed income, and real estate markets across
Australia and Asia.


MILFORD ASSET: To Pay NZ$1.5 Million Following FMA Investigation
----------------------------------------------------------------
The Financial Markets Authority (FMA) has completed its
investigation into certain trading activity between December 2013
and August 2014 by a trader employed by Milford Asset Management
Limited.  The FMA considers that the trading conduct breached the
market manipulation prohibitions in s11B of the Securities Markets
Act 1988. The FMA also concluded that the Milford Board failed to
ensure that there was the requisite degree of monitoring of the
trading activity.

The FMA considers that the conduct had, or was likely to have had,
the effect of causing the creation of a false or misleading
appearance with respect to:

   * the extent of active trading in the relevant securities; or

   * the supply of, demand for, price for trading in, or value of
     those securities.

As Milford is the relevant trader's employer, the FMA considers
that Milford is liable for the trader's alleged breaches of the
Act.  Milford denies that it is liable for any alleged breaches.
The FMA acknowledges that its conclusions have not been tested in
court.

The FMA has reached an agreement with Milford to resolve the
issues relating to Milford (but excluding the trader) arising from
the investigation, under which Milford has agreed to make payments
totalling NZ$1.5 million. Milford also undertakes to complete
recommendations made by PwC regarding improvements to its trading
systems and controls.

Milford will pay:

   * NZ$1,100,000 in lieu of a pecuniary penalty under s46A of
     the Financial Markets Act 2011; and

   * NZ$400,000 as a contribution to the costs of the FMA's
     investigation.

Milford and its board accept responsibility for the inadequate
oversight and control of the trading conduct which was under
investigation, and the failure to identify and monitor this
activity, or to assess whether the activity was appropriate.

Milford has carried out a thorough review of its systems and
processes and has undertaken a programme of improvement for its
trading systems and controls. Milford appointed PwC to review its
governance, risk and compliance capability and to provide
recommendations.  That review has now been completed and provided
to the FMA.  Milford undertakes to complete a further external
review following implementation of PwC's recommendations.

The investigation did not relate to the security of Milford's
client funds or assets.

This settlement does not include the trader.  The FMA's
enforcement processes regarding the trader are continuing and the
FMA is unable to comment further on these specific matters.

Milford Asset Management Limited is a New Zealand-based investment
manager. It primarily provides its services to individuals, family
trusts, charities, and institutions. It manages client specific
portfolios and mutual funds for its clients. The firm invests in
the public equity, fixed income, and real estate markets across
Australia and Asia.


SHANTON FASHIONS: Goes Into Liquidation; Dozens of Jobs at Risk
---------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that Shanton
Fashions, which operates a chain of women's clothing stores around
New Zealand, has gone into liquidation -- likely threatening
dozens of jobs.

Although 18 stores are still trading on June 25, an initial report
by co-liquidator Gareth Hoole said the liquidators "do not intend
to continue to trade the business" and are preparing to disclaim
store leases to avoid further costs to the company and its
creditors, according to the Herald.

The Herald adds that the report does not say how many people
Shanton employs. At the start of the year 155 people worked for
the company and up to 70 jobs went under a restructure in March,
the Herald notes.

According to the Herald, liquidation was recommended by Shanton
Fashion's voluntary administrator Bryan Williams who restructured
the company, closed 17 stores in March and attempted to find a
buyer for the business after his appointment at the start of the
year.

However, creditors -- owed NZ$7.7 million -- voted against this
recommendation and the company was handed back to its directors.

Those directors traded the company the best they could but its
shareholders put the company into liquidation on June 22, the
Herald states.

"The liquidators will initially seek to sell the business as a
going concern but are cautious in their optimism of achieving such
outcome given the evident lack of success to do so on the part of
the administrator," the Herald quotes Mr. Hoole as saying in the
report.  "It is considered that since those efforts to achieve a
sale as a going concern, the value of the company and its
underlying assets has dissipated further. Should there be no
interest in the business as a going concern the liquidators will
seek to realise the assets of the company piecemeal for their best
potential under a forced sale scenario."

The report said the company's assets include inventory, cash at
bank, shop fittings, fixtures and intellectual property, but does
not disclose a value, the Herald relates.

It lists Shanton Fashion's liabilities as totalling NZ$7.7
million, close to the level of debt disclosed during the voluntary
administration, the Herald adds.



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


PACTERA TECHNOLOGY: Moody's Affirms Ba3 CFR, Outlook Now Negative
-----------------------------------------------------------------
Moody's Investors Service has changed Pactera Technology
International Ltd.'s ratings outlook to negative from stable.

The ratings affected are the Ba3 corporate family rating of
Pactera and the Ba3 senior secured debt rating of BCP (Singapore)
VI Cayman Financing Co. Ltd.'s $275 million, 8.0%, 7-year senior
secured notes, due April 15, 2021.

At the same time, Moody's has affirmed both ratings.

The notes are guaranteed by Pactera and BCP (Singapore) VI Cayman
Acquisitions Co. Ltd. (unrated).

RATINGS RATIONALE

"The negative outlook reflects Moody's concern that Pactera could
face challenges in maintaining operating margins at levels
appropriate for its Ba3 rating," says Lina Choi, a Moody's Vice
President and Senior Analyst.

Pactera's adjusted operating margin fell to 1.3% in 1Q 2015 from
4.9% in 1Q 2014, resulting in a 70% year-on-year decline in its
adjusted operating profit to USD 2.3 million in 1Q 2015.

The fall in its operating margin was owing to the higher costs of
sales amid increasing wages in China and a weakened economic
performance in Europe.

Such a low operating margin is inconsistent with a Ba3 rating for
its business.

Moody's expects Pactera's operating cash flow and profitability to
remain pressured over the next 12-18 months.  While there is
steady growth in the Chinese market, we expect the company will be
under cost of delivery pressure in the near term due to wage cost
inflation.

In addition, the company's growth outside China could remain
sluggish because the strengthening US dollar will hinder the
company's overall competitiveness in core operating regions like
Europe and Japan.

"The negative outlook also reflects the consideration that the
company's costs will remain high while it upgrades its product
offerings and global delivery platforms," says Choi, who is also
Moody's Lead Analyst for Pactera.

Pactera plans to restore its profitability by (1) further
strengthening and expanding its senior management team; (2)
creating a horizontal global delivery platform and investments in
center of excellence for global practice development; and (3)
expanding its IT system solutions products and other operational
support to new industries.

While these measures will build a stronger and more resilient
business model for the long term, they require time to be fully
implemented and bear fruit.

Moody's also points out that Pactera's Ba3 rating reflects (1) the
expectation that the IT outsourcing market, particularly in China,
will show attractive growth opportunities over the medium term;
(2) its leading market position within China, as supported by its
international experience; and (3) its well-diversified revenue
portfolio across geographies and customers.

But its rating is constrained by its (1) small operating scale and
therefore inherent operating volatility; (2) low margins and
therefore less competitive cost structure when compared to its
larger international IT peers; and (3) privatization, which
reduces funding access to the equities market and increases the
risk of shareholder distributions.

Pactera' liquidity remains adequate, given its ample cash holdings
compared to its relatively small amount of short-term debt.
However, Moody's cautions that its previously robust ability to
generate cash flow from operations could weaken if the operating
challenges persist.

The ratings outlook could return to stable if Pactera improves its
profitability, such that adjusted operating margin recovers to 8-
10% and FFO/Debt stays above 10-15%, both on a sustained basis.

On the other hand, downward rating pressure could emerge if
Pactera's free cash flow is adversely impacted by a decline in
revenues and/or rising costs, or by an overly-aggressive
acquisitions policy, or by unexpected shareholder distributions.

Financial indicators of a rating downgrade include (1) operating
margins below 8%-10%, or (2) FFO/total debt below 10%-15%, on a
sustained basis.

Pactera Technology International Ltd and its subsidiaries provide
IT services to multinational corporations (MNCs) and Chinese
corporations.  It was formed following the merger of VanceInfo
Technologies Inc. (unrated) and Hisoft Technology International
Ltd.(unrated) in 2012 and currently operates 16 delivery centers
across 12 countries and PRC special administrative regions.  In
2014, company revenue amounted to USD713 million.



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


SOUTH KOREA: Insolvent Shipbuilders' New Orders Not Welcomed
------------------------------------------------------------
Business Korea reports that concerns are rising over Korean
shipbuilders in restructuring programs and their creditors, as the
former's business conditions are unlikely to recover in spite of
the latter's assistance, and the cut-throat competition in the
industry is predicted to compound the matter.

According to the report, industry sources said SPP Shipbuilding
recently signed a contract with a non-Korean shipping company to
supply two 50,000 WT tankers. Two months ago, SPP Shipbuilding was
given new funding of KRW485 billion (US$440 million) from its
creditors, including Woori Bank, on the condition that it obtains
no new orders without the consent of its creditors, the report
recalls. This was because a new order meant increasing losses,
with the prices of ships remaining low, says Business Korea.

STX Offshore & Shipbuilding, which is currently under the control
of the Korea Development Bank, recently concluded a contract with
another shipping company as well to build eight LR1 tankers,
according to the report. Korea EximBank, in the meantime, decided
to provide KRW300 billion (US$272 million) for Sungdong
Shipbuilding & Marine Engineering for its business recovery, and
has already transferred KRW90 billion of it. However, both Hanjin
Heavy Industries & Construction and Samsung Heavy Industries,
which have been asked to be entrusted with the management of
Sungdong Offshore & Shipbuilding, are showing disapproval,
Business Korea relates. The creditors have already invested more
than KRW5 trillion (US$4.5 billion) in Sungdong Offshore &
Shipbuilding, the report notes.

The report says things are quite complicated, although it appears
that the shipbuilders are winning new orders based on additional
funding from the creditors. "Some of the distressed shipbuilders
are resorting to a dumping war with the fund, and this is causing
the others to jump into the war," an expert explained, adding,
"This is leading to difficulties even on the part of better-off
companies and the shipbuilding industry as a whole."



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


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

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

AUSTRALIA

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


CHINA

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

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

PULSE ENERGY LTD          PLE             15.04          -4.52


PHILIPPINES

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


SINGAPORE

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


THAILAND

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



                             *********

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

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

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


                            *********


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

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

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

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

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



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