TCRAP_Public/150630.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Tuesday, June 30, 2015, Vol. 18, No. 127


                            Headlines


A U S T R A L I A

AMA ALUMINIUM: First Creditors' Meeting Set For July 8
HEAVY HAULAGE: Placed Into Voluntary Administration
KOCAKLAR VADISI: First Creditors' Meeting Set For July 7
RODINIA OIL: Exploration License Assignments Up For Sale
SDV LONGWLAL: In Administration; Business Up for Sale

SET SQUARE: First Creditors' Meeting Set For July 7
SOUNDWAVE FESTIVAL: Spotless Facility Files Liquidation Bid
SPRING MOUNTAIN: First Creditors' Meeting Slated For July 7


C H I N A

CHINA HANKING: Fitch Cuts IDR to 'B' Then Withdraws Rating
CHINA ZHENGTONG: S&P Affirms 'BB-' LT CCR; Outlook Stable
KAISA GROUP: Resumes Sales in Eight Chinese Cities
SOUND GLOBAL: RMB2BB Earnest Money No Impact on Moody's Caa2 CFR


I N D I A

ALAM CONSTRUCTIONS: CARE Assigns B+ Rating to INR6cr LT Loan
AMBER INTERNATIONAL: ICRA Reaffirms B+ Rating on INR0.25cr Loan
BARDHAMAN AGRO: CARE Assigns 'B' Rating to INR8.28cr LT Loan
CONCORD DRUGS: CRISIL Cuts Rating on INR85MM Term Loan to 'D'
GALCO EXTRUSIONS: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan

GOVARDHAN CARS: CRISIL Assigns 'B' Rating to INR30MM LT Loan
GRAMCO INFRATECH: CARE Assigns 'B-' Rating to INR13.40cr LT Loan
HARDIK TEXTILES: ICRA Assigns B+ Rating to INR4.50cr Loan
HARI OM: CARE Reaffirms 'B' Rating on INR10cr LT Bank Loan
IND SWIFT: ICRA Suspends 'D' Rating on INR745cr Bank Loan

JAIN ISPAT: CARE Assigns 'B+' Rating to INR8cr LT Loan
JOY MAHAPROVU: CRISIL Suspends B Rating on INR50MM Cash Loan
K.G.LAKSHMIPATHI: CRISIL Suspends B- Rating on INR60MM Loan
KOHINOOR CTNL: ICRA Reaffirms 'D' Rating on INR1,231cr LT Loan
KRAFT LAND: CRISIL Suspends 'B' Rating on INR21.5MM Bank Loan

L.C. FOODS: CRISIL Reaffirms 'B' Rating on INR100MM Cash Credit
LENZ CERAMIC: CARE Assigns 'D' Rating to INR13.46cr LT Loan
LINKSON ISPAT: CRISIL Suspends 'D' Rating on INR150MM Cash Loan
MARK ALLOYS: CRISIL Suspends B+ Rating on INR166MM LT Loan
MARUTINANDAN GINNING: CRISIL Suspends B Rating on INR60MM Loan

MUTHOOT AUTOMOTIVE: CRISIL Reaffirms B+ Rating on INR50MM Loan
NAND ESTATE: ICRA Reaffirms 'B' Rating on INR24cr Bank Loan
NIRVANA FASHION: CRISIL Suspends B+ Rating on INR80MM Cash Loan
PARTHAS TEXTILES: CRISIL Suspends B+ Rating on INR85MM Term Loan
PRAHLADRAI FABRICS: CRISIL Suspends 'D' Rating on INR600MM Loan

RAHIMA LEATHER: CRISIL Suspends 'D' Rating on INR45MM Cash Loan
RAMKY ELSAMEX: ICRA Suspends 'D' Rating on INR291.9cr Loan
RAMYA STEEL: Ind-Ra Withdraws IND B+(suspended) LT Issuer Rating
REGENCY AQUA: ICRA Suspends 'C' Rating on INR41.25cr Loan
REGENCY GANGANI: ICRA Suspends 'C' Rating on INR73cr Loan

REGENCY YAMUNA: ICRA Suspends 'C' Rating on INR33.79cr Loan
S K P STEEL: CRISIL Suspends B+ Rating on INR110MM Cash Credit
S.K. RICE: ICRA Assigns B+ Rating to INR5.0cr Cash Credit
SARA SPINTEX: CARE Assigns B+ Rating to INR48.48cr LT Loan
SHREE DOODHAGANGA: CARE Assigns 'B' Rating to INR185.42cr Loan

SHREE RAM: CRISIL Reaffirms B+ Rating on INR140MM Cash Loan
SHUKAN HEIGHTS: CRISIL Suspends 'D' Rating on INR120MM Term Loan
SHUKAN PALACE: CRISIL Suspends 'D' Rating on INR80MM Cash Loan
SHUKAN SKY: CRISIL Suspends 'D' Rating on INR325MM Cash Loan
SODHI BROTHERS: ICRA Raises Rating on INR22.60cr Term Loan to B-

SONAKI CERAMIC: ICRA Assigns B+ Rating to INR7.0cr Term Loan
SPS EDUCATIONAL: CARE Assigns 'B+' Rating to INR15cr LT Loan
ST. MARY'S: CRISIL Assigns 'D' Rating to INR120MM Term Loan
STEEL JUNCTION: ICRA Suspends B+ Rating on INR7.0cr LT Loan
SUNRISE ENGITECH: ICRA Assigns 'SP 3C' Grading

TIMESPAC INDIA: ICRA Suspends 'D' Rating on INR7cr Loan
TIRUPATI AGRO: ICRA Assigns B- Rating to INR3.60cr Term Loan
VALLUVANAD HOSPITAL: CRISIL Assigns B+ Rating to INR110MM Loan
WINNDSOR COTTON: CARE Assigns 'B' Rating to INR17.28cr LT Loan


J A P A N

VUZIX CORP: Stockholders Elect Five Directors


N E W  Z E A L A N D

BLUE CHIP: Court Denies Bob Jones Company's Bid to Access Docs


X X X X X X X X

* BOND PRICING: For the Week June 22 to June 26, 2015


                            - - - - -


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


AMA ALUMINIUM: First Creditors' Meeting Set For July 8
------------------------------------------------------
Schon Gregory Condon -- sgc@condon.com.au -- of Condon Associates
was appointed as administrator of AMA Aluminium Pty Limited on
June 26, 2015.

A first meeting of the creditors of the Company will be held at
87 Marsden Street, in Parramatta, on July 8, 2015, at 11:00 a.m.


HEAVY HAULAGE: Placed Into Voluntary Administration
---------------------------------------------------
Eloise Keating at SmartCompany reports that Heavy Haulage
Australia, a high-profile haulage company that has been operating
since 1999, has collapsed into voluntary administration.

Ferrier Hodgson has been appointed to manage the administration,
with Brendan Richards, John Lindholm and Tim Michael appointed as
voluntary administrators, SmartCompany says.

In a statement provided to SmartCompany on June 29, Ferrier
Hodgson said it will continue to trade the business as usual while
it seeks a buyer for the business and makes arrangements to
protect the interests of employees, customers, suppliers and
creditors.

According to SmartCompany, the administrators said Heavy Haulage
Australia was placed in voluntary administration to protect the
company's "considerable assets" and maximise the possibility of
the business continuing as a going concern.

The report relates that Brendan Richards said in the same
statement it is disappointing to see another high-profile
Australian transport business in financial difficulty.

"This is indicative of the downturn we are seeing in the resources
sector and the knock-on effect it has and will continue to have on
the transport industry," SmartCompany quotes
Mr. Richards as saying.

"Unfortunately, Heavy Haulage Australia has a very high cost base
and when revenues are challenged, it is left with little room in
which to manoeuvre."

"We will be working hard to try and achieve a strong outcome for
all the parties involved, but this is a tough time for Australia's
transport industry and heavy haulage businesses in particular."

Heavy Haulage Australia specialises in haulage movements of
between 4,000 and 8,000 tonne for the infrastructure and mining
sectors.


KOCAKLAR VADISI: First Creditors' Meeting Set For July 7
--------------------------------------------------------
Ozem Kassem and Jason Tang of Cor Cordis Chartered Accountants
were appointed as administrators of Kocaklar Vadisi Pty Limited on
June 25, 2015.

A first meeting of the creditors of the Company will be held at
Cor Cordis Chartered Accountants, Level 6, 55 Clarence Street, in
Sydney, on July 7, 2015, at 11:00 a.m.


RODINIA OIL: Exploration License Assignments Up For Sale
--------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that urgent expressions
of interest are sought for the assignments of the petroleum
exploration licenses of Rodinia Oil (Australia) Pty Ltd. The
company is currently under liquidation with Jones Partners'
Michael Gregory Jones acting as liquidator.

The company owns two petroleum exploration licenses associated
with specific land in South Australia. The assignments of the
Rodini's interest in these licenses is up for sale, the report
notes.


SDV LONGWLAL: In Administration; Business Up for Sale
-----------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that SDV Longwlal
Support Group is up for sale. The company is currently under
administration with Grant Thornton Australia Limited's Said
Jahani, Graham Killer and Gayle Dickerson being appointed
administrators of the company on June 22, 2015, the report says.

Dissolve.com.au says expressions of interest are sought by the
administrators for the sale of the business and/or its assets.
Investment highlights include professional workforce who have
understanding of site requirements and expectations, some blue
chip mining clients, recognised and reputable brand as well as a
AUD31 million revenue in FY14, according to Dissolve.com.au.

SDV Longwall Support is an established mining services company
that specialises in longwall relocations and overhauls as well as
services underground development and longwall equipment.


SET SQUARE: First Creditors' Meeting Set For July 7
---------------------------------------------------
Daniel Lopresti and Timothy James Clifton of Clifton Hall were
appointed as administrators of Set Square Constructions Pty Ltd on
June 25, 2015.

A first meeting of the creditors of the Company will be held at
Clifton Hall, Level 3, 431 King William Street, in Adelaide, South
Australia, on July 7, 2015, at 10:30 a.m.


SOUNDWAVE FESTIVAL: Spotless Facility Files Liquidation Bid
-----------------------------------------------------------
Annabel Ross at The Sydney Morning Herald reports that Spotless
Facility Services have applied to Victoria's Supreme Court to wind
up Soundwave Festival Pty Ltd, the company behind Soundwave music
festival, on grounds of insolvency.

The application, lodged on June 23 by Hall & Wilcox lawyers,
stated that Soundwave owed Spotless AUD47,666.15 for services, as
set out in an invoice to Soundwave Festival dated March 19, 2014.

Spotless provides services including security and waste
management.

Soundwave organiser AJ Maddah told Fairfax the company plans to
pay the bill, SMH relays.

Spotless said it would not comment on the matter as it was before
the court, the report adds.

Last August, Queensland fencing company Pink Fence Pty Ltd filed
an application for a winding up order. A month later the
application was dismissed, SMH recalls.

Maddah founded Soundwave and the now-defunct Harvest Festival, and
was a co-promoter of the Big Day Out in 2014, before the festival
was cancelled, the report discloses.


SPRING MOUNTAIN: First Creditors' Meeting Slated For July 7
-----------------------------------------------------------
Domenic Calabretta of Mackay Goodwin was appointed as
administrator of Spring Mountain Constructions Pty Ltd on June 25,
2015.

A first meeting of the creditors of the Company will be held at
Mackay Goodwin, Exchange House, Suite 2, Level 8, 10 Bridge
Street, in Sydney, on July 7, 2015, at 11:30 a.m.



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C H I N A
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CHINA HANKING: Fitch Cuts IDR to 'B' Then Withdraws Rating
----------------------------------------------------------
Fitch Ratings has downgraded iron ore mining company China Hanking
Holdings Limited's (Hanking) Long-Term Issuer Default Rating (IDR)
to 'B' from 'B+', and has chosen to withdraw the ratings for
commercial reasons. The Outlook on the IDR at the point of
withdrawal was Negative.

Hankings's senior unsecured rating was also downgraded to 'CCC+'
with recovery rating of RR6, from 'B+' with recovery rating of
RR4; and the senior unsecured rating was simultaneously withdrawn.

The downgrade is driven by sustained industry weakness, resulting
in persistent lower EBITDA margin and therefore much slower pace
of deleveraging. The negative outlook reflects Fitch's concern on
Hanking's capex to develop the company's overseas mining assets,
which could result in high leverage.

KEY RATING DRIVERS

Weak ASP, Higher Cost: Hanking's 2014 EBITDAR margin dropped to
27.0% from 38.6% in 2013 (2012: 39.1%), driven by a falling
average selling price (ASP) and rising cash production costs.
Hanking's 2014 iron ore concentrate ASP was CNY691/tonne, a 19.1%
drop from CNY854/tonne in 2013. On the other hand, cash production
costs for iron ore increased to CNY389/tonne in 2014 from
CNY354/tonne one year ago.

Fitch expects global spot iron ore prices to remain weak between
USD50-70/t from 2015 to 2017, caused by a supply glut in Australia
and Brazil and changing expectations for Chinese steel output and
overall growth. Such industry weakness is likely to keep Hanking's
EBITDA margin at no higher than the 2014 level.

Capex to Keep Leverage High: Hanking's leverage, measured by funds
flow from operations (FFO) adjusted net leverage, rose to 4.6x in
2014 compared with 3.5x at end-2013. This is mostly driven by a
combination of lower EBITDA margins and capex (CNY373m in 2014).
Fitch estimates that Hanking's capex is likely to remain high at
around CNY400m (including acquisitions) in 2015, in order to
develop its nickel pig iron project in Indonesia and further
develop its gold mine in Australia, resulting in its leverage
rising to over 6x in 2015.

Diversification Into Other Metals: Hanking's effort to expand into
gold and nickel will help to reduce the risk of concentration on
the iron ore market, which will remain depressed in the next few
years. While its Australian gold mine has started production in
2015, meaningful contribution to cashflow will likely be after
2016 considering the gold spot price. The company still has to
make significant capex to develop the nickel pig iron project in
Indonesia and commercial production will not start until 2017.

KEY ASSUMPTIONS

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

-- Price assumptions for iron ore: USD50/t in 2015-2016,
    USD60/t in 2017 and USD70/t long term;
-- Cash production costs in 2015 and 2016 remain stable;
-- Total capex (including acquisitions) between 2015 and 2017
    higher than CNY500 million;
-- The company is able to roll over short-term debt

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- EBITDAR margin being sustained below 20%; or
-- Funds flow from operations (FFO) adjusted net leverage being
   sustained above 4.5x (2014: 4.6x); or
-- Sustained material adverse developments in overseas mining
   operations

Positive: Future developments that may collectively lead to
positive rating action include:

-- EBITDAR margin being sustained above 30%, and
-- FFO adjusted net leverage being sustained below 3.0x, and
-- Sustained success in overseas mining operations


CHINA ZHENGTONG: S&P Affirms 'BB-' LT CCR; Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB-' long-term corporate credit rating on China Zhengtong Auto
Services Holding Ltd. (Zhengtong).  The outlook is stable.  S&P
also affirmed its 'cnBB+' long-term Greater China regional scale
rating on the China-based auto retailer.

"We affirmed the ratings because we expect Zhengtong to maintain
its profitability and cash flows over the next 12 months despite
weak consumer sentiment and intensifying competition," said
Standard & Poor's credit analyst Shalynn Teo.

S&P believes the company will face higher refinancing risk in the
next 12 months, given the significant increase in its short-term
debt.  Zhengtong's total short-term debt spiked to Chinese
renminbi (RMB) 4.2 billion at the end of 2014 from RMB2.9 billion
at the end of 2013, while its cash balance marginally increased to
RMB3.1 billion from RMB3.0 billion.  S&P therefore revised its
assessment of the company's liquidity downward to "less than
adequate" from "adequate."  Nevertheless, Zhengtong has a good
track record of refinancing its short-term debt even during times
of liquidity crunch in China.  In addition, although S&P expects
the company's working capital and capital expenditure to increase
this year, operating cash flows will remain stable.

In S&P's view, Zhengtong has better profitability and growth
prospects in China than its rated peers globally, given the
company's focus on the faster-growing Chinese market.  Zhengtong
has also strengthened its market position, brand, and geographic
diversification while increasing its scale.  S&P expects the
company to diversify its revenue streams and sustain its good
margins, largely due to likely higher growth in the more
profitable after-sales services segment.  These factors underpin
S&P's "positive" comparable rating analysis.

Zhengtong's establishment of its auto-financing subsidiary in
April 2015 will enhance its value-added service offerings and
increase commission income.  However, the increase in leverage
required to provide the financing may weigh on the company's
financial position.  In S&P's base case, it don't expect any rapid
increase in Zhengtong's debt because the business is still at a
very early stage.

S&P expects the growth in Zhengtong's revenue to remain weak over
the next 12-24 months.  New car sales will slow down due to weaker
demand and increasing competition.  However, the after-sales
services business will likely grow faster.  S&P expects the
company's gross margins to slightly improve as higher margins from
after-sales services would offset declining margins in new car
sales.  S&P estimates that Zhengtong's EBITDA margin will remain
stable, reflecting improving margins offset by increasing
operating expenses from the opening of new stores.

The affirmed rating also reflects Zhengtong's smaller scale than
global peers, high revenue concentration to new car sales, and
operations in a more competitive and fragmented market.  However,
the company's satisfactory market position, good brand diversity,
and high growth prospects in China temper the weaknesses.  S&P
expects Zhengtong to continue to benefit from consumers'
increasing preference for high-end cars.  S&P assess the company's
business risk profile as "weak."

Zhengtong's stable profitability and good cash flows should
support its high capital expenditure needs for opening new stores
in the high-end cars segment.  S&P expects the company to largely
maintain its leverage, with a debt-to-EBITDA ratio of 3.3x-3.7x
over the next 12 months, similar to 3.4x in 2014.  S&P assess
Zhengtong's financial risk profile as "significant."

"The stable outlook reflects our expectation that Zhengtong will
continue to shift its focus to higher-margin after-sales services
and maintain financial discipline over the next 12 months," said
Ms. Teo.  S&P expects the company to maintain its debt-to-EBITDA
ratio at 3.3x-3.7x during this time despite high capital
expenditure.

S&P could lower the rating if Zhengtong's new car sales or profit
margins are significantly below S&P's expectation, and its working
capital outflow increases more rapidly than it anticipates.  A
decline in EBITDA interest coverage to below 3x or a debt-to-
EBITDA ratio above 4x without any sign of improvement would
trigger a downgrade.  This could happen if the industry slows
significantly or competition among dealers increases
substantially.  More aggressive debt-funded expansion than S&P
currently expects could also weigh on the rating.

S&P could raise the rating if Zhengtong can achieve satisfactory
sales growth, maintain or improve its gross margin and capital
structure more than S&P expects, and show disciplined financial
and working capital management.  A sustainable improvement in
EBITDA interest coverage to above 6x and in the debt-to-EBITDA
ratio to below 3x would trigger an upgrade.


KAISA GROUP: Resumes Sales in Eight Chinese Cities
--------------------------------------------------
Langi Chiang at the South China Morning Post reports that Kaisa
Group Holdings has resumed sales, at least in eight cities, but it
will take time to repair its cash flow and regain investor trust
after the Chinese developer's landmark default on overseas debt.

Kaisa told the South China Morning Post it was increasing efforts
to negotiate with lenders to release its assets and restart sales
in cities such as Nanjing and Hangzhou.

The eight cities where sales are back to normal include Shanghai,
Foshan and Chongqing, the report says.

But analysts said the developer faces daunting challenges, SCMP
relates.

According to SCMP, rating agency Standard & Poor's said in a
report last week Kaisa needed to reach an agreement with foreign
bond holders to avoid liquidation or a piecemeal sell-off.

It also said it had dropped the developer's D long-term corporate
credit rating because "sufficient and timely information was not
available to assess Kaisa's credit quality," SCMP relays.

That decision came as Kaisa delivered several hundred homes, as
scheduled, to buyers of Shenzhen Kaisa City Plaza. That followed
the celebration of the company's 16th anniversary earlier this
month, with founding chairman Kwok Ying-shing joining through a
teleconference, according to the report.

Kwok rejoined Kaisa in April after having resigned in December
last year over the Shenzhen government's sales ban on some of the
company's projects, the report notes.

SCMP reports that Kaisa said last week it won government contracts
to manage a sports centre in Foshan, near its Shenzhen
headquarters, as part of a new strategy to build up the
entertainment and sports business to counter slowing growth in
housing demand.

The move indicates an improvement in Kaisa's relations with the
government after a corruption probe into a former official, say
analysts, noting that this should boost urgently needed cash flow,
says SCMP.

Yet the prospects for a turnaround are far from clear for the
company, under the reins of Kwok and newly appointed chief
executive Zheng Yi, the report notes.

According to the report, the key issues are a long-delayed release
of the company's annual report, talks with offshore and onshore
creditors to resolve more than US$10 billion in debts, and the
restoration of sales in Shenzhen, its home market and biggest
revenue contributor.

"I told a friend to sell all Kaisa shares once they resume
trading," Sun Hongbin, the chairman of Sunac China Holdings, told
reporters earlier this month, SCMP relays.

SCMP recalls that Sun last month gave up a plan to buy the Kwok
family's 49.3 per cent stake in Kaisa after the Hong Kong stock
exchange rejected his request for a waiver to proceed with the
HK$4.55 billion deal without Kaisa's publication of the annual
report.

Kaisa's shares have been suspended since March, the report notes.

                        About Kaisa Group

China-based Kaisa Group Holdings Ltd. (HKG:1638) --
http://www.kaisagroup.com/english/-- is an investment holding
company, and its subsidiaries are engaged in property development,
property investment and property management.

As reported in the Troubled Company Reporter-Asia Pacific on
June 3, 2015, Moody's Investors Service changed to negative from
positive the outlook on Kaisa Group Holdings Ltd's Ca corporate
family and senior unsecured debt ratings.  At the same time,
Moody's has affirmed the company's Ca corporate family and senior
unsecured debt ratings.


SOUND GLOBAL: RMB2BB Earnest Money No Impact on Moody's Caa2 CFR
----------------------------------------------------------------
Moody's Investors Service says that Sound Global Limited's report
of earnest money totaling RMB2 billion will not immediately impact
its Caa2 corporate family rating, Caa3 senior unsecured bond
rating, or the negative ratings outlook.

On June 24, 2015, Sound Global announced that it had found the
missing cash of RMB2 billion which was not captured in its
accounting ledger.

In August 2014 Sound Global proposed to acquire two water
treatment companies for RMB 4.1 billion.  An amount of RMB2
billion was paid by the company as earnest money for the proposed
acquisition to Sound Group (unrated) which was controlled by the
Chairman and his spouse.

The earnest money had not been recorded in the company's
accounting ledger.  Hence the reason for the missing cash of RMB2
billion reported previously by the company.

"While the issue of Sound Global's earlier cash discrepancy has
been resolved, the company has yet to report its audited financial
results for the year ended 31 December 2014," says Chenyi Lu, a
Moody's Vice President and Senior Analyst, adding "concerns over
the company's weak corporate governance, financial reporting and
impaired access to capital and bank markets remain".

Moody's points out that Sound Global's failure to provide audited
financial statements within 120 days from the fiscal year ended 31
December 2014, breaches the requirement under the covenant for its
senior unsecured notes.  Such non-compliance could trigger an
event of default and an acceleration of the repayment of the $150
million notes due August 2017.

Trading in the company's shares remains suspended.  Sound Global
cannot access the equity or offshore debt markets unless it
delivers its audited 2014 annual results, as required by the Hong
Kong Stock Exchange.

Given the negative ratings outlook, Moody's says upgrade pressure
on Sound Global's ratings is unlikely in the near term.

Established in 2005, Sound Global Limited is one of the leading
providers of turnkey water and wastewater treatment solutions in
China.  The company listed on the Hong Kong Stock Exchange in
2010, and was founded by Mr. Wen Yibo.



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ALAM CONSTRUCTIONS: CARE Assigns B+ Rating to INR6cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank facilities
of Alam Constructions.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       6        CARE B+ Assigned
   Short-term Bank Facilities      2        CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Alam Constructions
(AC) are constrained by its small scale of operations, working
capital-intensive nature of business, competition from other
players in the industry, constitution of the entity as a
partnership firm having inherent risk of possibility of withdrawal
of the partner's capital and leveraged capital structure as on
March 31, 2014.

The ratings, however, derives strength from the established track
record of the firm with experienced promoter in the civil
construction industry, moderate financial risk profile marked by
increase in the total operating income and profitability margins,
moderate debt coverage indicators and satisfactory orders in hand
providing short-term revenue visibility.

The ability of the firm to improve its scale of operations,
stabilize its profit margins in competitive environment while
managing its working capital requirements efficiently are the key
rating sensitivities.

AC was established in the year 1996. The entity reconstituted as
partnership firm with addition of new partners and retirement of
other partners in December 2011. The present partners are Mr A.
Venkata Narayana, Mr E. Venkat Naryana, Mrs A. Visiala and Mr A.
Ranadeep. The firm is engaged in the construction of bridges and
earth works for railway departments like South Western Railways
(SWR), Southern Railways (SR) and South Central Railways (SCR).
The firm procures the orders by participating in tenders; apart,
the firm enjoys the benefit of price variation clause (PVC) in
work orders.

During FY14 (refers to the period April 1 to March 31), AC
reported a PAT of INR0.33 crore on a total operating income of
INR4.29 crore as against a PAT of INR0.17 crore on a total
operating income of INR2.52 crore in FY13.


AMBER INTERNATIONAL: ICRA Reaffirms B+ Rating on INR0.25cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR0.25 crore fund-based bank facilities of Amber International.
ICRA has also reaffirmed the short term rating of [ICRA]A4 to the
INR5.00 crore short term fund based bank limits of AI.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long Term Fund Based
   Limits - Cash Credit      0.25        [ICRA]B+ Reaffirmed

   Short Term Fund Based
   Limits - FDBP             5.00        [ICRA]A4 Reaffirmed

   Short Term Fund Based
   Limits-Packaging Credit   3.00        [ICRA]A4 Reaffirmed

The rating reaffirmation continues to factor in the weak financial
profile of Amber International (AI) characterized by the small
scale of operations, low profitability and stretched liquidity
emanating from high inventory days and highly geared capital
structure. The rating is also constrained by stiff competitive
pressures in the industry and susceptibility to fluctuation in raw
material prices and adverse currency fluctuations. Besides, due to
the legal status of the firm, the net worth is also exposed to
risk of capital withdrawals.

The rating however considers the experience of the promoters in
the home textiles exports business and geographically diversified
operations.

Started as a proprietorship concern in 1906 by Mr. Paroshattam Das
Bhagwan Das, Amber Textiles was engaged in the trading of home
textile products in the domestic markets. Later on in 2008, Amber
Textile was split into two different entities, Amber Home and
Amber International, both engaged into the same line of business.
The firm is a trading house engaged in the business of export and
domestic supply of home textiles items like face towels, hand
towels, bath towels, beach towels, bathrobes, table cloth, kitchen
made-up set, apron, gloves etc.


BARDHAMAN AGRO: CARE Assigns 'B' Rating to INR8.28cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' rating to the bank facilities
of Bardhaman Agro Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     8.28       CARE B Assigned
   Short-term Bank Facilities    0.17       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Bardhaman Agro Pvt
Ltd (BAPL) are constrained by its small scale of operations with
low net worth base and thin net profit margin, high degree of
competition resulting from fragmented nature of the edible oil
industry along with strong threat from a number of substitute
products, being an agri-based commodity the prospects are subject
to the vagaries of nature, low level of awareness amongst the
consumer fraternity, adulteration risk, weak capital structure
with depressed debt protection metrics and working capital-
intensive nature of its operations.

The ratings, however, derive strength from the experienced
promoters in agro-based industry and strategic location of
the unit in the paddy-growing region and advantage of backward
integration.

The ability of the company to combat competition in domestic
market, and extend its' reach to export market, stabilize its
manufacturing operations, and manage working capital effectively
will be the key rating sensitivities.

BAPL was incorporated in the year 2009 by Mr S K Jakir Ali and Mr
Mirza Amanat Ali of Burdwan, West Bengal. Initially, the company
had been in trading business of rice bran oil. The company wound
up its' trading segment and forayed into manufacturing business of
rice bran oil (RBO) and de-oiled rice bran since December 2013.
BAPL sells crude rice bran oil directly to refineries of West
Bengal and de-oiled rice bran, which is a by-product of rice bran
through commission agents.

The de-oiled rice bran is marketed in the states like Andhra
Pradesh, Telengana, Madhya Pradesh and West Bengal. BAPL
procures its' main raw-material (rice bran) directly from various
rice millers of Bihar, Jharkhand and West Bengal. The solvent
extraction activity is carried out at its' sole plant located in
Daichanda, Burdwan, which has an installed extraction capacity of
48,600 MTPA.

At present, the management of the company comprises two directors
Mr S K Jakir Ali (Managing Director, Graduate, 55 years) and Mr
Mirza Amanat Ali (Director, Graduate, 55 years). The day-to-day
affairs of the company are looked after by these two directors
with adequate support froma team of experienced personnel.

During FY14 (refers to the period April 1 to March 31), the
company reported a PBILDT (profit before interest lease
depreciation) of INR0.60 crore (Rs.0.09 crore in FY13) and a PAT
(profit after tax) of INR0.01 crore (Rs.0.06 crore in FY13)
on the total income from operations of INR3.33 crore (Rs.2.43
crore in FY13).


CONCORD DRUGS: CRISIL Cuts Rating on INR85MM Term Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the long term bank facilities
of Concord Drugs Limited (CDL) to 'CRISIL D' from 'CRISIL
B/Stable' and has assigned a rating of 'CRISIL D' to the short
term facilities of CDL.

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

   Letter of Credit          5        CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Working Capital
   Demand Loan              25        CRISIL D (Reassigned)

   Term Loan                85        CRISIL D (Reassigned)

The rating downgrade reflects instances of delays by CDL in
servicing of its maturing debt obligations owing to the company's
weak liquidity. CDL also has a below-average financial risk
profile and large working capital requirements. The rating also
factors in the company's small scale of operations in a fragmented
industry. These rating weaknesses are partially offset by the
promoters' extensive experience in the pharmaceuticals sector.

Based in Hyderabad and incorporated in 1995, CDL is engaged in
manufacturing of bulk drugs and active pharmaceutical
intermediates. The day-to-day operations are managed by its
promoter director Mr. S Nagi Reddy. CDL is listed on Bombay Stock
Exchange of India (BSE).

CDL reported a profit after tax (PAT) of INR7 million on net sales
of INR400 million for 2014-15 (refers to financial year, April 1
to March 31), as against a PAT of INR3 million on net sales of
INR340 million for 2013-14.


GALCO EXTRUSIONS: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Galco
Extrusions Pvt Ltd (GEPL) reflects GEPL's below-average financial
risk profile marked by a modest net worth, high gearing and
moderate debt protection metrics and its modest scale of
operations in an intensely competitive industry.

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

   Proposed Long Term
   Bank Loan Facility     55.5      CRISIL B+/Stable (Reaffirmed)

   Term Loan              31        CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the promoter's
extensive experience in the aluminium extrusions industry and
their funding support.
Outlook: Stable

CRISIL believes that GEPL will continue to benefit over the medium
term from its promoters' extensive industry. The outlook may be
revised to 'Positive' in case of significantly better cash
accruals or substantial equity infusion along with efficient
working capital management. Conversely, the outlook maybe revised
to 'Negative' in case of further pressure on the company's
liquidity emanating from  lower than expected cash accruals, or
larger than expected working capital requirements, or large debt-
funded capital expenditure.

Update
GEPL revenues improved marginally by about 12 per cent to INR 450
million in 2014-15 (refers to financial year, April 1 to March
31). The revenues were driven primarily by revival of demand for
aluminium extrusions in automotive sector. The margins have
remained flattish at 6.5-7 per cent during the year. On back of
marginally improved revenues and stable profitability, the company
achieved net cash accruals of and estimated INR 16-17 million in
2014-15. Its working capital cycle remained stable reflected in
the gross current assets (GCAs) of an estimated 106 days as on
March 31, 2015. The company's liquidity remained stretched marked
by its fully utilised bank limits on an average for 12 months
ending February 2015.

The financial risk profile is below average marked by modest net
worth and weak debt protection measures. For 2014-15, the networth
of the company is estimated to be modest at INR 30-35 million,
gearing at around 4 times and interest coverage at around 1.9-2
times. CRISIL believes that GEPL's financial risk profile will
remain modest over the medium marked by low accretion and modest
net worth.

Incorporated in 2007, GEPL manufactures aluminium extrusions since
2010. The company is headquartered in Ahmednagar (Maharashtra) and
is owned and managed by Mr. Sandesh Lodha and family.

GEPL has reported a net loss of INR4.9 million on net sales of
INR403.5 million for 2013-14 (refers to financial year, April 1 to
March 31), against a profit after tax of INR2.5 million on net
sales of INR471.5 million for 2012-13.


GOVARDHAN CARS: CRISIL Assigns 'B' Rating to INR30MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
long-term bank facilities of Govardhan Cars Pvt Ltd (GCPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       15        CRISIL B/Stable

   Long Term Loan           30        CRISIL B/Stable

   Cash Credit              15        CRISIL B/Stable

   Inventory Funding
   Facility                 40        CRISIL A4

The ratings reflect GCPL's initial phase of operations and that
the company's performance is dependent on that of Ford India Pvt
Ltd (FIPL) and the success of FIPL's car models; also, GCPL faces
intense competition in the automotive dealership industry. These
weaknesses are partially offset by GCPL's exclusive dealership in
Jamnagar (Gujarat), its promoters' experience in the automotive
dealership, and the newly established relationship with FIPL.
Outlook: Stable

CRISIL believes that GCPL will benefit from the extensive
experience of its promoters in automobile industry. The outlook
may be revised to 'Positive' if the company improves its financial
risk profile with a sustained and substantial increase in its
scale of operations and profitability. Conversely, the outlook may
be revised to 'Negative' if GCPL's liquidity weakens with
considerably low cash accruals because of a decline in its revenue
or profitability, or sizeable debt-funded capital expenditure or
working capital requirements.

Incorporated in 2015 and based in Jamnagar, GCPL is promoted by
Mr. Milan Pobaru. GCPL is the authorised and exclusive dealer of
FIPL's cars in Jamnagar.


GRAMCO INFRATECH: CARE Assigns 'B-' Rating to INR13.40cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B-' rating to the bank facilities of Gramco
Infratech Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     13.40      CARE B- Assigned

Rating Rationale
The rating assigned to the bank facilities of Gramco Infratech
Private Limited (GIPL) is primarily constrained on account of
its modest scale of operations and weak financial risk profile
marked by continuous net loss, weak solvency position and
stressed liquidity position. The rating is further constrained on
account of the risk associated with the ongoing capex, its
presence in the highly fragmented and government regulated
industry.

The rating, however, derives strength from the experienced
management with long track record of operations in the agro
commodity industry.

The ability of the company to increase its scale of operations
with improvement in profitability and efficient management
of working capital are the key rating sensitivities.

Indore-based (Madhya Pradesh) GIPL was incorporated in 2009 by Mr
Ramnik Singh Saluja along with his family members. GIPL is mainly
engaged in the business of warehousing, grading and trading of
agro commodities, soil testing, seeds multiplication program and
financing activities against warehouse receipts. The company has
five warehouses located at Pivday, Tinonia, Binjal, Piplyanath in
Madhya Pradesh and Nanded in Maharashtra. Furthermore, it has tied
up with Bank of India for financing services to farmers against
warehouse receipts. It has grading process at all locations for
agro commodities like wheat, chana, soyabeans, etc, with installed
capacity of 2,500 metric tons per month (MTPM) at each
location.

The company has utilized its 30% of installed capacity in past 12
months ending March 31, 2015.

During FY14 (refers to the period April 1 to March 31), GIPL
reported a total operating income of INR7.36 crore as against
INR4.47 crore in FY13 with a net loss of INR0.74 crore as against
net loss of INR0.16 crore in FY13. Furthermore, in FY15, the
company reported TOI of INR9.43 crore and net loss of INR1.33
crore.


HARDIK TEXTILES: ICRA Assigns B+ Rating to INR4.50cr Loan
---------------------------------------------------------
ICRA has assigned its rating of [ICRA]B+ to the INR7.00 crore bank
line of Hardik Textiles Private Limited.

                             Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Working Capital Limits      4.50       [ICRA]B+; assigned
   Proposed Working Capital    2.50       [ICRA]B+; assigned
   Limit

The rating is constrained by HTPL's low value additive nature of
trading operations that led to thin margins and exerted pressure
on company's profitability with OPM being at 2.21% in FY15. ICRA
also notes company's stretched capital structure as indicated by
debt to equity ratio of 2.54 times as on 31st March 2015 and
subdued debt coverage indicators. The rating is also constrained
by the stretched liquidity of the company as reflected by high
utilisation of working capital limits. Further, the rating
considers the low bargaining power of the company with its
suppliers owing to its smaller size operations as reflected by OI
of INR50.60 crore in FY15. However, the rating positively
considers the extensive experience of the promoters in the yarn
trading business, reputed supplier base, diversified customer
profile of the company and low inventory holding of the company
that mitigates the commodity price fluctuation risk. Going
forward, the company's ability to improve its profitability along
with efficient management of working capital requirement will be
the key rating sensitivities.

Established in 2008, HTPL is engaged into the trading of various
types of i.e. nylon, polyester and viscose. The company is an
authorised distributor of yarns for Birla group of companies i.e.
Century Enka Limited, Century Rayon and Aditya Birla Nuvo Limited
in South India. The company is owned and managed by Mr. Rajgopal
Marda and his son. The company's head office is located at
Bangalore with four branches being situated at Salem (Tamil Nadu),
Guledgudd (Karnataka), Hindpur (Andhra Pradesh) and Belgaum
(Karnataka).

Recent Results As per FY 2015 unaudited provisional's, HTPL
recorded a net profit of INR0.28 crore on an operating income of
INR50.60 crore, as against a net profit of INR0.21 crore on an
operating income of INR45.86 crore in FY 2014.


HARI OM: CARE Reaffirms 'B' Rating on INR10cr LT Bank Loan
----------------------------------------------------------
CARE revokes the suspension and reaffirms the ratings assigned to
Hari Om Foods.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       10       CARE B Suspension
                                            revoked and
                                            reaffirmed

Rating Rationale

The rating continues to remain constrained by the small scale of
operations with low profitability margins of Hari Om Foods (HOF),
leveraged capital structure & weak debt service coverage
indicators and working capital-intensive nature of operations. The
rating is further constrained on account of its susceptibility to
fluctuations in raw material prices, its presence in a fragmented
industry and constitution of the entity as a partnership concern.

The rating continues to draw comfort from the experienced partners
and proximity to raw material sources.

Going forward, the ability of the firm to increase its scale of
operation while managing its working capital requirements
efficiently and improvement in the capital structure shall be the
key rating sensitivities.

HOF was established in 2009 as a partnership concern by Mr
Amarjeet Singh and Mr Rakesh Kumar with an equal profit &
loss sharing ratio. In 2014, Mr Rakesh Kumar resigned and two new
partners Mr Nikhil Chhabra and Mr Sushil Kumar joined as new
partners. Currently, the partners are Mr Amarjeet Singh, Mr Sushil
Kumar and Mr Nikhil Chhabra with equal profit & loss sharing
ratio. HOF is engaged in milling, processing and trading of rice.
The processing facility of the firm is located at Kaithal in
Haryana with an installed capacity for processing of paddy of
12,000 tonnes per annum (TPA) as on March 31, 2015. The firm is
procuring the raw material (paddy) from Haryana, Uttar Pradesh and
Punjab and sells rice mainly in the markets of Punjab, Haryana,
Uttar Pradesh and New Delhi. Deevisha Foods Private Limited (DFP)
is a group associate of HOF and was incorporated in December 2014
and is engaged in the similar line of business.

For FY14 (refers to the period April 1 to March 31), HOF achieved
a total operating income (TOI) of INR37.99 crore with PAT of
INR0.05 crore, respectively, as against TOI of INR37.78 crore with
PAT of INR0.06 crore, respectively, in FY13.  Furthermore, in FY15
(provisional), the firm has achieved a total operating income of
INR37.15 crore.


IND SWIFT: ICRA Suspends 'D' Rating on INR745cr Bank Loan
---------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR745.0 Crore
bank facilities of Ind Swift Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


JAIN ISPAT: CARE Assigns 'B+' Rating to INR8cr LT Loan
------------------------------------------------------
CARE assigns 'CARE B+' ratings assigned to the bank facilities of
Jain Ispat.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       8        CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Jain Ispat (JI) is
primarily constrained on account of its significant decline in
Total Operating Income (TOI) during FY14 (refers to the period
April 1 to March 31), thin profitability and stressed liquidity
position. The rating is, further, constrained on account of its
presence in the competitive and fragmented nature of the industry
along with vulnerability to fluctuation in the prices of traded
goods and constitution as a proprietorship concern.

The rating, however, favourably takes into account the experience
of the proprietor with long track record of operations in the iron
and steel industry and comfortable solvency position. The ability
of the firm to increase its scale of operations and improve
profitability margins in light of volatile prices of traded goods
are the key rating sensitivities.

Indore (Madhya Pradesh) based JI was formed in 1994 as a
proprietorship concern by Mr. Ajit Lalwani. JI is mainly
engaged in the business of trading of iron and steel based
products and scraps. The main products in which the firm trades
are non-metallic and metallic scrap, heavy melting steel scrap,
TMT bar, structural steel, angles, channels, galvanized corrugated
sheets, pipes, plates, slab, etc. Earlier, the firm was also
engaged in the trading of crude palm oil which was discontinued in
FY13. It participates in government tenders for purchase of steel
based products and scraps and also procures these products from
domestic market. JI sells its scrap items to local players and to
the other firms/companies all over India.

Further, the proprietor of the firm also incorporated Jain Ispat
Business Private Limited (JIBPL) which was engaged in the trading
of steel based items till 2011. However, after that, JIBPL
ventured in the real estate sector.

During FY14 (refers to the period April 1 to March 31), JI has
reported a total operating income of INR61.33 crore (FY13:
INR113.77 crore) with a PAT of INR0.54 crore (FY14: INR0.66
crore). During 9MFY15, the firm has achieved turnover of INR9.55
crore.


JOY MAHAPROVU: CRISIL Suspends B Rating on INR50MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Joy Mahaprovu Cold Storage Pvt Ltd (JMCSPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              50        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       10        CRISIL B/Stable
   Working Capital Loan     10        CRISIL A4

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

JMCSPL was incorporated in 2012 by Mr. Samar Dhawa and his family
members. The company has cold storage facilities in Medinipur
(West Bengal) for the potato traders and farmers.


K.G.LAKSHMIPATHI: CRISIL Suspends B- Rating on INR60MM Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
K.G.Lakshmipathi and Co. (KGLC).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Overdraft Facility       60        CRISIL B-/Stable

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

KGLC was set up as a partnership firm in 1958 by Mr. K G
Lakshmipathi and his family members. It undertakes earthwork and
other allied construction activities, mainly construction of roads
and airport runways.


KOHINOOR CTNL: ICRA Reaffirms 'D' Rating on INR1,231cr LT Loan
--------------------------------------------------------------
ICRA has re-affirmed the long-term rating outstanding on the
INR1,231.00 crore (increased from INR936.00 crore) term loans of
Kohinoor CTNL Infrastructure Company Private Limited at [ICRA]D.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long-term fund based
   facilities (TL)         1,231.00      [ICRA]D re-affirmed

The rating re-affirmation takes into account the weak liquidity
position of the company due to low sales tie-up, significant cost
overruns coupled with a high debt repayment burden, leading to
continuing delays in debt servicing. The high investment
requirement for KCICPL, moreover, along with the start-up nature
of the operations of the Group's recent ventures in healthcare,
education and hospitality segments has had a debilitating effect
on the liquidity profile at a Group level, leading to cash flow
mismatches.

The project had been put on hold for the past year owing to
certain regulatory issues, resulting in significant time and cost
overruns. The total project cost escalated to INR3,430 crore from
the initial budgeted level of INR2,100 crore. The company,
however, achieved a settlement with the Municipal Corporation of
Greater Mumbai (MCGM) in January 2014 for the resumption of the
project. Currently, the project is expected to be completed by
April 2016. Furthermore, the company has tied-up the debt funding
for the increased project cost. The rating is also constrained by
high market risks, with sales for 44% of the total area yet to be
tied-up.

ICRA, however, has favorably taken note of the established track
record of the Kohinoor Group in the real estate market of Mumbai,
the project's favorable location, and the strong backing by IL&FS
Group which has invested ~Rs. 770 crore in the project.
Going forward, the company's ability to complete the project with
minimum further cost and time overruns, tie-up sales in a timely
manner, achieve healthy collections, and ensure timely debt
servicing, remains critical from a credit perspective.

Incorporated in 2005, KCICPL is a Special Purpose Vehicle (SPV)
promoted by the Mumbai-based Kohinoor Group to undertake the
development of a commercial-cum-retail project at Dadar in Mumbai.
At present, the Kohinoor Group holds 60% of the share capital of
KCICPL through two group companies -- Kohinoor Planet
Constructions Private Limited (12%) and Kohinoor Projects Pvt.
Ltd. (48%). The balance 40% share is held by the IL&FS Group
through IIRF India Realty VII Ltd. (IIRF-7) (39%) and IL&FS Trust
Company Limited (1%). IIRF-7 is a real estate focused fund managed
by IL&FS Investment Managers Limited (IIML). The project is a
mixed-use development comprising high-end commercial space (~0.91
million sq. ft.), retail space (~0.11 million sq. ft.) and
residential space (0.37 million sq. ft.) on the erstwhile Kohinoor
Mills land in central Mumbai. Project construction began in June
2009, and is estimated to be completed by April 2016.

For the year ended March 31, 2014, the company reported a net loss
of INR136.18 crore on an Operating Income (OI) of INR717.93 crore.


KRAFT LAND: CRISIL Suspends 'B' Rating on INR21.5MM Bank Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kraft
Land India (Kraft Land).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           5         CRISIL A4
   Letter of Credit         5         CRISIL A4
   Post Shipment Credit    65         CRISIL A4
   Pre Shipment Facility   25         CRISIL A4
   Proposed Long Term
   Bank Loan Facility      21.5       CRISIL B/Stable

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

Kraft Land, a partnership firm set up in 1987, trades in stainless
steel utensils, ready-made garments, and toiletries (shaving cream
and toothpaste). The firm has two partners, Mr. Dilbagh Singh
Sachdeva and Mrs. Gurjit Kaur. Kraft Land is a 100 per cent
export-oriented unit, and derives over 90 per cent of its revenues
from exports to Ukraine.


L.C. FOODS: CRISIL Reaffirms 'B' Rating on INR100MM Cash Credit
---------------------------------------------------------------
CRISIL's rating on long-term bank loan facility of L.C. Foods Ltd
(LCF) continues to reflects LCF's weak financial risk profile,
marked by a small net worth, high gearing, weak debt protection
metrics, and stretched liquidity.

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

The rating also factors in the company's large working capital
requirements, modest scale of operations, and susceptibility to
intense industry competition and to volatility in raw material
prices. These rating weaknesses are partially offset by the
extensive experience of LCF's promoter in the flour mill industry
and the company's established customer relationships.
Outlook: Stable

CRISIL believes that LCF will continue to benefit over the medium
term from its promoter's extensive industry experience and
established customer relationships. The outlook may be revised to
'Positive' if there is significant improvement in the company's
liquidity, driven most likely by a marked improvement in its cash
accruals or sizeable infusion of funds by the promoter.
Conversely, the outlook may be revised to 'Negative' if LCF's
working capital cycle is stretched or if it undertakes a large
debt-funded capital expenditure programme, thereby adversely
affecting its liquidity.

Update
LCF, on a provisional basis, reported moderate revenue growth of
around 23 per cent year-on-year for 2014-15 (refers to financial
year, April 1 to March 31) supported by institutional sales to ITC
Ltd (rated 'CRISIL AAA/Stable/CRISIL A1+'), Parle Agro Pvt Ltd,
and Britannia Industries Ltd ('CRISIL AAA/Stable/CRISIL A1+'), and
also sales to wholesalers and traders in the domestic market. LCF
maintained its operating margin at around 4.3 per cent in 2014-15;
the margin is low because of the company's low pricing power in
the highly fragmented flour industry. CRISIL believes that LCF's
scale of operations will continue to grow at a moderate pace while
it will sustain its operating margin over the medium term,
supported by its promoter's extensive industry experience.

LCF's operations are working capital intensive, with gross current
assets of 121 days as on March 31, 2015. The company, in general,
extends credit of 30 to 60 days to its institutional customers and
around 20 days to wholesalers and traders; it tends to maintain
inventory of 90 to 100 days, against which it receives minimal
credit of 15 to 20 days from its suppliers. Large working capital
requirements have led to LCF's bank limits being fully utilised at
an average of around 98 per cent during the 12 months through
March 2015. CRISIL believes that the company's operations will
remain working-capital-intensive over the medium term.

LCF's financial risk profile remains weak, marked by high gearing
of 2.41 times as on March 31, 2015, due to increase in working
capital requirements. The company's debt protection metrics are
also weak, with interest coverage and net cash accruals to total
debt ratios of 1.60 times and 0.06 times, respectively, for 2014-
15. CRISIL believes that LCF's financial risk profile will remain
weak over the medium term.

For 2014-15, LCF reported a profit after tax (PAT) of INR1.6
million on net sales of INR513.9 million, against a PAT of INR1.1
million on net sales of INR417.0 million for 2013-14.

LCF was originally incorporated as a private limited company in
2003, promoted by Mr. Shobhit Kesarwani; this company was
reconstituted as a closely held limited company in 2006. LCF
processes wheat products, including wheat flour (atta), refined
wheat flour (maida), bran, and semolina (suji). The company's
processing unit is in Uttar Pradesh.


LENZ CERAMIC: CARE Assigns 'D' Rating to INR13.46cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Lenz
Ceramic Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     13.46      CARE D Assigned
   Short-term Bank Facilities     2.50      CARE D Assigned

Rating Rationale
The ratings assigned to the bank facilities of Lenz Ceramic
Private Limited (LCPL) are primarily constrained on account of
instances of delay in debt servicing due to its stretched
liquidity position.

Establishing a clear track record of timely servicing of debt
obligations with improvement in the liquidity position is the
key rating sensitivity.

Morbi-based (Gujarat) LCPL was incorporated during 2010 by Mr
Jayendra Sanja, Mr Babulal Nayakpara, Mr Jitendra Nayakpara and Mr
Ashok Patel. LCPL is engaged in the business of manufacturing of
vitrified floor tiles and glazed vitrified floor tiles in the
dimension of 600*600 mm and it operates from its sole
manufacturing facilities located at Morbi with installed
manufacturing capacity of 150 metric tons (MT) per day as on
March 31, 2015. LCPL sells its products directly as well as
through dealers across India. The products manufactured by LCPL
are used in real estate sector.

During FY14, LCPL reported PAT of INR0.56 crore on a TOI of
INR42.66 crore as against PAT of INR0.55 crore on a TOI of
INR42.69 crore during FY13. During FY15 (Provisional), LCPL has
achieved TOI of INR40.58 crore and PAT of INR0.43 crore.


LINKSON ISPAT: CRISIL Suspends 'D' Rating on INR150MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Linkson
Ispat and Energies Pvt Ltd (LIEPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              150       CRISIL D

   Letter of credit &
   Bank Guarantee           150       CRISIL D

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

LIEPL, set up in 1999 by Mr. Yashwant Sangla, is engaged in coal
trading in Nagpur (Maharashtra).


MARK ALLOYS: CRISIL Suspends B+ Rating on INR166MM LT Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Mark Alloys Pvt Ltd (MAPL).

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           10       CRISIL A4
   Cash Credit             145       CRISIL B+/Stable
   Long Term Loan          166       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       19       CRISIL B+/Stable

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

MAPL was established as a partnership firm, Deep Enterprise, in
January 2010; it was reconstituted as a private limited company in
December 2011. MAPL is promoted by seven brothers of the Patel
family, which is based in Gujarat. There are four directors on the
company's board: Mr. Pankaj Kumar Patel, Mr. Pravinbhai Patel, Mr.
Rajendra Patel, and Mr. Girishbhai Patel. The company manufactures
structural products such as mild steel (MS) angles, channels, bars
and MS/galvanised iron pipes.


MARUTINANDAN GINNING: CRISIL Suspends B Rating on INR60MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Marutinandan Ginning and Pressing Factory (MGPF).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              60        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       60        CRISIL B/Stable

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

MGPF was set up in 2010 by Mr. Pravinbhai Bhadabhai and Keshubhai
Bhadabhai in Rajkot (Gujarat). The promoters have been engaged in
the cotton trading business since 2007.


MUTHOOT AUTOMOTIVE: CRISIL Reaffirms B+ Rating on INR50MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Muthoot
Automotive India Pvt Ltd (MAPL) continues to reflect MAPL's weak
capital structure and its modest scale of operations.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Inventory Funding
   Facility                50       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of MAPL's promoters in the automobile dealership
industry, and the financial support that the company is likely to
receive from the Muthoot Pappachan group, of which it is a part.
Outlook: Stable

CRISIL believes that MAPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a substantial
increase in the company's revenue and cash accruals, leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if MAPL's cash accruals are
significantly below expectation, or in case of large debt-funded
capital expenditure, resulting in weakening of its financial risk
profile.

Update
MAPL's revenue improved to INR839 million in 2014-15 (refers to
financial year, April 1 to March 31) from INR473 million in
2014-15, driven by an increase in demand. Its revenue is expected
to improve further over the medium term with the expected launch
of Honda's Jazz (hatchback) and Vezel (compact sports utility
vehicle) in 2015-16. MAPL's estimated operating margin improved to
2.4 per cent in 2014-15 from a negative 0.3 per cent in the
previous year as the improvement in scale of operations led to
better absorption of fixed costs. The margin is expected to remain
at a similar level over the medium term. CRISIL believes that
MAPL's profitability will improve over the medium term supported
by the expected improvement in its scale of operation.

MAPL's financial risk profile remains constrained owing to
operating losses in the past and a small net worth. However, its
net worth is expected to improve and remain at INR7 million to
INR14 million over the medium term supported by its improving
scale of operations and moderate profitability. The company's debt
protection metrics were below average, with interest coverage
ratio of 1.99 times in 2014-15. CRISIL believes that MAPL's
financial risk profile will improve over the medium term driven by
an increase in its scale of operations.

MAPL has adequate liquidity marked by adequate cash accruals
against repayment obligations and funding support from promoters.
The company is expected to generate annual cash accruals of INR12
million to INR13 million against annual repayment obligations of
INR5 million, over the medium term. However, its liquidity is
expected to be supported by need-based unsecured loans from its
promoters.

Incorporated in 2010, MAPL deals in passenger cars manufactured by
Honda Cars (India) Ltd (Honda) and the Vespa model of scooters
manufactured by Piaggio Vehicles Pvt Ltd. MAPL's business
operations are managed by Mrs. Remy Thomas Muthoot. It is a part
of the Muthoot Pappachan group, which has interests in diverse
fields such as non-banking financial business, power generation,
automobile dealership, and real estate and infrastructure
development.


NAND ESTATE: ICRA Reaffirms 'B' Rating on INR24cr Bank Loan
-----------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B on the INR24
crore fund-based bank facilities of Nand Estate Developers Pvt.
Ltd.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term fund-based
   bank facilities         24.0         [ICRA]B; (Reaffirmed)

The rating is constrained by the nascent stage of operations of
NEDPL's hotel and the company's consequent dependence on timely
funding support from promoters for debt-servicing, given the low
accruals in relation to scheduled debt. Since the hotel commenced
operations in April 2015, with part inventory of rooms, the
ability of the company to ramp up its occupancy along with
adequate ARRs will be critical to service its debt obligations.
The rating is also constrained by the high competitive intensity
in Agra due to the presence of a number of established hotels in
the premium segment and will continue to pose a challenge, during
the hotel's initial stabilization phase. The rating, however,
continues to derive comfort from the favorable location of the
project, with proximity to Agra's main tourist attraction-The Taj
Mahal and the company's tie-up with Wyndham Group, which partly
alleviates the risk in operations and management.

Going forward, the company's ability to improve its operating
metrics and achieve adequate accruals to meet the operational
expenses and debt servicing requirements, will be the key rating
sensitivity. Meanwhile, timely infusion of funds by promoters to
meet cash shortfalls will be critical to ensure debt servicing as
per the stipulated terms.

NEDPL is currently constructing a premium hotel at Fatehabad Road,
Agra, Uttar Pradesh, under the brand Ramada Plaza. NEDPL has
entered into a franchise agreement with the Wyndham Hotel Group
for the use of the Ramada brand. The hotel recently started
operations with 85 rooms, and the remaining rooms are expected to
be completed in FY2016. Due to changes in the project scope and
layout, the revised construction cost for the hotel is estimated
at INR59.18 crore from INR41.10 crore earlier.

Recent Results
NEDPL's operating income from trading in land and plots decreased
to INR2.11 crore in FY14 as compared to INR2.90 crore in FY13,
while net cash accruals were at similar levels, at INR0.82 crore
in FY14 as compared to INR0.86 crore in the previous year.


NIRVANA FASHION: CRISIL Suspends B+ Rating on INR80MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Nirvana
Fashion Clothing (NFC).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              80        CRISIL B+/Stable
   Letter of Credit         10        CRISIL A4

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

NFC, a partnership firm was established in 1996. NFC gets
readymade garments like shirts and trousers for men; shirt,
trousers, blouse, dresses and tops for women; and kids wear;
manufactured on a contract basis and supplies to reputed retail
chains like Future group, Pantaloons, Arvind Retail, Lee Cooper
and Provogue etc. The firm also has its own brand named 'Going 3'
for menswear. The founder & key partner of the firm is Mr. Bajrang
Biyani. NFC's office is at Mumbai.


PARTHAS TEXTILES: CRISIL Suspends B+ Rating on INR85MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Parthas
Textiles (Parthas).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              65        CRISIL B+/Stable
   Term Loan                85        CRISIL B+/Stable

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

Set up in 1978, Parthas is promoted by Mr. S Nagarajulu, Mr. S
Arjunan, Mr. S Raja Krishnan, and Mrs. Sujatha Viswanathan. The
firm is setting up a textile garments showroom in Nagercoil (Tamil
Nadu). Its daily operations are managed by Mr. S Viswanathan.


PRAHLADRAI FABRICS: CRISIL Suspends 'D' Rating on INR600MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Prahladrai Fabrics Limited (PFL; part of the Jajoo group).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             350        CRISIL D
   Proposed Long Term
   Bank Loan Facility      600        CRISIL D

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

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of PFL,   Jajoo Enterprises Ltd (JEL), and
Guru Aashish Texfab Ltd (GATL). This is because these three
companies, together referred to as the Jajoo group, are engaged in
similar lines of business and have common promoters. Besides, JEL
and GATL have extended corporate guarantees to each other.

PFL was set up by Mr. Kamal Jajoo along with his father Mr.
Satyaprakash Jajoo and his brother Mr. Sharad Jajoo, in Mumbai in
1992. PFL is a closely held public limited company trading in
fabrics used for making shirts and suits. The company is a part of
the Jajoo group, which was established by Mr. Prahladrai Jajoo
(grandfather of Mr. Kamal Jajoo) in Gwalior (Madhya Pradesh), in
1951. The other key group companies include GATL (incorporated in
2003) and JEL (incorporated in 2000), which also operate in a
similar line of business.


RAHIMA LEATHER: CRISIL Suspends 'D' Rating on INR45MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Rahima
Leather Exports (RLE).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bill Discounting        25         CRISIL D
   Cash Credit             45         CRISIL D
   Letter of Credit        20         CRISIL D
   Long Term Loan          10         CRISIL D

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

RLE, established in 2007 as a partnership firm, processes raw
leather and manufactures shoes. The firm's day-to-day operations
are managed by Mr. Mubarak Ali.


RAMKY ELSAMEX: ICRA Suspends 'D' Rating on INR291.9cr Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D rating
outstanding on the INR291.90 crore fund bank facilities of
Ramky Elsamex Hyderabad Ring Road Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


RAMYA STEEL: Ind-Ra Withdraws IND B+(suspended) LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Ramya Steel
Syndicate's (Ramya Steel) 'IND B+(suspended)' Long-Term Issuer
Rating.  The agency has also withdrawn Ramya Steels' INR90m fund-
based limits' 'IND B+(suspended)'/'IND A4(suspended)' ratings.

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

Ind-Ra suspended Ramya Steel's ratings on August 14, 2013.


REGENCY AQUA: ICRA Suspends 'C' Rating on INR41.25cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]C rating assigned to the INR41.25 crore
fund based facilities of Regency Aqua Electro & Motel Resorts
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


REGENCY GANGANI: ICRA Suspends 'C' Rating on INR73cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]C rating assigned to the INR73.00 crore
fund based facilities of Regency Gangani Energy Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


REGENCY YAMUNA: ICRA Suspends 'C' Rating on INR33.79cr Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]C rating assigned to the INR33.79 crore
fund based facilities of Regency Yamuna Energy Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


S K P STEEL: CRISIL Suspends B+ Rating on INR110MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
S K P Steel Industries Private Limited (SKP).

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee          2.5       CRISIL A4
   Cash Credit           110         CRISIL B+/Stable
   Letter of Credit        2.5       CRISIL A4
   Proposed Long Term
   Bank Loan Facility      6.9       CRISIL B+/Stable
   Term Loan              28.1       CRISIL B+/Stable

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

SKP was originally set up in 2006 as SK Merchandise Pvt Ltd by Mr.
Anirudh Pasari; the name was changed in 2009-10. The company
manufactures Mild Steel (MS) pipes and wires, with installed
capacity of 35,000 tonnes per annum. It also trades in various
steel products. The company is based in Kolkata, West Bengal.


S.K. RICE: ICRA Assigns B+ Rating to INR5.0cr Cash Credit
---------------------------------------------------------
ICRA has assigned long-term rating of [ICRA]B+ to INR5.00 crore1
cash credit limits, INR0.60 crore term loan limits and INR4.40
crore un-allocated long term limits of S.K. Rice Industries (SKR).

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             5.00        [ICRA]B+/Assigned
   Term Loan               0.60        [ICRA]B+/Assigned
   Un-allocated            4.40        [ICRA]B+/Assigned

The rating is constrained by the weak financial profile of the
firm characterized by low profitability, high gearing levels and
weak debt coverage indicators; and risks inherent in the
partnership nature of the firm. The rating factors in the
intensely competitive nature of rice milling industry with
presence of several small and large scale players which puts
pressure on the profitability margins. Further, the rating also
notes the stretched liquidity position and susceptibility of
profitability & revenues to agro-climatic risks which impact the
availability of the paddy in adverse weather conditions. The
rating however draws support from long track record of the
promoters in the rice mill business aided by established milling
capability. Further, favourable demand prospects of the industry
with India being the second largest producer and consumer of rice
in the world should provide for adequate growth opportunities to
the firm.

S.K. Rice Industries was incorporated in the year 2009 as a
partnership firm. The firm is engaged in the milling of paddy for
producing raw rice. SKR is promoted by Mr. Syed Altaf Ahamead
(partner), Mr. Syed Israr Ahamead (Partner) and Mrs. Syed Rehana
(Partner). Mr. K. Syed Altaf Ahamead has over 20 years of prior
experience in rice milling industry as he was in the same business
with his father. The rice mill is located at Davangere district,
Karnataka. The installed capacity of the plant is 3 TPH (tons per
hour).

Recent Results
As per the provisional results for FY2015, the firm reported net
profit of INR0.64 crore on turnover of INR38.17 crore as against
profit of INR0.45 crore on turnover of INR27.08 crore during
FY2014.


SARA SPINTEX: CARE Assigns B+ Rating to INR48.48cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Sara Spintex India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     48.48      CARE B+ Assigned
   Short-term Bank Facilities     2.00      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Sara Spintex India
Private Limited (SSIPL) are constrained by limited track
record of the company in cotton yarn manufacturing, highly
leveraged capital structure and working capital-intensive
nature of operations. The ratings are further constrained due to
fragmented nature of the industry leading to intense
competition, cyclical nature of the textile industry along with
exposure to fluctuations in raw material prices which are
dependent on the government policies and agro-climatic conditions.

The ratings draw support from the experience of the promoters,
reputed customer base; locational advantage along with
moderate revenue and profit margins in the first year of
operations in FY14 (refers to the period April 1 to March 31).
SSIPL's ability to improve its capital structure along with
efficient management of working capital requirements are the
key rating sensitivities.

SSIPL was incorporated in March 2011 and commenced production from
April 2013. The company is promoted by Mr Jalal J Gilani along
with his wife Mrs Muniza J. Gilani. SSIPL is engaged in the
business of manufacturing of various types of cotton yarn
including ring spurn yarns (count range: for carded yarn Ne 5/1 to
Ne 24/1; for combed yarn Ne 24/1 to 40/1), slub yarn (count range:
Ne 5/1 to 40/1both carded and combed yarn) and core spun yarn
(count range: Ne 10/1 to Ne 20/1 for carded and combed yarns).
SSIPL products find application in the production of various other
cloth materials like denims, bottom weight, bathmats, towels, home
furnishing, high end knitting & shirting, etc. The company has an
installed capacity of around 860 tons per annum as on March 31,
2015, and its manufacturing facility is located in Yavatmal
District of Maharashtra.

SSIPL procures majority of the raw material from the local market
and its finished products are sold mainly in the states of
Maharashtra and Gujarat. SSIPL procures around 30% of the raw
material requirement, ie, cotton bales from its associate
concern named; Sagar Fibres Private Limited, which is engaged in
the business of cotton ginning and pressing.

During FY14, SSIPL earned a PAT of INR0.30 crore on a total income
of INR79.08 crore.


SHREE DOODHAGANGA: CARE Assigns 'B' Rating to INR185.42cr Loan
--------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Shree Doodhaganga Krishna Sahakari Sakkare Karkhane Niyamit.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    185.42      CARE B Assigned
   Short term Bank Facilities    29.75      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shree Doodhaganga
Krishna Sahakari Sakkare Karkhane Niyamit (SDKSKN) is constrained
by its weak financial risk profile marked by thin profit margins,
accumulated losses as on March 31, 2015, highly leveraged capital
structure, working capital intensive nature of operations and
seasonal nature of the sugar industry.

However, the ratings derives strength from the long and
established track record of the promoters in the sugar industry,
fully-integrated business model of sugar mill resulting in de-
risking of the core sugar business to a certain extent and
strategic location of the sugar factory in the area of high
recovery sugar cane.

The ability of SDKSKN to procure the envisaged volume of sugar
cane at the envisaged price, improve its profitability margins,
debt protection matrices and effectively manage working capital
cycle are the key rating sensitivities.

Shree Doodhaganga Krishna Sahakari Sakkare Karkhane Niyamit
(SDKSKN) is a multi-state co-operative society, incorporated in
March 1969 by Mr. Chidanand B. Kore to undertake sugar & sugar
related production business. The first crushing season of the
sugar factory was conducted in sugar season (SS) 1974-75 with a
crushing capacity of 1,250 tonnes crushed per day (TCD). The
crushing capacity was further enhanced in stages to its present
level of 8,000 TCD. In order to mitigate the seasonal and cyclical
nature of sugar industry, the society has installed a distillery
unit of 30 kilo liters per day (KLPD) and a co-generation unit of
20.70 mega-watt (MW) in year 2002 and 2004, respectively. The
surplus power (post captive consumption) generated from co-
generation unit is sold to Karnataka Power Transmission
Corporation Limited (KPTCL). The fully integrated sugar plant of
SDKSKN is located in Taluka Chikodi, Dist. Belgaum, Karnataka.
Presently, the society is spearheaded by Mr. Amit P. Kore,
Chairman and Mr. D.S. Girigoudar as Managing Director.

During crushing season SS 2014-15, SDKSKN crushed sugarcane to the
tune of 10.07 lakh MT and produced 1.21 lakh MT sugar at an
average recovery rate of 12.05%.

During FY14, SDKSKN reported a loss of INR 6.81 crore on a total
operating income of INR329.21 crore. In FY15 (provisional) SDKSKN
reported a PAT of INR 5.72 crore on a total operating income of
INR 398.02 crore.


SHREE RAM: CRISIL Reaffirms B+ Rating on INR140MM Cash Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Ram Sponge and
Steels Pvt Ltd (SRSSPL) continue to reflect SRSSPL's exposure to
risks related to availability, and volatility in prices, of raw
materials, and to intense competition in the steel long products
industry.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           140       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       30       CRISIL A4 (Reaffirmed)
   Proposed Cash Credit
   Limit                  80       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of the company's promoters and the improvement
in its financial risk profile, marked by a moderate gearing and
average debt protection metrics.
Outlook: Stable

CRISIL believes that SRSSPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company achieves
significant revenue growth and operating profitability, or if its
working capital requirements are low, leading to an improvement in
its debt protection metrics. Conversely, the outlook may be
revised to 'Negative' in case of low accruals, or large debt-
funded capital expenditure (capex), or lengthening of working
capital cycle, weakening the company's financial risk profile,
particularly its liquidity.

SRSSPL was originally set up as Shree Ram Dairy Farm in 1998 by
Mr. Umesh Kumar Sharma. The firm was in the dairy farming business
until 2000, when it was reconstituted as a private limited company
with the current name. Currently, the company manufactures ingots
and thermo-mechanically treated bars at its unit in Rourkela
(Odisha).

SRSSPL reported a net profit of INR4.9 million on net sales of
INR945.4 million for 2013-14, as against a net profit of INR4.1
million on net sales of INR935.3 million for 2012-13.


SHUKAN HEIGHTS: CRISIL Suspends 'D' Rating on INR120MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Shukan
Heights Corporation (SHC).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                120       CRISIL D

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

SHC is a partnership firm of Ms. Bhanuben R Patel, Mr. Vijay R
Patel, Mr. Mahesh R Patel, and Mr. Romil R Patel, formed in
January 2011.


SHUKAN PALACE: CRISIL Suspends 'D' Rating on INR80MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Shukan
Palace Infrastructure (Shukan Palace; part of the Shukan group).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              80        CRISIL D

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

For arriving at the rating, CRISIL has combined the financial and
business risk profiles of Shukan palace, Shukan Heights
Corporation (Shukan Heights), Shukan Sky Corporation (Shukan Sky),
Shukan Gold Developers (Shukan Gold), Shukan Glory (Shukan Glory),
and Shukan Orchid infrastructure (Shukan Orchid). This is because
the above-mentioned entities have a common management team,
promoter group (mainly from the Patel family of Ahmedabad
[Gujarat]), and brand, along with cash flow fungibility. The
entities are together referred to as the Shukan group.

Shukan Palace was incorporated in Ahmedabad (Gujarat). The Shukan
group, through its affiliates, undertakes residential and
commercial real estate development, mainly in and around
Ahmedabad, and has been in operation for more than two decades.
The group is promoted by Mr. Rameshbhai R Patel and his family
members.


SHUKAN SKY: CRISIL Suspends 'D' Rating on INR325MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Shukan
Sky Corporation (Shukan Sky; part of the Shukan group).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              325       CRISIL D

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

For arriving at the rating, CRISIL has combined the financial and
business risk profiles of Shukan Sky, Shukan Heights Corporation
(Shukan Heights), Shukan Gold Corporation (Shukan Gold), Shukan
Glory Developers (Shukan Glory), Shukan Orchid Infrastructure
(Shukan Orchid), and Shukan Palace Infrastructure (Shukan Palace).
This is because the above-mentioned entities have a common
management team, promoter group (mainly from the Patel family of
Ahmedabad [Gujarat]), and brand, along with cash flow fungibility.
The entities are together referred to as the Shukan group.

Shukan Sky was incorporated in Ahmedabad (Gujarat). The Shukan
group, through its affiliates, undertakes residential and
commercial real estate development, mainly in and around
Ahmedabad, and has been in operation for more than two decades.
The group is promoted by Mr. Rameshbhai R Patel and his family
members.


SODHI BROTHERS: ICRA Raises Rating on INR22.60cr Term Loan to B-
-----------------------------------------------------------------
ICRA has upgraded its long term rating on the INR22.60 crore term
loan of Sodhi Brothers Hydro Power Private Limited to [ICRA]B-
from [ICRA]C.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund-Based Limits-      22.60      [ICRA]B- (Upgraded from
   Term Loan                          ICRA C)

ICRA's rating action factors in SBHPP's continued track record of
timely debt servicing. The rating also draws comfort from the
company's off take arrangement with Himachal Pradesh State
Electricity Board (HPSEB) for tenure of 40 years and limited
demand risks due to energy deficit in northern India and the
project's attractive tariff, which has led to increased operating
income. Further, the decreasing interest burden has enabled the
company report profits and sufficient cash accruals from FY15
onwards. However the rating continues to be constrained by high
hydrological risks as SBHPP is not covered under deemed generation
clause in case of factors like shortage of water or loss of
generation due to silting, etc. The rating is also constrained by
the absence of escalation clause in the power tariff.

Going forward, the company's ability to maintain an adequate Plant
Load Factor (PLF), translating into healthy coverage indicators
and a sustained improvement in its liquidity position will remain
the key rating sensitivities.

SBHPP operates a 4 Mega Watt (MW) run of the river hydel power
plant on Brahl Khad, a tributary of the river Beas in district
Kangra of Himachal Pradesh; the plant commenced commercial
operations in December 2010. The project cost of INR37.66 crore
(including cost overrun of INR2 crore) was funded in a debt-equity
ratio of 1.33:1. SBHPP has entered into a Power Purchase Agreement
(PPA) of 40 years with HPSEB for sale of power generated by the
project at a fixed tariff of INR2.95 per unit. The project is
expected to generate 24.6 Million Units (MU) in a 75% dependable
year.

Recent Results:
SBHPP reported, on a provisional basis, a net profit of INR1.14
crore on an operating income of INR5.58 crore for FY2015, as
against a net loss of INR0.43 crore on an operating income of
INR5.10 crore for the previous year.

SONAKI CERAMIC: ICRA Assigns B+ Rating to INR7.0cr Term Loan
------------------------------------------------------------
A rating of [ICRA]B+ has been assigned to INR7.00 crore term loan
and INR3.00 crore cash credit facility of Sonaki Ceramic. ICRA has
also assigned [ICRA]A4 rating to INR0.65 crore short-term non-fund
based facilities of SC.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long term fund based-
   Cash Credit             3.00        [ICRA]B+ assigned

   Long term fund based-
   Term Loans              7.00        [ICRA]B+ assigned

   Short term fund based-
   Bank Guarantee          0.65        [ICRA]A4 assigned

The assigned ratings are constrained by the entity's modest scale
of operations as well as limited track record of operations. While
assigning the ratings, ICRA also takes note of the stretched
liquidity position on account of high inventory days as evident
from high utilization of working capital limits and consequently
high gearing levels. Further ICRA also takes into account the
intense competition faced by the entity with presence of large
number of unorganized players and cheaper imports. Further, SC
being a partnership firm, any significant withdrawals from the
capital account would affect its net worth and thereby the gearing
levels.

The assigned ratings, however, favourably considers healthy
operating profitability on account of high value added nature of
operations, the location advantage giving it easy access to raw
material as well as geographical diversification with presence in
domestic as well as export markets.

Established in 2011, Sonaki Ceramic is a partnership concern
promoted by Mr. Kishorechandra Patel, Ms. Dinaben Patel and Mr.
Maganlal Patel and is engaged in manufacturing of bonechina
tableware. The firm commenced commercial production in October
2011. It manufactures bone china tableware like plates, spoon,
bowls, mugs, cup and saucer, dinner set etc. It has an annual
installed capacity to manufacture 14.50 lacs pieces and has been
able to steadily ramp up and stabilize its operation over last 3
years.


SPS EDUCATIONAL: CARE Assigns 'B+' Rating to INR15cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of SPS
Educational Trust.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       15       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of SPS Educational
Trust (SPS) is constrained primarily on account of its short
operational track record and modest enrollment ratio coupled with
modest liquidity position and risk associated with the on-going
debt-funded capex undertaken by the trust. The rating is further
constrained on account of competition from the existing schools in
vicinity and presence in the highly regulated industry.

The rating, however, derives strength from the wide experience of
the promoters in the education industry.

The rating further factors in the financial risk profile marked by
consistent increase in total operating income (TOI) and
profitability during the past 3 years ended FY15 (refers to the
period April 1 to March 31) along with moderately leveraged
capital structure and moderate debt coverage indicators.

The ability of SSP to increase its enrollment ratio and income
while maintaining profit margins along with successful completion
of the ongoing debt funded project and improvement in capital
structure is the key rating sensitivity.

Palwal (Haryana) based, SPS Educational Trust (SPS) was
established in the year 2010 by Mr Sureshchandra Bharadwaj, Mrs
Sunita Bhardwaj, Mr Shyam Sunder, Mr Brijesh Kumar and Ram Kumar
Gupta with the object of setting up educational institutions. SPS
is running a school in the name of SPS International at Palwal
(Haryana) since August, 2011.

The school is affiliated to the Central Board of Secondary
Education (CBSE) and offers education from Kindergarten to class
XII. The school is spread across the area of 5.25 acres and it has
all the state of the art facilities like computer labs, library,
smart classes, various sports facilities and swimming pool etc.

As per the provisional results for FY15, SPS reported a surplus of
INR2.49 crore on a total operating income (TOI) of INR12.60 crore
as against deficit of INR1.13 crore on a TOI of INR8.23 crore
during FY14.


ST. MARY'S: CRISIL Assigns 'D' Rating to INR120MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of St. Mary's Educational and Cultural Society (SMECS).
The rating reflects instances of delay by SMECS in servicing its
debt due to its weak liquidity owing to inherent cash flow
mismatches in educational services industry.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Working Capital
   Demand Loan              3.5       CRISIL D
   Proposed Long Term
   Bank Loan Facility      26.5       CRISIL D
   Term Loan              120.0       CRISIL D

The rating reflects a high degree of regulation by governmental
agencies in all areas and geographic concentration in its revenue
profile. The society, however, benefits from its established
presence and the promoter's experience in the educational services
segment.

SMECS, based in Thiruvalla (Kerala), was started by founder and
promoter Lt. Dr. P T Abraham. The society got registered under the
Travancore-Cochin Literary Scientific & Charitable Society, Regn.
Act XII of 1955 in the year 1974. It operates eight educational
institutions in Kerala. Out of the eight institutions, six are
schools imparting primary and secondary education and the other
two are women's colleges.


STEEL JUNCTION: ICRA Suspends B+ Rating on INR7.0cr LT Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR7.00 crore fund based bank facilities of Steel Junction.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term - Fund
   Based Limits            7.00         [ICRA]B+; Suspended

The ratings were suspended due to lack of cooperation by the
client to provide any further information.

Steel Junction is a proprietorship concern managed by Mr. Mohit
Kumar Garg who has been associated with the company since its
inception in December 2013. It is the sole distributor for TMT
bars of Jindal Steel and Power Limited in the Haryana region. The
warehouse of the company is located in Hisar, Haryana.


SUNRISE ENGITECH: ICRA Assigns 'SP 3C' Grading
----------------------------------------------
ICRA has assigned 'SP 3C' grading to Sunrise Engitech Private
Limited, which indicates 'Moderate' Performance Capability and
'Low' Financial Strength of the channel partner & Solar Thermal -
System Integrator" to undertake "Off Grid and Decentralized Solar
Applications". The grading is valid till 31st December, 2018 after
which it will be kept under surveillance.

Grading Drivers

Strengths
   * Established technical competence of the company in the solar
thermal space with execution of close to 9.0 lakh LPD solar water
heating systems using ETC technology
   * Moderate order book providing adequate revenue visibility
   * Satisfactory feedback from customers and suppliers
Risk Factors
   * Small scale of operations as reflected by operating income of
INR1.2 crore in FY2014
   * Moderate size of projects executed in solar thermal segment
   * Large number of organized and unorganized players indicating
high level of competition which may lead to pressure on margins
   * Weak financial profile characterized by small scale of
operations, thin accruals and low net-worth base

Fact Sheet

Year of Incorporation
2002 as Sunrise Sales Corporation - Proprietorship concern
2012 - Converted to Sunrise Engitech Private Limited after
acquisition of Sunrise Sales Corporation

Office Address
Office No. 2, B-wing, Mangalmurti Complex, Sinhgad Road,
Pune - 30

Sunrise Engitech Private Limited (SEPL) was incorporated in 2012
by Mr. Anand Tatooskar and Mrs. Sunita Tatooskar by taking over
the proprietary concern Sunrise Sales Corporation (SSC)
established in the year 2002 by Mrs. Sunita Tatooskar. It is
engaged in the business of assembly and installation of Solar
Water Heaters (SWH) based on Evacuated Tube Collector Technology
(ETC) along with trading in gas water heaters and heat pumps. SEPL
has installed ~9.0 lakh LPD of SWH systems till date with
cumulative turnover of more than INR11.0 crore over the years.

Promoter Track Record: The Company is engaged in the business of
assembly and installation of Solar Water Heaters (SWH) based on
Evacuated Tube Collector Technology (ETC) along with trading in
gas water heaters and heat pumps since 2002. SEPL has installed
solar water heating systems of capacity of ~9.0 lakh LPD over the
years.

   * Technical competence and adequacy of manpower: SEPL along
with associate concerns has a manufacturing facility in Pune for
the solar thermal systems and has the capability to produce
evacuated tube collector based solar water heating systems. The
company has qualified technical team who look after the various
aspects of installation and post installation services. They are
supported by experienced management team who look after customer
and supplier relations.

   * Quality of suppliers and tie ups: The group has the
capability to manufacture and install the solar thermal systems
and relies on outside suppliers for the required raw materials.
These suppliers have expressed satisfaction on their association
with the company.

   * Customer and O&M Network: The clientele for the company is
composed of residential as well as institutional projects
including commercial setups and Government organizations. Quality
deliverables, timely execution and prompt after sales service have
led to satisfactory feedback from customers. The O&M services to
the customers are provided through own sales force.


TIMESPAC INDIA: ICRA Suspends 'D' Rating on INR7cr Loan
-------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR1.30 crore term loan and INR5.21 crore working capital facility
and the short term rating of [ICRA]D assigned to the INR7.00
crore, non-fund based bank facilities of Timespac India Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


TIRUPATI AGRO: ICRA Assigns B- Rating to INR3.60cr Term Loan
------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B- to the INR3.60
crore term loan, INR2.50 crore cash credit and INR0.21 crore bank
guarantee facilities of Tirupati Agro Product. ICRA has also
assigned a short term rating of [ICRA]A4 to the INR0.50 crore
letter of credit, which is a sub-limit of TAP's term loan
facility. ICRA has also assigned a long term rating of [ICRA]B-
and a short term rating of [ICRA]A4 to an untied limit of INR0.19
crore of TAP.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based (Term Loan)     3.60      [ICRA]B- assigned

   Fund Based (Cash Credit)   2.50      [ICRA]B- assigned

   Non Fund Based (Bank
   Guarantee)                 0.21      [ICRA]B- assigned

   Non Fund Based (Letter
   of Credit)                (0.50)     [ICRA]A4 assigned

   Untied                     0.19      [ICRA]B-/[ICRA]A4
                                        assigned

The assigned ratings take into account the experience of the
partners of over 10 years in the rice milling industry, favourable
location of the mill in a major paddy growing region, resulting in
easy availability of paddy and geographically diversified customer
base with clients in different states like West Bengal, Kerala,
Tamil Nadu, Andhra Pradesh and Karnataka. The rating is, however,
constrained by modest scale of operations, low profit margins and
weak business returns. ICRA also notes that the significant debt
servicing obligations is likely to adversely impact the liquidity
position of the firm in the near term; however promoters'
contribution made during FY14 and FY15 is likely to keep the
gearing within manageable levels. While assigning the rating ICRA
also takes into account the intensely competitive nature of the
industry as characterized by a large number of small players,
vulnerability of the firm to adverse changes in Government
policies towards agro based commodities like rice, exposure to
agro climatic risks and the risk of capital withdrawal by the
partners in a partnership firm.

Incorporated in 2007, TAP is engaged in the business of
manufacturing parboiled rice. The manufacturing facility of the
firm is located at Burdwan, West Bengal and has an annual milling
capacity of 33,300 MT.

Recent Results
TAP reported a net profit of INR0.23 crore during FY14 on an OI of
INR10.30 crore as against a net profit of INR0.27 crore and OI of
INR13.27 crore during FY13. During FY15, the firm posted an
operating income of INR15.63 crore (provisional).


VALLUVANAD HOSPITAL: CRISIL Assigns B+ Rating to INR110MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the log-tern
bank facility of Valluvanad Hospital Complex Limited (VHCL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               110        CRISIL B+/Stable

The rating reflects VHCL's modest scale of operations and exposure
to intense competition from nearby hospitals. These rating
weaknesses are partially offset by extensive experience of
promoters in healthcare industry and their fund support.
Outlook: Stable

CRISIL believes that VHCL will continue to benefit over the medium
term from the promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial
improvement in revenues and profitability, while maintaining its
capital structure. Conversely, the outlook may be revised to
'Negative' in case of deterioration in the company's scale of
operations and profitability, leading to impact on its debt
repayment ability.

VHCL was incorporated in 1989 by Mr. M. Ramakrishnan. The company
operates a 250 bed multi-specialty hospital under the name
'Valluvanad Hospital' in Palakkad, Kerala.

For 2013-14 (refers to financial year, April 1 to March 31), VCHL
reported profit after tax (PAT) of INR4.1 million on net sales of
INR238.7 million, against loss of INR6.1 million on net sales of
INR168.3 million for 2012-13.


WINNDSOR COTTON: CARE Assigns 'B' Rating to INR17.28cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Winndsor Cotton Mills Private Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     17.28      CARE B Assigned
   Short term Bank Facilities     1.22      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Winndsor Cotton
Mills Private Limited (WCMPL) are constrained by its small
scale of operations with thin net profit margin, operating margin
susceptible to cotton price fluctuation, seasonality associated
with the cotton industry, operations susceptible to government
regulations, its presence in a highly fragmented & competitive
industry, working capital intensive nature of operations leading
to leveraged capital structure with moderate debt service coverage
indicators and its high repayment obligation. The ratings,
however, derive strength from the experience of the promoters, its
established relations with suppliers and customers.

Ability to increase its scale of operations with improvement in
profit margins, combat the pressure of volatility in raw material
prices, its ability to improve capital structure and effective
management of working capital will be the key ratings
sensitivities.

Coimbatore based WCMPL, incorporated in August 22, 2005 was
promoted by Mr Arun Thangam along with his family members. WCMPL
commenced commercial production of yarn in 2007. The manufacturing
facility of the company is located at Annur, Coimbatore with an
installed capacity of 20,400 spindles.

The board of the company comprises six members, being promoters
with Mr Arun Thangam, Managing Director, at the helm of affairs.

As per the audited results for FY14 (refers to the period April 1
to March 31), WCMPL reported PBILDT & PAT of INR5.83 crore
(INR5.47 crore in FY13) and INR0.22 crore (INR0.08 crore in FY13)
respectively on total operating income of INR41.05 crore (INR40.61
crore in FY13). Furthermore, WCMPL has achieved a turnover of
INR39.66 crore during 11MFY15 (provisional) ending on February,
2015.



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


VUZIX CORP: Stockholders Elect Five Directors
---------------------------------------------
Vuzix Corporation held its annual meeting of stockholders at the
Doubletree Hotel at 1111 Jefferson Road, Rochester, in New York,
on June 23, 2015, at which the stockholders elected Paul J.
Travers, Grant Russell, William Lee, Alexander Ruckdaeschel and
Michael Scott as directors of the Company to serve until the 2016
annual meeting of stockholders or until their successors have been
elected and qualified, and ratified the board of directors'
appointment of Freed Maxick, CPAs, P.C. as the Company's
independent registered public accounting firm for 2015.

                      About Vuzix Corporation

Vuzix -- http://www.vuzix.com/-- is a supplier of Video Eyewear
products in the consumer, commercial and entertainment markets.
The Company's products, personal display devices that offer users
a portable high quality viewing experience, provide solutions for
mobility, wearable displays and virtual and augmented reality.
Vuzix holds 33 patents and 15 additional patents pending and
numerous IP licenses in the Video Eyewear field. Founded in 1997,
Vuzix is a public company with offices in Rochester, NY, Oxford,
UK and Tokyo, Japan.

The Company's net loss for the year 2014 was $7.87 million versus
a net loss of $10.1 million in 2013.

As of March 31, 2015, the Company had $26.2 million in total
assets, $3.06 million in total liabilities and $23.1 million in
total stockholders' equity.



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


BLUE CHIP: Court Denies Bob Jones Company's Bid to Access Docs
--------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that Sir Bob
Jones' company has been denied access to documents held by
Blue Chip liquidators, who are trying to claw back NZ$750,000 from
the property mogul's firm.

Robt. Jones Holdings is in a stoush over whether about NZ$750,000
it received from Northern Crest Investments should be set aside by
that firm's liquidators, the report says.

Northern Crest was part of the Blue Chip empire, which collapsed
in 2008 owing millions of dollars to investors. The company owes
unsecured creditors NZ$10.1 million, according to the Herald. Blue
Chip investors have claimed around NZ$36 million in the
liquidation but these have not been accepted to date, the report
states.

According to the Herald, North Crest leased a floor in a central
Auckland office tower from Robt Jones Holdings but left the
premises in August 2008, halfway through a six-year lease.

The Herald relates that Robt Jones Holdings, which calls itself
New Zealand's largest private CBD office building owner, got a
High Court judgment in September 2009 against Northern Crest for
about NZ$300,000, which was paid after liquidation proceedings
were brought.

The now-failed firm then settled other debts with the property
mogul's company before moving operations across the Tasman in
November 2010, the report relays.

Liquidators from PKF Corporate Recovery & Insolvency, appointed in
2011, have since identified around NZ$750,000 of payments from
Northern Crest to Robt Jones Holdings they believe are voidable,
according to the Herald.

The report notes that Robt Jones Holdings is challenging the
attempt to set aside the NZ$750,000 and one of its grounds of
opposition is that the liquidators have allegedly failed to show
that at the time of the disputed payments, Northern Crest was
unable to pay its debts.

Satisfying this point is a key hurdle in a liquidator claw-back
claim, the Herald states.

The Herald recalls that Robt Jones Holdings went to the High Court
in February wanting access to more documents from the liquidators,
who say they have already disclosed more than 1,400 pages so far.

It sought a series of documents, including a license agreement
that it said could show Northern Crest was solvent, as cash flow
from license payments would allow it to pay its debts, the report
relates.

It also sought correspondence between the liquidators and a
solicitor who did work for Northern Crest, documents from a
dispute with a creditor, documents about Inland Revenue allegedly
owing the firm NZ$500,000 and those concerning liquidator fees,
according to the report.

But Associate Judge Roger Bell rejected the application and said
Robt Jones Holdings could not "seriously argue that Northern Crest
was solvent" at the relevant times because its own dealings showed
the company could not pay all its due debts, the Herald relates.

"The pursuit of documents to probe the solvency of Northern Crest
is a barren exercise," the report quotes the Associate Judge as
saying in a decision on June 26.

Robt Jones' application to waive legal privilege over some
documents was also rejected, the Herald adds.

The firm must now file affidavits in opposition to the liquidators
case, the report says.

                         About Blue Chip

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions: financial
services and leasing services.  The financial services division
is engaged in the provision of financial structuring services and
investment product to a variety of clients.  The leasing
activities division is engaged in rental of residential property.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.

Northern Crest Investments, the last surviving business of Mark
Bryers' failed Blue Chip group, also went into liquidation in
June 2011.



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


* BOND PRICING: For the Week June 22 to June 26, 2015
-----------------------------------------------------

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


  AUSTRALIA
  ---------

ANTARES ENERGY L     10.00    10/30/23    AUD      1.82
BOART LONGYEAR M      7.00    04/01/21    USD     70.75
BOART LONGYEAR M      7.00    04/01/21    USD     68.30
CML GROUP LTD         9.00    01/29/20    AUD      1.02
EMECO PTY LTD         9.88    03/15/19    USD     72.00
EMECO PTY LTD         9.88    03/15/19    USD     72.50
FMG RESOURCES AU      6.88    04/01/22    USD     72.75
FMG RESOURCES AU      6.88    04/01/22    USD     74.92
IMF BENTHAM LTD       6.46    06/30/19    AUD     70.75
KBL MINING LTD       12.00    02/16/17    AUD      0.27
LAKES OIL NL         10.00    03/31/17    AUD      8.60
MIDWEST VANADIUM     11.50    02/15/18    USD      5.00
MIDWEST VANADIUM     11.50    02/15/18    USD      4.80
RESOLUTE MINING      10.00    12/04/17    AUD      0.90
STOKES LTD           10.00    06/30/17    AUD      0.45
TREASURY CORP OF      0.50    11/12/30    AUD     62.03


CHINA
-----

CHANGCHUN CITY D      6.08    03/09/16    CNY     40.42
CHANGZHOU INVEST      5.80    07/01/16    CNY     70.41
CHANGZHOU WUJIN       5.42    06/09/16    CNY     50.01
CHANGZHOU WUJIN       6.22    06/08/18    CNY     76.70
CHINA GOVERNMENT      1.64    12/15/33    CNY     70.43
DANYANG INVESTME      6.30    06/03/16    CNY     40.28
DATONG ECONOMIC       6.50    06/01/17    CNY     68.13
ERDOS DONGSHENG       8.40    02/28/18    CNY     57.81
HANGZHOU XIAOSHA      6.90    11/22/16    CNY     70.10
HEILONGJIANG HEC      7.78    11/17/16    CNY     70.00
HUAIAN CITY URBA      7.15    12/21/16    CNY     70.61
INNER MONGOLIA N      7.48    05/05/18    CNY     72.50
JIANGSU HUAJING       5.68    09/28/17    CNY     74.56
KUNSHAN ENTREPRE      4.70    03/30/16    CNY     40.04
LIAOYUAN STATE-O      7.80    01/26/17    CNY     72.00
LIAOYUAN STATE-O      7.80    01/26/17    CNY     71.61
NANJING NANGANG       6.13    02/27/16    CNY     50.11
NANTONG STATE-OW      6.72    11/13/16    CNY     64.04
PANJIN CONSTRUCT      7.70    12/16/16    CNY     71.14
QINGZHOU HONGYUA      6.50    05/22/19    CNY     40.50
SHANGHAI REAL ES      6.12    05/17/17    CNY     71.50
TAIZHOU CITY CON      6.90    01/25/17    CNY     70.64
WUXI COMMUNICATI      5.58    07/08/16    CNY     50.32
XIANGTAN JIUHUA       6.93    12/16/16    CNY     80.98
YANGZHOU URBAN C      5.94    07/23/16    CNY     70.80
YIJINHUOLUOQI HO      8.35    03/19/19    CNY     74.43
ZIBO CITY PROPER      5.45    04/27/19    CNY     48.55


INDONESIA
---------

ARPENI PRATAMA O     16.50    06/30/21    IDR     36.00
BERAU COAL ENERG      7.25    03/13/17    USD     60.00
BERAU COAL ENERG      7.25    03/13/17    USD     54.50


INDIA
-----

3I INFOTECH LTD       5.00    04/26/17    USD     23.00
BLUE DART EXPRES      9.30    11/20/17    INR     10.17
BLUE DART EXPRES      9.50    11/20/19    INR     10.26
BLUE DART EXPRES      9.40    11/20/18    INR     10.22
COROMANDEL INTER      9.00    07/23/16    INR     16.36
GTL INFRASTRUCTU      3.53    11/09/17    USD     30.25
INCLINE REALTY P     10.85    08/21/17    INR     12.00
INCLINE REALTY P     10.85    04/21/17    INR      8.74
INDIA GOVERNMENT      7.64    01/25/35    INR     22.57
JAIPRAKASH ASSOC      5.75    09/08/17    USD     74.14
JCT LTD               2.50    04/08/11    USD     21.13
ORIENTAL HOTELS       2.00    11/21/19    INR     73.32
PYRAMID SAIMIRA       1.75    07/04/12    USD      1.00
REI AGRO LTD          5.50    11/13/14    USD     20.63
REI AGRO LTD          5.50    11/13/14    USD     20.63
SHIV-VANI OIL &       5.00    08/17/15    USD     23.88


JAPAN
-----

AVANSTRATE INC        3.02    11/05/15    JPY     39.13
AVANSTRATE INC        5.00    11/05/17    JPY     30.75
ELPIDA MEMORY IN      0.70    08/01/16    JPY      9.63
ELPIDA MEMORY IN      0.50    10/26/15    JPY      8.88
ELPIDA MEMORY IN      2.03    03/22/12    JPY      9.63
ELPIDA MEMORY IN      2.10    11/29/12    JPY      9.63
ELPIDA MEMORY IN      2.29    12/07/12    JPY      9.63


KOREA
-----

2014 KODIT CREAT      5.00    12/25/17    KRW     28.64
2014 KODIT CREAT      5.00    12/25/17    KRW     28.64
DONGBU CORP           4.00    06/29/15    KRW     63.91
DOOSAN CAPITAL S     20.00    04/22/19    KRW     35.76
EXPORT-IMPORT BA      0.50    11/21/17    BRL     74.39
EXPORT-IMPORT BA      0.50    12/22/17    BRL     73.29
HYUNDAI HEAVY IN      4.80    12/15/44    KRW     57.75
HYUNDAI HEAVY IN      4.90    12/15/44    KRW     56.68
HYUNDAI MERCHANT      7.05    12/27/42    KRW     37.61
KIBO ABS SPECIAL     10.00    02/19/17    KRW     34.23
KIBO ABS SPECIAL     10.00    08/22/17    KRW     27.49
KIBO ABS SPECIAL     10.00    09/04/16    KRW     36.67
KIBO ABS SPECIAL      5.00    01/31/17    KRW     30.54
KIBO ABS SPECIAL      5.00    03/29/18    KRW     27.63
KIBO GREEN HI-TE     10.00    12/21/15    KRW     41.27
LSMTRON DONGBANG      4.53    11/22/17    KRW     28.34
POSCO ENERGY COR      4.66    08/29/43    KRW     70.56
POSCO ENERGY COR      4.72    08/29/43    KRW     69.96
POSCO ENERGY COR      4.72    08/29/43    KRW     69.84
POSCO PLANTEC CO      3.89    09/13/16    KRW     73.06
SHINHAN BANK          0.28    06/17/30    KRW     68.46
SINBO SECURITIZA      5.00    07/24/17    KRW     29.11
SINBO SECURITIZA      5.00    01/29/17    KRW     31.26
SINBO SECURITIZA      5.00    05/27/16    KRW     33.98
SINBO SECURITIZA      5.00    05/27/16    KRW     33.98
SINBO SECURITIZA      5.00    07/26/16    KRW     33.39
SINBO SECURITIZA      5.00    06/29/16    KRW     33.62
SINBO SECURITIZA      5.00    07/24/18    KRW     26.96
SINBO SECURITIZA      5.00    07/24/18    KRW     26.96
SINBO SECURITIZA      5.00    10/01/17    KRW     29.15
SINBO SECURITIZA      5.00    10/01/17    KRW     29.15
SINBO SECURITIZA      5.00    10/01/17    KRW     29.15
SINBO SECURITIZA      5.00    08/31/16    KRW     32.95
SINBO SECURITIZA      5.00    08/31/16    KRW     32.95
SINBO SECURITIZA      5.00    12/13/16    KRW     31.78
SINBO SECURITIZA      5.00    02/02/16    KRW     33.62
SINBO SECURITIZA      5.00    02/21/17    KRW     30.99
SINBO SECURITIZA      5.00    03/14/16    KRW     33.47
SINBO SECURITIZA      5.00    08/24/15    KRW     50.87
SINBO SECURITIZA      5.00    10/05/16    KRW     32.58
SINBO SECURITIZA      5.00    10/05/16    KRW     31.01
SINBO SECURITIZA      5.00    09/28/15    KRW     43.75
SINBO SECURITIZA      5.00    07/08/17    KRW     30.14
SINBO SECURITIZA      5.00    07/08/17    KRW     30.14
SINBO SECURITIZA      9.00    07/27/15    KRW     69.99
SINBO SECURITIZA      5.00    06/07/17    KRW     22.32
SINBO SECURITIZA      5.00    06/07/17    KRW     22.32
SINBO SECURITIZA      5.00    03/13/17    KRW     30.77
SINBO SECURITIZA      5.00    03/13/17    KRW     30.77
SINBO SECURITIZA      5.00    02/21/17    KRW     30.99
SINBO SECURITIZA      8.00    02/02/16    KRW     37.22
SINBO SECURITIZA      5.00    06/27/18    KRW     27.12
SINBO SECURITIZA      5.00    06/27/18    KRW     27.12
SINBO SECURITIZA      5.00    07/19/15    KRW     64.14
SINBO SECURITIZA      5.00    07/26/16    KRW     33.39
SINBO SECURITIZA      5.00    08/29/18    KRW     26.51
SINBO SECURITIZA      5.00    08/29/18    KRW     26.51
SINBO SECURITIZA      5.00    01/19/16    KRW     34.20
SINBO SECURITIZA      5.00    12/07/15    KRW     37.36
SINBO SECURITIZA     10.00    12/27/15    KRW     40.76
SINBO SECURITIZA      5.00    08/16/16    KRW     32.24
SINBO SECURITIZA      5.00    08/16/17    KRW     29.71
SINBO SECURITIZA      5.00    08/16/17    KRW     29.71
SINBO SECURITIZA      5.00    09/13/15    KRW     48.47
SINBO SECURITIZA      5.00    09/13/15    KRW     48.47
SINBO SECURITIZA      5.00    02/11/18    KRW     27.99
SINBO SECURITIZA      5.00    02/11/18    KRW     27.99
SINBO SECURITIZA      5.00    03/12/18    KRW     27.77
SINBO SECURITIZA      5.00    03/12/18    KRW     27.77
SINBO SECURITIZA      5.00    01/15/18    KRW     28.45
SINBO SECURITIZA      5.00    01/15/18    KRW     28.45
SINBO SECURITIZA      5.00    12/25/16    KRW     30.99
SK TELECOM CO LT      4.21    06/07/73    KRW     67.84
TONGYANG CEMENT       7.50    04/20/14    KRW     70.00
TONGYANG CEMENT       7.30    06/26/15    KRW     70.00
TONGYANG CEMENT       7.30    04/12/15    KRW     70.00
TONGYANG CEMENT       7.50    07/20/14    KRW     70.00
TONGYANG CEMENT       7.50    09/10/14    KRW     70.00
U-BEST SECURITIZ      5.50    11/16/17    KRW     29.34
WISE MOBILE SECU     20.00    05/19/18    KRW     71.49
WISEPOWER CO LTD      4.00    08/10/15    KRW     41.69


SRI LANKA
---------

SRI LANKA GOVERN      5.35    03/01/26    LKR     73.21


MALAYSIA
--------

BANDAR MALAYSIA       0.35    12/29/23    MYR     70.61
BANDAR MALAYSIA       0.35    02/20/24    MYR     70.12
BIMB HOLDINGS BH      1.50    12/12/23    MYR     70.51
BRIGHT FOCUS BHD      2.50    01/22/31    MYR     65.37
BRIGHT FOCUS BHD      2.50    01/24/30    MYR     68.18
LAND & GENERAL B      1.00    09/24/18    MYR      0.31
SENAI-DESARU EXP      0.50    12/31/38    MYR     65.64
SENAI-DESARU EXP      0.50    12/29/45    MYR     74.26
SENAI-DESARU EXP      0.50    12/30/39    MYR     67.36
SENAI-DESARU EXP      0.50    12/31/40    MYR     68.67
SENAI-DESARU EXP      0.50    12/31/41    MYR     69.87
SENAI-DESARU EXP      0.50    12/31/42    MYR     71.26
SENAI-DESARU EXP      0.50    12/30/44    MYR     73.36
SENAI-DESARU EXP      0.50    12/31/43    MYR     72.43
SENAI-DESARU EXP      1.35    06/29/29    MYR     54.99
SENAI-DESARU EXP      1.35    06/30/28    MYR     57.88
SENAI-DESARU EXP      1.35    12/29/28    MYR     56.43
SENAI-DESARU EXP      1.10    12/31/21    MYR     75.10
SENAI-DESARU EXP      1.10    06/30/22    MYR     73.50
SENAI-DESARU EXP      1.15    12/30/22    MYR     72.20
SENAI-DESARU EXP      1.15    06/30/23    MYR     70.64
SENAI-DESARU EXP      1.15    12/29/23    MYR     69.10
SENAI-DESARU EXP      1.15    06/28/24    MYR     67.57
SENAI-DESARU EXP      1.15    12/31/24    MYR     66.01
SENAI-DESARU EXP      1.15    06/30/25    MYR     64.50
SENAI-DESARU EXP      1.35    12/31/25    MYR     64.71
SENAI-DESARU EXP      1.35    06/30/26    MYR     63.43
SENAI-DESARU EXP      1.35    12/31/26    MYR     62.07
SENAI-DESARU EXP      1.35    06/30/27    MYR     60.71
SENAI-DESARU EXP      1.35    12/31/27    MYR     59.29
SENAI-DESARU EXP      1.35    12/31/29    MYR     54.10
SENAI-DESARU EXP      1.35    06/28/30    MYR     53.26
SENAI-DESARU EXP      1.35    12/31/30    MYR     52.37
SENAI-DESARU EXP      1.35    06/30/31    MYR     51.50
UNIMECH GROUP BH      5.00    09/18/18    MYR      1.10


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

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


SINGAPORE
---------

AXIS OFFSHORE PT      7.54    05/18/18    USD     70.45
BAKRIE TELECOM P     11.50    05/07/15    USD      4.12
BAKRIE TELECOM P     11.50    05/07/15    USD      4.12
BERAU CAPITAL RE     12.50    07/08/15    USD     65.00
BERAU CAPITAL RE     12.50    07/08/15    USD     62.93
BLD INVESTMENTS       8.63    03/23/15    USD      9.50
BUMI CAPITAL PTE     12.00    11/10/16    USD     27.50
BUMI CAPITAL PTE     12.00    11/10/16    USD     26.35
BUMI INVESTMENT      10.75    10/06/17    USD     27.38
BUMI INVESTMENT      10.75    10/06/17    USD     27.13
ENERCOAL RESOURC      6.00    04/07/18    USD     15.38
INDO INFRASTRUCT      2.00    07/30/10    USD      1.88
OSA GOLIATH PTE      12.00    10/09/18    USD     68.00
SWIBER HOLDINGS       7.13    04/18/17    SGD     74.50


THAILAND
--------

G STEEL PCL           3.00    10/04/15    USD      4.05
MDX PCL               4.75    09/17/03    USD     37.25


VIETNAM
-------

DEBT AND ASSET T      1.00    10/10/25    USD     58.77
BANK FOR INVESTM     10.20    05/19/21    VND      1.00



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***