TCRAP_Public/150707.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, July 7, 2015, Vol. 18, No. 132


                            Headlines


A U S T R A L I A

ABORIGINAL MEDICAL: First Creditors' Meeting Set For July 13
AUSTRAL CORPORATION: First Creditors' Meeting Set For July 13
CUBE WORKS: First Creditors' Meeting Slated For July 13
ILLAWARRA SERIES: Fitch Rating Unaffected by Royal Bank Downgrade
KIMPHIL PTY: First Creditors' Meeting Set For July 10

PROVIDENT CAPITAL: ASIC Bans Former Director for 2 Years
ST BARBARA: S&P Affirms 'B-' CCR & Revises Outlook to Stable
T.B.S.L. PTY: Court Appoints Clifton Hall as Liquidator
WENDY'S SUPA: Owner Says "Business As Usual" Despite Collapse


C H I N A

CDC CORP: 11th Circ. Bars Atty from Suing Board Director


I N D I A

ABOK SPRING: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
AGGARWAL CHARITABLE: CRISIL Suspends B+ Rating on INR150MM Loan
ANROSE PHARMA: CRISIL Suspends B+ Rating on INR70MM Cash Credit
ARDENT COMMODITIES: CRISIL Suspends B+ Rating on INR150MM Loan
ARUNA MOTORS: CRISIL Suspends 'B' Rating on INR180MM Loan

ARVIND MACHINE: CRISIL Suspends B- Rating on INR490MM Cash Loan
AUM UDYOG: CRISIL Suspends B+ Rating on INR100MM Cash Credit
BROWNGOLD PAPER: CRISIL Assigns B- Rating to INR100MM Bank Loan
CENTEX FABRICS: CRISIL Suspends B Rating on INR123MM Term Loan
CHINTPURNI SCHOOL: CRISIL Suspends 'C' Rating on INR898.3MM Loan

COMET GRANITO: CRISIL Suspends 'D' Rating on INR324MM Term Loan
DECCAN PLAST: CRISIL Suspends 'B' Rating on INR28MM LT Loan
DIRCO POLYMERS: CRISIL Ups Rating on INR100MM Cash Loan to B+
DURG EDUCATION: CRISIL Reaffirms B Rating on INR68.1MM Bank Loan
ERODE BUILDER: CRISIL Suspends 'C' Rating on INR200MM Term Loan

ESHWARR STEEL: CRISIL Reaffirms B- Rating on INR30MM Cash Loan
GAURAVH WINES: CRISIL Assigns 'B' Rating to INR100MM Cash Loan
HARIHAR INFRASTRUCTURE: Ind-Ra Suspends 'IND BB' Issuer Rating
J.D. INDUSTRIES: CRISIL Suspends 'D' Rating on INR159.3MM Loan
JAYDEV CONSTRUCTIONS: CRISIL Suspends B- Rating on INR30MM Loan

JUBILANT ENERGY: Ind-Ra Cuts Long-Term Issuer Rating to 'IND BB'
JUBILANT OFFSHORE: Ind-Ra Cuts Long-Term Issuer Rating to IND BB
JUBILANT OIL: Ind-Ra Cuts Long-Term Issuer Rating to 'IND BB'
K SONI: CRISIL Suspends B+ Rating on INR150MM Term Loan
KARNATAKA SILK: CRISIL Suspends B+ Rating on INR150MM Cash Loan

KESHAV COTTON: CRISIL Reaffirms 'B' Rating on INR60MM Cash Loan
MAHAVIR FIBRE: CRISIL Suspends B+ Rating on INR47.5MM Cash Loan
MITTAL FILES: CRISIL Assigns B+ Rating to INR42.6MM Term Loan
MITTAPALLI AGRO: Ind-Ra Withdraws IND B Long-Term Issuer Rating
MITTAPALLI AGRO EXPORTS: Ind-Ra Withdraws IND B LT Issuer Rating

MITTAPALLI AGRO PRODUCTS: Ind-Ra Withdraws IND B LT Issuer Rating
OBERAI MOTOR: CRISIL Suspends 'D' Rating on INR36.9MM Cash Loan
PALANADU PARABOILED: CRISIL Suspends B- Rating on INR85MM Loan
PRAKASH ROAD: CRISIL Suspends 'C' Rating on INR100MM Cash Loan
RAMRIA ASSOCIATES: CRISIL Suspends B+ Rating on INR120MM Loan

RD FORGE: CRISIL Reaffirms B+ Rating on INR68MM Term Loan
RKS FUTURE: CRISIL Assigns 'B' Rating to INR177.5MM Term Loan
SAEE TRAFOLINE: CRISIL Assigns 'D' Rating to INR34MM Cash Loan
SHAGOON PACKAGING: CRISIL Reaffirms 'B' Rating on INR20MM Loan
SHAGUN ORGANISERS: CRISIL Suspends 'D' Rating on INR150MM Loan

SHAKTHI KNITTING: Ind-Ra Ups LT Issuer Rating to 'IND BBB-'
SHANMUGA HAIR: CRISIL Suspends B+ Rating on INR38MM Bank Loan
SHRI JUGLA: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
SRI SARASWATHI: CRISIL Suspends 'B' Rating on INR22.5MM Loan
SRI SATYA: CRISIL Suspends 'B+' Rating on INR50MM Bank Loan

SRI SREENIVASA: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
TAPASYA SHIKSHA: CRISIL Suspends D Rating on INR58.8MM Term Loan
THINKAL NUTS: CRISIL Assigns 'B' Rating to INR55MM Cash Credit
TIRUPPUR SURYA: CRISIL Cuts Rating on INR220.4MM Loan to 'D'
TRANS HIMALAYAN: CRISIL Reaffirms B Rating on INR70MM Cash Loan

TRIDENT TECHLABS: CRISIL Suspends B+ Rating on INR95MM Loan
VIBIN VAIBAVA: CRISIL Suspends 'B' Rating on INR50MM Cash Loan


J A P A N

TOSHIBA CORP: Accounting Scandal Nearly Triples to JPY150 Billion


N E W  Z E A L A N D

HANOVER FINANCE: Investors to Get NZ$18 Million in FMA Settlement
MILFORD ASSET: Loses Five Clients Following FMA Settlement


P H I L I P P I N E S

BAYAN TELECOM: NTC Approves Globe Telecom Takeover


S O U T H  K O R E A

DAEBO INT'L: Worth Exceeds Liquidation Value By KRW29 Billion


X X X X X X X X

* BOND PRICING: For the Week June 29 to July 3, 2015


                            - - - - -


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

ABORIGINAL MEDICAL: First Creditors' Meeting Set For July 13
------------------------------------------------------------
Michael Gregory Jones of Jones Partners Insolvency & Business
Recovery was appointed as administrator of Aboriginal Medical
Service Western Sydney Co-Operative Limited on July 1, 2015.

A first meeting of the creditors of the Company will be held at
Jones Partners Insolvency & Business Recovery, Level 13, 189 Kent
Street, in Sydney, on July 13, 2015, at 11:00 a.m.


AUSTRAL CORPORATION: First Creditors' Meeting Set For July 13
-------------------------------------------------------------
Timothy Clifton and Mark Hall of Clifton Hall were appointed as
Joint and Several Liquidators of Austral Corporation (S.A.) Pty
Ltd on June 30, 2015.

A meeting of creditors will be held at 2:30 p.m. on July 13, 2015
at Clifton Hall, Level 3, 431 King William Street, in Adelaide.


CUBE WORKS: First Creditors' Meeting Slated For July 13
-------------------------------------------------------
Frank Lo Pilato and Mitchell Herrett of RSM Bird Cameron Partners
were appointed as administrators of Cube Works Pty Ltd on July 1,
2015.

A first meeting of the creditors of the Company will be held at
RSM Bird Cameron Partners, Level 1, 103 - 105 Northbourne Avenue,
in Turner, on July 13, 2015, at 2:00 p.m.


ILLAWARRA SERIES: Fitch Rating Unaffected by Royal Bank Downgrade
-----------------------------------------------------------------
Fitch Ratings says that the downgrade of the Royal Bank of
Scotland N.V. (RBS), which is a standby interest rate swap
provider in Illawarra Series 2006-1 RMBS Trust and Illawarra
Series 2007-1 CMBS Trust, had no impact on the transactions
because RBS posted sufficient collateral to be an eligible
derivative counterparty under the current criteria.

On 19 May 2015, Fitch Ratings downgraded RBS's Long- and Short-
term Issuer Default Ratings (IDRs) to 'BBB+'/'F2' from 'A'/'F1';
Outlook Stable. The rating action was in conjunction with Fitch's
review of sovereign support for banks globally, which the agency
announced in March 2014.

The current ratings are as follows:

Illawarra Series 2006-1 RMBS Trust
Class A at 'AAAsf'; Outlook Stable; and
Class B at 'BBsf'; Outlook Stable.

Illawarra Series 2007-1 CMBS Trust
Class B at 'AAAsf'; Outlook Stable;
Class C at 'AAAsf'; Outlook Stable;
Class D at 'AAsf'; Outlook Stable; and
Class E at 'BB+sf'; Outlook Stable.


KIMPHIL PTY: First Creditors' Meeting Set For July 10
-----------------------------------------------------
Sule Arnautovic, Trajan John Kukulovski and Chris Williamson of
Jirsch Sutherland were appointed as administrators of Kimphil Pty
Ltd on July 1, 2015.

A first meeting of the creditors of the Company will be held at
Jarrah and Banksia Rooms, Holiday Inn Perth City Centre, 778-788
Hay Street, in Perth, on July 10, 2015, at 10:30 a.m.


PROVIDENT CAPITAL: ASIC Bans Former Director for 2 Years
--------------------------------------------------------
Following an investigation, Australian Securities and Investment
Commission has banned John Patrick Sweeney of Sydney from
providing financial services for two years. ASIC found Mr Sweeney
failed to comply with financial services laws.

Mr Sweeney was a non-executive director of Provident Capital
Limited from July 30, 2008 to May 7, 2014. Provident Capital went
into receivership on July 3, 2012 and into liquidation on
October 24, 2012.

ASIC suspended Provident Capital's Australian Financial Services
Licence on 15 October 2012.

ASIC's investigation found Mr Sweeney engaged in misleading or
deceptive conduct in relation to a financial product. This
specifically related to his conduct from September 2010 to
March 2012 when he approved Provident Capital's Quarterly Reports
and Benchmark Reports issued to ASIC and Australian Executor
Trustees Limited.

"ASIC and the community expect directors of companies to behave in
a manner appropriate to their position," ASIC Commissioner John
Price said.  "ASIC's action against Mr Sweeney demonstrates ASIC
will take action against people who fail to meet their
obligations."

Mr Sweeney has the right to appeal to the Administrative Appeals
Tribunal for a review of ASIC's decision.

ASIC's investigation into Provident Capital is continuing.

On Feb. 20, 2015, ASIC banned managing director of Provident
Capital Limited, Mr Michael Roger O'Sullivan of Sydney from
managing corporations for five years and from providing financial
services for seven years. Mr O'Sullivan has sought a review of
ASIC's decision in the Commonwealth AAT.

Provident Capital issued debentures to retail investors through
their Fixed Term Investment Portfolio and advanced the debenture
funds to third party borrowers, including property developers, on
a first mortgage basis.

Provident Capital also operated a mortgage fund under a wholesale
facility with Bendigo and Adelaide Bank and two managed investment
schemes.

On June 29, 2012, on an application by the Australian Executor
Trustees Limited, the trustee for Provident debenture holders, the
Court ordered that receivers be appointed to Provident. ASIC
appeared as a 'friend of the court' in these proceedings.

When Provident Capital went into liquidation on Oct. 24, 2012,
over 3,000 Provident debenture holders were owed approximately
AUD130 million.

Provident's receivers (PPB Advisory) have estimated that the
likely return to debenture holders will be in the range of
AUD0.17 to AUD0.19 in the dollar.


ST BARBARA: S&P Affirms 'B-' CCR & Revises Outlook to Stable
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' corporate
credit and senior secured debt ratings on Australian gold miner St
Barbara Ltd. (SBM).  The recovery rating on the senior secured
debt has been revised to '3' from '4', reflecting S&P's view of
average recovery prospects (50%-70%) in the event of a default.

"The outlook revision reflects the improvement in SBM's Simberi
operations in Papua New Guinea and the resolution of operational
issues at its Gold Ridge mine in Solomon Islands," Standard &
Poor's credit analyst May Zhong said.  "In our view, the
turnaround in its Simberi operations is key to the company's
improved earnings and long-term viability."

The Simberi mine is generating positive cash flows, enabling SBM
to accumulate about A$147 million cash on the balance sheet, which
it used to partially prepay its senior secured notes in late June
2015.  The increase in earnings, together with the reduction in
debt, should materially improve SBM's financial risk profile in
the year ended June 30, 2015.

S&P's assessment of SBM's "vulnerable" business risk profile
reflects its relatively smaller scale of operations globally
(374,000 ounces of production in fiscal 2014), and exposure to
volatile gold prices.  In addition, S&P considers that SBM faces
significant operating and country risks in its operations in Papua
New Guinea.  Nonetheless, S&P notes that SBM's biggest earnings
contributor, its Gwalia operations in Australia, has a relatively
lowcost profile.  Gwalia's all-in sustaining costs were A$645 per
ounce for the quarter ended March 31, 2015.  From fiscal 2016
onward, SBM's portfolio will consist of two mines, namely Gwalia
and Simberi.  This is because its King of the Hills mine in
Australia ceased production in the fourth quarter of fiscal 2015
as it reached the end of its mine life. Meanwhile, SBM sold its
Gold Ridge operations in fiscal 2015.

S&P's base case assumes that Simberi will continue to improve
gradually over the next 12 months and contribute positively to the
group's earnings and cash flows.  Simberi is expected to produce
70,000 to 80,000 ounces of gold in fiscal 2015.

S&P's view of SBM's financial risk profile reflects the company's
volatile cash flows; and historically weak, albeit improving, cash
flow protection metrics.  S&P expects the company's adjusted debt-
to-EBITDA ratio to be well below 5x in fiscal 2015, improving from
5.4x in fiscal 2014.  The improvement in its credit metrics is
mainly driven by relatively stable gold prices, and the company's
efforts to improve its Papua New Guinea operations.

Ms. Zhong added: "The stable outlook is based on SBM continuing to
reduce its debt and our expectation of no major operational
disturbances at its mines.  We also expect the company to maintain
adequate liquidity to fund its capital expenditure and working
capital."

S&P could lower the ratings if SBM's credit metrics were to
deteriorate; for example, if its debt to EBITDA rises to more than
5x.  Based on S&P's stable gold prices assumption in the next two
years, this downside scenario would likely arise from an
unforeseen major operational issue at its Simberi or Gwalia mines.

S&P could consider raising the rating if SBM could maintain the
improvement in its operating performance and sustainably generate
positive free operating cash flows, which will help alleviate risk
around the 2018 debt refinancing.


T.B.S.L. PTY: Court Appoints Clifton Hall as Liquidator
-------------------------------------------------------
Mark Hall of Clifton Hall was appointed Official Liquidator of
T.B.S.L. Pty Ltd on 1 July 2015 by Order of the Federal Court of
Australia.


WENDY'S SUPA: Owner Says "Business As Usual" Despite Collapse
-------------------------------------------------------------
Eloise Keating at SmartCompany reports that the collapse of
Wendy's Supa Sundaes will not affect the current operations of the
ice cream and hot dog chain, according to owner Supatreats
Australia.

A spokesperson for Supatreats told SmartCompany it is "business as
usual" for the Wendy's brand in Australia, despite former master
franchisor Wendy's Supa Sundaes falling into voluntary
administration last week.

According to the report, the spokesperson said Supatreats
Australia, which took over the Wendy's licence in the second half
of 2014, will "support the brand and its franchisees to ensure
smooth continuation of the business".

In fact, the spokesperson claims Wendy's is performing well,
SmartCompany relates.

"The Wendy's brand is expecting to trade strongly throughout
Australia, with exciting plans for new products and expanded
offerings later in 2015," the spokesperson told SmartCompany.

The expanded menu includes a breakfast range, as well as coffee,
churros and hot chips. The new products are expected to be rolled
out over the second half of 2015.

Wendy's franchisees were told Wendy's Supa Sundaes had been placed
in voluntary administration on July 1, and in a letter seen by
SmartCompany, Wendy's head office told franchisees their franchise
agreements will continue with Supatreats Australia.

But the Daily Telegraph reported last week a small number of
Wendy's stores will be forced to close as they have not yet
reached an agreement with Supatreats to continue to trade under
the Wendy's brand, according to SmartCompany.  Majority of Wendy's
franchises are already trading under the Supatreats franchise
agreements, SmartCompany relays.

Administrator Martin Lewis from Ferrier Hodgson confirmed in a
statement Wendy's Supa Sundaes is no longer licensed to use
Wendy's intellectual property and will therefore cease to operate,
SmartCompany relays.

SmartCompany relates that in the letter to franchisees, Wendy's
head office said Wendy's Supa Sundaes was placed in voluntary
administration because the Wendy's brand "was under threat".

"The decision to place the company into voluntary administration
was taken because the company was unable to resolve a range of
legacy issues which arose under previous management and ownership
and because it had recently come to the attention of the current
management of the company that its business has been severely
compromised and the integrity of the Wendy's brand was under
threat," the company, as cited by SmartCompany, said.

Multiple Wendy's franchisees have spoken out about the financial
trouble their businesses have encountered, including as recently
as last week when one Wendy's franchisee told SmartCompany Wendy's
had failed in its duty of care after he was locked out of his
store by the franchise's shopping centre landlord.



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C H I N A
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CDC CORP: 11th Circ. Bars Atty from Suing Board Director
--------------------------------------------------------
The United States Court of Appeals for the Eleventh Circuit
affirmed a district court's affirmance of a bankruptcy court's
order denying Timothy F. Coen, a licensed attorney, permission to
sue Joseph D. Stutz, who served as general counsel and a member of
the board of directors for CDC Corporation.

On September 5, 2012, the bankruptcy court confirmed a
reorganization plan for CDC. On March 6, 2013, Coen filed a
complaint in the Northern District of Georgia alleging state law
claims for defamation and tortious interference against Stutz and
others. Upon learning of the Plan Release, however, Coen ceased
efforts to serve Stutz. Instead, on June 29, 2013, Coen moved for
permission from the bankruptcy court to sue Stutz. In particular,
Coen sought a determination that no clause in the Plan barred his
suit against Stutz. The bankruptcy court denied Coen permission to
sue Stutz. The court stated that the Plan Release was "pretty
broad" and covered "just about anything" -- including the claims
in Coen's suit.

The Eleventh Circuit found that the bankruptcy court had
jurisdiction to bar Coen's suit against Stutz, and because the
doctrine laid out in Barton v. Barbour, 104 U.S. 126 (1881),
applies to Coen's suit. Further, the Eleventh Circuit said Coen's
suit against Stutz falls comfortably within the bounds of Barton.
Coen's argument that Stutz was not a court-approved officer
because the bankruptcy court approved his executive service
agreement rather than him personally is unavailing, the Eleventh
Circuit further ruled.

The appeals case is TIMOTHY F. COEN, Plaintiff-Appellant, v.
JOSEPH D. STUTZ, CDC CORPORATION, Defendants-Appellees, In Re: CDC
CORPORATION, Debtor, NO. 14-13133 (11th Circ.).

A full-text copy of the Eleventh Circuit's Opinion dated June 11,
2015, is available at http://is.gd/OEdbDLfrom Leagle.com.

                         About CDC Corp

Based in Atlanta, CDC Corp. (Nasdaq: CHINA) --
http://www.cdccorporation.net/-- is the parent company of CDC
Software (Nasdaq: CDCS). CDC Software is based dually in
Shanghai, China, and Atlanta and produces enterprise software
applications, IT consulting services, outsourced applications
development and IT staffing. The company's owners include Asia
Pacific Online Ltd., Xinhua News Agency and Evolution Capital
Management.

CDC Corp., doing business as Chinadotcom, filed a Chapter 11
petition (Bankr. N.D. Ga. Case No. 11-79079) on Oct. 4, 2011.
James C. Cifelli, Esq., at Lamberth, Cifelli, Stokes & Stout, PA,
in Atlanta, Georgia, serves as counsel. Moelis & Company LLC
serves as its financial advisor and investment banker. Marcus A.
Watson at Finley Colmer and Company serves as chief restructuring
officer. The Debtor estimated assets and debts at US$100 million
to US$500 million as of the Chapter 11 filing.

The Official Committee of Equity Security Holders of CDC Corp. is
represented by Troutman Sanders. The Committee tapped Morgan
Joseph TriArtisan LLC as its financial advisor.

The stock of CDC Software Corp. was sold for $249.8 million to an
affiliate of Vista Equity Holdings.

The Debtor won a bankruptcy judge's approval of a Chapter 11 plan
under which shareholders are slated to receive as much as $6.10 a
share.

On July 3, 2012, the Debtor and the Official Committee of Equity
Security Holders filed their First Amended Joint Plan of
Reorganization for CDC Corporation that provides for the sale of
all of the Debtor's assets, for the benefit of the Debtor's
creditors and equity interest holders. Under the Plan, the
Debtor's chief restructuring officer, Marc Watson, will act as the
disbursing agent and reserve from the sale proceeds sufficient
funds to pay all Allowed Claims in full, plus interest, that
remain unpaid.



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


ABOK SPRING: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Abok Spring
Private Limited (Abok) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable.  Rating actions on Abok's bank loans are as
follows:

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long-term loan          28.1       assigned 'IND BB+'/Stable

   Fund-based working     140.0       assigned 'IND BB+'/Stable
   capital limits

   Non-fund based          10.0       assigned 'IND A4+'
   working capital
   limits

KEY RATING DRIVERS

The ratings reflect Abok's small scale of operation and tight
liquidity position. FY15 unaudited financials indicate top-line of
INR399 million (FY14: INR242 million) with operating EBITDA margin
of 12.2% (14.1%). The company almost fully used the fund-based
facilities over the 12 months ended April 2015.

The ratings also factor in the likelihood of a substantial
improvement in Abok's credit profile over the next two years based
on the company's strong order book position. Abok's current order
book size of INR1,400 million (2.8x FY15 revenue) and the
completion of capex during FY15 resulting in doubling of installed
capacity might lead to top-line expansion. Net leverage was 4.4x
in FY15 (FY14: 5.2x) and interest coverage was 1.6x (1.5x). Ind-Ra
expects the credit metrics to normalise by FYE16 with interest
coverage above 3.0x on stabilisation of operations on the enhanced
capacity leading to a substantial increase in top- and bottom-
line.

The ratings are supported by the more than four decades of
experience of Abok's promoters in manufacturing oil springs and
leaf springs.

RATING SENSITIVITIES

Positive: Sustained improvement in the top-line and EBITDA margin
along with an improvement in the liquidity could lead to a
positive rating action.

Negative: Failure to stabilise operations on the enhanced
capacities and lower-than-expected top-line growth will be
negative for the ratings.

COMPANY PROFILE

Abok was incorporated in 1969 as Ashok Foundry and Metal Works Pvt
Ltd. It is primarily in the business of manufacturing coil springs
and leaf springs that are essential safety products used by
railways. The products are also used in commercial vehicles such
as trucks and buses. The company also has a profile rolling plant
for the manufacture of transmission lines.


AGGARWAL CHARITABLE: CRISIL Suspends B+ Rating on INR150MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Aggarwal Charitable and Educational Trust (ACET).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              150       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       100       CRISIL B+/Stable

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

ACET, registered in 2007, runs Anee's School in Kharar (Punjab),
with classes from kindergarten to the twelfth standard.  ACET is
managed by Mr Aneet Goel.


ANROSE PHARMA: CRISIL Suspends B+ Rating on INR70MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Anrose Pharma (AP).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           5         CRISIL A4
   Cash Credit             70         CRISIL B+/Stable

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

AP was incorporated in 2005 a proprietorship firm, by Mr. Agarwal
with manufacturing unit setup at Barotiwala, Solan, Himachal
Pradesh. The firm is engaged in manufacturing of generic
formulations in form of tablets, syrups, capsules, eye & ear
drops, ointments and injections.


ARDENT COMMODITIES: CRISIL Suspends B+ Rating on INR150MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ardent
Commodities Private Limited (ACPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              150       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility        50       CRISIL B+/Stable

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

Incorporated in March 2013 as a private limited company, ACPL
started its commercial operations in January 2014. It is engaged
in the trading of agro based commodities like soya bean meal and
groundnut extraction meal. The company is based in Rajkot and is
promoted by Gujarat based Kansagara family.


ARUNA MOTORS: CRISIL Suspends 'B' Rating on INR180MM Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Aruna
Motors Private Limited (AMPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              20        CRISIL B/Stable
   Inventory Funding
   Facility                180        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       62        CRISIL B/Stable
   Term Loan                38        CRISIL B/Stable

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

AMPL was incorporated in 2009 by Mr. Sateesh Ravella. It is
engaged in the dealership of Renault India Pvt Ltd's (RIPL)
passenger cars and Ashok Leyland Ltd's (ALL) commercial vehicles
in Andhra Pradesh. The company has 5 showrooms in Andhra Pradesh
and its administrative office is located at Vijaywada (AP).


ARVIND MACHINE: CRISIL Suspends B- Rating on INR490MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Arvind
Machine Tools Private Limited (AMTPL). The suspension of ratings
is on account of non-cooperation by AMTPL with CRISIL's efforts to
undertake a review of the ratings outstanding.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          99.5       CRISIL A4
   Cash Credit            490         CRISIL B-/Stable
   Letter of Credit        40         CRISIL A4
   Proposed Long Term
   Bank Loan Facility     249.4       CRISIL B-/Stable
   Term Loan              121.1       CRISIL B-/Stable

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

Incorporated in 2007, Swastik is promoted by Mr. Girish Patel, Mr
Pankaj Patel, and their family members. The company manufactures
various kinds of ceramic, porcelain, and vitrified floor tiles.


AUM UDYOG: CRISIL Suspends B+ Rating on INR100MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
AUM Udyog (part of the AUM group).

                               Amount
   Facilities                 (INR Mln)    Ratings
   ----------                 ---------    -------
   Cash Credit                    20       CRISIL B+/Stable
   Letter of Credit               30       CRISIL A4
   Proposed Cash Credit Limit    100       CRISIL B+/Stable
   Proposed Letter of Credit      50       CRISIL A4

The suspension of ratings is on account of non-cooperation by AUM
Udyog with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AUM Udyog is yet
to provide adequate information to enable CRISIL to assess AUM
Udyog'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 AUM Udyog and AUM Enterprise, together
referred to as the AUM group. Both the firms are in the same line
of business, and have common partners with fungible cash flows.
Moreover, the management plans to merge AUM Enterprise with AUM
Udyog over the medium term.

Setup in February 2012, AUM Udyog is a partnership firm owned and
managed by Mr. Manoj Kumar and his friend Mr. Ashok Dugar. The
firm manufactures PVC compounds which are used mainly in the
manufacture of plastic cables and wires. AUM Udyog's manufacturing
unit is in Baddi (Himachal Pradesh).

Setup in 2002, AUM enterprise is a partnership firm owned and
managed by Mr. Manoj Kumar and his friend Mr. Ashok Dugar. The
firm manufactures PVC compounds which are used mainly in the
manufacture of plastic cables and wires. AUM Udyog's manufacturing
unit is in Baddi (Himachal Pradesh).


BROWNGOLD PAPER: CRISIL Assigns B- Rating to INR100MM Bank Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of Browngold Paper Industries (BPI).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      100        CRISIL B-/Stable

The rating reflects BPI's exposure to project execution and
funding risks and its expected below-average financial risk
profile. These rating weaknesses are partially offset by the
considerable demand potential for kraft paper in North-East India.
Outlook: Stable

CRISIL believes that BPI will benefit over the medium term from
substantial demand potential for kraft paper in North-East India.
The outlook may be revised to 'Positive' if the firm's unit
stabilises operations without any cost and time overrun.
Conversely, the outlook may be revised to 'Negative' if the firm's
financial risk profile, particularly its liquidity, deteriorates
on account of time and cost overrun in its project, low accruals,
or considerable debt-funded capital expenditure.

BPI, a partnership firm, was set up in 2013-14 to manufacture
kraft paper in Sibsagar (Assam). The manufacturing facility is
expected to commence operations in June 2016. The day to day
operations of the firm is being managed by Mr. Prasan Kumar
Agarwalla.


CENTEX FABRICS: CRISIL Suspends B Rating on INR123MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Centex Fabrics (Export Unit) [CFEU].

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      86.4       CRISIL B/Stable
   Term Loan              123.0       CRISIL B/Stable

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

CFEU was initially set up as Centex Fabrics in 1969 by Mr. R P
Sood in Ludhiana (Punjab); he was later joined by his son, Mr.
Vineet Sood in 1985. In 2003, Centex Fabrics was closed down to
focus entirely on the export markets through a new entity, CFEU,
which was registered as a fully export-oriented unit. CFEU
commenced operations in 2003 and till October 31, 2012, it was
primarily engaged in manufacturing and exporting scarves, stoles,
mufflers, and shawls.

CFEU is currently operating a windmill in Tamil Nadu with a total
capacity of 1.5 megawatts (MW) and a solar power plant in Madhya
Pradesh with a total capacity of 1.25 MW. Both the plants had
commenced commercial operations by the end of 2012-13.


CHINTPURNI SCHOOL: CRISIL Suspends 'C' Rating on INR898.3MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Chintpurni School Educational Society (CSES).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          100        CRISIL A4
   Proposed Long Term
   Bank Loan Facility      101.7      CRISIL C
   Rupee Term Loan         898.3      CRISIL C

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

CSES was registered as an educational society by Mr. Sunil Joshi
in 2005. It was acquired by Mr. Swaran Salaria in 2012. The
society runs a medical college, a nursing institute, and a multi-
speciality hospital in Pathankot (Punjab).


COMET GRANITO: CRISIL Suspends 'D' Rating on INR324MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Comet Granito Private Limited (CGPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           51        CRISIL D
   Cash Credit             180        CRISIL D
   Letter of Credit         25        CRISIL D
   Term Loan               324        CRISIL D

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

CGPL was established by Mr. Devshibhai Vashrambhai Bhalodia in
2007. The company manufactures vitrified floor tiles under the
Comet brand. Its manufacturing unit is in Morbi (Gujarat).


DECCAN PLAST: CRISIL Suspends 'B' Rating on INR28MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Deccan Plast Industries (Deccan).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              22        CRISIL B/Stable
   Long Term Loan           28        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
Deccan with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Deccan is yet to
provide adequate information to enable CRISIL to assess Deccan'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 2010, Deccan manufactures plastic furniture and crates.
The firm is promoted by Mr. B H Asgar Ali and his family members.


DIRCO POLYMERS: CRISIL Ups Rating on INR100MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
Dirco Polymers Private Limited (DPPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'; while reaffirmed its rating on the short term
facilities at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              100       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Letter of Credit          70       CRISIL A4 (Reaffirmed)

   Proposed Cash Credit      40       CRISIL B+/Stable (Upgraded
   Limit                              from 'CRISIL B/Stable')

   Proposed Long Term        55.4     CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B/Stable')

The rating upgrade reflects improvement in business risk profile
and liquidity risk profile. The business risk profile is marked by
expected improvement in operating income in 2014-15 on account of
addition of new customers, while the operating margins will
continue to remain in the range of 7.0-8.5 per cent over the
medium term.

The rating upgrade also reflects improvement in liquidity risk
profile marked by sufficient cash accruals against repayment
obligations, and funding support from promoters.

The ratings reflect DPPL's small scale of operations in the highly
fragmented dyes and pigments industry, and its weak financial risk
profile, marked by a small net worth and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of DPPL's promoters.
Outlook: Stable

CRISIL believes that DPPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial
improvement in the company's financial risk profile, most likely
driven by fresh equity infusion and reduction in incremental
working capital requirements. Conversely, the outlook may be
revised to 'Negative' in case of decline in DPPL's revenue or
profitability, leading to lower cash accruals, or any large debt-
funded capital expenditure, weakening its capital structure.

DPPL was incorporated in 1996, promoted by Mr. Naresh Goyal and
Mr. Surender Goel. The company manufactures masterbatches and
compounds that are primarily used to manufacture a variety of
plastic products for the automobile, electronic, furniture, and
packaging industries. DPPL has three manufacturing units at
Manesar and Gurgaon (both in Haryana), with capacity utilisation
of 80 per cent on an average.


DURG EDUCATION: CRISIL Reaffirms B Rating on INR68.1MM Bank Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Durg Education
and Charitable Society (DECS) continues to reflect DECS's modest
scale of operations and geographical concentration in its revenue
profile. These rating weaknesses are partially offset by the
variety of courses offered by the society, ensuring a large
student base, and its promoters' experience in the education
sector.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Overdraft Facility       5        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      68.1      CRISIL B/Stable (Reaffirmed)

   Term Loan               40        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that DECS will continue to benefit over the medium
term from its promoters' experience in the education sector. The
outlook may be revised to 'Positive' if the society reports
significantly large cash accruals or in case ofsubstantial fund
infusion, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in the society's financial risk profile,
particularly its liquidity, most likely because of delay in fee
receipt or large debt-funded capital expenditure.

Update
DECS registered revenue estimated at about INR100 million to
INR110 million in 2014-15 (refers to financial year, April 1 to
March 31) as against INR95.6 million reported for 2013-14. The
revenue growth was primarily due to fee revision by the society's
colleges and the addition of new seats in the engineering diploma
college. The society's operational surplus margin has remained
stable at around 50 per cent in the last two years.

DECS's financial risk profile remains healthy, with a large net
worth of around INR81.8 million and low gearing of 0.72 times, as
on March 31, 2015.Its debt protection metrics also remained
healthy with an interest coverage ratio of 5.18 times and net cash
accruals to total debt ratio of 0.63 times in 2014-15.The
society's liquidity is adequate, with healthy cash accruals of
INR40 million to INR50 million against loan repayments of INR16
million in 2014-15.The society receives fees biannually in the
month of August and January while the repayments of term loans are
structured quarterly and bi-annually. The quarterly loans are
expected to be completely repaid by 2015-16 and will be replaced
by fresh loans as part of the society's capex.DECS's liquidity is
expected to remain adequate over the medium term to meet its loan
repayment obligations however prudent management of cash flow
involving fees collection and loan repayments in the absence of
large unencumbered cash balances would be a rating sensitive
factor.

DECS was formed in 2002 in Durg (Chhattisgarh) by the Lunia
family. Its day-to-day operations are managed by Mr. NalinLunia.
The society operates four colleges: Chhattisgarh Agricultural
College, Chhattisgarh Agricultural Engineering College,
Chhattisgarh Nursing College, and Chhattisgarh Engineering
College.


ERODE BUILDER: CRISIL Suspends 'C' Rating on INR200MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Erode Builder Educational Trust (EBET).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              13        CRISIL C
   Term Loan               200        CRISIL C

The suspension of ratings is on account of non-cooperation by EBET
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, EBET is yet to
provide adequate information to enable CRISIL to assess EBET'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 November 2007 in Tamil Nadu, EBET operates a single
education institute, the EBET Group of Institutions. The
institute's first academic year commenced in June 2009 and it
offers courses in engineering, Master of Business Administration,
and Master of Computer Applications.


ESHWARR STEEL: CRISIL Reaffirms B- Rating on INR30MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Eshwarr Steel
Tech Pvt Ltd (ESTPL) continues to reflect ESTPL's below-average
financial risk profile, marked by high gearing, small net worth
and moderate debt protection metrics; working-capital-intensive
operations and small scale of operations in the highly fragmented
castings industry. These weaknesses are partially offset by its
promoters' extensive industry experience and their funding
support.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             30       CRISIL B-/Stable (Reaffirmed)
   Long Term Loan          25       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ESTPL will continue to benefit from its
promoters' extensive industry experience over the medium term. The
outlook may be revised to 'Positive' in the event of equity
infusion by the promoters or healthy cash accruals, leading to
significant improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if ESTPL's profitability
or scale of operations is constrained by continued sluggish
demand, or in case of high working capital requirements impacting
its liquidity.

ESTPL was incorporated in 2007 in Shimoga (Karnataka). The company
manufactures steel and alloy steel castings.


GAURAVH WINES: CRISIL Assigns 'B' Rating to INR100MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Gauravh Wines Pvt Ltd (GWPL).

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

The rating reflects the company's below-average financial risk
profile marked by modest net worth, high gearing and total outside
liabilities to tangible net worth ratio, and weak debt protection
metrics. The rating also factors in the company's working capital
intensive nature of operations and exposure to government
regulations in the liquor industry in Punjab. These rating
weaknesses are partially offset by GWPL's established presence in
Punjab and its promoters' extensive experience in the liquor
business.
Outlook: Stable

CRISIL believes that GWPL will continue to benefit over the medium
term from its strong presence in the Punjab market and extensive
experience of promoters in the liquor business. The outlook may be
revised to 'Positive' if the company reports substantial growth in
revenue and margins, thereby improving its capital structure.
Conversely, the outlook may be revised to 'Negative' if GWPL's
financial risk profile deteriorates, on account of significant
decline in revenue or margins, or any adverse changes in the
regulatory framework, impacting the company's operations.

GWPL, started as a partnership firm in 2006-07 (refers to
financial year, April 1 to March 31), was reconstituted as a
private limited company in 2007-08; it was taken over by the
Malhotra family in 2008-09. The company trades in Indian made
foreign liquor through wholesale distribution. It has wholesale
liquor licences for five districts of Punjab (Gurdaspur,
Hoshiarpur, Faridkot, Kapurthala and Muktsar). The company is
based in Ludhiana and is currently owned by Mr. Deep Malhotra, Mr.
Gaurav Malhotra and Mr. Gautam Malhotra.


HARIHAR INFRASTRUCTURE: Ind-Ra Suspends 'IND BB' Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Harihar
Infrastructure Development Corporation Limited's (HIDC) 'IND BB'
Long-Term Issuer Rating with a Stable Outlook to the suspended
category. This rating will now appear as 'IND BB(suspended)' on
the agency's website. The agency has also withdrawn HIDC's
proposed INR200m bank overdraft limit's 'Provisional IND
BB'/'Provisional IND A4+' ratings.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for HIDC. Ind-Ra has withdrawn the
rating on SJEPL's proposed facility as the proposed rating had the
expiry of 90 days ended 20 June 2014.

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


J.D. INDUSTRIES: CRISIL Suspends 'D' Rating on INR159.3MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
J.D. Industries India Ltd (JDIIL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             159.3      CRISIL D
   Letter of credit &
   Bank Guarantee           20.0      CRISIL D
   Standby Line of Credit   20.0      CRISIL D
   Term Loan                11.9      CRISIL D

The suspension of ratings is on account of non-cooperation by
JDIIL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JDIIL is yet to
provide adequate information to enable CRISIL to assess JDIIL'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 1994 by Mr. Janardan Gupta, JDIIL manufactures polyvinyl
chloride (PVC) pipes, and mild steel ERW tubes and pipes, ranging
from 15 millimetres (mm) to 200 mm. The company is managed by Mr.
Janardan Gupta, Mr. Sainish Gupta, and Mr. Manish Gupta. It has
manufacturing facilities in Ghaziabad (Uttar Pradesh), Bhiwadi
(Rajasthan), and Siliguri (West Bengal).


JAYDEV CONSTRUCTIONS: CRISIL Suspends B- Rating on INR30MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Jaydev
Constructions Private Limited (JCPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Overdraft Facility       20        CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility       30        CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by JCPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JCPL is yet to
provide adequate information to enable CRISIL to assess JCPL'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 1999, JCPL is engaged in execution of industrial and
residential construction projects for private parties, in and
around Chennai (Tamil Nadu). The day-to-day operations of the
company are managed by Mr. K Srinath.


JUBILANT ENERGY: Ind-Ra Cuts Long-Term Issuer Rating to 'IND BB'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Jubilant Energy
(Kharsang) Private Limited's (JEKPL) Long-Term Issuer Rating to
'IND BB' from 'IND BBB-'. The Outlook is Negative. Ind-Ra has also
downgraded JEKPL's INR5,850 million long-term bank loans (reduced
from INR6,419 million) to 'IND BB'/Negative from 'IND BBB-'.

KEY RATING DRIVERS

The downgrade reflects the change in JEKPL's holding structure
following the demerger of the non-energy businesses held by
JEKPL's parent Jubilant Energy Private Limited (JEPL; formerly
known as Jubilant Enpro Private Limited; 'IND BBB-'/Stable) into a
separate company JCPL Consultants & Management Services Private
Limited. This has weakened the support from the parent to JOGPL.
Thus, JOGPL's ratings which were based on parent support will
henceforth reflect the standalone profile of the company.

The downgrade also reflects JEKPL's stretched liquidity in view of
a lower production at the Kharsang block and a steep fall in crude
prices. The company's investments in other group companies and
uncertainty with respect to a ramp-up in volumes from the Kharsang
block will keep the liquidity position tight.

The Negative Outlook reflects the risks associated with the
achievement of commercial date of operation by the parent's
subsidiaries Jubilant Offshore Drilling Private Limited ('IND
BB'/Negative) and Jubilant Oil and Gas Private Limited ('IND
BB'/Negative). JEKPL has made significant investments in these
subsidiaries by way of preference shares and loans and advances.
The Outlook also reflects the uncertainties regarding the Kharsang
block with respect to production levels and with operations being
on hold in Manipur Blocks-I and II where JEKPL has a participating
interest.

RATING SENSITIVITIES

Negative: Further deterioration in the liquidity and further
investments in JEPL's oil & gas subsidiaries could lead to a
downgrade of the ratings.

Positive: Improvements in the liquidity and a ramp up in
production from the Kharsang block as well as in output from the
fields of JEPL's subsidiaries to targeted levels could lead to a
Stable Outlook.

COMPANY PROFILE

Incorporated in 1997, JEKPL is one of the Indian step-down
subsidiaries of JEPL. Besides the 25% participating interest in
the Kharsang block, the company holds a 17% participating interest
in each of the two blocks in Manipur.


JUBILANT OFFSHORE: Ind-Ra Cuts Long-Term Issuer Rating to IND BB
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Jubilant
Offshore Drilling Private Ltd's (JODPL) Long-Term Issuer Rating to
'IND BB' from 'IND BBB-'. The Outlook is Negative. Ind-Ra has also
downgraded JODPL's INR13,400 million long-term bank loans to 'IND
BB'/Negative from 'IND BBB-'.

KEY RATING DRIVERS

The downgrade reflects the change in JODPL's holding structure
following the demerger of the non-energy businesses held by
JODPL's parent Jubilant Energy Private Limited (JEPL; formerly
known as Jubilant Enpro Private Limited; 'IND BBB-'/Stable) into a
separate company JCPL Consultants & Management Services Private
Limited. This has weakened the support from the parent to JODPL.
Thus, JODPL's ratings which were based on parent support will
henceforth reflect the standalone profile of the company.

The downgrade also reflects JODPL's stretched liquidity in view of
the delays in the commencement of production, time and cost
overruns in the project, shift in commercial date of operation,
current gas prices and lack of clarity on source of funding for
cost overruns.

The Negative Outlook reflects the risk associated in achieving
commercial date of operation (1 March  2014) and uncertainty in
respect to cost and production levels from the Deen Dayal West
area of block KG-OSN-2001/3 in the Krishna Godavari (KG) Basin and
impact of a revision in gas prices on debt servicing.

The development of Deen Dayal West area of the block has seen
significant cost and time overruns. Also, the estimated
development cost of USD 2.1bn has almost been exhausted and the
company estimates additional development capex of USD900m for
achieving the targeted levels of project infrastructure and wells.

The ratings would continue to be exposed to regulatory risks
including the government's decisions on gas pricing and also the
geological risks associated with this reservoir. On the basis of
the Rangarajan Committee recommendations, the government had
proposed a USD8.4/mmbtu price for natural gas in June 2013 which
was revised downwards in October 2014 to USD5.05/mmbtu based on a
new gas pricing formula. The natural gas price was revised to
USD4.66/mmbtu in April 2015 based on the same formula, reflecting
the soft benchmark indexes. Additionally, against the targeted
production of 200mmscfd (million standard cubic foot per day) from
15 wells, only three wells are under trial production of around
25mmscfd.

RATING SENSITIVITIES

Negative: Further deterioration in the liquidity and time and cost
overruns in the project leading to postponing of cash flows could
lead to a downgrade of the ratings.

Positive: Improvements in the liquidity and tie-up of funding for
the cost and time overruns and output from the fields increasing
to targeted levels by technology application could lead to a
Stable Outlook.

COMPANY PROFILE

Incorporated in March 2004, JODPL is one of the step-down Indian
subsidiaries of Jubilant Enpro Private Limited. It holds the
group's 10% participating interest in the KG-OSN-2001/3. JODPL
also holds a 36% participating interest in each of the two blocks
in Manipur.


JUBILANT OIL: Ind-Ra Cuts Long-Term Issuer Rating to 'IND BB'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Jubilant Oil &
Gas Private Limited's (JOGPL) Long-Term Issuer Rating to 'IND BB'
from 'IND BBB-'. The Outlook is Negative. Ind-Ra has also
downgraded JOGPL's INR760 million non-fund-based bank limit to
'IND BB'/Negative from 'IND BBB-'.

KEY RATING DRIVERS

The downgrade reflects the change in JOGPL's holding structure
following the demerger of the non-energy businesses held by
JOGPL's parent Jubilant Energy Private Limited (JEPL; formerly
known as Jubilant Enpro Private Limited; 'IND BBB-'/Stable) into a
separate company JCPL Consultants & Management Services Private
Limited. This has weakened the support from the parent to JOGPL.
Thus, JOGPL's ratings which were based on parent support will
henceforth reflect the standalone profile of the company.

The downgrade also reflects JOGPL's stretched liquidity in view of
the time overruns in the development of Sanand Maroli and Tripura
blocks. The liquidity position for the company could remain tight
on account of uncertainties regarding investments by Jubilant
Energy (Kharsang) Private Limited (JEKPL; 'IND BB'/Negative).
JOGPL had unsecured loans of INR4,266.6 million at FYE14 in the
form of inter-corporate deposits from JEKPL and other group
companies. The credit profile of JEKPL limits further investments
into JOGPL.

The Negative Outlook reflects the risk associated in achieving
commercial date of operation and uncertainty in respect to
production levels from the JOGPL's Sanand Maroli block and Tripura
block.

RATING SENSITIVITIES

Negative: Further deterioration in liquidity and project time and
cost overrun could lead to a downgrade of the ratings.

Positive: Improvements in the liquidity and tie-up of funds for
the remaining capex leading to output from the fields increasing
to targeted levels could lead to a Stable Outlook.

COMPANY PROFILE

Incorporated in March 2004, JOGPL is one of the step-down Indian
subsidiaries of JEPL. JOGPL has a participating interest in the
seven oil and gas blocks in India acquired in various New
Exploration Licensing Policy bidding rounds, except in two blocks
acquired from JEPL. Mehsana and Cauvery blocks have been found
non-viable and have been applied for relinquishment. The company
has also interest in PSC-I block in Myanmar.


K SONI: CRISIL Suspends B+ Rating on INR150MM Term Loan
-------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of K Soni
Builders and Promoters Pvt Ltd (KSB).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                150       CRISIL B+/Stable

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

KSB was incorporated in 2006 by two business associates, Mr. K
Soni and Mr. Ved Prakash. KSB is executing two residential real
estate projects in Mohali, Punjab. The first residential project
is being marketed under the brand KSB Royal Heights while the
second project under the company is KSB Greens II which is a G+2
concept housing society.


KARNATAKA SILK: CRISIL Suspends B+ Rating on INR150MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Karnataka Silk Marketing Board Ltd (KSMBL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              150       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       100       CRISIL B+/Stable

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

KSMBL was established in 1979 as a Government of Karnataka (GoK)
undertaking. It is a price stabilisation agency for silk in the
domestic market in Karnataka. The company is the largest
government licensed buyer of silk in silk exchanges in Karnataka.
It was formed primarily to prevent formation of groups and cartels
among traders and merchants and to protect the interest of
farmers, reelers, twisters, and weavers. The company operates 24
sales/procurement offices across Karnataka, Tamil Nadu, and Andhra
Pradesh to support the weavers' requirements.


KESHAV COTTON: CRISIL Reaffirms 'B' Rating on INR60MM Cash Loan
---------------------------------------------------------------
CRISIL rating on the long-term bank facilities of Keshav Cotton
Corporation (KCC) continues to reflect KCC's nascent stage and
small scale of operations in the highly competitive cotton
industry, working-capital-intensive operations, and weak financial
risk profile, marked by high gearing and average debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of KCC's promoters.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            60         CRISIL B/Stable (Reaffirmed)
   Term Loan              27.5       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KCC will benefit over the medium term from
its promoters' experience in the cotton industry. The outlook may
be revised to 'Positive' if the firm stabilises its operations
earlier than expected, leading to improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if KCC's operating margin is lower than expected or the firm
undertakes more-than-anticipated debt-funded expansion plan or if
its working capital management deteriorates, thereby significantly
deteriorating its financial profile.

Update
The company generated revenues of around INR 380 million as
against earlier estimates of INR 570 million because of decline in
cotton process and slowdown in demand. The capacities of 200 bales
per day were utilized by 65percent. The revenues are expected to
be around INR 450 million in 2015-16 (refers to financial year,
April 1 to March 31). The operating margins remained low at around
4%, which is in line with other cotton ginners. The operating
margins are expected to remain at similar levels over the medium
term.

The gearing levels of the firm stood at around 1.9 times as on
March 31, 2015. The gearing levels of the company is expected to
remain moderately aggressive over the medium term mainly due to
short term debt. The company does not have debt funded capex
plans. The interest coverage is expected to remain at around 1.8-2
times over the medium term and NCATD at around 10%.

The liquidity remains stretched with tightly matched accruals as
against repayment obligations. Bank limits remains highly utilized
during the peak season. However, there is fund support from the
promoters in the form of unsecured loans to the tune of
INR45.0million as on March 31, 2015. The company does not have any
capex plans.

KCC is a partnership firm located in Nagpur (Maharashtra). The
firm is promoted by Mr. Dilip Kumar Tayal, Mr. Nikunj Tayal and
Mr. Mahesh Khandelwal. Promoters have over 25 years of experience
in the cotton industry. The firm is engaged in cotton ginning and
pressing business.


MAHAVIR FIBRE: CRISIL Suspends B+ Rating on INR47.5MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Mahavir
Fibre Industries (Mahavir).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             47.5       CRISIL B+/Stable
   Term Loan                2.5       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
Mahavir with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Mahavir is yet
to provide adequate information to enable CRISIL to assess
Mahavir'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 2003-04 (refers to financial year, April 1 to March 31);
Mahavir is promoted by the Patil, Rajdhar and Mahale families. The
firm is engaged in the ginning and pressing of raw cotton. Its
unit is in Jalgaon (Maharashtra).


MITTAL FILES: CRISIL Assigns B+ Rating to INR42.6MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Mittal Files and Tools Pvt Ltd (MFTPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               42.6       CRISIL B+/Stable
   Cash Credit             15         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       2.4       CRISIL B+/Stable

The rating reflects MFTPL's modest scale of operations, large
working capital requirements, and average financial risk profile
marked by weak capital structure. These rating weaknesses are
partially offset by the significant experience of MFTPL's promoter
in the tool manufacturing industry and the company's healthy
operating profitability.
Outlook: Stable

CRISIL believes that MFTPL will benefit over the medium term from
its promoter's extensive industry experience. The outlook may be
revised to 'Positive' in case of significant improvement in the
company's scale of operations with steady profitability, leading
to higher accruals and to increase in net worth. Conversely, the
outlook may be revised to 'Negative' if MFTPL's working capital
cycle lengthens or if the company undertakes a large debt-funded
capital expenditure programme, leading to pressure on its
financial risk profile.

Incorporated in 2010, MFTPL manufactures various types of steel
files and rods. MFTPL has its registered office in Thane
(Maharashtra) and is promoted by Mr. Narendra Kumar Mittal.

MITTAPALLI AGRO: Ind-Ra Withdraws IND B Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Mittapalli Agro
Enterprises' Long-Term Issuer Rating of 'IND B(suspended)'.  The
agency has also withdrawn the company's INR70m 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 Mittapalli Agro Enterprises.

Ind-Ra suspended Mittapalli Agro Enterprises' ratings on Nov. 21,
2014.


MITTAPALLI AGRO EXPORTS: Ind-Ra Withdraws IND B LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Mittapalli Agro
Exports' Long-Term Issuer Rating of 'IND B(suspended)'.  The
agency has also withdrawn the company's INR120 milion 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 Mittapalli Agro Exports.

Ind-Ra suspended Mittapalli Agro Exports' ratings on November 21,
2014.


MITTAPALLI AGRO PRODUCTS: Ind-Ra Withdraws IND B LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Mittapalli Agro
Products Private Limited's Long-Term Issuer Rating of 'IND
B(suspended)'.

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

Ind-Ra suspended Mittapalli Agro Products' ratings on 21 November
2014.

Mittapalli Agro Products' ratings are as follows:

-- Long-Term Issuer Rating: migrated to 'IND B(suspended)';
    rating withdrawn
-- INR288 million fund-based limits: migrated to 'IND
    B(suspended)'/'IND A4(suspended)'; ratings withdrawn
-- INR5 million non-fund-based limits: migrated to 'IND
    A4(suspended)'; rating withdrawn


OBERAI MOTOR: CRISIL Suspends 'D' Rating on INR36.9MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Oberai
Motor Sales (OMS).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             36.9       CRISIL D
   Term Loan               18.3       CRISIL D

The suspension of ratings is on account of non-cooperation by OMS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, OMS is yet to
provide adequate information to enable CRISIL to assess OMS'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 2010, OMS is a partnership firm of Mr. Amrish Oberai,
Mr. Pranav Oberai, Mr. Shravan Oberai, and Mrs. Seema Oberai. The
firm is an authorised dealer for Nissan Motor in Dehradun
(Uttarakhand). It commenced operations in November 2011.


PALANADU PARABOILED: CRISIL Suspends B- Rating on INR85MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Palanadu Paraboiled Rice Mill (PPR).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan           85        CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by PPR
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PPR is yet to
provide adequate information to enable CRISIL to assess PPR'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 2013 as a partnership firm, PPR is engaged in milling
and processing of paddy into rice, rice bran, broken rice and
husk.


PRAKASH ROAD: CRISIL Suspends 'C' Rating on INR100MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Prakash
Road Lines Corporation Ltd (PRLCL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           10        CRISIL A4
   Cash Credit             100        CRISIL C
   Term Loan                20        CRISIL C

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

PRLCL was established in 1971 as partnership firm by Mr.
Vishwanath Sureka. The company is based in Kolkata (West Bengal).
In 1987, the firm was reconstituted as a private limited company.
PRLCL is engaged in material handling and transportation,
primarily for the cement sector.


RAMRIA ASSOCIATES: CRISIL Suspends B+ Rating on INR120MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ramria Associates Pvt Ltd (RAPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           5         CRISIL A4
   Cash Credit            120         CRISIL B+/Stable

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

RAPL, incorporated in 1994, is promoted by Mr. TR Mittal. It
trades in various construction and building material such as
ceiling items, roofing sheets, tiles, gypsum boards, cement,
glass, and cement.


RD FORGE: CRISIL Reaffirms B+ Rating on INR68MM Term Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of RD Forge Pvt Ltd
(RDFPL; part of the RD group) continue to reflect the RD group's
weak financial risk profile, marked by high gearing and modest
debt protection metrics.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            40        CRISIL B+/Stable (Reaffirmed)
   Foreign Exchange
   Forward                 2        CRISIL A4 (Reaffirmed)
   Term Loan              68        CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the group's modest scale of operations
and customer concentration in its revenue profile. These rating
weaknesses are partially offset by the extensive experience of the
group's promoters in the forgings industry and the funding support
it receives from them in the form of unsecured loans.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of RDFPL and RD Forge (a unit of RD
Chemicals Pvt Ltd). This is because both these entities, together
referred to as the RD group, have integrated operations, a similar
product line, and a common management.
Outlook: Stable

CRISIL believes that the RD group will continue to benefit over
the medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the group
registers a substantial increase in its revenue and profitability
while improving its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the RD group's revenue or
profitability is lower than expected, or if its working capital
requirements increase, or if it undertakes a significant debt-
funded capital expenditure programme, leading to deterioration in
its financial risk profile.

The RD group manufactures forging parts such as flanges that are
used largely in the oil and gas industry. Its plant in Ghaziabad
(Uttar Pradesh) has a capacity to machine 1200 tonnes per month of
forging parts. The group's day-to-day operations are managed by
Mr. Subhash Garg along with his son Mr. Saurabh Garg and his
nephew Mr. Gaurav Garg.


RKS FUTURE: CRISIL Assigns 'B' Rating to INR177.5MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of RKS Future Foods and Cold Chain Pvt Ltd (RKS).
The rating reflects RKS's nascent stage of operations with
exposure to implementation and offtake risks associated with its
ongoing controlled atmosphere cold chain facility. These rating
weaknesses are partially offset by its promoters' extensive
industry experience.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               177.5      CRISIL B/Stable
   Cash Credit              40        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility        2.5      CRISIL B/Stable

Outlook: Stable

CRISIL believes that RKS will benefit from its promoters'
extensive industry experience over the medium term. The outlook
may be revised to 'Positive' in case of timely completion of its
project within the budgeted cost and subsequent significant ramp-
up in sales, leading to higher cash accruals. Conversely, the
outlook may be revised to 'Negative' if RKS faces time or cost
overrun in project implementation, or delay in stabilisation of
operations.

RKS was incorporated in 2013 for setting up a controlled
atmosphere cold chain facility for fruits and vegetables. The
company is setting up the facility at Baddi (Himachal Pradesh)
with a capacity of 5000 tonnes. The company is promoted by Mr.
Kewal Krishan, Mr. Rishi Dev, Mr. Rohit Singla, Mr. Sandeep Kumar,
Mr. Rakesh Kumar, Mr. Rupesh Goyal and Mr. Ravinder Kumar.


SAEE TRAFOLINE: CRISIL Assigns 'D' Rating to INR34MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Saee Trafoline Pvt Ltd (STPL). The ratings reflect
instances of delay by STPL in servicing its term debt, and
continuous over-utilisation of its cash credit limit; the delays
have been caused by the company's weak liquidity.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                26        CRISIL D
   Bank Guarantee           10        CRISIL D
   Cash Credit              34        CRISIL D

STPL has a below-average financial risk profile, marked by high
gearing and large working capital requirements. However, the
company benefits from the promoters' extensive industry
experience.

Incorporated in 2009, STPL is a transformer field service
specialist engaged in erection, testing, commissioning and
servicing of electrical transformers. Mr. Kannepoti Srinivasa Rao,
Mr. Muppalla Ramesh Babu, Mr. Chaganti Naga Srinivasa Satish and
Mrs. Chaganti Naveena are the directors of STPL. The company has
its registered office in Vijayawada, Andhra Pradesh.


SHAGOON PACKAGING: CRISIL Reaffirms 'B' Rating on INR20MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shagoon Packaging Pvt
Ltd (SPPL) continue to reflect its modest scale of operations,
below-average financial risk profile, marked by low net worth, and
large working capital requirements. These rating weaknesses are
partially offset by the promoters' extensive experience in the
polymer products industry and its established relationships with
its customers and suppliers.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Letter of Credit         20       CRISIL A4 (Reaffirmed)
   Packing Credit           40       CRISIL A4 (Reaffirmed)
   Term Loan                20       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SPPL will maintain its stable business risk
profile over the medium term, backed by its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
the company reports significant growth in its revenue and
profitability while improving its capital structure. Conversely,
the outlook may be revised to 'Negative' in case of significant
decline in revenue and margins or if further lengthening of its
working capital cycle leads to pressure on its financial risk
profile, particularly its liquidity.

SPPL is a private limited company that manufactures plastic
flexible intermediate bulk container shopping bags of 30 to 40
microns. The current promoter and director Mr. Dilip Murarka took
over the company in 2009 and has been managing the day-to-day
operations. SPPL is a 100 per cent export-oriented unit located at
Navi Mumbai (Maharashtra).

SPPL reported net loss of INR1.9 million on net sales of INR135
million for 2013-14 (refers to financial year, April 1 to
March 31) vis-a-vis net profit of INR5.9 million on net sales of
INR122 million for 2012-13.


SHAGUN ORGANISERS: CRISIL Suspends 'D' Rating on INR150MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Shagun
Organisers Pvt Ltd (SOPL).


                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                150       CRISIL D

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

SOPL was established in April 2008 by Mr. Rajesh Poddar and Mr.
Dinesh Shah. SOPL is currently engaged in developing a residential
real estate project, Retreat Height, in Vesu, Surat (Gujarat).


SHAKTHI KNITTING: Ind-Ra Ups LT Issuer Rating to 'IND BBB-'
-----------------------------------------------------------
India Rating and Research (Ind-Ra) has upgraded Shakthi Knitting
Limited's (SKL) Long-Term Issuer Rating to 'IND BBB-' from 'IND
BB'. The Outlook is Stable.

KEY RATING DRIVERS

The upgrade reflects SKL's strong revenue growth on established
customer relationships and improved liquidity position. FYE15
unaudited financials indicate 25.2% yoy growth in revenue to
INR2.9bn. The utilisation of the working capital facilities
remained within sanctioned limits helped by a 27-day yoy
improvement in net cash conversion cycle during FY15 to 138 days.

SKL's growth depends heavily on increasing business from its long-
standing relationships with reputed companies such as H & M Hennes
& Mauritz AB (nine years), Hanesbrands Inc (seven years) and ASDA
Stores Ltd (four years).

The upgrade also factors in Ind-Ra's expectation of a substantial
improvement in SKL's credit metrics on normalised profitability
(between 8%-9%) with an increase in the scale of operations. Net
leverage marginally deteriorated to 5.0x in FYE15 (FY14: 4.5x) and
EBITDA interest cover improved to 1.8x (1.4x). EBITDA margin
declined 270 bps yoy to 6.3% due to cotton price fluctuations.
Ind-Ra expects the company's net leverage to be below 3.5x by
FYE16.

The ratings continue to be supported by the promoters' two-decade-
long experience in the garment manufacturing business.

RATING SENSITIVITIES

Positive: Improvements in the profitability leading to the EBITDA
interest cover being sustained above 3.0x will be positive for the
ratings.

Negative: Failure to improve the profitability with the net
leverage remaining above 3.5x will be negative for the ratings.

COMPANY PROFILE

Incorporated in 1992 in Tirupur (Tamil Nadu), SKL manufactures and
exports knitted garments and fabrics.  It has a vertically
integrated manufacturing set-up with facilities for knitting,
dyeing and garmenting. Around 53% of the company's revenue comes
from domestic sales.

SKL's ratings:

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

-- INR7.5 million long-term loans: 'IND BB' rating withdrawn on
    closure of the facility

-- INR840 million fund-based working capital limit: upgraded to
    'BBB-'/Stable from 'IND BB' and 'IND A3' from 'IND A4+'

-- INR220 million non-fund-based limits (increased from
    INR197.5 million): upgraded to 'IND A3' from 'IND A4+'


SHANMUGA HAIR: CRISIL Suspends B+ Rating on INR38MM Bank Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shanmuga Hair Products India Pvt Ltd (SHPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan           2         CRISIL B+/Stable
   Packing Credit          60         CRISIL A4
   Proposed Long Term
   Bank Loan Facility      38         CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by SHPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SHPL is yet to
provide adequate information to enable CRISIL to assess SHPL'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 2007 by Mr. Murali Krishna in Chennai (Tamil Nadu), SHPL
processes and conditions human hair.


SHRI JUGLA: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shri Jugla
Enterprises Private Limited (SJEPL) 'IND B' Long-Term Issuer
Rating with a Stable Outlook to the suspended category. This
rating will now appear as 'IND B(suspended)' on the agency's
website.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for SJEPL. Ind-Ra has withdrawn the
rating on SJEPL's proposed facility as the proposed rating had the
expiry of 90 days ended 4 May 2014.

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

Shri Jugla's ratings are as follows:

-- Long-Term Issuer Rating: migrated to 'IND B(suspended)' from
    'IND B'
-- INR49 million fund-based limit: migrated to
    'IND B(suspended)' from 'IND B'
-- Proposed INR51 million fund-based limit: 'Provisional IND B';
    rating withdrawn


SRI SARASWATHI: CRISIL Suspends 'B' Rating on INR22.5MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Saraswathi Saw Mills (SSM).

                              Amount
   Facilities                (INR Mln)    Ratings
   ----------                ---------    -------
   Foreign Letter of Credit     75        CRISIL A4
   Overdraft Facility           22.5      CRISIL B/Stable

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

SSM was established in 1972 in Tamil Nadu. The firm trades and
processes hardwood. SSM is promoted by Mr. Shantilal Patel, and is
currently managed by his sons, Mr. Hiralal Patel and Mr. Rajendra
Patel.


SRI SATYA: CRISIL Suspends 'B+' Rating on INR50MM Bank Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sri Satya Ganesh Traders (SSGT).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              40        CRISIL B+/Stable
   Long Term Loan           12.3      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       50        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by SSGT
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SSGT is yet to
provide adequate information to enable CRISIL to assess SSGT'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 2009 as a partnership firm, SSGT is engaged in milling
and processing of paddy into rice, bran, broken rice and husk.
SSGT operates through a leased rice mill, located in Pandalapaka,
East Godavari district (Andhra Pradesh). The day-to-day operations
of the firm are managed by the managing partner, Mr. M V V Krishna
Reddy.


SRI SREENIVASA: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sri Sreenivasa
Constructions (SSC) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable. The agency has also assigned SSC's INR278.4m
long-term loans an 'IND BB-' rating with a Stable Outlook.

KEY RATING DRIVERS

The ratings reflect the execution risks associated with SSC's on-
going projects. The ratings also factor in the risk of cash-flow
mismatch on account of the movement of funds between projects, and
the fact that customer advances is the only major source of funds.

The ratings are supported by SSC's promoters' track record of
completing 15 projects in Hyderabad and their experience of more
than two decades in the real estate segment. Also, since most of
the projects are villas, SSC has the flexibility to defer
construction based on sales visibility, which partially mitigates
project sales risk.

RATING SENSITIVITIES

Positive: Sale of units as planned, leading to strong visibility
of cash flows could lead to a positive rating action.

Negative: Further leveraging of the existing business for new
projects and/or time and cost overruns stressing cash flows for
debt service could lead to a negative rating action.


TAPASYA SHIKSHA: CRISIL Suspends D Rating on INR58.8MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Tapasya
Shiksha Samiti (TSS).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      41.2       CRISIL D
   Term Loan               58.8       CRISIL D

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

TSS was established by Mr. Sanjeev Saxena and his father, Mr. R R
Saxena in 2000. The trust operates five institutes which offer
courses in engineering, pharmaceutical and management. TSS houses
the institutes on a 65 acre campus in Ratibad, Bhopal (Madhya
Pradesh).


THINKAL NUTS: CRISIL Assigns 'B' Rating to INR55MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Thinkal Nuts (TN).

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

The rating reflects TN's modest scale of operations in the
intensely competitive cashew industry, and the firm's below-
average financial risk profile, marked by a high total outside
liabilities to tangible net worth ratio. These rating weaknesses
are partially offset by the extensive industry experience of TN's
proprietor.
Outlook: Stable

CRISIL believes that TN will continue to benefit over the medium
term from its established track record in, and the stable demand
prospects for, the cashew industry. The outlook may be revised to
'Positive' if the firm generates substantial cash accruals,
resulting in improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if TN records
lower-than-expected revenue and profitability, or if it undertakes
a large debt-funded capital expenditure programme, or in case of
significant withdrawal of funds by its proprietor.

TN was set up as a proprietorship firm in 2013 by Mr. N Sadashiv
Nair. The firm sells cashew kernels in the domestic market. It
currently operates a single processing facility in Kollam
(Kerala).

TN, provisionally, reported a profit after tax (PAT) of INR1.4
million on net sales of INR216.4 million for 2014-15 (refers to
financial year, April 1 to March 31), as against a PAT of INR3.1
million on net sales of INR184.8 million in 2013-14.


TIRUPPUR SURYA: CRISIL Cuts Rating on INR220.4MM Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Tiruppur Surya Hitech Apparel Pvt Ltd (TSHAPL; part of the
Thirupur Suriya group) to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bill Discounting         97        CRISIL D (Downgraded from
                                      'CRISIL A4')

   Cash Credit               8        CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Export Packing Credit   135        CRISIL D (Downgraded from
                                      'CRISIL A4')

   Term Loan                85.3      CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Working Capital         220.4      CRISIL D (Downgraded from
   Term Loan                          'CRISIL B/Stable')

The rating downgrade reflects instances of delay by the Thirupur
Suriya group in repayment of its term loan. The delays were due to
the group's weak liquidity marked by inadequate cash accruals for
meeting repayment obligations.

The Thirupur Suriya group has a below-average financial risk
profile, marked by high gearing and weak debt protection metrics.
It also has customer concentration in its revenue profile, and is
susceptible to fluctuations in the value of the Indian rupee.
However, the group benefits from its established market position
across the textile value chain.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of TSHAPL and Thirupur Suriya Textiles Pvt
Ltd (TSTPL). This is because the two companies, together referred
to as the Thirupur Suriya group, are part of the same textile
value chain, and have a common management, interdependent
commercial transactions, and centralised raw material procurement
and marketing arrangements.

The Thirupur Suriya group is a four-decade-old player in the
textile industry. Its operations are vertically integrated, with
spinning, knitting, dyeing, compacting, printing, stitching, and
embroidery facilities. It owns end-to-end facilities for
conversion of cotton into ready-made knitwear. The group is
managed by Mr. K Kuppusamy.


TRANS HIMALAYAN: CRISIL Reaffirms B Rating on INR70MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Trans Himalayan
Logistics Pvt Ltd (THLPL) continues to reflect THLPL's working-
capital-intensive operations and weak financial risk profile
marked by high gearing. These rating weaknesses are partially
offset by the extensive entrepreneurial experience of THLPL's
promoters.

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

Outlook: Stable

CRISIL believes that THLPL will continue to benefit over the
medium term from its promoters' extensive entrepreneurial
experience. The outlook may be revised to 'Positive' if THLPL's
scale of operations and profitability improves substantially along
with improvement in liquidity because of substantial increase in
accruals and controlled working capital cycle, or large long-term
fund infusion by the promoters. Conversely, the outlook may be
revised to 'Negative' if THLPL's accruals decline substantially,
or if it witnesses a stretch in its working capital cycle, or
undertakes any large debt-funded capital expenditure, thereby
weakening its financial risk profile, particularly liquidity.

Incorporated in 2007, THLPL is engaged in road transportation
business. The company was not operational until 2012-13 (refers to
financial year, April 1 to March 31), and was taken over by the
Kolkata-based Jagwani group in 2013-14. THLPL also trades in iron
ore fines.


TRIDENT TECHLABS: CRISIL Suspends B+ Rating on INR95MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Trident
Techlabs Pvt Ltd (TTPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           25        CRISIL A4
   Overdraft Facility       95        CRISIL B+/Stable

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

Incorporated in 2000 and promoted by Mr. Sukesh Naithani and Mr.
Praveen Kapoor, TTPL provides computer-based software products.
The company currently operates in three segments: pre-packaged
software for the education sector, pre-packaged software for the
defence sector, and consultancy services for the power sector.
TTPL is based in Delhi and has six branch offices across India.


VIBIN VAIBAVA: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Vibin Vaibava Trading Pvt Ltd (VVTPL).

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

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

VVTPL was set up in 2004 by Mr. S Balamurugan in Nagercoil (Tamil
Nadu). It trades in steel scrap and steel billets.



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


TOSHIBA CORP: Accounting Scandal Nearly Triples to JPY150 Billion
-----------------------------------------------------------------
The Japan Times reports that the magnitude of Toshiba Corp.'s
accounting scandal nearly tripled over the weekend as sources
revealed on July 4 that its combined group operating profit for
the five-year period ending in March 2014 was likely inflated by
over JPY150 billion.

That's roughly three times the combined JPY54.8 billion previously
revealed by Toshiba itself, as estimated by the outside committee
investigating the problem, the report says.

The accounting debacle is only likely to grow as the committee
probes deeper and uncovers even more inconsistencies in Toshiba's
books, the sources said, the Japan Times relates.

According to the report, the sources said the disclosures quietly
began with vague warnings about infrastructure-related and other
projects. But now suspicious accounting is being uncovered in its
TV, semiconductor and personal computer businesses.

Since Toshiba's operating profits for the period exceeded JPY1
trillion, it is unlikely to drop into the red even after
correcting the flawed reports.

The panel is expected to issue its report later this month.
Toshiba has withdrawn its earnings estimate for the year ended in
March and canceled a year-end dividend, the report notes.

                        About Toshiba Corp.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others.  The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others.  The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment.  The Others segment
leases and sells real estate.

As reported in the Troubled Company Reporter-Asia Pacific on
June 25, 2014, Moody's Japan K.K. assigned a rating of Ba1 to the
JPY180 billion in subordinated loans issued by Toshiba
Corporation.  At the same time, Moody's has affirmed all of
Toshiba's ratings.

Senior Unsecured Baa2
Senior Unsecured Shelf (P)Baa2
Subordinate Ba1
Commercial Paper P-2

The ratings outlook is stable.



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


HANOVER FINANCE: Investors to Get NZ$18 Million in FMA Settlement
-----------------------------------------------------------------
The Financial Markets Authority (FMA) has reached a settlement of
its civil proceedings against the former directors of Hanover
Finance Ltd (HFL), Hanover Capital Ltd (HCL), United Finance Ltd
(UFL), together known as the Hanover finance companies, and the
former directors of a parent firm, Hanover Group Ltd.  As part of
the settlement, NZ$18 million will be distributed to eligible
investors who invested in the Hanover finance companies in the
period from 7 December 2007 to 23 July 2008.

The directors of the Hanover finance companies (HFL, HCL and UFL)
are Mark Hotchin, Gregory Muir, Tipene O'Regan, and Bruce Gordon.
The directors of Hanover Group Ltd (HGL), which the FMA alleges
was a promoter of offers made by the three Hanover finance
companies, were Eric Watson and Dennis Broit.

In the proceedings, the FMA claimed that prospectuses and
advertisements distributed by HFL, HCL and UFL between December
2007 and July 2008 were misleading about the financial position of
the companies in that period. The defendants deny liability and
dispute the FMA's claims.

FMA chief executive, Rob Everett, said the decision to reach a
settlement was very carefully considered within the FMA and with
its legal advisers, to determine how best to serve the interests
of investors and the broader public.  The FMA believes that the
terms of the settlement provide a better and earlier outcome for
the relevant investors than going to court and also meet the FMA's
regulatory objectives in taking civil action.

In addition to the settlement payment, Messrs Hotchin, Muir,
O'Regan and Gordon, directors of the Hanover finance companies,
have given voluntary undertakings not to act as directors of a
bank or non-bank deposit-taker until 1 May 2018, without the prior
written approval of the FMA.  A breach of the undertakings can be
enforced by the FMA through the Courts.

Mr Watson and Mr Broit, the directors of HGL, have given
representations to the FMA that they do not intend, now or in the
future, to act as directors of a bank or non-bank deposit-taker.

Mr Everett said, "We wanted to provide certainty and some
compensation to investors in the 2007 offer.  We believe the
compensation secured now is the best outcome for those investors.
This payment is likely to be greater than any recovery that might
have been available at the end of a trial.

"The undertakings and representations provided by the defendants
meet the FMA's regulatory objectives and hold the defendants to
account. This ensures they will not be directors of bank or non-
bank deposit takers for a period of time. Undertakings are used by
the FMA to provide an element of protection for investors."

Mr Everett noted that the outcome of any trial is always
uncertain, that there is also the possibility of appeals, and this
would postpone resolution for investors and for the public
generally for several more years. "Any funds that may have been
available for investors, from the defendants and their insurers,
would have been largely reduced by the costs of a lengthy trial."

The focus of the FMA's investigation and civil proceedings was the
offer made to investors in December 2007 and the related
advertisements. The investors eligible for compensation are those
who invested, or reinvested, in the Hanover finance companies on
the basis of the information in these offer documents between 7
December 2007 and 23 July 2008, and who were not repaid in full.

The FMA Hanover case was about disclosure to investors. It
highlights the importance of accurate disclosure and that
investors are entitled to know the true financial position of any
company where they have entrusted their money.

Mr Everett added, "While these proceedings were taken under the
prevailing law at the time, the Securities Act 1978, the FMA is
committed to working with issuers to drive prompt and effective
disclosure and to embed the new disclosure regime under the
Financial Markets Conduct Act, which came into effect in 2014.
These disclosure obligations are critical to ensuring investors
can have confidence they are being fairly treated and accurately
informed."

                       About Hanover Finance

Hanover Finance Limited -- http://www.hanover.co.nz/-- was
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.

Hanover Finance's investors in December 2008 voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover
interests for shares in Allied Farmers Ltd.

The Serious Fraud Office commenced an investigation into the
affairs of Hanover Finance Ltd in September 2010 after
considering complaints received from the Securities Commission,
Allied Farmers and others.

The Financial Markets Authority, on March 30, 2012, filed civil
proceedings against directors and promoters of Hanover Finance
Ltd, Hanover Capital Ltd, and United Finance Ltd.  Proceedings
under the Securities Act have been filed against Mark Hotchin,
Eric Watson, Greg Muir, Sir Tipene O'Regan, Bruce Gordon and
Dennis Broit. They relate to statements made in the
December 2007 prospectuses, subsequent advertising, and the
March 2008 prospectus extension certificate.

SFO on April 30, 2013, said it has completed its investigation
of Hanover Finance, bringing to an end its investigations into the
2007/08 finance company collapses. That process, which saw SFO
investigate 15 separate companies, resulted in criminal
prosecutions in relation to nine companies. Overall, 23
individuals have faced charges laid by SFO.


MILFORD ASSET: Loses Five Clients Following FMA Settlement
----------------------------------------------------------
Christopher Adams at The New Zealand Herald reports that Milford
Asset Management has lost five wholesale clients, including
financial services provider Mercer, since its NZ$1.5 million
settlement last month with the Financial Markets Authority, which
followed an investigation into alleged market manipulation.

Managing director Anthony Quirk would not disclose the value of
Mercer's mandate but said the five clients had withdrawn
NZ$130 million in funds, according to the Herald.

The report relates that substantial security holder notices
released show Milford is no longer holding shares it previously
managed on behalf of Mercer.

Milford has over NZ$3 billion under management, including
KiwiSaver funds, the Herald notes.

The Herald says the Milford portfolio manager at the centre of the
FMA investigation was not a party to the settlement and is still
facing enforcement action from the FMA.

According to the Herald, Mr. Quirk said four of Milford's five
business divisions had experienced "net in-flows" of funds, or had
remained unchanged, since the settlement.

"Wholesale [clients] have different drivers of their decisions,"
the report quotes Mr. Quirk as saying. "We've got 20,000 retail
clients and the vast majority of them have stayed with us."

Milford is also yet to reclaim a NZ$281 million equities mandate
that it previously held with the New Zealand Superannuation Fund,
the report notes.

That mandate was suspended in April as a result of the FMA
investigation.

"We are taking time to consider the report in detail before
deciding upon our response," a Super Fund spokeswoman said last
month, the report recalls.  "We have the capacity to manage the
funds in-house on an ongoing basis."

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



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


BAYAN TELECOM: NTC Approves Globe Telecom Takeover
--------------------------------------------------
Darwin G. Amojelar at Manila Standard Today reports that the
National Telecommunications approved the takeover of Bayan
Telecommunications Inc. by Globe Telecom Inc. amid opposition from
rival companies.

Manila Standard relates that the NTC said "the acquisition by
Globe of controlling interest in BayanTel pursuant to the court-
approved amended rehabilitation plan and master restructuring
agreement neither poses any prejudice to the public interest and
convenience nor will make the service fail to operate or function
better."

According to the report, the regulator said the joint application
of BayanTel and Globe would enhance competition in the cellular
mobile and broadband markets, rejecting the claim of rival Smart
Communications Inc. that it would result in grossly
disproportionate assignment of radio frequency.

Philippine Long Distance Telephone Co., Digitel Mobile Philippines
Inc., Next Mobile and Eastern Telecommunications Philippines Inc.
also opposed the transaction, the report notes.

Manila Standard says Globe and BayanTel filed a joint application
with the NTC to allow the Ayala-owned company to convert its debt
in BayanTel into equity.

The regulator's approval will give Globe a 54-percent ownership
stake in the BayanTel owned by the Lopez Group, which owns the
balance, the report discloses.

Globe acquired 98.26 percent of BayanTel's loans and 100 percent
of Radio Communications of the Philippines Inc.'s liabilities.
RCPI, a unit of BayanTel, is owned by the Lopez Group, Manila
Standard notes.

The acquisition cost of $130 million was lower than the
$400-million face value of BayanTel, according to Manila Standard.

                         About Bayantel

Bayan Telecommunications Holdings Corporation, which is 85.4%
owned by Benpres Holdings Corp. and the Lopez Group, was
incorporated on October 15, 1993.  Bayan Telecommunications Inc.
-- http://www.bayantel.com.ph/-- is the operating arm of BTHC
and is formerly known as International Communications
Corporation.  BayanTel is a telecommunications company offering
an extensive breadth of traditional links and circuitry as well
as cutting edge data and voice applications.  BayanTel's
existing service areas in Metro Manila and Bicol, as well as its
local exchange service areas in the Visayas and Mindanao regions
combined, cover a population of over 25 million, nearly 33% of
the population of the Philippines.  BayanTel has operations in
Japan and the U.K.

In a report on Aug. 15, 2007, the Philippine Star said BayanTel
was setting aside PHP760 million to PHP800 million in 2007 to pay
down debt, using internally-generated cash.  BayanTel was placed
into receivership in 2004.

Weighed down by its huge debt, the company sought corporate
rehabilitation with the Pasig City Regional Trial Court in
July 2003 to restructure its short-and long-term bank loans and
bonds payable.  The Pasig Regional Trial Court Branch 158 approved
the company's financial rehabilitation on June 28, 2004, based on
sustainable debt level of PHP17.13 billion, payable over 19 years.

According to RTC Judge Rodolfo R. Bonifacio, the
remainder of BayanTel's debt may be converted to another
appropriate instrument that will not be a financial burden to
parent Benpres Holdings Corp.  It also mandated BayanTel to
treat all creditors equally.  Some of BayanTel's creditors have
appealed the lower court decision.



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


DAEBO INT'L: Worth Exceeds Liquidation Value By KRW29 Billion
-------------------------------------------------------------
Crystal Chan at IHS Maritime 360 reports that Daebo International
Shipping's worth as a continuing enterprise exceeded its
liquidation value by KRW29 billion (USD25.9 million).

During a hearing on June 30, Hong Soon-Ho, director of accounting
firm Deloitte Anjin, which has been appointed to assess Daebo's
assets and liabilities, told the Seoul Central District Court that
Daebo's worth as a continuing enterprise was KRW47.6 billion, the
report relates. Hong calculated that Daebo's liquidation value is
KRW18.6 billion, according to IHS.

IHS notes that Daebo filed for rehabilitation on February 23,
which was followed by a Chapter 15 filing in the United States
during March.

According to the report, Daebo currently has KRW1.9 billion in
cash and 34 employees. The company's total assets are worth
KRW200.7 billion while it has total debts of KRW307.7 billion.

Although Daebo's debts exceed its assets by KRW107 billion,
Deloitte Anjin pointed out that it has long-term shipping
contracts with reliable clients, the report notes.

IHS relates that Deloitte Anjin stated that among the long-term
contracts of affreightment Daebo has, two are with Korea South-
East Power Company, one is with Korea Midland Power Company, one
is with Korea Western Power Company, and two are with compatriot
steel mill POSCO.

The report notes that Daebo, which operates five bulkers, two
general cargo ships, and two passenger ships, plans to sell or
charter out two of its ships this year. It has also chartered in
15 other bulkers. Six of the company's controlled bulkers are
dedicated to the long-term shipping contracts.

Daebo ran into financial trouble after being ordered to pay USD1.5
million following a suit brought by Indonesian coal company PT
Jawon Abadi, which chartered Daebo's ships to ship coal to China,
the report recalls.

Its woes deepened when the Baltic Dry Index fell to a historic low
in February, the report says.

After hearing Deloitte Anjin's submissions, Judge Lee Jae-hee gave
Daebo up to August 14 to submit details of its shareholders, stock
holdings, and other information to support its case for
restructuring, IHS adds.

                     About Daebo International

Based in Seoul, Korea, Daebo International Shipping Co., Ltd.,
engages in the marine cargo transport business and also acts as an
international shipping agency providing marine cargo
transportation forwarding, ship management, and combined transport
agency and trading to its customers.  The company operates bulk
carriers as its cores business.

Then operating 19 vessels, Daebo had revenue of about
$143 million in 2013 and $140 million in 2014.  Key customers
include KEPCO, Malaysia Electric Power Company, SeAH Steel Corp.
and Hanwha Chemical, for which the Company transports coal, steel
products and salt.

On Feb. 11, 2015, Daebo filed an application for commencement of
rehabilitation proceedings under the Korean Rehabilitation and
Bankruptcy Act pending before the Seoul Central District Court
(Case No. 2015 10036 Rehabilitation).

Daebo filed a Chapter 15 bankruptcy petition (Bankr. S.D.N.Y. Case
No. 15-10616) on March 16, 2015, in Manhattan, in the United
States to seek recognition of its proceedings in Korea.  The case
is assigned to Judge Michael E. Wiles.  Chang-Jung Kim, the
custodian and foreign representative, signed the petition.  Blank
Rome LLP, in Philadelphia, serves as counsel to the Debtor.



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


* BOND PRICING: For the Week June 29 to July 3, 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
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