TCRAP_Public/150716.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

           Thursday, July 16, 2015, Vol. 18, No. 139


                            Headlines


A U S T R A L I A

HOOT AUSTRALIA: Deloitte Appointed as Administrators
PALIN INVESTMENTS: First Creditors' Meeting Set For July 22
SIDERNO MARINA: First Creditors' Meeting Set For July 23


I N D I A

ADMARK CERAMIC: CRISIL Ups Rating on INR72.5MM Term Loan to B+
ASACO PRIVATE: ICRA Reaffirms 'D' Rating on INR22.08cr Loan
ASHISH TIMBER: CRISIL Reaffirms B+ Rating on INR5MM Cash Loan
ATR WAREHOUSING: ICRA Reaffirms 'D' Rating on INR38.75cr Loan
BALAJI ELECTROSTEELS: ICRA Assigns 'D' Rating to INR18cr Loan

BDB EXIM: CRISIL Reaffirms B+ Rating on INR4MM Bank Loan
BDB EXPORTS: CRISIL Reaffirms B+ Rating on INR65MM Packing Loan
BHAGWAT TEX: CARE Assigns 'B' Rating to INR5.66cr LT Bank Loan
BHAVEE TEX: CARE Assigns 'B' Rating to INR6.32cr LT Bank Loan
CLIMAX SYNTHETICS: CRISIL Reaffirms B+ Rating on INR120MM Loan

D.S.P.I. MILK: CRISIL Assigns B+ Rating to INR97.5MM Cash Credit
DINESH VANIJYA: CRISIL Cuts Rating on INR48MM Cash Loan to D
ESWARI EXPORTS: ICRA Suspends B+/A4 Rating on INR10cr Loan
EURO SAFETY: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
GIRIBABA TRADELINK: CRISIL Assigns B+ Rating to INR75MM Loan

HAMSA MINERALS: ICRA Reaffirms B+ Rating on INR9.20cr LT Loan
HARDAYAL INFRA: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
LOF CONSTRUCTIONS: ICRA Reaffirms 'B' Rating on INR3.50cr Loan
MAHARSHEE GEOMEMBRANE: CRISIL Reaffirms B+ INR60.3MM Loan Rating
MALAXMI WIND: CRISIL Reaffirms B- Rating on INR479.2MM LT Loan

MANISHA JEWELTECH: ICRA Reaffirms 'B+' Rating on INR6cr Loan
MEHTA ART: ICRA Assigns B+ Rating to INR9.0cr Term Loan
MEKALA METAL: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
MULTITEX FILTRATION: Ind-Ra Hikes LT Issuer Rating From 'IND BB+'
NARRA CONSTRUCTIONS: CARE Reaffirms B Rating on INR6.0cr LT Loan

NORTHERN INDIA: CRISIL Assigns B+ Rating to INR62.5MM Loan
PARAGON KNITS: CRISIL Reaffirms 'B' Rating on INR258.6MM Loan
PENN FROZEN: CRISIL Assigns 'B+' Rating to INR55MM Term Loan
RAMKISHANDAS KAILASHBABU: ICRA Withdraws B+ Rating on INR5cr Loan
RATHOD INDUSTRIES: ICRA Reaffirms B+ Rating on INR3.50cr LT Loan

RKS GRAND: CARE Lowers Rating on INR33.10cr LT Loan to 'D'
SANJAY COTTON: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
SHREE KRISHNA: ICRA Assigns 'B' Rating to INR9.0cr Packing Loan
SHRIKALYANI AGRITECH: CARE Reaffirms B+ Rating on INR11.67cr Loan
SIDDHARTH PROPERTIES: CRISIL Reaffirms C Rating on INR430MM Loan

SILVER STONE: CRISIL Ups Rating on INR47.5MM Loan to B+
SIMHAPURI ENERGY: ICRA Suspends 'D' Rating on INR2206.81cr Loan
SREE VIJAYALAKSHMI: ICRA Assigns B+ Rating to INR5.5cr LT Loan
SWASTIK COTEX: CRISIL Ups Rating on INR100MM Cash Loan to B+
V.N.M.A.D. FIRM: CRISIL Reaffirms B+ Rating on INR90MM Loan

VALORA PLYWOOD: CRISIL Reaffirms B+ Rating on INR12.5MM Loan
VBM POWER: CRISIL Reaffirms 'D' Rating on INR105.8MM Term Loan
VEERANARAYANA METAL: CRISIL Reaffirms B+ Rating on INR50MM Loan


J A P A N

SOFTBANK GROUP: S&P Assigns 'BB+' Rating on Two Prop. US$ Notes


N E W  Z E A L A N D

CAPITAL + MERCHANT: Receivers Eyeing Seized Assets of Directors
EHOME NZ: Now In Liquidation; Assets Sold to Auckland Landlord
KIRKCALDIE & STAINS: Shareholders to Get NZ$19.35M Initial Return


S O U T H  K O R E A

DAEWOO SHIPBUILDING: Shares Dive on Projected KRW2 Tril. Loss
* Korean Zombie Firms Threaten Banks' Books as Economy Slows


T A I W A N

GIGAMEDIA LTD: Gets Grace Period for Nasdaq Listing Compliance


                            - - - - -


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


HOOT AUSTRALIA: Deloitte Appointed as Administrators
----------------------------------------------------
Neil Cussen & David Lombe of Deloitte were appointed as
administrators of Hoot Australia Pty. Ltd. on July 14, 2015.


PALIN INVESTMENTS: First Creditors' Meeting Set For July 22
-----------------------------------------------------------
Bryan Kevin Hughes & Daniel Johannes Bredenkamp of Pitcher
Partners were appointed as administrators of Palin Investments Pty
Ltd, trading as Morley Alehouse and Drive Thru Bottleshop, on July
10, 2015.

A first meeting of the creditors of the Company will be held at
Pitcher Partners, Level 1, 914 Hay Street, in Perth, on July 22,
2015, at 11:00 a.m.


SIDERNO MARINA: First Creditors' Meeting Set For July 23
--------------------------------------------------------
Mathew Terence Gollant and Gary Stephen Fettes of Rodgers Reidy
Chartered Accountants were appointed as administrators of Siderno
Marina Nominees Pty Ltd on July 13, 2015.

A first meeting of the creditors of the Company will be held at
Rodgers Reidy Chartered Accountants, Level 3, 326 William Street,
in Melbourne, on July 23, 2015, at 11:30 a.m.



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


ADMARK CERAMIC: CRISIL Ups Rating on INR72.5MM Term Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Admark Ceramic Industries (ACI) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', while reaffirming its rating on the firm's short-term
facility at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        21        CRISIL A4 (Reaffirmed)
   Term Loan             72.5      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade is driven by the improvement in ACI's business
risk profile following the stabilisation of its operations. The
firm commenced operations in March 2014 and recorded revenue of
around INR153.3 million in 2014-15 (refers to financial year,
April 1 to March 31). Its operating profitability margin was
around 17.4 per cent and its cash accruals around INR13.4 million
for the year. CRISIL believes that ACI's revenue will grow by 20
to 25 per cent per annum, while it would largely maintain its
operating profitability, over the medium term.

The ratings reflects ACI's modest scale of operations in the
highly competitive ceramics industry, and its large working
capital requirements. These rating weaknesses are partially offset
by the extensive industry experience of the firm's partners, and
the proximity of its manufacturing facilities to sources of raw
material and labour.
Outlook: Stable

CRISIL believes that ACI will continue to benefit over the medium
term from the extensive industry experience of its partners. The
outlook may be revised to 'Positive' if the firm generates
substantial cash accruals, driven by a significant increase in its
revenue, thereby improving its liquidity. Conversely, the outlook
may be revised to 'Negative' if ACI's financial risk profile,
particularly its liquidity, weakens, on the back of low accruals
or a stretch in its working capital cycle, or debt-funded capital
expenditure.

Established in 2013, ADI is a partnership firm promoted by the
Morbi (Gujarat)-based Amrutia family; the firm manufactures
ceramic digital wall tiles. It has an installed capacity of 36,600
tonnes per annum in Morbi. ADI commenced operations in March 2014.


ASACO PRIVATE: ICRA Reaffirms 'D' Rating on INR22.08cr Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]D rating reaffirmed to INR7.02 crore,
long term loans & working capital facilities & [ICRA]D rating to
the INR22.08 crore, short term, non fund based letter of credit
and bank guarantee facilities and unallocated limits of ASACO
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


ASHISH TIMBER: CRISIL Reaffirms B+ Rating on INR5MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ashish Timber Depot
(ATD) continue to reflect the firm's modest scale of operations in
a fragmented and competitive industry, customer concentration in
its revenue profile, and weak financial risk profile, marked by
modest debt protection metrics and small net worth.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            5        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit     140        CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the firm's partners in the timber wood and timber-
wood-related industries and low inventory risk due to procurement
of timber on an order-backed basis.
Outlook: Stable

CRISIL believes that ATD will benefit over the medium term from
its partners' extensive industry experience. The outlook may be
revised to 'Positive' upon significant increase in the firm's
scale of operations and operating margin and improvement in net
worth. Conversely, the outlook may be revised to 'Negative' in
case of decline in ATD's turnover, decrease in its operating
margin, or lengthening of its working capital cycle, resulting in
constrained liquidity.

ATD was set up in 1990 as a proprietorship firm of Mr. Ashish
Goyal and trades in timber logs. At present, all its sales are
generated from selling timber wood to group companies, Vizag Impex
Pvt Ltd and BD Plywood Pvt Ltd, which, in turn, sell plywood and
veneer across the country.


ATR WAREHOUSING: ICRA Reaffirms 'D' Rating on INR38.75cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]D assigned to Rs
38.25 crore fund based limits (revised from Rs 45.90 crore) and Rs
38.75 crore unallocated limits (revised from Rs 31.10 crore) of
ATR Warehousing Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund based limits      38.25        [ICRA]D reaffirmed
   Unallocated limits     38.75        [ICRA]D reaffirmed

The reaffirmation of rating continues to be constrained by delays
in servicing of term loan repayment obligations owing to delays in
receiving warehouse lease rentals from lessees. The rating
continues to be constrained by a weak financial profile
characterized by modest coverage indicators; small scale of
operations in the warehouse leasing business and long gestation
period of the warehousing business impacting the return
indicators. The rating however, takes note of the long experience
of the promoters, a reputed client base comprising Cairn India,
Schlumberger Asia Services Limited and long term contracts with
such customers which renders revenue visibility over the medium
term.
Going forward, generation of sufficient cash accruals to service
the debt repayment obligations in the medium term will remain key
rating sensitivity from credit perspective.

AWPL under ATR Group of Companies was established in 1972,
promoted by A T Rayudu and his family. The group forayed into full
fledged client centric warehousing through ATR Warehousing Private
Limited in 2000. Currently the group has ~4 million square feet of
warehousing, of which ATRWPL has 2.2 million square feet. Besides
providing warehouses on lease, company also does contract works
for removal of debris from cavern. ATRWPL is the flagship company
of the group and controls all other group companies through direct
or indirect holdings.

Recent Results
The company reported net loss of Rs 1.11 crore on operating income
of Rs 8.82 crore during FY2014 as against net profit of Rs 1.83
crore on operating income of Rs 13.08 crore during FY 2013.


BALAJI ELECTROSTEELS: ICRA Assigns 'D' Rating to INR18cr Loan
-------------------------------------------------------------
ICRA has assigned an [ICRA]D rating to the INR18.00 crore cash
credit, INR2.70 crore stand by line of credit, INR4.25 crore term
loans and INR0.05 crore car loans of Balaji Electrosteels Limited.
ICRA has also assigned an [ICRA]D rating to the INR9.00 crore non-
fund based bank facilities of BEL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits
   (Cash Credit)          18.00         [ICRA]D assigned

   Fund Based Limits
   (Stand by Line of
    Credit)                2.70         [ICRA]D assigned

   Fund Based Limits
   (Corporate Term
    Loans)                 4.25         [ICRA]D assigned


   Fund Based Limits
   (Car Loans)             0.05         [ICRA]D assigned

   Non Fund Based Limits
   (Letter of Credit)      6.00         [ICRA]D assigned


   Non Fund Based Limits
   (Bank Guarantee)        3.00         [ICRA]D assigned

The assigned rating primarily takes into account BEL's
unsatisfactory track record in timely servicing of debt
obligations. The rating is also constrained by a highly working
capital intensive nature of operations, which in turn impacts its
liquidity position. The financial profile of the company is
characterized by low net profitability, a leveraged capital
structure and depressed level of coverage indicators. The cyclical
nature and the ongoing weakness in the steel industry are likely
to have an adverse impact on the profitability and cash flows of
the players in the steel business including BEL. The rating,
however, favourably factors in the experience of the promoters in
the steel industry and the strategic location of the manufacturing
unit, in proximity to raw materials sources, leading to low landed
cost of input materials.

Incorporated in 1995, BEL is engaged in the manufacturing of mild
steel ingot, TMT bar and ferro alloys (silico manganese) with an
installed capacity of 24,000 metric tonne per annum (MTPA), 25,000
MTPA and 9,000 MTPA respectively. The manufacturing facilities of
the company are located at Jhumri Telaiya, Koderma, Jharkhand.

Recent Results
During 2013-14, the company reported a profit after tax of INR0.31
crore on an operating income of INR68.12 crore. The company
reported a net loss of INR0.92 crore on an operating income of
INR76.38 crore in 2012-13.


BDB EXIM: CRISIL Reaffirms B+ Rating on INR4MM Bank Loan
--------------------------------------------------------
CRISIL's ratings on the bank facilities of BDB Exim Pvt Ltd (BDB
Exim; part of the BDB group) continue to reflect the BDB group's
average financial risk profile marked by modest net worth and
subdued debt protection metrics.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        1         CRISIL A4 (Reaffirmed)

   Packing Credit       95         CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    4         CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the group's modest scale of operations
and susceptibility of its operating margins to volatility in raw
material prices. These rating weaknesses are partially offset by
the group's promoters' extensive industry experience and the
company's efficient working capital requirements.

For arriving at its ratings, CRISIL has consolidated the business
and financial risk profile of BDB Exim and BDB Exports Pvt Ltd
(BDB Export); together referred as BDB group. This is because both
the entities are in the same line of business, with operational
fungibility and have a common management.
Outlook: Stable

CRISIL believes that the BDB group will continue to benefit over
the medium term from its promoters extensive industry experience.
The outlook may be revised to 'Positive' if the group reports
significant improvement in its scale of operations while
maintaining its profitability and working capital management,
resulting in improvement in its cash accruals and subsequently its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of deterioration in its financial risk profile,
most-likely because of decline in revenues or profitability, or
elongation in its working capital cycle.

Update
For 2014-15 (refers to financial year, April 1 to March 31), the
BDB group, on provisional basis registered revenues of around
INR574 million, lower than the previous year and against CRISIL's
expectations. This revenue decline was on account of decline in
the exports, following the change in the policies adopted by
Chinese government of restriction on imports. Nevertheless, the
group has diversified its product base with addition of bleaching
powder during 2014-15, which is expected to result in moderate
revenue growth over the medium term. BDB group's operating margins
are expected to remain in the range of 1.6 to 1.8 per cent over
the medium term, given the trading nature of operations.

The group has effectively managed its working capital requirements
as reflected in its gross current assets of 87 days as on March
31, 2015 supported by its moderate inventory holding and
receivable collection cycle. Effective management of working
capital requirements have led to low reliance on external
borrowings, resulting in comfortable capital structure at below 1
time as on March 31, 2015. However, given the group's modest cash
accruals, its debt protection metrics have remained subdued,
constraining its financial risk profile. The BDB group's liquidity
however, remains supported by moderate utilisation of its bank
lines and absence of debt obligations over the medium term.

BDB Export and BDB Exim, both based in Kolkata were established in
late 2000 by the Bhura family. The entities are engaged in trading
and export of cotton bales, cotton fabrics, bleaching powder and
agricultural commodities such as rice, wheat, maize and others.


BDB EXPORTS: CRISIL Reaffirms B+ Rating on INR65MM Packing Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of BDB Exports Pvt Ltd
(BDB Export; part of the BDB group) continue to reflect the BDB
group's average financial risk profile marked by modest net worth
and subdued debt protection metrics.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          2.5      CRISIL A4 (Reaffirmed)

   Export Packing         65.0      CRISIL B+/Stable (Reaffirmed)
   Credit

   Proposed Long Term
   Bank Loan Facility     22.5      CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the group's modest scale of operations
and susceptibility of its operating margins to volatility in raw
material prices. These rating weaknesses are partially offset by
the promoters' extensive industry experience and the company's
efficient working capital requirements.

For arriving at its ratings, CRISIL has consolidated the business
and financial risk profile of BDB Export and BDB Exim Pvt Ltd (BDB
Exim); together referred as BDB group. This is because both the
entities are in the same line of business, with operational
fungibility and have a common management.
Outlook: Stable

CRISIL believes that the BDB group will continue to benefit over
the medium term from its promoters extensive industry experience.
The outlook may be revised to 'Positive' if the group reports
significant improvement in its scale of operations while
maintaining its profitability and working capital management,
resulting in improvement in its cash accruals and subsequently its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of deterioration in its financial risk profile,
most-likely because of decline in revenues or profitability, or
elongation in its working capital cycle.

Update
For 2014-15 (refers to financial year, April 1 to March 31), the
BDB group, on provisional basis registered revenues of around
INR574 million, lower than the previous year and against CRISIL's
expectations. This revenue decline was on account of decline in
the exports, following the change in the policies adopted by
Chinese government of restriction on imports. Nevertheless, the
group has diversified its product base with addition of bleaching
powder during 2014-15, which is expected to result in moderate
revenue growth over the medium term. BDB group's operating margins
are expected to remain in the range of 1.6 to 1.8 per cent over
the medium term, given the trading nature of operations.

The group has effectively managed its working capital requirements
as reflected in its gross current assets of 87 days as on March
31, 2015 supported by its moderate inventory holding and
receivable collection cycle. Effective management of working
capital requirements have led to low reliance on external
borrowings, resulting in comfortable capital structure at below 1
time as on March 31, 2015. However, given the group's modest cash
accruals, its debt protection metrics have remained subdued,
constraining its financial risk profile. The BDB group's liquidity
however, remains supported by moderate utilisation of its bank
lines and absence of debt obligations over the medium term.

BDB Export and BDB Exim, both based in Kolkata were established in
late 2000 by the Bhura family. The entities are engaged in trading
and export of cotton bales, cotton fabrics, bleaching powder and
agricultural commodities such as rice, wheat, maize and others.


BHAGWAT TEX: CARE Assigns 'B' Rating to INR5.66cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Bhagwat
Tex.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.66      CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Bhagwat Tex (BTT) is
primarily constrained on account of implementation and
stabilization risk associated with Greenfield-knitted fabric
manufacturing project and presence in the highly competitive
and fragmented textiles industry. The rating is further
constrained due to susceptibility of operating margins to
fluctuation in raw material prices and limited financial
flexibility owing to partnership nature of constitution.
The above constraints outweigh the benefits derived from the
partners' experience in the textiles industry, location
advantage in terms of firm's presence in one of the largest
manmade fiber cluster in India (ie, Surat) and government
incentives to textile sector.

Going forward, BTT's ability to successfully complete the project
within estimated timeline and cost parameters would be crucial.
Furthermore, the ability to stabilize the operations and achieve
envisaged level of sales, profit margins and capital structure in
light of competitive nature of industry is the key rating
sensitivity.

Surat-based (Gujarat) BTT was established in February 2015 as a
partnership firm by five partners with equal profit and loss
sharing agreement between them to undertake green-field project in
the field of manufacturing of knitted cloth. BTT will operate from
its sole manufacturing facility located in Surat (Gujarat) which
will have proposed installed capacity of 96,768 Kgs per annum. The
total project cost is estimated to be of INR6.57 crore, which is
to be funded through term loan of INR4.41 crore and balance by the
way of partners' capital and unsecured loan. BTT has envisaged
commencing commercial production from August 2015.


BHAVEE TEX: CARE Assigns 'B' Rating to INR6.32cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Bhavee Tex.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.32      CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Bhavee Tex (BET) is
primarily constrained on account of implementation and
stabilization risk associated with green-field-knitted fabric
manufacturing project and presence in the highly competitive
and fragmented textiles industry. The rating is further
constrained due to susceptibility of operating margins to
fluctuation in raw material prices and limited financial
flexibility owing to partnership nature of constitution.

The above constraints outweigh the benefits derived from the
partners' experience in the textiles industry, location
advantage in terms of firm's presence in one of the largest
manmade fibre cluster in India (ie, Surat) and government
incentives to textile sector.

Going forward, BET's ability to successfully complete the project
within estimated timeline and cost parameters would be
crucial. Furthermore, the ability to stabilize the operations and
achieve envisaged level of sales, profit margins and capital
structure in light of competitive nature of industry is the key
rating sensitivity.

Surat-based (Gujarat) BET was established in February 2015 as a
partnership firm by five partners with equal profit and
loss sharing agreement between them to undertake green-field
project in the field of manufacturing of knitted cloth. BET
will operates from its sole manufacturing facility located in
Surat (Gujarat) with proposed installed capacity of 295,488
Kgs per annum. The total project cost is estimated to be of
INR6.78 crore, which is to be funded through term loan of
INR4.57 crore and balance by the way of partners' capital and
unsecured loan. BET has envisaged commencing commercial production
from September 2015.


CLIMAX SYNTHETICS: CRISIL Reaffirms B+ Rating on INR120MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Climax Synthetics Pvt
Ltd (CSPL) continue to reflect its weak financial risk profile and
modest scale of operation. These weaknesses are partially offset
by the established industry experience of CSPL's promoters.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        38        CRISIL A4 (Reaffirmed)
   Cash Credit          120        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      80        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    32        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that CSPL will continue to benefit, over the
medium term, from its promoters' industry experience. The outlook
may be revised to 'Positive' if CSPL reports large revenue growth,
with improved profitability leading to strong debt protection
measures. Conversely, the outlook may be revised to 'Negative' if
CSPL increases its exposure in the equity investments, or its
financial risk profile weakens further because of large debt-
funded capital expenditure or stretched working capital
management.

Incorporated in 1974 and promoted by Mr. Pankaj Mundra and family,
CSPL manufactures high-density and low-density polyethylene
sheets, geo membranes, pipes, and fittings. CSPL is based out of
Vadodara (Gujarat), and is also a stockiest for GAIL (India) Ltd,
and is dealing in plastic granules.

CSPL, on provisional basis, reported a net profit of INR5.5
million on net sales of INR688.6 million for 2014-15 (refers to
the financial year, April 1 to March 31), vis-a-vis INR7.7 million
on INR623.2 million for 2013-14.


D.S.P.I. MILK: CRISIL Assigns B+ Rating to INR97.5MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of D.S.P.I. Milk Foods Ltd. (DSPI; part of the
Markandeshwar group).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
  Cash Credit           97. 5      CRISIL B+/Stable

The ratings reflect the Markandeshwar group's below-average
financial risk profile, marked by high gearing and weak debt
protection metrics, and its working-capital-intensive operations.
These rating weaknesses are partially offset by the extensive
experience of the Markandeshwar group's promoters in the dairy
industry and the group's established marketing network.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of DSPI, Champa Devi Foods Pvt Ltd (CDF)
and Markandeshwar Foods & Allied Products Ltd (MFA). This is
because all these companies, together referred to as the
Markandeshwar group, have a common management and are engaged in a
similar line of business.
Outlook: Stable

CRISIL believes that the Markandeshwar group will continue to
benefit over the medium term from the extensive industry
experience of its promoters and its established marketing network.
The outlook may be revised to 'Positive' if the group
significantly increases its revenue while improving its
profitability, leading to substantial cash accruals, or in case of
improvement in its working capital cycle. Conversely the outlook
may be revised to 'Negative' if the Markandeshwar group's
profitability or revenue declines, or its working capital cycle is
stretched, resulting in low cash accruals, thereby weakening its
financial risk profile.

All the group companies are promoted by Mr. Devraj Garg and Mr.
Satish Garg, and manufacture dairy products such as pure ghee and
skimmed milk powder, among others. They sell their products under
the group's own brand names such as Madhusagar, Lord Krishna,
Murli, and Himalaya, among others.

DSPI, incorporated in 2003, has its manufacturing plant at Palwal
(Faridabad) with a capacity of 30,000 lpd.

CDF, incorporated in 2002, has its manufacturing plant at Sangroor
(Punjab) with a capacity of 40,000 litres per day (lpd).

MFA, incorporated in 1993, has its manufacturing plant at
Kurukshetra (Haryana) with a capacity of 40,000 lpd.

For 2013-14 (refers to financial year, April 1 to March 31), DSPI,
on a standalone basis, reported a profit after tax (PAT) of INR1.2
million on net sales of INR346.1 million, against a PAT of INR1.1
million on net sales INR294.7 million for 2012-13.


DINESH VANIJYA: CRISIL Cuts Rating on INR48MM Cash Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Dinesh Vanijya Pvt Ltd (DVPL) to 'CRISIL D' from 'CRISIL BB-
/Stable'. The rating reflects instances of overutilisation of the
company's bank facilities for over 30 consecutive days on account
of its weak liquidity.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit            48      CRISIL D (Downgraded from
                                  'CRISIL BB-/Stable')

   Proposed Long Term     22      CRISIL D (Downgraded from
   Bank Loan Facility             'CRISIL BB-/Stable')

DVPL has a modest scale of operations in the intensely competitive
agricultural commodities trading business and has large working
capital requirements. However, these rating weaknesses are
partially offset by the extensive experience of the company's
promoters in trading in agricultural commodities such as sugar,
wheat flour, and pulses.

Set up almost 30 years ago by Mr. Suresh Kumar Agarwal as a
proprietorship concern and reconstituted as a private limited
company in 2010, DVPL is based in Kolkata (West Bengal). The
company is a wholesaler and retailer of food products such as
wheat flour (atta, maida, suji), sugar, and pulses. Its day-to-day
operations are managed by Mr. Dinesh Agarwal.


ESWARI EXPORTS: ICRA Suspends B+/A4 Rating on INR10cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B+/[ICRA]A4 ratings assigned to
INR10.00 crore bank facilities of Eswari Exports Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of requisite information from the
company.


EURO SAFETY: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Euro Safety
Footwear (India) Private Limited (ESFI) a Long-Term Issuer Rating
of 'IND BB+'. The Outlook is Stable. Ind-Ra has also assigned
ESFI's bank facilities following ratings:

                          Amount
   Facilities           (INR Mln)  Ratings
   ----------           ---------  -------
   Fund-based facilities   250     'IND BB+'/Stable and 'IND A4+'

   Non-fund-based
   facilities               60     'IND A4+'

   Term loans               31     'IND BB+'/Stable

KEY RATING DRIVERS

The ratings reflect ESFI's small scale of operations with revenue
of INR771.7m according to the provisional financials for FY15. The
ratings are also constrained by ESFI's susceptibility to the raw
material price volatility as evident from ESFI's volatile-yet-
strong operating margins (FY15: 10.34%; FY14: 11.56% and FY13:
11.28%).

The ratings, however, derive strength from ESFI's strong credit
metrics with net financial leverage (total adjusted net
debt/operating EBITDA) of 2.94x and gross interest coverage
(operating EBITDA/gross interest expense) of 3.17x in FY15. The
ratings also consider over three-decade-long experience of ESFI's
promoters in the footwear industry and the company's over 10-year-
long operational history.

RATING SENSITIVITIES

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

Positive: A significant improvement in the revenue while
maintaining/improving the profitability leading to sustained
improvement in the credit profile will be positive for the
ratings.

Established in 2004, ESFI manufactures and markets industrial
safety footwear. The company has its manufacturing facility in
Agra (Uttar Pradesh) with an installed capacity of around 1.2
million pairs of shoes per annum.


GIRIBABA TRADELINK: CRISIL Assigns B+ Rating to INR75MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank loan
facility of Giribaba Tradelink Pvt Ltd (GTLPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      75        CRISIL B+/Stable

The rating reflects GTLPL's modest scale of operations in the
competitive textile trading business and weak financial risk
profile. The rating weakness is partially offset by its promoters'
extensive experience in textile industry.
Outlook: Stable

CRISIL believes that GTLPL will maintain its business risk profile
over the medium term, backed by its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if the
company improves its financial risk profile by improving its
capital structure or better profitability and scale of operations.
Conversely, the outlook may be revised to 'Negative' if the
company's revenue and margins decline considerably, or in case of
weakening in its working capital management, or large debt-funded
capital expenditure.

Incorporated in June, 2012, GTLPL is based in Kolkata and trades
fabrics used for manufacturing of ladies' and men's wear. The day-
to-day operations of the company are managed by Mr. Irfan Ali.


HAMSA MINERALS: ICRA Reaffirms B+ Rating on INR9.20cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR9.20
crore long-term fund based facilities of Hamsa Minerals & Exports
at [ICRA]B+. ICRA has also reaffirmed the short term rating of
[ICRA]A4 assigned to the INR10.00 crore short-term fund based
facilities of HME.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund
   Based facilities         9.20        [ICRA]B+ reaffirmed

   Short Term Fund
   Based facilities        10.00        [ICRA]A4 reaffirmed

The ratings reaffirmation takes into account the promoters' vast
experience in the domestic granite industry, the strong business
synergies derived from the group companies that are engaged in the
same line of business and the equity infusion of INR7.5 crore by
the promoters in FY2014-15. The ratings also factor in the easy
accessibility of raw black granites from the quarries owned /
leased by HME and the group companies and the firm's foray into
granite processing and exporting slabs which is expected to boost
its revenue in FY2015-16.

The ratings are, however, constrained the stretched liquidity
position of the company and the high working capital intensity as
indicated by a NWC/OI of 181% during FY2014-15 on account of the
high inventory holding. However, the inventory levels are expected
to moderate in FY2015-16 with the commencement of operations at
the new processing unit. ICRA factors in the small scale of
operations and the revenue de-growth in FY2014-15 on account of
subdued demand conditions in the end user markets. The firm's
financial profile remains constrained by the weak capital
structure and coverage ratios as indicated by a Total debt/OPBITDA
of 22x and NCA/Total Debt of 1.5% as on 31st March, 2015. A large
portion of the debt is in the form of unsecured loans from group
companies and the partnership constitution of the firm subjects it
to risk of fund withdrawal. ICRA also takes note of the high
geographic concentration with ~ 80% of the revenues contributed
from sales to China and the vulnerability of the margins to the
foreign exchange fluctuations.

Hamsa Minerals & Exports is a partnership firm engaged in granite
quarrying and exporting dressed granite blocks to countries such
as China, Hong Kong, Taiwan and Switzerland. Initially, the firm
was into iron ore exports business and subsequently got 100 per
cent EOU (Export Oriented Unit) certificate from Vishakhapatnam
SEZ to export squared and dressed granite blocks.

Recent Results
The firm reported a net profit before tax of INR0.3 crores on an
operating income of INR19.6 crores during 2014-15 as per the
provisional results as against a net profit of INR0.5 crore on an
operating income of INR22.8 crores during 2013-14.


HARDAYAL INFRA: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Hardayal Infra
Projects Private Limited (HIPL) a Long-Term Issuer Rating of 'IND
BB'.  The Outlook is Stable.  The agency has also assigned HIPL's
bank loans the following ratings:

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term loans           8.79       'IND BB'/Stable
   Fund-based Limit    30.00       'IND BB'/Stable/'IND A4+'
   Non-fund-based     100.0        'IND A4+'
   limits

KEY RATING DRIVERS

The ratings reflect HIPL's lack of operational track record and
small scale of operations. The company was operational only for 90
days in FY13, and FY14 was the first full year of operations. The
management indicates revenue of around INR650m in FY15 (FY14:
INR430m).

The ratings also factor in the company's moderate credit metrics
and satisfactory liquidity position. At FYE15, financial leverage
(adjusted net debt/operating EBITDAR) was 2.71x (FY14: 0.83x) and
interest coverage (operating EBITDA/gross interest expense) was
13.57x (3.94x). The average working capital use during the 12
months ended June 2015 was around 68%.

The ratings are supported by over a decade-long experience of
HIPL's promoter in civil construction works. The ratings are
further supported by the company's order book position of
INR1,495.81m, of which INR742.32m is to be completed in FY16.

RATING SENSITIVITIES

Negative: A significant decline in the revenue due to the lack of
work orders leading to weaker credit metrics will be negative for
the ratings.

Positive: A significant improvement in the revenue while
maintaining or improving the credit profile will be positive for
the ratings.

HIPL was originally established as a partnership firm in 2012
under the name Hardayal Infra Projects. It was converted into a
private limited company on 20 March 2014. The company is engaged
in civil construction works, mainly road construction, widening,
strengthening and relaying works with head office in Agra.


LOF CONSTRUCTIONS: ICRA Reaffirms 'B' Rating on INR3.50cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the INR3.50
crore fund-based limits of LOF Constructions. ICRA has also
reaffirmed the short-term rating of [ICRA]A4 to the INR2.50 crore
non-fund-based limits of LOF.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund
   Based Facilities       3.50          [ICRA]B reaffirmed

   Short Term Fund
   Based Facilities       2.50          [ICRA]A4 reaffirmed

The rating reaffirmation take into consideration the established
track record of the promoters with over four decades of experience
in construction industry; the healthy track record of the firm in
execution of bridge/culvert work contracts; and, the favorable
order book profile of the entity. The ratings are, however,
constrained by the stretched debt protections indicators of the
firm; the increase in working capital intensity driven by an
increase in the receivables positions owing to delays faced in
receipt of payments from government PWDs and, the entity's
inability to bid for large size contracts owing to its modest
scale of operations (the firm has prequalification for only bids
for contract values up to INR20 crore). The ratings are also
constrained by the geographic and sectoral concentration risks,
due to exclusive focus on bridge work contracts in Karnataka and
North Kerala; and the stretched cash flows of the firm resulting
from the weak profitability and increase in working capital
intensity. ICRA also notes that being a partnership firm, the
frequent withdrawals from partners' capital account have weakened
the capital structure of the firm.

LOF Constructions was started as a proprietorship concern by Mr.
P. M. Mohammed Kunhi and later converted into a partnership firm
by including his family members. In the past, the firm has
executed civil construction contracts for roads, culverts and
bridges for Public Works Department (PWD) of Kerala and Karnataka,
Public Health Engineering Department (PHED) and other private
players. However, currently the firm is focused on bridge/culverts
contracts (both construction and maintenance); the contractors for
these projects are PWD (both Kerala and Karnataka) and Karnataka
Road Development Corporation Limited (KRDCL). The operations of
the entity are concentrated in North Kerala and South Canara and
Shimoga districts of Karnataka. Mr. Mohammed has over four decades
of experience in this field and manages the day-to-day operations
of the firm along with his son Mr. Nizamuddin.

Recent results
LOF Constructions recorded a net profit of INR0.50 crore on an
operating income of INR20.3 crore during 2013-14 as per the
provisional financial statements; as against a net profit of
INR0.50 crore on an operating income of INR20.3 crore during 2012-
13 as per the audited financial statements.


MAHARSHEE GEOMEMBRANE: CRISIL Reaffirms B+ INR60.3MM Loan Rating
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Maharshee Geomembrane
India Private Limited (MGPL) continues to reflect MGPL's working-
capital-intensive operations and below-average financial risk
profile, marked by a small net worth.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        4.5       CRISIL A4 (Reaffirmed)

   Cash Credit          50.0       CRISIL B+/Stable (Reaffirmed)

   Inland/Import Letter
   of Credit            35         CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   60.3       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by MGPL's established
market position, supported by diversified product profile and
strong customer profile, and its promoters' extensive experience
in the geomembrane industry.
Outlook: Stable

CRISIL believes that MGPL will maintain its credit profile
supported by its diversified product profile and established
clientele over the medium term. The outlook may be revised to
'Positive' if the company registers substantial revenue while
maintaining the operating margin or if the promoters infuse
further equity leading to better capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case the company's liquidity deteriorates because of
a large, debt-funded capital expenditure (capex) programme or
elongation in its working capital cycle.

Update
For 2014-15 (refers to the financial year, April 1 to March 31),
MGPL reported net sales of around INR173 million as against
INR149.7 million in the previous year. The company's operating
margin of 12.4 per cent for 2014-15 is in line with the previous
year. It is executing a capex of INR60 million in 2015-16 to
increase its capacity to 7000 tonnes per annum (tpa) from 4000 tpa
on account of improved order flow from the aqua culture sector.
The capex, which will be funded through a term loan of INR42
million and the balance through equity infusion by promoters, will
commence operation from February 2016 and will improve the
operation margin, as it will also lead to control over expenses.
With diversified product portfolio and increase in capacity,
CRISIL expects MGPL to maintain the growth in its sales and
margins over the medium term.

However, MGPL's operations are working-capital-intensive, marked
by high estimated gross current assets of 328 days as on March 31,
2015 led by high inventories. The company continues to maintain
high level of inventory of high-density polyethylene and low-
density polyethylene (HDPE/LDPE) to avail of the pricing benefit.
This leads to large working capital requirements, reflected in
high bank line utilisation of 92 per cent for the 12 months ended
March 31, 2015.  MGPL's financial risk profile is marked by
moderate gearing and below-average financial risk profile. The
company's gearing was at 1.46 times as on March 31, 2014 on
account of small net worth and high working capital borrowings.
The gearing is expected to remain at 1.0 to 1.1 times over the
medium term owing to the current debt-funded capex. MGPL's
liquidity is, however, weak, marked by high bank limit utilisation
and modest cash accruals.

For 2014-15, MGPL reported profit after tax (PAT) of INR4.8
million on sales of INR193 million as against PAT of INR0.9
million on net sales of INR149.7 million for 2013-14.

Incorporated in 2005, MGPL manufactures HDPE and LDPE, and
polypropylene films known as geomembrane, geotextiles, and geo-
composite. MGPL is promoted by Mr. Rajnikant Swain and is based in
Vadodara (Gujarat).


MALAXMI WIND: CRISIL Reaffirms B- Rating on INR479.2MM LT Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Malaxmi Wind
Power (MWP) continues to reflect MWP's low debt service coverage
ratio, its moderate working capital requirements, and its
susceptibility to risks inherent in wind power generation
business.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan       479.2      CRISIL B-/Stable (Reaffirmed)

These rating weaknesses are partially offset by MWP's steady
revenues supported by its power purchase agreement (PPA) with
Jodhpur Vidyut Vitaran Nigam Ltd (JVVNL) and Gulbarga Electricity
Supply Company Ltd (GESCOM). The firm also benefits from its
promoter's extensive experience in the power generation business.
Outlook: Stable

CRISIL believes that MWP will benefit over the medium term from
its PPA with JVVNL and GESCOM. The outlook may be revised to
'Positive' if the firm registers a significant increase in its
plant load factor leading to higher-than-expected cash accruals,
or there is a sustained improvement in its receivables cycle.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline the firm's plant load factor, or delays in
receivables from the state electricity utilities adversely
affecting the firm's liquidity.

MWP was set up as a proprietorship firm in 2010 by Mr. Y Harish
Chandra Prasad. The firm operates two windmills - an 8.4 megawatt
(MW) windmill in Jaisalmer (Rajasthan) and a 2.1 MW windmill in
Bellary (Karnataka). MWP has signed a 20 year PPA with JVVNL for
the Jaisalmer windmill, and with GESCOM for the Bellary windmill.


MANISHA JEWELTECH: ICRA Reaffirms 'B+' Rating on INR6cr Loan
------------------------------------------------------------
ICRA has reaffirmed its rating of [ICRA]B+ on the INR6 crore cash
credit facilities of Manisha Jeweltech Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-
   Cash Credit              6.00        [ICRA]B+ ; reaffirmed

The rating reaffirmation factors in the relatively stable revenues
and liquidity position as reflected by low utilization of the
working capital limits despite the discontinuation of contract
with Gitanjali Jewellery Retail Pvt. Ltd. (Gitanjali Jewels);
however, the profitability of the company still remains low along
with adverse gearing level of 11.45 times as on
March 31, 2015.

The rating continues to be constrained by high competition faced
by the company in the jewellery industry; limited track record and
small scale of the company's operations; exposure of MJPL's
earnings to gold price fluctuations and geographical concentration
risk because of limited presence in Delhi. However, the rating
derives comfort from the fact that the company has no repayment
obligation as debt is largely in the form of working capital. The
ability of the company to improve its scale of operations in a
profitable manner and also improve its capital structure will be
the key rating sensitivities going forward.

MJPT, incorporated in May 2012, is promoted by Mr. Sudhir Agrawal,
Mr. Manisha Agarwal and Mr. Raghav Agarwal. The company commenced
commercial operations in November 2012 and was operating as a
franchisee of Gitanjali Jewels with its retail showroom in
Kingsway Camp, Delhi. However, during 2013-14, the company
discontinued its association with Gitanjali Jewels. Now, the
company is engaged in trading of gold jewellery across Delhi.


As per the unaudited financials for 2014-15, the company reported
net profit of INR0.04 crore on an operating income of INR28.72
crore as against a net profit of INR0.01 crore on an operating
income of INR32.21 crore in 2013-14.


MEHTA ART: ICRA Assigns B+ Rating to INR9.0cr Term Loan
-------------------------------------------------------
ICRA has assigned its rating of [ICRA]B+ to the INR9 crore long
term fund based facilities of Mehta Art Press Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-
   Term Loan                9.00        [ICRA]B+; assigned

ICRA's rating is constrained by the risks associated with the
project implementation with the project being in its nascent stage
and the timely completion of the project without any cost over-
run. The rating also takes into account the debt funded nature of
the capital expenditure which will lead to significant debt
repayment in near to medium term which may exert pressure on
liquidity. The rating also factors in the challenges relating to
occupancy levels of the institute in the initial years and the
exposure of the company to the regulatory risks typical of
educational institutions. The rating, however, favourably factors
in the extensive track record of the promoters in the field of
education and the operational synergies due to the tie-up with an
established brand. Further, the rating also factors in the
favourable location of the college (currently under construction)
with good proximity to Delhi NCR region.

Company Profile Incorporated in May 2003, MAPPL was earlier
incorporated as a printing press company. The company later
shifted the business line to IT education and development. Now,
the company is in the process of setting up a study centre under
the name and brand of Sam Higginbottom Institute of Agriculture,
Technology and Sciences (SHIATS). The institute, located in Noida,
UP will be offering the following courses - Undergraduate general
(B.COM), postgraduate general (MCOM / MSW), undergraduate
professional (BBA/ BCA/ BBA IT/ BBA Computer Science) and
postgraduate professional (MBA/ MCA/ MSC CS).

The total project cost is estimated to be INR14.69 crore which is
expected to be funded through equity capital of INR2.80 crore,
promoters' unsecured loans of INR2.89 crore and term debt of INR9
crore with the project debt equity ratio of 4.21:1


MEKALA METAL: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mekala Metal Works Pvt
Ltd (MMWPL; part of the Veeranarayana group) continue to reflect
the group's below- average financial risk profile marked by modest
net worth, high gearing and weak debt protection metrics. The
ratings also factors in its modest scale of operations in the
fragmented lead ingots manufacturing industry. These rating
weaknesses are partially offset by its promoters' extensive
industry experience and their established track record.

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

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

CRISIL has combined the business and financial risk profiles of
MMWPL with Veeranarayana Metal Alloys Private Limited (VMPL),
together referred to as the Veeranarayana group. This is because
both the entities are in the same line of business and have
fungible finances, along with common management.
Outlook: Stable

CRISIL believes that MMWPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established track record. The outlook may be revised to
'Positive' if the company increases its scale of operations and
operating profitability on a sustained basis leading to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative', in case of deterioration in the
group's liquidity profile due to decline in the cash generation or
stretch in the working capital cycle or a large debt funded
capital expenditure.

Established in 1990 as a private limited company, MMWPL
manufactures pure lead ingots. The company is promoted and managed
by Mr. K Rajendra Chettiar and his son Mr. K R Mohan Kumar.

Established in 1990 as a private limited company, VMPL also
manufactures pure lead ingots. The company is owned by the same
promoters.


MULTITEX FILTRATION: Ind-Ra Hikes LT Issuer Rating From 'IND BB+'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Multitex
Filtration Engineers Limited's (MFEL) Long-Term Issuer Rating to
'IND BBB-' from 'IND BB+'. The Outlook is Stable.

KEY RATING DRIVERS

Significant Top-line Improvement; Strong Order Book: MFEL's top-
line improved 33.7% yoy to INR1,209.93m, according to the
provisional financials for FY15. MFEL has a strong order book of
close to INR1,200m to be executed by December 2015, which is
likely to keep the revenue growth positive for the next fiscal.

Increased EBITDA Margins: Operating EBITDA margins improved to
12.48% in FY15 from 12.13% in FY14 and 10% in FY13 due to the
increasing proportion of exports in the total revenue of the
company. During FY15, export sales contributed 60% to the total
sales.

Strong Credit Metrics; Comfortable Liquidity: In FY15, MFEL's
credit metrics improved on the back of strong and improving
operating EBITDA margins. Net financial leverage improved to 2.20x
in FY15 (FY14: 2.24x) and interest coverage to 2.82x (1.99x).

Liquidity remained comfortable with 85.64% average working capital
utilisation during the 12 months ended June 2015. Ind-Ra expects
the credit metrics to remain strong with comfortable liquidity
position for the entity over the next couple of years.

Diversified Customer and Geographical Base: MFEL has a fairly
diversified customer base, spread over a diversified geography. In
FY15, the top 10 customers contributed around 62.68% to the total
sales. The company's products are being sold in the US, Europe and
Asia, and it has branches offices in France and a 100% subsidiary
in the US for marketing its products.

Experienced Promoters: MFEL's promoters have over three-decade-
long experience in designing & manufacturing of filter & separator
and allied products.

Improvement in Working Capital Cycle: In FY15, the net working
capital cycle improved to 136 days (FY14: 197 days) due to a
significant reduction in inventory holding period resulting from
the commencement of a new plant in Greater Noida. Ind-Ra expects
the net working capital cycle to remain at the FY15 levels in the
short-to-medium term, which will keep liquidity comfortable.

RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations
while maintaining or improving the credit metrics consistently
will be positive for the ratings.

Negative: Any unexpected debt-led capex leading to the net
leverage above 3.2x could lead to a negative rating action.

MFEL was originally incorporated in 1982 as a private limited
company and was reconstituted into a public limited company in
2001. It is engaged in designing and manufacturing filters,
separators and allied products. The company has its head office in
Delhi and four manufacturing units.

MFEL's ratings are as follows:

-- Long Term Issuer Rating: upgraded to 'IND BBB-' from 'IND
    BB+'; Outlook Stable
-- INR140 million fund-based limits: upgraded to Long-term
    'IND BBB- '/Stable and Short-term 'IND A3' from 'IND BB+' and
    IND 'A4+'
-- INR525 million non-fund-based limit: upgraded to Short-term
    'IND A3' from 'IND A4+'
-- INR4.60 million term loan: 'IND BB+'; rating withdrawn as the
    loan was paid in full


NARRA CONSTRUCTIONS: CARE Reaffirms B Rating on INR6.0cr LT Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Narra Constructions Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.00       CARE B Reaffirmed
   Short-term Bank Facilities    3.75       CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Narra Constructions
Private Limited (NCPL) continue to remain constrained by its small
scale of operations, high geographical concentration risk,
leveraged capital structure and weak debt coverage indicators in
FY15 (Provisional; refers to period
April 1 to March 31), working capital-intensive nature of
operations and presence in the highly competitive construction
industry.

However, the ratings continue to derive strength from the
experience of the promoters in the civil construction business,
moderate order book position and stable civil construction
industry outlook. The ratings also take into account modest
increase in scale of operations and improved profit margins in
FY15 (Provisional).

The ability of the company to increase scale of operations along
with improvement in profitability in light of stiff competition,
reduce geographical concentration and effectively manage its
working capital requirement is the key rating sensitivity.

NCPL was incorporated in October 2011 as a private limited
company, and was promoted by Mr Narra Srinivas (Managing
Director) and Ms Narra Anitha (Director). Before incorporating
NCPL as a private limited company, the promoter of the company was
operating as a sole proprietor for around two decades. Although
the company was incorporated during FY12, revenue booking in the
name of company started w.e.f. April 1, 2013. NCPL is registered
as a Special Class (Civil) contractor under Road and Buildings
Department, Government of Andhra Pradesh (A.P.).

During FY15 (Prov.), NCPL reported a PAT of INR0.38 crore on a
total operating income of INR6.41 crore as against a PAT of
INR0.16 crore on a total operating income of INR3.10 crore in
FY14.


NORTHERN INDIA: CRISIL Assigns B+ Rating to INR62.5MM Loan
----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the short-term
bank facilities of Northern India Trading Co (NITC) and has
assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the bank
facilities. CRISIL had suspended its rating on NITC's short-term
bank facilities on December 12, 2013, as NITC had not provided the
necessary information for a rating review. The firm has now shared
the requisite information, enabling CRISIL to assign ratings to
its bank facilities.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit-Book      20        CRISIL B+/Stable (Assigned;
   Debt                            Suspension Revoked)

   Export Packing        62.5      CRISIL B+/Stable (Assigned;
   Credit                          Suspension Revoked)

   Letter of Credit       5.0      CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Proposed Long Term     2.5      CRISIL B+/Stable (Assigned;
   Bank Loan Facility              Suspension Revoked)

The ratings reflect NITC's weak financial risk profile, marked by
small net worth, high gearing, and weak debt protection metrics,
and the firm's small scale of operations in a highly fragmented
industry. These rating weaknesses are partially offset by the
extensive experience of NITC's partners in the ready-made garments
industry and the firm's established clientele.
Outlook: Stable

CRISIL believes that NITC will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' in case of a significant improvement
in the firm's scale of operations and profitability, leading to
more-than-expected cash accruals. Conversely, the outlook may be
revised to 'Negative' in case of any pressure on NITC's liquidity,
either because of a decline in its profitability, leading to
lower-than-anticipated cash accruals, or a substantial increase in
its working capital requirements.

Set up in 1979, NITC manufactures and exports ready-made garments
for women and children, such as skirts, blouses, and trousers. The
firm largely sells directly to branded retail outlets based in
Europe and the US. Its manufacturing unit in Faridabad (Haryana)
has capacity of around 0.1 million garments per month.


PARAGON KNITS: CRISIL Reaffirms 'B' Rating on INR258.6MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short-term bank
facility of Paragon Knits Ltd (PKL) and has reaffirmed its rating
on the company's long-term bank facilities at 'CRISIL B/Stable'.

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

   Term Loan            258.6      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1.4      CRISIL B/Stable (Reaffirmed)

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

The ratings reflect PKL's below-average financial risk profile,
marked by high gearing, modest net worth, and subdued debt
protection metrics, and the start-up phase of its operations.
These rating weaknesses are partially offset by the extensive
experience of PKL's promoters in the ready-made garments industry.
Outlook: Stable

CRISIL believes that PKL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if PKL reports substantial
net cash accruals, most likely driven by significantly high
operating income and margins. Conversely, the outlook may be
revised to 'Negative' if the company's working capital
requirements increase significantly or if it undertakes a large
debt-funded capital expenditure (capex) programme, weakening its
financial risk profile.

Update
PKL completed capex of INR400 million for setting up a knitting
and processing unit in July 2014. The company's scale of
operations was small, with revenue at around INR170 million in
2014-15 (refers to financial year, April 1 to March 31); however,
with ramp-up of operations and approval from key customer for
supply of fabric, PKL's operating income is expected to increase
to around INR900 million over the medium term. Its operating
margin is expected to increase to around 7 per cent over medium
term from 4.6 per cent in 2014-15, driven by economies of scale.

On account of the recent large debt-funded capex of INR400
million, funded through a term loan of INR240 million and through
promoter's contribution, the company's financial risk profile is
expected to remain weak over the medium term. Its gearing is
expected to be high, in the range of 2.6 to 2.8 times. Its debt
protection metrics are expected to remain below average, with
interest coverage and net cash accruals to total debt ratios
expected in the range of 1.8 to 2.0 times and 0.09 to 0.11 times,
respectively, over the medium term.

PKL's liquidity is expected to remain weak over the medium term
driven by its tightly matched cash accruals vis-a -vis debt
repayment obligations. The company is likely to generate cash
accruals of INR330 million and INR380 million to meet its term
debt obligations of INR241 million and INR331 million in 2015-16
and 2016-17, respectively. On account of moderate working capital
requirements, marked by gross current assets of 89 days as on
March 31, 2015, the company's bank limits were utilised at an
average of 89 per cent over the six months ended April 30, 2015.

PKL was set up in 2008 by Mr. Roshan Baid. The company undertakes
knitting and processing of yarn into fabric. Its manufacturing
unit is in Una (Himachal Pradesh).


PENN FROZEN: CRISIL Assigns 'B+' Rating to INR55MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Penn Frozen Foods Pvt Ltd (PFFPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           20        CRISIL B+/Stable
   Term Loan             55        CRISIL B+/Stable

The rating reflects PFFPL's exposure to risks related to
implementation of its chicken meat processing plant and to timely
ramp-up in sales from the same, its expected modest scale of
operations due to start-up phase, and average financial risk
profile. These rating weaknesses are partially offset by the
extensive entrepreneurial experience of PFFPL's promoters and the
company's tie-up with a major customer alleviating offtake risk.
Outlook: Stable

CRISIL believes that PFFPL will benefit from its tie-up with a
major customer and from its promoters' extensive entrepreneurial
experience. The outlook may be revised to 'Positive' in case of
timely completion of the company's project within the budgeted
cost and subsequent significant ramp-up in sales, leading to
substantial cash accruals during the initial phase of operations.
Conversely, the outlook may be revised to 'Negative' if PFFPL
faces delay in the implementation of its project or in
stabilisation of operations, resulting in low cash accruals and
weakening of its financial risk profile, especially liquidity.

PFFPL was incorporated in 2009 for setting up a chicken meat
processing plant in Karjat (Maharashtra). PFFPL is promoted by Mr.
Rajesh Bahl and Mrs. Ufrish Bahl and its plant will have installed
capacity to process 18,000 birds per day. The plant is expected to
become operational from August 2015 and the company has tied up
with Vista Processed Foods Pvt Ltd for supply of processed chicken
meat.


RAMKISHANDAS KAILASHBABU: ICRA Withdraws B+ Rating on INR5cr Loan
-----------------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]B+ and short term
rating of [ICRA]A4 assigned to the INR7.00 crore bank facilities
of Ramkishandas Kailashbabu, at the request of the firm, as there
is no debt outstanding against the rated instruments.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term, Fund
   based limits-
   Cash Credit             5.00         [ICRA]B+ withdrawn

   Short Term, Non
   fund based limits       2.00         [ICRA]A4 withdrawn

M/s Ramkishandas Kailashbabu is a proprietary concern based in
Jalna (Maharashtra) established by the father of the current
proprietor, Mr. Rajendra Jindal in 1966. It is engaged in the
distribution of fertilizers and cements.


RATHOD INDUSTRIES: ICRA Reaffirms B+ Rating on INR3.50cr LT Loan
----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the INR05.27
Crore long term fund based facilities of Rathod Industries. ICRA
has also reaffirmed the [ICRA]A4 rating assigned to the INR0.15
crore non-fund based facilities of RI. The unallocated amount of
INR0.15 crore has been rated by ICRA on both the scales at
[ICRA]B+ and [ICRA]A4.


                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund
   based Term Loan         1.77         [ICRA]B+ reaffirmed

   Long Term Fund
   based Cash Credit       3.50         [ICRA]B+ reaffirmed


   Short Term Non
   Fund Based Bank
   Guarantee               0.15          [ICRA]A4 reaffirmed

   Unallocated Amount      0.15          [ICRA]B+/[ICRA]A4
                                         Reaffirmed

The ratings reaffirmation continues to remain constrained by RI's
low profitability following low value additive nature of business,
leveraged capital structure and weak coverage indicators. The
ratings also take into account the susceptibility of firm's
margins to volatility in raw material prices and high competitive
pressures from organized and unorganized players in the industry.
The assigned ratings however favorably take into account the long
experience of the promoters in the stainless steel industry and
benefits accruing to the firm due to its location in Valsad,
Gujarat.

Established in 2009, Rathod Industries is engaged in manufacturing
of stainless steel cold rolled patta patti. The firm began
commercial operations from March 2011. It has its registered
office in Mumbai and a manufacturing facility at Valsad, Gujarat.
The manufacturing facility has an installed capacity to produce
approximately 4500 metric tons of stainless steel patta patti
annually.

Recent Results
RI recorded a net profit of INR0.04 crore on an operating income
of INR42.10 crore for the year ending March 31, 2014 and a net
profit of INR0.17 crore on an operating income of INR43.78 crore
for the year ending March 31, 2015 (as per the provisional figures
disclosed by the management).


RKS GRAND: CARE Lowers Rating on INR33.10cr LT Loan to 'D'
----------------------------------------------------------
CARE revises the ratings assigned to bank facilities of RKS Grand
Shopping Mall.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     33.10      CARE D Revised from
                                            CARE BB+

Rating Rationale
The revision in the rating assigned to the bank facilities of the
RKS Grand Shopping Mall (RKS) is on account of the ongoing
delays in servicing of debt obligation (interest and principal).

Hyderabad-based RKS was established in the year 2010 as a
partnership firm by Mr T. Venkata Ramana Rao and four other
partners. RKS is engaged in retailing of Textiles, Ready-made
garments and Gold & silver articles. The firm derives 72%-89% of
the revenue (FY12-14 [refers to the period April 1 to March 31])
from sale of gold/silver articles and balance from the
textile/readymade garment division. The products are sold under
the brand name "RKS". The firm has two shopping malls which are
located at Kukatpally and Ameerpet, Hyderabad. RKS procures the
gold and silver from local market and subcontracts the
manufacturing. The company procures textiles and garments from
suppliers located across various states of India.

During FY14 (provisional), RKS reported a PAT of INR2.77 crore on
a total operating income of INR119.37 crore as against a PAT of
INR1.55 crore on a total operating income of INR105.45 crore in
FY13.


SANJAY COTTON: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sanjay Cotton
(Gondal) (SC) continues to reflect SC's average financial risk
profile marked by a small net worth and high gearing, its modest
scale of operations in the intensely competitive cotton ginning
industry, and its vulnerability to changes in government policies.

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

   Proposed Long Term
   Bank Loan Facility     0.5      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of the firm's promoters and the advantages it
derives from the proximity of its unit to the cotton-growing belt
in Gujarat.
Outlook: Stable

CRISIL believes that SC will continue to benefit over the medium
term from its promoters' extensive experience in the cotton
industry. The outlook may be revised to 'Positive' if the firm
scales up its operations and achieves substantial accruals, or if
its capital structure improves through capital infusion or higher
accretion to reserves. Conversely, the outlook may be revised to
'Negative' if SC's financial risk profile deteriorates, most
likely because of increased working capital borrowings or large
debt-funded capital expenditure, or if its operations are
negatively impacted by any change in government policies.

Update
SC reported sales of INR365.6 million for 2014-15 (refers to
financial year, April 1 to March 31), on a provisional basis,
against sales of INR296.1 million for 2013-14. Its operating
margin remained around 2 per cent for 2014-15.

SC's gearing remained high, around 2 times as on March 31, 2015,
with increased dependence on bank limits and small net worth of
INR25.6 million as on that date. Its debt protection metrics
remain weak, with interest coverage ratio of 1.42 times and net
cash accruals to total debt ratio of 0.03 times for 2014-15.

Established in May 2005 as a partnership firm, SC has a cotton
ginning and pressing unit with capacity to produce 200 bales per
day in Gondal (Gujarat). Its day-to-day operations are managed by
Mr. Dineshkumar J Bhalodi, who has experience of 10 years in
cotton ginning and pressing.


SHREE KRISHNA: ICRA Assigns 'B' Rating to INR9.0cr Packing Loan
---------------------------------------------------------------
ICRA has assigned its rating of [ICRA]B to the INR9 crore long
term fund based facilities and its rating of [ICRA]A4 to the INR2
crore non fund based facilities of Shree Krishna Impex (SKI). ICRA
has also assigned its ratings of [ICRA]B and [ICRA]A4 to the
INR0.50 crore unallocated limits of SKI.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-
   Packing Credit          9.00         [ICRA]B; assigned

   Non Fund Based Limits   2.00         [ICRA]A4; assigned

   Unallocated Limits      0.50         [ICRA]B/[ICRA]A4; assigned


ICRA's assigned ratings are constrained by the firm's moderate
size of operations, resulting in limited bargaining power with
customers and suppliers of key inputs. The ratings also take into
account the vulnerability of the firm's profitability to any
adverse fluctuations in raw material prices and also to volatility
in exchange rate movements. ICRA also factors in the partnership
constitution of the firm which exposes it to risk of capital
withdrawals, risk of dissolution etc. The ratings, however,
favourably factor in the extensive track record of the partners,
with more than 20 years of experience in the exports industry and
the firm's diversified geographical presence across various
countries including UK & Europe, USA and Canada.

M/s Shree Krishna Impex is a partnership firm incorporated in 2003
by three brothers Mr.Sanjeev Kumar Jain, Mr. Rajeev Jain and Mr.
Sandeep Kumar Jain. The firm is into manufacturing and export of
stainless steel utensils, aluminium and brass ware which include
kitchenware, home d‚cor, sanitary ware, garden and pet
accessories. The manufacturing unit of the firm is situated at
Lakri Fazalpur in Moradabad with an installed capacity of
producing 10,000 pieces per day. The firm has a 100% export model
with major customers in countries like UK & Europe, USA and
Canada.

In 2013-14, SKI reported a net profit of INR1.14 crore on an
operating income of INR45.17 crore as against a net profit of
INR0.79 crore on an operating income of Rs 35.18 crore in the
previous year.


SHRIKALYANI AGRITECH: CARE Reaffirms B+ Rating on INR11.67cr Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facility of
Shrikalyani Agritech Pvt. Ltd.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    11.67       CARE B+ Reaffirmed

Rating Rationale
The rating assigned to the bank facility of Shrikalyani Agritech
Pvt. Ltd. (SAPL) continues to be constrained by its short
track record coupled with small scale of operation, intensely
competitive nature of the industry characterized by a number
of small players, volatility in profit margins subject to
government regulations and working capital intensive nature of
business and exposure to vagaries of nature.

The aforesaid constraints are partially offset by the experience
of the promoters and advantages arising out of proximity to
raw material sources.

The ability of the company to grow its scale of operations and
improve its profitability margins along with effective working
capital management would be the key rating sensitivities.

Shrikalyani Agritech Pvt. Ltd. (SAPL) was incorporated in June
2009 as Shri Kalyani Coke & Iron Pvt. Ltd. (SCIPL) by Goyal
family of Dhanbad, Jharkhand. SCIPL was de-functional and later on
in May, 2013, it was renamed to Shrikalyani Agritech Pvt. Ltd. for
the purpose setting up a paddy processing unit at Govindpur,
Dhanbad, Jharkhand. The company commenced commercial production in
July, 2014 with rice processing capacity of 57,600 metric tonne
per annum (MTPA).

As per FY15 (refers to the period April 1 to March 31
provisional), the company has achieved total operating income of
INR17.76 crore and PAT of INR0.3 crore in its nine month of
operation from July 2014 toMarch 2015.


SIDDHARTH PROPERTIES: CRISIL Reaffirms C Rating on INR430MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Siddharth
Properties (SP) continues to reflect instances of delay by SP in
servicing its debt (not rated by CRISIL) availed for setting up
windmills. The delays have been caused due to delays in
realisation of receivables from sale of power generated from these
windmills and absence of fund support from other projects in the
firm.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          290        CRISIL C (Reaffirmed)
   Term Loan            430        CRISIL C (Reaffirmed)

The rating also reflects SP's moderate exposure to risks related
to implementation of its ongoing projects, cyclicality inherent in
the Indian real estate industry, and geographical concentration in
its revenue profile. These rating weaknesses are partially offset
by the extensive industry experience of the firm's promoters in
the real estate development industry.

SP was incorporated in 1999 and is part of the Pune (Maharashtra)-
based Saarrathi group. The group was started by Mr. Abhijeet
Shende, Mr. Nilesh Shende, Mr. Swapnil Shende, and Mr. Yogesh
Shende. It has two windmills, one each in Satara (Maharashtra) and
Jodhpur (Rajasthan), with a capacity of 1.25 megawatts each.


SILVER STONE: CRISIL Ups Rating on INR47.5MM Loan to B+
--------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Silver Stone Ceramic (SSC) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', while reaffirming its rating on the company's short-
term facility at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        15        CRISIL A4 (Reaffirmed)

   Cash Credit           30        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Term Loan             47.5      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that SSC's business
risk profile will improve over the medium term.  In 2014-15
(refers to financial year, September 1 to March 31), its first
year of operations, the firm registered sales of around INR50
million, and an operating margin of 11 per cent. CRISIL believes
that the firm's sales and profitability will be maintained at
similar levels over the medium term backed by growing demand in
the industry.

The ratings reflect SSC's modest scale of operations in the highly
competitive ceramics industry, and its large working capital
requirements. These rating weaknesses are partially offset by the
extensive industry experience of the firm's promoters and the
proximity of its manufacturing facilities to raw material and
labour sources.
Outlook: Stable

CRISIL believes that SSC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant
improvement in the firm's sales while it maintains its
profitability, leading to a substantial increase in its cash
accruals. Conversely, the outlook may be revised to 'Negative' in
case of low accruals because of low order flows or profitability,
or if SSC's financial risk profile weakens further, most likely
because of a stretch in its working capital cycle or large debt-
funded capital expenditure.

SSC is a partnership firm based in Morbi (Gujarat); it was
established in 2013. The firm is engaged in manufacturing of
ceramic wall glazed tiles. The promoters, Mr. Valamjibhai Patel
and his family members, have been in the ceramic tiles industry
for more than a decade. The firm has commenced commercial
operations from September 2014.


SIMHAPURI ENERGY: ICRA Suspends 'D' Rating on INR2206.81cr Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR2206.81
crore long term loans of Simhapuri Energy limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


SREE VIJAYALAKSHMI: ICRA Assigns B+ Rating to INR5.5cr LT Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the Rs 5.5
crore fund based facilities of M/s Sree Vijayalakshmi Rice
Industries.


                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long Term Fund Based      5.5         [ICRA]B+ assigned

The assigned rating is constrained by the modest scale of
operations coupled with thin profitability levels and high working
capital requirements, which is inherent to the nature of the
industry. The rating factors in the intensely competitive nature
of the rice milling industry with presence of several small and
large scale players which puts further pressure on the
profitability. Further, the rating is constrained by the
susceptibility of operations to agro-climatic risks which may
impact the availability of the paddy in adverse weather
conditions.

The rating, however, positively factors in the long track record
of the promoters in rice industry, proximity of the mill to major
rice growing area which results in easy availability of paddy and
stable demand outlook with rice being an important part of the
staple Indian diet. The rating also takes comfort from the healthy
growth in revenues witnessed over past four years with sustained
margins and absence of scheduled debt repayment obligations.

Sree Vijayalakshmi Rice Industries (SVRI) started operations in
the year 1982 as a partnership firm. The firm is engaged in the
milling of paddy for producing raw and steamed rice. The firm is
promoted by Mr. A. Venkatraj and Mr. A. Saibaba who have
significant experience in the rice milling industry. The rice mill
is located at Raichur, Karnataka. The installed capacity of the
plant is 5tph (tons per hour).

Recent Results
In FY14, the company reported a net profit (PAT) of INR0.40 crore
on an operating income (OI) of Rs 26.50 crore as against a PAT of
Rs 0.39 crore on an OI of Rs 23.91crore in FY13.


SWASTIK COTEX: CRISIL Ups Rating on INR100MM Cash Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Swastik Cotex (SC) to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

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

The rating upgrade reflects stabilisation of SC's operations, with
the firm reporting turnover of INR1061.1 million for 2014-15
(refers to financial year, April 1 to March 31), on a provisional
basis. Its margins remain moderate considering the intense
competition in the cotton industry.

Also, SC's financial risk profile remains average with high
gearing of 2.5 times and modest net worth of INR41.1 million as on
March 31, 2015. Its debt protection metrics continue to be weak,
with interest coverage ratio of 1.4 times and net cash accruals to
total debt ratio of 0.1 times for 2014-15.
Outlook: Stable

CRISIL believes that SC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if SC significantly improves
its scale of operations, leading to large cash accruals and a
stronger financial risk profile. Conversely, the outlook may be
revised to 'Negative' if SC reports low accruals because of
reduced profitability, or weakening of its financial risk profile,
most likely because of stretched working capital cycle or
substantial debt-funded capital expenditure.

SC, a partnership firm set up in 2013, is promoted by members of
the Rajkot (Gujarat)-based Sangani and Sejpal families, who have
experience of over 35 years in the cotton industry. The firm gins
and presses cotton and commenced commercial operations in January
2014.


V.N.M.A.D. FIRM: CRISIL Reaffirms B+ Rating on INR90MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facility of V.N.M.A.D. Firm
(VNMAD) continues to reflect VNMAD's modest scale of operations in
the intensely competitive pulse processing and trading industry.
The rating also factors in the firm's below-average financial risk
profile, with high total outside liabilities to tangible net worth
(TOLTNW) ratio and weak debt protection metrics. These weaknesses
are partially offset by VNMAD's established relationships with
customers and suppliers, and its promoters' extensive industry
experience.

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

Outlook: Stable

CRISIL believes that VNMAD will continue to benefit, over the
medium term, from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company reports
healthy growth in revenues and profitability leading to improved
cash accruals and interest coverage. Conversely, the outlook may
be revised to 'Negative' if low revenue and profitability, or any
large capital expenditure (capex) programme weakens VNMAD's
financial risk profile.

Update
VNMAD's operating revenue increased to an estimated INR880 million
for 2014-15 (refers to financial year, April 1 to March 31) from
INR687 million for 2013-14, supported by higher consignment sales
and improved demand. The operating margin was modest at 1.9 to 3.5
per cent over the four years through 2014-15, and is expected to
remain at similar levels over the medium term. The revenue is
expected to show modest growth, over the medium term, while the
operating margin will continue to remain constrained by the
business's trading nature.

VNMAD's financial risk profile remained below average, with high
TOLTNW ratio, estimated at 3.37 times as on March 31, 2015. With
limited operating profitability, the debt protection metrics
continue to remain modest; the interest coverage ratio is
estimated at 2.36 times for 2014-15. VNMAD's financial risk
profile is expected to improve, over the medium term, in the
absence of debt-funded capex plans.

VNMAD's liquidity is moderate, with sufficient cash accruals
against repayments. Its bank limit utilisation averaged at 96 per
cent over the 12 months through March 2015. VNMAD is expected to
generate annual cash accruals of INR7.7 million against term debt
obligations of INR1.7 million, over the medium term. VNMAD's
liquidity is expected to remain at similar levels, over the medium
term, with incremental working capital requirements.
About the Firm

Established in 1995, VNMAD is a partnership firm trading in and
processing pulses such as masoor dal, toor dal, yellow peas, and
chick peas. Its operations are managed by Mr. D R Balamurugan.


VALORA PLYWOOD: CRISIL Reaffirms B+ Rating on INR12.5MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Valora Plywood Private
Limited (VPPL) continue to reflect its modest scale of operations,
susceptibility to volatility in raw material prices and
fluctuations in foreign exchange (forex) rates, exposure to
competition, and large working capital requirements. These rating
weaknesses are partially offset by the extensive experience of
VPPL's promoters in the plywood and timber industry and the
advantageous location of its plant.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           12.5      CRISIL B+/Stable (Reaffirmed)

   Letter of Credit      39        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     2.1      CRISIL B+/Stable (Reaffirmed)

   Standby Line of
   Credit                 2.5      CRISIL B+/Stable (Reaffirmed)

   Term Loan              3.9      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VPPL will continue to benefit from its
promoters' extensive industry experience over the medium term. The
outlook may be revised to 'Positive' if the company significantly
increases its scale of operations while improving its working
capital management. Conversely, the outlook may be revised to
'Negative' in case of deterioration in its working capital
management, or in its financial risk profile because of increased
working capital borrowings or large debt-funded capital
expenditure.

Update
For 2014-15 (refers to financial year, April 1 to March 31), VPPL
sales are estimated to be lower at around INR108 million marked by
sluggish order flow during the same year. Over the medium term,
the sales are expected to grow at moderate pace of around 5 to 8
per cent marked by intense competition and sluggish order flow.
The operating margins are estimated to be around 4.6 per cent in
2014-15 supported by stable gross margins, resulting in better
operating profitability. CRISIL believes operating profitability
to remain at moderate level in the range of 4.0 to 4.5 per cent
over the medium term. The working capital requirements in 2014-15
were high with gross current assets (GCA) at around 203 days due
to high receivables and increased inventory holdings. The GCA are
expected to be in range of 170 to 180 days and overall working
capital to rise with scale of operations over the medium term.
CRISIL believes that the VPPL's financial risk profile will be
marked by weak capital structure measured in terms of total
outside liabilities to tangible networth ratio at around 4 times
as on March 31, 2015. However, the interest coverage ratio
remained at average level of around 3.0 to 3.5 times supported by
moderate bank limit utilizations. The liquidity profile is marked
by sufficient cushion between expected net cash accruals against
term debt repayment obligation, limited financial flexibility and
working capital intensive nature of operations.

Incorporated in 2007, VPPL is owned and managed by the Vidhani
family. The company manufactures plywood and trades in timber. Its
manufacturing facility is in Gandhidham (Gujarat).

For the year 2014-15 (on a provisional basis), VPPL has estimated
profit after tax (PAT) of around INR1.0 million with operating
income of around INR108 million; against PAT of INR0.5 million
with operating income of INR116 million in 2013-14.


VBM POWER: CRISIL Reaffirms 'D' Rating on INR105.8MM Term Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of VBM Power and
Infrastructure Pvt Ltd (VBM Power) continues to reflect instances
of delay by VBM Power in servicing its debt.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan            105.8      CRISIL D (Reaffirmed)

The delays have been caused by the company's weak liquidity
profile arising from a stretch in its receivables cycle. VBM Power
has a low debt service coverage ratio, moderate working capital
requirements, and is susceptible to risks inherent in wind power
generation business. However, the company benefits from its steady
revenues supported by its power purchase agreement (PPA) with
Tamil Nadu Generation and Distribution Corporation Ltd (TANGEDCO).

CRISIL had earlier downgraded its rating on the bank facilities of
VBM Power to 'CRISIL D' from 'CRISIL B-/Stable' on April 22, 2015.
The rating downgrade reflects instances of delay by VBM Power in
servicing its debt obligation. The delays have been caused by the
weakening in the company's liquidity profile arising from a
stretch in its working capital cycle.

VBM Power was set up in 2010 by Mr. GV Pratap Reddy and
Veerabhadra Minerals Pvt Ltd. The company operates two windmills
of 2.1 megawatt each in Tirunelveli district in Tamil Nadu. The
company is headquartered in Hyderabad (Telangana).


VEERANARAYANA METAL: CRISIL Reaffirms B+ Rating on INR50MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Veeranarayana Metal
Alloys Pvt Ltd (VMPL; part of Veeranarayana group) continues to
reflect below average financial risk profile marked by modest net
worth, high gearing and weak debt protection metrics. These rating
weaknesses are partially offset by its promoters' extensive
industry experience and their established track record.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Bank Guarantee        5       CRISIL A4 (Reaffirmed)
   Cash Credit          50       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit     25       CRISIL A4 (Reaffirmed)
   Long Term Loan        2       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    5       CRISIL B+/Stable (Reaffirmed)

CRISIL has combined the business and financial risk profiles of
VMPL and Mekala Metal Works Private Limited (MMWPL) with
Veernarayana Metal Private Limited (VMPL), together referred to as
Veeranarayana group. This is because both the entities are in the
same line of business and have fungible finances, along with
common management.
Outlook: Stable

CRISIL believes that MMWPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established track record. The outlook may be revised to
'Positive' if the company increases its scale of operations and
operating profitability on a sustained basis leading to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative', in case of deterioration in the
group's liquidity profile due to decline in the cash generation or
stretch in the working capital cycle or a large debt funded
capital expenditure.

Established in 1990 as a private limited company, MMWPL
manufactures pure lead ingots. The company is promoted and managed
by Mr. K Rajendra Chettiar and his son Mr. K R Mohan Kumar.

Established in 1990 as a private limited company, VMPL also
manufactures pure lead ingots. The company is owned by the same
promoters.



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


SOFTBANK GROUP: S&P Assigns 'BB+' Rating on Two Prop. US$ Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'BB+' issue rating to Softbank Group Corp.'s (BB+/Stable/--) two
proposed U.S. dollar notes, each with different maturities, and to
its three proposed euro notes, each with different maturities.
The Japan-based telecommunications and Internet company will use
the proceeds of the issuances mainly to refinance existing debt
and for general corporate purposes.

A major subsidiary of Softbank Group, Softbank Corp., a
telecommunication operator in Japan, will guarantee the notes.
Softbank Group has a pure holding company structure.  In some
cases with a holding company structure, S&P notches down the
ratings it assigns to a holding company's debt from the corporate
credit rating on the holding company to reflect structural
subordination of the parent's debt obligations to those of
subsidiaries.  However, in the case of Softbank Group, the major
operating subsidiary guarantees the notes that the parent intends
to issue, which mitigates the structural subordination.  The notes
will rank pari passu (equal) with all of Softbank Group's existing
and future senior unsecured obligations.

The rating on Softbank Group reflects its strong market position
as a diversified telecommunications operator in Japan, good
business and geographic diversity, and good combined benefits from
ties with its Internet business.  Constraints on the rating are
U.S. subsidiary Sprint Corp.'s low profitability and weak position
in the highly competitive U.S telecom market, the group's heavy
debt burden, and likely pressure on free cash flow because of the
group's continued high capital expenditures and acquisitions for
its growth strategy.

The stable outlook reflects S&P's expectation of solid earnings
from Softbank Group's domestic business and a continuing intense
competitive landscape for Sprint for the foreseeable future.
Because debt is already high, a further significant increase in
debt, for instance due to acquisitions, and, as a result,
sustained debt to EBITDA of above 5x could lead to a downgrade.


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


CAPITAL + MERCHANT: Receivers Eyeing Seized Assets of Directors
---------------------------------------------------------------
Hamish Fletcher at the New Zealand Herald reports that long-
suffering Capital + Merchant Finance investors are not yet in line
to get any of the assets seized from that company's convicted
directors.

At least NZ$2 million worth of assets has or is due to be
forfeited by Capital + Merchant Finance directors Wayne Douglas
and Neal Nicholls.  Mr. Nicholls was sentenced to eight years, six
months in jail and Douglas eight years, two months, the Herald
says.  This followed a Serious Fraud Office trial where both men
were found guilty of theft by a person in a special relationship.
They were also sentenced for misleading investors. Both have since
been released on parole.

After they went to jail, police targeted their assets and last
year a Whangaparaoa property which Mr. Douglas bought in 2008 was
forfeited to the Crown, the Herald recalls.  It had a capital
value of NZ$560,000 in 2011 and a NZ$270,000 mortgage over it was
due to be repaid and the remaining funds paid into Government
coffers, the Herald relates.

The Herald says assets linked to Mr. Nicholls have also been
targeted by police and property worth NZ$1.8 million is set to be
forfeited to the Crown.

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

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

The Herald notes that asked what happens to the property which is
forfeited under the Criminal Proceeds Recovery Act, an OA
spokesman said it is used to:

-- Firstly, pay any costs of the Official Assignee in relation
    to dealing with the forfeited property.

-- Secondly, pay any amounts payable by way of legal aid granted
    to the party whose property has been forfeited.

-- Thirdly, pay any amounts required by way of reparation,
    offender levy or other type of fine imposed on the party
    whose property has been forfeited.

-- Finally, by paying any funds remaining to the Crown into its
    consolidated account.

Although it was possible for those claiming an interest in
forfeited property to apply to the High Court for this to be
recognised, the OA was not aware of any application in this case,
the report notes.

The Herald raised the matter with C+M's receivers, who said they
were looking into whether those funds could be pursued.

The receivers, from KordaMentha, are holding millions of dollars
of settlement funds paid by C+M's auditor, BDO Spicers, the Herald
says.  No distribution has yet been made from this to investors,
who were owed NZ$167 million when it collapsed in 2007.

It is expected receivers will write to investors about a payout in
the coming months, adds the Herald.

                      About Capital + Merchant

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

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


EHOME NZ: Now In Liquidation; Assets Sold to Auckland Landlord
--------------------------------------------------------------
Anne Gibson at The New Zealand Herald reports that one of
New Zealand's biggest off-site housing manufacturers is now in
liquidation as well as receivership and many of its assets have
been sold to its Auckland landlord, say the receivers.

Stephen Tietjens was appointed eHome NZ Limited's liquidator after
the company's February receivership, the Herald discloses.

According to the Herald, reports filed with the Companies Office
show unsecured creditors of the Kumeu-based business are owed
NZ$5.1 million with little hope of getting paid and a long
creditors' list has been released, spanning many different
sectors.

Tony Maginness and Peri Finnigan, eHome's receivers from McDonald
Vague, updated information about the asset sale, the Herald says.

"We sold the assets to Soft Technology JR, a company associated
with the landlord," the Herald quotes Mr. Maginness as saying.

"They have retained some of the eHome staff with the intention to
manufacture houses. We have also negotiated a deal to sell most of
the stock which will go towards repaying the preferential
creditors' claims - this transaction is not yet concluded."

The Herald relates that Mr. Maginness said the company had NZ$14
million of secured creditors "so getting a return for unsecured
creditors was always unlikely."

More than 40 overseas and local businesses considered buying the
prefabricator, which was supplying many Housing NZ houses
throughout Auckland when its owners put it into receivership, the
Herald notes.

"Six parties . . . came very close to going unconditional but
their due diligence identified a number of issues that ultimately
stopped them making an offer," the Herald quotes Mr. Maginness as
saying.

"The most common reasons we didn't sell the business as a going
concern were large losses leading up to receivership, we couldn't
see the business as ever being very profitable because of the
overheads, it was difficult to establish the true margin because
most houses were different and there were concerns about through-
put if there is a downturn in the property market.

"It was considered a hard business to manage. It was a new way of
doing things which wasn't fully accepted by the market," Mr.
Maginness said.

"I think at the end of the day the market still wants bespoke
houses and is not ready for mass-produced replica homes.

"It is unfortunate because that would help solve the affordable
housing issue in Auckland."

Companies Office records show eHome's name has now been changed to
Ex-ZNHE, the Herald adds.

eHome NZ Ltd -- http://www.ehome.nz/-- is New Zealand's largest
off-site residential manufacturer. Peri Finnigan and Tony
Maginness of McDonald Vague were appointed as receivers of the
company in February 2015, and laid off 42 of the 100-strong
workforce.


KIRKCALDIE & STAINS: Shareholders to Get NZ$19.35M Initial Return
-----------------------------------------------------------------
Fiona Rotherham at BusinessDesk reports that Kirkcaldie & Stains,
the unprofitable Wellington-based department store owner, has said
its first distribution to shareholders pending the sale of the
business to Australia's David Jones would be about $19.35 million
or $1.88 per share. The shares jumped to $2.20 from $1.68 before
the announcement, BusinessDesk says. The distribution amount was
contained in a notice of special meeting of shareholders sent to
the stock exchange this afternoon.

BusinessDesk relates that South African-owned David Jones, which
runs an iconic chain of Australian department stores, will pay
AUD400,000 for the Kirkcaldie & Stains name and take over the
lease of its store on Lambton Quay, Wellington, with the option to
buy the retailer's assets for NZ$500,000 within 25 working days.
The company's stock, valued at $8.3 million as at May 31, is not
included in the sale and the company plans to sell any remaining
stock from its Thorndon Quay furniture store, according to the
report.

BusinessDesk says shareholders will be asked to vote on two
resolutions at the special meeting on July 31. The first relates
to the sale and the company ceasing to operate as a department
store retail business after 152 years. If the resolution fails,
the company said the board would likely continue to explore
options for a sale, it said in the notice, BusinessDesk relays. If
shareholders approve the sale, the only outstanding condition will
be the buyer gaining the necessary consents, for which it has
filed, from the Overseas Investment Office by November 30, the
report states. The note said the board's legal advice and that of
the lessor is that no consents are required but the buyer elected
to be cautious and seek them anyway, BusinessDesk reports.

According to BusinessDesk, the second resolution relates to
approving an early distribution of the surplus cash resulting from
the sale of an inner-city building, the Harbour City Centre,
adjacent to the Kirkcaldie main store. Because the amount equals
the available subscribed capital of the company, it is deemed a
major transaction under the Companies Act and requires a special
resolution.

If the second resolution is passed, the company says matching the
early distribution to the company's available subscribed capital
means it can be received by shareholders tax-free. How it will be
paid is still to be decided, with options including a pro rata
buyback by the company, providing this doesn't trigger provisions
of the Takeovers Code, or distribution through a court-approved
scheme, BusinessDesk states.

BusinessDesk notes that David Jones has indicated it will offer
employment to most of the existing staff but Kirkcaldie & Stains
estimates its redundancy payments will be up to NZ$2 million.

A future distribution is expected when the company is liquidated
and should also be tax-free, the report says. The board said the
precise amount left over "is difficult to forecast." At least NZ$2
million has to be held in escrow for a year pending any claim by
the buyer under the agreement. While a formal liquidation is most
likely, the board said other parties may express an interest in
acquiring the company as a vehicle for a backdoor listing before
then and that could be an opportunity for shareholders to realise
more value, adds BusinessDesk.



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


DAEWOO SHIPBUILDING: Shares Dive on Projected KRW2 Tril. Loss
-------------------------------------------------------------
Yonhap News Agency reports that Daewoo Shipbuilding & Marine
Engineering Co. plunged to a near seven-year low on July 15 on
concerns it may have to book a cumulative loss of some KRW2
trillion (US$1.76 billion) on its balance sheet.

Stocks of Daewoo Shipbuilding closed at KRW8,750 on the Seoul
bourse, down KRW3,750, or 30 percent, from the previous session's
close, Yonhap says.

According to Yonhap, the stock plunge came as the Chosun Ilbo,
citing unnamed sources, reported that the shipbuilder has not
booked the estimated loss stemming from the construction of low-
priced ships and offshore facilities on its balance sheet.

Yonhap relates that Chosun Ilbo also said its creditors, led by
state-run Korea Development Bank, are reviewing massive
restructuring moves for the shipbuilder, including asset sales.

Industry sources said Daewoo Shipbuilding may seek a voluntary
debt rescheduling to tide over the worst performance in its
history, according to the report.

Yonhap says Daewoo Shipbuilding, one of the country's big-3
shipbuilders along with Hyundai Heavy Industries Co. and Samsung
Heavy Industries Co., has been suffering because of shrinking
orders amid the global economic slump for years.

In particular, local shipyards reported massive losses last year
largely due to a rise in shipbuilding costs and losses from
offshore plant construction, Yonhap relates.

For one, Hyundai Heavy swung to a net loss of KRW2.20 trillion in
2014 from a net profit of KRW146.3 billion the previous year. It
also recorded its biggest operating loss ever of KRW3.25 trillion
last year, a stark downturn from an operating profit of KRW802
billion a year ago, says Yonhap.

According to Yonhap, Daewoo Shipbuilding posted a loss of KRW172
billion in the first quarter of the year, and logged an operating
loss of KRW43.3 billion.

Yonhap adds that the sources said the shipyard might have logged
an operating loss of up to KRW3 trillion in the second quarter.

As of early June, Daewoo Shipbuilding has secured $3.51 billion
worth of deals for 23 ships so far this year, reports Yonhap.


* Korean Zombie Firms Threaten Banks' Books as Economy Slows
------------------------------------------------------------
Kyungji Cho at Bloomberg News reports that back in better days,
South Korea's Keangnam Enterprises Ltd. built Southeast Asia's
second-tallest skyscraper, two years after posting record
operating profits.

Now, the Asan-based company is trying to sell the 72-story
building, constructed in Vietnam's capital Hanoi in 2011, and in
April, its shares were delisted after it filed for receivership,
Bloomberg says.

According to Bloomberg, Moody's Investors Service said Keangnam
Enterprises is among the growing number of companies whose
operating income doesn't cover loan interest expenses as expansion
in Asia's fourth-largest economy slows, posing a "significant
risk" to the asset quality of local lenders. Firms with incomes
falling short of debt servicing costs for three straight years
rose to 3,295 in 2014, or 15.2 percent of the total, from 12.8
percent in 2009, Bloomberg discloses citing Bank of Korea.

Bloomberg relates that the central bank, which has cut rates to a
record low and trimmed its 2015 economic growth forecast to 2.8
percent, has said some of these companies, labeled hangye or
'marginal' in Korean, may be staying alive by taking advantage of
low borrowing costs to pile on more debt. Loans to shipbuilders,
steelmakers and shippers pose the biggest threat to banks,
according to Moody's, relays Bloomberg.

"These zombie companies have increased because restructuring has
been delayed," Bloomberg quotes Jeong Dae Hee, a fellow in the
macroeconomic policy department at state-run think tank Korea
Development Institute, in Sejong near Seoul, as saying. "This may
hinder the dynamics of economic growth in the long term."

Bloomberg recalls that Sung Wan Jong, the then-head of Keangnam
Enterprises, was found hanged in April, leaving behind a memo and
an interview with a local newspaper in which he detailed illegal
cash donations he said he'd made to politicians including former
Prime Minister Lee Wan Koo.  Mr. Lee, who denied taking the money,
resigned that month over the allegations.

Keangnam Enterprises had an operating loss of KRW247 billion ($217
million) in 2014, after losing KRW243 billion the previous year,
Bloomberg discloses citing the company's financial accounts. The
company's interest expense was KRW137 billion last year and KRW117
billion in 2013.

Ssangyong Engineering & Construction Co., another marginal company
and the builder of the Marina Bay Sands Hotel in Singapore, filed
for court receivership in 2013 and was bought by Investment Corp.
of Dubai in March, Bloomberg discloses.

Sambu Construction Co., which tried to sell its Renaissance Seoul
Hotel in the Gangnam district to repay debt, said on July 9 it
failed to make the sale because it couldn't accept the terms the
preferred bidder offered, Bloomberg relates. Its shares have risen
4.2 percent since then.

Measures of South Korean banks' asset quality suggest they're "not
in a bad situation at the moment," Bu Sang Don, an economist at
the Bank of Korea, told Bloomberg by phone on July 6. "Having said
that, with the continued economic slowdown, there's concern that
increasing numbers of marginal companies may potentially pose a
risk to banks."

Combined newly classified bad debt of Korean banks was
KRW4.4 trillion in the first quarter, down from KRW6.7 trillion in
the final three months of 2014, Korea's Financial Supervisory
Service said in a May 26 statement, Bloomberg relays.

Non-performing loan ratios rose one basis point to 1.56 percent in
the first quarter, according to the FSS.

According to Bloomberg, Moody's said that among South Korea's
seven biggest lenders, loans to shippers, shipbuilders,
construction firms and steelmakers -- among the riskiest borrowers
-- comprised more than 12 percent of their books. State-backed
lenders Export-Import Bank of Korea and Korea Development Bank had
higher exposures, the ratings company, as cited by Bloomberg,
said.

Despite four central bank interest rate cuts since August, Moody's
doesn't expect a meaningful improvement in marginal companies'
interest-servicing abilities because their revenues and profits
have also been declining, Sophia Lee, a senior analyst at the
firm, wrote in a note dated July 2, Bloomberg relays.

Total debt held by companies on South Korea's Kospi index has
increased 22 percent in the past three years to KRW1,132 trillion,
according to data compiled by Bloomberg.

Big companies with incomes that fell short of debt servicing costs
made up 14.8 percent of all such firms compared with 9.3 percent
in 2009, Bloomberg discloses citing the BOK. That was a faster
increase in the ratio than for small- and mid-sized companies,
according to the central bank.

"More corporate restructuring should've occurred after the
financial crisis but with abundant liquidity from global monetary
easing, restructuring has been put off worldwide," Bloomberg
quotes Lee Ji Eun, a senior research fellow at the Korea Institute
of Finance in Seoul, as saying. "Marginal companies increased
especially among large companies, and that's bad news."



===========
T A I W A N
===========


GIGAMEDIA LTD: Gets Grace Period for Nasdaq Listing Compliance
--------------------------------------------------------------
GigaMedia Limited, an online games and computing services
provider, on July 10 disclosed that it has received a positive
determination from the Nasdaq Stock Market on July 9, 2015
granting approval on the Company's request to an additional 180-
day grace period. The Company's securities will continue to trade
on Nasdaq Capital Market effective on Tuesday, July 14, 2015 under
the symbol "GIGM."

As previously reported, GigaMedia was notified by Nasdaq on
January 14, 2015, that it no longer satisfied the minimum bid
price requirement for continued listing of $1.00 per share, as set
forth in Nasdaq Listing Rule 5450(a)(1). The Company is being
afforded an additional 180-day grace period to regain compliance
with the Nasdaq's minimum bid price requirement upon transfer to
the Capital Market. In order to regain compliance, the minimum bid
price per share of the Company's common stock must be at least
$1.00 for at least ten consecutive business days during the
additional 180-day grace period, which will end on January 11,
2016. If the Company fails to regain compliance during this second
grace period, the Company's common stock will be subject to
delisting by Nasdaq. The Company has provided written notice of
its intention to cure the minimum bid price deficiency during the
second grace period by effecting a reverse stock split if
necessary.

                          About GigaMedia

Headquartered in Taipei, Taiwan, GigaMedia Limited (Singapore
registration number: 199905474H) -- http://www.gigamedia.com-- is
a diversified provider of online games and cloud computing
services. GigaMedia's online games business is an innovative
leader in Asia with growing game development, distribution and
operation capabilities, as well as platform services for games;
focus is on mobile games and social casino games. The company's
cloud computing business is focused on providing enterprises in
Greater China with critical communications services and IT
solutions that increase flexibility, efficiency and
competitiveness.


                             *********

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

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

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


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

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

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

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

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



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