TCRAP_Public/150721.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Tuesday, July 21, 2015, Vol. 18, No. 142


                            Headlines


A U S T R A L I A

DIGITAL DIGEST: Being Liquidated After 2 Months in Administration
EQUITY FINDER: High Court Appoints Clifton Hall as Liquidator
FORCE CORP: Trading Continues as Receivers Seek Buyer
JADANSYN PTY: First Creditors' Meeting Slated For July 24
LANSON CIVIL: First Creditors' Meeting Set For July 24

PANORAMA GROUP: First Creditors' Meeting Set For July 28
PATINACK FARM: Arrest Warrant Issued for Nathan Tinkler


C H I N A

BANK OF COMMUNICATIONS: Moody's Rates Prop. USD-Denom. Shares Ba3
HCP GLOBAL: S&P Withdraws 'B' CCR at Company's Request
PARKSON RETAIL: Share Acquisition No Impact on Moody's Ba3 CFR


I N D I A

AIR INDIA: To Seek Government Approval to Sell INR250cr Assets
AMPLE TEXTECH: CRISIL Reaffirms D Rating on INR76.5MM Term Loan
ARVIND PIPES: ICRA Lowers Rating on INR7cr Loan to 'D'
BHAVYA ENTERPRISES: ICRA Assigns B+ Rating to INR5cr Cash Credit
BKB TRANSPORT: CRISIL Assigns B- Rating on INR400MM Bank Loan

CONTENTRA TECHNOLOGIES: CRISIL Rates INR50MM LT Loan at 'B+'
DURABLE CERAMICS: CRISIL Reaffirms B+ Rating on INR100MM Loan
DURABLE TRANSFORMERS: CRISIL Reaffirms B+ Rating on INR63.5M Loan
EN VOGUE: ICRA Reaffirms B+ Rating on INR8cr Fund Based Loan
GLOBAL TRADING: CRISIL Lowers Rating on INR100MM Loan to 'D'

HORIZON DREAM: ICRA Lowers Rating on INR46cr Fund Based Loan to D
ISHWARLAL HARJIWANDAS: CRISIL Reaffirms B+ Rating on INR300M Loan
JALA SHAKTI: ICRA Assigns 'D' Rating to INR24.22cr Term Loan
KARTHIKEYA JYOTHI: CRISIL Assigns 'D' Rating to INR35MM LT Loan
KOHINOOR EDUCATION: ICRA Ups Rating on INR60cr Term Loan to B-

KOHINOOR ELITE: ICRA Reaffirms 'D' Rating on INR22cr Loan
KOHINOOR HOSPITALS: ICRA Ups Rating on INR56.41cr Loan to B-
MARK INFRASTRUCTURE: CRISIL Reaffirms B+ Rating on INR45MM Loan
MITTAL FIBERS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
OMNITECH ENGINEERING: CRISIL Rates INR75.4MM Term Loan at 'B'

PRACHI INDIA: CRISIL Reaffirms 'B' Rating on INR140MM Cash Loan
ROSEWOOD LAMINATES: CRISIL Reaffirms B Rating on INR59.1MM Loan
SAGAR INDUSTRIES: CRISIL Puts B+ Rating on Notice of Withdrawal
SAHIBZADA AJIT: CRISIL Assigns 'D' Rating to INR170MM Loan
SAI POINT: CRISIL Upgrades Rating on INR90MM Loan to 'B'

SB LIFESPACES: CRISIL Reaffirms B+ Rating on INR120MM Cash Loan
SHALINI PUBLICITY: ICRA Cuts Rating on INR6cr Cash Loan to 'D'
SHIVAM TRADERS: CRISIL Reaffirms B- Rating on INR65MM Cash Loan
SHREE B.S.: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
SHREE ENTERPRISES: CRISIL Reaffirms B+ Rating on INR80MM Loan

SHUDDHI JEWELLERS: ICRA Cuts Rating on INR28cr Cash Loan to 'D'
SKS HOSPITAL: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
SPACE GOLD: ICRA Lowers Rating on INR30cr Cash Loan to 'D'
SRI PADMA: ICRA Assigns B+ Rating to INR11.50cr Bank Loan
SRI SWAMI: ICRA Suspends B Rating on INR18cr Loan

SRI VISHNU: ICRA Assigns 'B+' Rating to INR11.50cr Bank Loan
SWASTIK TRADING: ICRA Withdraws B+ Rating on INR9.75cr Cash Loan
TECHNICO STRIPS: CRISIL Reaffirms 'B' Rating on INR160MM LOC
TRACTEL TIRFOR: CRISIL Lowers Rating on INR70MM Loan to 'B'
VEE KAY: CRISIL Reaffirms 'B' Rating on INR67.5MM Cash Loan

VEGA ENTERTAINMENT: Ind-Ra Affirms 'IND BB+' LT Issuer Rating
VISHWAS BUILDERS: ICRA Assigns 'B+' Rating to INR33cr Term Loan
XMOLD POLYMERS: CRISIL Assigns B+ Rating to INR62.5MM Cash Loan
YELLOW JEWELS: ICRA Lowers Rating on INR24cr Cash Loan to 'D'


J A P A N

TOSHIBA CORP: President Hinted at Resignation in May


N E W  Z E A L A N D

IDENTITY: Clothing Chain Placed Into Receivership
ROSS ASSET: Liquidators Counter Hamish Mcintosh Profits Appeal


P H I L I P P I N E S

* PHILIPPINES: Macau Gaming Slump Feared Spilling Over Country


S O U T H  K O R E A

* SOUTH KOREA: Nearly Half of Conglomerates Suffer From High Debt


X X X X X X X X

* BOND PRICING: For the Week July 13 to July 17, 2015


                            - - - - -


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


DIGITAL DIGEST: Being Liquidated After 2 Months in Administration
-----------------------------------------------------------------
thewhir.com reports that Australian cloud and managed services
provider Digital Digest Data Design (4D) is being liquidated after
being in administration for two months, according to a report by
CRN Australia.

4D entered voluntary administration at the end of April, but
remained hopeful in a message on its website, noting that it was
"looking forward to a rebuild and rebrand following the
administration period," according to thewhir.com.  The company was
hiring four months ago, according to a post on LinkedIn.

The company was unable to pay back its debts, including a reported
AU$3 million in taxes owed to the Australian Taxation Office
(ATO), CRN said, the report notes.  According to accounting firm
RSM Bird Cameron, who 4D appointed as administrators, the ATO has
increasingly been winding up companies and more aggressively
pursuing debts as low as AU$100,000 this year, the report relates.

The report says that CRN reported 4D director Andrew Caudle
purchased some assets, including the company's interest in
customer contracts, for an undisclosed amount.

Mr. Caudle currently leads 4Data, a company that operates out of
the same address and phone number to 4D and offers similar
services, according to the report. The company was registered in
2009.

Founded in 1993, 4D was most recently appointed to the federal
government's new Cloud Service Panel.  It was also a supplier on
the government's Data Centre as a Service Multi-Use list, and was
a member of Australia's Defence Industry Security Program.  4D
also had several designations with Microsoft as a Microsoft Gold
data center partner, Microsoft Gold midmarket solution provider
and a Microsoft silver hosting partner.


EQUITY FINDER: High Court Appoints Clifton Hall as Liquidator
-------------------------------------------------------------
Mark Hall of Clifton Hall was appointed Official Liquidator of
Equity Finder Pty Ltd on July 10, 2015, by Order of the Supreme
Court of South Australia.


FORCE CORP: Trading Continues as Receivers Seek Buyer
-----------------------------------------------------
The Australian Financial Review's Street Talk reports that PPB
Advisory has been appointed as receiver to Force Corp by the
cherrypicker rental business' secured lender Challenger Group.

According to the report, PPB's Chris Hill said the company will
continue to trade into the foreseeable future while a buyer is
sought for the business.

"We are conducting a review of the business and preparing the
company for sale as a going concern. We are assessing all options
for the business," Street Talk quotes Mr. Hill as saying.
Expressions of interest are now being sought for the business and
assets, the report says.

As revealed by Street Talk last month, Force Corp's owner Helmsman
had entered into exclusive talks with US-based Platinum Equity in
an effort to have a sale agreed by the end of the month.

It is understood talks fell over with the parties unable to agree
on a suitable debt restructure, the report says.

Force Corp is one of the biggest specialised "working at height"
solutions providers in Australia.


JADANSYN PTY: First Creditors' Meeting Slated For July 24
---------------------------------------------------------
Nicholas Giasoumi and Roger Darren Grant of Dye & Co. Pty Ltd were
appointed as administrators of Jadansyn Pty Ltd on July 17, 2015.

A first meeting of the creditors of the Company will be held at
165 Camberwell Road, Hawthorn East 3123, on July 24, 2015, at
11:00 a.m.


LANSON CIVIL: First Creditors' Meeting Set For July 24
------------------------------------------------------
David Whyte and Andrew Fielding of BDO were appointed as
administrators of Lanson Civil Pty Ltd on July 14, 2015.

A first meeting of the creditors of the Company will be held at
The Boardroom at the Hervey Bay RSL, 11 Torquay Road, Piabla, in
Queensland, on July 24, 2015, at 2:00 p.m.


PANORAMA GROUP: First Creditors' Meeting Set For July 28
--------------------------------------------------------
Todd William Kelly of BDO was appointed as administrator of
Panorama Group Pty Ltd on July 17, 2015.

A first meeting of the creditors of the Company will be held at
the offices of BDO (NTH QLD), Level 1, 15 Lake Street, Cairns in
the State of Queensland, on July 28, 2015, at 10:00 a.m.


PATINACK FARM: Arrest Warrant Issued for Nathan Tinkler
-------------------------------------------------------
The Australian reports that controversial businessman Nathan
Tinkler has slammed the liquidators behind the issue of an arrest
warrant for him on July 20, accusing them of pursuing a
"ridiculous and absurd" action.

The Australian says South Australian Supreme Court judge Steve
Roder on July 20 granted an application from liquidator Anthony
Matthews and Associates for an arrest warrant after Mr Tinkler
failed to appear at a hearing over his liquidated Patinack Farm
Administration.

But Mr. Tinkler told The Australian that the liquidators had been
aware that he would not be in Adelaide, and that he and the
liquidators had agreed last week that he would offer security over
the outstanding debt at the centre of the matter.

"It's horrific. There's no fairness or decency," the Australian
quotes Mr Tinkler as saying.  "I'd been liaising with these guys
[Anthony Matthews and Associates] all last week, I'd offered them
security, it was all fine, and then they refused to return my
calls this morning and then made that action. They knew full well
that I wasn't able to be in Adelaide, I'd offered them security
for that reason."

According to the report, Mr Tinkler said the failure of his own
legal counsel to turn up at the hearing was "an oversight on their
behalf", and he had since appointed a new lawyer in Adelaide to
deal with the matter.

He said the new lawyer was in the process of having the arrest
warrant lifted, The Australian relays.

"My lawyer didn't turn up to court on July 20, it would appear to
be a bit of a mix-up and they've gone heavy-handed," Mr Tinkler
told The Australian.  "We've now since resolved that and that
order is being lifted as we speak. I'm not running from anything,
I wasn't there because I thought this had all been resolved."

The Australian notes that the dispute centres on an amount owed by
the employment arm of his failed horse empire Patinack Farm. Mr
Tinkler said he had repaid AUD450,000 of AUD700,000 owing to the
Australian Taxation Office and offered security over the balance
after he missed deadline for the remaining payment last month, the
Australian says.

The report notes that Mr Tinkler made a billion-dollar fortune
during the boom in coal prices, but lost much of it through a
combination of collapsing coal prices and a series of poor
investments in ventures such as the Newcastle Knights and
Newcastle Jets sports teams and the Patinack Farm venture.

Liquidator Anthony Matthews denied Mr Tinkler's suggestion that an
agreement between the parties had been reached and the matter
resolved, the Australian adds.

The report relates that Mr Matthews said while there had been
discussions between his solicitor and Mr Tinkler over the weekend,
Mr Tinkler could not comply with what the liquidators had put to
him.

"There were discussions about some security being offered but
there was never any agreement and we still don't have any details
about this alleged security, to suggest there is an agreement is
nonsense really," the report quotes Mr Matthews as saying.

The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported on May 10, 2013, that Nathan Tinkler's Mulsanne Resources
Pty was ordered liquidated by a New South Wales state judicial
officer on Nov. 20, 2012, after the company failed to pay AUD28.4
million for shares in coal developer Blackwood Corp. His Patinack
Farm Administration Pty was put in liquidation a day later by a
federal judge in Adelaide over a debt to Workcover Corp. of South
Australia.   Mr. Tinkler also lost ownership of his personal jet
and helicopter after a financing company pushed TGHA Aviation Pty
into receivership on Nov. 23, 2012.  He has avoided other of his
companies being pushed into bankruptcy
with settlements at the last minute, including an agreement with
Mirvac Group (MGR) over a failed property deal.



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


BANK OF COMMUNICATIONS: Moody's Rates Prop. USD-Denom. Shares Ba3
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 (hyb) rating to Bank
of Communications Co., Ltd.'s (BoCom) proposed USD-denominated
Additional Tier 1 (AT1) capital qualifying offshore preference
shares (securities).

The proposed AT1 securities are subject to full or partial
compulsory H-share conversion upon the occurrence of a trigger
event.  The rating is three notches below BoCom's baa3 adjusted
baseline credit assessment (adjusted BCA), which in turn starts
with the bank's BCA and adds affiliate support, if any.  The
rating will move up and down in line with BoCom's BCA and adjusted
BCA.

BoCom's adjusted BCA is the same as its BCA.
The outlook on the rating is stable.

RATINGS RATIONALE

"The Ba3 (hyb) rating is three notches below BoCom's baa3 adjusted
BCA, reflecting the structure of the proposed issuance, and our
assumption that investors in these securities face the risk of
full or partial compulsory H-share conversion upon the occurrence
of a trigger event," says Sean Hung, a Moody's Assistant Vice
President and Analyst.

"The rating also incorporates the probability of impairment
associated with the cancellation of the dividends.  Such an
impairment could occur before the bank reaches the point of non-
viability," adds Hung.

While Moody's believes that BoCom will receive a very high level
of support from the Chinese government (Aa3 stable) in a stress
situation, given the bank's market position and the government's
40.41% ownership at end-March 2015, Moody's does not assume that
AT1 securities -- which are designed to absorb losses -- will
receive extraordinary government support.

Under the terms and conditions of the proposed securities, a
compulsory H-share conversion will be triggered if:
(1) An AT1 capital instrument trigger event occurs; namely, if at
any time, the bank determines that its Core Tier 1 capital
adequacy ratio has fallen to 5.125% or below, or;
(2) A Tier 2 capital instrument trigger event occurs.

A Tier 2 capital instrument trigger event will occur upon the
earlier of: (1) the China Banking Regulatory Commission having
concluded that without a write-off or conversion of the bank's
capital, the bank would become non-viable; and (2) the relevant
authorities having concluded that without a public sector
injection of capital or equivalent support, the bank would become
non-viable.

Claims on the AT1 securities are senior to the claims of ordinary
shareholders, and rank pari passu with other preference
shareholders, but are subordinate to the claims of depositors, the
bank's general creditors, and holders of subordinated liabilities.

The AT1 securities will pay fixed-rate annual dividends, which
will be reset periodically.  However, BoCom may choose not to pay
dividends on a non-cumulative basis.  The distributions on the
capital securities are fully discretionary, but in priority to any
distributions made to ordinary shareholders.

PRINCIPAL METHODOLOGIES

The principal methodology used in this rating was Banks published
in March 2015. Please see the Credit Policy page on www.moodys.com
for a copy of this methodology.

Bank of Communications Co., Ltd. is headquartered in Shanghai.
The bank reported total assets of RMB6.5 trillion (approximately
USD1.05 trillion) as of March 31, 2015.

The Local Market analyst for this rating is Yulia Wan,
+86.21.2057.4017.


HCP GLOBAL: S&P Withdraws 'B' CCR at Company's Request
------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B' long-term
corporate credit rating and 'cnBB-' long-term Greater China
regional scale rating on HCP Global Ltd., a China-based unlisted
packaging company.  At the same time, S&P withdrew all the issue
ratings on HCP's debt.  Prior to the withdrawal, the outlook on
the long-term corporate credit rating was stable.

S&P withdrew the rating based on HCP's request and the lack of
timely and sufficient information to assess the company's credit
profile.


PARKSON RETAIL: Share Acquisition No Impact on Moody's Ba3 CFR
--------------------------------------------------------------
Moody's Investors Service sees no immediate impact on Parkson
Retail Group Limited's Ba3 corporate family and senior unsecured
debt ratings or its stable outlook from its announced acquisition
of 67.6% of the shares in its sister company Parkson Retail Asia
Limited (unrated).

Parkson announced the acquisition on July 15, 2015, for a total
consideration of RMB1 billion.

Parkson Retail Asia is a department store operator with 67 stores
in Southeast Asia.

Both Parkson and Parkson Retail Asia are majority owned by Parkson
Holdings Berhad (unrated).

As of end-March 2015, Parkson Retail Asia had generated annual
revenue of around RMB2.5 billion and adjusted EBITDA of around
RMB900 million, based on Moody's estimates.  At the same time,
Parkson Retail Asia does not have interest-bearing debt.

"Moody's considers that Parkson's acquisition of Parkson Retail
Asia is unlikely to lead to any material level of execution risk,"
says Lina Choi, a Moody's Vice President and Senior Analyst.

Parkson Retail Asia has faced challenges because of slowing retail
consumption and rising costs over the past 12-18 months, resulting
in 5-10% declines in the company's operating profit for the year
ended March 2015.

However, Moody's believes the acquisition will effectively
rationalize all the group's key retail assets under the same roof.
This development will enable the two companies to more efficiently
share resources and management; and which will, in turn, allow all
its retail operations in Asia to benefit from the consequent
increase in scale for sourcing and fall in management costs.

Moody's expects that Parkson will, after the acquisition, generate
adjusted EBITDA of around RMB3 billion in 2015 on Moody's
assumption that cost synergies and the benefits of a greater scale
in sourcing materialize.

"Parkson plans to settle the acquisition with internal cash, and
thus its debt leverage will not show any material impact from the
proposed transaction," says Choi, who is also the Lead Analyst for
Parkson.

Parkson had RMB4.6 billion in cash and equivalents at end-March
2015, meaning it can complete the acquisition without raising new
debt.  In addition, Parkson Retail Asia reported around RMB900
million in cash equivalent at end-March 2015.

Thus, Parkson's consolidated cash position will not materially
deteriorate after the acquisition.

Moody's says that Parkson will further benefit from an incremental
rise in revenue and cash flow from Parkson Retail Asia, which also
enjoys a low level of debt leverage.  The consolidated entity will
also show low debt leverage.

Moody's estimates that pro-forma and post-acquisition Parkson
would show adjusted EBITDA/gross sales proceeds of around 13% at
end-March 2015, and adjusted RCF/net debt of around 13.5%.  Both
ratios support Parkson's current Ba3 rating.

Given that Parkson's scale is much larger than Parkson Retail
Asia, Moody's does not expect Parkson to deviate from its current
business strategy.

But, if the acquisition results in Parkson embarking on
substantial debt-funded expansion and/or acquisitions outside
China, then Moody's will review the impact of such changes in
strategy on Parkson's ratings .

The principal methodology used in these ratings was Global Retail
Industry published in June 2011.

Parkson Retail Group Limited, listed on the Hong Kong Stock
Exchange, is one of the largest operators of department store
chains in China.  At end-2014, Parkson owned and managed 60 stores
spread across 36 Chinese cities.  The company targets the middle-
end of the Chinese retail market.  It is 52.1%-owned by Parkson
Holdings Berhad (unrated), an affiliate of Malaysia's Lion Group.



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


AIR INDIA: To Seek Government Approval to Sell INR250cr Assets
--------------------------------------------------------------
The Times of India reports that Air India will seek government nod
to sell properties worth INR250 crore in three cities -- Mumbai,
Chennai and Coimbatore -- to raise funds.  TOI says the aviation
ministry has prepared a cabinet note for getting the approval. The
airline plans to have an outright sale by going to the highest
bidder, the report relates.

"The property in Mumbai is worth INR90 crore; INR120 crore in
Chennai and INR40 crore in Coimbatore. The properties that AI has
in Delhi, at Baba Kharak Singh Marg (near Connaught Place) and
Vasant Vihar, are huge. We are in talks with the urban development
ministry regarding the same and a decision on them will be taken
later," TOI quotes a senior official as saying.

According to the report, debt-ridden Air India had three years
back decided to raise about INR5,000 crore over the next decade by
monetizing its assets. But the management went slow as general
elections were approaching and it did not want to take any hasty -
- and controversial -- decision in a hurry under pressure from an
outgoing administration.

                         About Air India

Air India Ltd -- http://www.airindia.com/-- is the flag carrier
airline of India owned by Air India Limited (AIL), a Government of
India enterprise. The airline operates a fleet of Airbus and
Boeing aircraft serving various domestic and international
airports. It is headquartered at the Indian Airlines House in
New Delhi.

As reported in the Troubled Company Reporter-Asia Pacific on
March 28, 2014, The Times of India said Air India got a breather
in the form of INR1,000-crore equity infusion from the government
on March 26, 2014.  According to the report, the airline's
unending financial stress had got worse as the Centre had so far
given INR6,000 crore instead of the promised INR8,500 crore for
the fiscal. As a result, AI had to bridge this gap by borrowing
money from banks at 11%-12%, which increased its debt servicing
burden, the report said.  Before the infusion, the government had
injected INR12,200 crore into AI and there was a shortfall in
equity to the tune of INR3,574 crore -- despite the airline
meeting most of the milestone-linked equity targets -- leading to
a liquidity crunch, the report related.  TOI said the airline's
aircraft and working capital debt was INR26,033 crore and
INR21,125 crore respectively on December 31, 2013. The airline is
expected to lose INR3,990 crore this fiscal.

Air India has posted continuous losses since 2007, according to
The Economic Times.


AMPLE TEXTECH: CRISIL Reaffirms D Rating on INR76.5MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ample Textech Pvt Ltd
(ATPL) continue to reflect instances of delay by ATPL in servicing
its debt; the delays in debt servicing have been caused by ATPL's
weak liquidity and cash flow mis-matches due to initial stages of
operation.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       4.1        CRISIL D (Reaffirmed)
   Cash Credit          5.0        CRISIL D (Reaffirmed)
   Term Loan           76.5        CRISIL D (Reaffirmed)

ATPL has a weak financial risk profile, marked by declining net
worth due to losses at the net level and high gearing. However,
the company is expected to benefit from its healthy operating
profitability.

ATPL, incorporated in February 2011, dyes and bleaches grey fabric
on job work basis. Mr. Atul Kumar Mundra, Mr. Radhey Shyam
Agarwal, Mr. Vikash Agarwal and Mr. Shailendra Kumar Jha are the
directors of the company. The company commenced commercial
operations in November 2013.


ARVIND PIPES: ICRA Lowers Rating on INR7cr Loan to 'D'
------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]D from [ICRA]BB
(Negative) and short-term rating to [ICRA]D from [ICRA]A4 assigned
to the fund based and non fund based bank facilities aggregating
to INR20.00 crore of Arvind Pipes & Fittings Industries Private
Limited.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits
   (Term Loans)             3.00       Revised to [ICRA]D
                                       from [ICRA]BB (Negative)

   Fund Based Limits
   (Cash Credit)            6.75       Revised to [ICRA]D
                                       from [ICRA]BB (Negative)

   Fund Based Limits
   (PC/PCFC/FBD)            1.00       Revised to [ICRA]D
                                       from [ICRA]A4

   Non-Fund Based Limits
   (LC/BG)                  7.00       Revised to [ICRA]D
                                       from [ICRA]A4

   Proposed Limits          2.25       Revised to [ICRA]D/[ICRA]D
                                       from [ICRA]BB (Negative)/
                                       [ICRA]D

The ratings revision reflects delays in servicing of debt
obligations due to stretched liquidity owing to an elongated
receivable cycle and increase in inventory holding requirements.

Arvind Pipe & Fittings Industries Pvt. Ltd. (APFIPL) was
incorporated in the year 1982 as Arvind Metal Syndicate. The
company commenced commercial operations with trading in pipe
fittings and flanges and ventured into manufacturing of the
aforementioned products in 1990. Subsequently, in the year 2004,
APFIPL commissioned its second unit to manufacture seamless and
welded pipes. The company's both manufacturing units are located
in Waghodia near Baroda in Gujarat and have a combined installed
capacity of around 2000 MTPA.

On a provisional basis, the company reported a net profit of
INR0.88 crore on an operating income of INR43.58 crore during
FY15, as compared to a net profit of INR0.79 crore on an operating
income of INR42.42 crore during the previous year.


BHAVYA ENTERPRISES: ICRA Assigns B+ Rating to INR5cr Cash Credit
----------------------------------------------------------------
ICRA has assigned its [ICRA]B+ rating to the INR5.00 crore fund
based limits of Bhavya Enterprises. ICRA has also assigned its
[ICRA]A4 rating to the INR2.00 crore non fund based limits of the
firm.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund Based-Cash Credit    5.00        [ICRA]B+; assigned

   Non Fund Based- Bank
   Guarantee                 2.00        [ICRA]A4; assigned

ICRA's ratings are constrained by the intensely competitive nature
of the mobile handset industry in which the firm operates, with
the presence of various domestic and foreign brands. ICRA also
takes note of the fact that the firm also faces pressure on its
profitability due to competition from other retail formats like e-
commerce. These factors, combined with the trading nature of the
business have resulted in weak profitability (Operating margin of
1.37% in 2013-14). ICRA's ratings also take into account the
firm's weak financial profile characterised by its high gearing
and modest coverage indicators owing to high dependence on debt
(Gearing of 3.38 times, Debt/OPBDITA of 5.51 times, NCA/Debt of 7%
as on March 31, 2014). This apart, the ratings take into account
the risk associated with the partnership constitution of the firm
like withdrawal of capital, dissolution of firm etc. However the
ratings derive comfort from the favourable demand prospects for
mobile phones and the firm's association with Micromax as its sole
distributor and with Intex as its super stockist in the city of
Indore, Madhya Pradesh, which has resulted in healthy revenue
growth over the past few years. Further, the ratings also take
into account the firm's efficient management of its working
capital cycle, given the low debtor and inventory levels (NWC/OI
of 7.68% in 2013-14). Going forward, the ability of the firm to
maintain its revenue growth, improve its coverage indicators while
maintaining its working capital intensity will be the key rating
sensitivities.

Bhavya Enterprises is a partnership firm incorporated in 2007 for
carrying out the distribution of mobiles phones, primarily of
brands like Micromax, Intex and Lava. The firm is based in Indore,
Madhya Pradesh and is the sole distributor of Micromax mobiles in
the region. The firm is also a super stockist of Intex mobiles and
a carrying and forwarding agent for Lava mobiles.

Recent results
As per provisional accounts of the firm it has recorded an
operating income of INR92.32 crore for FY2015 as against the
operating income and PAT of INR59.86 crore and INR0.27 crore
respectively for FY2014.


BKB TRANSPORT: CRISIL Assigns B- Rating on INR400MM Bank Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of BKB Transport Pvt Ltd (BKB).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan       43         CRISIL B-/Stable
   Bank Guarantee      400         CRISIL A4
   Cash Credit         230         CRISIL B-/Stable

The ratings reflect BKB's small clientele, limited geographical
presence leading to revenue concentration, and highly working-
capital-intensive operations leading to weak liquidity. These
rating weaknesses are partially offset by the company's
established position in the coal mining and transportation
segment, and its strong order book providing revenue visibility.
Outlook: Stable

CRISIL believes that BKB will benefit over the medium term from
the extensive experience of its promoters in the coal mining and
transportation business and its healthy order book. The outlook
may be revised to 'Positive' in case of a substantial increase in
the company's scale of operations while it maintains its
profitability, or if it efficiently manages its working capital,
leading to improvement in its liquidity. Conversely, the outlook
may be 'Negative' in case stretch in the company's working capital
cycle leads to further deterioration in its liquidity, or if it
generates lower-than-expected accruals or undertakes sizeable
debt-funded capital expenditure programme.

BKB, promoted by members of the Agrawal family in 1990, provides
coal mining services, transportation of coal and ash from
collieries/ash ponds to railway wagon/project location/dump yard,
loading of materials into railway wagons/tippers, civil
construction such as earth filling, and construction of small
bridges/ash pond. BKB provides end-to-end as well as customised
services to its customers.


CONTENTRA TECHNOLOGIES: CRISIL Rates INR50MM LT Loan at 'B+'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Contentra Technologies (India) Private Limited
(CTIPL; part of the Contentra group).

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

The rating reflects the Contentra group's weak financial risk
profile, marked by weak liquidity and capital structure, owing to
stretched receivables and high expenditure on software
development. The rating also factors in the group's modest scale
of operations in the information technology services industry.
These rating weaknesses are partially offset by the Contentra
group's diversified customer base, long and established
relationships with customers, and long track record and experience
in the content digitisation industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of CTIPL and its wholly owned US
subsidiary, Contentra Technologies Inc. The subsidiary is in the
same line of business as CTIPL and the two are together referred
as Contentra group.
Outlook: Stable

CRISIL believes that the Contentra group will continue to benefit
over the medium term from its established relationships with key
customers and its long track record in the content digitisation
industry. The outlook may be revised to 'Positive' if there is
significant improvement in the group's capital structure and
liquidity, supported by higher cash accruals and better
receivables collection. Conversely, the outlook may be revised to
'Negative' if the Contentra group's liquidity deteriorates, most
likely due to a decline in its revenue, a further stretch in its
receivables, or any major expenditure on software development.

CTIPL, formerly known as Planman Technologies India Pvt Ltd, was
started by Planman Consulting Group in 2005 in Okhla, New Delhi.
It is an ISO: 9001-2000- and 27001-certified company in the areas
of archiving services, content conversion, publishing and creative
services, web content, and application development. CTIPL's wholly
owned subsidiary, Contentra Technologies Inc, based in Cincinnati,
Ohio (USA) and established in 2006, is in the same line of
business.


DURABLE CERAMICS: CRISIL Reaffirms B+ Rating on INR100MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Durable Ceramics Pvt
Ltd (DCPL; part of the Durable group) continue to reflect the
Durable group's modest financial risk profile marked by high
gearing, its large working capital requirements, its limited scale
of operations in the transformer components industry, and customer
concentration in its revenue profile.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        50        CRISIL A4 (Reaffirmed)
   Cash Credit          100        CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
the Durable group is expected to derive from the favourable demand
prospects for the insulator business over the medium term.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of DCPL and Durable Transformers Pvt Ltd
(DTPL). This is because the two companies, together referred to as
the Durable group, have common teams managing key functions such
as finance, marketing, and procurement at the head office.
Moreover, the companies will support each other in case of any
exigency, and the commercial terms of sale/purchase between them
are managed to ensure sufficient liquidity for both. Also, there
are moderate levels of inter-company transactions - around 10 per
cent of DTPL's sales are to DCPL - and they have extended
corporate guarantees for each other's credit facilities.
Outlook: Stable

CRISIL believes that the Durable group's business risk profile
will remain constrained over the medium term by its significant
revenue dependence on Punjab State Power Corporation Ltd (PSPCL),
although supported by healthy demand prospects. The outlook may be
revised to 'Positive' if the group's revenue and operating margin
increase significantly, or if its capital structure improves
considerably. Conversely, the outlook may be revised to 'Negative'
if the group contracts more-than-expected working capital debt,
leading to deterioration in its debt protection metrics, or if its
operating margin or turnover declines, resulting in low net cash
accruals.

DCPL, incorporated in July 2005, commenced commercial production
in April 2006. The company manufactures bushings (used in
transformers), pin insulators, disc insulators, post insulators,
high-tension and low-tension insulators, and plain cement concrete
poles.

DTPL, incorporated in April 2008, commenced commercial operations
in December 2008. The company manufactures transformers mainly of
10, 15, and 25 kilovolt ampere (kVA) capacities and has now
started manufacturing transformers up to 1000 kVA. Around 10 per
cent of the transformers manufactured by DTPL are sold to DCPL.
The Durable group supplies most of its products to PSPCL, either
directly or through vendors.


DURABLE TRANSFORMERS: CRISIL Reaffirms B+ Rating on INR63.5M Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Durable Transformers
Pvt Ltd (DCPL; part of the Durable group) continue to reflect the
Durable group's modest financial risk profile marked by high
gearing, its large working capital requirements, its limited scale
of operations in the transformer components industry, and customer
concentration in its revenue profile.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          63.5       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit     40         CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
the Durable group is expected to derive from the favourable demand
prospects for the insulator business over the medium term.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of DTPL and Durable Ceramics Pvt Ltd
(DCPL). This is because the two companies, together referred to as
the Durable group, have common teams managing key functions such
as finance, marketing, and procurement at the head office.
Moreover, the companies will support each other in case of any
exigency, and the commercial terms of sale/purchase between them
are managed to ensure sufficient liquidity for both. Also, there
are moderate levels of inter-company transactions - around 10 per
cent of DTPL's sales are to DCPL - and they have extended
corporate guarantees for each other's credit facilities.
Outlook: Stable

CRISIL believes that the Durable group's business risk profile
will remain constrained over the medium term by its significant
revenue dependence on Punjab State Power Corporation Ltd (PSPCL),
although supported by healthy demand prospects. The outlook may be
revised to 'Positive' if the Durable group's revenue and operating
margin increase significantly, or if its capital structure
improves considerably. Conversely, the outlook may be revised to
'Negative' if the group contracts more-than-expected working
capital debt, leading to deterioration in its debt protection
metrics, or if its operating margin or turnover declines,
resulting in low net cash accruals.

DCPL, incorporated in July 2005, commenced commercial production
in April 2006. The company manufactures bushings (used in
transformers), pin insulators, disc insulators, post insulators,
high-tension and low-tension insulators, and plain cement concrete
poles.

DTPL, incorporated in April 2008, commenced commercial operations
in December 2008. The company manufactures transformers mainly of
10, 15, and 25 kilovolt ampere (kVA) capacities and has now
started manufacturing transformers up to 1000 kVA. Around 10 per
cent of the transformers manufactured by DTPL are sold to DCPL.
The Durable group supplies most of its products to PSPCL, either
directly or through vendors.


EN VOGUE: ICRA Reaffirms B+ Rating on INR8cr Fund Based Loan
------------------------------------------------------------
ICRA has reaffirmed its rating of [ICRA]B+ on the INR8 crore
(increased from INR4.75 crore) fund based facilities and INR2.50
crore (increased from INR0.60 crore) term loans of En Vogue Wood
Workings Private Limited. ICRA has also reaffirmed its short-term
rating of [ICRA]A4 on the INR7.50 crore (increased from INR4.50
crore) non-fund based limits of En Vogue Wood Workings (P) Ltd
(Envogue).

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based Limits         8.00       [ICRA]B+ ; reaffirmed
   Fund Based Limits-
   Term Loan                 2.50       [ICRA]B+ ; reaffirmed

   Non Fund Based Limits     7.50       [ICRA]A4 ; reaffirmed

While reaffirming the ratings, ICRA factors in the increase in
scale of operations of the company driven by increased off take by
the existing customers as well as addition of new customers to the
client base of the company. The ratings take into account the
improvement in the operating margins (6.94% in 2013-14 vis-…-vis
5.90% in 2012-13) of the company attributable to decline in raw
material prices as well as the decline in gearing level of the
company (TD/TNW of 1.94 times as on March 31, 2014 vis-…-vis 2.07
as on March 31, 2013). However, absolute profit of the company
continues to be low as reflected by net profit of INR0.24 crore in
2013-14 as compared with INR0.34 crore in 2012-13.
The ratings continue to be constrained by the intense competition
from low-cost countries which restricts the company's pricing
flexibility and exposure to economic slowdown in its key markets.
The ratings also take cognizance of the company's exposure to the
risk of foreign exchange rate fluctuations on the un-hedged
portion of its receivables and vulnerability of profitability to
volatility in prices of raw materials. The ratings also take into
account the moderate financial profile of the company as reflected
by its small scale of operations and weak debt protection
indicators. The ratings, however, favorably factor in the long
experience of the promoters in the home furnishings export
industry and the company's diversified product profile including
cushion covers, aprons, quilts, proofs and furniture.

Envogue was established in the year 2004 by Mr. Gokul Chand Jain.
The company is engaged in manufacturing of home furnishings for
export. The company exports home furnishings like cushion covers,
aprons, quilts, proofs and runners. Apart from home furnishings,
the company also manufactures furniture which is mainly sold to
retail customers and corporate customers in India. The company has
three factories- two in Noida (15,000 sq. ft in Sector 2 and
40,000 sq. ft in Sector 59) and one in Greater Noida (60,000 sq
feet).

As per the unaudited financials for 2014-15, the company reported
a net profit of INR0.27 crore on an operating income of INR22.89
crore as against a net profit of INR0.24 crore on an operating
income of INR13.71 crore in 2013-14.


GLOBAL TRADING: CRISIL Lowers Rating on INR100MM Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Global Trading Solutions Ltd (GTSL) to 'CRISIL D' from 'CRISIL
B+/Stable'.

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

The rating downgrade reflects the delay in payment of bank
facilities; the same was on account of the firm's weak liquidity.

The rating reflects GTSL's large working capital requirements and
the susceptibility of its operating margin to volatility in raw
material prices and to changes in government regulations. These
rating weaknesses are partially offset by the extensive experience
of the company's promoters in the iron ore fines trading business.

GTSL was set up in August 2010 by Mr. Abinash Mohanty; in December
2010, the company acquired the business of Trading Solution, a
partnership firm set up by Mr. Abinash Mohanty and his cousin, Mr.
Satyajit Mohanty, in 2006. GTSL exports iron ore fines to overseas
traders, including its associate company Global Trading Solution
Overseas Pvt Ltd. The company also imports scrap and coal from
Singapore and sells in the local market.


HORIZON DREAM: ICRA Lowers Rating on INR46cr Fund Based Loan to D
-----------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR46.00
crore fund based bank facilities of Horizon Dream Homes Private
Limited to [ICRA]D from [ICRA]B assigned to the company.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based Limit        46.00        Revised to [ICRA]D
                                        from [ICRA]B

The rating revision takes into account delays in debt servicing by
the company.

BAU Developers Private Limited (BAUDPL) is a part of Red Brick
Group, a consortium of 18 companies, primarily engaged in
construction, development, sale and lease of commercial,
residential and industrial properties. The Group, promoted by the
Goenka family, has been in the real estate business for more than
four decades. It has historically been engaged in the leasing of
commercial space, having leased out ~0.9 million sq.ft. of
commercial space across Mumbai, Chennai and Bangalore. The Group
has also developed more than 3.3 million sq.ft. all over India in
the last four decades. Incorporated in 2005, BAUDPL is engaged in
real estate development in Mumbai. The company is currently
developing a high-end residential real estate project IBIS at
Kandivali (W), Mumbai. The project is being undertaken under the
slum rehabilitation scheme (SRS) promoted by the Slum
Rehabilitation Authority (SRA).


ISHWARLAL HARJIWANDAS: CRISIL Reaffirms B+ Rating on INR300M Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Ishwarlal
Harjiwandas Jewellers Pvt Ltd (IHJPL) continues to reflect IHJPL's
below-average financial risk profile, marked by high gearing and a
modest net worth, and the company's vulnerability to changes in
government policies pertaining to the jewellery industry. These
rating weaknesses are partially offset by the extensive experience
of IHJPL's promoters in the jewellery business, and the funding
support that it receives from them.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           300       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that IHJPL will benefit over the medium term from
its moderate profitability and additional sales from its new
showroom. The outlook may be revised to 'Positive' if the company
achieves substantial sales at its second showroom, resulting in an
improvement in its business risk profile, or in case of infusion
of funds by promoters to support its working capital requirements,
leading to an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if there are
sizeable working capital requirements due to large inventory,
leading to a further stretch in the company's liquidity.

Update
IHJPL's net sales for 2014-15 (refers to financial year, April 1
to March 31) grew year-on-year by 35 per cent to around INR1.04
billion as against INR770 million in 2013-14. It has sustained its
profitability at 6 to 6.5 per cent during the three years through
March 2015 and the same is expected to remain at similar levels
over the medium term. IHJPL continues to have working-capital-
intensive operations, as indicated by its gross current assets of
185 days as on March 31, 2015, in line with CRISIL's expectations.
The company's stretched working capital cycle has resulted in high
bank limit utilisation, at an average of 90 to 95 per cent over
the 12 months through March 2015.

IHJPL's interest coverage ratio remains modest and was around 1.4
times for 2014-15. Although the company is not planning any debt-
funded capital expenditure, its gearing is expected to remain high
at about 3 times over the medium term with net worth of about
INR127 million as on March 31, 2015.

IHJPL was set up in 1989 by the Choksi family. The company retails
gold, platinum, and diamond-studded jewellery, and gold bullion in
Ahmedabad (Gujarat). IHJPL has a retail showroom in Ahmedabad and
has opened a second showroom in the city, commercial operations of
which started in March 2014.

IHJPL reported a profit after tax (PAT) of INR8.6 million on a net
sales of INR1.04 billion for 2014-15, against a PAT of INR10
million on net sales of INR778 million for 2013-14.


JALA SHAKTI: ICRA Assigns 'D' Rating to INR24.22cr Term Loan
------------------------------------------------------------
ICRA has assigned long term rating of [ICRA]D to Rs.24.22 Crore
term loans and INR0.68 Crore unallocated limits of of Jala Shakti
Limited. ICRA has also assigned short term rating of [ICRA]D to
INR1.60 Crore non fund based facilities of JSL.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long Term-Term Loans     24.22      [ICRA]D; assigned

   Long Term-Unallocated     0.68      [ICRA]D; assigned

   Short Term- Bank
   Guarantee                 1.60      [ICRA]D; assigned

ICRA's rating action factors in the relatively weak credit risk
profile characterized by relatively high project cost, weak
accruals and levered capital structure of JSL, which has set up a
run of the river Small hydro electric project (SHEP) in Chamba,
Himachal Pradesh. The increase in cost is on account of time
overruns in execution of the project which has increased the
interest burden for the company. Further the company is incurring
revenue loss on account of outages in the grid which is resulting
in a low effective delivered energy. Consequently, inadequate cash
generation has resulted in delays in debt repayment. The rating
also factors in hydrological risks as Jala Shakti Ltd. is not
covered under deemed generation clause in case of factors like
shortage of water or disruption of operations due to flooding,
silting etc. As the revenues of the company are dependent on
actual unit sales, it exposes the company to risks of variable
cash flows. Further, given the seasonality of power production
(and hence cash flow generation), the cash flows of the company
are likely to remain volatile and this may result in continued
liquidity mismatches.

On the positive side, the company has a long term PPA (Power
Purchase Agreement) contract for sale of entire power generated to
Himachal Pradesh State Electricity Board (HPSEBL), the regulatory
risk is consequently lower. The demand risk too is limited due to
significant energy deficit in northern Indianehi. Despite the
above strengths, the ratings of the company are constrained by its
inability to service its debt obligations timely. Going forward,
the ability of the company to meet the designed performance
parameters and regularizing of debt servicing will be the key
rating drivers.

Jala Shakti Limited, incorporated in 1996, has setup a 5 MW run of
the river hydro electric project (Dunali HEP) in Chamba, Himachal
Pradesh. The project has started commercial operations in May 2013
and has been set up at a cost of INR62.5 crore.

Recent results
The company reported an operating income of INR4.06 crores and a
loss after tax of INR4.86 crore in FY 2014.


KARTHIKEYA JYOTHI: CRISIL Assigns 'D' Rating to INR35MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Karthikeya Jyothi Agro Pvt Ltd (KJAPL). The rating
reflects KJAPL's delays in meeting its term debt obligations
because of its weak liquidity driven by large working capital
requirements.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           15        CRISIL D
   Long Term Loan        35        CRISIL D

KJAPL has a weak financial risk profile marked by high gearing and
weak debt protection metrics. However, the company benefits from
its promoters' extensive experience in the edible oil industry.
About the Company

Incorporated in 1997 and based in Hyderabad, KJAPL refines and
sells edible oil in Telangana and Andhra Pradesh. The company's
manufacturing facility is in Gangavathi (Karnataka).

For 2014-15 (refers to financial year, April 1 to March 31), on a
provisional basis, KJAPL reported profit after tax of INR2.82
million on total revenue of INR152.23 million, against a loss of
INR9.63 million on total revenue of INR23.40 million for 2013-14.


KOHINOOR EDUCATION: ICRA Ups Rating on INR60cr Term Loan to B-
--------------------------------------------------------------
ICRA has upgraded the long-term rating from [ICRA]D to [ICRA]B-
assigned to the INR60.00 crore term loan, and the short-term
rating from [ICRA]D to [ICRA]A4 assigned to the INR1.00 crore non-
fund based limits of Kohinoor Education Trust.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term Loans               60.00       [ICRA]B- Upgraded
                                        from [ICRA]D

   Non-fund Based Limits     1.00       [ICRA]A4 Upgraded
   (BG)                                 from [ICRA]D

The revision in ratings takes into account the restructuring of
the existing term loan with an increased tenure of the loan from 7
years 10 months to 12 years 9 months, resulting in a lower debt
burden that includes only interest obligations on FITL, currently
being serviced in a timely manner. The ratings positively consider
the well established profile of the promoters and the strong brand
name of the Kohinoor Group in the education sector in Maharashtra;
and the fact that all the institutes are fully operational with
complete infrastructure in place for the school and management
institute at Kurla. Furthermore, the ratings draw comfort from the
diversified portfolio of the educational institutes, including the
international school and the management school.

The ratings, however, are constrained by the stretched liquidity
profile at a group level brought around by slow sales of
commercial projects -- particularly the large scale project in
Mumbai wherein a significant quantum of group's funds have been
deployed. The start up nature of operations of the group's recent
ventures in healthcare, education and hospitality segments are a
credit concern too. The ratings are further constrained by the
weak financial profile of the trust with its small scale of
operations, losses at a net level and an adverse capital structure
owing to the slower than expected ramp up of operations. ICRA
notes that less than anticipated occupancy rates in all the
institutes, coupled with high fixed overheads, have resulted in
weak profitability and cash flows levels for KET, leading to high
reliance on funding support from the group for debt servicing
obligations.

Going forward, the ability of the trust to increase occupancy
rates, scale up its operations and achieve healthy profitability
levels, while securing timely support from the group, remain
critical from a credit perspective.

KET was established in September 2007 as a Public Trust by the
Mumbai-based Kohinoor Group. The Group, founded in 1961 by Mr.
Manohar Joshi, is present in the education, real estate,
healthcare and hospitality sectors through various group
companies. Mr. Unmesh Joshi, who is the current chairman and
managing director of the Group, is also the managing trustee of
KET. Under KET, the Group established a management college with a
capacity of 480 students (for both years) and an Indian
Certificate of Secondary Education (ICSE) school at Kurla in
Mumbai.

In FY 2014, the trust recognized a net loss of INR11.78 crore on
revenue receipts of INR12.79 crore as against a net loss of
INR9.41 crore on revenue receipts of INR12.03 crore in FY 2013.


KOHINOOR ELITE: ICRA Reaffirms 'D' Rating on INR22cr Loan
---------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]D outstanding
on the INR22.00 crore term loan of Kohinoor Elite Hotels Private
Limited. ICRA has also re-affirmed the short-term rating of
[ICRA]D outstanding on the INR1.00 crore non-fund based limit of
KEHPL.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Fund Based Limits        22.00        [ICRA]D Re-affirmed
   Non-fund Based Limits     1.00        [ICRA]D Re-affirmed

The re-affirmation of the ratings takes into account KEHPL's weak
financial profile, characterized by weak profitability levels,
adverse capital structure owing to the debt funded capital
expenditure, and the stretched liquidity position leading to
delays in debt servicing. Against a backdrop of high debt
repayment obligations coupled with the company's low accruals,
timely support from the group remains critical for servicing
KEHPL's debt compulsions. Furthermore, the liquidity profile at a
group level remains stretched, brought around by slow sales of
commercial projects, particularly the large scale project in
Mumbai, wherein a significant quantum of group funds have been
deployed. The start up nature of operations of the group's recent
ventures in healthcare, education and hospitality segments has
also resulted in the company's stretched liquidity profile. The
ratings, further, take into account the sensitivity of cash flows
to occupancy levels and ARR, as well as the high competitive
intensity in the industry.

ICRA has favorably factored in the long experience of the
promoters in the hospitality industry. The favourable location of
the hotel and the fact that the hotel has witnessed satisfactory
ramp up of occupancy levels and RevPARs since its inception have
been considered too.

ICRA notes that with the internal accruals not likely to be
sufficient for servicing the existing debt obligation in the near
term, the group's ability to raise adequate funds through sales
tie-up or re-financing, for meeting the debt obligations, remains
critical from the credit perspective.

KEHPL is part of the Kohinoor Group promoted by Mr. Manohar Joshi,
and currently managed by Mr. Unmesh Joshi. KEHPL is a Special
Purpose Vehicle (SPV) to set up and manage a 100-room three-star
hotel -- Kohinoor Elite -- at Kurla (West), Mumbai. The hotel
commenced operation in May 2011. The hotel has 100 rooms of 270
sq. ft each, as well as a multi-cuisine bar-cum-restaurant with a
seating capacity of 100.

For the financial year ending March 31, 2014, KEHPL recorded a net
loss of INR2.41 crore on an operating income of INR10.95 crore.
During 9M FY 2015, it reported profit before tax of INR0.12 crore
on an operating income of INR9.20 crore (unaudited).


KOHINOOR HOSPITALS: ICRA Ups Rating on INR56.41cr Loan to B-
------------------------------------------------------------
ICRA has revised the long-term rating from [ICRA]D to [ICRA]B-
outstanding on the INR56.41 crore term loan and INR1.00 crore non-
fund based limits of Kohinoor Hospitals Private Limited.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term Loans               56.41       [ICRA]B- Upgraded
                                        from [ICRA]D

   Non-fund Based Limits     1.00       [ICRA]B- Upgraded
                                        from [ICRA]D

The revision in rating takes into account the restructuring of the
existing term loan with increased tenure of the loan resulting in
lower debt burden, which includes only interest obligations on
FITL currently being serviced in a timely manner. The term loan is
to be repaid in 96 ballooning installments from December 2016 to
November 2024. ICRA has also favorably taken note of the fact that
all the facilities are fully operational with no major capital
expenditure expected to be incurred in the near term. The presence
of experienced consultants in the hospital's panel of doctors,
which is likely to have a positive impact on the occupancy levels
of the hospital, and its foray into specialized services that is
expected to support profitability and well as improve brand
strength, have been taken into consideration as well. The ratings
also favorably consider the limited competition, given the lack of
adequate tertiary care facilities in the vicinity and no major
expected supply.

The ratings, however, remain constrained by the weak liquidity
position at a group level owing to slow sales of commercial
projects as well as the start up nature of operations of the
group's recent ventures in healthcare, education and hospitality
segments. The hospital's financial profile continues to remain
weak with operations yet to break even, reflecting the start up
nature of the business, thereby leading to an erosion of its net
worth. Moreover, this has resulted in a high reliance on group
support for debt servicing. The rating also takes into account the
limited track record of the promoter group in the healthcare
business, the modest scale of operations of the hospital, and its
exposure to concentration risks inherent in single asset
companies.

Going forward, the group's ability to tie-up the sales of its
commercial projects in a timely manner, improve its liquidity
position, and ensure timely debt servicing remain critical from a
credit perspective. Furthermore, KHPL's ability to increase the
occupancy levels of the hospital through better utilization of its
existing facilities, scale up its operations, and achieve a
healthy profitability level would also be key rating sensitive
factors.

Incorporated in May 2007, Kohinoor Hospitals Private Limited was
promoted by the Mumbai-based Kohinoor Group, as part of the
Group's endeavor to venture into the healthcare sector. KHPL has
set up a 147-bed multi-specialty hospital at the Kurla suburb of
Mumbai, which became operation in FY 2011. The project is a part
of an integrated township project being undertaken by the Group.
The hospital commenced operations with 71 paid beds that were made
fully operational in July 2010. KHPL's board of members comprises
Mr. Unmesh Manohar Joshi, Ms. Anagha Manohar Joshi and Ms. Madhavi
Unmesh Joshi.

For the financial year ending March 2014, KHPL reported a net loss
of INR13.35 crore on an operating income (OI) of INR52.26 crore.
During FY 2015, KHPL reported a net loss of INR14.78 crore on an
OI of INR54.11 crore (unaudited).


MARK INFRASTRUCTURE: CRISIL Reaffirms B+ Rating on INR45MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mark Infrastructure Pvt
Ltd (MIPL) continue to reflect MIPL's weak financial risk profile,
marked by high gearing, a small net worth, and weak debt
protection metrics.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       50         CRISIL A4 (Reaffirmed)
   Cash Credit          45         CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the company's modest scale of
operations and its susceptibility to intense competition in the
civil construction industry. These rating weaknesses are partially
offset by the extensive industry experience of MIPL's promoters.
Outlook: Stable

CRISIL believes that MIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company diversifies
its business and sustainably improves its scale of operations and
profitability, leading to larger cash accruals and hence to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if MIPL's financial risk profile
weakens, most likely because of a decline in its revenue or
profitability margins, or if it undertakes a large debt-funded
capital expenditure programme, or in case of significant delays in
payments by its principal contractors.

Set up in 1998 by Mr. Vemuri Ravi Kiran, MIPL undertakes civil
construction works related to construction of buildings. The
company is based in Hyderabad.


MITTAL FIBERS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M/s Mittal Fibers
(MF) a Long-Term Issuer Rating of 'IND B+'. The Outlook is Stable.
The agency has also assigned the following ratings to MF's bank
loans:

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long-term loans      15.5       'IND B+'/Stable
   Fund-based working   60.0       'IND B+'/Stable
   capital limits

KEY RATING DRIVERS

MF's ratings are constrained by its weak credit profile with
interest coverage of 1.6x in FY14 (FY13:1.5x) and financial
leverage of 7.6x (5.1x) due to low EBITDA margins of 1.6%
(2.4%).The ratings also factor in the fact that the firm's
operations are restricted to ginning and pressing of cotton, a
limited value-addition activity in the textile value chain. The
ratings are further constrained by the proprietorship nature of
MF's business.

The ratings, however, benefit from a decade-long experience of
MF's proprietor in the trading and textile business. The ratings
are also supported by the firm's comfortable liquidity profile as
indicated by 78% of average peak working capital utilisation
during the six months ended May 2015.

RATING SENSITIVITIES

Positive: A rise in the profitability leading to an improvement in
the overall credit metrics will be positive for the ratings.

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

COMPANY PROFILE

MF was established by Sanjay Agarwal in 2007. The firm is engaged
into the ginning and pressing of cotton at Shahada, Maharashtra.
It operates 36 ginning and one pressing machines. The firm also
has an oil mill.

The proprietor has another firm which is engaged into similar kind
of activities in Khetia, Madhya Pradesh.

According to the provisional financials for FY15, revenue was
INR413m.


OMNITECH ENGINEERING: CRISIL Rates INR75.4MM Term Loan at 'B'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Omnitech Engineering (OE).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             75.4      CRISIL B/Stable
   Cash Credit           45.5      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     3.1      CRISIL B/Stable

The rating reflects OE's small scale of operations in the highly
fragmented engineering industry, and the susceptibility of its
operating margin to fluctuations in input prices and foreign
exchange rates. These rating weaknesses are partially offset by
the extensive industry experience of the firm's promoters.
Outlook: Stable

CRISIL believes that OE will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if OE significantly increases
its scale of operations and profitability, leading to substantial
cash accruals. Conversely, the outlook may be revised to
'Negative' if the firm's financial risk profile weakens, most
likely because of delay in stabilising its debt-funded expansion
project, or if its relationship with its key customer
deteriorates, leading to a decline in its sales or profitability.

Established in 2006, OE is a partnership firm promoted by Mr.
Udaybhai Parekh and Mrs. Kinnariben U Parekh of Rajkot (Gujarat).
The firm manufactures precision machined components.


PRACHI INDIA: CRISIL Reaffirms 'B' Rating on INR140MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Prachi India
Pvt Ltd (PIPL) continues to reflect PIPL's weak financial risk
profile, marked by high gearing, weak debt protection metrics, and
modest net worth, and its large working capital requirements.
These rating weaknesses are partially offset by the extensive
experience of PIPL's promoters in the book publishing industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           140       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     30       CRISIL B/Stable (Reaffirmed)
   Term Loan              30       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PIPL will improve its market position over
the medium term, backed by its increasing scale of operations,
established position in the educational textbook publishing
industry, and strong customer base. However, the company's
financial risk profile is expected to remain weak over this
period, with modest net worth, weak debt protection metrics, and
high gearing. The outlook may be revised to 'Positive' if PIPL
reports a significant improvement in its financial risk profile,
with better working capital management and capital structure.
Conversely, the outlook may be revised to 'Negative' if PIPL's
liquidity weakens significantly, most likely because of low cash
accruals or substantial debt-funded capital expenditure.

PIPL, incorporated in 1997, is promoted by Mr. Mukesh Tyagi and
Mr. Rakesh Tyagi. The company prints and publishes educational
text books for the Central Board of Secondary Education, the
Indian Certificate of Secondary Education board, and the state
education board (Delhi).


ROSEWOOD LAMINATES: CRISIL Reaffirms B Rating on INR59.1MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Rosewood
Laminates Private Limited (RLPL) continues to reflect RLPL's
modest scale of operations in the highly competitive laminates
industry and its working-capital-intensive operations. These
rating weaknesses are partially offset by the extensive experience
of the company's promoters in the laminates industry.

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

   Proposed Long Term
   Bank Loan Facility     0.9      CRISIL B/Stable (Reaffirmed)

   Term Loan             59.1      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RLPL will continue to benefit over the medium
term from the extensive experience of its promoters in the
laminates industry. The outlook may be revised to 'Positive' in
case RLPL's scale of operations improves substantially with
improvement in profitability, leading to higher-than-expected cash
accruals and improvement in financial risk profile. Conversely,
the outlook may be revised to 'Negative' if RLPL's revenue or
operating margin is lower than expected, or it undertakes a
substantial debt-funded expansion programme, or its working
capital management deteriorates, resulting in significant
weakening of its financial risk profile.

Update
For 2014-15 (refers to financial year, April 1 to March 31), RLPL
reported, on a provisional basis, net sales of INR58.93 million.
The company's operating profitability was moderate and in line
with CRISIL's expectations, at 15 per cent in 2014-15. RLPL has
large working capital requirements, as indicated by its gross
current assets of over 300 days as on March 31, 2015, on account
of initial phase of operations. The utilisation of bank limits has
been moderately high on account of high dependency on bank
borrowings to fund its working-capital-intensive operations.
RLPL's accruals are expected to remain tightly matched with its
term debt repayments over the medium term; however, the company
does not have any debt-funded capital expenditure. RLPL's debt
protection metrics were average for 2014-15. The interest coverage
ratio was low at around 1.4 times and net cash accruals to total
debt ratio was average at around 0.05 times, for 2014-15. The
company's gearing is expected to moderate at 1.38 times with
expected net worth of over INR50 million, as on March 31, 2016.

For 2014-15, RLPL reported, on a provisional basis, a net profit
of INR2.57 million on net sales of INR58.93 million.

Incorporated in 2013, Rosewood Laminates Pvt Ltd (RLPL) is
promoted by Morbi (Gujarat) based Mr. Rajeshbhai C Garala, Mr.
Digvijaysinh Padheriya and others. RLPL is engaged into
manufacturing of laminates.


SAGAR INDUSTRIES: CRISIL Puts B+ Rating on Notice of Withdrawal
---------------------------------------------------------------
CRISIL has placed its ratings on the bank facilities of
Sagar Industries and Distilleries Private Limited (SIDL) on a 60-
day notice of withdrawal. The ratings have been placed on a 60-day
notice of withdrawal at the company's request and on receipt of a
no-objection certificate from its banker. The rating will be
withdrawn after completion of the notice period. The rating action
is in line with CRISIL's policy on withdrawal of its ratings on
bank loans.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
  Cash Credit            150       CRISIL B+/Stable (Notice of
                                   Withdrawal)
  Letter Of Guarantee    160       CRISIL A4 (Notice of
                                    Withdrawal)

Outlook: Stable

CRISIL expects SIDL to benefit from extensive experience of its
promoters. The outlook may be revised to 'Positive' in case of
significant and sustainable growth in the company's accruals
translating to improvement in liquidity. Conversely, the outlook
may be revised to 'Negative' in case of lower than expectsed
growth in the company's revenues or profitability margins or an
elongation of its working capital cycle or in case the company
undertakes any large debt-funded capex programme, thereby
impacting its financial risk profile.

SIDL was incorporated in 1999 by the Nashik based Kalani family.
The company is engaged in production of Extra Neutral Alcohol
(ENA) from molasses. The day to day operations of the company are
managed by Mr. Nandu Kalani. The factory is located at Chandwad,
Dist. Nashik, Maharashtra.


SAHIBZADA AJIT: CRISIL Assigns 'D' Rating to INR170MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Sahibzada Ajit Singh Educational Trust (SAS).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility     170        CRISIL D
   Rupee Term Loan         90        CRISIL D

The rating reflects instances of delays by SAS in servicing its
term debt; the delays have been caused due to stretched liquidity
on account of its short term cash flow mismatch. The rating also
factors in SAS's below average financial risk profile marked by
high gearing and below-average debt protection metrics. These
rating weaknesses are partially offset by extensive experience of
society members in education industry and diversified revenue
profile on the back of multiple schools and colleges.

Sahibzada Ajit Singh Educational Trust (SAS) was formed in 1994 by
Mr. S. Gurbachan Singh. Trust is operating more than 30 schools
and colleges which offers engineering, management and polytechnic
courses. SAS is operating most of its school, education centres
under the name of Dhilwan International Public School (DIPS),
affiliated from Central Board of Secondary Education (CBSE). The
society started its first school in Dhilwan, Punjab in 1994. SAS's
schools and colleges are located in various districts of Punjab,
namely, Jalandhar, Amritsar, Kapurthala, Hoshiarpur and Fazilka.


SAI POINT: CRISIL Upgrades Rating on INR90MM Loan to 'B'
--------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
Sai Point Cars Pvt Ltd (SCPL) to 'CRISIL B/Stable' from 'CRISIL B-
/Stable' while reaffirming the short term rating at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        10        CRISIL A4 (Reaffirmed)

   Cash Credit            5        CRISIL B/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Inventory Funding     90        CRISIL B/Stable (Upgraded
   Facility                         from 'CRISIL B-/Stable')


   Proposed Long Term    17        CRISIL B/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B-/Stable')

   Term Loan             28        CRISIL B/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

The upgrade by CRISIL reflects improvement in the liquidity backed
by complete repayment off of its term debt obligations by SCPL.
SCPL does not have any term debt obligations in medium term. Also,
there has been constant fund support from the promoters in the
form of unsecured loans and equity infusion. The promoters have
infused around INR70 million over the last 3 years. However, the
bank limits remains fully utilized due to continued losses. CRISIL
believes that the company will maintain its improved liquidity
over the medium term.

The revenues of the company is expected to improve slightly to
INR470 million in 2014-15(refers to financial year, April 1 to
March 31) from INR420 million in 2013-14 backed by increased
workshop income and spare parts sale. However, due to high
competition in Goa region the operating margins remained low at
around 1.8 percent. The company is expected to maintain revenue
growth of around 10 percent over the medium term , while operating
margins are expected to remain low.

The ratings continue to reflect SCPL's average financial risk
profile, marked by a small net worth, a high gearing, and weak
debt protection metrics, and small scale of operations. These
rating weaknesses are partially offset by the benefits that SCPL
derives from its promoter's extensive industry experience.
Outlook: Stable

CRISIL believes that SCPL will continue to benefit over the medium
term from its promoter's extensive industry experience. CRISIL,
however, also believes that the company's financial risk profile
will remain weak during this period, marked by high gearing and
weak debt-protection metrics. The outlook may be revised to
'Positive' if SCPL generates higher-than-expected cash accruals,
primarily led by increase in its scale of operations and
profitability. Conversely, the outlook may be revised to
'Negative' if the company's liquidity deteriorates significantly
because of inadequate support from its group concern, or decline
in its profitability.

SCPL was set up in 2008 by Mr. Dilip Patil. The company is an
authorised dealer for Maruti Suzuki India Ltd (MSIL) in Salcette
(Goa). SCPL also deals in MSIL's spare parts and provides workshop
facilities.

For 2014-15, SCPL reported, on estimated basis, a net loss of
INR5.6 million on net sales of INR473 million. For 2013-14, the
company reported on provisional basis, a net loss of INR14.9
million on net sales of INR402 million.


SB LIFESPACES: CRISIL Reaffirms B+ Rating on INR120MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the long term bank facility of SB Lifespaces
Pvt Ltd continues to reflect SBLPL's exposure to implementation-
related risks associated with its ongoing residential-cum-
commercial real estate project and the susceptibility of its
revenue and earnings to cyclicality inherent in the real estate
industry. These rating weaknesses are partially offset by the
extensive experience of SBLPL's promoters in the real estate
industry.

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

Outlook: Stable

CRISIL believes that SBLPL will maintain its business risk profile
over the medium term, supported by its promoters' established
track record in the real estate sector. The outlook may be revised
to 'Positive' if SBLPL generates substantial cash flows from
operations, driven most likely by accelerated bookings and
corresponding increase in customer advances. Conversely, the
outlook may be revised to 'Negative' if subdued demand for real
estate translates into slow bookings for SBLPL's project,
resulting in low customer advances.

SBLPL, incorporated in August 2011 by Mumbai-based Mr. Kirit
Wadhwana and his family, is developing a residential-cum-
commercial real estate project, Sandeep Heights, at Nallasopara in
Thane (Maharashtra).


SHALINI PUBLICITY: ICRA Cuts Rating on INR6cr Cash Loan to 'D'
--------------------------------------------------------------
ICRA has downgraded the long term rating assigned to the INR9.25
crore, long-term, fund-based bank facilities of Shalini Publicity
and Creative Private Limited (SPCPL) to [ICRA]D from [ICRA]B-
assigned earlier. ICRA has also downgraded the short term rating
assigned to the INR0.75 crore short-term, non-fund based bank
facilities of SPCPL to [ICRA]D from [ICRA]A4.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long-term, fund-based
   Limits- Cash Credit      6.00         [ICRA]D; downgraded

   Long-term loans          3.00         [ICRA]D; downgraded

   Long-term- Unallocated   0.25         [ICRA]D; downgraded

   Short-term, non-fund
   based Limits             0.75         [ICRA]D; downgraded

The rating downgrade takes in to account the delays in servicing
of the debt obligations by the company owing to its weak liquidity
position on account of its stretched receivables.

Incorporated in FY 2009 by Mr. Manobhaw Tripathi, Shalini
Publicity & Creative Private Limited (SPCPL) is an INS (Indian
Newspaper Society) accredited advertising agency, in Mumbai. The
promoter was operating a proprietorship firm from 1994-2008 in
Kalyan on similar business lines, under the name Shalini
Advertising Agency. SPCPL generates 90% of its revenues from
newspaper advertising in multiple languages; and over the years,
the company has established relationships with all major newspaper
publishing houses in India. The company also has accreditation
from All India Radio and Doordarshan. It is attempting to foray
into e-advertising. SPCPL has offices in Mumbai, Kalyan and Delhi.
The Company largely derives its revenues from Central Government,
State Government, Public Sector organizations, Nationalized Banks
and Educational Institutions, which leads to delay in receipt of
receivables for SPCPL in most cases.


SHIVAM TRADERS: CRISIL Reaffirms B- Rating on INR65MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shivam Traders
(Shivam) continues to reflect Shivam's weak financial risk profile
marked by a leveraged capital structure and weak interest coverage
ratio, and its modest scale of operations in the fragmented edible
oil trading business. These rating weaknesses are partially offset
by the extensive industry experience of Shivam's proprietor.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           65        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Shivam will continue to benefit over the
medium term from its proprietor's extensive industry experience;
however, its financial risk profile will remain weak because of
small accruals against incremental working capital requirements.
The outlook may be revised to 'Positive' if Shivam significantly
improves its capital structure with improvement in working capital
cycle or substantial cash accruals. Conversely, the outlook may be
revised to 'Negative' if Shivam's working capital requirements
increase significantly, leading to deterioration in its liquidity
and capital structure.

Update
For 2014-15 (refers to financial year, April 1 to March 31),
Shivam, on a provisional basis, reported a book profit of INR4
million on net sales of INR510 million, against a book profit and
net sales of INR2.8 million and INR396 million, respectively, for
2013-14. Enhancement in bank lines to INR90 million (from INR65
million) and fund infusion by proprietor of around INR6 million in
2014-15 provided flexibility to the firm to ramp-up its
operations. The firm's revenue is likely to grow by around 8 per
cent per annum over the medium term, supported by enhanced bank
lines and focus on improving working capital cycle to release
funds. Because of the trading nature of its operations, Shivam's
operating margin is expected to remain low, around 2.5 per cent
over the medium term (2.7 per cent for 2014-15).

Shivam's financial risk profile is weak because of large
incremental working capital requirements vis-a-vis low cash
accruals. Although its proprietor infused capital of around
INR24.6 million over the two years through 2014-15, the firm's
gearing is high, at 3.2 times as on March 31, 2015 (expected
around 3 times over the medium term). Its receivables were around
55 days (up from around 25 days) and inventory was around 35 days
as on March 31, 2015. Shivam's liquidity is stretched, as
reflected in almost fully utilised bank lines and low cash
accruals, expected at around INR4 million over the medium term.
Its liquidity is supported by absence of any long-term obligations
and debt-funded capex plan over the medium term.

Shivam, set up in 1998 as a proprietorship firm, trades in edible
oil. It is based in Hapur (Uttar Pradesh). The firm is managed by
Mr. Kapil Agarwal.


SHREE B.S.: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
-----------------------------------------------------------
CRISIL's rating continues to reflect Shree B.S. Cotton Private
Limited (SBCPL)'s modest scale of operations in a highly
competitive industry, its working-capital-intensive operations,
and weak financial risk profile, marked by high gearing and
average debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of SBCPL's promoters
in the cotton ginning industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           70        CRISIL B+/Stable (Reaffirmed)
   Term Loan             20        CRISIL B+/Stable (Reaffirmed)

Update
SBCPL's revenue reduced sharply by 47 per cent to an estimated
INR269 million in 2014-15 (refers to financial year April 1 to
March 31) on account of softening cotton prices and availability
of raw cotton prices at minimum support price (MSP), which made it
less profitable for the company to continue operations for a major
part of the year. However, the company was able to sustain the
operating margin at an estimated 4.5 per cent through higher
profitability from sale of cotton seeds. On account of the reduced
scale of operations, the company's cash accruals reduced to an
estimated INR4.8 million in 2014-15 compared to INR 7 million in
the previous year.

The company's working capital requirements increased sharply with
gross current assets (GCAs) increasing to an estimated 124 days as
on March 31, 2015 from 62 days in the previous year on account of
increase in inventory level to an estimated 98 days from 38 days
during the same period. This is on account of company's
expectations of delayed monsoon during 2015-16 due to which it
piled up inventory. This resulted in gearing remaining aggressive
at an estimated 2.8 times as on March 31, 2015. The liquidity
remained adequate marked by moderate utilisation of bank lines at
83 per cent for 2014-15 supported by infusion of unsecured loans
of nearly INR7 million during the year. The management of working
capital and volatility in raw material prices remain key rating
sensitivity factors over the medium term that could affect the
liquidity and financial profiles.
Outlook: Stable

CRISIL believes that SBCPL will benefit over the medium term from
its promoters' experience in the cotton industry. The outlook may
be revised to 'Positive' if there is substantial and sustained
growth in the company's revenue and profitability from the current
levels, or if there is an improvement in its capital structure,
most likely through fresh capital infusion. Conversely, the
outlook may be revised to 'Negative' if SBCPL's liquidity weakens
significantly, most likely because of substantially less-than-
expected cash accruals or large working capital requirements.

Incorporated in 2012, SBCPL is based in Sendhwa (Madhya Pradesh).
The company is promoted by Tayal family who has more than 25 years
of experience in the cotton industry. SBCPL is engaged in the
business of cotton ginning and pressing.


SHREE ENTERPRISES: CRISIL Reaffirms B+ Rating on INR80MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Enterprises India
Pvt Ltd (SEIPL) continue to reflect SEIPL's small scale of
operations along with large working capital requirements. These
rating weaknesses are mitigated by the extensive experience of
SEIPL promoters in the textile industry and the company's average
financial risk profile marked by moderate gearing.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           80        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       5        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     6        CRISIL B+/Stable (Reaffirmed)
   Term Loan              9        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SEIPL will continue to benefit over the
medium term from its promoters' extensive experience in
manufacturing knitted fabrics. The outlook may be revised to
'Positive' if SEIPL generates sizeable cash accruals, backed by
improvement in scale of operations and profitability along with
improvement in its working capital management. Conversely, the
outlook may be revised to 'Negative' if SEIPL's financial risk
profile deteriorates on account of decline in its revenues and
profitability, or if its liquidity weakens significantly on
account of increase in its working capital requirements.

CRISIL believes that SEIPL will continue to benefit over the
medium term from its promoters' extensive experience in
manufacturing knitted fabrics. The outlook may be revised to
'Positive' if SEIPL generates sizeable cash accruals, backed by
improvement in scale of operations and profitability along with
improvement in its working capital management. Conversely, the
outlook may be revised to 'Negative' if SEIPL's financial risk
profile deteriorates on account of decline in its revenues and
profitability, or if its liquidity weakens significantly on
account of increase in its working capital requirements.


SHUDDHI JEWELLERS: ICRA Cuts Rating on INR28cr Cash Loan to 'D'
---------------------------------------------------------------
ICRA has revised the rating assigned to the INR28.00 crore long
term, fund based facility of Shuddhi Jewellers Private Limited to
[ICRA]D from [ICRA]BB+.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long Term Fund based     28.00       Revised to [ICRA]D
   Cash Credit                          from [ICRA]BB+ (Stable)

The rating revision takes into account the irregularity in debt
servicing towards bank loans by SJPL on account of weak liquidity
situation.

Shuddhi Jewellers Private Limited (SJPL) is a private limited
company promoted by Mr. Kiran Jain and Mr. Jitendra Jain. The
company is engaged in the business of gold jewellery which
includes earrings, bangles, bracelets, chains and anklets. SJPL
does not have any manufacturing facility of its own and gets its
jewellery manufactured from job workers. SJPL sells its jewellery
to various wholesalers and retailers in the domestic market.


SKS HOSPITAL: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated SKS Hospital
India Private Limited (SKS Hospital) 'IND BB-' Long-Term Issuer
Rating with a Stable Outlook to the suspended category. The rating
will now appear as 'IND BB-(suspended)' on the agency's website.
The agency has also migrated the 'IND BB-' and 'IND A4+' ratings
on the company's INR60m fund-based limits to 'IND BB-(suspended)'
and 'IND A4+(suspended)'.

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

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


SPACE GOLD: ICRA Lowers Rating on INR30cr Cash Loan to 'D'
----------------------------------------------------------
ICRA has revised the rating assigned to the INR30.00 crore long
term, fund based facility of Space Gold Private Limited to [ICRA]D
from [ICRA]BB+.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long Term Fund based     30.00        Revised to [ICRA]D
   Cash Credit                           from [ICRA]BB+ (Stable)

The rating revision takes into account the irregularity in debt
servicing by SGPL and consistent overdrawals from the cash credit
account arising because of strained liquidity situation.

Space Gold Private Limited (SGPL) is a private limited company
promoted by Mr. Kiran Jain and Mr. Jitendra Jain. The company is
engaged in the business of gold jewellery which includes earrings,
bangles, bracelets, chains and anklets. SGPL does not have any
manufacturing facility of its own and gets its jewellery
manufactured from job workers. SGPL sells its jewellery to various
wholesalers and retailers in the domestic market.
Recent Results
For the twelve months ended March 31, 2014, SGPL reported a profit
after tax (PAT) of INR1.27 crore on an operating income (OI) of
INR262.31 crore, as against a PAT of INR0.67 crore on an OI of
INR146.93 crore for the twelve months ended March 31, 2013.


SRI PADMA: ICRA Assigns B+ Rating to INR11.50cr Bank Loan
---------------------------------------------------------
ICRA has assigned the [ICRA]B+ rating for the INR11.50 crore bank
facilities of Sri Padma Priya Finance Corporation.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Bank facilities          11.50        [ICRA]B+; assigned

For arriving at the rating, ICRA has consolidated the financial
performance and operating profile of PP and Sri Vishnu Priya
Finance (VP), as these entities come under the same management and
operates in the same business segment. The combined entity
henceforth is referred as PPVP.

The rating factors in the SB group's established presence and the
partners experience in the auto dealership business which supports
the business volume and collections of the above mentioned
entities, comfortable capital structure, its good profitability
(PBT/ATA at about 3.7%, provisional, for FY2015) indicators and
asset quality indicators (90+dpd at 0.0% in March 2015) The rating
is however constrained by PPVP's modest scale, regionally
concentrated presence, moderate financial flexibility and exposure
to relatively higher risk business segments i.e. Used/New Two
Wheelers financing to self employed segment. ICRA notes that there
is scope for improvement in the credit appraisal, internal
controls and risk management systems, although the overall asset
quality indicators have remained comfortable over the recent past.
Furthermore, the rating also takes into consideration the lack of
regulatory oversight given that the entities operates as a
partnership firms and, therefore does not come under the purview
of RBI regulations. Going forward, ability of the above mentioned
entities to maintain a strict control over the asset quality, and
maintain good profitability indicators under a competitive
business environment would be key rating sensitivities.

PPVP is part of the SB group based in Rajamundhry, Andhra Pradesh.
Established in 1998, the SB group, is primarily into two wheeler
and four wheeler dealerships. Mr. Rangaprasad, Mr. Ramkumar, Ms.
Parimala, Mr. Suresh Kumar are the partners of all the entities of
the group with varying share of profit/loss. The financing
activities of the group are undertaken by the two firms- PP and VP
set up in 1995. Both PP and VP being partnership firms do not come
under RBI's regulations. Both are into extending loans against two
wheelers, especially used two wheelers, but work in different
regions with focus on the rural market.

As on March 31, 2015 total vehicle loan portfolio of the combined
entity stood at INR26.8 crore (provisional), registering a y-o-y
growth of about 21%. For the financial year ended March 31, 2015
the combined entity reported a Profit Before Tax (PBT) of INR1.29
crore (provisional) on an asset base of INR27.69 crore. As on
March 31, 2015, total net worth (provisional) of the combined
entities in relation to total assets was 22%.

PP was setup in 1996 as a partnership firm in Rajahmundry and is
engaged in financing two wheelers and operating in East Godavari,
Vishakhapatnam, Vizayanagaram, Srikakulam, Guntur. As on March 31,
2015, PP had a total vehicle loan portfolio of INR13.8 crore,
registering a y-o-y growth of 20%. According to provisional
numbers for FY2015, PP reported profit before tax (PBT) of INR0.8
crore on an asset base of INR21.3 crore. As on March 31, 2015,
total net worth in relation to total assets was about 15%.


SRI SWAMI: ICRA Suspends B Rating on INR18cr Loan
-------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR18.0 crore fund based limits of Sri Swami Chitrath Rice Mills
(SSCRM). The suspension follows ICRA's inability to carry out
rating surveillance in the absence of requisite information from
the company.


SRI VISHNU: ICRA Assigns 'B+' Rating to INR11.50cr Bank Loan
------------------------------------------------------------
ICRA has assigned the [ICRA]B+ rating for the INR11.50 crore bank
facilities of Sri Vishnu Priya Finance.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Bank facilities          11.50        [ICRA]B+; assigned

For arriving at the rating, ICRA has consolidated the financial
performance and operating profile of VP and Sri Padma Priya
Finance Corporation (PP), as these entities come under the same
management and operates in the same business segment. The combined
entity henceforth is referred as PPVP.

The rating factors in the SB group's established presence and the
partners experience in the auto dealership business which supports
the business volume and collections of the above mentioned
entities, comfortable capital structure, its good profitability
(PBT/ATA) at about 3.7%, provisional, for FY2015) indicators and
asset quality indicators (90+dpd at 0.0% in March 2015) The rating
is however constrained by PPVP's modest scale, regionally
concentrated presence, moderate financial flexibility and exposure
to relatively higher risk business segments i.e. Used/New Two
Wheelers financing to self employed segment. ICRA notes that there
is scope for improvement in the credit appraisal, internal
controls and risk management systems, although the overall asset
quality indicators have remained comfortable over the recent past.
Furthermore, the rating also takes into consideration the lack of
regulatory oversight given that the entities operates as a
partnership firms and, therefore does not come under the purview
of RBI regulations. Going forward, ability of the above mentioned
entities to maintain a strict control over the asset quality, and
maintain good profitability indicators under a competitive
business environment would be key rating sensitivities.

PPVP is part of the SB group based in Rajamundhry, Andhra Pradesh.
Established in 1998, the SB group, is primarily into two wheeler
and four wheeler dealerships. Mr. Rangaprasad, Mr. Ramkumar, Ms.
Parimala, Mr. Suresh Kumar are the partners of all the entities of
the group with varying share of profit/loss. The financing
activities of the group are undertaken by the two firms- PP and VP
set up in 1995. Both PP and VP being partnership firms do not come
under RBI's regulations. Both are into extending loans against two
wheelers, especially used two wheelers, but work in different
regions with focus on the rural market.

As on March 31, 2015 total vehicle loan portfolio of the combined
entity stood at INR26.8 crore (provisional), registering a y-o-y
growth of about 21%. For the financial year ended March 31, 2015
the combined entity reported a Profit Before Tax (PBT) of INR1.29
crore (provisional) on an asset base of INR27.69 crore. As on
March 31, 2015, total net worth (provisional) of the combined
entities in relation to total assets was 22%.

VP was setup in 1996 as a partnership firm in Rajahmundry and is
engaged in financing two wheelers and operating in East Godavari,
West Godavari and Krishna. As on March 31, 2015, VP had a total
vehicle loan portfolio of INR13 crore, registering a y-o-y growth
of 22%. According to provisional numbers for FY2015, VP reported
profit before tax (PBT) of INR0.5 crore on an asset base of
INR16.8 crore. As on March 31, 2015, total net worth in relation
to total assets was about 16%.


SWASTIK TRADING: ICRA Withdraws B+ Rating on INR9.75cr Cash Loan
----------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ assigned to
the INR9.75 crore cash credit limits of Swastik Trading Co., which
were under notice of withdrawal. The ratings are withdrawn as the
period of notice of withdrawal is completed.


TECHNICO STRIPS: CRISIL Reaffirms 'B' Rating on INR160MM LOC
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Technico Strips and
Tubes Pvt Ltd (TSTPL) continue to reflect TSTPL's weak liquidity,
on account of low cash accruals vis-a-vis debt obligations and
large working capital requirements. The ratings also factor in the
company's small scale of operations and limited track record in
the steel tubes and pipes industry. These rating weaknesses are
partially offset by the extensive industry experience of TSTPL's
promoters, its established relationships with customers, and its
moderate capital structure.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           130       CRISIL B/Stable (Reaffirmed)
   Letter of Credit      160       CRISIL A4 (Reaffirmed)
   Term Loan              90       CRISIL B/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has considered TSTPL's
unsecured loans of INR136 million from its promoters as on March
31, 2015, as neither debt nor equity. This is because the loans
are interest-free and will be retained in the business over the
medium term.
Outlook: Stable

CRISIL believes that TSTPL will continue to benefit over the
medium term from its promoters' extensive experience in the steel
forgings and automotive ancillary segments, and their funding
support. The outlook may be revised to 'Positive' in case of
substantial and sustained increase in the company's revenue, while
it sustains its profitability margins. Conversely, the outlook may
be revised to 'Negative' if TSTPL's financial risk profile weakens
materially because of large debt-funded capital expenditure or
working capital requirements.

TSTPL, promoted by Mr. Ajay Gupta, commenced commercial production
of electric-resistance welded steel tubes in September 2008 and of
cold-drawn welded steel tubes in the third quarter of 2009-10
(refers to financial year, April 1 to March 31).


TRACTEL TIRFOR: CRISIL Lowers Rating on INR70MM Loan to 'B'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Tractel Tirfor India Private Limited (TIPL) to 'CRISIL
B/Stable' from 'CRISIL B+/Stable' and reaffirmed its rating on the
company's short-term facility at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        57        CRISIL A4 (Reaffirmed)

   Cash Credit           70        CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Rupee Term Loan        8        CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The downgrade reflects deterioration in TIPL's business and
liquidity risk profiles. TIPL's revenue declined by 30 per cent
year-on-year in 2014-15 (refers to financial year, April 1 to
March 31) estimated at INR201.2 million; the revenue was
substantially lower than CRISIL's expectation. The decline in
sales is on account of delay in realisation of payments from its
customers, resulting in stretch in working capital requirements
and as a result the company could not execute further orders due
to paucity of funds. TIPL's working capital requirements increased
in 2014-15 on account of significant increase in debtors estimated
at 220 days as on March 31, 2015, because of delays in
realisations from customers given the downturn in the construction
industry. Increase in TIPL's scale of operations and timely
realisations from customers will remain rating sensitive factors
over the medium term. Liquidity profile of the company continues
to remain stretched as depicted by highly utilized bank limits due
to working capital intensive operations. TIPL's bank limits were
highly utilized averaging at around 98 per cent over the last 12
months through March 2015. TIPL has no term debt obligations.
CRISIL believes TIPL's liquidity profile will remain stretched
over the medium term on account of high debtors.

The ratings reflect TIPL's modest scale of operations in highly
fragmented industry and its large working capital requirements.
These rating weaknesses are partially offset by the extensive
experience of TIPL's promoters in material handling systems
business and its moderate financial risk profile marked by low
gearing and average debt protection metrics.
Outlook: Stable

CRISIL believes that TIPL will continue to benefit over the medium
term from its established relationship with its customers and its
promoter's extensive experience in the material handling systems
business. The outlook may be revised to 'Positive' if the company
significantly improves its working capital requirements resulting
in improvement in liquidity profile or in case of significant
increase in scale and profitability. Conversely, the outlook may
be revised to 'Negative' if TIPL faces pressure on its revenues
and profitability, or if its working capital cycle deteriorates
further, or if it undertakes a large, debt-funded capital
expenditure programme over the medium term.

Incorporated in 1964, Tractel Tirfor India Private Limited (TIPL)
is promoted by Mr. K C Chakravarty. TIPL is engaged in
manufacturing of material handling equipment's. Product range
consist of Pulling and Lifting machines, Overhead cranes, chain
pully blocks, Ratchet liver hoists, Electric wire rope hoists, ,
Rack and Pinion hoists etc., which have major applications in
infrastructure companies and other industrial use.

TIPL reported a profit after tax (PAT) estimated at INR6.2 million
on net sales of INR201.2 million for 2014-15 (refers to financial
year, April 1 to March 31), against a PAT of INR11.2 million on
net sales of INR287.4 million for 2013-14.


VEE KAY: CRISIL Reaffirms 'B' Rating on INR67.5MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vee Kay
Enterprises (VKE) continues to reflect VKE's modest scale and
working capital intensive operations, and its below-average
financial risk profile marked by high gearing. These rating
weaknesses are partially offset by the extensive experience of
VKE's partners in the textile industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           67.5      CRISIL B/Stable (Reaffirmed)
   Term Loan             15.4      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes VKE will continue to benefit over the medium term
from the extensive industry experience of the partners. The
outlook may be revised to 'Positive' in case the firm reports
significantly large cash accruals while improving its capital
structure. Conversely, the outlook may be revised to 'Negative' if
the firm's net cash accruals decline or if its working capital
cycle deteriorates or if it undertakes a large debt-funded capital
expenditure programme, leading to weakening of its financial risk
profile.

Update
VKE, on provisional basis, reported net sales of INR335.4 million
for 2014-15 (refers to financial year, April 1 to March 31), lower
than CRISIL's expectations, as against net sales of INR279.5
million for 2013-14 due to lower demand for its products. VKE's
operating profitability increased to about 6 per cent, higher than
CRISIL's expectations in 2014-15, compared with 5.6 per cent in
2013-14. CRISIL believes that VKE's operating profitability will
remain stable at around 6 per cent per cent over the medium term.
VKE's working capital requirements continued to remain large with
gross current assets (GCAs) of 153 days as on March 31, 2015,
though lower than CRISIL's expectations. This has resulted in high
average bank limit utilisation at 95 per cent over the 12 months
through March 2015. Prudent working capital management amid
increasing sales will remain a key rating sensitivity factor over
the medium term.

The firm's financial risk profile remained average with high
gearing of about 3.7 times as on March 31, 2015 due to the firm's
high reliance on bank debt to fund its working capital
requirements. VKE's debt protection metrics were average with
interest coverage and net cash accruals to total debt (NCATD)
ratios at 1.7 times and 0.10 times, respectively, in 2014-15, in
line with CRISIL's expectations. VKE is estimated to generate
adequate cash accruals to meet its maturing debt obligations in
2015-16 and 2016-17. Its liquidity is further supported by
partners' funding which stood at about INR20 million as on
March 31, 2015. CRISIL expects VKE's liquidity to remain supported
by its increasing cash accruals over the medium term and funding
support from partners.

VKE was established as a partnership firm in 1985. The current
partners of the firm are Mr. Vikas Behal and his brother, Mr.
Vishal Behal. VKE manufactures acrylic yarns, polyester yarns and
polyster and acrylic knitting yarns. The manufacturing facility of
the firm is located in Ludhiana (Punjab).


VEGA ENTERTAINMENT: Ind-Ra Affirms 'IND BB+' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Vega
Entertainment Private Limited's (Vega) Long-Term Issuer Rating at
'IND BB+'. The Outlook is Stable. The agency has also affirmed
Vega's INR100.0m fund-based working capital facility at 'IND BB+'
with a Stable Outlook.

KEY RATING DRIVERS

The affirmation reflects Vega's continued comfortable credit
metrics, despite deterioration in FY15. The temporary
deterioration in FY15 was due to the debt taken for establishing a
new server in Australia. Also, revenue grew significantly yoy in
FY15 on customer additions and the monetisation of content library
on different media platforms. Revenue growth is likely to remain
strong in FY16 also as the company has ventured into new media
businesses such as mobile entertainment, internet and mobile
applications. Provisional FY15 financials indicate net adjusted
leverage of 3.1x in FY15 (FY14: 1.9x), EBITDA interest cover of
3.4x (4.0x) and revenue of INR1,384.1m, up 12.6% yoy.

The ratings continue to be supported by Vega's significant content
library and the strong relationships of its founder with producers
and actors in the south Indian film industry. The company's long-
term contracts with its key customers which provide revenue
visibility and its improving geographical revenue diversification
remain rating positives. Revenue contribution increased from the
US and Asia in FY15 with below 60% of the revenue coming from
Australia compared with 83% in FY12. Vega is also targeting
segment revenue diversification, with increasing contribution from
mobile applications and digital rights/broadcasting.

The ratings are moderated by the inherent risk in the business of
intellectual property development where success depends on the
acceptability by the audience. Vega is in the final stages of
developing mobile and internet-based applications which are likely
to be launched by August 2015. This has resulted in increased
equity investments. However, benefits in the form of increasing
revenue and profitability remain to be seen over the medium term.
The rating also reflects Vega's tight liquidity position indicated
by its near-full use of the cash credit limits during the 12
months ended June 2015.

RATING SENSITIVITIES

Positive: A substantial improvement in the revenue while
maintaining the profitability and credit profile will be a
positive for the ratings.

Negative: Any sustained decline in the revenue, margin pressures
leading to deterioration in the credit profile or tight liquidity
could lead to a negative rating action.

COMPANY PROFILE

Vega is a Hyderabad-based mobile and internet-based entertainment
and film production company. It deals primarily in south Indian
films. Vega co-produces, acquires and distributes south Indian
language films in multiple formats worldwide including theatrical,
television syndication and digital platforms. Vega has a content
library of over 733 movies with world negative rights and more
than 2,749 digital rights which can be monetised on media
platforms. The company reported EBITDA margins of 7.7% in FY15
(FY14: 5.1%).


VISHWAS BUILDERS: ICRA Assigns 'B+' Rating to INR33cr Term Loan
---------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR33.00
crore term loan facility of Vishwas Builders.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long Term Fund Based
   Limit- Term Loan         33.00        [ICRA]B+ Assigned

The assigned rating is constrained by the residual project
execution risks and funding risks associated with the project as
the completion is dependent on the capital infusion by the
partners; the project is also exposed to cancellation risks as
only ~5% of the booking amount is received as advances for
bookings of around 72% of the total saleable area so far. ICRA
further notes that timely completion of the project and
realization of advances will remain critical for debt servicing.
The rating also takes into consideration the intense competition
in the Surat real estate segment and the vulnerability of the
project to the cyclicality inherent in the real estate sector.
ICRA also notes that being a partnership firm, any substantial
withdrawal from the capital account will impact the capital
structure of the firm.

The rating, however, favorably factors in the long standing
experience of the firm's partners in the real estate business and
low regulatory risks associated with the project as all the
approvals are in place.

Vishwas Builders was established in February 2014 as a partnership
firm and is engaged in construction of the residential cum
commercial real estate project 'Opera Palace-I' in Surat. The firm
currently has six partners and they have executed several projects
in Surat under different partnership concerns. The projects are
marketed under the brand Anjani group.


XMOLD POLYMERS: CRISIL Assigns B+ Rating to INR62.5MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Xmold Polymers Pvt Ltd (XPML).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Proposed Working
   Capital Facility     30.4       CRISIL B+/Stable

   Cash Credit          62.5       CRISIL B+/Stable

   Long Term Loan        7.1       CRISIL B+/Stable

The rating reflects XPML's modest scale of and working-capital-
intensive operations and below-average financial risk profile.
These weaknesses are partially offset by the promoters' extensive
experience in the plastic raw material manufacturing industry.
Outlook: Stable

CRISIL believes that XPML will continue to benefit, over the
medium term, from its promoters' industry experience. The outlook
may be revised to 'Positive' if XPML significantly scales up its
operations and operating profitability or improves its working
capital management, thus improving its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if XPML
undertakes large debt-funded capital expenditure, or if it records
a decline in its accruals, or its large working capital
requirement weakens its financial risk profile.

Incorporated in 1990, Chennai (Tamil Nadu)-based XPML manufactures
plastic raw materials. The promoter, Mr. S Srinivasan, manages the
company's operations.

XPML reported a profit after tax (PAT) of INR0.21 million on total
revenue of INR215.92 million for 2013-14 (refers to financial
year, April 1 to March 31) vis-a-vis PAT of INR0.21 million on
total revenue of INR210.62 million for 2012-13.


YELLOW JEWELS: ICRA Lowers Rating on INR24cr Cash Loan to 'D'
-------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR24.00
crore1 bank facilities of Yellow Jewels Private Limited to [ICRA]D
from [ICRA]B+.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long Term Fund based     24.00        Revised to [ICRA]D
   Cash Credit                           from [ICRA]B+

The rating revision takes into account the irregularities in debt
servicing by YJPL on account of its strained liquidity position.

Incorporated in 2013, Yellow Jewels Private Limited (YJPL) is
promoted by Mr. Kiran Jain and Mr. Jitendra Jain. The company is
engaged in manufacturing of gold jewellery which includes
earrings, bangles, bracelets, chains and anklets. The company has
its registered office at Zaveri Bazaar in Mumbai. YJPL sells gold
jewellery majorly to wholesale customers and also performs job
work for jewellery manufacturing for some of its clients. YJPL is
a closely held entity with 100% ownership by the promoter family.



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


TOSHIBA CORP: President Hinted at Resignation in May
----------------------------------------------------
The Japan Times reports that Toshiba Corp. President Hisao Tanaka
hinted in May that he would step down to take responsibility for
an accounting scandal that has savaged the reputation of the once-
mighty Japanese conglomerate, a company source said.

Amid media reports on July 17 that his exit may come as soon as
September, a company executive who was told of his decision
claimed that Mr. Tanaka had made up his mind over his own fate at
an early stage of a probe into Toshiba's accounting
irregularities, according to the report.

The report relates that Mr. Tanaka is expected to hold a news
conference in Tokyo today, July 21, to discuss the findings of a
third-party panel investigation into the company's accounting
practices, which was set to be presented to him on Monday,
July 20.

Among the issues expected to be addressed in the findings are the
extent to which the company padded its operating profits as well
as reasons for the wrongdoing, the sources said, the report
relays.

The sources added that Mr. Tanaka will also express his
determination to prevent similar misconduct from happening again
and may refer to his fate, the Japan Times reports.

The Japan Times notes that the panel, headed by lawyer Koichi
Ueda, a former chief prosecutor at the Tokyo High Public
Prosecutor's Office, is expected to conclude that the wrongdoing
was an organized practice, with inappropriate accounting found in
almost all of the company's key business divisions, including
infrastructure construction, semiconductors and personal
computers. The padded amount of operating profits is suspected to
total up to JPY200 billion, the report says.

Mr. Tanaka and Toshiba Vice Chairman Norio Sasaki, who served as
president directly before Tanaka, are widely expected to resign to
take responsibility for the scandal, the Japan Times notes.

Toshiba plans to hold a board meeting on Monday [July 20] or
Tuesday [July 21], after receiving the panel report and before
Tanaka's news conference, and has informed all 16 board members of
the schedule, the sources, as cited by the Japan Times said.  The
report says the meeting will probably be designed to examine the
panel report and discuss the company's response.

The company is believed to be considering raising the proportion
of outside directors on its board to more than 50 percent to boost
transparency in its management and win back public and investor
trust lost during the scandal.

Currently, only four of the 16 board members at Toshiba are
outside directors, the report notes.

                        About Toshiba Corp.

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

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

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

The ratings outlook is stable.



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


IDENTITY: Clothing Chain Placed Into Receivership
-------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that women's clothing
chain Identity has been placed into receivership.

Receivers Kare Johnstone and William Black are currently in
control of the business and its assets.

According to the report, the receivers said the store will
continue to operate.

Identity was established in 1985. Identity has seven stores in
Auckland, one in Palmerston North, Wellington, Tauranga, Dunedin
and Christchurch as well as a couple of stores in Hamilton.

It is operated by Winters Fashions, a company directed by David,
Martyn and Pauline Winter.


ROSS ASSET: Liquidators Counter Hamish Mcintosh Profits Appeal
--------------------------------------------------------------
Collette Devlin at Stuff.co.nz reports that the liquidators for
Ross Asset Management will also appeal a High Court decision
ordering an investor to pay back "fictitious" profits he withdrew
from New Zealand's biggest Ponzi scheme.

In June, Wellington Lawyer Hamish McIntosh was ordered to repay
NZ$454,000 in profit he has withdrawn before Ross Asset Management
(RAM) failed, keeping his original capital.

He invested NZ$500,000 in 2007 and withdrew NZ$954,000 in 2011,
the report discloses.

Mr. McIntosh is now appealing that ruling, with a notice of appeal
lodged on July 13, says Stuff.co.nz.

A date for the appeal has not been set, Stuff.co.nz notes.

According to the report, liquidator John Fisk of PWC said on
July 20 his lawyers strongly recommended cross-appealing.

He could not go into specific detail but would work with lawyers
during the next few days and file his appeal by the end of this
week, Stuff.co.nz says.

Last week Mr. Fisk said a counter-appeal would seek the full
NZ$954,000 from Mr. McIntosh, the report relays.

According to Stuff.co.nz, RAM Investors Group spokesman Bruce
Tichbon said a liquidator cross-appeal was good news for the
investors who lost money in the fraud.

Stuff.co.nz notes that Mr. McIntosh's test case was of
significance, with liquidators eyeing up as much as NZ$30 million
that they may be able to claw back from 193 other investors.

The liquidator is already involved in two further cases which will
be heard in the High Court in September, the report states.

                          About Ross Asset

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership);
   -- Mercury Asset Management Limited (In Receivership);
   -- Dagger Nominees Limited (In Receivership);
   -- Ross Investment Management Limited (In Receivership);
   -- Ross Unit Trust Management Limited (In Receivership); and
   -- United Asset Management Limited (In Receivership).



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


* PHILIPPINES: Macau Gaming Slump Feared Spilling Over Country
--------------------------------------------------------------
Iris C. Gonzales at The Philippine Star reports that the gaming
slump in Macau, known as Asia's gambling capital, has raised
concerns it could spill over to the Philippine gaming industry.

As such, it may be difficult for investors to place bets on the
industry now with the Macau contagion spilling over the gaming
rooms at the much-touted Entertainment City of the Philippine
Amusement Gaming Corp. (Pagcor), the state gaming regulator, the
Philippines Star says.

According to the report, First Metro Investment Corp. (FMIC), the
investment banking arm of the Metrobank Group, warned investors to
take a cautious stance on gaming-related stocks.

"A recent survey of the local gaming revenues in Pagcor City-based
casinos indicated upbeat numbers last May, month-on-month. But it
is still hard to bet on the sector on the basis of the recent
revenue statistics and some much touted local industry pluses such
as our reduced dependence on VIPs given the dominance of mass
market, a more benign tax regime and geographical proximity to
regional clientele. Gaming has lost its luster and needs to show
more evidence of a revival," the Philippine Star quotes FMIC as
saying in its report titled "Philippine Gaming Sector: Macau
Contagion."

Macau's gross gaming revenues dropped 36.2 percent in June year-
on-year to $2.18 billion, the 13th straight month of decline and
the lowest since November 2010, the Philippine Star citing Macau's
Gaming Inspection and Coordination Bureau.

The Philippine Star relates that analysts attribute the slump to
the slowdown of the Chinese economy, a nationwide graft crackdown,
stricter visa rules and a smoking ban in Macau casinos.  This,
however, is better than estimates, FMIC said.

"That the revenue drop is better than the median estimate of -38.3
percent might have been partly due to Macau government's easing up
on the crackdown; say an announced reversal of the transit visa
policy which starting July 1 allows frequent travels and longer
stays for mainland China passport holders," FMIC, as cited by the
Philippine Star, said.

The report relates that the government now allows up to seven days
in Macau from five days with the second entry within 30 days
rather than 60 days.

"Macau's gaming slump has contaminated the local industry's
earnings outlook, with share prices of Melco Crown Philippines,
Bloomberry and Premium Leisure Corp. all sharply lower by -15.32
percent, -6.6 percent, and -0.8 percent, respectively during the
week of June 22 to 26," FMIC also said in its report, the
Philippine Star relays.

Sought for comment, however, Pagcor chairman and chief executive
officer Cristino Naguiat Jr. said the Philippine gaming industry
has a more diversified client profile which cushions it from the
impact of the Macau gaming industry slowdown, according to the
report.

He also said that total revenues of the Philippine gaming sector
rose to $2.5 billion last year, 19 percent higher than the $2.1
billion generated a year ago while in the first half of the year,
revenues rose to $1.4 billion or 16 percent higher, the report
relates.

"The figures will speak for themselves," the report quotes Mr.
Naguiat as saying.



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


* SOUTH KOREA: Nearly Half of Conglomerates Suffer From High Debt
-----------------------------------------------------------------
Yonhap News Agency reports that nearly half of South Korea's large
industrial groups are suffering from chronic financial trouble due
to high levels of debt, industry data showed July 19.

Out of 48 non-financial business groups on an antitrust watchlist,
23 posted a debt ratio of more than 200 percent on a consolidated
basis as of end-2014, according to the data obtained by Yonhap.
Twenty one of them saw the ratio hit 200 percent for three
straight years, Yonhap discloses.

According to Yonhap, the debt ratios of nine conglomerates,
including Dongbu Group, Hanjin Group and Daewoo Shipbuilding &
Engineering, rose more than 50 percentage points over the recent
two years.

Dongbu Group, the 28th-largest conglomerate with building and non-
life insurance units under its wing, disclosed that its debt-
equity ratio soared to 864.21 percent in 2014 from 397.57 percent
in 2012, the report notes.

Stock trading of cash-strapped Dongbu Corp., its construction
affiliate, has been suspended by the bourse operator since May,
recalls Yonhap.

Yonhap says Daewoo Shipbuilding's debt ratio jumped to 325.96
percent last year, up from 255.71 percent two years ago, with the
shipyard experiencing a freefall in stock price due to massive
losses.

"The business groups have fallen into chronic financial
difficulties as their debt ratios have exceeded 200 percent for
three years," the report quotes Kim Woo-chan from the Economic
Reform Research Institute as saying. "But they haven't undergone
proper debt restructuring to improve their balance sheets."


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


* BOND PRICING: For the Week July 13 to July 17, 2015
-----------------------------------------------------

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


  AUSTRALIA
  ---------

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


CHINA
-----

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


INDONESIA
---------

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


INDIA
-----

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


JAPAN
-----

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


KOREA
-----

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


SRI LANKA
---------

SRI LANKA GOVERN      5.35    03/01/26    LKR     73.21


MALAYSIA
--------

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


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

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


SINGAPORE
---------

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


THAILAND
--------

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


VIETNAM
-------

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



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***