TCRAP_Public/150722.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

           Wednesday, July 22, 2015, Vol. 18, No. 143


                            Headlines


A U S T R A L I A

APN NEWS: Moody's Affirms Ba2 CFR & Changes Outlook to Stable
COFFS HARBOUR: Faces Liquidation; Council Won't Extend Lease
MIDLAND HWY: Hall Chadwick Appointed as Administrators
OUR HOME: Administrators Probe Builder's Financial Position
PATINACK FARM: Liquidator Hopes to Recover AUD1.5 Million

THE SHADE: First Creditors' Meeting Set For July 28


C H I N A

GREENTOWN CHINA: S&P Raises CCR to 'BB'; Outlook Stable
YY INC: S&P Assigns 'BB+' Corp. Credit Rating; Outlook Stable


H O N G  K O N G

NOBLE GROUP: Iceberg Doubts Effectiveness of PwC Review


I N D I A

AGRI TILL: CRISIL Assigns B+ Rating to INR58MM Term Loan
AJANTA SPINTEX: CRISIL Assigns B- Rating to INR220.4MM LT Loan
ANDHRA TIMBER: ICRA Suspends B Rating on INR3.25cr Loan
ANVITA BUILDERS: CRISIL Cuts Rating on INR80MM LT Loan to 'D'
BHARTIYAM EDUCATIONAL: CRISIL Assigns B Rating to INR84.5MM Loan

BHATIA INDUSTRIES: ICRA Upgrades Rating on INR12cr LT Loan to B
BUILDQUICK INFRASTRUCTURE: CRISIL Rates INR45MM Cash Loan at B+
CHAMUNDA COTTON: CRISIL Reaffirms B Rating on INR90MM Loan
CHANCHAL INFRASTRUCTURE: CARE Cuts Rating on INR49.84cr Loan to D
CHOTTANIKARAI AMMAN: CARE Assigns B+ Rating to INR4.95cr LT Loan

COIRFOAM (INDIA): ICRA Reaffirms B+ Rating on INR7cr LT Loan
GALAXY CONCAB: ICRA Reaffirms 'B' Rating on INR10cr LT Loan
GHANSHYAM DALL: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
GOLD SPIN: CRISIL Assigns B+ Rating to INR75MM Cash Credit
HIGHNESS COTTON: CARE Assigns B+ Rating to INR6.5cr LT Loan

HUFORT HEALTHCARE: ICRA Assigns B Rating to INR2cr Cash Credit
INDFAB PROJECTS: ICRA Reaffirms 'C+' Rating on INR4.28cr Loan
JOTINDRA STEEL: ICRA Reaffirms B- Rating on INR24cr LT Loan
KHATRI COTGIN: ICRA Suspends 'B' Rating on INR8.36cr Bank Loan
KHUSHIYA INDUSTRIES: CARE Assigns B+ Rating to INR13cr LT Loan

LIFESTYLE SAREES: ICRA Suspends B+ Rating on INR22cr Cash Loan
MARSONS LTD: Ind-Ra Withdraws 'IND D(suspended)' LT Issuer Rating
MARVEL SIGMA: ICRA Withdraws 'D' Rating on INR25cr Loan
MILESTONE MERCANDISE: ICRA Withdraws B Rating on INR9cr Loan
NAGPAL TRADERS: ICRA Assigns B+ Rating to INR50.32cr Term Loan

PATEL ENTERPRISE: CRISIL Reaffirms 'B+' Rating on INR70MM Loan
PUNDRIKAKSH GRANITES: ICRA Assigns B+ Rating to INR27cr Term Loan
R. K. INTERNATIONAL: CRISIL Cuts Rating on INR70MM Loan to 'D'
RADHE KRISHNA: ICRA Suspends B+ Rating on INR5.5cr Cash Credit
RAGHUVIR COTEX: CARE Reaffirms 'B' Rating on INR24cr LT Loan

RASHI METALS: Ind-Ra Withdraws IND D(suspended) LT Issuer Rating
SAR ISPAT: CRISIL Downgrades Rating on INR120MM Cash Loan to B-
SHIKSHA BHARTI: CARE Assigns B Rating to INR12cr LT Loan
SOMA ISOLUX: CRISIL Lowers Rating on INR18.14BB Term Loan to D
SRI BUCHIYYAMMA: ICRA Reaffirms B+ Rating on INR13cr LT Loan

STESALIT LTD: CRISIL Lowers Rating on INR300MM Cash Loan to C
TAMILNADU STATE: CARE Assigns B Rating to INR15cr LT Loan
TRIWAY CONTAINER: ICRA Suspends B+ Rating on INR23.6cr LT Loan
VAIDYA INDUSTRIES: CARE Assigns B+ Rating to INR14.16cr LT Loan
VARDHMAN UDHYOG: CARE Assigns B+ Rating to INR9.39cr LT Loan

WESTERN UP: CARE Ups Rating on INR388.94cr LT Loan From B-


J A P A N

GLOBAL A&T: S&P Revises Outlook to Stable & Affirms 'B-' CCR
TOSHIBA CORP: Accounting Scandal Among Biggest in Japan History
TOSHIBA CORP: Inflated Profits by JPYY150BB, Report Says
TOSHIBA CORP: Executives Quit Over $1.2BB Accounting Scandal


M A L A Y S I A

1MALAYSIA DEVELOPMENT: Malaysia Arrests Man to Aid Probe


X X X X X X X X

* Insolvency Practitioners See Rise in Cross-Border Insolvencies


                            - - - - -


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A U S T R A L I A
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APN NEWS: Moody's Affirms Ba2 CFR & Changes Outlook to Stable
-------------------------------------------------------------
Moody's Investors Service has affirmed APN News and Media
Limited's Ba2 corporate family rating and changed the outlook to
stable from negative.

RATINGS RATIONALE

"The change in outlook to stable from negative reflects the
company's solid operational performance in radio, clearly
articulated strategy, moderate financial leverage and strong
liquidity position," says Ian Chitterer, a Moody's Vice President
and Senior Analyst.

"While uncertainties continue to exist regarding the company's New
Zealand assets, and its future acquisition appetite, the stable
outlook incorporates our expectation that management will
constrain leverage at close to today's level," says Chitterer who
is lead analyst for the company.

"The stable outlook also reflects our expectation that the
evolution of the business into areas of media growth will offset
the continuing decline of print as a proportion of overall
earnings," adds Chitterer.

"We expect continued revenue growth, supported by the acquisition
of 96FM, market share gains in the radio segment in Australia,
benefits from the cost rationalization initiatives, and synergies
from the cross-selling opportunities following the launch of
NZME," says Chitterer.

Moody's expects that APN's leverage will remain in the 3.0x to
3.2x range in FY15 and FY16.  This compares to 3.3x for the
financial year ended December 2014.

WHAT COULD CHANGE THE RATINGS
An upgrade is unlikely over the forecast period, due to the high
exposure to the challenging print industry and uncertainty around
its future business profile.  The rating could be upgraded if the
company operates in a financially prudent manner, including
maintaining debt/EBITDA ratio below 2.5x on a consistent basis.

The ratings could be downgraded if the adjusted debt/EBITDA ratio
is sustained above 3.5x which could be due to asset sales,
operating weakness, acquisitions or shareholder-friendly
initiatives.

APN is one of Australia's leading diversified media groups with
its earnings diversified across radio, print, outdoor, and digital
media.

The principal methodology used in this rating was Global Broadcast
and Advertising Related Industries published in May 2012.


COFFS HARBOUR: Faces Liquidation; Council Won't Extend Lease
------------------------------------------------------------
Tom Lowrey at ABC News reports that Coffs Harbour's Deep Sea
Fishing Club is likely to go into liquidation, after being told
its lease on Coffs Harbour's foreshores will not be extended.

The Club has been closed since April when it fell into voluntary
administration, but club backers said they were close to seeing it
reopened, ABC News says.

ABC News relates that investors had been sought out to re-open the
club, and it was expected a formal proposal would be made to the
administrators within weeks.

But club backers said investors will not support the project
without the assurance of the lease extension, the report relays.

Coffs Harbour City Council, acting as Corporate Manager of the
Coffs Coast State Park Trust, has now resolved to put the lease
out to an expression of interest process, according to ABC News.

The report notes that the lease is current until 2021, but will
not be extended beyond that point.

According to the report, Ian Kremmis from the 'Save the Fisho'
group said the club and its assets will now be liquidated within
weeks.

He said the decision from the Council has come as a shock, the
report relates.

"We were given assurances during the process that the Council were
quite eager to continue the lease, and had it in writing as early
as 2011 in fact. . . so this has come as quite a devastating
blow," the report quotes Mr. Kremmis as saying.

Mr Kremmis said the decision will be hardest felt by those owed
money by the club, the report relays.

"It means that over 20 jobs have been lost now and cannot be re-
created," Mr Kremmis, as cited by ABC News, said. "As well as
that, the creditors have missed out on the money that the Save the
Fishos group had negotiated as part of the settlement for the
reopening of the club."

ABC News adds that Coffs Harbour Mayor Denise Knight said the
Council is acting in its role as Trust Manager, and has to make
the best decision for the site.

Andrew Sallway and Said Jahani of Grant Thornton were appointed as
administrators of Coffs Harbour Deep Sea Fishing Club Ltd on April
21, 2015.



MIDLAND HWY: Hall Chadwick Appointed as Administrators
------------------------------------------------------
David Anthony Ross and Richard Albarran of Hall Chadwick were
appointed administrators of Midland Hwy Pty Ltd on July 14, 2015.


OUR HOME: Administrators Probe Builder's Financial Position
-----------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that the administrators
Our Home Building Solutions Pty Limited are currently conducting
an investigation into the company's financial position.

Brent Kijurina and Richard Albarran of Hall Chadwick Chartered
Accountants were appointed as administrators of Our Home Building
Solutions Pty Limited on July 6, 2015.

Queensland-based Our Home Building Solutions Pty Limited has been
operating since 2009.


PATINACK FARM: Liquidator Hopes to Recover AUD1.5 Million
---------------------------------------------------------
Simon Evans at The Sydney Morning Herald reports that the
liquidator of one of former coal billionaire Nathan Tinkler's
horse farm companies estimated he could potentially claw back
AUD1.5 million through legal recoveries in a best-case scenario in
a creditors' update in June.

SMH relates that liquidator Tony Matthews of Anthony Matthews &
Associate -- tony@matthewsassociates.com.au -- said on July 21
that was still the expected outcome should he pursue legal action
over the AUD5.5 million owed to creditors, including the
Australian Taxation Office and WorkCoverSA, as negotiations
between lawyers for the liquidator and Mr Tinkler's new lawyer
Greg Griffin continued.

According to the report, the negotiations came a day after Judge
Steve Roder made an order in the Supreme Court of South Australia
that a warrant be issued for "the arrest of Nathan Leslie
Tinkler", so he could be brought before the court to be examined
about the affairs of Patinack Farm Administration Pty Ltd. That is
one of the entities of his former thoroughbred horseracing and
breeding business Patinack Farm on the Gold Coast.

Patinack Farm was sold in March 2015 to Hong Kong billionaire Tony
Fung, the report notes.

SMH says the arrest warrant is yet to be signed and sealed by the
court, and requires that extra step before a physical pursuit of
Mr Tinkler by a sheriff and authorities can occur.

Mr Tinkler built a coal empire worth more than $1 billion between
2006 and 2012, at a time when coal prices were soaring, SMH
discloses. Mr. Matthews and his firm were appointed as liquidators
to the Patinack Farm Administration entity in November 2012, the
report recalls.

According to SMH, a report lodged with the Australian Securities
and Investments Commission in mid-June 2015 by the liquidator
estimated that potential legal recoveries could bring
AUD1.5 million in a best-case scenario. Along with AUD183,390 in
funds held by the liquidator and AUD300,000 in sundry debtors, the
estimated net asset recovery total was listed at
AUD1.98 million, SMH says.

SMH relates that Mr Matthews said on July 21 those estimates were
still valid. He said there have been phone calls between the
lawyers for both parties on July 21. "We've put our position," the
report quotes Mr. Matthews as saying.  "We are looking for some
comfort from Mr Tinkler over security of assets."

Mr Griffin is a prominent Adelaide lawyer who is also the chairman
of the Adelaide United soccer club, which plays in the A-League
national soccer competition, according to SMH.

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.


THE SHADE: First Creditors' Meeting Set For July 28
---------------------------------------------------
Terrence John Rose and Anne Meagher f SV Partners were appointed
as administrators of The Shade & Canvas Company Pty Ltd, formerly
Traded as Aerosail Structures & Porta Canopy, on July 20, 2015.

A first meeting of the creditors of the Company will be held at
SV Partners, 1 Plaza Parade, in Maroochydore, Queensland, on
July 28, 2015, at 3:00 p.m.



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GREENTOWN CHINA: S&P Raises CCR to 'BB'; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on Greentown China Holdings Ltd.
to 'BB' from 'BB-'.  The outlook is stable.  S&P also raised its
long-term issue rating on the company's senior unsecured notes to
'BB-' from 'B+'.  At the same time, S&P raised its long-term
Greater China regional scale rating on Greentown to 'cnBBB-' from
'cnBB' and on the notes to 'cnBB+' from 'cnBB-'.  Greentown is a
China-based real estate developer and operator.

"We raised the rating because we assess Greentown to be moderately
strategic to its largest shareholder China Communications
Construction Group (CCCG)," said Standard & Poor's credit analyst
Esther Liu.  "Greentown's planned keepwell agreement and equity
interest purchase undertaking with CCCG as part of its debt
exchange program demonstrates this support.  The rating on
Greentown is therefore one notch higher than its stand-alone
credit profile."

CCCG recently raised its stake in Greentown to 28.9% from 24.3%.
CCCG also increased its representation on the Greentown board to
five out of nine members.

S&P believes Greentown's financial performance is likely to
improve in 2015 and 2016 owing to better conditions in China's
property market, especially in tier-one and some tier-two cities.
The company's contracted sales increased 17% year on year in the
first half of 2015 and it achieved 54% of its full-year target of
Chinese renminbi (RMB) 60 billion.

S&P also expects Greentown to have limited new land acquisitions,
fewer new borrowings, and increasing contracted sales from the
second half of 2015.  S&P anticipates that the company's EBITDA
interest coverage will be at least 2.5x and the ratio of debt to
EBITDA will gradually improve toward 6x in 2015 and 2016 from 7.2x
in 2014.

Greentown's sale of assets in its joint venture with Sunac China
Holdings Ltd. has improved its liquidity.  S&P believes that
Greentown's scaled back land acquisition plans will also help its
credit profile.  The company's committed land premium to be paid
in 2015 is RMB2.1 billion, significantly less than RMB8.3 billion
paid in 2014.

S&P expects Greentown's profit margins to remain weak over the
next 12 months.  S&P anticipates that the company's EBITDA margin
in 2015 will be 21%-22%, compared with 21.7% a year ago.
Greentown's continued revenue recognition from lower-margin sales
during the industry downturn will limit improvement in margins.

"The stable outlook on Greentown reflects our expectation that the
company will be cautious in expanding, increase its sales, and
maintain stable margins over the next 12 months," said Ms. Liu.
"The outlook also factors in our expectation that CCCG will
continue to support Greentown."

S&P may lower the rating if Greentown's business expansion is more
aggressive than S&P expects without an accompanying growth in
property sales, such that the debt-to-EBITDA ratio weakens or
EBITDA interest coverage stays below 2.3x over the next 12 months.
A fall in Greentown's revenue to materially below S&P's
expectation of about RMB30 billion in 2015 would indicate such
deterioration.  S&P could also lower the rating if its assessment
of support from CCCG weakens.

S&P may raise the rating if Greentown demonstrates more consistent
financial management, disciplined investment policy, and
willingness to rein in financial leverage, such that its debt-to-
EBITDA ratio is below 5x and its EBITDA interest coverage improves
to more than 3x.  S&P could also upgrade Greentown if its group
status strengthens significantly.


YY INC: S&P Assigns 'BB+' Corp. Credit Rating; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
corporate credit rating to YY Inc.  The outlook is stable.  S&P
also assigned its 'cnBBB+' long-term Greater China regional scale
rating to the China-based online entertainment company.

"The rating reflects YY's small operating scale in a very niche
market, high demographic concentration, a monetization model with
a limited track record, and heavy reliance on user-generated
content," said Standard & Poor's credit analyst Tony Tang.  "The
company's variable interest entity [VIE] corporate structure may
also be a risk to creditors. YY's stable EBITDA margin, leading
market position in a fast-growing market, good discretionary cash
flows, and lower appetite for acquisition than peers' temper these
weaknesses."

In S&P's view, YY is exposed to high concentration risk because it
targets a limited audience.  More than two-third of the company's
users are 19-30 years old and more than 70% of them are male.
Besides, S&P estimates that more than 50% of YY's total revenue
will come from online music and entertainment over the next two
years.  YY operates fully in the online entertainment industry and
derives all its revenue from China.  Moreover, the company's
revenue and profit are smaller than those of global peers.

S&P expects YY to maintain its strong and stable market share in
its very niche market.  The company's market share rose to 48% in
2014, from 3% in 2011.  S&P believes YY will continue to leverage
its existing and newly developed sub-platforms (e.g. online music,
gaming, dating, and game broadcasting) to offer a wider range of
entertainment services and enhance its platform consolidation.
S&P expects the company's monthly active users (MAU) to increase
to 146 million in 2015 and 175 million in 2016, from 117 million
at the end of 2014.

S&P believes YY has a more sophisticated platform monetization
model than other traditional online platforms.  However, the
company has a limited track record.  More than 95% of YY's total
revenue in 2014 was generated from sales of virtual items and
membership fee, with third-party advertising accounting for less
than 5%.  S&P anticipates that the company will prudently expand
its advertising business without compromising its user experience.

YY's platform monetization is weaker than that of its industry
peers.  While revenue from the company's online music has been
expanding, other sub-platforms such as online gaming and dating
are still at an early stage of development and have limited
earnings contribution.  In addition, S&P expects YY's revenue
sharing with hosts or performers to grow substantially in the next
12 months as the company rolls out its online game broadcasting
and online dating platform.  The revenue-sharing costs accounted
for 46% of revenue in 2014, and S&P expects this ratio to reach
52% in 2015 as a result of increasing pressure to attract high-
quality hosts and performers for new business platforms.  S&P
estimates that the ratio will decline to 48% in 2016 as the
platform matures and bargaining power shifts in favor of the
company.

S&P believes that YY should be able to sustain its short cash
conversion cycle, with receivable days of less than 30 days,
because users can convert their money into virtual currency in
advance of making purchases.  In addition, S&P estimates that the
company will continue to benefit from stable prepayments from
users.  As of 2014, YY has recognized more than Chinese renminbi
(RMB) 378 million in deferred revenue, the majority of which came
from unamortized game tokens and virtual items, and prepaid
subscriptions under a membership program.

YY's financial strength and market position should help it
withstand competition, in S&P's view.  However, the company is
vulnerable to potentially drastic industry shake-ups because of
fast-changing preferences and technology for online entertainment.

S&P estimates that YY's debt leverage (ratio of net debt to
EBITDA) will stay low over the next 12 months.  S&P forecasts that
the company will be in a net cash position in 2015 and 2016 and
have more than sufficient funding to cover its budgeted capital
expenditure.  S&P believes that YY has a low acquisition appetite;
the company has not made any acquisition exceeding RMB200 million.
YY focuses on developing its core niche segment through organic
growth.

S&P expects YY to focus on content quality rather than
profitability and monetization to attract users in the early
stages of its newly developed platform.  S&P believes the company
will have stronger bargaining power and capability to manage
revenue-sharing costs with hosts or performers once it ramps up
its user base.  S&P forecasts that YY's EBITDA margin will
decrease to 28.8% in 2015 and gradually recover to 31.6% in 2016
and 34.3% in 2017.  Increasing economies of scale and savings on
bandwidth and research and development costs should also boost
margins.

In S&P's opinion, YY faces a risk that the government could
introduce new regulatory requirements to govern the company's VIE
structure.  Such a corporate structure allows foreign investors to
control domestic assets when regulations do not allow direct
ownership.  YY's operations could be severely affected because
these VIEs own the key business licenses and some trademarks.  S&P
believes this scenario is remote and YY has enough assets in its
wholly foreign-owned entities.  In S&P's view, YY has enough
assets in its wholly foreign-owned entities to withstand such a
scenario.  Moreover, the company could fully repay all its
outstanding borrowings using its significant surplus cash.  S&P
applies a "negative" score in our comparable rating analysis based
on the above factors.

On July 9, 2015, YY received a non-binding proposal of a "going-
private" transaction from Mr. Jun Lei, chairman of the board, and
Mr. David Xueling Li, director and CEO ("the buyer group").  The
proposal provides limited information on management's plan for the
company.  Currently, S&P do not have any opinion on the likelihood
of the privatization proposal being successful.

S&P believes the proposal will have no material impact on YY's
financial risk profile and business risk profile if the funding
for the privatization is solely from the buyer group without
increasing YY's leverage.

If the privatization is completed, the company could no longer
have a VIE structure and the regulatory risk associated with VIE
structure will be eliminated.  However, the privatization could
weaken the company's management and governance because: (1) the
privatization would mostly benefit the buyer group and question
management's ability to balance the interest of all
stakeholders;,(2) the cancellation of YY's listing status in the
U.S. will reduce the company's transparency in disclosures; (3) a
quick delisting would indicate the speculative nature of
management and be a deviation from the company's strategic
planning; and (4) the company's governance in terms of board
effectiveness, controlling ownership, and management culture may
weaken as the top two largest shareholders take full control over
operations.

"The stable outlook on YY reflects our expectation that the
company will maintain its good operating cash flows and minimal
debt leverage over the next 12 months despite a likely slight dip
in margins.  The stable outlook also reflects our view that the
company will not make aggressive acquisitions and that it will
focus on organic growth," said Mr. Tang.

The potential for an upgrade is limited for the next 12 months.
S&P could raise the rating if YY can improve its market position
by increasing user "stickiness" and expanding its business scale
and revenue base, strengthen its geographic and business
diversity, and maintain or improve profitability.

S&P could also raise the rating if the regulatory risk associated
with YY's VIE structure reduces, either by an official endorsement
by the Chinese government and legal system, a waiver of
restrictions on foreign investments in the Internet industry in
China, or if the company is privatized with no VIE structure.

S&P could lower the rating if YY's debt-to-EBITDA exceeds 1.5x,
its EBITDA margins fall below 30%, or the company's market share
shrinks materially for a sustained period.  This could happen if
YY: (1) fails to manage the revenue-sharing costs with the hosts
or performers on its platform; (2) incurs substantially higher
capital expenditure on new developed businesses; (3) fails to turn
around its loss-making businesses, such that the overall
profitability is dragged down; or (4) adopts a more aggressive
acquisitions strategy than S&P expects.

S&P could also lower the rating if the regulatory risk relating to
the company's online platform and related business increases.

S&P could also downgrade YY if the company accepts and completes
the proposed privatization.  S&P believes the cancellation of YY's
listing status will weaken the company's management and
governance.



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H O N G  K O N G
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NOBLE GROUP: Iceberg Doubts Effectiveness of PwC Review
-------------------------------------------------------
Andrea Soh at The Business Times reports that Iceberg Research on
July 21 fired another salvo at Noble Group, expressing its doubt
that the appointment of PricewaterhouseCoopers (PwC) to conduct a
review will solve the commodity trader's problems.

"Noble has not clearly defined the scope of the review," said
Iceberg Research, which believes that PwC will work on the
valuation framework, rather than the valuation of the portfolio
itself, combing through it counterparty by counterparty, the
report relays.

PwC will also not answer the question that investors and creditors
want, Iceberg added, which is whether Noble violates the spirit of
the law to overstate its mark to market valuations, according to
BT.

Iceberg also took issue with the composition of the audit
committee, the report says. "Three out of four members of the new
audit committee including the committee chairman are already
members of the old audit committee," BT quotes Iceberg as saying.
"Who can seriously believe that the persons who have been involved
in the audit of Noble will publicly admit that they were wrong?"

Noble's management will have no choice but to look for a white
knight as the crisis deepens, Iceberg concluded, BT adds.

As reported in the Troubled Company Reporter-Asia Pacific on
June 23, 2015, Bloomberg News said Noble Group Ltd. sued a
former Chinese iron ore customer of ten-years standing to stop any
attempts to shut a Singapore unit over an alleged debt of
$102,718.

Noble Resources International Pte has been granted an interim
injunction by the Singapore High Court preventing Rizhao Zhongrui
Native Produce Co. from winding-up proceedings, and is pursuing
separate claims against the firm, Noble said in a statement cited
by Bloomberg. A closed hearing was scheduled June 25.

Bloomberg added that the Singapore court case comes as Noble
fights on a wider front against criticisms of its accounting
practices. In Hong Kong, the trader is also suing a former
employee, whom it claims is behind the anonymous group Iceberg
Research, for spreading false information about the company,
Bloomberg said. Noble in an open letter to critics, which included
an ex-Morgan Stanley banker, defended its methods
and valuations, Bloomberg reported.

                         About Noble Group

Noble Group Limited (SGX:N21) -- http://www.thisisnoble.com/-- is
a Hong Kong-based company engaged in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores .Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in Asia
and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.



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AGRI TILL: CRISIL Assigns B+ Rating to INR58MM Term Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Agri Till India (ATI).

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Term Loan             58       CRISIL B+/Stable
   Letter of Credit      20       CRISIL A4
   Export Packing
   Credit                50       CRISIL A4
   Bill Discounting      10       CRISIL B+/Stable
   Cash Credit           30       CRISIL B+/Stable

The rating reflects firm's modest scale of business marked by
working-capital-intensive operations in a competitive industry.
The rating also factors in firm's below-average financial risk
profile marked by high gearing and weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of its promoters and its established brand in the
industry.
Outlook: Stable

CRISIL believes that ATI will continue to benefit over the medium
term from its promoters' extensive experience in the agricultural
farm implements industry. The outlook may be revised to 'Positive'
in case more than expected increase in revenue leading to higher
profitability, and consequently, improved financial risk profile,
particularly liquidity. Conversely, the outlook may be revised to
'Negative' in case of decline in profitability, resulting in low
accruals, or lengthening of working capital cycle, or large debt-
funded capital expenditure.

ATI was incorporated in 2011 as a partnership firm by Mr. Rohit
Rajpal and Mr. Rahul Rajpal. The firm is engaged in the
manufacturing of tractor & farm equipment primarily comprising
rotavator blades and disc equipment in both carbon and boron
steel. ATI's manufacturing facility is located in Karnal, Haryana.

ATI is estimated to have made a profit after tax (PAT) of INR1.2
million on net sales of INR296.8 million for 2013-14, against a
PAT of INR1.0 million on net sales of INR285.2 million for 2013-
14.


AJANTA SPINTEX: CRISIL Assigns B- Rating to INR220.4MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Ajanta Spintex Ltd (ASL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          54.6       CRISIL B-/Stable
   Long Term Loan      220.4       CRISIL B-/Stable

The rating reflects ASL's below-average financial risk profile,
marked by a small net worth, high gearing, and weak debt
protection metrics and liquidity. The rating also factors in the
company's modest scale and working-capital-intensive nature of
operations. These rating weaknesses are partially offset by the
extensive experience of ASL's promoters in the cotton yarn
industry.
Outlook: Stable

CRISIL believes that ASL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if ASL registers a
substantial increase in its revenue and profitability, leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if the company's profitability or
revenue declines or if its working capital cycle is stretched,
resulting in low cash accruals, or if it undertakes a large debt-
funded capital expenditure programme, leading to deterioration in
its financial risk profile.

Established in 2010 and based in Guntur (Andhra Pradesh), ASL
manufactures cotton yarn. The company is promoted by Mr. I Dhana
Reddy and his family members.


ANDHRA TIMBER: ICRA Suspends B Rating on INR3.25cr Loan
-------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR3.25 crore
fund based facility and [ICRA]A4 rating assigned to the INR8.75
crore non-fund based facility of Andhra Timber Products Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


ANVITA BUILDERS: CRISIL Cuts Rating on INR80MM LT Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of Anvita Builders Pvt Ltd (ABPL) to 'CRISIL D' from
'CRISIL B+/Stable'.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term      80        CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B+/Stable')

   Term Loan                70       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The downgrade reflects instances of delay by ABPL in servicing its
debt. The delays have been caused by the company's weak liquidity

ABPL's operating cash flows are susceptible to timely execution of
its ongoing project and to flow of customer advances from bookings
and its revenue profile is vulnerable to cyclicality in the real
estate sector. However, the company benefits from its promoters'
extensive experience in the real estate industry and their
financial support for its ongoing projects.

ABPL was incorporated in 2008 by Mr. Anil Kumar and his wife Ms.
Jayshree Anil Kumar. The company has executed six residential real
estate projects in Kochi (Kerala) and has three ongoing projects:
Anvita Hill Park, Anvita Green Valley, and Cochin Tower.


BHARTIYAM EDUCATIONAL: CRISIL Assigns B Rating to INR84.5MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facilities of Bhartiyam Educational and Social Welfare
Society (BES).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     0.9        CRISIL B/Stable
   Term Loan              84.5       CRISIL B/Stable

The rating reflects BES's below-average financial risk profile,
marked by weak capital structure. The rating also reflects BES's
initial stages of operations along with exposure to intense
competition in the education sector. These rating weaknesses are
partially offset by the healthy demand prospects of the education
sector.

Outlook: Stable

CRISIL believes that BES will continue to benefit over the medium
term from the healthy prospects of the education sector. The
outlook may be revised to 'Positive' if the society reports
substantial revenue and profitability or better capital structure,
resulting in improved financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of low accruals, any
large debt-funded capital expenditure, resulting in deterioration
in the trust's financial risk profile.

BES was founded in 2010 under the Societies Registration Act of
India to set up Bhartiyam International School in Rudrapur
(Uttarakhand). The school commenced operations in 2012-13 and is
affiliated to the Central Board of Secondary Education (CBSE).
The day to day operations of the society is being managed by Mr.
Bharat Goel.


BHATIA INDUSTRIES: ICRA Upgrades Rating on INR12cr LT Loan to B
---------------------------------------------------------------
ICRA has revised the long term rating for INR12.00 crore fund-
based bank facilities of Hemang Resources Limited (erstwhile
Bhatia Industries and Infrastructure Limited) from [ICRA]D to
[ICRA]B. Also, ICRA has revised the short term rating for
INR181.52 crore (reduced from INR188.00 Crore) non fund-based bank
facilities and proposed limits of HRL from [ICRA]D to [ICRA]A4.
ICRA has also assigned a rating of [ICRA]B to the INR6.48 Crore
long term non fund-based bank facilities of HRL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund-
   Based Limits            12.00        [ICRA]B (Upgraded)

   Long Term Non Fund
   Based Limits             6.48        [ICRA]B (Assigned)

   Short Term Non Fund-
   Based Limits            77.00        [ICRA]A4 (Upgraded)

   Short Term-Proposed
   Limits                 104.52        [ICRA]A4 (Upgraded)

The rating action takes into account HRL's reduced operational
linkages (such as purchase and sale of coal) with other group
entities, which are under financial stress. With reduced
operational linkages, the financial transactions with related
parties have also seen significant reduction, and the recovery of
receivables from group entities during FY15 has lead to improved
liquidity. However, given the common promoters, the risk of future
operational and financial transactions cannot be negated. With
other group entities under financial stress, and hence facing
restricted operations; the group's coal trading activities were
undertaken in HRL, thereby leading to significant growth in scale
of operations during FY15. The funding support extended to group
entities in FY14 and Q1-FY15 also resulted in liquidity crunch for
HRL, however subsequent recovery of funds from group entities
coupled with increased management focus on HRL supported 108%
increase in OI from INR300.9 Crore in FY14 to INR627.8 Crore in
FY15. Since the increased trading operations were undertaken
without any increase in working capital limits, HRL relied on
longer credit period from its coal suppliers, which resulted in
lower operating profit margins as the purchase cost increased.
However, despite a decline in operating margin, due to higher
scale of operations, the operating profits and cash accruals
witnessed substantial growth as reflected in NCA of INR5.5 Crore
in FY15 vis-a-vis INR1.1 Crore in FY14. With the improved
financial performance, the debt servicing track record of the
company has been satisfactory since January 2015, with timely
servicing of debt.

Notwithstanding the aforementioned improvements, the credit
profile continues to remain constrained by leveraged capital
structure and moderate debt coverage indicators as reflected by
TOL/TNW of 6.3x and interest coverage of 1.8x for FY15. Moreover,
absence of long-term sale and purchase contracts exposes the
company to risks arising out of volatility in commodity prices and
foreign currency fluctuations, which are inherent in imported coal
trading business.

Going forward, given the financial stress in group entities, any
inter-group transactions resulting in funding support to group
entities, will be negative for the credit profile of the Company.
Further, HRL's credit profile will remain sensitive to its ability
to report adequate coal trading quantity by optimally utilizing
its working capital limits, and deliver healthy profitability
margins through prudent management of risks arising out of
volatility in commodity prices and foreign exchange rates.

Hemang Resources Limited (erstwhile Bhatia Industries and
Infrastructure Limited) (HRL) is promoted by Bhatia Group of
Indore, and is engaged in business of coal trading, whereby coal
is imported from coal fields in Indonesia and South Africa, and is
sold to domestic companies. BIIL was initially incorporated as BCC
Finance Limited and was into the asset financing business.
Subsequently in the year FY07, it surrendered its NBFC certificate
and changed the name to Bhatia Industries and Infrastructure
Limited before being renamed HRL from Mar'15 onwards. Since then,
the company has undertaken trading of Coal as the main commodity,
apart from commodities such as sand and soybean (which is now
discontinued). Within the Bhatia Group, HRL is vested with 'stock
and sale' business with focus on catering to small corporates and
dealers.

In FY15, HRL reported an Operating Income (OI) of INR627.8 crore
and Profit after tax (PAT) of INR5.8 crore against an OI of
INR300.9 Crore and PAT of INR2.1 Crore in FY14 and an OI of
INR262.3 crore and PAT of INR6.4 crore in FY13.


BUILDQUICK INFRASTRUCTURE: CRISIL Rates INR45MM Cash Loan at B+
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Buildquick Infrastructure Private Limited
(BIPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        25        CRISIL A4
   Cash Credit           45        CRISIL B+/Stable

The ratings reflect BIPL's modest scale of operations in the
highly competitive civil construction industry, and geographical
concentration in its revenue profile. These rating weaknesses are
partially offset by the extensive experience of BIPL's promoters
in the civil construction industry coupled with an above average
financial risk profile marked by a comfortable gearing, albeit at
a modest net worth base.
Outlook: Stable

CRISIL expects BIPL to maintain its business risk profile over the
medium term backed by the extensive experience of the management.
The outlook may be revised to 'Positive' if there is a substantial
improvement in revenues and operating margin. Conversely, the
outlook may be revised to 'Negative' in case of delays in the
execution of projects leading to cost overruns or liquidity
pressures weakening working capital management or any large debt
funded real estate project is undertaken thereby affecting its
financial risk profile.

BIPL is engaged in construction of industrial and commercial
projects in Anand (Gujarat). The company was incorporated in 2008.
The company is owned and promoted by Mr Sunil Patel and Mr Paresh
Thaker. Since 2009, the company has also started executing real
estate development projects.

BIPL reported a profit after tax (PAT) of INR6.4 million on net
sales of INR211 million for 2013-14 (refers to financial year,
April 1 to March 31), as against a PAT of INR18.5 million on net
sales of INR203 million for 2012-13.


CHAMUNDA COTTON: CRISIL Reaffirms B Rating on INR90MM Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facility of Chamunda Cotton
Pvt Ltd (CCPL) continues to reflect CCPL's weak financial risk
profile, marked by high gearing and weak debt protection metrics,
and the company's small scale of operations in the intensely
competitive cotton ginning and pressing industry. These rating
weaknesses are partially offset by the extensive industry
experience of CCPL's promoters.

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

Outlook: Stable

CRISIL believes that CCPL will continue to benefit over the medium
term from its promoters' extensive experience in the cotton
industry. The outlook may be revised to 'Positive' if the company
significantly scales up its operations with sustained margins, and
if its capital structure improves backed by equity infusion or
sizeable accruals generated in the business. Conversely, the
outlook may be revised to 'Negative' if the company's liquidity or
capital structure deteriorates on account of stretch in its
working capital requirements or if it undertakes a sizeable debt-
funded capital expenditure programme.

Incorporated in 2006, CCPL is managed by the Bhavnagar (Gujarat)-
based Mr. Bhupatbhai Mori, Mr. Dhirajbhai Panara, Mr. Govindbhai
Hadiyal, Mr. Jigneshkumar Vadaliya, and Mr. Naranbhai Mori. The
company gins and presses raw cotton into cotton bales and extracts
cottonseed oil from cotton cakes.

CCPL reported a net profit of INR14 million on net sales of INR318
million for 2014-15 (refers to financial year, April 1 to March
31), against a net profit of INR15 million on net sales of INR433
million for 2013-14.


CHANCHAL INFRASTRUCTURE: CARE Cuts Rating on INR49.84cr Loan to D
-----------------------------------------------------------------
CARE revokes suspension and revises the rating assigned to the
bank facilities of Chanchal Infrastructure Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     49.84      CARE D [Suspension
                                            revoked and revised
                                            from CARE B+]

Rating Rationale
The revision in the rating assigned to the bank facilities of
Chanchal Infrastructure Private Limited (CIPL) is primarily on
account of various instances of irregularities in its debt
servicing owing to stressed liquidity position.

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

Incorporated in March 2010, CIPL is part of the Chanchal group of
Ahmedabad which is promoted by Mr Kenon Patel, Mr Rinkal Patel and
Mr Kulin Patel, who have over a decade of experience in the real
estate sector. Over the years, the group has developed more than
20 projects in residential and commercial segments.


CHOTTANIKARAI AMMAN: CARE Assigns B+ Rating to INR4.95cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B+'/'CARE A4' ratings to the bank facilities of
Chottanikarai Amman Road Transport.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      4.95      CARE B+ Assigned
   Long-term/Short-term Bank      4.65      CARE B+/CARE A4
   Facilities                               Assigned

Rating Rationale
The ratings assigned to the bank facilities of Chottanikarai Amman
Road Transport (CART) are constrained by the small scale and
working capital-intensive nature of operations of the firm, and
high industry concentration risk with majority of the clients in
the fertilizer industry. The ratings also factor in the stiff
competition faced by the firm in the transportation business.
However, the ratings derive comfort from the experience of the
partners in the business, established relationship with renowned
clients and comfortable capital structure.

Going forward, the ability of the firm to increase its scale of
operations by widening its network, prudently manage its operating
cycle and improve profit margin amidst competition will be the key
rating sensitivities.

CART was established as a transport service provider in 2006 in
Chennai by Mr. M. Vairavan and his son, Mr. V. Muthuraman. CART is
primarily engaged in contract transportation for reputed
corporates in Tamil Nadu and Kerala. CART operates in various
parts of Tamil Nadu and Kerala. CART manages the end-to-end
transporting requirements of the companies.

During FY14, the firm registered a PAT of INR0.1 crore on a total
operating income of INR4.2 crore.


COIRFOAM (INDIA): ICRA Reaffirms B+ Rating on INR7cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR7.00 crore long term fund based limits of Coirfoam (India) Pvt
Ltd. ICRA has also reaffirmed its short term rating of [ICRA]A4 on
the Rs.1.00 crore non fund based limits of CIPL.

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

   Non-Fund Based
   Limits                  1.00         [ICRA]A4; Reaffirmed

ICRA's ratings continue to take into account CIPL's operations in
the intensely competitive and low value additive mattress
manufacturing Industry, which results in modest margins. The
company's modest margins have translated into weak coverage
indicators with thin interest coverage and NCA/TD. ICRA also takes
note of the company's stretched liquidity position as evident from
the near full utilization of its working capital limits. However,
the rating draws comfort from CIPL's experienced management, its
long track record in the mattress industry, its extensive
distribution network and well-established brand image.
Going forward, the company's ability to maintain its profitability
in an intensely competitive industry and manage its working
capital cycle effectively will form the key rating sensitivities.

CIPL was constituted as a partnership firm in 1977 and was
converted into a private limited company in June 1978. The firm,
originally promoted by the Agarwal family, was taken over by Mr.
Inderjeet Khurana and Mr. Sukhdeep Khurana in 1997. CIPL is
primarily involved in manufacturing of rubberised coir mattresses
and has an installed capacity of 2500 Metric Tonnes Per Annum
(MTPA). In addition, the company is involved in trading of home
products such as pillows, cushions, spring mattresses, blankets,
bed sheets, towels etc.

Recent Results
CIPL on a provisional basis, reported a net profit of INR0.61
crore on an operating income of INR47.99 crore in FY 2014-15, as
compared to net loss of INR0.19 crore on an operating income of
INR52.95 crore in the previous year.


GALAXY CONCAB: ICRA Reaffirms 'B' Rating on INR10cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the
INR10.00 crore fund based bank facilities and INR1.00 crore
unallocated limits of Galaxy Concab (India) Private Limited
(GCIPL). ICRA has also reaffirmed its short term rating of
[ICRA]A4 on the INR15.00 crore non fund based limits and rating of
[ICRA]B/[ICRA]A4 on the INR6.00 crore fund based bank facilities
of the firm.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-
   Long Term               10.00        [ICRA]B ; reaffirmed

   Unallocated- Long
   Term                     1.00        [ICRA]B ; reaffirmed

   Non Fund Based Limits-
   Short Term              15.00        [ICRA]A4; reaffirmed

   Fund Based-Long/Short    6.00        [ICRA]B/[ICRA]A4;
   Term                                 reaffirmed

ICRA's ratings are constrained by GCIPL's presence in a highly
fragmented and competitive industry, which has resulted in
stagnant operating income over the past five years, except FY14,
wherein it undertook trading of high tension wires. The company's
weak profitability has resulted in weak coverage indicators with
thin interest coverage, elevated TD/OPBDITA and DSCR of 1x for
FY15. The rating also takes into account the stretched liquidity
position of the company as evident in the near full utilization of
its working capital limits. The rating is however supported by the
low counterparty credit risk as the company has a reputed client
base that includes Bajaj Electricals Ltd. and Madhya Pradesh
Madhya Kshetra Vidyut Vitaran Company Limited (MPMKVVCL),
Jabalpur. ICRA also takes comfort from the presence of price
escalation clause in the company's contracts and the experienced
management of the company.

Going forward, the company's ability to register revenue growth by
securing new orders and timely execution of the existing order
book, sustaining the profitability and maintaining adequate
liquidity will be the key rating sensitivities.

GCIPL was established in 2006 to manufacture low-tension (LT)
cables (Low tension Cross Linked Polyethylene (LT XLPE) and Low
Tension Polyvinyl Chloride (LT PVC) Cables, which are used in the
high-voltage transmission of power. The company is professionally
managed by Mr. Vinay Gupta and Mr. Rajesh Kumar Gadia, who have
good experience in the cable industry. The the company has ISO
9001:2008 and ISO 14001:2004 certifications for the manufacture of
electric power cables. The manufacturing facility is located at
Industrial area in Sitapura, Jaipur, Rajasthan.

Recent Results
GCIPL reported a net profit of INR0.39 crore on an operating
income of INR68.50 crore for 2013-14, as compared to a net profit
of INR0.22 crore on an operating income of INR43.53 crore for the
previous year. The company reported on a provisional basis, a net
profit of INR0.26 crore on an operating income of INR45.17 crore
for 2014-15.


GHANSHYAM DALL: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ghanshyam Dall
Mill a Long-Term Issuer Rating at 'IND B+'. The Outlook is Stable.
The agency has also assigned the company's INR75m fund-based
limits a Long-Term 'IND B+' rating with Stable Outlook.

KEY RATING DRIVERS

The ratings reflect the company's moderate credit profile and
small scale of operations. In FY15, interest coverage was around
1.4x, net leverage was 6.7x, operating EBITDA margin was 2.9% and
revenue was INR432m.

Liquidity is moderate as reflected from the average maximum
utilisation of around 94% in the 12 months ended June 2015.

The ratings benefit from around 40-year-long experience of the
partners in pulses processing.

RATING SENSITIVITIES

Positive: A substantial increase in the top-line and a rise in the
operating profitability, leading to an improvement in the credit
metrics will be positive for the ratings.

Negative: Liquidity stretch and/or a decline in the operating
profitability, leading to deterioration in the credit metrics will
be negative for the ratings.

COMPANY PROFILE

Ghanshyam Dall Mill is a partnership firm established in 1972 by
the family members of GDM group. The firm's main business is
processing all types of pulses and gram flour such as gram
(chana), masoor, toor, urad, moong, batri, and trading of cereals,
etc. which is sold under the brand names Hathotda , Double Sher
and Golden Coin.


GOLD SPIN: CRISIL Assigns B+ Rating to INR75MM Cash Credit
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Gold Spin India Pvt Ltd (GSIPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           75        CRISIL B+/Stable
   Term Loan             15.8      CRISIL B+/Stable

The rating reflects GSIPL's modest scale of operations in a highly
fragmented polyester blanket industry, geographical concentration
in its revenue profile and susceptibility of margins to volatility
in raw material prices. These weaknesses are partially offset by
GSIPL's above-average financial risk profile and its promoters'
extensive experience in the polyester blanket industry.
Outlook: Stable

CRISIL believes that GSIPL will continue to benefit, over the
medium term, from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if GSIPL registers a
significant ramp up in its scale of operations, leading to healthy
cash accruals, while maintaining its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if GSIPL
generates low cash accruals, or its working capital management
weakens, or it undertakes a substantial debt-funded capital
expenditure programme.

GSIPL incorporated in 2005 by a Jain family, manufactures polar
fleece fabric used to make polar blankets. The company's
manufacturing facility is located in Panipat (Haryana), with a
total production capacity of 15 tonnes per day.

On provisional basis, GSIPL reported a profit after tax (PAT) of
INR2.2 million on net sales of INR447.7 million for 2014-15
(refers to financial year, April 1 to March 31), vis-a-vis a PAT
of INR2.3 million on net sales of INR357.1 million for 2013-14.


HIGHNESS COTTON: CARE Assigns B+ Rating to INR6.5cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Highness
Cotton Industries.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.50      CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Highness Cotton
Industries (HCI) is primarily constrained due to its modest scale
of operation, high working capital intensity, seasonality
associated with raw material availability and exposure to adverse
changes in the government regulations. The rating is further
constrained on account of its weak financial risk profile marked
by thin profitability owing to limited value addition nature of
the business, modest liquidity position, high overall gearing and
weak debt coverage indicators and partnership nature of
constitution.

The aforementioned constraints far outweigh the benefits derived
from the vast experience of the partners in the cotton ginning &
pressing business and HCI's presence in the cotton producing belt
of Gujarat.

HCI's ability to increase the scale of operations along with
improvement in the capital structure and better working capital
management are the key rating sensitivities.

Amreli-based HCI is a partnership firm engaged in the business of
cotton ginning and pressing. HCI was established in the
year 1999 by five partners, led by Mr Ajijali Badrudinbhai. HCI is
operating from its plant located at Amreli-Gujarat. HCI
has installed capacity of processing 270 cotton bales per day as
on March 31, 2015.

As per the provisional results for FY15 (refers to the period
April 1 to March 31), HCI reported the profit after tax (PAT) of
INR0.05 crore on a total operating income (TOI) of INR21.30 crore
as against PAT of INR0.01 crore on a TOI of INR39.54 crore in
FY14.


HUFORT HEALTHCARE: ICRA Assigns B Rating to INR2cr Cash Credit
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR2.00
crore fund based bank facilities of Hufort Healthcare Private
Limited. ICRA has also assigned a short-term rating of [ICRA]A4 to
the INR10.00 crore non-fund based bank facilities and INR6.00
crore (sub-limit) non-fund based bank facilities of the company.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long-term fund-
   based Cash Credit         2.00       [ICRA]B assigned

   Short-term non-fund-
   based - Import Letter
   of Credit                10.00       [ICRA]A4 assigned

   Short-term non-fund
   based-Letter of Credit   (6.00)      [ICRA]A4 assigned

The assigned ratings take into account promoter's track record of
over three decades in pharmaceuticals trading business and the
company's established clientele relationship which has enabled it
to garner repeat orders. The ratings are, however, constrained by
the adverse capital structure as reflected by high gearing of
10.41x (as on March 31, 2015) owing to low paid up capital coupled
with losses incurred in past fiscals. Nevertheless, ICRA derives
some comfort from the fact that ~60% of total debt is in the form
of unsecured loans from the promoters. ICRA also notes that while
the profitability margins are susceptible to volatility in foreign
exchange movement, the small scale of operations in the highly
fragmented and competitive pharmaceutical API trading business is
likely to keep the margins under pressure. The ratings also take
into account the stretched liquidity position of the company
resulting from high working capital intensity of operations due to
the elevated receivable position.

Hufort Healthcare Private Limited (HHPL) was started in 2004 by
Mr. Giridhar Kasat. The Kasat family is the promoter of Haresh
Group of companies with interests in pharmaceuticals and
petrochemicals trading, and logistics businesses. Mr. Giridhar
Kasat separated from the Haresh group to form HHPL. Currently, the
company is engaged in trading of Active Pharmaceutical Ingredients
(APIs). The company also has limited presence in formulations
business, wherein it outsources the manufacturing of drugs to
third party manufacturers and markets them under its own
registered brands in India.

Recent Results
In FY2014, HHPL reported a profit after tax (PAT) of INR0.11 crore
on an operating income of INR35.65 crore. As per the unaudited
results for FY2015, HHPL has reported a profit before tax (PBT) of
INR0.29 crore on an operating income of INR32.30 crore.


INDFAB PROJECTS: ICRA Reaffirms 'C+' Rating on INR4.28cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR2
crore cash credit, INR4.28 crore (revised from INR0.28 crore)
unallocated limit and INR20 crore (revised from INR24 crore) non
fund based bank facility of Indfab Projects Private Limited at
[ICRA]C+. The non fund based limit of IPPL is also rated in the
short term scale, for which ICRA has reaffirmed the [ICRA]A4
rating.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-
   Cash Credit               2          [ICRA]C+ reaffirmed

   Unallocated limit         4.28       [ICRA]C+ reaffirmed

   Non Fund Based Limit     20          [ICRA]C+/[ICRA]A4
   Bank Guarantee                       reaffirmed

The reaffirmation of ratings primarily takes into account IPPL's
limited financial flexibility implied by the continuing high
utilisation of the fund based working capital limits and instances
of irregularity in debt servicing in the past. The company's
significant exposure in a group entity with weak financial profile
and piling up of retention money held as security towards projects
deferred by customers adds to the liquidity pressure. The ratings
are also constrained by a steady decline in the company's turnover
over the last two years, and a moderate order book position at
present, attributable to a decline in capex activities in the
aluminium industry which had been the key revenue driver for IPPL
in the past. ICRA notes that the company's ability to diversify
successfully into other segments would remain critical to
sustainability of its revenue. Nevertheless, the ratings also take
into account the company's long track record of executing
engineering procurement and construction (EPC) works in the
aluminium industry, and its conservative capital structure, as a
result of a healthy accretion to reserves over the years and a
moderate debt level that has also led to healthy debt coverage
indicators.

Indfab Projects Private Limited (IPPL), promoted in 2005, carries
out Engineering, Procurement and Construction (EPC) work in the
aluminium industry. In addition, the company also manufactures
components used in potlines and electrical busbars of aluminium
smelters. With a slowdown in capex activities in the aluminium
industry, the company is in the process of diversifying into
steel, power and other industries.

Recent Results
IPPL reported a net profit of INR1.06 crore (provisional) on an
operating income of INR41.71 crore (provisional) in 2014-15, as
compared to a net profit of INR1.52 crore on an operating income
of INR50.98 crore in 2013-14.


JOTINDRA STEEL: ICRA Reaffirms B- Rating on INR24cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B- on the
INR24.0 crore long term fund based bank limits of Jotindra Steel
and Tubes Ltd. ICRA has also reaffirmed its short term rating of
[ICRA] A4 on the INR11.0 crore non fund based bank limits of JSTL
(as sub limit of total fund based limits).

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long Term Fund
   Based Limits              24.00      [ICRA]B-; reaffirmed

   Non Fund based limits    (11.00)     [ICRA]A4; reaffirmed

ICRA's ratings continue to be constrained by the highly
competitive nature of the steel industry, characterized by the
presence of large as well as small unorganized players, JSTL's
presence in low value additive products and its weak financial
profile characterized by high gearing levels and weak debt
coverage indicators. The ratings also factor in the company's
plans to venture into residential real estate which could further
increase the debt levels of the company. However, the ratings
favourably factor in the long and established track record of
JSTL's promoters in the industry. The ratings also derive comfort
from the improvement in operating income and profitability margins
of the company, due to a change in the revenue mix.
Going forward, the ability of the company to increase the scale of
its trading operations while sustaining its profitability margins,
as well as the size and scope of its real estate project, will be
the key rating sensitivities.

JSTL was promoted by Mr. V.K. Sureka and his family in 1970. The
company's shares are listed on the Delhi Stock Exchange.
Presently, the promoters hold 60.77% stake in the company, while
the balance is held by the public. JSTL trades in Mild Steel
(M.S.) Ingots, M.S. bars and billets, steel scrap, etc and also
manufactures Electric Resistance Welded (ERW) and Galvanised Iron
(GI) pipes. In FY 2014, the company has also forayed into real
estate and plans to construct residential flats in Faridabad,
Haryana on land where one of its factories is located, subsequent
to the government declaring the area as a residential area.
Currently, the company is running its trading and fabrication
operations from one of its manufacturing facilities in Ghaziabad,
Uttar Pradesh.

Recent Results
JSTL reported, on a provisional basis, a profit after tax (PAT) of
INR3.96 crore on an operating income of INR167.83 crore in FY
2014-15 as compared to a PAT of Rs.0.83 crore on an operating
income of INR103.11 crore in the previous year.


KHATRI COTGIN: ICRA Suspends 'B' Rating on INR8.36cr Bank Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B outstanding on
the INR8.36 crore bank facilities of Khatri Cotgin Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Khatri Cotgin Private Limited (KCPL) was incorporated in March,
2011 by taking over the assets and liabilities of Khatri Cotgin
Ginning & Pressing Industries, Prop. Mr. Jawahar Khatri and Khatri
Agro Oils, Prop. Mr. Kapil Khatri. KCPL is engaged in ginning and
pressing of raw cotton along with crushing of cotton seed to
extract cotton seed oil and cotton seed cake. The company has 18
ginning machines with production capacity of 50,000 quintal per
cotton season (i.e. from October to March) located in Wardha
District, Maharashtra. KCPL also has a crushing machine with
production capacity of 100 quintal of cottonseed oil per day.
Wardha is a cotton trading hub since it is located in the fertile
Wardha Valley.


KHUSHIYA INDUSTRIES: CARE Assigns B+ Rating to INR13cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Khushiya
Industries Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       13       CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Khushiya Industries
Private Limited (KIPL) is primarily constrained on account of its
modest scale of the operations in the highly fragmented and
competitive industry and its weak financial risk profile marked by
modest profit margins, highly leveraged capital structure, weak
debt coverage indicators and working capital intensive operations
with elongated working capital cycle. The rating is further
constrained on account of project implementation and stabilization
risk associated with the ongoing debt-funded capital expenditure
and susceptibility of profit margins to fluctuation in raw
material price along with dependence on agro climate conditions
and seasonality associated with availability of raw material.

The rating, however, takes comfort from the experience of the
promoters in the industry coupled with favourable outlook
for edible oil industry.

The ability of KIPL to improve the overall scale of operations
along with improvement in profit margins, capital structure
and improving operating cycle are the key rating sensitivities.
Furthermore, implementation of the capital expenditure without any
time over-run and subsequent stabilization of the manufacturing
facilities will also remain crucial.

Banaskantha-based (Gujarat), KIPL was incorporated in 2012 by Mr
Mehul Thakkar, Mr Dalpatram Thakkar and Ms Ritaben Thakkar. KIPL
is engaged in the business of extraction of mustard oil from
mustard seeds and operates from its manufacturing facilities
located at Banaskantha with an annual installed capacity of 30,000
metric tons per annum (MTPA) as on March 31, 2015. KIPL extracts
mustard oil from mustard seeds by pressing them wherein it
receives mustard de-oiled cake as by-product. The mustard oil is
sold to refineries for further processing to make it edible while
mustard de-oiled cake is sold to the industrial units for solvent
extraction. Mustard oil is mainly used as edible oil in North and
East India. It can also be used in pharmaceutical industry and
cosmetic items. The by-product mustard de-oiled cake can also be
used as cattle feed.

KIPL was engaged in the business of trading of mustard oil up to
March 31, 2014. KIPL commenced manufacturing of mustard oil from
April 1, 2014, with completion of setting up an expeller plant at
total capital cost of INR6 crore. KIPL is in the process of
integrating forward in the value chain by setting up solvent
extraction plant with total installed capacity of 90,000 MTPA. The
total cost of the project is estimated at INR8.59 crore which is
to be funded through term loan of Rs.5.40 crore, equity share
capital of INR1.19 crore and remaining through unsecured loans.
KIPL expects to commence commercial production of solvent plant
from November 2015 with delay of around 10 months.

During FY15 (provisional), KIPL reported a total operating income
(TOI) of INR35.76 crore and PAT of INR0.13 crore as against a TOI
of INR39.67 crore and a PAT of INR0.07 crore during FY14.


LIFESTYLE SAREES: ICRA Suspends B+ Rating on INR22cr Cash Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating to the INR22.00 crore bank
facilities of Lifestyle Sarees Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of requisite information from the company.

                            Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Long Term Fund-Based      22.00        [ICRA]B+ Suspended
   Limit -Cash Credit

Lifestyle Sarees Private Limited (LSPL) established in 1991 is
engaged in the processing and trading of sarees, and other women's
party wears. The products are sold under the brand names
'Lifestyle' and 'Antra'. The company has its registered office and
warehouse in Surat.


MARSONS LTD: Ind-Ra Withdraws 'IND D(suspended)' LT Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Marsons Ltd.'s
'IND D(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended Marsons' ratings on 4 September 2014.

Marsons' ratings:

-- Long-Term Issuer Rating: 'IND D(suspended)'; rating withdrawn

-- INR38.5 m long-term loans: Long-term 'IND D(suspended)';
    rating withdrawn

-- INR180 million fund-based limits: Long-term 'IND
    D(suspended)'; rating withdrawn

-- INR300 million non-fund-based limits: Short-term 'IND
    D(suspended)'; rating withdrawn


MARVEL SIGMA: ICRA Withdraws 'D' Rating on INR25cr Loan
-------------------------------------------------------
ICRA has withdrawn the [ICRA]D rating assigned to the INR25.00
crore fund based bank limit of Marvel Sigma Homes Private Limited,
as the company has fully repaid the instrument on maturity. There
is no amount outstanding against the rated instrument.


MILESTONE MERCANDISE: ICRA Withdraws B Rating on INR9cr Loan
------------------------------------------------------------
ICRA has withdrawn the suspended the rating of [ICRA]B assigned to
the INR9.00 crore Bank Loans Programme of Milestone Mercandise
Private Limited. As per ICRA's policy on withdrawals, ICRA can
withdraw the ratings, in case the ratings remain suspended for
more than three years.


NAGPAL TRADERS: ICRA Assigns B+ Rating to INR50.32cr Term Loan
--------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the Rs.15
crore bank facilities, Rs.50.32 crore term loan and Rs.0.50 crore
non-fund based facility of Nagpal Traders.

                            Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Cash Credit Facilities
   (LT Scale)                15.00        [ICRA]B+; assigned

   Term Loan (LT Scale)      50.32        [ICRA]B+; assigned

   Bank Guarantee             0.50        [ICRA]B+; assigned

ICRA's rating takes into account the high working capital
intensity of Nagpal Traders' operations on account of high
inventory levels. The rating also takes into account the firm's
thin profit margins on account of the low value additive nature of
operations. The combination of reliance on borrowings for funding
of working capital requirements and thin margins has resulted in
weak coverage indicators with interest coverage at 1.32x, NCA/TD
at 3% and DSCR at 1.16x for FY15. ICRA also takes note of the
firm's leveraged capital structure with gearing of 2.50 times as
on March 31, 2015, and its stretched liquidity position as evident
in the full utilisation of its bank limits. Further, ICRA's rating
is also constrained by the execution and financing risks to which
the firm's fresh project 'DC Malls and Multiplex' is exposed, as
the entire debt for the project is yet to be tied up. The rating
however, positively factors in the extensive experience of the
promoters in the automobile dealership business, their past
experience in the hospitality industry and the benefits the firm
derives from being the sole dealer of Bajaj Auto Limited (Bajaj),
one of the reputed manufacturers of two wheelers and three
wheelers in India.

Going forward the firm's ability to increase its scale of
operations while managing the profitability and working capital
cycle will be the key rating sensitivities for the auto dealership
business. While for DC Malls and Multiplex, the ability to
complete the project within the estimated time and cost will be
the key monitorables.

Nagpal Traders is an authorized dealer of Bajaj for two wheelers
and three wheelers, with five showrooms providing 3S (sales,
service and spares) facilities located in Kashipur, Rudrapur,
Haldwani (two showrooms) and Dehradun, in Uttarakhand. Further,
the firm is also a wholesaler for Lakhani Footwear. The firm plans
to set up a new project 'DC Malls and Multiplex' which would
comprise of a shopping mall, multiplex, hotel and residential
flats. The operations of the firm are looked after by Mr. Ranbir
Nagpal.

Recent Results
The firm, on a provisional basis, reported an operating income of
Rs.87.02 crore and a net profit of Rs.0.52 crore in FY15, as
against an operating income of Rs.73.85 crore and a net profit of
Rs.0.66 crore in the previous year.


PATEL ENTERPRISE: CRISIL Reaffirms 'B+' Rating on INR70MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Patel Enterprise -
Manavadar (PEM) continue to reflect PEM's weak financial risk
profile, with high gearing and a modest net worth, the
susceptibility of its revenue and profitability to fluctuations in
commodity prices, and its exposure to intense competition in the
cotton ginning industry. These weaknesses are partially offset by
the extensive industry experience of PEM's partners.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           70        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      30        CRISIL A4 (Reaffirmed)
   Packing Credit        50        CRISIL A4 (Reaffirmed)
   Term Loan             10        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PEM will continue to benefit, over the medium
term, from its partners' extensive industry experience. The
outlook may be revised to 'Positive' if PEM reports significant
improvement in scale of operations and profitability leading to
substantial accruals and its capital structure improves backed by
equity infusion or reduction in working capital requirements.
Conversely, the outlook may be revised to 'Negative' if PEM's
financial risk profile weakens, most likely because of decline in
profitability or stretch in working capital requirements or a
large debt-funded capital expenditure programme.

PEM was incorporated as a partnership firm in 1990 to undertake
ginning and pressing of raw cotton (kapas) to make cotton bales.
Mr. Umeshkumar Changela is the key partner, who looks after the
firm's operations. Its facility is located in Manavadar (Gujarat).

For 2014-15 (refers to financial year, April 1 to March 31), PEM
reported on a provisional basis, a profit after tax (PAT) of
around INR2.78 million on net sales of INR1.46 billion; it had
reported a PAT of INR1.51 million on net sales of INR1.18 billion
in 2013-14.


PUNDRIKAKSH GRANITES: ICRA Assigns B+ Rating to INR27cr Term Loan
-----------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ to the INR33.31
crore bank facilities of Pundrikaksh Granites Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan               27.00        [ICRA]B+; assigned
   Cash Credit              6.31        [ICRA]B+; assigned

ICRA's rating centrally factors in PGPL's limited track record of
operations, and its elevated gearing levels and modest coverage
indicators. The rating also factors in the high competitive
intensity in the market, as well as the cyclical nature of the US
and European real estate markets- the key consumers of the
company's products. ICRA also takes note of the company's debt
repayments of about INR4 crore per year, to meet which, the
company will have to ramp up its capacity utilization and
demonstrate improvement in accruals. However, the rating favorably
factors in the significant experience of the promoters in real
estate and granite processing industries and the successful
completion of PGPL's project. Further, the rating also derives
comfort from the processing unit's favorable location- in the
Krishnagiri district of Tamilnadu, which ensures ready
availability of raw material i.e. granite blocks.

Going forward, the company's ability to ramp up production, backed
by strong marketing efforts, while maintaining optimal working
capital intensity, will be the key rating sensitivities.

PGPL was incorporated in 2011 and is engaged in processing and
exports of polished granite slabs. The company has been promoted
by Mr. Khiv Singh Purohit, Mr. Ram Chandra Agarwal and Mr. Satya
Narayan Tiwari, who have significant experience, of more than two
decades, in the granite processing and real estate industry. The
company operates from a single processing plant built over ~5
acres of land in the Krishnagiri district of Tamil Nadu. The plant
has a processing capacity of about 3,58,800 square metres of
granite slabs per annum. The processing plant is an export
oriented unit and focuses largely to the US market. Commercial
production has commenced from January 2015.


R. K. INTERNATIONAL: CRISIL Cuts Rating on INR70MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of R. K. International - Gurgaon (RKI) to 'CRISIL D ' from 'CRISIL
B/Stable'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              70       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Long Term       60       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

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

   Term Loan                15       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade reflects instances of delay by RKI in
repayment of its term debt. The delays were due to the firm's weak
liquidity, driven by the decline in its sales to INR152.3 million
in 2013-14 (refers to financial year, April 1 to March 31) from
INR251.8 million in 2012-13; the sales marginally increased to
about INR160 million in 2014-15.

RKI also has a below-average financial risk profile, marked by a
modest net worth, high gearing, and sub-par debt protection
metrics. Besides, the firm has a modest scale of operations with
high customer concentration in its revenue profile. These rating
weaknesses are partially offset by the extensive experience of
RKI's proprietor in the steel fabrication industry.

RKI, set up in 1992, is a sole proprietorship firm owned and
managed by Mr. B. K. Gambhir. The firm is based in Gurgaon
(Haryana) and manufactures steel fabricated items primarily used
in boilers.

RKI reported a book profit of INR1.35 million on net sales of
INR152.3 million for 2013-14. Its net sales are estimated at
INR160 million for 2014-15.


RADHE KRISHNA: ICRA Suspends B+ Rating on INR5.5cr Cash Credit
--------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR5.50
crore long term working capital limits of Radhe Krishna Cotton
Private Limited. The suspension follows ICRAs inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund Based-Cash Credit     5.50       [ICRA]B+; Suspended

Radhe Krishna Cotton Private Limited was incorporated as a private
limited company in the year 2006 by Mr. Pratapbhai Makwana along
with his friends & relatives. The company is engaged in processing
of raw cotton to produce cotton bales and cotton seeds and has an
installed capacity of to produce 39000 ginned cotton bales per
annum.


RAGHUVIR COTEX: CARE Reaffirms 'B' Rating on INR24cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Raghuvir Cotex Private Limited
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     24.00      CARE B Reaffirmed

Rating Rationale
The rating of Raghuvir Cotex Private Limited (RCPL) continues to
remain constrained due to its thin profitability due to
limited value addition involved in cotton ginning, its high
leverage and tight liquidity marked by the elongation of its
operating cycle. The rating is further constrained on account of
its presence in a highly competitive and fragmented cotton ginning
industry, volatility associated with the raw material (cotton)
prices and impact of regulatory changes.  The rating, however,
continues to derive strength from the experience and
resourcefulness of its promoters and its proximity to the cotton-
producing region of Gujarat.

RCPL's ability to improve its profitability by moving upward in
the textile value chain, efficiently manage its working
capital requirement amidst volatile raw material prices and
improve its capital structure would be the key rating
sensitivities.

Background
Incorporated in September 2002, RCPL is promoted by the Selani
family based out of Gondal in Rajkot district of Gujarat.
RCPL is engaged in cotton ginning and pressing and has an
installed capacity of 13,900 metric tonnes per annum (MTPA)
for ginned cotton as on March 31, 2014, at its sole manufacturing
facility.

As per the audited results for FY14 (refers to the period April 1
to March 31), RCPL reported a total operating income of
INR146.26 crore (FY13: INR120.75 crore) with a net profit of
INR0.33 crore (FY13: net profit of INR0.29 crore). Furthermore,
as per the unaudited results for 9MFY15, RCPL reported a total
operating income of INR65.32 crore with a PBILDT of INR2.93 crore.


RASHI METALS: Ind-Ra Withdraws IND D(suspended) LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Rashi Metals
Pvt. Limited's (RMPL) 'IND D(suspended)' Long-Term Issuer Rating.
A full list of rating actions is at the end of this commentary.

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

Ind-Ra suspended RMPL's ratings on 5 September 2014.

RMPL's ratings:

-- Long-Term Issuer Rating: 'IND D(suspended)'; rating withdrawn
-- INR126.3 million long-term loans: 'IND D(suspended)'; rating
    withdrawn
-- INR130.5 million cash credit limits: 'IND D(suspended)';
    rating withdrawn
-- INR42.5 million non-fund-based limits: 'IND D(suspended)';
    rating withdrawn


SAR ISPAT: CRISIL Downgrades Rating on INR120MM Cash Loan to B-
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of SAR Ispat Pvt Ltd (SAR) to 'CRISIL B-/Stable' from 'CRISIL
B/Stable', while reaffirming its rating on the company's short-
term facilities at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           120       CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

   Letter of Credit      120       CRISIL A4 (Reaffirmed)

The rating downgrade reflects CRISIL's belief that SAR's liquidity
will remain weak over the medium term, owing to its large working
capital requirements and inadequate cash accruals for meeting
repayment obligations. SAR has large working capital requirements
as reflected in its gross current assets of 278 days as on March
31, 2015, leading to extensive bank lines utilisation. SAR's cash
accruals are expected to be inadequate for meeting the repayment
obligations in 2016-17 (refers to financial year, April 1 to March
31) and the company would be dependent on the promoters' funding
support for the same.

The ratings reflect SAR's weak financial risk profile, marked by
weak debt protection metrics, and geographical and customer
concentration in its revenue profile. These rating weaknesses are
partially offset by its promoters' extensive experience in the
iron and steel industry.
Outlook: Stable

CRISIL believes that SAR will continue to benefit, over the medium
term, from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports
healthy improvement in its scale of operations and profitability
leading to better liquidity. Conversely, the outlook may be
revised to 'Negative' if SAR reports a sharp decline in its
revenue and profitability, or there are delays in the
stabilisation of its ongoing expansion project, or any cost
overrun in the same.

Set up in 1998, SAR was acquired by Mr. N C Kothari and Mr. Sanjay
Sharma in 2007. The company earlier produced mild steel (MS)
ingots; it shifted to production of MS billets in April 2013. Its
manufacturing facility is in Puducherry.


SHIKSHA BHARTI: CARE Assigns B Rating to INR12cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B' ratings to bank facilities of Shiksha Bharti
Educational Society.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      12        CARE B Assigned

Rating Rationale
The rating assigned to the bank facility of Shiksha Bharti
Educational Society (SBE) is primarily constrained by small scale
of operations with low corpus base, project execution risk with
new debt-funded capex leading to significant deterioration in
capital structure and low surplus margins. The rating also takes
cognizance of regulatory framework for educational society and
increasing competition from well-established schools.

The rating, however, draws comfort from the experienced promoters
and track record of operations, Going forward, the ability of SBE
to increase its scale of operations while improving its surplus
margins, timely execution of its project within the envisaged cost
shall be the key rating sensitivities.

SBE was established with an objective to run not for-profit
education society in 1987 by Mrs Ramesh Kumari Bhardwaj and Mr
Deepak Bhardwaj. SBE is running a school in the name of "Shiksha
Bharti Public School" at Dwarka, New Delhi which provides
education for primary, secondary and senior secondary level (ie,
nursery to Class XII). The school is affiliated to Central Board
of Secondary Education (CBSE). For the academic session (AS) 2014-
15, the school has total strength of 1,900 students and teaching
staff of 67 members. SBE also has a hostel facility for both boys
and girls with a capacity of 150 students.

SBE reported a surplus of INR0.21 crore on a total operating
income of INR6.80 crore in FY14 as against surplus of INR0.14
crore on a total income of INR6.26 crore in FY13.


SOMA ISOLUX: CRISIL Lowers Rating on INR18.14BB Term Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Soma Isolux Surat Hazira Tollway Pvt Ltd (SISHTPL) to 'CRISIL D'
from 'CRISIL BB/Negative'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan           18,140      CRISIL D (Downgraded from
                                   'CRISIL BB/Negative')

The rating downgrade reflects SISHTPL's delays in interest payment
on its term loan, mainly due to its weak liquidity. There were
instances of the bankers delaying loan disbursement on account of
slow construction progress and non-receipt of provisional
completion certificate (PCC) from National Highways Authority of
India (NHAI; rated 'CRISIL AAA/Stable'), despite more than 75 per
cent of construction work being complete. This affected the
company's cashflow position and led to delays in interest
payments. The company plans to achieve provisional completion
certificate from NHAI and commence tolling from September 2015,
given the verdict in the company's favour from The High Court of
Delhi dated May 21, 2015. Hence, receipt of provisional completion
certificate and healthy toll revenues as well as servicing of the
debt obligation in a timely manner  will remain the key rating
sensitivity factors.

The rating continues to reflect high project implementation risks
because of a large number of complex structures in the project
leading to time and cost overruns. However, the company benefits
from the economic viability of its project supported by the
presence of an industrial belt along the project highway.

SISHTPL is a special-purpose vehicle formed in 2009 by Isolux
Corsan India Engineering and Construction Pvt Ltd (a part of the
Isolux Corsan group) and Soma Enterprises Ltd. SISHTPL has entered
into a concession agreement with NHAI for execution of a road
project on a design, build, finance, operate, and transfer (DBFOT)
basis.

SISHTPL is constructing four lanes of the Surat-Hazira port
section of National Highway (NH)-6, State Highway (SH)-168, and
SH-187 (length of project highway is 132.9 kilometres) in Gujarat,
under the National Highways Development Project Phase III, through
public-private partnership on a DBFOT basis. The concession period
is for 19 years, including construction period of 30 months. The
project cost is expected to be INR     31.38 billion, which is to
be funded through debt, equity, and capital grant from the NHAI,
in the ratio of 77:11.7:11.3. The project implementation is behind
schedule, mainly on account of delays in land acquisition and
approvals. Hence, SISHTPL has sought an extension on the
commercial operation date to May 1, 2016, subject to approval by
NHAI.


SRI BUCHIYYAMMA: ICRA Reaffirms B+ Rating on INR13cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR25.00 Crore bank limits of Sri Buchiyyamma Rice Mill.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term Fund
   based Limits           12.00        [ICRA]B+; Reaffirmed

   Long term Unallocated
   Limits                 13.00        [ICRA]B+; Reaffirmed

Rating Rationale
The rating reaffirmation factors in the small scale of operations
of the firm, the decline in operating income during FY15 owing to
lower off take from FCI, and its weak financial profile
characterised by low profitability and modest coverage indicators,
albeit an improvement in its capital structure. ICRA notes that
increase of supply in the open market post reduction in levy
percentage could result in higher competition impacting margins
adversely.

The rating continues to be constrained by the vulnerability to any
other regulatory changes, especially those regarding minimum
support price and export restrictions. ICRA also notes the
vulnerability of the firm's profitability to agro-climatic
conditions, and the impact of seasonality and harvest on paddy
availability and prices. The rating, however, favourably factors
in the longstanding experience of the promoters in the industry
and the presence of the milling facility in a major rice growing
region of Andhra Pradesh resulting in easy availability of paddy.

Going forward, the ability of the firm to increase its sales in
the open market, while maintaining healthy realisations remains
key rating sensitivity.

Sri Buchiyyamma Rice Mill is a partnership firm established in
1983 and is engaged in the milling of paddy for the production of
non-basmati rice products (raw rice & boiled rice). The milling
unit is located in East Godavari District of Andhra Pradesh with
an installed capacity of 43200 MTPA.

According to the provisional FY2014-15, the firm has registered a
PAT of INR0.16 Crore on an operating income of INR41.17 Crore.


STESALIT LTD: CRISIL Lowers Rating on INR300MM Cash Loan to C
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Stesalit Ltd (Stesalit) to 'CRISIL C' from 'CRISIL BB/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           300       CRISIL C (Downgraded from
                                   'CRISIL BB/Stable')

   Proposed Long Term     50       CRISIL C (Downgraded from
   Bank Loan Facility              'CRISIL BB/Stable')

The rating downgrade reflects the weakening of Stesalit's
liquidity on account of operating losses and stretched
receivables, leading to higher reliance on bank limits. The
company's operating performance has deteriorated with declining
revenue and operating losses. Its revenue reduced to about INR1.74
billion in 2014-15 (refers to financial year, April 1 to March 31)
from INR2.23 billion in 2012-13. On account of lower realisations
and a high fixed-cost structure, the company registered operating
loss of around INR202 million in 2014-15, resulting in weak
liquidity and debt protection metrics. Also, a stretch in
receivables led to lengthening of Stesalit's working capital
cycle, resulting in full utilisation of its bank limits, coupled
with reliance on ad hoc limits. The company's liquidity is
expected to remain weak on account of its large working capital
requirements and expected losses, over the near term.

The rating reflects Stesalit's large working capital requirements
and operating losses, leading to weak debt protection metrics.
These rating weaknesses are partially offset by the
entrepreneurial experience of the company's promoter.

Set up in 1987, Stesalit manufactures electronic and engineering
products such as transformers, contractors, smoothing reactors,
motors, and alternator regulators, mainly for the Indian Railways.
These products are used in coaches, locomotives, and signalling
systems. The company's day-to-day operations are managed by Mr.
Vijay Kumar Pabby.


TAMILNADU STATE: CARE Assigns B Rating to INR15cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Tamilnadu
State Transport Corporation (Coimbatore) Limited
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       15       CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Tamilnadu State
Transport Corporation (Coimbatore) Limited (TNSTC-CBE) is
primarily constrained by the delays in debt servicing of term
loans (not rated by CARE) from the Government of Tamilnadu (GoTN).
The rating is also constrained by the losses incurred by the
Corporation for the past three years ended FY15 (refers to the
period April 1 to March 31) resulting in erosion of Networth, high
dependence on debt funding and weak liquidity profile with high
working capital utilization. The rating, however, favourably takes
into account the established track record of operations and
funding support received from GoTN, being the state's public
transport undertaking in the Coimbatore region.

Going forward, the continual support from GoTN for day-to-day
operations and the ability of the company to manage working
capital efficiently would be the key rating sensitivities.

TNSTC-CBE, a Government of Tamilnadu Undertaking, began its
operation of public transportation in 1972 under the name of
Cheran Transport Corporation Limited (CTC) in Coimbatore,
Tamilnadu. CTC was bifurcated into Jeeva Transport Corporation
Limited (JTC) and Mahakavi Bharathiar Transport Corporation
Limited (MKBTC) in 1983 and 1994 respectively. JTC and MKBTC have
operational jurisdiction over Erode and Udhagamandalam districts
of Tamil Nadu respectively. In February 2004, all three companies
(CTC, JTC &MKBTC) were merged and renamed as TNSTC-CBE.

As on March 31, 2014, TNSTC-CBE had a fleet of 3,401 buses with 41
branches operating in Coimbatore, Tiruppur, Udhagamandalam and
Erode districts of Tamilnadu. It also operates long distance
services to Chennai, Bangalore, Mysore, Pondichery, Thiruchendur,
Marthandam, Sengottai, Guruvayoor, Hassan etc., The Corporation is
operating 12.8 lakh km per day carrying around 25 lakh passengers
every day. TNSTC-CBE has its own body building units and
production facilities for paints and Tyre flaps.

During FY14, the Corporation reported loss of INR214 crore on
total operating income of INR1,237 crore.


TRIWAY CONTAINER: ICRA Suspends B+ Rating on INR23.6cr LT Loan
--------------------------------------------------------------
ICRA has suspended [ICRA] B+ rating assigned to the INR23.60 crore
long term bank facilities of Triway Container Freight Station
Private Limited. ICRA has also suspended the [ICRA]A4 rating
assigned to the INR3.00 crore short term bank facilities of
Triway. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


VAIDYA INDUSTRIES: CARE Assigns B+ Rating to INR14.16cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of Vaidya
Industries.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     14.16      CARE B+ Assigned

The ratings assigned by CARE are based on the capital deployed by
the proprietor and the financial strength of the firm at present.
The ratings may undergo a change in case of withdrawal of the
capital or the unsecured loan brought in by the proprietor in
addition to the financial performance and other relevant factors.

Rating Rationale
The rating assigned to the bank facilities of Vaidya Industries
(VIS) is constrained by small scale of operations, moderate
profitability margins, moderate solvency position and working
capital intensive nature of operations. The rating is further
contrained by the presence of the firm in the highly fragmented
industry with intense competition and exposure to stalled real
estate projects.

The above weaknesses are partially offset by the experience of the
proprietor in trading and manufacturing of furniture and
established relations with reputed clientele.

The ability of the firm to increase its scale of operations along
with improvimg its profitability and solvency position and
efficiently manage its working capital requirement is the key
rating sensitivity.

Established in the year 1995, VIS is engaged in manufacturing and
trading of wooden and steel furniture. The manufacturing facility
of the firm is located at Nagpur (Maharashtra). The firm procures
raw material from local suppliers and sell its products to
Government agencies in Maharashtra. The major customers of the
firm include Government agencies viz. Education office,
Gadchizali, The Commissioner of Travel Development, Nashik, The
Committee of Social Welfare, Pune and DTE Primary, Pune.

The firm is also engaged in real estate business. However,
currently there are no ongoing projects. In the past, the firm
has completed four residential real estate projects. The projects
are not fully completed and the firm has stopped the construction
work. The total cost of the projects is INR12.79 crore and total
receipt from sale of flats is INR6.38 crore.  In FY14 (refers to
the period April 01 to March 31), the firm registered a PAT of
INR1.01 crore as against the total operating income of INR26.26
crore.

During FY15 provisional, (the firmregistered a PAT of INR6.18
crore on the total operating income of INR33.32 crore.


VARDHMAN UDHYOG: CARE Assigns B+ Rating to INR9.39cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Vardhman Udhyog.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      9.39      CARE B+ Assigned
   Short term Bank Facilities     0.50      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Vardhman Udhyog
(VUG) are primarily constrained on account of its presence in the
highly fragmented and competitive agro processing industry along
with its financial risk profile marked by thin profitability
margins, leveraged capital structure and moderate liquidity
position. The ratings, further,are constrained on account of
fluctuation in the commodity prices and its constitution as a
partnership concern.

The ratings, however, favourably take into account the vast
experience of the management along with consistent growth
in Total Operating Income (TOI).

The ability of the firm to increase its scale of operations along
with better management of working capital and improvement in
overall financial risk profile of the firm would be the key rating
sensitivities.

Nokha-based (Rajasthan) VUG was formed in 2008 by Mr Dharam Chand
Surana, Mr Surendra Kumar Surana and Mr Sunil Kumar Surana with
profit & loss sharing ratio of 40%, 30% and 30% respectively. VUG
is engaged in the business of processing and trading of agro
commodities mainly Month and Mustard seeds. Processing unit of the
firm is located at Nokha, Rajasthan with total installed capacity
of 30,000 Metric Tonnes Per Annum (MTPA) as onMarch 31, 2015. The
firm sells its products in the brand name of 'Ganpati', 'Double
Horse', 'Angur' and 'Kaun Banega Crorepati'.

During FY14 (refers to the period April 01 to March 31), VUG
reported a total operating income of INR52.68 crore (FY13:
INR41.80 crore) with a PAT of INR0.01 crore (FY13: INR0.01 crore).
As per the provisional results of FY15, the firm has reported TOI
of INR58 crore.


WESTERN UP: CARE Ups Rating on INR388.94cr LT Loan From B-
----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Western
Up Tollway Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    388.94      CARE BB- Revised
                                            from CARE B-

Rating Rationale
The revision in the rating of Western UP Tollway Limited (WUPTL)
takes into account continuous growth in traffic volume and revenue
on the project stretch since commencement of operations and
decline in overall interest rate.

The rating continues to be constrained by the traffic risk
associated with a toll-based project owing to the uncertainty in
traffic and in turn revenue, negative toll rate revision for FY16
(refers to the period April 01 to March 31), interest rate risk,
operations and maintenance (O&M) risk and absence of fixed-price
major maintenance contract. The rating is, however, underpinned by
the experienced promoters, successful receipt of operational grant
from the National Highways Authority of India (NHAI) and
commercial importance of the stretch albeit presence of alternate
routes.

The ability of the company to achieve the envisaged toll revenue,
successful completion of first major maintenance (MM) cycle within
the envisaged cost and timelines, overall effective cash flow
management and /or occurrence of force majeure events are viewed
as the key rating sensitivities.

Western UP Tollway Limited (WUPTL) is a Special Purpose Vehicle
(SPV) incorporated on April 20, 2005, to undertake the
strengthening and widening of the existing Meerut -- Muzaffarnagar
section (from km 52.25 to km 131 of NH 58) to a four lane highway
with service road along with built-up area in the state of Uttar
Pradesh (UP) under the National Highway Development Project (NHDP)
Phase-3A.

The Concession Agreement (CA) was executed between WUPTL and
National Highways Authority of India (NHAI) on September 9, 2005,
for a concession period of 20 years. The Scheduled Project
Completion Date (SPCD) of the project was March 08, 2009. However,
the Commercial Operation Date (COD) for the project was April 25,
2011 (for 57.75 km stretch) and October 22, 2011 (for the balance
21 km stretch). The project cost incurred is INR754.55 crore as
against original project cost of INR535 crore.

The company was initially promoted by Nagarjuna Construction
Company Limited (NCC) along with its fully owned subsidiary NCC
Infrastructure Holdings Limited, Gayatri Projects Limited [GPL
(rated CARE B+/CARE A4) through its fully owned subsidiary,
Gayatri Infra Ventures Limited] and Maytas Infra Private Limited
(MIL). In 2010, MIL sold its stake to the other two promoters.
Currently, the company's shareholders are NCC Limited (2.23%), NCC
Infrastructure Holdings Limited (48.77%) and Gayatri Infra
Ventures Limited (49%).

For FY15, WUTPL registered total income of INR107.88 crore (FY14:
INR100.47 crore) with net loss of INR11.34 crore (FY14:
Loss of INR21.68 crore).



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


GLOBAL A&T: S&P Revises Outlook to Stable & Affirms 'B-' CCR
------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
Global A&T Electronics Ltd. (GATE) to stable from negative.  At
the same time, S&P affirmed its 'B-' long-term corporate credit
rating on the company and its 'B-' long-term issue rating on its
senior secured notes.  In step with the outlook revision, S&P
raised its long-term ASEAN regional scale rating to 'axB', from
'axB-', on the Singapore-based company involved in outsourced
semiconductor assembly and test services (OSAT).

"The outlook revision reflects our view that significant pressure
on GATE's liquidity is unlikely in the next six to 12 months,"
said Standard & Poor's credit analyst Katsuyuki Nakai.  "We
believe liquidity risk stemming from the company's dispute with
noteholders is not likely to materialize during that time.  The
outlook also reflects our view that GATE's EBITDA margin will be
steady despite the tougher business circumstances that the company
faces."

S&P believes the risk relating to GATE's dispute with noteholders
over its exchange of second-lien notes in September 2013 is not
likely to materialize before 2016-2017.  The New York State
Supreme Court recently dismissed all the charges against GATE.
However, S&P currently cannot completely rules out the possibility
of the dispute continuing.

S&P's rating on GATE reflects the company's exposure to the
industry's cyclicality, high technology risk, and aggressive
competition.  It also reflects GATE's high leverage and potential
refinancing risk resulting from its outstanding dispute.  Those
weaknesses are mitigated by GATE's relatively stable EBITDA
margin.

"In our view, OSAT players will face stagnant demand in the coming
six to 12 months because of economic slowdowns in emerging
countries and underutilization of industry capacity.  In addition,
announced acquisitions involving GATE's key customers could result
in loss of business," Mr. Nakai said.

The stable outlook reflects S&P's view that the risk of
significant pressure on GATE's liquidity is limited in the next
six to 12 months. This is based on S&P's view of a low likelihood
of legal outcome leading to accelerated bond repayments and any
costly litigation settlement during the period.  It also reflects
S&P's expectation of the company's steady profitability despite
stagnant outsourcing demand and the potential loss of business
resulting from acquisitions involving its major customers.

S&P may downgrade GATE if the company's liquidity becomes weak as
a result of a cancelation of the exchange of the second-lien notes
or if the costs of resolving the dispute become significant.  The
liquidity pressure may also increase due to significant earnings
deterioration.  S&P may downgrade GATE by more than one notch if
new developments in the legal process are likely to result in an
acceleration of payment on the second-lien notes.

S&P believes the rating upside is limited over the next 12 months
in light of expected earnings pressure and the risk of the dispute
continuing.  S&P may consider an upgrade if GATE's legal risk
significantly diminishes and it improves its financial strength
such that its ratio of FFO to debt approaches 12%.


TOSHIBA CORP: Accounting Scandal Among Biggest in Japan History
---------------------------------------------------------------
Bloomberg News reports that Toshiba Corp.'s JPY152 billion ($1.2
billion) accounting scandal, caused by top executives setting
unrealistic profit targets, ranks among the largest in Japanese
corporate history.

An industrial group that makes everything from nuclear reactors to
microchips and home appliances, Toshiba said July 20 it must
correct profit over more than six years, the biggest such
adjustment since Olympus Corp.'s $1.7 billion accounting scandal
in 2011, Bloomberg News relates.

According to Bloomberg, the biggest accounting scandals in Japan
are:

1997: Yamaichi Securities Co. went bankrupt after reporting a $2.5
billion deficit it had previously hidden by shunting client losses
into paper companies. Former President Atsuo Miki and former
Chairman Tsugio Yukihira were each sentenced to 2 « years in
prison.

1998: In a case that unnerved global financial investors, Long-
Term Credit Bank of Japan underestimated bad loan reserves by $4
billion. Three executives were convicted on fraud charges, a
ruling overturned by the country's Supreme Court in 2008. The
highest court ruled the three were justified in using old
accounting rules.

The bank was sold to a group of investors in 2000.

2005: Kanebo Ltd., a cosmetics maker, had to restate earnings for
four of the five years through March 2004. The restatements raised
questions about its auditors, including ChuoAoyama Audit Corp. and
its venture with PricewaterhouseCoopers LLP. The company said it
inflated earnings by about JPY210 billion over five years.

Former President Takashi Hoashi received a suspended prison term,
as did former Vice President Takashi Miyahara. A third executive,
Kazutoshi Kanda, also received a suspended term.

2006: Nikko Cordial Corp. padded profit through an issuance of
convertible bonds to affiliate Nikko Principle Investment Japan.
The country's third-largest brokerage at the time was accused of
padding profit by JPY13.7 billion for the three months ended
September, 2004. The brokerage was sold to Citigroup Inc. in 2007.

2006: Livedoor Co., a fast-growing Internet company, used stock
splits, swaps and share purchases to fraudulently boost its share
price. Founder Takafumi Horie was convicted and served 2 «-year
prison term.

2007: IHI Corp., Japan's third-largest maker of heavy machinery,
corrected earnings for the year ended March 31, 2007, to a loss of
JPY4.6 billion, from a previously reported JPY15.8 billion profit.
Chairman Mototsugu Ito stepped down to take responsibility. The
company paid a JPY1.6 billion fine.

2011: Olympus Corp. used fraudulent takeovers to hide $1.7 billion
in losses over 13 years, starting in the 1990s. Former Chairman
Tsuyoshi Kikukawa and two other former executives pleaded guilty
in September 2012 for covering up losses. Olympus was fined JPY700
million, and the three officials received suspended sentences from
the Tokyo District Court. Nobumasa Yokoo, an adviser to Olympus,
received a four-year jail term on July 1, 2015.

                        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.


TOSHIBA CORP: Inflated Profits by JPYY150BB, Report Says
--------------------------------------------------------
Reuters reports that Toshiba Corp overstated its operating profit
by JPY151.8 billion ($1.22 billion) over several years in
accounting irregularities involving top management, an independent
investigation said in a report on July 21.

In the country's biggest corporate scandal in years, the findings
could lead to the restatement of earnings, a board overhaul and
potentially hefty fines at the computers-to-nuclear conglomerate,
Reuters says.

The investigating committee said in a report filed by Toshiba to
the Tokyo Stock Exchange that Toshiba President and Chief
Executive Hisao Tanaka and his predecessor, Vice Chairman Norio
Sasaki, were aware of the overstatement of profits and delay in
reporting losses in a corporate culture that "avoided going
against superiors' wishes," according to Reuters.

Reuters relates that the overstatement was roughly triple
Toshiba's initial estimate. Sources have said Tanaka and Sasaki
would resign in the coming months and most of the board would be
replaced to take responsibility for the shortcomings.

According to Reuters, the report said Tanaka and Sasaki had set
operating profit targets that the heads of divisions were required
to meet, applying pressure by hinting at withdrawing from areas
that underperformed.

"Within Toshiba, there was a corporate culture in which one could
not go against the wishes of superiors," the report, as cited by
Reuters, said. "Therefore, when top management presented
'challenges', division presidents, line managers and employees
below them continually carried out inappropriate accounting
practices to meet targets in line with the wishes of their
superiors."

Reuters notes that sources said previously that one of the
investigators' theories was that top executives, worried about the
impact of the 2011 Fukushima disaster on nuclear business, set
unrealistic targets for new operations such as smart meters and
electronic toll booths.

The report did not mention Fukushima, but said such pressure was
particularly strong in fiscal years 2011 and 2012, adds Reuters.

Improper accounting included overstatements and booking profits
early or pushing back the recording of losses or charges, and such
steps often led to even higher targets being set for divisions in
the following period, Reuters notes.

"This led to a need to carry out improper accounting of an even
bigger scale, and as this was repeated, the scale of the
inappropriate book-keeping also expanded," it said.

According to Reuters, the report said much of the improper
accounting, stretching back to fiscal 2008, was intentional and
would have been difficult for auditors to detect.

Reuters relates that Toshiba has not been able to close its books
for the latest year because of the probe, which also forced the
company to cancel its annual dividend.

Toshiba's shares are "almost certain" to be placed under special
monitoring, according to a stock exchange source, who added that
he doubted it would be delisted, Reuters relates.

The source also said the bourse was considering a penalty for
breach of contract, which would be around JPY91 million based on
Toshiba's market capitalization, adds Reuters.

                        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.


TOSHIBA CORP: Executives Quit Over $1.2BB Accounting Scandal
------------------------------------------------------------
Pavel Alpeyev and Takashi Amano at Bloomberg News report that
Toshiba Corp. President Hisao Tanaka and two other executives quit
to take responsibility for a $1.2 billion accounting scandal that
caused the maker of nuclear reactors and household appliances to
restate earnings for more than six years.

Norio Sasaki, the vice chairman, and Atsutoshi Nishida, a former
president who was serving as adviser, also resigned, the Tokyo-
based company said July 21, more than two months after announcing
it was investigating possible accounting irregularities, according
to Bloomberg. The company said earlier in the day it would correct
earnings by at least JPY152 billion, based on the results of a
third-party investigation of its books, the report relates.

"For the company to rebuild there needs to be a renewal of the
management structure," Tanaka, a 42-year veteran, said during a
briefing on July 21 in which he, Chairman Masashi Muromachi and
Vice President Keizo Maeda all bowed in apology, Bloomberg relays.

Muromachi will take over as interim president, and Toshiba will
announce a new management team in mid-August, the report says. No
charges have been filed against Toshiba or its executives in the
case, Bloomberg notes.

Bloomberg says the resignations come after a report showed that
top executives set unrealistic profit targets that systematically
led to flawed accounting. The accounting irregularities were
"skillfully" hidden from outside observers, according to the
investigation.

Toshiba, a 140-year-old pillar of Japan Inc., is caught up in the
country's biggest accounting scandal since 2011, Bloomberg states.
Tanaka and Sasaki, who between them have led the company for the
past six years, sought to delay booking losses, and employees were
unable to go against management orders, according to the report
cited by Bloomberg.

Japan Exchange Group, which runs the Tokyo Stock Exchange, will
examine whether Toshiba's internal management systems need
improvement, and if a strong need is seen, the company could be
designated a "security on alert," a spokeswoman, Miwa Aonuma, told
Bloomberg by phone.

The requested improvements must be made within 18 months or the
security can be delisted, Bloomberg says citing exchange rules.

Toshiba surged 6.1 percent, the most since June 2013, to JPY399.90
in Tokyo trading July 21, Bloomberg discloses. The stock has
declined 17 percent since Toshiba initially announced its
accounting probe on May 8, compared with a 7.6 percent gain for
the Nikkei 225 Stock Average, according to Bloomberg. Toshiba has
a market capitalization of $13.6 billion, Bloomberg notes.

"The amount of fraudulent profits, the involvement of top
management and their subsequent resignation have already been
priced in," Bloomberg quotes Naoki Fujiwara, chief fund manager at
Shinkin Asset Management Co. in Tokyo, as saying before the
resignation announcements. "If the management structure
responsible for this is dealt with accordingly, things will return
to normal."

Toshiba said it is considering selling assets, including
securities and real estate, to raise money. The company will file
its fiscal year 2014 earnings on Aug. 31, Bloomberg adds.

According to Bloomberg, Ratings & Investment Information Inc. on
July 21 put Toshiba on "monitor" for a possible credit-rating
downgrade.  R&I has an A- issuer rating on Toshiba, Bloomberg
says.

Bloomberg relates that the company has large interest-bearing
debts, R&I said. Writedowns and the drawing down of deferred tax
assets could increase risks, it said.

The amount of earnings revisions is almost triple the 55 billion-
yen writedown Toshiba had previously estimated, Bloomberg adds.

                        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.



===============
M A L A Y S I A
===============


1MALAYSIA DEVELOPMENT: Malaysia Arrests Man to Aid Probe
--------------------------------------------------------
Shannon Teoh at The Straits Times reports that Malaysian
authorities have arrested a man -- believed to be the first -- to
aid a high-level multi-agency probe into scandal-hit state
investor 1Malaysia Development Berhad (1MDB).

Prominent lawyer Shafee Abdullah told The Straits Times that his
client, Mr Jerome Lee, was picked up by Malaysian Anti-Corruption
Commission (MACC) officers as he was about to leave for Taiwan on
July 20.

"Today the magistrate in Putrajaya has given a four-day remand but
the court has not given me any grounds of arrest. This is
breaching his basic rights," the report quotes Abdullah as saying.

He declined to say how his client was linked to 1MDB, merely
describing him as a "businessman". But the New Straits Times
reported that he is "understood to have been with 1MDB prior to
his current employment".

Sources confirmed that Mr Lee was arrested to "aid investigations
by the Special Task Force into 1MDB," the report says.

According to the Straits Times, the task force -- made up of the
MACC, police, public prosecutor and central bank -- has frozen
bank accounts and also raided the headquarters of 1MDB since a
July 3 allegation by the Wall Street Journal (WSJ) that US$700
million (S$961 million) linked to the debt-laden firm was
deposited in private accounts belonging to Prime Minister Najib
Razak, who heads the 1MDB advisory board.

Datuk Seri Najib has denied using state funds for "personal gains"
but has not clarified whether he received the money, the report
adds.

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.


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


* Insolvency Practitioners See Rise in Cross-Border Insolvencies
----------------------------------------------------------------
Richard Crump at Accountancy Age reports that insolvency
practitioners expect to see a hike in cross-border insolvencies
with the Cayman Islands pinpointed as a preferred offshore
jurisdiction.

According to the report, research commissioned by Grant Thornton
and barristers chambers South Square, found that around two thirds
of insolvency practitioners expect the number of insolvencies
involving offshore jurisdictions to increase over the next three
years as a result of an uplift in activity in financial services.

Accountancy Age relates that IPs want to see collaboration between
offshore jurisdictions rise further up the agenda, with three
quarters suggesting that courts in different jurisdictions should
collaborate more to make multi-jurisdictional insolvencies fairer
and more efficient.

"With an anticipated uptick in cross-border insolvencies on the
horizon, jurisdictions need to ensure their basic legal process
and infrastructure is fit for purpose," the report quotes Steve
Akers, recovery and reorganization partner at Grant Thornton, as
saying.

"Clearly, no single jurisdiction has got everything absolutely
right, so we should be encouraging a wider debate about how all
those involved in the legislative and judicial process might learn
from each other and work more closely together to help ensure
consistent and reliable standards are in place around the world."

Accountancy Age notes that the Cayman Islands was pinpointed as a
preferred offshore jurisdiction for having the most effective
insolvency laws, followed by the British Virgin Islands and
Hong Kong.

Singapore emerged as a very effective location for cross-border
insolvency for those with direct experience of multi-
jurisdictional insolvency in the territory but was ranked poorly
by respondents who provided feedback on the jurisdiction without
direct experience there, indicating a potential gap in perception,
relates Accountancy Age.

Accountancy Age says the top three factors when evaluating the
attractiveness of a jurisdiction are: its legal process and
infrastructure, cross-border assistance provisions and
enforceability of foreign court orders and judgments.



                             *********

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 ***