TCRAP_Public/150724.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

            Friday, July 24, 2015, Vol. 18, No. 145


                            Headlines


A U S T R A L I A

ABC COMMERCIAL: ABC Shops Set to Close; 300 Jobs at Risk
ALL ABOUT: First Creditors' Meeting Set For August 3
CRUMAT PTY: First Creditors' Meeting Set For July 31
DATA PEOPLE: Placed Into Liquidation
GTL TRADE UP: ASIC Issues Ban on Former Director

IHANS AUSTRALIA: Courts Names Clifton Hall as Liquidator
JASMINE FOOD: In Liquidation; First Meeting Set For July 31
MEERES FREIGHTLINES: First Creditors' Meeting Set For July 31
RMI PLANT: First Creditors' Meeting Set For July 30
TAGARA BUILDERS: Liabilities Exceed Assets, Liquidators Say


C H I N A

BEIJING CAPITAL: Unit's Proposed Notes Issue No Impact on Ba2 CFR
GREENTOWN CHINA: S&P Rates Proposed US$ Unsecured Notes 'BB-'


I N D I A

AAR DEE: CRISIL Assigns B+ Rating to INR40MM Cash Credit
AMA INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR30MM Loan
BAJRANG COTSPIN: CRISIL Reaffirms B+ Rating on INR87.5MM Loan
BEE AND BEE: CARE Assigns 'B' Rating to INR9.75cr LT Loan
BIPIN ENGINEERS: CRISIL Reaffirms B- Rating on INR35MM Cash Loan

CHOICE COPIERS: ICRA Suspends B-/A4 Rating on INR7cr Bank Loan
COCHIN FROZEN: CRISIL Cuts Rating on INR63.9MM Loan to 'B'
ELDEE MOTORS: CRISIL Cuts Rating on INR37.5MM Loan to B+
ENTERPRISING ENTERPRISES: ICRA Reaffirms B Rating on INR20cr Loan
FORTUNE TIRE: CRISIL Reaffirms B+ Rating on INR97.2MM Term Loan

GANGARAM SYNTHETICS: ICRA Suspends B+ Rating on INR21.9cr Loan
GHODAWAT ENTERPRISES: ICRA Suspends B+ Rating on INR36.70cr Loan
GOOSE GLOBAL: CRISIL Reaffirms B Rating on INR120MM Capital Loan
M. M. PATEL: CRISIL Reaffirms B+ Rating on INR1.15BB LT Loan
MARKANDESHWAR FOODS: CRISIL Assigns B+ Rating to INR142.5MM Loan

MATOSHRI LAXMI: ICRA Suspends B+ Rating on INR61.50cr Loan
MECWEL CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR100MM Loan
N.M. RUBBERS: CARE Assigns 'B' Rating to INR7cr LT Loan
N.R FOOTWEAR: CARE Assigns 'D' Rating to INR6.63cr LT Loan
NAMDHARI FOOD: CRISIL Reaffirms B- Rating on INR535MM Loan

NAVKETAN ROLLER: ICRA Puts B+ LT Loan Rating on Watch Negative
NIK-SAN ENGINEERING: ICRA Reaffirms D Rating on INR28cr ST Loan
ORB ENERGY: ICRA Reaffirms 'B' Rating on INR6.50cr Loan
OSHO INDUSTRIES: ICRA Suspends B+/A4 Rating on INR6cr Loan
PAREENA MOTORS: ICRA Suspends 'C' Rating on INR11cr Loan

PRAFFUL INDUSTRIES: ICRA Suspends B+ Rating on INR8.16cr Loan
PREMSONS SUPER: CRISIL Assigns B+ Rating to INR65MM Cash Loan
PUROHIT & CO: ICRA Suspends B+ Rating on INR13.5cr Term Loan
RAMNANDI AUTOMOBILES: ICRA Suspends 'D' Rating on INR38cr Loan
RAVI METALLICS: CRISIL Assigns B- Rating to INR80MM Cash Credit

SAFFRON JARI: CARE Assigns B+ Rating to INR5.33cr LT Loan
SAFRI TRADELINK: ICRA Suspends B- Rating on INR7.0cr LT Loan
SESHASAYEE KNITTINGS: CRISIL Reaffirms B+ Rating on INR50MM Loan
SHARDA COTTON: CRISIL Lowers Rating on INR165.3MM Cash Loan to B+
SHARU STEELS: ICRA Reaffirms B+ Rating on INR17cr Cash Credit

SHEELU EXPORTS: CRISIL Raises Rating on INR45MM Loan to B+
SHRI BAJRANG: CRISIL Cuts Rating on INR350MM Cash Loan to 'B'
SHRI DARSHNA: ICRA Reaffirms B+ Rating on INR5cr Cash Loan
SHRI HARI: CRISIL Reaffirms B+ Rating on INR100MM Bill Loan
SOU. SUSHILA: ICRA Suspends B+ Rating on INR25cr Bank Loan

TALREJA TEXTILES: CRISIL Assigns 'B' Rating to INR45MM Cash Loan
THAKOR REDUCTANTS: ICRA Suspends B+ Rating on INR5cr Loan
TRINITY ENGINEERS: CRISIL Reaffirms B+ Rating on INR360MM Loan
UBIQUITY DIGITAL: ICRA Upgrades Rating on INR32.5cr Loan to 'C'
UNIPEARL ALLOYS: CARE Assigns B+ Rating to INR3.50cr LT Loan

UNIVERSAL LSS: CRISIL Lowers Rating on INR400MM Loan to 'D'
VEEKAY POLYCOATS: CRISIL Lowers Rating on INR665MM Loan to 'D'
VINDSOR MANAGEMENT: CRISIL Assigns B+ Rating on INR175MM Loan
WINDATA SOLUTIONS: ICRA Suspends 'D' Rating on INR30cr Bank Loan


I N D O N E S I A

INDIKA ENERGY: Fitch Lowers IDR to 'B'; Outlook Negative


V I E T N A M

SHIPBUILDING INDUSTRY: Moving Ahead With Restructuring


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


ABC COMMERCIAL: ABC Shops Set to Close; 300 Jobs at Risk
--------------------------------------------------------
Herald Sun reports that ABC Shops will be phased out around
Australia, with 300 staff set to be affected.

According to the report, ABC Commercial director Robert Patterson
said the decision "has not been taken lightly" but the move was
"in keeping with the shift of ABC audiences to accessing content
across an array of digital platforms".

Under a new strategy announced by ABC Commercial, the national
broadcaster will look to bolster its ABC Shop Online and partner
with other retailers for branded space within stores, Herald Sun
relates.

The report says there are currently 50 ABC Shops around the
country and 78 ABC Centres located in other retail outlets.

The ABC employs up to 300 people in its retail operations, many of
whom were informed of the changes on July 22, the report says.

"It's a grim outlook for them, they know that," Mr Scott told ABC
News 24 on July 23.  "We know people have loved these shops . . .
(but) you cannot take money from broadcasting to prop up this
retail chain," Herald Sun relays.

"The ABC Shops have been an important part of the ABC's
relationship with its audiences for the past 35 years," Herald Sun
quotes Mr. Patterson as saying.  "However, this strategy will
create a more cost effective, nimble and flexible approach to
servicing customers. Consumers will still be able to purchase much
loved content both online and in stores."

ABC news online reported that redundancies will be offered to some
staff, Herald Sun relays.

According to Herald Sun, ABC Retail Head Regina Hoekstra said
staff welfare would be a priority as the phasing out of stand-
alone shops begins.

"The welfare of our staff will be a primary focus over the next
few months. We are conscious that the ABC Shop is close to the
hearts of our teams and we appreciate their ongoing hard work and
dedication," Herald Sun quotes Ms. Hoekstra as saying.

"ABC Shop is a trusted brand with a strong product offer, loyal
customers and an engaged, committed team. ABC Retail will continue
to adapt to an ever-changing retail climate in order to provide a
sustainable retailing experience for customers."

ABC Shop offers variety of products related to programs seen and
heard on ABC TV, ABC Radio, and Online.


ALL ABOUT: First Creditors' Meeting Set For August 3
----------------------------------------------------
Richard William Buckby -- bbuckby@kordamentha.com -- and Anthony
Jay Edward Miskiewicz -- tmiskiewicz@kordamentha.com -- of
KordaMentha Townsville were appointed as administrators of All
About Animals Pty Ltd, trading as All About Animals Veterinarians,
All About Animals Veterinary Hospital and Bark and Bubbles Doggy
Day Care and Grooming, on July 22, 2015.

A first meeting of the creditors of the Company will be held at
the offices of KordaMentha Townsville, Level 6, 75 Denham Street,
in Townsville, Queensland, on Aug. 3, 2015, at 11:00 a.m.


CRUMAT PTY: First Creditors' Meeting Set For July 31
----------------------------------------------------
David Iannuzzi and Steve Naidenov of Veritas Advisory were
appointed as administrators of Crumat Pty Ltd on July 21, 2015.

A first meeting of the creditors of the Company will be held at
the office of Veritas Advisory, Level 12, 88 Pitt Street, in
Sydney, on July 31, 2015, at 10:30 a.m.


DATA PEOPLE: Placed Into Liquidation
------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Data People Pty
Ltd, which trades as Cinema People and Data Place, has been placed
into liquidation.  AHJ Wily of Armstrong Wily was appointed
liquidator of the company on June 30, 2015.  The company
reportedly racked up debt of AUD1.4 million.

Bluechip Infotech was listed by the liquidator as being AUD51,000
out of pocket. Data People owed AUD10,000 to Ingram Micro and
AUD37,000 to Distribution Central.

Data People was established in 2011. This Sydney-based company
offered cloud services, architecture strategy and data centre
solutions.


GTL TRADE UP: ASIC Issues Ban on Former Director
------------------------------------------------
Andrew Jeffers, a Certified Practising Accountant from Sydney, New
South Wales, has been banned from providing any financial services
until May 21, 2018.

Mr Jeffers was banned after ASIC found that GTL Trade Up Pty Ltd,
a company of which Mr Jeffers was a director, issued three product
disclosure statements (PDSs) between the period
March 2012 and March 2013 that included statements which were
materially false or misleading.

GTL was issued with an Australian financial services licence
(AFSL) in January 2011 to carry on financial services business to
deal in and advise on a range of financial products, including
derivatives and foreign exchange (FX) contracts.

The main liquidity provider of GTL was Dubai-based GTL Trading
DMCC (DMCC). Mr Mahmood Riaz was the director of DMCC and at
various times, GTL. Mr Riaz was not an officeholder of GTL at the
time it was issued an AFSL.

While Mr Jeffers was a director, GTL issued the three PDSs which
included statements that ASIC found to be false or materially
misleading in that they did not represent the true trading
position undertaken by GTL. These statements were:

  * GTL Tradeup executes a back to back transaction for each
    client transaction with our parent entity GTL Trading DMCC;

  * GTL Tradeup's business is based on flow, spread/commission
    and leverage financing margin. GTL Tradeup does not take the
    other side of a client's position with the intent to benefit
    from a client loss;

  * GTL Tradeup does not take proprietary positions based on an
    expectation of market movements;

  * GTL Trading DMCC and GTL Trading only conduct hedging with
     counterparties that are considered by Standard & Poors to be
     of an A+ or higher credit rating; and

   * Steps taken on a daily basis to ensure GTL Tradeup's
     financial requirements are maintained include, but are not
     limited to, . . . transferring money owed to clients to
     segregated client accounts if needed.

Liquidators were appointed to GTL on Sept. 26, 2013, after DMCC
failed to make funds available to GTL to meet client withdrawals.
At the time, GTL was owed about AUD4.35 million by DMCC. GTL owed
about AUD4.4 million to its retail clients.

Mr Jeffers has made an application to appeal to the Administrative
Appeals Tribunal for a review of ASIC's decision.

GTL TradeUp Pty Ltd (GTL) was a Sydney-based issuer of over-the-
counter derivatives to retail clients and holds an Australian
financial services licence.

Steven Kugel and Anthony Warner of CRS Warner Kugel were appointed
as liquidators of GTL TradeUp Pty Ltd on Sept. 30, 2013.


IHANS AUSTRALIA: Courts Names Clifton Hall as Liquidator
--------------------------------------------------------
Timothy Clifton of Clifton Hall was appointed Official Liquidator
of Ihans Australia Pty Ltd on July 22, 2015, by Order of the
Federal Court of Australia.


JASMINE FOOD: In Liquidation; First Meeting Set For July 31
-----------------------------------------------------------
Simon Miller and Timothy Clifton of Clifton Hall were appointed as
Joint and Several Liquidators of Jasmine Food & Beverage Pty Ltd
on July 21, 2015.

A meeting of creditors will be held at 12:00 p.m. on July 31, 2015
at Clifton Hall, Level 3, 431 King William Street, in Adelaide.


MEERES FREIGHTLINES: First Creditors' Meeting Set For July 31
-------------------------------------------------------------
Richard Albarran and Cameron Hugh Shaw of Hall Chadwick were
appointed as administrators of Meeres Freightlines Pty Ltd on July
21, 2015.

A first meeting of the creditors of the Company will be held at
the office of Hall Chadwick, Level 11, 16 St Georges Terrace, in
Perth, on July 31, 2015, at 11:00 a.m.


RMI PLANT: First Creditors' Meeting Set For July 30
---------------------------------------------------
Sule Arnautovic -- SuleA@jirschsutherland.com.au --  Malcolm
Kimbal Howell -- MalcolmH@jirschsutherland.com.au -- and Chris
Baskerville -- ChrisB@jirschsutherland.com.au -- of Jirsch
Sutherland were appointed as administrators of RMI Plant Pty
Limited on July 20, 2015.

A first meeting of the creditors of the Company will be held at
Jirsch Sutherland, Level 4, 55 Hunter Street, in Sydney, on
July 30, 2015, at 10:00 a.m.


TAGARA BUILDERS: Liabilities Exceed Assets, Liquidators Say
-----------------------------------------------------------
Cameron England at The Advertiser reports that the debts held by
Tagara Builders far outweigh the company's assets and creditors
will have to wait months to see what they get back, the first
creditors' meeting was told July 14.

The Advertiser relates that one creditor said after the meeting it
looked like those owed money would be lucky to see 10 cents in the
dollar.

According to the report, the company's directors John Kassara and
Tullio Tagliaferri would not comment on whether the company had
traded while insolvent after the meeting, and attempted to avoid
speaking to the media.

About 150 creditors attended a meeting hosted by accountants
Clifton Hall to determine whether they would be repaid any of the
AUD21.6 million owed to them, The Advertiser says.

The Advertiser relates that Clifton Hall partner Tim Clifton said
it was early days, and the company had significant assets, but
also had large debts.

"Unfortunately there isn't enough money to go around so there's
certainly going to be some compromise on their claim," the report
quotes Mr. Clifton as saying.  "I don't want to say there's
nothing in this. There's significant assets, there's also
significant land holdings the company owns."

The Advertiser adds that Mr Clifton said at this early stage an
investigation into if the company had been knowingly traded while
insolvent had not been done.

"At this stage our main focus has been to realise the assets," Mr.
Clifton said.

South Australia-based Tagara Builders was placed into liquidation
on July 26, 2015. Timothy Clifton and Simon Miller of Clifton Hall
were appointed as Joint and Several Liquidators of the company.
The builder owed more than 750 suppliers and subcontractors
AUD21.6 million, according to the notice to creditors issued
earlier this month by Clifton Hall.


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C H I N A
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BEIJING CAPITAL: Unit's Proposed Notes Issue No Impact on Ba2 CFR
-----------------------------------------------------------------
Moody's Investors Service says Beijing Capital Group Co., Ltd.'s
(Capital Group) Baa2 issuer rating and Beijing Capital Land
Limited's (BJCL) Ba2 corporate family rating will not be
immediately affected by Beijing Capital Juda Limited's (Juda,
unrated) proposed issuance of offshore RMB notes.

Juda is a 65.1%-owned subsidiary of BJCL, and BJCL is in turn
45.58% owned by Capital Group. Capital Group holds around a 39.6%
indirect interest in Juda through BJCL, as well as a wholly owned
investment holding subsidiary.

On July 20, 2015, Rosy Capital Global Limited (unrated), Juda's
wholly owned subsidiary, proposed to issue offshore RMB notes,
which would be irrevocably and unconditionally guaranteed by Juda.
The notes will also be supported by Capital Group through a
keepwell and liquidity support undertaking, and an equity interest
purchase undertaking.

Listed on the Hong Kong Stock Exchange, Juda is one of BJCL's
offshore investment platforms, focusing on the development of
outlets-backed integrated property projects and commercial
property projects.

"The proposed issuance will provide funding to support Juda and
BJCL's development of integrated property projects," says Kaven
Tsang, a Moody's Vice President and Senior Credit Officer.

"Moody's estimates that the notes, if issued, will only increase
slightly, Capital Group and BJCL total borrowings, given the small
scale of Juda's operations," adds Tsang, who is also the Lead
Analyst for Capital Group and BJCL.

At end-2014, Juda recorded revenue of RMB69.7 million, and total
assets of RMB335.4 million. These amounts were equivalent to 0.7%
of BJCL's revenue in the same period, and 0.4% of BJCL's total
assets at end-2014.

Capital Group's Baa2 issuer rating incorporates its baseline
credit assessment of ba2, and a three-notch uplift based on
Moody's expectation of a high level of support from the Beijing
Municipal Government for the company in times of need.

The baseline credit assessment considers Capital Group's:

(1) Diversified business portfolio, with four major businesses
that exhibit different industry cyclicality; a feature that
reduces the company's risk exposure to any individual business
segment;

(2) Stable water services and infrastructure businesses that
provide a strong and stable source of income and provide a buffer
against the volatility associated with its real estate business;

(3) Diversified funding channels and good access to domestic
funding; and

(4) High debt leverage.

BJCL's Ba2 corporate family rating reflects its standalone credit
strengths, and a two-notch rating uplift, based on Moody's
expectation that the company will receive strong financial and
operating support from Capital Group, in times of need.

BJCL's standalone credit strengths reflect its medium-sized
operation, track record of operating through various business
cycles, its close relationship with Capital Group and the Beijing
Municipal Government, as well as its modest projected financial
metrics, given its debt-funded growth.

The principal methodology used in rating Beijing Capital Group Co.
Ltd. was Government-Related Issuers published in October 2014. The
principal methodology used in rating Beijing Capital Land Limited
was Homebuilding And Property Development Industry published in
April 2015. Please see the Credit Policy page on www.moodys.com
for a copy of these methodologies.

Founded in 1994, Beijing Capital Group Co. Ltd. is 100% owned by
the Beijing Municipal Government and is under the direct
supervision of the State-Owned Assets Supervision and
Administration Commission of the Beijing Municipality. Its
operations are divided into four major business segments: (1)
environmental protection; (2) infrastructure; (3) real estate; and
(4) financial services.

Beijing Capital Land Limited listed on the Hong Kong Stock
Exchange in 2003. The company is Capital Group's property arm, and
operates a medium-sized residential development business in China.
At end-2014, the company's land bank totaled 10.91 million square
meters in gross floor area, across 15 cities in China. This land
bank will support the company's development over the next 3-4
years.


GREENTOWN CHINA: S&P Rates Proposed US$ Unsecured Notes 'BB-'
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
issue rating and 'cnBB+' long-term Greater China regional scale
rating to a proposed issue of U.S.-dollar-denominated senior
unsecured notes by Greentown China Holdings Ltd.  The issue
ratings are subject to S&P's review of the final issuance
documentation.  The global scale issue rating is one notch below
the long-term corporate credit rating on Greentown to reflect
structural subordination risk.

Greentown's proposed issuance is for the exchange of its existing
US$700 million 8.5% notes due 2018 and US$500 million notes due
2019 for new U.S.-dollar-denominated senior notes due 2020.
Greentown also intends to use additional net proceeds (if any)
from this proposed issuance to refinance its existing debt.  In
S&P's view, the notes issuance which forms the exchange offer
could extend the company's debt maturity and lower its funding
cost.

The rating on Greentown reflects the company's high geographic
concentration, longer-than-average construction period, and weak
cost control.  The rating also reflects S&P's assessment of
Greentown as "moderately strategic" to its largest shareholder,
China Communications Construction Group (CCCG). CCCG's proposed
keepwell agreement and equity interest purchase undertaking with
Greentown as part of this debt exchange program demonstrates its
support.

The stable outlook on Greentown reflects S&P's expectation that
the company will expand cautiously, increase its sales, and
maintain stable margins over the next 12 months.  S&P estimates
that Greentown's debt-to-EBITDA ratio will decrease toward 6x and
its EBITDA interest coverage will be at least 2.5x over the
period.  The outlook also factors in S&P's expectation that CCCG
will continue to support Greentown.



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I N D I A
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AAR DEE: CRISIL Assigns B+ Rating to INR40MM Cash Credit
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of AAR DEE Extrusions (India) Private Limited
(ADPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      11        CRISIL B+/Stable

   Cash Credit             40        CRISIL B+/Stable

   Long Term Loan           9        CRISIL B+/Stable

The rating reflects ADPL's weak financial risk profile, marked by
its small net worth, and its working-capital-intensive operations.
These rating weaknesses are partially offset by the company's
moderate operating margin, the extensive experience of its
promoters in the aluminium industry, and its established
relationships with customers.

Outlook: Stable

CRISIL expects ADPL to maintain its established position over the
medium term on the back of its promoters' extensive industry
experience and established relationships with its customers. The
outlook may be revised to 'Positive' if there is a substantial and
sustained improvement in the company's revenue and profitability
margins from the current levels or there is an improvement in its
working capital management. Conversely, the outlook may be revised
to 'Negative' if there is significant deterioration in its capital
structure on account of sizeable working capital requirements or
large debt-funded capital expenditure.

ADPL, incorporated in 2004, manufactures aluminium collapsible
tubes that are used in the pharmaceuticals and adhesive
industries. ADPL is promoted and managed by Mr. Dipesh Mehta and
his wife, Ms. Reena Dipesh Mehta.


AMA INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR30MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of AMA Industries Pvt Ltd
(AMA) continue to reflect AMA's small scale of operations,
volatility in revenue and profitability, and below-average
financial risk profile, marked by a small net worth and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of the company's promoters in the
explosives industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        35        CRISIL A4 (Reaffirmed)
   Cash Credit           30        CRISIL B/Stable (Reaffirmed)
   Long Term Loan        15        CRISIL B/Stable (Reaffirmed)

Update
AMA achieved healthy growth of an estimated 22 per cent in 2014-15
on the back of increased orders from The Singareni Collieries
Company Limited (SCCL). The operating margin recovered to 9.6 per
cent in 2014-15 from 3.1 per cent in the previous year on the back
of better pricing on contracts. Although the company became
eligible again for contracts from Coal India Limited (CIL) during
2014-15, it did not actively participate in bidding due to intense
competition resulting in lower pricing. The competition in bidding
for CIL contracts and pricing thereon remains a key rating
sensitivity factor as it will determine the accretion to reserves
and thus the liquidity and financial profile over the medium term.

AMA's working capital cycle continues to remain intensive marked
by gross current assets (GCAs) of an estimated 197 days as on
March 31, 2015 on account of large inventory and debtors. The
liquidity profile continues to remain stretched marked by average
utilisation of bank lines at 92 per cent in the eight months ended
March 2015. The liquidity profile continues to be supported by
maintenance of unsecured loans of INR69 million from promoters.
The company is not expected to incur major capital expenditure
over the medium term, which will support the liquidity profile.
The company's expected cash accruals of INR6-8 million annually
over the medium term are likely to be sufficient for scheduled
term debt repayments of INR3 million.
Outlook: Stable

CRISIL believes that AMA will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company achieves a
sustainable improvement in its scale of operations and
profitability, leading to healthy growth in cash accruals, or if
its working capital requirements are lower than expected,
resulting in a better financial risk profile. Conversely, the
outlook may be revised to 'Negative' if AMA's revenue or
profitability declines further, or if there is a stretch in its
working capital cycle, leading to deterioration in its financial
risk profile, particularly its liquidity.

AMA is promoted by three brothers, Mr. Iqbal Maimoon, Mr. Abdul
Maimoon, and Mr. Akhtar Maimoon. The company, incorporated in 2003
in Nagpur (Maharashtra), manufactures slurry explosives, emulsion
explosives, non-electrical explosives, and detonators; it also
trades in explosive accessories and transports explosives.


BAJRANG COTSPIN: CRISIL Reaffirms B+ Rating on INR87.5MM Loan
-------------------------------------------------------------
CRISIL ratings on the long-term ban facilities of Bajrang Cotspin
(BC) continue to BC's modest scale of operations in the highly
competitive cotton industry, working-capital-intensive operations,
and average financial risk profile.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          87.5       CRISIL B+/Stable (Reaffirmed)
   Term Loan            12.5       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of the firm's promoters, and the proximity of
its processing unit to the cotton-growing belt.
Outlook: Stable

CRISIL believes that BC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm reports higher-
than-expected revenue while improving its profitability and
capital structure. Conversely, the outlook may be revised to
'Negative' if there is considerable decline in BC's accruals and
profitability or deterioration in its working capital management,
impacting its liquidity, or if it undertakes a large debt-funded
capital expenditure programme, resulting in further weakening of
its financial risk profile.

Update
For the year 2014-15 (refer financial year, April 1 to March 31),
the firm's sales are estimated to be around INR473 million with
marginal year-on-year growth of around 6 per cent. The sales
remained modest due to sluggish demand and moderation in cotton
prices during the same year. Over the medium term, the scale of
operations is expected to grow at moderate pace of around 5 to 10
per cent supported by improved realizations and steady demand.
BC's operating profitability continue to remain low at around 3.5
per cent during 2014-15 and expected to be at same level over the
medium term marked by low value addition and fragmented nature of
industry. The working capital requirements in 2014-15 are high
with gross current assets (GCA) at around 89 days marked by high
inventory holdings of 65 days and moderate debtors of around 22
days. Over the medium term, the GCA is expected to be in range of
90 to 95 days and overall working capital requirement to rise with
scale of operations. As on March 31, 2015 the gearing was lower at
2.05 times due to lower working capital debt coupled with modest
networth. The gearing is expected to be in range of 1.8-2.0 times
over the medium term marked by high reliance on bank limits to
fund incremental working capital requirement. The debt protection
metrics were at average level with net cash accruals to total debt
(NCATD) at 8 per cent and interest coverage ratio at 2.3 times
during 2014-15 marked by low profitability and expected to remain
at same levels. The liquidity profile is supported by sufficient
cushion between net cash accruals v/s term debt repayment
obligations, strong promoter's support in form of unsecured loan
infusion and equity infusion, no plans of major capex over the
medium term, however is constrained by working capital intensive
nature of operations and limited financial flexibility.

Established in 2012, BC is a partnership firm based in Gondal
(Gujarat). The firm is owned and managed by the Raiyani,
Bhikadiya, and Babriya families. It is engaged in the business of
cotton ginning and pressing.

BC, on a provisional basis, reported a net profit of INR3.6
million on net sales of INR473.1 million for 2014-15 (refers to
financial year, April 1 to March 31); it had reported a net profit
of INR3.1 million on net sales of INR446 million for 2013-14.


BEE AND BEE: CARE Assigns 'B' Rating to INR9.75cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B' rating to bank facilities of Bee and Bee
Investments.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     9.75       CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Bee and Bee
Investments (BBI) is constrained by its small albeit growing scale
of operations, thin profitability margins & susceptibility of
margins to volatile gold prices and the firm's working capital
intensive nature of operations. The rating also factors in the
presence of the firm in a highly fragmented & regulated industry.

The rating, however, derives strength from the experience of the
promoters in the jewellery business.

Going forward, the ability of the firm to scale-up its operations
and improve profit margins in a highly competitive industry will
be the key rating sensitivities.

BBI was started in the year 2007 by Mr V. M. Basheer, Mrs K. M.
Sheerijen & Mr Shanavas. B  -- all belonging to the same
family. The firm is primarily engaged in manufacture & trading of
gold & silver jewellery. BBI manufactures jewellery & gold
ornaments and supplies to some of the well-known brands in both
export as well as domestic segment. The firmhas two manufacturing
facilities -- one each in Mumbai and Kureekadu, Kerala. While, BBI
employs a total of 43 people in its Kureekadu facility, the firm
has outsourced its manufacturing work in Mumbai to third party
contractors. The promoters of BBI are actively involved in the
day-to-day functioning of the firm. They have about 25 years'
experience in the gold jewellery business.

During FY14 (refers to the period April 1 to March 31), BBI
generated a total operating income of INR46.6 crore and a net
profit of INR0.2 crore.


BIPIN ENGINEERS: CRISIL Reaffirms B- Rating on INR35MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bipin Engineers Private
Limited (BEPL) continue to reflect BEPL's small scale of and
working-capital-intensive operations driven by stretched
receivables, and its weak financial risk profile marked by a small
net worth, high gearing and weak debt protection metrics. These
rating weaknesses are partially offset by its promoters' extensive
experience in the solar equipment industry and funding support
from them.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         5        CRISIL A4 (Reaffirmed)
   Cash Credit           35        CRISIL B-/Stable (Reaffirmed)
   Letter of Credit       5        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    27.4      CRISIL B-/Stable (Reaffirmed)
   Term Loan             27.6      CRISIL B-/Stable (Reaffirmed)

For arriving at its rating, CRISIL has treated unsecured loans
from promoters of INR24.2 million as on March 31, 2015, as neither
debt nor equity.
Outlook: Stable

CRISIL believes that BEPL will continue to benefit over the medium
term from its promoters' funding support; however, its liquidity
will remain weak on account of delay in receipt of subsidy from
the government. The outlook may be revised to 'Positive' in case
of improvement in the company's financial risk profile and
liquidity driven by higher-than-expected cash accruals, timely
receipt of subsidies, or continued funding support from the
promoters. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in BEPL's financial risk profile,
particularly liquidity, most likely caused by a decline in cash
accruals, or further stretch in working capital cycle on account
of delay in receipt of subsidy.

BEPL was set up in 1979 as Bipin Industries by Mr. Hemant Revankar
and his brother Mr. Dilip Revankar. The company manufactures solar
water heaters, solar photovoltaic lights, food-processing
equipment such as blenders, pulpers, roasters, frying pans and
kettles, and storage tanks.


CHOICE COPIERS: ICRA Suspends B-/A4 Rating on INR7cr Bank Loan
--------------------------------------------------------------
ICRA has suspended its long term rating of [ICRA]B- and its short
term rating of [ICRA]A4 assigned to the INR7.00 crore bank
facilities of Choice Copiers Pvt. Ltd. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

Choice Copiers Private Limited (CCPL) was incorporated in 1985 and
commenced business as a manufacturer and assembler of Xerox
machines. However the company discontinued that business in 1990
and went into the business of manufacturing of soldering
materials. The company initially set up a soldering plant of 5
MT/month capacity which was subsequently increased in phases and
now stands at 100 MT/month. The company has two manufacturing
facilities at Noida in the state of Uttar Pradesh. The product
profile of the company constitutes solder sticks, solder wires,
solder washers, fluxes and other products used in soldering.


COCHIN FROZEN: CRISIL Cuts Rating on INR63.9MM Loan to 'B'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Cochin Frozen Food Exports Pvt Ltd (CFFEPL) to 'CRISIL B/Stable'
from 'CRISIL B+/Stable'; the rating on CFFEPL's short-term
facility has been reaffirmed at 'CRISIL A4'.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting       63.9       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Packing Credit        120.0       CRISIL A4 (Reaffirmed)

The rating downgrade reflects CRISIL's belief that CFFEPL's
liquidity will remain weak over the medium term on account of low
cash accruals and extensive utilisation of bank lines. The cash
accruals declined to around INR4 million in 2014-15 (refers to
financial year, April 1 to March 31) from INR11 million in 2013-
14, leading to sizeable working capital borrowings. The bank lines
were fully utilised, with several instances when they were
overdrawn, during the 12 months through March 2015.

CRISIL's rating on the bank facilities of CFFEPL reflect its
below-average financial risk profile, with high gearing and weak
debt protection metrics, its modest scale of operations in the
intensely competitive seafood export industry, and susceptibility
to volatility in raw materials prices and foreign exchange rates.
However, these weaknesses are partially offset by the benefits
derived from the promoter's extensive industry experience.
Outlook: Stable

CRISIL believes that CFFEPL will continue to benefit, over the
medium term, from its promoter's extensive industry experience.
The outlook may be revised to 'Positive' if CFFEPL scales up its
operations substantially and generates large cash accruals, thus
improving its liquidity. Conversely, the outlook may be revised to
'Negative' if CFFEPL undertakes a large debt-funded capital
expenditure programme, thereby weakening its capital structure, or
if its volumes or margins decline steeply, weakening its financial
risk profile.

CFFEPL was set up in 1992 by Mr. K Prabhakaran. It processes and
exports shrimp and fish.


ELDEE MOTORS: CRISIL Cuts Rating on INR37.5MM Loan to B+
--------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of Eldee Motors (EM) to 'CRISIL B+/Stable' from 'CRISIL
BB-/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          37.5       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Term Loan            16.0       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Electronic Dealer    36.5       CRISIL B+/Stable (Downgraded
   Financing Scheme                from 'CRISIL BB-/Stable')
   (e-DFS)

The rating downgrade reflects expected weakening of liquidity
profile on account of its tightly matched accruals expected of
around INR8 million to INR9 million in 2015-16, against maturing
debt of around INR8 million for the year and also on account of
ongoing debt funded capital expenditure towards setting up of new
dealership of Nissan Motors India Ltd (Nissan). Although, net cash
accruals are expected to improve from previous levels, the same is
expected to remain constrained due to subdued revenues. EM's
operating revenues is estimated to have declined to around INR320
million in 2014-15 compared with INR448 million in 2013-14 on
account of weaker demand of Chevrolet vehicles along with stiff
competition faced from dealership of other vehicles. However, the
revenues are expected to grow to INR 370 million to INR380 million
in 2015-16, supported by incremental revenues from new dealership
of Nissan likely to commence from January 2016.

The rating continues to reflect EM's modest scale of operations
due to geographical concentration and intense competition in the
passenger car segment, and weak financial risk profile, marked by
a small net worth and high gearing. These rating strengths are
partially offset by the extensive experience of EM's partners in
the automobile (auto) dealership business and the firm's
established relationship with its principal, Chevrolet Sales India
Pvt Ltd (Chevrolet).
Outlook: Stable

CRISIL believes that EM will continue to benefit from the
extensive experience of its partners in the auto dealership
business over the medium term. The outlook may be revised to
'Positive' if the firm improves its scale of operations and
profitability significantly, leading to larger-than-expected cash
accruals most likely on account of pick-up of sales of Chevrolet
and Yamaha and healthy sales contribution from Nissan dealership.
Conversely, the outlook may be revised to 'Negative' in case the
firm's financial risk profile, particularly liquidity,
deteriorates because of large working capital requirements or
capital withdrawals by the partners, or if the firm undertakes any
large debt-funded capital expenditure.

EM was set up as a partnership firm in 1997 by Mr. Vikas Agarwal
and Mr. Vineet Agarwal. The firm is an authorised dealer for
Chevrolet's passenger cars in Allahabad (UP). It also acquired
dealership for India Yamaha Motor Pvt Ltd's motorcycles for
Allahabad during 2009-10.


ENTERPRISING ENTERPRISES: ICRA Reaffirms B Rating on INR20cr Loan
-----------------------------------------------------------------
ICRA has re-affirmed the long-term rating of at [ICRA]B for the
INR20.00 crore (revised from INR23.0 crore) long-term fund based
limits of Enterprising Enterprises. ICRA has also re-affirmed the
short-term rating of [ICRA]A4 to the INR5.00 crore fund based and
INR0.50 crore non-fund based bank limits of EE.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long-term, fund based     20.0        [ICRA]B Re-affirmed
   Short-term, fund based     5.0        [ICRA]A4 Re-affirmed
   Short-term, non-fund
   based                      0.5        [ICRA]A4 Re-affirmed

The reaffirmation of the ratings reflect EE's modest scale of
operations; and its weak financial profile characterized by weak
coverage indicators and high working capital intensity owing to
the firm's sizeable inventory holdings. The ratings are also
constrained by the intense competition faced by the firm, both
from domestic as well as international players; the limited value
added nature of the firm's operations leading to depressed
margins; the high geographical concentration of the firm's sales,
with significant exposure to the European and Chinese markets; and
the vulnerability of profit margins to foreign exchange rate
fluctuations. Furthermore, being a partnership firm, any sizeable
withdrawals from its capital account would impact the firm's net
worth, and thus its gearing levels remaining a rating sensitivity.

However, the ratings take comfort from the additional capital
brought in by the partners and the resultant improvement in the
capital structure of the firm. The ratings also take into account
the extensive experience of the promoters in the granite industry
and the strong customer profile built over four decades of
operations as well as the high quality granite reserves available
with the firm and its group entities.

Enterprising Enterprises (EE) was established as a partnership
firm in 1972 by its founder, Mr. K. Badrinarayanan, the Group
chairman of the Enterprising Group. The Group has an established
presence in the granite quarrying and trading business in India
through EE as well as group entities such as Pooshya Exports
Private Limited and Yak Granite Industries Private Limited. EE is
engaged in quarrying, processing and exporting granite products.
It sources granite from its own quarry located at Kunnam in Tamil
Nadu, as well as from Group companies and other external entities.
The granite is dressed, cut, polished and exported as dimensional
blocks, monuments, slabs, tiles, counter-tops and cut-to-size
pieces, depending on the customers' specifications. EE is a 100%
export oriented unit (EOU), and its products are exported to
markets such as the USA, Germany, China, Japan, the UK, and
Taiwan. EE's factory is located at Chembarambakkam near Chennai.

For FY 2014-15, EE reported a pre-tax profit of INR1.51 crore on
net sales of INR29.95 crore (provisional).


FORTUNE TIRE: CRISIL Reaffirms B+ Rating on INR97.2MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Fortune Tire Tech Ltd
(FTTL) continues to reflect FTTL's below-average financial risk
profile, marked by small net worth, moderate gearing and below-
average debt protection metrics.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           17        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    35.8      CRISIL B+/Stable (Reaffirmed)

   Rupee Term Loan       97.2      CRISIL B+/Stable (Reaffirmed)

The rating also reflects FTTL's exposure to intense competition in
the tyre retreading industry. These rating weaknesses are
partially offset by the extensive industry experience of FTTL's
promoters in the tyre industry.
Outlook: Stable

CRISIL believes that FTTL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is substantial and
sustained improvement in the company's revenue and profitability;
or in its capital structure and net worth on the back of equity
infusions by the promoters. Conversely, the outlook may be revised
to 'Negative' in case of a steep decline in the company's
profitability margins, or significant deterioration in its capital
structure caused most likely by a large debt-funded capital
expenditure.

Incorporated in February 2011, FTTL undertakes radial tyre
retreading work and runs a tyre showroom. The company is promoted
by Mr. M Ramesh Reddy, Mr. K V Sarma, Mr. K Vijaypal Reddy, Mr. N
Bhasker Rao and their family members. The company is based in
Hyderabad, Telangana.


GANGARAM SYNTHETICS: ICRA Suspends B+ Rating on INR21.9cr Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR21.90
crore limits of Gangaram Synthetics Private limited (GSPL). The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Gangaram Synthetics was incorporated in May 1986 with its head
office at Surat. Gangaram Synthetics is primarily a trading entity
which caters to the domestic market of ready to stitch Prafful
brand ethnic women's wear in the domestic market. Gangaram
Synthetics is present both in the retail and wholesale segment
space- through its long established past relations with dealers in
the wholesale segment and in retail space through tie ups with
supermarkets, malls etc. The company is part of Prafful group
having business presence in manufacturing of saris and dress
material. The group consists of various entities specializing in
different processes like yarn manufacturing, dyeing, printing,
embroidery, etc.


GHODAWAT ENTERPRISES: ICRA Suspends B+ Rating on INR36.70cr Loan
----------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR36.70 crore,
bank facilities of Ghodawat Enterprises Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance due to non cooperation from the company.

Ghodawat Enterprises Private Limited (GEPL), formerly known as M D
Properties Pvt. Ltd. was formed in May 1995 by Embassy Group of
Bangalore. The company was taken over by Sanjay Ghodawat Group in
the year 2007. Present directors of the Company are Mr. Sanjay D.
Ghodawat and Mrs. Neeta Sanjay Ghodawat. The Company owns a
250,000 sq.ft. property in Embassy Golf Links Business Park
Bangalore. Presently, the building has been leased out to Fidelity
Business Services India Pvt. Ltd. The company also owns two
windmills in Satara of 1.7MW and has bought a six seat twin engine
helicopter in Aug, 2013 which it plans to operate on a non-
scheduled charter basis. GEPL is likely to obtain the requisite
clearances from DGCA by February, 2014 and the commercial
operations would commence thereafter.


GOOSE GLOBAL: CRISIL Reaffirms B Rating on INR120MM Capital Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Goose Global
Agri Pvt Ltd (GGAPL) continues to reflect GGAPL's modest scale of
operations in the intensely competitive cotton trading segment and
its weak financial risk profile. These rating weaknesses are
partially offset by the promoters' extensive experience in cotton
trading segment.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Proposed Working      120       CRISIL B/Stable (Reaffirmed)
   Capital Facility

Outlook: Stable

CRISIL believes that GGAPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is a substantial and
sustained improvement in the company's revenue and profitability
margin, or there is a substantial improvement in its capital
structure/net worth backed by sizeable equity infusion from its
promoters. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in the company's profitability margins, or
significant deterioration in its capital structure caused most
likely by a large debt-funded capital expenditure programme or a
stretch in its working capital cycle.

GGAPL, incorporated in December 2012, at Bapatla (Andhra Pradesh),
trades cotton. The company commenced its operations in April 2013
and is promoted by Mr. Vinayak Koteshwar, Mr. Srinivas Babu and
Mr. A Subramaniyam.


M. M. PATEL: CRISIL Reaffirms B+ Rating on INR1.15BB LT Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of M. M. Patel
Public Charitable Trust (MM) continues to reflect MM's weak
financial risk profile due to large debt-funded capital
expenditure (capex), limited track record of operations, and its
exposure to risks related to regulations governing the education
sector.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term
   Bank Loan Facility     1150      CRISIL B+/Stable (Reaffirmed)

   Term Loan               300      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the fund support
that MM receives from its promoters, the extensive entrepreneurial
experience of its trustees, and the benefits expected from the
healthy demand prospects for medical education in India.
Outlook: Stable

CRISIL believes MM will continue to benefit over the medium term
from the healthy demand prospects for medical education and
healthcare facilities in the Solapur region of Maharashtra. The
outlook may be revised to 'Positive' if the response to the
trust's courses is significantly robust, resulting in a
substantial increase in cash flows from operations. Conversely,
the outlook may be revised to 'Negative' if there is a significant
cost or time overrun in completing the project, or delays in
stabilising the operations of the medical college and hospital,
resulting in lower-than-anticipated revenue and cash flows.

Update
During 2014-15 (refers to financial year, April 1 to March 31), MM
registered income of INR318 million with a year-on-year growth of
around 40 per cent, backed by increased fees and higher number of
students. Simultaneously, the trust sustained its operating margin
at historical levels of 26 per cent in 2014-15. With the trust
offering medical courses, even in the initial stages of
operations, it is running at full occupancy. Over the medium term,
MM's income will grow at a healthy pace on the back of increasing
intake of students till it reaches the full admission capacity for
academic year 2016-17.

MM is establishing a medical institute offering MBBS course, and a
multi super-speciality hospital in Solapur, in a phased manner,
which is to be completed by the end of the current financial year.
The medical college, Ashwini Rural Medical College, Hospital &
Research Centre, has capacity of 500 students (annual intake of
100 students); and the hospital has a 325-bed capacity. The
project is around 80 per cent complete.

Due to its large debt-funded capex, MM's financial risk profile is
weak, marked by leveraged capital structure and weak debt
protection metrics. The trust's liquidity draws support from
healthy funding by the promoters.

Established in 2008 by the Solapur-based Mr. Bipinbhai Patel and
his family, MM is a public charitable trust that operates a
medical college with a capacity of 500 students offering graduate
courses, and a 325-bed hospital at Solapur. Its Ashwini Rural
Medical College, Hospital & Research Centre is affiliated to the
Maharashtra University of Health Sciences, Nashik.


MARKANDESHWAR FOODS: CRISIL Assigns B+ Rating to INR142.5MM Loan
----------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Markandeshwar Foods & Allied Products Ltd (MFA; part
of the Markandeshwar group), and assigned its 'CRISIL B+/Stable'
rating to bank facilities.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          142.5      CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

The rating had been 'Suspended' by CRISIL on December 7, 2014, as
MFA had not provided the necessary information for a rating
review. The company has now shared the requisite information,
enabling CRISIL to assign the ratings to the company's bank
facilities.

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

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of MFA, D.S.P.I. Milk Foods Ltd (DSPI),
and Champa Devi Foods Pvt Ltd (CDF). This is because the three
companies, together referred to as the Markandeshwar group, have a
common management and are engaged in the same line of business.
Outlook: Stable

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

The Markandeshwar group companies are promoted by Mr. Devraj Garg
and Mr. Satish Garg, and manufacture dairy products such as pure
ghee and skimmed milk powder. They sell their products under the
group's own brands, which include Madhusagar, Lord Krishna, Murli,
and Himalaya.

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

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

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


MATOSHRI LAXMI: ICRA Suspends B+ Rating on INR61.50cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA] B+ rating assigned to the INR61.50
crore bank facilities of Matoshri Laxmi Sugar Co-Generation
Industries Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Fund Based Facilities     61.50        [ICRA]B+ Suspended

Matoshri Laxmi Sugar Co-Generation Industries Limited (MLSCIL),
incorporated in May 2008, operates a 3500 TCD (Tonnes Crushed Per
Day) sugar plant, which is forward integrated with co-generation
unit of 12 MW. The plant has been setup at village Rudhewadi in
Solapur district of Maharashtra. The sugar plant was commissioned
in April 2012 though commercial operations began from October
2012, i.e. with commencement of SY 2013. The setup of the co-
generation unit witnessed delays and has been commissioned in
January 2014. The company sells power from its co-generation unit
to MSEDCL (Maharashtra State Electricity Distribution Company Ltd)
pursuant to its Power Purchase Agreement (PPA) for a period of 13
years from the date of commissioning.


MECWEL CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR100MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mecwel Constructions
(Mecwel) continue to reflect modest scale of operations in the
competitive engineering-procurement-construction industry, and its
large working capital requirements.

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

   Overdraft Facility   100        CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit          25        CRISIL B+/Stable (Reaffirmed)

The ratings of the firm are also constrained on account of its
average financial risk profile marked by its small net-worth,
modest TOL/TNW ratio, and moderate debt protection metrics. These
rating weaknesses of the firm are partially offset by its
promoters' extensive industry experience, and its moderate order-
book providing medium-term revenue visibility.

CRISIL had upgraded its rating on the long-term bank facilities of
Mecwel to 'CRISIL B+/Stable' from ' CRISIL B/Stable' on June 09,
2015. The rating on the firm's short-term bank facilities had been
reaffirmed at 'CRISIL A4'.
Outlook: Stable

CRISIL believes that Mecwel will continue to benefit over the
medium term from its promoters' extensive industry experience and
its moderate order-book. The outlook may be revised to 'Positive'
if there is a sustained increase in the firm's profitability
margins, while it registers a healthy revenue growth, or there is
a sustained improvement in its working capital management.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in the firm's profitability margins, or significant
deterioration in its capital structure caused most likely by a
stretch in its working capital cycle.

Mecwel, established in 1985, undertakes mechanical engineering
contracts for erection, commissioning, testing and maintenance of
structural works and electrical equipment. The firm primarily
caters to the power and sugar industries, and is based in
Hyderabad (Telangana). It currently has five partners - Mr. A.V.V.
Narayana, Mrs. A.Vijayalakshmi, Mr. P. Prasada Rao, Mr.
P.Shivaram, and Mr. P.Vijayaratnam.


N.M. RUBBERS: CARE Assigns 'B' Rating to INR7cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B' ratings to the bank facilities of N.M.
Rubbers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       7        CARE B Assigned

The rating assigned by CARE is based on the capital deployed by
the proprietor and the financial strength of the firm at present.
The rating may undergo a change in case of the withdrawal of
capital or the unsecured loans 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 N.M.Rubbers (NMR) is
constrained by NMR's small size of operations, capital
structure with weak gearing and coverage indicators, volatile
prices of rubber impacting profit margins, working capital
intensive nature of operations and intense competition from other
manufacturers/traders.

The rating derives strength from the long experience of the
promoter in the rubber industry, and established relationship
with customers and suppliers.

Going forward, the ability of the firm to improve its profit
margins and capital structure would be the key rating
sensitivities.

NMR was incorporated in January 2000 by Mr N M Mujeeb as a
proprietorship concern in Kottayam district of Kerala for
trading in rubber products like cenex, normal latex rubber and
scrap rubber. The firm caters to customers situated in Kerala
only. Small processing is done to convert the raw rubber to the
finished product. This finished product is sold to industries
manufacturing threads, tyre, footwear, hoses, hand gloves and
contraceptives.

During FY14 (refers to the period April 1 to March 31), the firm
reported a net profit of INR0.08 crore on a total income of
INR32.07 crore.


N.R FOOTWEAR: CARE Assigns 'D' Rating to INR6.63cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE D' ratings to the bank facilities of N.R
Footwear Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.63      CARE D Assigned

Rating Rationale
The rating assigned to the bank facilities of N.R. Footwear
Private Limited (NRF) takes into account the on-going delays in
debt servicing by NRF due to its stressed liquidity position.

NRF was incorporated in September 2006 as a private limited
company and commenced its operations in February 2011.

The company is currently being managed by Mr Angad Puri and Mr
Vipin Puri. The company is engaged in the manufacturing of
Polyurethane and polyvinyl chloride (PVC)-based footwear products
like floaters, slippers, school shoes, etc, at its manufacturing
facility located at Bahadurgarh, Haryana, having an installed
capacity of 15 lakh pairs per annum, as on March 31, 2015. The
main raw materials like rubber, chemicals and PVC granules are
procured domestically as well as imported fromChina (imports
constituted approximately10% of the total purchases in FY14
[refers to the period April 1 to March 31]). The company sells its
products under the brand name of 'Steel' through a network of
distributors and dealers and also exports the same to Dubai
(exports constituted approximately15% of the total sales in FY14).
Ace Footmark Private Limited, Focus Shoes Private Limited, Steel
Shoes Private Limited and Saraswati Timber Private Limited
(rated 'CARE B+/A4') are the group concerns of NRF and are
engaged in manufacturing of shoes.

For FY14, NRF achieved a total operating income of INR17.40 crore
with PBILDT and PAT of INR2.55 crore and INR0.21 crore,
respectively, as against the total operating income of INR14.06
crore with PBILDT and PAT of INR2.10 crore and INR0.19 crore,
respectively, for FY13. Furthermore, in FY15 (prov.), NRF achieved
a total operating income of around INR15 crore till January 31,
2015.


NAMDHARI FOOD: CRISIL Reaffirms B- Rating on INR535MM Loan
----------------------------------------------------------
CRISIL's ratings on Namdhari Food International Pvt Ltd (NFPL)
continue to reflect NFPL's weak financial risk profile, marked by
a highly leveraged capital structure and weak debt protection
metrics, working-capital-intensive operations, and susceptibility
of its operating margin to adverse government regulations and raw
material price volatility.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           115      CRISIL B-/Negative (Reaffirmed)

   Export Packing
   Credit                535      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    157.6    CRISIL B-/Negative (Reaffirmed)

These rating weaknesses are mitigated by NFPL's established
presence in the basmati rice industry and its promoters' extensive
experience.
Outlook: Negative

CRISIL believes that NFPL's financial flexibility will be impacted
due to claim by NSEL. The ratings may be downgraded if NFPL's
business risk profile and financial flexibility deteriorate due to
the ongoing issue with NSEL. Conversely, the outlook may be
revised to 'Stable' in case of favourable developments in the
issue, leading to improvement in NFPL's overall credit risk
profile.

Update
NFPL recorded an estimated revenue of INR1550 million with
operating margin of around 5 per cent in 2014-15 (refers to
financial year, April 1 to March 31) as against revenue of INR4100
million with operating margin of 2.7 per cent in 2013-14. The
decline in revenue is because trading through National Spot
Exchange Ltd (NSEL) stopped in July 2014; the company had recorded
sales around INR2.0 billion during the first quarter of 2013-14
from trading on NSEL and on account of decline in revenue from
manufacturing business in 2014-15 due to sluggish market
conditions. NSEL had alleged claim of INR510.2 million on NFPL.
Operating margin improved in 2014-15 as processing of rice fetches
higher margins than trading of rice done in 2013-14. The company
is likely to record moderate growth of around 10 per cent over the
medium term with expected margins to remain at 5 to 5.5 per cent.

The operations of the company are working capital intensive marked
by gross current assets of 278 days driven by high debtor and
inventory of 143 days and 111 days, respectively, as on March 31,
2015. Subsequently, the bank lines remained highly utilized at an
average of 100 per cent for the 12 months through March 2015. The
company is likely to generate moderate cash accruals of around
INR14 million as against debt obligation of INR3 million during
2015-16.

NFPL's financial risk profile is weak, marked by gearing of 2.19
times, interest coverage and net cash accruals to total debt
ratios are also weak at around 1.3 times and 0.02 times,
respectively, as on March 31, 2015. The company's weak financial
risk profile is driven by heavy reliance on external debt to fund
its working capital requirement.

NFPL was set up as a partnership firm, Namdhari Food
International. It was reconstituted as a private limited company
in 2005, and is promoted by Mr. Iqbal Singh and his sons. The
company processes basmati rice variants at its plant in Haryana.

The company reported, on provisional basis, profit after tax (PAT)
of INR2 million on net sales of INR1.55 billion in 2014-15 against
PAT of INR6 million on net sales of INR4.11 billion in 2013-14.


NAVKETAN ROLLER: ICRA Puts B+ LT Loan Rating on Watch Negative
--------------------------------------------------------------
ICRA has placed the long term rating of [ICRA]B+ for the INR7.00
crore long term fund based facilities and the short term rating of
[ICRA]A4 for the INR0.15 crore short term non fund based
facilities of Navketan Roller Flour Mills Private Limited on
rating watch with Negative implication.

                               Amount
   Facilities                (INR crore)      Ratings
   ----------                -----------      -------
   Long Term-Cash Credit        7.00        [ICRA]B+
   Short Term-Non Fund Based     0.15        [ICRA]A4

The rating has been placed under watch following the nationwide
ban on Maggi noodles of Nestle India Limited (Nestle) and
resultant impact on sales of the company. NRFM historically
supplies ~60 - 70% of the output to Nestle primarily to Maggi
noodles. The ban on the product starting from June 15 has impacted
sales of the company to a considerable extent. Going forward,
export sales from Nestle are expected to begin soon, however there
has been no clarity on timelines of domestic sales. ICRA will
continue to monitor the rating and evaluate the impact on the
credit profile of NRFM once additional details regarding quantum
and duration of impact are available.

Incorporated in 1987, Navketan Roller Flour Mills Private Limited
(NRFM) is promoted by Mr. Amrut Jain. It is engaged in the
manufacturing of Maida, Atta, Sooji and Bran. The company has
manufacturing plant at Bethoda Industrial Estate, Ponda, Goa. The
company started with installed capacity of 50 TPD. Currently, the
installed capacity is 100 TPD.


NIK-SAN ENGINEERING: ICRA Reaffirms D Rating on INR28cr ST Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating to the INR8.20 crore cash
credit facility and the INR11.21 crore term loans (reduced from
INR14.06 crore) of Nik-San Engineering Company Limited (NECL) at
[ICRA]D. ICRA has also reaffirmed the short-term rating to the
INR28.00 crore (reduced from INR30.00 crore) short-term non-fund
based bank facilities of NECL at [ICRA]D.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long term fund based
   limits                  19.41         [ICRA]D/Reaffirmed

   Short term non-fund
   based limits            28.00         [ICRA]D/Reaffirmed


The reaffirmation of ratings takes into account the continuing
delays in honoring debt obligations due to elongated receivables
which continues to strain the liquidity profile of the company.

NECL was acquired by Mr. Suresh Kumar Choudhary and Mr. Naresh
Kumar Choudhary in the year 1993. The company is involved in
manufacturing of distribution transformers, low tension current
transformers (LTCT) and current and potential transformers, with
its manufacturing facility being located at Vadodara, Gujarat.
NECL is a part of the Choudhary Group of companies which has
interests in transformer manufacturing, with its flagship company,
Bilpower Limited, involved in import and distribution of
transformer laminations. Other group companies, Bil Energy Systems
Limited is involved in manufacture of transformer cores and Cold
Rolled Non Grain Oriented (CRNO) steel stampings and Tarapur
Transformers Limited, which was acquired by the Choudhary Group in
November 2006, is engaged in manufacture and repair of power
transformers.

Recent Results:
On a provisional basis, for the financial year ending March 2015,
NECL reported an operating income of INR40.85 crore and a net
profit of INR0.12 crore as compared to operating income of
INR42.61 crore and net profit of INR0.59 crore in the previous
year.


ORB ENERGY: ICRA Reaffirms 'B' Rating on INR6.50cr Loan
-------------------------------------------------------
A rating of [ICRA]B has been reaffirmed to the INR6.50 crore Non
Convertible Debentures (NCD) programme of Orb Energy Private
Limited (OEPL).

                                 Amount
   Facilities                 (INR crore)     Ratings
   ----------                 -----------     -------
   Non Convertible Debenture      6.50        [ICRA]B; reaffirmed

Rating Rationale
The rating derives comfort from established track record of the
company in system integrator business with long standing
experience of the promoters in Solar Energy business. The ratings
also benefits from widespread O&M network of owned and franchised
branches across the country enabling the company to ensure
uninterrupted after sales and support. The rating also favorably
factors ability of OEPL's team of highly qualified and competent
professionals to undertake projects of various complexities. ICRA
also notes increasing awareness and support from both state and
central government for the promotion of solar power
However, the rating is constrained by weak financial profile of
the company as characterized by losses at net and cash levels
which has adversely impacted the networth of the company The
rating also considers stretched liquidity profile of the company
due to high capital subsidy receivables from Ministry of Renewable
Energy. ICRA also notes highly competitive nature of the solar
power industry marked by a presence of large number of organized
and unorganized players.

Orb Energy Private Limited was incorporated in 2006 by Mr. Damian
Miller and Mr. N P Ramesh. The company is a 99.99 per cent
subsidiary of Orb Energy Pte Ltd, Singapore. The company commenced
its commercial operations as a system integrator in October 2006
by delivering, installing, and offering after-sales service for
solar water heating systems and photovoltaic systems. Company is
primarily into manufacturing and installation of solar water
heating systems for residential, industrial, and institutional
use. In addition company also designs, manufactures and sells
products in solar home lighting segment and street lighting
segment. The company has presence in Karnataka, Andhra Pradesh,
Kerala, Tamil Nadu, and Maharashtra through direct-run and
franchised branches.

Recent Results
OEPL reported a provisional profit after tax (PAT) of INR-4.83
crore on an operating income (OI) of INR53.13 crore in FY2015, as
against a PAT of INR-2.95 crore on an OI of INR44.33 crore in
FY2014.


OSHO INDUSTRIES: ICRA Suspends B+/A4 Rating on INR6cr Loan
----------------------------------------------------------
ICRA has suspended its long term rating of [ICRA]B+ and its short
term rating of [ICRA]A4 assigned to the INR6.00 crore bank
facilities of Osho Industries Ltd. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Osho Industries Limited (OIL) is engaged in the manufacturing of
flexible plastic packaging material. The business has been started
by members of the Gupta family and was earlier being carried out
under proprietor ship firm Osho Packaging Industries. This was
subsequently converted into Osho Industries Limited (OIL) in
August 2013. The company's manufacturing facility is located in
Roorkee, near Haridwar (Uttrakhand) with an installed annual
capacity to manufacture upto ~3500 MT of flexible plastic
packaging material.


PAREENA MOTORS: ICRA Suspends 'C' Rating on INR11cr Loan
--------------------------------------------------------
ICRA has suspended [ICRA]C rating assigned to the INR11 crore fund
based limits of Pareena Motors Pvt. Ltd. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


PRAFFUL INDUSTRIES: ICRA Suspends B+ Rating on INR8.16cr Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR8.16
crore limits of Prafful Industries Private limited (PIPL). The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Prafful Industries Private Limited (PIPL) incorporated in 1992,
has a dying and printing facility located in GIDC (Gujarat
Industrial Development Corporation) Industrial area in "Sachin",
Surat with a capacity of 3 crore metres per annum.


PREMSONS SUPER: CRISIL Assigns B+ Rating to INR65MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Premsons Super Steel Pvt Ltd (PSS).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           65        CRISIL B+/Stable
   Cash Term Loan        35        CRISIL B+/Stable

The rating reflects PSS's limited track record of operations,
intense competition in the steel pipe industry, and below-average
financial risk profile. These weaknesses are partially offset by
PSS's healthy growth prospects and its promoters' extensive
industry experience.

Outlook: Stable

CRISIL believes that PSS will continue to benefit, over the medium
term, from its comfortable operating margin and its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if PSS is able to scale up its operations and improve
its business and financial risk profiles. Conversely, the outlook
may be revised to 'Negative' if PSS reports a steep decline in its
revenue and profitability, or weakening of its working capital
management.

Sonipat (Haryana)-based PSS manufactures steel pipes, tubes and
utensils. The company was acquired by Mr. Sanjeev Kapoor in 2014.

For 2014-15 (refers to financial year, April 1 to March 31), PSS
reported an estimated net sales of INR522.2 million.


PUROHIT & CO: ICRA Suspends B+ Rating on INR13.5cr Term Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR13.5 crore
term loan facilities of Purohit & Co. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

Purohit & Co. (PC) was incorporated in 1952 and is engaged in two
lines of businesses, namely Cotton Spinning and Newspaper
publishing. PC currently has around 22,000 spindles with the
manufacturing facility located at Napgur, Maharashtra. Further, PC
is engaged in the publication and circulation of English daily,
"The Hitavada", which has presence in four major cities. Mr.
Rajendra Kumar Purohit and Mr. Rakesh Purohit are the partners in
the firm.


RAMNANDI AUTOMOBILES: ICRA Suspends 'D' Rating on INR38cr Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR2 crore term
loan and INR38 crore fund based limits of Ramnandi Automobiles
Pvt. Ltd. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


RAVI METALLICS: CRISIL Assigns B- Rating to INR80MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank loan
facilities of Ravi Metallics Ltd (RML). The rating reflects RML's
large working capital requirement and weak financial risk profile,
marked by low interest coverage. These rating weaknesses are
mitigated by its promoters' extensive experience in steel trading
industry.

                              Amount
   Facilities                (INR Mln)    Ratings
   ----------                ---------    -------
   Working Capital Term Loan     28       CRISIL B-/Stable
   Cash Credit                   80       CRISIL B-/Stable
   Term Loan                      7       CRISIL B-/Stable

Outlook: Stable

CRISIL believes that RML will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of significant improvement in the
company's liquidity driven by substantial cash accruals along with
efficient working capital management. The outlook may be revised
to 'Negative' in case of further pressure on the company's
liquidity, marked by low cash accruals or large working capital
management or debt-funded capital expenditure plan.

Incorporated in 2004 as limited company, RML trades iron and steel
products. Apart from this, the company also owns a mall in
Rourkela (Odisha). The company is promoted by three brothers - Mr.
Manoj Kumar, Mr. Ravi Kumar and Mr. Kailash Kumar; who also manage
the day-to-day operation of the company.


SAFFRON JARI: CARE Assigns B+ Rating to INR5.33cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Saffron
Jari Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.33       CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Saffron Jari
Industries Pvt. Ltd. (SJIPL) is primarily constrained on account
of implementation and stabilization risk associated with the on-
going debt-funded project and presence in the competitive and
fragmented textile industry. The rating is further constrained due
to net loss, highly leveraged capital structure, moderate debt
coverage indicators and moderate liquidity position coupled with
susceptibility of operating margins to fluctuation in raw material
prices.

The rating, however, derives comfort from the promoters'
experience in the textiles industry and location advantage in
terms of SJIPL's presence in one of the largest textile hubs in
India (ie, Surat). The rating also takes into consideration
improvement in the overall performance during FY15 (Prov.; refers
to the period April 1 to March 31) marked by increase in TOI under
the new management.

Going forward, SJIPL's ability to increase its scale of operations
by successfully completing envisaged project within estimated
timeline and cost parameters would be crucial. Furthermore,
improvement in profit margins, capital structure and efficient
management of working capital is also key rating sensitivity.

SJIPL was incorporated as "Mo-Mox Art Studio Pvt. Ltd." in August
2008. The company was acquired by Mrs Premeshwar Devi and Mr
Dilipkumar Chopra and resumed its operations from December 2013
under its current name. SJIL is engaged into manufacturing of
polyester films which finds its application in jari manufacturing.
The major end uses of the jari manufactured in Surat include
sarees (as a weaving thread for the world famous Banarasi and
Kanjeevaram sarees), dress material, and upholstery made ups; for
craft-laces and borders, embroidery, rakhi, bangles, badges and
gift articles. SJIPL operates from its manufacturing facility
located at Surat (Gujarat) with an installed capacity to
manufacture 35 tonnes per month of polyester films as onMarch 31,
2014. SJIPL has an associate concern named SaffronMet Yarns Ltd.
(rated 'CARE BB-') which is engaged in manufacturing of Jari Kasab
and Saffron Poly Threads Pvt. Ltd. engaged in the business of
manufacturing of embroidery threads.

During FY14, SJIPL reported a total operating income (TOI) of
INR0.93 crore and net loss of INR0.03 crore as against a TOI of
INR1.07 crore and net loss of INR0.16 crore during FY13. During
FY15 (Prov.), SJIPL has achieved a TOI of INR11.97 crore and
PBILDT and PBT of INR0.45 crore and INR0.19 crore, respectively.


SAFRI TRADELINK: ICRA Suspends B- Rating on INR7.0cr LT Loan
------------------------------------------------------------
ICRA suspended [ICRA]B- rating assigned to the INR7.00 crore, long
term fund based facilities of Safri Tradelink Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

STPL was incorporated in 1957 by Mr. Haresh Shah and his father as
a partnership firm and was reconstituted as a Private Limited
company in year 2008 under the name 'Safri Tradelink Private
Limited'. Over the years company is engaged in the sale of a range
of bathroom fittings and sanitary wares. Mr. Harish Shah's son Mr.
Bhavesh Shah, a commerce graduate, is currently serving as the
Managing Director of the company and looks after the day to day
affairs of the company.


SESHASAYEE KNITTINGS: CRISIL Reaffirms B+ Rating on INR50MM Loan
----------------------------------------------------------------
CRISIL rating on the bank facilities of Seshasayee Knittings Pvt
Ltd (SKPL) continues to reflect its modest scale of, and working
capital intensity in, operations in the intensely competitive
branded inner garment industry.

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

   Proposed Long Term
   Bank Loan Facility    50        CRISIL B+/Stable (Reaffirmed)

The rating also reflects its below-average financial risk profile,
with low net worth, moderate gearing, and weak debt protection
metrics. These rating weaknesses are partially offset by its
established regional presence in the innerwear industry supported
by moderate distribution network, and its promoters' extensive
industry experience.
Outlook: Stable

CRISIL believes that SKPL's business risk profile will continue to
benefit over the medium term from its established regional
presence and the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is substantial and
sustained improvement in the revenue and profitability; or in the
net worth on account of sizeable equity infusions by the
promoters. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in the profitability margins, or stretch
in its working capital cycle.

Incorporated in the year 1988 in Vijayawada (Andhra Pradesh), SKPL
manufactures inner garments under the brand, Vilan. Promoted by
Mr. Thatavarthi Suryanarayana and his family, the company is
headquartered at Vijayawada (Andhra Pradesh).


SHARDA COTTON: CRISIL Lowers Rating on INR165.3MM Cash Loan to B+
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Sharda Cotton Factory (SCF) to 'CRISIL B+/Stable' from 'CRISIL BB-
/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          165.3      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL's belief that SCF's financial
risk profile will remain weak over the medium term because of
large inventory and low cotton prices. The firm's inventory
increased to 108 days as on March 31, 2015, from 49 days as on
March 31, 2013. Its debtors increased to around 50 days from 20 to
30 days over the same period. The increased working capital
requirements led to increase in the firm's gearing to 4.5 times as
on March 31, 2015, from 1.5 to 2.0 times earlier. With decline in
cotton prices in 2014-15 (refers to financial year, April 1 to
March 31), SCF's operating profitability declined to 1.6 per cent
from 2.5 per cent  leading to decline in interest coverage ratio
to 0.5 times for 2014-15 from 1.5 times in 2012-13 . As cotton
prices are expected to improve gradually, SCF's financial risk
profile will remain weak given the firm's working-capital-
intensive operations.

The rating reflects SCF's small scale of operations in a highly
fragmented industry and average financial risk profile because of
large working capital requirements. These rating weaknesses are
partially offset by the extensive experience of SCF's partners in
the cotton ginning business.
Outlook: Stable

CRISIL believes that SCF will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' in case of improvement in the firm's
scale of operations, operating margin, and working capital cycle.
Conversely, the outlook may be revised to 'Negative' if SCF's
financial risk profile deteriorates because of large working
capital requirements or debt-funded capital expenditure.

SCF was set up as a partnership firm in 2007. It gins and presses
cotton into bales, and extracts cotton seed oil. The firm is
managed by Mr. Mahesh Sharda and his brother Mr. Pankaj Sharda.

SCF, on a provisional basis, reported net profit and net sales of
INR3.4 million and INR860 million, respectively, for 2014-15,
against net profit of INR2.7 million on net sales of INR1075
million for 2013-14.


SHARU STEELS: ICRA Reaffirms B+ Rating on INR17cr Cash Credit
-------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR17.48 crore (reduced from INR18.48 crore) fund based facilities
of Sharu Steels Private Limited. ICRA has also reaffirmed its
short term rating of [ICRA]A4 on the INR17.00 crore (enhanced from
INR16.00 crore) non-fund based facilities of SSPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             17.00       [ICRA]B+; reaffirmed
   Term Loan                0.48       [ICRA]B+; reaffirmed
   Letter of Credit        17.00       [ICRA]A4; reaffirmed
   Long Term/Short Term
   Interchangeable         (8.00)      [ICRA]B+/A4; reaffirmed

ICRA's rating reaffirmation takes into account the 23% year-on-
year growth in SSPL's operating income in FY'15, helping offset
the decline in FY'14. This has however, been accompanied by an
erosion in its operating profit margins due to the increased cost
of production. ICRA's ratings continue to take into account the
high intensity of competition in the steel industry and
vulnerability of SSPL's profits to adverse movements in raw
material prices (mainly steel scrap) as bulk of the procurement is
not order backed, thereby leading to weak and declining operating
margins. Further, the working capital requirements have been
primarily funded through bank borrowings, leading to a highly
leveraged capital structure and weak debt coverage indicators.
ICRA also takes note of the company's stretched liquidity
position, as evident from the high utilization of the bank limits.

However, the ratings continue to derive comfort from the extensive
experience of the promoters in the steel industry; proximity of
the plant to Mandi Gobindgarh (established steel market of India)
which ensures easy availability of raw material; partial backward
integration into manufacturing of ingots which provide some
support to operating margins and the company's large customer
base.

Going forward, the ability of the company to scale up its revenues
while maintaining adequate profitability and optimally managing
its working capital cycle and capital structure, will be the key
rating sensitivities.

Incorporated in 1991, SSPL is a closely held company engaged in
manufacturing of steel ingots and rolling them into rounds and
other steel products. The manufacturing facility of the company is
located at Ludhiana, Punjab. The company has an induction furnace
with a capacity of 25, 000 tonnes per annum (TPA) and a rolling
mill with a capacity of 20,000 TPA.

Recent Results
The company, on a provisional basis, reported a profit after tax
(PAT) of INR0.09 crore on an operating income of INR96.62 crore in
FY2015 as against a PAT of INR0.15 crore on an operating income of
INR78.42 crore in the previous year.


SHEELU EXPORTS: CRISIL Raises Rating on INR45MM Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sheelu Exports (SE) to 'CRISIL B+/Stable' from 'CRISIL B/Stable'
while reaffirming the rating on the firm's short-term facilities
at 'CRISIL A4'.

                           Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Export Packing Credit      50       CRISIL A4 (Reaffirmed)

   Export Packing Credit      45       CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

   Proposed Export Packing     2.5     CRISIL A4 (Reaffirmed)
   Credit

   SME Care Loan               5.0     CRISIL B/Stable (Upgraded
                                       from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that SE will maintain
its improved business risk profile over the medium term, supported
by its healthy growth in topline and operating margin, resulting
in improved cash accruals vis-a-vis its debt obligations. In the
absence of any capital expenditure (capex) plan, the cash accruals
will support its working capital requirements, thus improving SE's
financial risk profile over the medium term.

The ratings continue to reflect SE's modest scale of operations in
the intensely competitive human-hair export industry and its
below-average financial risk profile, marked by small net worth,
high gearing, and modest debt protection metrics. The ratings are
also constrained by its working-capital-intensive operations.
These rating weaknesses are partially offset by the extensive
industry experience of SE's partners.
Outlook: Stable

CRISIL believes that SE will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if there is a substantial increase in
the firm's scale of operations, while it maintains its
profitability margins, or if there is substantial improvement in
its capital structure on the back of sizeable capital infusion by
the partners. Conversely, the outlook may be revised to 'Negative'
in case of a steep decline in SE's profitability margins, or
significant deterioration in its capital structure caused most
likely by large debt-funded capex or a stretch in its working
capital cycle.

SE was established in 2001 as a proprietorship concern and was
reconstituted as a partnership firm in 2007. The firm exports
processed human hair. It currently has two partners, Mr. K
Srinivasa Rao and Ms. K Sita Devi.

For 2013-14, (refers to the financial year, April 1 to March 31),
SE reported profit after tax (PAT) of INR5 million on net sales of
INR220 million against PAT of INR3 million on net sales of INR223
million in 2012-13.


SHRI BAJRANG: CRISIL Cuts Rating on INR350MM Cash Loan to 'B'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Shri Bajrang Alloys Ltd (SBAL) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable', and has reaffirmed its rating on the company's short-
term facilities at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        10        CRISIL A4 (Reaffirmed)
   Bill Discounting     350        CRISIL A4 (Reaffirmed)
   Cash Credit          350        CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The rating downgrade reflects CRISIL's belief that SBAL's
liquidity will remain weak over the medium term owing to its large
working capital requirements, and its tightly matched cash
accruals against its term debt obligations. The company's
operations are working capital intensive, as reflected in its high
gross current assets of 191 days as on March 31, 2015, leading to
higher reliance on short-term debt and hence, high utilisation of
bank lines. Timely support from group entities to help SBAL
service its term debt remains a key rating sensitivity factor.

The rating downgrade also factors in deterioration in SBAL's
business risk profile, with revenue declining to INR716 million in
2014-15 (refers to financial year, April 1 to March 31) from
INR1.043 billion in 2013-14. The revenue decline was because of
reduced orders for transmission line towers from the power sector,
which accounts for around 60 per cent of the company's operating
income. CRISIL believes that SBAL's revenue will be constrained
over the medium term by slowdown in offtake by the power sector,
which accounts for a substantial proportion of the company's
revenue.

The ratings reflect the susceptibility of SBAL's operating margin
to volatility in steel prices and its vulnerability to cyclicality
in the steel industry and to slowdown in offtake by the end-user
industry. The ratings also factor in the company's below-average
financial risk profile, marked by modest net worth and high
gearing. These rating weaknesses are partially offset by the
extensive experience of SBAL's promoters in the steel industry and
the company's established relationships with suppliers and
customers.
Outlook: Stable

CRISIL believes that SBAL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' in case of significant and
sustainable improvement in the company's revenue and
profitability, and in its capital structure. Conversely, the
outlook may be revised to 'Negative' if SBAL's financial risk
profile deteriorates, most likely because of a sharp decline in
profitability or revenue, any large debt-funded capital
expenditure, or increase in exposure to group companies.

SBAL is the flagship company of the Chhattisgarh-based Goel group,
founded by four brothers: Mr. Suresh Goel, Mr. Rajendra Goel, Mr.
Narendra Goel, and Mr. Anand Goel. The group's office is in
Raipur.

SBAL, established in 1990, produces structural steel material. The
company supplies to the Indian Railways, power projects, and the
telecom sector, and has been approved by Power Grid Corporation of
India Ltd for supply for its projects. SBAL is listed on the
Bombay Stock Exchange. Mr. Anand Goel manages the company's day-
to-day operations.


SHRI DARSHNA: ICRA Reaffirms B+ Rating on INR5cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
INR6.82 crore fund based limits and ratings of [ICRA]B+/[ICRA]A4
assigned to INR0.18 crore unallocated limits of Shri Darshna
Industries.

                       Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Cash Credit            5.00       [ICRA]B+ reaffirmed
   Term Loan              1.82       [ICRA]B+ reaffirmed
   Unallocated Limit      0.18       [ICRA]B+/[ICRA]A4 reaffirmed

The reaffirmation of ratings continues to be constrained by SDI's
small scale of operation in the highly competitive ginning
industry which exerts pressure on profitability; weak financial
risk profile with gearing of 2.51 times as on March 31, 2014 and
stretched coverage indicators with interest coverage ratio at 1.81
times, NCA/Debt at 4% for FY14. The ratings are also constrained
by the dip in operating margins in FY2014 owing to increase in
trading activity coupled with low profitability inherent in the
ginning industry on account of limited value addition. However,
the ratings draw comfort from promoter experience of more than
four decades in the cotton ginning and trading industry through
the group companies; and easy accessibility to raw material due to
presence in cotton growing area of Adilabad.

Shri Darshna Industries (SDI) was formed as a partnership firm in
the year 2010. The firm is engaged in ginning; pressing & trading
of cotton lint. The plant is located in Adilabad district of
Andhra Pradesh and it commenced operations from November 2010. The
company has 24 gins & 1 Bale press and a capacity to produce
127,000 bales per annum.

Recent Results
As per the audited results, the firm recorded INR46.21 crore of
revenues of and a PAT of INR0.08 crore during FY2014 when compared
to INR14.53 crore of Operating income and PAT of INR0.08 crore
during FY2013.


SHRI HARI: CRISIL Reaffirms B+ Rating on INR100MM Bill Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Shri Hari Forging
Products (SHFP) continue to reflect SHFP's modest scale of
operations, exposure to intense competition in the highly
fragmented transmission and distribution products industry, and
modest financial risk profile, marked by high gearing and average
debt protection metrics. These rating weaknesses are partially
offset by the extensive industry experience of the firm's
proprietor.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         8.5       CRISIL A4 (Reaffirmed)

   Bill Discounting     100         CRISIL B+/Stable (Reaffirmed)

   Cash Credit           32.5       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    26.1       CRISIL B+/Stable (Reaffirmed)

   Term Loan              1.4       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SHFP will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' in case of a substantial
improvement in the firm's net worth, most likely driven by fund
infusion or scaling up of operations while improving its
profitability. Conversely, the outlook may be revised to
'Negative' if SHFP's liquidity deteriorates, most likely because
of large debt-funded working capital requirements or capital
expenditure, or low cash accruals.

SHFP, a sole proprietorship firm set up in 2006, manufactures and
fabricates various components such as transformer structures, top
brackets, and guarding cross arms, which are used in the power
distribution sector. The firm, promoted by Mr. Shrikant Sharma, is
based in Jaipur (Rajasthan).


SOU. SUSHILA: ICRA Suspends B+ Rating on INR25cr Bank Loan
----------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR25.00 crore,
bank facilities of Sou. Sushila Danchand Ghodawat Charitable
Trust. The suspension follows ICRA's inability to carry out a
rating surveillance due to non cooperation from the company.

Sou. Sushila Danchand Ghodawat Charitable Trust was set up by Mr.
Sanjay Ghodawat in 2000. Sanjay Ghodawat is the chairman of the
Ghodawat Group of companies having business interests in Pan
Masala, Wind Energy, Solvent Extraction and Floriculture among
others. The trust initially operated a blood bank and setup a
medical college in 2008 followed by the engineering (Bachelor's
degree) and management institutes (Post Graduate Diploma) in 2009.
Since then the trust has setup also setup a school, a polytechnic
diploma college and started offering master's degree for the
engineering streams.


TALREJA TEXTILES: CRISIL Assigns 'B' Rating to INR45MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Talreja Textiles Industries Pvt Ltd (TTIPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Import Letter of
   Credit Limit         12.5       CRISIL A4

   Foreign Exchange
   Forward               7.5       CRISIL A4

   Cash Credit          45.0       CRISIL B/Stable

   Export Packing
   Credit               15.0       CRISIL B/Stable

The ratings reflect TTIPL's below-average financial risk profile,
with modest net worth, high gearing and subdued debt protection
metrics, and its modest scale and exposure to intense competition
in the textile industry. These weaknesses are partially offset by
the extensive industry experience of TTIPL's promoters.

Outlook: Stable

CRISIL believes that TTIPL will maintain its credit risk profile,
supported by its promoters' extensive industry experience and fund
support. The outlook may be revised to 'Positive' if TTIPL reports
substantial and sustained improvement in its financial risk
profile, backed by healthy growth in accruals, efficient working
capital management and/or any significant equity infusion.
Conversely, the outlook may be revised to 'Negative' if TTIPL
reports further weakening of its financial risk profile, most
likely because of large debt-funded capital expenditure, large
working capital requirements or low cash accruals.

TTIPL, incorporated in 1980, manufactures fusible interlinings.
Its operations are managed by Mr. Laxmandas Talreja and Mr. Suresh
Talreja.


THAKOR REDUCTANTS: ICRA Suspends B+ Rating on INR5cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR5.0 crore
fund based facilities of Thakor Reductants Private Limited (TRPL).
ICRA has also suspended the rating of [ICRA]A4 assigned to the
INR1.0 crore non-fund based limits TRPL. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

Thakor Reductants Private Limited (TRPL) was incorporated in 1992
and was jointly promoted by Mr. Naresh Mandlewala, Mr. Rakesh
Mandlewala, Mr. Yogesh Mandlewala and Mr. Hemant Mandlewala. The
company is based out of Surat and is the business of trading of
grey cloth, textile chemicals, aluminium foiling and jari printing
on job work basis. It also manufactures Khadi (printing gum), a
textile pigment used for foiling purposes.


TRINITY ENGINEERS: CRISIL Reaffirms B+ Rating on INR360MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Trinity Engineers Pvt
Ltd (TEPL) continue to reflect TEPL's below-average financial risk
profile, marked by high gearing and subdued debt protection
metrics.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bill Purchase-        20        CRISIL A4 (Reaffirmed)
   Discounting
   Facility

   Cash Credit          360        CRISIL B+/Stable (Reaffirmed)

   Letter of Credit      40        CRISIL A4 (Reaffirmed)


   Term Loan             29.5      CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the vulnerability of the company's
operating margin to fluctuations in raw material and fuel prices
and to any slowdown in demand from its end-user industry. These
rating weaknesses are partially offset by the extensive experience
of TEPL's promoters in the forging industry
Outlook: Stable

CRISIL believes that TEPL will continue to benefit over the medium
term from its promoters' industry experience and their support by
way of unsecured loans. The outlook may be revised to 'Positive'
in case of significant improvement in TEPL's net cash accruals and
capital structure, driven most likely by better-than-expected
profitability and fresh equity infusion. Conversely, the outlook
may be revised to 'Negative' in case of sustained pressure on the
company's revenue and profitability, adversely impacting its
accruals and hence its liquidity.

Update
TEPL, on a provisional basis, reported an operating income of
INR1.99 billion for 2014-15 (refers to financial year, April 1 to
March 31), as against INR2.00 billion reported for the previous
year. The subdued demand from the commercial vehicles industry
segment resulted in stagnant revenue in 2014-15. However, its
operating margin improved to about 4.3 per cent in 2014-15 from
1.7 per cent in the previous year on account of a considerable
decline in the price of furnace oil, which accounts for a
significant part of the company's operating cost. TEPL continues
to have working-capital-intensive operations, with gross current
assets of about 152 days as on March 31, 2015.

TEPL has a below-average financial risk profile with a small net
worth, leveraged capital structure, and subdued debt protection
metrics. The company's net worth and gearing were about INR76.7
million and 6.58 times, respectively, as on March 31, 2015. Also,
its interest coverage ratio was weak, at 1.01 times for 2014-15.
However, TEPL benefits from funding support from its promoters in
the form of unsecured loans, the balance of which stood at
INR114.7 million as on March 31, 2015. Also, its bank lines of
INR360 million were utilised at an average of about 90 per cent
over the 12 months through May 2015, providing adequate liquidity
cushion. With the expected improvement in its profitability,
TEPL's net cash accruals are expected to be sufficient to meet its
maturing debt obligations over the medium term.

TEPL, on a provisional basis, reported a net loss of INR24.9
million on an operating income of INR1.99 billion for 2014-15,
against a net loss of INR49.3 million on an operating income of
INR2.00 billion for 2013-14.

Incorporated in 1972, TEPL manufactures forgings and machined
components for commercial vehicles. The company's product profile
comprises 450 components. It is based in the industrial area of
Chinchwad in Pune (Maharashtra).


UBIQUITY DIGITAL: ICRA Upgrades Rating on INR32.5cr Loan to 'C'
---------------------------------------------------------------
ICRA has upgraded its long term rating on the INR32.50 crore term
loan facilities and INR2.50 crore unallocated limits of Ubiquity
Digital Card Systems Limited to [ICRA]C from [ICRA]D.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan               32.50        [ICRA]C; upgraded
   Unallocated              2.50        [ICRA]C; upgraded

The rating upgrade takes into account the improvement in UDCSL's
debt servicing track record, subsequent to reschedulement of its
debt obligations, which has resulted in an additional moratorium
period of 15 months. Further, the rating derives comfort from the
fact that the company's project is now complete. The rating
continues to derive comfort from the long standing experience of
the promoters in the Indore real estate market, given their
successful track record of developing various commercial projects.
The rating is, however, constrained due to high market risk given
that minimal project area has been sold/leased despite the
completed status of the project. This risk is accentuated by the
competitive pressures and the slowdown in the real estate sector.
Given that the repayments will now commence from September, 2015,
sale of additional area is critical for the timely servicing of
debt.

Going forward, the ability of the company to sell or lease
additional area and timeliness and adequacy of funding support
from promoters will constitute the key rating sensitivities.

UDCSL was incorporated in 1999 and is developing its first
project, Brilliant Titanium, in Indore, Madhya Pradesh. This
project is a commercial complex constructed on a land parcel of
71,882 square feet and has a saleable area of 306,225 square feet.
UDSCL is an associate of M/s Brilliant Estates Ltd, which has been
promoted by Mr. Sanjay Choudhary, who has successfully completed
many commercial projects in Indore. The Brilliant Group has leased
about a million square feet of commercial space and its client
base includes Oracle, Mphasis, CSC, Xerox, IBM, HDFC bank and the
Government of Madhya Pradesh.


UNIPEARL ALLOYS: CARE Assigns B+ Rating to INR3.50cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Unipearl Alloys.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      3.50      CARE B+ Assigned
   Short-term Bank Facilities     2.45      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Unipearl Alloys
(UA) are primarily constrained by its small and declining scale
of operations, low net worth base, low profitability margins and
leveraged capital structure. The ratings are further
constrained by cyclicality inherent to the steel industry and
highly fragmented nature of the industry characterized by
intense competition, raw material price fluctuation risk along
with constitution of the entity as a partnership firm.

These rating constraints are partially offset due to the support
from the experienced partners and moderate operating
cycle.

Going forward, the ability of UA to scale up its operations with
improvement in the profitability margins and capital
structure shall be the key rating sensitivities.

Punjab based Unipearl Alloys (UA) is a partnership firm
established in 2005 by Mr Kuldeep Singh Kalsi, Mr Pargat Singh,
Mr Rajveer Singh, and Mr Vikramjeet Singh sharing profit and loss
in the ratio of 25%, 25%, 30% and 20% respectively. UA is
primarily engaged in the manufacturing of mild steel ingots,
square steel billets and forging ingots at its manufacturing
unit located at Mandi Gobindgarh, Punjab with a combined installed
capacity of 50 metric tonnes per annum (MTPA) as on March 31,
2014. The manufacturing processes of the firm are ISO 9001:2008
certified. The main raw material is iron scrap and procured
domestically. The company sells its products mainly in the Punjab
region.

Besides UA, the group includes Pearl Steel Rolling Mills (PSRM)
and United Iron & Steel Re-Rolling Mills (UIRM) which are
also engaged in manufacturing of mild steel angles and stainless
steel angles.

In FY14 (refers to the period April 1 to March 31), UA has
achieved a total operating income (TOI) of INR34.90 crore with
PBILDT and profit after tax (PAT) of INR0.46 crore and INR0.09
crore as against TOI of INR39.80 crore with PBILDT and PAT
of INR0.52 crore and INR0.08 crore respectively in FY13. During
FY15, the company has achieved total income of INR37 crore till
January 30, 2015.


UNIVERSAL LSS: CRISIL Lowers Rating on INR400MM Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the short-term bank facilities
of Universal LSS Exports India Private Limited (ULSSEPL; formerly
known as Universal Exports) to 'CRISIL D' from 'CRISIL A4+'. The
downgrade reflects overutilisation of ULSSEPL's bill discounting
facility for more than 30 straight days on account of delay in
realisations from its customers and losses in its business.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting       400        CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Proposed Short Term    100        CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL A4+')

ULSSEPL has high customer concentration in its revenue profile and
has modest operating profitability because of the trading nature
of its business. The company has a long working capital cycle that
has constrained its financial risk profile and liquidity. However,
the company benefits from its promoter's extensive experience in
the textile industry and its diverse product portfolio; also, it
has limited susceptibility to volatility in prices of traded goods
because of low inventory holding.

ULSSEPL was established in April 2013 by Mr. Sachin Lalji Shah to
take over the business of Universal Exports, a proprietorship firm
which had been set up in 2007 by Mr. Shah. The company exports
various products such as ready-made garments for children and
women, imitation jewellery, embroidered textiles, incense sticks,
cosmetic products, shoes, and synthetic hair to Africa and the
Middle East.


VEEKAY POLYCOATS: CRISIL Lowers Rating on INR665MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Veekay Polycoats Ltd (VPL) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           665       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Letter of Credit      660       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Proposed Long Term    443.9     CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B+/Stable')

   Term Loan             256.1     CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Working Capital       225       CRISIL D (Downgraded from
   Term Loan                       'CRISIL B+/Stable')

The rating downgrade reflects delays by VPL in servicing its debt
because of its weak liquidity. The company's weak liquidity is
driven by its stretched debtor cycle as reflected in a large
quantum of receivables of more than one year and delayed
realisations due to economic slowdown.

VPL is also exposed to intense competition in the synthetic
leather industry and has large working capital requirements. The
company, however, benefits from its established market position in
the synthetic leather industry.

VPL was set up by Mr. Vinod Garg in 1992. The company manufactures
synthetic leather, vinyl flooring, and Polyvinyl Chloride (PVC)
films, and commenced manufacturing of non-woven fabric in 2006. It
has two manufacturing facilities, in Gurgaon (Haryana) and Bhiwadi
(Rajasthan).

On a provisional basis, VPL reported profit after tax (PAT) of
INR17.9 million on net sales of around INR2.87 billion for 2014-15
(refers to financial year, April 1 to March 31), against PAT of
INR38.0 million on net sales of INR3.27 billion for 2013-14.


VINDSOR MANAGEMENT: CRISIL Assigns B+ Rating on INR175MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Vindsor Management Consultants Pvt Ltd (VMCPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Working Capital
   Term Loan             69        CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility   175        CRISIL B+/Stable

   Cash Credit          155        CRISIL B+/Stable

   Long Term Loan       101        CRISIL B+/Stable

The rating reflects the extensive experience of VMCPL's promoters
in the human resource and employment services industry, and its
established customer relations. These strengths are partially
offset by VMCPL's moderate financial risk profile, high gearing
and working-capital-intensive operations.
Outlook: Stable

CRISIL believes that VMCPL will maintain its established industry
presence, over the medium term, supported by its promoters'
extensive industry experience and established customer
relationships. The outlook may be revised to 'Positive' if VMCPL
reports substantial and sustained improvement in its revenue and
profitability margins from the current levels, or improvement in
its working capital management, over the medium term, resulting in
sustained improvement in its capital structure. Conversely, the
outlook may be revised to 'Negative' if VMCPL reports a steep
decline in its profitability margins from the current levels or a
significant weakening of its capital structure due to large
working capital requirements.

VMCPL was incorporated in 2004 by Mr. Vinay Shirsat and his wife
Ms. Archana Shirsat. It provides manpower and staffing solutions
to companies operating in different industries.


WINDATA SOLUTIONS: ICRA Suspends 'D' Rating on INR30cr Bank Loan
----------------------------------------------------------------
ICRA has suspended [ICRA]D assigned to INR30.00 crore bank
facilities of Windata Solutions Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

WinData Solutions Limited (WSL), incorporated in 2008 by Mr.
Suresh Yeddi, Mr. Amarnath Yeddi, Mr. Bollikonda Vinodbabu and Mr.
Venkata Rama Krishna, to provide software services in GIS,
Healthcare and IT Infrastructure. WSL activities include software
development, development of products for GIS and healthcare
industry, system design & development services in areas of
Enterprise Resource Planning (ERP), Business Intelligence (BI) and
System Architecture Protocol (SAP).


=================
I N D O N E S I A
=================


INDIKA ENERGY: Fitch Lowers IDR to 'B'; Outlook Negative
--------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Foreign and Local
Currency Issuer Default Ratings of Indonesia-based Indika Energy
Tbk to 'B' from 'B+'.  The Outlook on the ratings remains
Negative.  Indika's senior unsecured notes have also been
downgraded to 'B' from 'B+', with a Recovery Rating of 'RR4'.

The downgrade of Indika's rating and maintenance of the Negative
Outlook reflects Fitch's expectation of sustained weak credit
metrics, largely as a result of lower dividend inflows from its
coal mining company, PT Kideco Jaya Angung (Kideco), as coal
prices are likely to remain weak.

The company has made some progress with trimming costs and capex
that drain its cash flows.  While Indika maintains adequate
liquidity with over USD230m cash and equivalents at the company
level, the Negative Outlook reflects challenges the company may
face in refinancing the bonds due in 2018 and 2023 if coal prices
remain subdued for an extended period.  Such an environment also
raises the possibility that the company's interest burden would
increase substantially when it refinances its long-term debt.  The
coupon on Indika's existing USD300m notes due in 2018 is 7% per
annum and that on its USD500m notes due in 2023 is 6.375%; its
cost of debt on refinancing is likely to be higher given the
weakened credit profile, which may further weigh on its cash
flows.

KEY RATING DRIVERS

Weakened Credit Profile: Fitch expects Indika's interest coverage
to fall below 1x in 2016 and 2017 (1.7x in 2014); where interest
coverage is the ratio of EBITDA minus taxes, of the company at a
standalone-level and its fully owned subsidiaries plus dividend
inflows from all its non-fully owned subsidiaries and associate
companies to the interest expense of the holding company and fully
owned subsidiaries.  The ratio's decline is primarily due to lower
dividends from 46%-owned Kideco.  Fitch, however, expects the
ratio to gradually improve to over 1x by 2018 with its assumption
of moderate increases in coal prices; however, an increase in
Indika's cost of debt could mute the extent of the improvement.

Lower Dividends from Kideco: Fitch expects dividends from Kideco
to remain weak due to our expectation of low coal prices.  The
majority of Indika's cash inflow is from the Kideco dividends,
which amounted to over USD200m in 2012.  This fell to USD88m in
2014 and we expect it to be around USD65m in 2015 and less than
USD50 mil. in 2016.  The dividends can likely recover gradually,
in line with our forecast moderate improvements in coal prices.
Fitch expects the Newcastle coal price benchmark to gradually rise
from current levels, due to global production rationalisation and
rising demand from India and Indonesia, but remain below USD70 a
tonne until 2018.

Indika expects Kideco to continue paying out about 90% of its net
profit as dividends.  Kideco carries no debt, and has minimal
capex requirements because it has capacity of about 50mtpa
compared with production of 40mtpa in 2014.  Kideco also is one of
the lowest cost producers supplying to the seaborne thermal coal
market, and is placed among the lowest quartile of the cost curve
for seaborne supply.  The weak global coal prices have put
pressure on its earnings, with EBITDA falling to USD318 mil. in
2014 from USD850m in 2011.

Holding Company Cost Cuts: Indika continues to trim costs at the
holding company level, with operating costs falling by about
USD20m to about USD55m in 2014.  Cost cutting measures mostly
related to halting spending on new greenfield coal assets.  While
Fitch expects further cost cuts at the holding company level,
Fitch's do not think this will be adequate to fully offset the
reduction in dividends from Kideco.

Adequate Liquidity: On a standalone basis Indika had about
USD180 mil. in cash and equivalents, and USD55m in liquid funds.
Its fully owned subsidiary Tripatra had USD58m of cash balances
and debt of USD25m.  On a standalone basis Indika does not have
any major debt maturities until its USD300m of senior unsecured
bonds come due in 2018.  Fitch expects Indika's standalone net
cash generation to be marginally negative to neutral over the
coming few years, and that its cash balances would be able to
comfortably cover any negative cash flows during this period.

Refinancing Risk: Indika would require refinancing when its
USD300 mil. of bonds mature in 2018.  Indika has another
USD500 mil. of senior unsecured notes due in 2023, and USD80 mil.
of working capital facilities taken on for its coal trading
operations.  Of the USD500 mil. of notes, USD115m has been
extended to its 70%-owned subsidiary Petrosea, a mining
contractor, whose operating and financial performance too has
weakened with the challenges facing the Indonesian coal mining
industry.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:
   -- Newcastle prices of USD62, USD66, USD67, USD71 and USD72
      from 2015 to 2019.
   -- Kideco continues to maintain a dividend payout ratio of
      90%. Dividends from Kideco remain below USD50m until 2019.

   -- EBITDA losses on a standalone basis fall to USD29 mil. from
      USD47 mil. in 2014, owing to cost cuts, stopping
      exploration spending at its new assets and other measures.

   -- Dividends from Petrosea immaterial throughout the forecast
      due to weak profits.  Dividends from PT Mitrabahtera Segara
      Sejati Tbk and PT Cirebon Electric Power (its associate
      power company) amount to about USD13 mil. per annum
      throughout the forecast.

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

   -- A material weakening of liquidity at the holding company
      level due to a deterioration of its cash balances and
      access to external funding
   -- A failure to improve the holding company interest coverage
      to above 1.0x on a forecast basis

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

Fitch may revise Indika's rating Outlook to Stable, while
affirming its IDR at 'B' if the company can improve its holding
company interest coverage comfortably above 1.0x while
satisfactorily addressing its refinancing risks and maintaining
adequate liquidity.


=============
V I E T N A M
=============


SHIPBUILDING INDUSTRY: Moving Ahead With Restructuring
------------------------------------------------------
VIETNAMNET Bridge reports that the restructuring process of the
Shipbuilding Industry Corporation (SBIC) and Vinalines was
announced in a report on the first half of the year released
recently by the Ministry of Transport (MoT).

SBIC, formally known as Vinashin, has basically completed the
financial restructuring of its international bonds and debts,
VIETNAMNET says. The report said it had finished restructuring
debts to international credit organizations in the first stage and
was waiting for approval from government to continue, VIETNAMNET
relates.

According to VIETNAMNET, the report also showed that the
restructuring plans of 40 subsidiaries of Vinashin had been
approved, while the plans of 104 other companies were waiting for
approval.

Regarding Vinalines, five subsidiaries were disbanded, two were
declared bankrupt, eleven were equitized, and one is to be merged,
VIETNAMNET relays.

VIETNAMNET relates that MoT said that the restructuring process
would be accelerated for nine other corporations under the
approved plan.  VIETNAMNET adds that the five corporations
receiving the most focus were SBIC, Vinalines, Vietnam Railways,
Vietnam Expressway Corporation and Corporation for Investment, and
Cuu Long Development and Project Management of Transportation
Infrastructure.

In the first half of the year, seven enterprises completed initial
public offerings (IPOs) and had organized the first general
meeting as joint stock companies, including Vietnam Airlines, adds
VIETNAMNET.

The Shipbuilding Industry Corporation (SBIC) is a state-owned
shipbuilding company. The main businesses of SBIC is building,
repairing, and maintaining vessels; operating seaports and wharfs;
sea transporting; building shipyard and other water constructions;
and supporting industries for the shipbuilding sector.


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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                         Total     Shareholders
                                        Assets           Equity
  Company                Ticker        (US$MM)          (US$MM)
  -------                ------         ------     ------------

AUSTRALIA

ACONEX LTD                ACX             36.38        -152.68
ADCORP AUSTRALIA          AAU             17.86          -0.81
ATLANTIC LTD              ATI             64.03        -517.87
AUSTRALIAN ZI-PP        AZCCA             16.99         -71.67
AUSTRALIAN ZIRC           AZC             16.99         -71.67
AXXIS TECHNOLOGY          AYG             19.18          -1.88
BIRON APPAREL LT          BIC             19.71          -2.22
BLUESTONE GLOBAL          BUE             46.32          -2.40
BRIDGE GLOBAL CA          BGC             19.38        -121.51
BULLETPROOF GROU          BPF             11.11          -2.99
CLARITY OSS LTD           CYO             13.99         -15.57
CONTINENTAL COAL          CCC            141.26          -6.69
IPH LTD                   IPH             22.71          -7.54
LOVISA HOLDINGS           LOV             19.02          -3.43
MBD CORP LTD              MBD             14.63          -0.20
MIRABELA NICKEL           MBN            158.54        -375.82
NORSEMAN GOLD PL          NGX             36.28         -43.40
OPUS GROUP LTD            OPG             63.26          -8.99
RIVERCITY MOTORW          RCY            386.88        -809.13
RUTILA RESOURCES          RTA             34.45          -3.90
SAVCOR GRP LTD            SAV             25.90         -10.32
SIGNATURE METALS          SBL             33.09         -18.85
SPHERE MINERALS           SPH            108.81         -64.95
STERLING PLANTAT          SBI             59.64         -12.67
STONE RESOURCES           SHK             21.76         -14.91
SUBZERO GROUP LT          SZG             31.95          -3.19


CHINA

ANHUI GUOTONG-A           600444          75.07          -7.31
BAIOO                       2100          88.34          -3.21
CHINA ESSENCE GR            CESS          48.99        -108.56
GCL SYSTEM INT-A            2506         577.79        -465.36
JIANGXI CHANG-A           600228         109.53         -11.09
LINEKONG INTERAC            8267          40.79        -112.57
LUOYANG GLASS-A           600876         203.45          -2.05
LUOYANG GLASS-H             1108         203.45          -2.05
NANNING CHEMIC-A          600301         257.94         -14.09
SHAANXI QINLIN-A          600217         339.47         -24.55
SHANG BROAD-A             600608          39.94          -0.31
SONGLIAO AUTO -A          600715          27.06          -6.12
TIANGE                      1980         139.51         -13.82
WUHAN BOILER-B            200770         193.47        -235.12
XIAKE COLOR-A               2015         268.17         -18.47

CHINA HEALTHCARE             673          26.86         -17.33
CHINA MINING RES             340          97.56          -1.90
CHINA OCEAN SHIP             651         315.16         -76.51
CNC HOLDINGS                8356          50.95         -10.22
GR PROPERTIES LT             108          17.83         -52.36
GRANDE HLDG                  186         194.96        -302.44
HARMONIC STR                  33          33.31          -2.82
MASCOTTE HLDGS               136          17.72          -4.61
TITAN PETROCHEMI            1192         422.49      -1,073.54


INDONESIA

APAC CITRA CENT          MYTX            174.01         -17.22
ARPENI PRATAMA           APOL            166.39        -336.11
ASIA PACIFIC             POLY            323.36        -862.79
BAKRIE & BROTHER         BNBR            937.98        -160.00
BAKRIE TELECOM           BTEL            627.41        -271.18
BENTOEL INTL INV         RMBA            854.30         -17.77
BERAU COAL ENERG         BRAU          1,876.65         -29.46
BERLIAN LAJU TAN         BLTA            766.11      -1,173.91
BERLIAN LAJU TAN         BLTA            766.11      -1,173.91
BORNEO LUMBUNG           BORN          1,050.10        -541.61
BUMI RESOURCES           BUMI          6,595.57        -320.93
ICTSI JASA PRIMA         KARW             53.53         -10.11
JAKARTA KYOEI ST         JKSW             24.64         -34.00
MERCK SHARP DOHM         SCPI             92.25          -0.08
ONIX CAPITAL TBK         OCAP             13.75          -2.96
RENUKA COALINDO          SQMI             15.99          -0.30
SUMALINDO LESTAR         SULI             77.28         -34.38
TRUBA ALAM ENG           TRUB            216.87         -34.67
UNITEX TBK               UNTX             20.62         -17.28


INDIA

ABHISHEK CORPORA         ABSC             53.66         -25.51
AGRO DUTCH INDUS          ADF             85.09         -22.81
ALPS INDUS LTD           ALPI            201.29         -41.70
ARTSON ENGR               ART             11.64         -10.64
ASHAPURA MINECHE         ASMN            162.39         -16.64
ASHIMA LTD               ASHM             63.23         -48.94
ATV PROJECTS              ATV             48.47         -43.93
BELLARY STEELS           BSAL            451.68        -108.50
BENZO PETRO INTL          BPI             26.77          -1.05
BHAGHEERATHA ENG         BGEL             22.65         -28.20
BHARATI SHIPYARD         BHSL          1,428.69         -17.76
BINANI INDUS LTD          BZL          1,163.38         -38.79
BLUE BIRD INDIA          BIRD            122.02         -59.13
CELEBRITY FASHIO         CFLI             24.96          -8.26
CHESLIND TEXTILE          CTX             20.51          -0.03
CLASSIC DIAMONDS          CLD             66.26          -6.84
COMPUTERSKILL             CPS             14.90          -7.56
DCM FINANCIAL SE        DCMFS             18.46          -9.46
DFL INFRASTRUCTU         DLFI             42.74          -6.49
DIGJAM LTD               DGJM             99.41         -22.59
DISH TV INDIA            DITV            462.53         -52.19
DISH TV INDI-SLB       DITV/S            462.53         -52.19
DUNCANS INDUS             DAI            122.76        -227.05
ELECTROTHERM IND          ELT            501.15         -96.22
ENSO SECUTRACK           ENSO             15.57          -0.46
EURO CERAMICS            EUCL            110.62          -6.83
EURO MULTIVISION         EURO             36.94          -9.95
FERT & CHEM TRAV          FCT            314.24         -76.26
GANESH BENZOPLST          GBP             44.05         -15.48
GANGOTRI TEXTILE         GNTX             54.67         -14.22
GOKAK TEXTILES L         GTEX             48.71          -5.00
GOLDEN TOBACCO            GTO             97.40         -18.24
GSL INDIA LTD             GSL             29.86         -42.42
GSL NOVA PETROCH         GSLN             16.53          -1.31
GUJARAT STATE FI          GSF             15.26        -304.68
GUPTA SYNTHETICS        GUSYN             44.18          -6.34
HARYANA STEEL            HYSA             10.83          -5.91
HEALTHFORE TECHN         HTEC             14.74         -46.64
HINDUSTAN ORGAN           HOC             57.24         -51.76
HINDUSTAN PHOTO          HPHT             49.58      -1,832.65
HIRAN ORGOCHEM             HO             14.56          -4.59
HMT LTD                   HMT            106.62        -454.42
ICDS                     ICDS             13.30          -6.17
INDAGE RESTAURAN          IRL             15.11          -2.35
INDOSOLAR LTD            ISLR            193.78          -6.91
INTEGRAT FINANCE          IFC             49.83         -51.32
JCT ELECTRONICS          JCTE             80.08         -76.70
JENSON & NIC LTD           JN             16.49         -71.70
JET AIRWAYS IND         JETIN          2,856.84        -697.07
JET AIRWAYS -SLB      JETIN/S          2,856.84        -697.07
JOG ENGINEERING           VMJ             45.90          -5.28
KALYANPUR CEMENT         KCEM             23.39         -42.66
KERALA AYURVEDA          KERL             13.97          -1.69
KIDUJA INDIA              KDJ             11.16          -3.43
KINGFISHER AIR           KAIR            515.93      -2,371.26
KINGFISHER A-SLB       KAIR/S            515.93      -2,371.26
KITPLY INDS LTD           KIT             14.77         -58.78
KLG SYSTEL LTD           KLGS             40.64         -27.37
KSL AND INDUSTRI        KSLRI            269.42         -14.19
LML LTD                   LML             43.95         -78.18
MADHUCON PROJECT        MDHPJ          1,226.74         -21.90
MADRAS FERTILIZE          MDF            289.78         -34.43
MAHA RASHTRA APE         MHAC             14.49         -12.96
MALWA COTTON             MCSM             44.14         -24.79
MAWANA SUGAR             MWNS            142.07         -32.88
MODERN DAIRIES            MRD             38.61          -3.81
MOSER BAER INDIA          MBI            727.13        -165.63
MOSER BAER -SLB         MBI/S            727.13        -165.63
MPL PLASTICS LTD         MPLP             17.67         -51.22
MTZ POLYFILMS LT          TBE             31.94          -2.57
MURLI INDUSTRIES         MRLI            262.39         -38.30
MYSORE PAPER             MSPM             87.99          -8.12
NATL STAND INDI          NTSD             22.09          -0.73
NAVCOM INDUS LTD          NOP             10.19          -3.53
NICCO CORP LTD           NICC             71.84          -4.91
NICCO UCO ALLIAN         NICU             23.25         -83.90
NK INDUS LTD              NKI            141.35          -7.71
NRC LTD                  NTRY             55.11         -52.44
NUCHEM LTD                NUC             24.72          -1.60
PANCHMAHAL STEEL          PMS             51.02          -0.33
PARAMOUNT COMM           PRMC            124.96          -0.52
PARASRAMPUR SYN           PPS             99.06        -307.14
PAREKH PLATINUM          PKPL             61.08         -88.85
PIONEER DISTILLE          PND             53.74          -5.62
PREMIER INDS LTD         PRMI             11.61          -6.09
PRIYADARSHINI SP         PYSM             20.80          -2.28
QUADRANT TELEVEN         QDTV            105.10        -183.38
QUINTEGRA SOLUTI          QSL             16.76         -17.45
RADHA MADHAV COR         RMCL             10.33         -48.95
RAMSARUP INDUSTR         RAMI            433.89         -89.28
RATHI ISPAT LTD          RTIS             44.56          -3.93
RELIANCE MED-SLB        RMW/S            279.61        -144.47
RENOWNED AUTO PR          RAP             14.12          -1.25
RMG ALLOY STEEL           RMG             66.61         -12.99
ROYAL CUSHION            RCVP             14.70         -75.18
SAAG RR INFRA LT         SAAG             12.54          -4.93
SADHANA NITRO             SNC             16.74          -0.58
SANATHNAGAR ENTE         SNEL             49.23          -6.78
SANCIA GLOBAL IN         SGIL             53.12         -30.47
SBEC SUGAR LTD          SBECS             92.44          -5.61
SERVALAK PAP LTD         SLPL             61.57          -7.63
SHAH ALLOYS LTD            SA            168.13         -81.60
SHALIMAR WIRES           SWRI             21.39         -24.28
SHAMKEN COTSYN            SHC             23.13          -6.17
SHAMKEN MULTIFAB          SHM             60.55         -13.26
SHAMKEN SPINNERS          SSP             42.18         -16.76
SHREE GANESH FOR         SGFO             44.50          -2.89
SHREE KRISHNA            SHKP             14.62          -0.92
SHREE RAMA MULTI         SRMT             38.90          -4.49
SHREE RENUKA SUG         SHRS          2,162.34         -82.52
SHREE RENUKA-SLB       SHRS/S          2,162.34         -82.52
SIDDHARTHA TUBES          SDT             44.95         -15.37
SIMBHAOLI SUGARS         SBSM            268.76         -54.47
SPICEJET LTD             SJET            489.96        -170.22
SQL STAR INTL             SQL             10.58          -3.28
STATE TRADING CO          STC            556.35        -392.74
STELCO STRIPS            STLS             11.65          -5.73
STI INDIA LTD            STIB             21.69          -2.13
STL GLOBAL LTD           SHGL             30.73          -5.62
STORE ONE RETAIL         SORI             15.48         -59.09
SURYA PHARMA             SUPH            370.28          -9.97
SUZLON ENERG-SLB       SUEL/S          5,061.62         -53.02
SUZLON ENERGY            SUEL          5,061.62         -53.02
TAMILNADU JAI            TNJB             17.07          -1.00
TATA METALIKS             TML            122.76          -3.30
TATA TELESERVICE         TTLS          1,311.30        -138.25
TATA TELE-SLB          TTLS/S          1,311.30        -138.25
TIMEX GROUP IND          TIMX             20.14          -0.42
TIMEX GROUP-PREF        TIMXP             20.14          -0.42
TODAYS WRITING           TWPL             18.58         -25.67
TRIUMPH INTL             OXIF             58.46         -14.18
TRIVENI GLASS            TRSG             19.71         -10.45
TUTICORIN ALKALI         TACF             17.17         -22.86
UDAIPUR CEMENT W          UCW             11.38         -10.53
UNIFLEX CABLES           UFCZ             47.46          -7.49
UNIWORTH LTD               WW            149.50        -151.14
UNIWORTH TEXTILE          FBW             22.54         -35.03
USHA INDIA LTD           USHA             12.06         -54.51
VANASTHALI TEXT           VTI             14.59          -5.80
VENUS SUGAR LTD            VS             11.06          -1.08
WANBURY LTD              WANB            141.86          -3.91
WEBSOL ENERGY SY         WESL            105.10         -23.79


JAPAN

GOYO FOODS INDUS            2230          11.13          -1.81
LCA HOLDINGS COR            4798          21.73          -1.75
OPTROM INC                  7824          15.63          -4.50
PIXELA CORP                 6731          13.97          -0.02


KOREA

HYUNDAI CEMENT              6390         454.92        -262.92
SAMWHAN CORP                 360         624.46          -9.54
SAMWHAN CORP-PRE             365         624.46          -9.54
SHINIL ENG CO              14350         199.04          -2.53
STX CORPORATION            11810       1,275.13        -484.08
STX ENGINE CO LT           77970       1,170.67         -62.72
TEC & CO                    8900         139.98         -16.61
TONGYANG INC                1520       1,068.15        -452.52
TONGYANG INC-2PF            1527       1,068.15        -452.52
TONGYANG INC-3RD            1529       1,068.15        -452.52
TONGYANG INC-PFD            1525       1,068.15        -452.52


MALAYSIA

BIOSIS GROUP BHD          BGH             10.39          -7.66
DING HE MINING            705             48.83         -57.14
HAISAN RESOURCES          HRB             23.80         -20.90
HIGH-5 CONGLOMER         HIGH             29.86         -65.83
LION CORP BHD            LION          1,128.18        -160.72
ML GLOBAL BHD             MLG             13.23          -4.07
OCTAGON CONSOL           OCTG             14.55         -53.99
PERWAJA HOLDINGS         PERH            515.46        -163.63


NEW ZEALAND

PULSE ENERGY LTD          PLE             15.04          -4.52


PHILIPPINES

CYBER BAY CORP         CYBR               13.68         -25.95
DFNN INC               DFNN               14.84          -2.76
FILSYN CORP A           FYN               23.11         -11.69
FILSYN CORP. B         FYNB               23.11         -11.69
GOTESCO LAND-A           GO               21.76         -19.21
GOTESCO LAND-B          GOB               21.76         -19.21
METRO GLOBAL HOL        MGH               40.90         -15.77
PICOP RESOURCES         PCP              105.66         -23.33
STENIEL MFG             STN               21.07         -11.96
UNIWIDE HOLDINGS         UW               50.36         -57.19


SINGAPORE

CHINA GREAT LAND        CGL               12.24         -21.26
GPS ALLIANCE HOL        GPS               15.91          -0.61
OCEANUS GROUP LT      OCNUS               81.89         -13.92
QT VASCULAR LTD        QTVC               17.99         -11.99
SCIGEN LTD-CUFS         SIE               46.71         -55.42
SINGAPORE EDEVEL        SGE               12.81          -3.18
SINOPIPE HLDS          SPIP              146.50         -80.06
TERRATECH GROUP        TEGP               13.55          -5.24
UNITED FIBER SYS        UFS               46.83         -87.24


THAILAND

ABICO HLDGS-F       ABICO/F               15.28          -4.40
ABICO HOLDINGS        ABICO               15.28          -4.40
ABICO HOLD-NVDR     ABICO-R               15.28          -4.40
ASCON CONSTR-NVD    ASCON-R               59.78          -3.37
ASCON CONSTRUCT       ASCON               59.78          -3.37
ASCON CONSTRU-FO    ASCON/F               59.78          -3.37
BANGKOK RUBBER          BRC               77.91        -114.37
BANGKOK RUBBER-F      BRC/F               77.91        -114.37
BANGKOK RUB-NVDR      BRC-R               77.91        -114.37
BIG CAMERA COP-F      BIG/F               19.86         -13.03
BIG CAMERA CORP         BIG               19.86         -13.03
BIG CAMERA -NVDR      BIG-R               19.86         -13.03
CIRCUIT ELEC PCL     CIRKIT               16.79         -96.30
CIRCUIT ELEC-FRN   CIRKIT/F               16.79         -96.30
CIRCUIT ELE-NVDR   CIRKIT-R               16.79         -96.30
ITV PCL-NVDR          ITV-R               36.02        -121.94
K-TECH CONSTRUCT    KTECH/F               38.87         -46.47
KTECH CONSTRUCTI      KTECH               38.87         -46.47
K-TECH CONTRU-R     KTECH-R               38.87         -46.47
KUANG PEI SAN        POMPUI               17.70         -12.74
KUANG PEI SAN-F    POMPUI/F               17.70         -12.74
KUANG PEI-NVDR     POMPUI-R               17.70         -12.74
PAE THAI PUB CO         PAE               42.42          -0.28
PAE THAI-FRGN         PAE/F               42.42          -0.28
PAE THAI-NVDR         PAE-R               42.42          -0.28
PATKOL PCL               PK               52.89         -30.64
PATKOL PCL-FORGN       PK/F               52.89         -30.64
PATKOL PCL-NVDR        PK-R               52.89         -30.64
PROFESSIONAL WAS        PRO               10.68          -1.71
PROFESSIONAL-F        PRO/F               10.68          -1.71
PROFESSIONAL-N        PRO-R               10.68          -1.71
SHUN THAI RUBBER      STHAI               13.16          -6.13
SHUN THAI RUBB-F    STHAI/F               13.16          -6.13
SHUN THAI RUBB-N    STHAI-R               13.16          -6.13
TONGKAH HARBOU-F      THL/F               62.30          -1.84
TONGKAH HARBOUR         THL               62.30          -1.84
TONGKAH HAR-NVDR      THL-R               62.30          -1.84
TRANG SEAFOOD           TRS               15.18          -6.61
TRANG SEAFOOD-F       TRS/F               15.18          -6.61
TRANG SFD-NVDR        TRS-R               15.18          -6.61
TT&T PCL               TTNT              169.38        -510.60
TT&T PCL-NVDR        TTNT-R              169.38        -510.60
TT&T PUBLIC CO-F     TTNT/F              169.38        -510.60
WORLD CORP -NVDR    WORLD-R               15.72         -10.10
WORLD CORP PCL        WORLD               15.72         -10.10
WORLD CORP PLC-F    WORLD/F               15.72         -10.10



                             *********

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.



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