TCRAP_Public/150728.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Tuesday, July 28, 2015, Vol. 18, No. 147


                            Headlines


A U S T R A L I A

ALL ABOUT: Placed Into Administration
DFM UNLEY: In Administration; First Creditors' Meeting Set Aug. 3
DUPRE REVELL: First Creditors' Meeting Set For August 3
DYNAMIC PLATINUM: First Creditors' Meeting Set For August 4
EXCEL TRUCK: First Creditors' Meeting Set For August 4

EXIT ALLIANCE: First Creditors' Meeting Slated For August 6


C H I N A

CHINA: Biggest State Banks Recruited Into Stock Market Rescue
CHINA: Losing Control as Stocks Crash Amid Emergency Measures
CHINA ZHENGTONG: Moody's Retains Ba3 CFR on Potential Spinoff
PARKSON RETAIL: Fitch Puts 'BB-' Long-Term IDR on Watch Negative


H O N G  K O N G

CHINA OIL: S&P Lowers CCR to 'BB'; Outlook Stable

I N D I A


AMMA AGRO: CRISIL Assigns 'B' Rating to INR61MM LT Loan

ASHOKA FOAM: ICRA Assigns B+ Rating to INR10cr LT Loan
ASTRA LIGHTING: CARE Assigns B- Rating to INR10.73cr LT Loan
BALAJI TRADING: CRISIL Assigns B Rating to INR50MM Cash Loan
BALDEV METALS: ICRA Reaffirms B+ Rating on INR10cr LT Loan
BALMUKUND CEMENT: CRISIL Suspends B+ Rating on INR243.6MM Loan

BHANSALI IMPEX: ICRA Assigns B- Rating to INR5.0cr Cash Credit
BHARAT ISPAT: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
CHANDRA PRABHU: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
FIREFLY BATTERIES: CARE Reaffirms B+ Rating on INR23cr LT Loan
GLINT COSMETICS: CRISIL Assigns B+ Rating to INR30MM Loan

GOLDCOIN POLYPLAST: CRISIL Assigns B+ Rating to INR63.2MM Loan
INDER MOHAN: CRISIL Assigns B+ Rating to INR60MM Cash Loan
JAIPRAKASH ASSOCIATES: CARE Cuts INR19,168.07cr Loan Rating to D
JAJOO SURGICALS: ICRA Suspends B+ Rating on INR5.50cr LT Loan
JANAKI COTTON: CRISIL Assigns B Rating to INR31MM Term Loan

JSR DEVELOPERS: CRISIL Lowers Rating on INR90MM Term Loan to D
KANPUR PACKAGERS: CRISIL Assigns 'B' Rating to INR80MM Term Loan
KK PROTEINS: ICRA Reaffirms B+ Rating on INR15cr Cash Credit
KRISHNA SHIPPING: CRISIL Assigns B+ Rating to INR50MM Loan
LIMSON ENGINEERING: CRISIL Reaffirms B+ Rating on INR51.4MM Loan

MAHAVIR GLOBAL: CRISIL Assigns B Rating to INR50MM Packing Loan
MAHESH EXTRUSIONS: CRISIL Reaffirms B- Rating on INR59MM Loan
MILLENNIUM VITRIFIED: ICRA Assigns B+ Rating to INR18.38cr Loan
MUKTAR INFRA: CRISIL Reaffirms 'B' Rating on INR341.2MM Loan
PARK HEALTH: ICRA Assigns B+ Rating to INR7.36cr Term Loan

PARK SARVAMANGALA: CRISIL Assigns B Rating to INR125MM Term Loan
POOJA SOYA: CRISIL Lowers Rating on INR200MM Cash Loan to 'D'
PREMIER AGRO: CRISIL Upgrades Rating on INR75MM Cash Loan to B+
PREMIER CARWORLD: CRISIL Reaffirms B Rating on INR125MM Cash Loan
RADIANT TEXTILES: CRISIL Reaffirms B+ Rating on INR500MM Loan

RAJESH HOUSING: CRISIL Assigns B+(SO) Rating to INR1.4BB Loan
RAMAWAT CONSTRUCTION: ICRA Suspends B- Rating on INR6cr Loan
RUSHI COTTEX: ICRA Lowers Rating on INR15.50cr Loan to 'D'
S. M. INFRASTRUCTURE: CRISIL Assigns B+ Rating to INR99MM Loan
S.P.Y. AGRO: CARE Raises Rating on INR217.84cr LT Loan to B-

SATYAWATI SUBODH: ICRA Suspends B- Rating on INR12.45cr Loan
SH INFRATECH: ICRA Assigns 'D' Rating to INR20cr LT Loan
SHAKTI BHOG: ICRA Lowers Rating on INR1,925cr CC to 'D'
SMT. TARAWANTI: CARE Assigns B+ Rating to INR12.36cr LT Loan
SRI CHAITANYA: ICRA Assigns B+ Rating to INR19cr Cash Credit

SWAMINATHAN ENTERPRISES: CRISIL Rates INR50MM LT Loan at B-
SWITCHGEARS & STRUCTURALS: CRISIL Rates INR105MM Loan at B+
TEXORANGE CORPORATION: Ind-Ra Assigns 'IND BB+' Issuer Rating
VERSATILE WIRES: CRISIL Assigns B- Rating to INR48.9MM Loan
VIRGO CEMENTS: CRISIL Cuts Rating on INR212.8MM Loan to 'D'

VSK LABORATORIES: ICRA Assigns 'B' Rating to INR10cr LT Loan


I N D O N E S I A

INDONESIA: S&P Assigns 'BB+' Rating to Euro-Denominated Notes


J A P A N

SOFTBANK GROUP: Moody's Assigns Ba1 Rating on Sr. Unsec. Notes


N E W  Z E A L A N D

Q CARD 2014-1: Fitch Affirms 'BBsf' Rating on Series E Notes


P H I L I P P I N E S

SECURITY BANK: Fitch Affirms 'BB' IDR; Outlook Stable


S I N G A P O R E

VIVA INDUSTRIAL: S&P Lowers CCR to 'BB'; Outlook Stable


S O U T H  K O R E A

SK HYNIX: Moody's Retains Ba1 CFR on Weaker Operating Results


X X X X X X X X

* BOND PRICING: For the Week July 20 to July 24, 2015


                            - - - - -


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


ALL ABOUT: Placed Into Administration
-------------------------------------
Cliff Sanderson at Dissolve.com.au reports that All About Animals
Pty Ltd has been placed into administration. Richard William
Buckby and Anthony Jay Edward Miskiewicz of KoradaMentha were
appointed as administrators of the company on July 22, 2015, the
report says.

According to the report, the administrators are currently seeking
a buyer for the business.

The Queensland-based pet care company operates under trading names
Bubbles Doggy Day Care and Grooming, All About Animals Veterinary
Hospital and Bark and All About Animals Veterinarians. The
business has been operating since 2013.


DFM UNLEY: In Administration; First Creditors' Meeting Set Aug. 3
-----------------------------------------------------------------
Renee Thompson at SmartCompany reports that a men's grooming salon
in South Australia linked to former AFL player Tony Gray has been
placed in voluntary administration.

Administrators Alan Scott and Stuart Otway of BRI Ferrier were
appointed to manage the voluntary administration of DFM Unley,
which formerly traded as 'Destination for Men', on July 22,
according to SmartCompany.

The first meeting of the company's creditors will take place on
August 3 in Melbourne, SmartCompany says.

Destination For Men, a hair salon on Unley Road in the inner
Adelaide suburb of Parkside, was billed as a place for men to get
anything from a hair cut to a barber shop shave, massage or skin
treatment while relaxing "in comfortable leather lounges in front
of the multiple large TV screens while enjoying a complimentary
beer, mixed drink or cafe latte".

It was placed into liquidation in April last year following a
failed franchising deal, the report recalls.

The salon later relaunched, with Gray telling Glamadelaide.com in
August the salon had undergone a revamp.

Administrator Alan Scott of BRI Ferrier told SmartCompany
Destination for Men and DFM Unley were related companies but not
the same, with "common interests" connecting the two.

Mr. Scott confirmed Mr. Gray was a director of DFM Unley but said
the company has different shareholders to the liquidated business,
SmartCompany relates.

According to the report, Mr. Scott said DFM Unley has gone into
administration for not making "sufficient money" and for trading
at a loss, but there were still hopes the business could be sold
and BRI Ferrier is hoping to find a buyer.  "The business has a
value," he said.

Mr. Scott said one or two staff at the salon had been "laid off"
as a result of the administration.

Destination For Men had unpaid debts of almost AUD1.1 million
before it was placed in administration, mostly owed to Mr. Gray
himself.


DUPRE REVELL: First Creditors' Meeting Set For August 3
-------------------------------------------------------
Peter James Lanthois and Christopher Robert Powell of DuncanPowell
were appointed as administrators of Dupre Revell Pty Ltd, trading
as Tiffins on the Park, on July 22, 2015.

A first meeting of the creditors of the Company will be held at
DuncanPowell, Level 4, 70 Pirie Street, Adelaide, in South
Australia, on Aug. 3, 2015, at 10:30 a.m.


DYNAMIC PLATINUM: First Creditors' Meeting Set For August 4
-----------------------------------------------------------
Anthony Robert Cant of Romanis Cant was appointed as administrator
of Dynamic Platinum Group Pty. Ltd. on
July 23, 2015.

A first meeting of the creditors of the Company will be held at
the offices of Romanis Cant, 106 Hardware Street, in Melbourne,
Victoria, on Aug. 4, 2015, at 11:00 a.m.


EXCEL TRUCK: First Creditors' Meeting Set For August 4
------------------------------------------------------
Jonathan Paul McLeod of McLeod & Partners was appointed as
administrators of Excel Truck Transport Pty Ltd on July 23, 2015.

A first meeting of the creditors of the Company will be held at
McLeod & Partners, Hermes Building, Level 1, 215 Elizabeth Street,
in Brisbane, Queensland, on Aug. 4, 2015, at 10:00 a.m.


EXIT ALLIANCE: First Creditors' Meeting Slated For August 6
-----------------------------------------------------------
Jonathan Paul McLeod of McLeod & Partners was appointed as
administrator of Exit Alliance Pty Ltd, formerly trading as GPT
Advisory & Exit Alliance, on July 27, 2015.

A first meeting of the creditors of the Company will be held at
McLeod & Partners, Hermes Building, Level 1, 215 Elizabeth Street,
in Brisbane, on Aug. 6, 2015, at 10:00 a.m.



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


CHINA: Biggest State Banks Recruited Into Stock Market Rescue
-------------------------------------------------------------
Gabriel Wildau at the Financial Times reports that the huge scale
of Chinese government intervention to staunch a stock market sell-
off has been revealed by reports showing the country's biggest
state-owned banks have provided the equivalent of more than $200
billion to help prop up equities.

Much larger than previously disclosed, the lending to the
country's margin finance agency highlights the sense of urgency
with which top officials viewed the threat to the financial system
and the broader economy as the stock market cratered earlier this
month, the FT says.

The Shanghai Composite index lost more than a third of its value
in roughly three weeks, dropping from a seven-year high in mid-
June to hit a low point on July 9, according to the FT. Markets
have since rebounded, recovering by 17 per cent. But the magnitude
of state support casts doubt on whether the rally is sustainable
without government support, says the FT.

According to the latest revelations, the big state-owned banks
have lent a combined CNY1.3 trillion ($209 billion) in recent
weeks to the China Securities Finance Corp, for lending on to
brokerages to finance their investment in shares and to purchase
mutual funds directly, the FT relays.

The report notes that the operation echoes a move by the Hong Kong
authorities in 1998 to prop up the local stock market by buying 11
per cent of the Hang Seng, funded by drawing on foreign currency
reserves.

According to the FT, the CSF was established in 2011 to lend to
securities brokerages to support margin lending to stock
investors. Amid the tumble in equities, however, the government
has deployed CSF as a conduit for injecting rescue funds into the
stock market, the report notes. The latest reports reveal that the
country's big commercial lenders have been a major funding source
for CSF, the FT relays.

Caijing, a well-known Chinese financial magazine, reported on July
10 that the country's sixth-largest lender by assets, China
Merchants Bank, provided the largest single loan, at CNY186
billion, the FT reports.

The FT relates that the country's five largest banks -- Industrial
and Commercial Bank of China, China Construction Bank,
Agricultural Bank of China, Bank of China and Bank of
Communications -- each provided more than CNY100 billion. In
total, 17 banks provided interbank loans worth about
CNY1.3 trillion through July 13, the magazine reported on its
website, relays the FT.


CHINA: Losing Control as Stocks Crash Amid Emergency Measures
-------------------------------------------------------------
Ambrose Evans-Pritchard at The Telegraph reports that Chinese
equities have suffered the sharpest one-day crash in eight years,
sending powerful tremors through global commodity markets and
smashing currencies across East Asia, Latin America and Africa.

The Telegraph relates that the Shanghai Composite index fell 8.5%
despite emergency measures to shore up the market, with a roster
of the biggest blue-chip companies down by the maximum daily limit
of 10%.  The report says the mood was further soured by news that
corporated profits in China are now contracting in absolute terms,
falling 0.3% over the past year.

The Telegraph says the violence of the moves unnerved investors
worldwide, stirring fears that the Communist Party may be losing
control after stoking a series of epic bubbles in property,
corporate investment and equities to keep up the blistering pace
of economic growth.

Brent crude prices slid to a five-month low of $53.34, re-entering
a bear market, the report discloses. The DB-UBS commodity index
fell to 2002 levels, obliterating the gains of the resource
"supercycle," says the Telegraph.

The FTSE 100 fell 1.27% to 6.497, dragged down by mining groups
and energy companies. All of the year's advances have been wiped
out, the report notes.

According to the Telegraph, Mark Williams, chief Asia strategist
at Capital Economics, said the Chinese authorities appear to have
been testing the waters to see what would happen if they stopped
intervening. The market verdict was swift and brutal.

"They have got themselves into a very difficult situation. They
have put a lot of credibility on the line to shore up prices and
this credibility has been badly damaged," the report quotes Mr.
Williams as saying.

The Shanghai index looks poised to test its 200-day moving
average, now just below 3,600, a crucial support level watched
with trepidation by China's authorities, the Telegraph states.

According to the report, the Chinese media reported on July 27
that the state regulator is ready to intervene with yet more stock
purchases. It has already bought an estimated $250 billion of
equities and has borrowing lines for a further $450 billion if
necessary, the Telegraph notes.

The Telegraph relates that western banks said they are coming
under heavy pressure from Chinese officials to refrain from
negative comments. They are effectively gagged if they wish to do
business in China, the report relays.

"Large parts of the market are closed, and those stocks that are
still trading are selling off regardless of support measures.
Clearly something very serious is happening," said one economist,
the report relays.

The long-standing assumption that the Chinese authorities know
what they are doing has been shattered, according to the report.

The Telegraph says the government's heavy-handed measures include
a ban on short sales and on new share issues, as well as pressure
on the 300 largest companies to buy back their own stock, and
forced purchases of stocks by brokerage houses.

Many investors are effectively trapped with margin debt used to
buy the stocks, the report says. These liabilities cannot be
covered without selling the stocks. The longer the market remains
partially frozen, the more likely it will lead to extreme stress,
the report notes.

According to the Telegraph, David Cui, from Bank of America, said
$1.2 trillion of stock holdings are being carried on margin debt.
This is 34pc of the free float of the Shanghai and Shenzhen stock
markets. "When the market ultimately settles at a level that can
be sustained on fundamental reasons, we expect that the financial
system may wobble, due to high contagion risk," the report quotes
Mr. Cui as saying.

"Most leveraged positions may suffer from losses ultimately,
likely in trillions (of yuan). The risk is that the unwinding of
the leverage will be disorderly: due to implicit guarantees behind
most shadow banking products, investors could easily panic," he
said.

The Telegraph relates that Mr Cui said the brokers and trusts have
barely CNY1.6 trillion ($260 billion) to absorb losses and may be
overrun. "Given the particularly thin front line of the financial
institutions, we suspect that it's a matter of time before banks
may have to face the music," Mr. Cui, as cited by the Telegraph,
said.

This in turn risks setting off a "bank run" on the shadow banking
system as investors lose trust in wealth management funds, fearing
that their deposits in the $2.1 trillion industry no longer have
an implicit guarantee, adds the Telegraph.


CHINA ZHENGTONG: Moody's Retains Ba3 CFR on Potential Spinoff
-------------------------------------------------------------
Moody's Investors Service says that China ZhengTong Auto Services
Holdings Limited's (Ba3 stable) announcement on July 20 regarding
its intention to spin off its auto supply chain business for a
separate listing is credit positive.

However, the proposed transaction will not have an immediate
impact on its Ba3 corporate family rating and stable outlook,
given the limited scale of the auto supply chain business.

"The proposed auto supply chain spinoff will provide new equity
capital to support the auto supply chain business' growth and
provide a new equity funding channel for ZhengTong," says Gerwin
Ho, a Moody's Vice President and Senior Analyst.

ZhengTong's auto supply chain business includes its logistics and
lubricant oil trading operations.

The logistics operation provides vehicle and auto parts
transportation as well as warehousing services.  The lubricant oil
trading operation purchases, re-sells and distributes branded
automobile lubricant oil.

The auto supply chain business' revenues and gross profit reached
RMB600 million and RMB80 million in 2014, respectively, and made
up 1.9% and 2.9% of ZhengTong's revenues and gross profit.

ZhengTong intends to list its auto supply chain business in
China's A-share market.

The company is currently in the process of selecting and
appointing professional consultants to provide professional
services in relation to the potential spin-off, which is also
pending regulatory and board approval.

If the proposed transaction goes ahead, ZhengTong is expected to
retain a controlling stake in its auto supply chain business and
to continue to consolidate its accounts.

The principal methodology used in this rating was Global Retail
Industry, published in June 2011.

China ZhengTong Auto Services Holdings Limited is a top auto
dealership group in China.  The company focuses primarily on the
luxury and ultra-luxury car market.  It operated 105 dealerships,
showrooms as well as maintenance and service locations in China at
end-2014.  It was listed on the Hong Kong Stock Exchange in 2010.

This publication does not announce a credit rating action.


PARKSON RETAIL: Fitch Puts 'BB-' Long-Term IDR on Watch Negative
----------------------------------------------------------------
Fitch Ratings has placed Parkson Retail Group Limited's (Parkson)
Long-Term Issuer Default Rating (IDR) and senior unsecured rating
of 'BB-' on Rating Watch Negative. The 'BB-' rating on its USD500m
4.5% senior notes due 2018 have also been placed on Negative
Watch.

The rating action follows the company's announcement on 15 July
2015 that it has agreed to buy 67.7% of Parkson Retail Asia
Limited (PRA) from its parent, Parkson Holdings Berhad , for
S$228m (CNY1.05bn) in cash. The transaction is subject to approval
by Parkson's minority shareholders and the agreement of the
Securities Industry Council of Singapore (SIC) to waive the
mandatory general offer requirement.

The successful completion of the acquisition will result in
Parkson breaching the negative rating sensitivities of above 6x
for adjusted FFO net leverage (adjusted for lease, payables, and
customer deposits) and below 1.3x for fixed charge coverage.

The Rating Watch will be resolved when the acquisition is
completed or when it is terminated, whichever comes first.
Parkson's rating will be downgraded by one notch if it
successfully acquires PRA. If the acquisition is terminated, Fitch
will compare key ratios from Parkson's interim or 3Q results to
the thresholds defined below to determine the rating on the
company upon the resolution of the Rating Watch.

KEY RATING DRIVERS

Acquisition to Weaken Liquidity: Parkson already faces severe
operational headwinds. We expect Parkson's FFO fixed charge
coverage to decline to 1.1x at end-2015 from 1.4x a year ago,
assuming the acquisition is successful. We estimate that Parkson
had CNY4.5bn cash at end-June 2015. Excluding CNY2.5bn of payables
to concessionaires and customers' deposits, Parkson had only
CNY2bn in available cash, of which CNY1bn will be used to acquire
PRA. Fitch believes the persistent weakness in department store
sales in China and losses in the initial years of operation of new
stores will continue to pressure Parkson's profitability over the
next two years. We expect Parkson's EBITDA to continue falling in
2015, after declining to CNY729m in 2014 from CNY931m in 2013. Its
EBITDA margin contracted by 368bp in 2013-14.

Structural Subordination: Fitch calculates Parkson's leverage
without consolidating PRA's financial data as Parkson's access to
PRA's cash flow is only through a dividend declared by PRA. PRA as
a listed company will manage its treasury independently of
Parkson. We have included PRA's cash dividend in our calculation
of Parkson's FFO in generating post-acquisition leverage and
coverage ratios. We estimate Parkson's payables-adjusted FFO net
leverage will increase to 8.5x at end-2015 following the
acquisition, from 6.0x at end-2014.

PRA's Operations Deteriorating: PRA's revenue dropped 3.3% to
SGD432m and EBITDA fell 4.5% to SGD102m in the financial year
ended 30 June 2014 (FY14). Cash in hand declined 15% to SGD151m at
FYE14 from a year earlier, while trade payables only slightly
decreased 4% to SGD128m during the same period, which together
drove up PRA's net debt and leverage. Fitch believes that PRA's
performance has been negatively impacted by the implementation of
a goods and services tax in Malaysia, the effects of which will
continue to be felt in FY16. PRA is a department store operator
with 67 stores across Malaysia, Vietnam and Indonesia and Myanmar.
PRA has a concessionaire sales business model (80% of total
merchandise sales), with mostly leased stores.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Parkson
include:

-- Sales proceeds to increase in the low single-digit percentages
    over the next 24 months;
-- EBITDA margin to contract 400bp in 2015, and to stabilise
    thereafter;
-- CNY900 million capex in 2015 and CNY500m a year after that
-- 48% dividend payout ratio

RATING SENSITIVITIES

If the acquisition of PRA is successful, Parkson's ratings will be
downgraded by one-notch and Fitch will establish new rating
sensitivities following such downgrade.

If the acquisition is terminated, the following rating
sensitivities will apply:

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

-- Adjusted FFO net leverage (adjusted for lease, payables, and
    customer deposits) sustained above 6x
-- Deterioration in fixed charge coverage to below 1.3x.

Positive: Positive rating action is not envisaged as Parkson's
ratings are on Negative Watch. However, when the Rating Watch
Negative is lifted, the previous Negative Outlook could revert to
Stable if Parkson's same-store-sales growth stabilise, while
maintaining its credit metrics above thresholds indicated in the
negative rating sensitivities.



================
H O N G  K O N G
================


CHINA OIL: S&P Lowers CCR to 'BB'; Outlook Stable
-------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit on Hong Kong-based utility China Oil
and Gas Group Ltd. (COGG) to 'BB' from 'BB+'.  The outlook is
stable.

At the same time, S&P lowered the issue rating on the company's
outstanding senior unsecured notes to 'BB' from 'BB+'.  S&P also
lowered its long-term Greater China regional scale rating on COGG
and the notes to 'cnBBB-' from 'cnBBB'.

"The downgrade reflects our expectation that a lack of visibility
over the potential for full pass-through of costs to customers of
COGG's regulated city-gas business in China, coupled with weak oil
prices for its acquired upstream business, will prevent a strong
recovery in the company's creditworthiness over the next two
years," said Standard & Poor's credit analyst Gloria Lu.

As a result, S&P estimates that COGG's ratio of funds from
operations (FFO) to debt will remain weak at 18%-22% over the same
period, lower than S&P's previous downgrade trigger of 25%.
Accordingly, S&P has revised COGG's financial risk profile to
"significant" from "intermediate."

S&P believes COGG remains exposed to regulatory risk for its city
gas business in China due to a lack of transparency and
consistency in the setting of city-gas tariffs.  COGG's large
exposure to Qinghai province (mainly the capital city Xining), a
less-developed region, has amplified the volatility of its
operating cash flows compared with its peers'.  Although the
Xining government has approved a partial pass through of costs to
tariffs beginning from March 2015, it remains uncertain whether it
will allow the pass-through of remaining costs over the next 12
months--for COGG to recover its operating cash flows.

Tempering these weaknesses is COGG's monopoly for city-gas
projects in its service areas, and good track record of obtaining
additional concession rights in China.  In S&P's base case, it
expects the company's gas volumes to grow 10%-15% in 2015 and 2016
through organic growth as well as the acquisition of additional
concession rights.  Furthermore, S&P believes the diversification
of its gas distribution exposure within China will reduce the
volatility from Qinghai province and improve the visibility of
COGG's operating cash flows, albeit in a gradual manner.

In the upstream oil and gas business, S&P expects COGG to remain
exposed to the volatility in oil and gas prices, such as the sharp
decline in oil prices since its Canadian acquisition in July 2014.
Although S&P expects COGG to still be able to generate moderate
cash flows from its upstream business, the company's strategy of
managing drilling and land acquisitions within the upstream
business' operating cash flows is likely to limit its growth
potential for at least the next one to two years because S&P
expects oil prices to remain low.

"The stable outlook reflects our expectation that COGG will
gradually grow its domestic gas distribution business with a
modest improvement in margins, and maintain its business scale in
the upstream business over the next 12-18 months," said Ms. Lu.
"We believe a further delay in the pass-through of costs due to
soft economic conditions in China, or potential acquisitions
upstream may further constrain the company's financial strength."

S&P could lower the rating if COGG's ratio of FFO to debt
approaches 15% without prospect of recovery.  This may be a result
of weaker-than-expected operating cash flows caused by further
delays in the pass-through of costs.  In addition, large
acquisitions, such as additional upstream assets, may pressure the
ratings on the company.  S&P could also downgrade the company if
its business partner Kunlun Energy Co. Ltd. develops city-gas
business on its own, such that the business prospects of the
joint-venture company deteriorate.

S&P could raise the rating if it sees improved visibility on the
company's ability to pass-through its costs on a timely basis,
such that its FFO-to-debt ratio improves and approaches 25% on a
sustainable basis.  Over the longer term, S&P may raise the
ratings if the company improves its business risk profile through
further diversification into more favorable geographies within
China to improve the visibility of its operating cash flows.



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I N D I A
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AMMA AGRO: CRISIL Assigns 'B' Rating to INR61MM LT Loan
-------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Amma Agro Farms (AAF) and has assigned its
'CRISIL B/Stable' rating to the facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             25        CRISIL B/Stable (Assigned;
                                     Suspension revoked)

   Long Term Loan          61        CRISIL B/Stable (Assigned;
                                     Suspension revoked)

The ratings were previously suspended by CRISIL on July 25, 2014,
because AAF had not provided the necessary information required
for a rating review. The company has now shared the requisite
information, enabling CRISIL to assign ratings to its bank
facilities.

The rating reflects AAF's average financial risk profile, with
high gearing and small net worth, and its small scale of
operations in an intensely competitive segment. These weaknesses
are partially offset by the benefits that AAF derives from its
promoters' extensive experience in the poultry industry and its
established customer relationships.
Outlook: Stable

CRISIL believes that AAF will continue to benefit, over the medium
term, from its promoters' extensive industry experience and its
extensive customer relationships. The outlook may be revised to
'Positive' if AAF records a significant increase in its revenue
along with an improvement in its profitability, leading to large
cash accruals. Conversely, the outlook may be revised to
'Negative' if AAF's financial risk profile weakens, most likely
because of low revenue and profitability, or large working capital
cycle, or capital withdrawal by the partners.

Incorporated in 2008, AAF is engaged in the poultry business. AAF
is promoted by Mr. R D Subramanyam Reddy and his family. The firm
is located in Chittoor district (Andhra pradesh).


ASHOKA FOAM: ICRA Assigns B+ Rating to INR10cr LT Loan
------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ on the INR10.00
crore term loan limits and INR5.00 crore of cash credit limits of
Ashoka Foam Private Limited.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Long term fund based       10.00       [ICRA]B+; Assigned
   limits Term Loan Limits

   Cash Credit Limit           5.00       [ICRA]B+; Assigned

The assigned rating takes into account AFPL's modest installed
capacity; its plan to commence operations from October 2015 and
the highly competitive and fragmented nature of the industry. The
ratings are further constrained by the company being a new player
in WPC (Wood Plastic Composite) foam board product segment;
vulnerability of AFPL's profitability to raw material price
volatility. The rating, however, favorably factors in long
experience of the promoters in the furniture and plastic industry;
established track record of the promoter group across additional
business segments like manufacturing of flexible packaging
material, aluminium composite panels, foam, etc through other
group companies; and the company's wide distribution network.

In ICRA's view, the ability of the firm to ramp up its operations
in the initial phase of operations and generate healthy
profitability shall be the key rating sensitivities.

AFPL is a closely held private limited company started in 2003 and
promoted by the members of the Goel Family. AFPL is planning to
start with the manufacturing of WPC foam board WPC foam doors, PVC
foam board, PVC foam window and PVC Foam doors. The company will
conduct dry run of its manufacturing facility in the month of
August and will commence operations in October 2015 at its
manufacturing facility located in Bareilly, Uttar Pradesh.


ASTRA LIGHTING: CARE Assigns B- Rating to INR10.73cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B-' and 'CARE A4' ratings to the bank
facilities of Astra Lighting Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     10.73      CARE B- Assigned
   Short term Bank Facilities     0.74      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Astra Lighting
Limited (ALL) are constrained by the history of debt
restructuring, small & declining scale of operations, weak
financial risk profile marked by cash losses and weak solvency
position. The ratings are further constrained by working capital-
intense nature of operations, customer concentration risk,
and susceptibility to fluctuation in raw material prices and
competitive nature of the industry.

The ratings, however, favourably take into account experienced
promoters, long track record of operations and reputed customer
base.

The ability of the company to profitably scale-up its operations,
improve its capital structure while managing the working capital
requirements efficiently would be the key rating sensitivities.

ALL was incorporated in 1997 and is currently being managed by Mr
Paramjit Singh Chahal, Mr Parmeet Singh Chahal and Mrs Gurbir
Kaur. The company is engaged in the manufacturing of high
intensity discharge lamps (HID) used in infrastructure projects,
floodlighting of monuments, stadiums, lighting of streets,
highways, and parking areas (outdoor), at its manufacturing unit
located at Solan, Himachal Pradesh with total installed capacity
of 15 lakhs units as on March 31, 2015. The company procures raw
material which mainly includes arc lights, glass shells directly
from local manufacturers and dealers. Furthermore, the company
sells its products, ie, HID lamps directly to various original
equipment manufacturers (OEMs) such as Bajaj Electricals Limited,
OSRAM India Private Limited, Wipro Enterprises Limited, etc.

For FY15 (provisional; refers to the period April 1 to March 31),
ALL reported a total income of INR12.67 crore with net losses of
INR1.40 crore, as against the total income of INR17.46 crore with
net losses of INR7.82 crore in FY14.


BALAJI TRADING: CRISIL Assigns B Rating to INR50MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Balaji Trading Co. Rajkot (BTC).

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

The rating reflects the extensive experience of BTC's promoters in
the cotton-trading business, their continued funding support to
the firm by way of capital infusion and unsecured loans, and
efficient working capital management. These rating strengths are
partially offset by BTC's low profitability due to the trading
nature of its business and its weak financial risk profile marked
by below-average debt protection metrics.
Outlook: Stable

CRISIL believes that BTC 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
significant growth in revenue and profitability leading to
improvement in its debt protection measures. Conversely, the
outlook may be revised to 'Negative' in case of a sharp decline in
BTC's revenue and margins leading to significant deterioration in
its financial risk profile, or if its liquidity stretches on
account of large working capital requirements.

BTC, based in Rajkot (Gujarat), trades in cotton bales, cotton
seeds, and oil cake. The firm was formed as a proprietorship firm
in 2013 by Ms. Manishaben P Kakadiya and managed by Mr. Parvin
Kakadiya (husband of Ms. Kakadiya).

BTC reported net profit of INR0.72 million on net sales of
INR207.2 million for 2014-15 (refers to financial year, April 1 to
March 31) against profit of INR0.21 million on net sales of
INR119.2 million for 2013-14.


BALDEV METALS: ICRA Reaffirms B+ Rating on INR10cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR10.00 crore fund based bank facilities of Baldev Metals Private
Limited.

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

ICRA's rating continues to be constrained by BMPL's modest scale
of operations and its presence in a highly fragmented and
competitive industry. The profitability of the company remains
vulnerable to fluctuations in aluminium prices as well as adverse
movements in foreign exchange rates, as it imports around 20-30%
of its raw material requirement. Further, the rating takes into
account the company's stretched liquidity position as evidenced by
near full utilization of its working capital limits and its thin
profitability, which results in modest coverage indicators. ICRA
also takes note of the customer concentration to which the company
is exposed, with its top three clients accounting for over 50% of
its Operating Income (OI). The rating however derives comfort from
the long track record of the promoters in the industry, the
company's established relationships with its customers and
suppliers, and its high capacity utilization levels and controlled
working capital intensity.

Going forward, the company's ability to ramp up its scale of
operations in a profitable manner and managing its liquidity will
be the key rating sensitivities.

Established in 1990, BMPL is an IS0-9001:2008 certified company
engaged in the manufacturing of aluminium ingots. The company has
been promoted by Mr. Raj Kumar, Mr. Ashok Kumar, Mr. Rajinder
Kumar and Ms. Dimple Rajput. The company's manufacturing facility
is located in Mayapuri Industrial area, New Delhi and has three
furnaces for manufacturing aluminium ingots with installed
capacity of 15 metric tonnes (MT) per day (~4800 MT per annum). It
provides aluminium alloy ingots in various grades like ADC-12, LM-
4, LM-6, LM-24, LM-25 etc. and customizes them as per client
requirements.

Recent Results
BMPL reported a net profit of INR0.22 crore on an OI of INR70.32
crore for 2013-14 as compared to a net profit of INR0.31 crore on
an OI of INR77.93 crore for the previous year. The company
reported, on a provisional basis, OI of INR74.32 crore for 2014-
15.


BALMUKUND CEMENT: CRISIL Suspends B+ Rating on INR243.6MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Balmukund Cement and Roofings Ltd (BCRL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             95        CRISIL B+/Stable
   Letter of Credit       120        CRISIL A4
   Proposed Term Loan       9.7      CRISIL B+/Stable
   Term Loan              243.6      CRISIL B+/Stable

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

BCRL is promoted by Mr. Nawal Kumar Kanodia. The company has set
up a fibre cement sheet (also known as asbestos sheet) plant at
Purulia, West Bengal, with capacity of 118,000 tonnes.


BHANSALI IMPEX: ICRA Assigns B- Rating to INR5.0cr Cash Credit
--------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B- to the INR5.0
crore cash credit limits and INR1.00 crore term loans of
Bhansali Impex Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit Limits      5.00         [ICRA]B-; Assigned
   Term Loan               1.00         [ICRA]B-; Assigned

The ratings are constrained by the company's weak financial and
operational risk profile due to its nascent stage of operations.
The rating also factors in the highly competitive nature of the
industry characterized by the presence of numerous unorganized
players which has lead to moderate profit margins for the company.
The company's margins also remain exposed to foreign exchange
fluctuation risk as the company is an export oriented unit and
does not hedge its foreign currency risk. However, the rating,
positively factors in the extensive experience of the promoters,
of over two decades, in the manufacturing and exports of
handicraft and furniture through its sister concerns.
In ICRA's view, the ability of the firm to ramp up its operations
in the initial phase of operations and generate healthy
profitability shall be the key rating sensitivities.

BIL was incorporated in June, 2013 as a closely held limited
company and is promoted by Mr. Sharad Bhansali and his family
members. The company is engaged in the manufacturing and export of
Furniture and other handicraft items from its office located in
Jodhpur. The product profile of the Company includes Bed, Almirah,
Painted Articles, Industrial Furniture, Side Board, Sofa,
Wardrobes, Mirror Frames etc.

Recent Results
BIL reported a profit after tax (PAT) of INR0.01 crore on an
operating income of INR1.48 crore in FY 2013-14.


BHARAT ISPAT: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Bharat Ispat
Udyog (BIU) a Long-Term Issuer Rating of 'IND BB+'.  The Outlook
is Stable.  Ind-Ra has also assigned BIU's INR100.00 mil. fund-
based working capital facilities Long-Term 'IND BB+' with a Stable
Outlook and Short-Term 'IND A4+' ratings.

KEY RATING DRIVERS

The ratings reflect BIU's moderate credit profile and scale of
operations along with low margins.  According to the provisional
financials for FY15, gross interest coverage (operating
EBITDA/gross interest expense) was 1.52x (FY14: 2.02x) net
leverage (total adjusted net debt/operating EBITDAR) was 3.01x
(4.33x), revenue was INR1,385.55 (INR1,218.94) and operating
margins were 1.67% (1.52%).

The ratings benefit from BIU's comfortable liquidity position as
reflected in its average maximum working capital utilization of
48% during the 12 months ended June 2015.

RATING SENSITIVITIES

Positive: Substantial growth in the overall revenue and the
operating profitability leading to a sustainable improvement in
the credit metrics will be positive for the ratings.

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

COMPANY PROFILE

Incorporated in 2007, BIU manufactures TMT bars which are supplied
to local distributors and project-based businesses.  The company's
60,000mtpa manufacturing steel plant is located in Gobindgarh,
Punjab.   The company is managed by Raj Kumar Goyal since its
incorporation.


CHANDRA PRABHU: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Chandra Prabhu
International Limited (CPIL) a Long-Term Issuer Rating of
'IND BB'.  The Outlook is Stable.  The agency has also assigned
CPIL's bank loans these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Fund-based working     10.00      'IND BB'/Stable and
   capital facility                  'IND A4+'

    Non-fund-based       170.00      'IND A4+'
    facility

KEY RATING DRIVERS

The ratings reflect CPIL's moderate scale of operations, weak
credit metrics and thin EBITDA margins.  According to the
provisional financials for FY15, revenue was INR486.06 mil., net
interest coverage (operating EBITDAR/net interest expense) was
1.49x, net leverage (total adjusted net debt/operating EBITDA) was
9.31x and EBITDA margins were 0.94%.

However, the ratings are supported by CPIL's comfortable liquidity
position as reflected in its 79.22% average working capital
utilization during the 12 months ended June 2015.  The ratings are
also supported by over 30 years of experience of the company's
promoters in trading coal and synthetic rubber.

RATING SENSITIVITIES

Positive: An increase in the EBITDA margins along with an
improvement in the overall credit metrics will be positive for the
ratings.

Negative: A decline in the profitability leading to deterioration
in the overall credit profile will be negative for the ratings.

COMPANY PROFILE

Incorporated in 1984, CPIL trades coal and synthetic rubber.  The
company is promoted by Gajraj Jain.  It is present all over India
with its head office at New Delhi and branch offices at Chandasi
(Mughal Sarai, Uttar Pradesh), Guwahati (Assam), Bhatinda (Punjab)
and Gurgaon (Haryana).


FIREFLY BATTERIES: CARE Reaffirms B+ Rating on INR23cr LT Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Firefly Batteries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     23.00      CARE B+ Reaffirmed
   Long-term/Short-term Bank
   Facilities                     8.70      CARE B+/CARE A4
                                            Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Firefly Batteries
Private Limited (FBPL) continue to remain constrained on account
of its nascent stage of operations, financial risk profile marked
by small scale of operations and low margins. The ratings also
remain constrained on account of likely deterioration in capital
structure and debt coverage indicators during FY15 (refers to the
period April 1 toMarch 31) and FY16 owing to an increase in debt
level to support the operations, high level of saleability risk
associated with the product along with competition from
established players and unorganized sectors and susceptibility of
margins to volatility in raw material prices.

The ratings, however, continue to take comfort from the
resourceful and experienced promoters along with technically
qualified team and technological tie up with Firefly Inc. USA.
FBPL's ability to achieve envisaged scale of operations and
profitability, along with improvement in capital structure,
liquidity position and efficient working capital management are
the key rating sensitivities.

Ahmedabad-based (Gujarat), FBPL was established in the year 2011
as a private limited company. FBPL (erstwhile known as Epsilon
Batteries Private Limited) is engaged in the manufacturing of
conventional lead-acid battery & carbon-foam battery with an
installed capacity of 300,000 KWH storage batteries per annum.
These batteries find application in automobile industry, renewable
energy and industrial sector such as telecom and hospitality. FBPL
is managed by experienced directors Mr Jinal Shah, Mr Satish Mehta
and Mr Aanand Pandya. FBPL has commenced commercial operations
from November, 2014.

During FY14, FBPL reported a total operating income (TOI) of
INR1.34 crore and PAT of INR0.03 crore as against a TOI of
Rs.0.61 crore and negligible PAT during FY13. As per the
provisional results for 10MFY15 (refers to the period April, 1
2014 to January 31, 2015), FBPL registered a TOI of INR0.58 crore.


GLINT COSMETICS: CRISIL Assigns B+ Rating to INR30MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Glint Cosmetics Pvt Ltd (GCPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Term Loan      32        CRISIL B+/Stable
   Proposed Overdraft
   Facility                20        CRISIL B+/Stable
   Long Term Loan          13        CRISIL B+/Stable
   Overdraft Facility      30        CRISIL B+/Stable

The ratings continue to reflect GCPL's moderate scale of
operations and exposure to intense competition in the cosmetic
products industry and to risks related to its proposed expansion
plans. These rating weaknesses are mitigated by the promoters'
extensive experience in the FMCG industry and GCPL's moderate
financial risk profile, supported by its efficient working capital
management practices.
Outlook: Stable

CRISIL believes that GCPL will maintain its credit risk profile,
backed by its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is a substantial and
sustained improvement in the company's business risk profile, on
account of timely stabilization of operations post capital
expenditure (capex) plans leading to healthy growth in accruals.
Conversely, the outlook may be revised to 'Negative' in case of
any deterioration in the company's financial risk profile, most
likely because of time or cost overruns in the proposed capex
plans or large working capital requirements or low cash accruals.

GCPL, incorporated in 2004, manufactures and exports cosmetic and
baby care products. It is promoted by Mr. Brijmoham Chopra. The
current operations of GCPL are managed by Mr. Puneet Chopra and
his brother Mr. Manish Chopra who are the directors of the
company. GCPL has a manufacturing facility in Turbhe (Navi Mumbai)
with a manufacturing capacity of 15 tonnes per day.


GOLDCOIN POLYPLAST: CRISIL Assigns B+ Rating to INR63.2MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Goldcoin Polyplast (GP).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              63.2       CRISIL B+/Stable
   Cash Credit            36.5       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      0.3       CRISIL B+/Stable

The rating reflects the promoters' extensive experience in the
polyethylene (PE) stretch films manufacturing and packaging
material manufacturing industry with established relationship with
customers and suppliers. These rating strengths are partially
offset by GP's average financial risk profile marked by high
gearing and its initial stage of operations.
Outlook: Stable

CRISIL believes that GP will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's cash
accruals increase substantially, leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if GP's financial risk profile weakens, most likely
because of debt-funded capital expenditure, substantial working
capital requirements or significantly low cash accruals.

Incorporated in 2012, GP is based in Rajkot (Gujarat). GP is
promoted by Mr. Ashvinbhai Pansuriya and Mr. Rameshbhai Tilara. GP
manufactures PP (polypropylene) Flute Board, PE stretch films and
EPE (Expanded polyethylene epe) Capliner/ Wad sheet.

GP, on a provisional basis, reported a profit after tax (PAT) of
INR9.58 million on net sales of INR170.8 million for 2014-15
(refers to financial year, April 1 to March 31) on a provisional
basis, against a PAT of INR4.74 million on net sales of INR117.6
million for 2013-14.


INDER MOHAN: CRISIL Assigns B+ Rating to INR60MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Inder Mohan Singh Contractor (IMSC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      25        CRISIL B+/Stable

   Bank Guarantee          25        CRISIL A4

   Cash Credit             60        CRISIL B+/Stable

The ratings reflect IMSC's small scale of operations,
vulnerability of its operating margin to volatility in raw
material prices, and its below-average financial risk profile
marked by high gearing and weak current ratio. These rating
weaknesses are partially offset by the established track record of
IMSC's proprietor in the civil engineering industry.
Outlook: Stable

CRISIL believes that IMSC will continue to benefit over the medium
term from its established track record and healthy order book;
however, its financial risk profile will remain constrained by its
small net worth over the period. The outlook may be revised to
'Positive' in case of increase in the firm's scale of operations
along with steady profitability or improvement in its capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of decline in the firm's revenue or operating margin or
lengthening of its working capital cycle, resulting in weakening
of its financial risk profile.

Established in 1965 as a proprietorship firm, IMSC provides
building and construction services, mainly related to civil
engineering work. It is registered as a 'Class A' contractor with
agencies such as Punjab Public Works Department, Punjab Urban
Development Authority etc. IMSC is managed by its proprietor Mr.
Inder Mohan Singh, who has experience of more than two decades in
the construction industry.


JAIPRAKASH ASSOCIATES: CARE Cuts INR19,168.07cr Loan Rating to D
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities and
instruments of Jaiprakash Associates Ltd.

                                  Amount
   Facilities                  (INR crore)    Ratings
   ----------                  -----------    -------
   Long-term Bank Facilities    19,168.07     CARE D Revised from
                                              CARE BB

   Short-term Bank Facilities    1,300.00     CARE D Revised from
                                              CARE A4

   Long/Short-term Bank          4,812.00     CARE D/CARE D
   Facilities                                 Revised from
                                              CARE BB/CARE A4

   Long-term Non-Convertible     4,023.33     CARE D Revised from
   Debentures (aggregate) IV,                 CARE BB
   V, VIII, X, XI, XII, XIII

Rating Rationale
The revision in the ratings of the bank facilities and instruments
of Jaiprakash Associates Ltd (JAL) takes into account delay in
servicing of debt obligations by the company due to its weak
liquidity position.

Jaiprakash Associates Ltd (JAL) is the flagship company of the
Jaypee group and is engaged in engineering and construction,
cement, real estate and hospitality businesses. JAL is one of the
leading cement manufacturers in India with an installed capacity
of ~20 million tonnes per annum (excluding plants for which
agreement to sell has been signed) on a consolidated basis as on
March 31, 2015. JAL is also a dominant player in the construction
business in the specialized field of civil engineering, design and
construction of hydro-power, river valley projects. JAL is also
undertaking power generation, power transmission, real estate,
road BOT and fertilizer businesses through its various
subsidiaries/SPVs.

On account of deterioration in the company's financial performance
and delay in receipt of funds through monetization
of assets as well as debt management exercise; the liquidity
position of the company has been impacted, leading to
delays in debt servicing by the company.

For FY15 (refers to the period April 1 to March 31), JAL reported
net loss of INR1,110 crore on a total operating income of
INR10,854 crore on a standalone basis as compared with PAT of
INR414 crore on a total operating income of INR13,328 crore in
FY14. On a consolidated basis, the company reported a net loss of
INR1,543 crore on an operating income of INR19,650 crore in FY15
as against net loss of INR703 crore on a total operating income of
INR20,007 crore in FY14.


JAJOO SURGICALS: ICRA Suspends B+ Rating on INR5.50cr LT Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ outstanding on
the INR5.50 crore long term bank facilities of Jajoo Surgicals
Private Limited. ICRA has also suspended the short term rating of
[ICRA]A4 outstanding on the INR2.50 crore short term non fund
based limits of Jajoo Surgicals Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Incorporated in 1993 by the Jajoo family, JSPL is engaged in the
manufacturing and trading of medical and surgical disposables. The
company has a manufacturing facility at Dewas, Madhya Pradesh,
with an installed capacity of 55 tonnes per month. Apart from
manufacturing, the company also imports disposables from South
East Asian countries for supplying to the domestic market. The
company's customer profile comprises of various Governmental
organizations and private hospital chains in India. The company
also exports its products to African countries.


JANAKI COTTON: CRISIL Assigns B Rating to INR31MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Janaki Cotton Mills Ltd (JCML).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                31       CRISIL B/Stable
   Standby Line of Credit    9       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility        3.7     CRISIL B/Stable
   Letter of Credit         30.0     CRISIL A4
   Bank Guarantee            4.7     CRISIL A4
   Cash Credit              30.0     CRISIL B/Stable

The ratings reflect JCML's below-average financial risk profile,
marked by small net worth and high gearing, its modest scale of
operations in the intensely competitive textile industry, and
susceptibility of its operating profitability to volatility in raw
material prices. These rating weaknesses are partially offset by
the extensive experience of the promoters in the industry.
Outlook: Stable

CRISIL believes that JCML will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company posts a
considerable and sustainable increase in its revenue and
profitability, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
JCML's cash accruals decline, or its working capital management
weakens, or if it undertakes a large debt-funded capital
expenditure programme, weakening its financial risk profile.

JCML, established in 1995, manufactures cotton yarn. Its day-to-
day operations are managed by Mr. S Nambirajan.


JSR DEVELOPERS: CRISIL Lowers Rating on INR90MM Term Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
JSR Developers Pvt Ltd (JSR) to 'CRISIL D' from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                90       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade reflects delays in repayment of JSR's term
debt obligations owing to its stretched liquidity.

The rating reflects JSR's modest scale of operations in a highly
fragmented industry and weak financial risk profile, marked by
modest net worth and high gearing. These rating weaknesses are
partially offset by the extensive industry experience of its
promoters.

JSR was set up in 2005 by Mr. Gyanendra Upadhayay. The company
currently operates a solar power plant in Indore (Madhya Pradesh).
It also undertakes civil construction works, primarily related to
roads and bridges in Madhya Pradesh. The power division is the
major contributor to the company's revenue. JSR's registered
office is in Indore.


KANPUR PACKAGERS: CRISIL Assigns 'B' Rating to INR80MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Kanpur Packagers Pvt Ltd (KPPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               80        CRISIL B/Stable
   Cash Credit             29.4      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      15.6      CRISIL B/Stable

The rating reflects KPPL's low profitability, average financial
risk profile marked by a leveraged capital structure and its
vulnerability to volatility in raw material prices. These rating
weaknesses are partially offset by funding support from KPPL's
promoters.
Outlook: Stable

CRISIL believes that KPPL will continue to benefit over the medium
term from its promoters' funding support and improvement in
profitability over the medium term. The outlook may be revised to
'Positive' if the company increases its scale of operations
substantially while improving its profitability and efficiently
manages its working capital requirements. Conversely, the outlook
may be revised to 'Negative' if KPPL's working capital cycle is
stretched, or its cash accruals are low, leading to further
weakening of its liquidity.

KPPL, incorporated in 2013, manufactures packaging products such
as woven sacks and flexible laminates. It also has a printing
division. The company has its manufacturing unit at Kanpur (Uttar
Pradesh) and is promoted by Mr. Sunil Gupta and his family.


KK PROTEINS: ICRA Reaffirms B+ Rating on INR15cr Cash Credit
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
INR15.00 crore fund based limits of KK Proteins Private limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit             15.00        [ICRA]B+ reaffirmed

The rating reaffirmation continues to take into consideration the
long standing experience of the promoters in the edible oil
business; favourable domestic demand outlook for soya bean oil and
the location advantage that the company enjoys by virtue of
operating its plant close to the major soya bean growing regions.
The rating, however, is constrained by highly fragmented and
competitive edible oil industry; susceptibility of profitability
and revenues to price fluctuations arising out of global ago-
climactic vagaries which is further heightened by the commoditized
nature of its products which limits the company's pricing power.
The rating is also constrained by weak financial risk profile with
operating profit margin of 1.78%, net profit margin of 0.54%,
gearing of 1.24 times and modest interest coverage ratios.

KK Proteins Private Limited (KKPPL) was incorporated in 2006 to
undertake trading, processing and manufacturing of Soybean & its
derivative products. The manufacturing unit is located in ponnari
village of Adilabad district, Andhra Pradesh. The promoters have
more than two decades of experience in the Soybean oil business.
The installed capacity of the plant is 250 tons per day.

Recent Results
As per the audited results, the firm recorded INR111.41 crore of
revenues of and a PAT of INR0.60 crore during FY2014 when compared
to INR77.43 crore of Operating income and PAT of INR0.56 crore
during FY2013.


KRISHNA SHIPPING: CRISIL Assigns B+ Rating to INR50MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Krishna Shipping and Allied Services (KSAS).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility       50       CRISIL B+/Stable

The rating reflects the firm's modest scale of operations in the
highly competitive shipping industry and its working-capital-
intensive operations. These rating weaknesses are partially offset
by the extensive experience of KSAS's partners in the shipping
industry.
Outlook: Stable

CRISIL believes that KSAS will continue to benefit over the medium
term from its partners' extensive industry experience. The rating
outlook may be revised to 'Positive' if the firm reports
significant growth in its revenue and profitability while
improving its capital structure. Conversely, the outlook may be
revised to 'Negative' in case of a significant decline in firms
revenue and margins or stretch in its working capital cycle
leading to pressure its financial risk profile, particularly
liquidity.

Set up in 1996, KSAS is currently a partnership firm promoted by
the Thakker family based in Kutch (Gujarat). The firm provides all
kinds of shipping-related activities according to customers'
requirements. These activities include freight forwarding,
stevedoring, intra-port transportation, and other auxiliary port-
related services such as custom clearances and storage/port
formalities for smooth handling of cargo at the port.

For 2014-15 (refers to financial year, April 1 to March 31), on a
provisional basis, KSAS reported net profit of INR6.34 million on
total sales of INR741.18 million.


LIMSON ENGINEERING: CRISIL Reaffirms B+ Rating on INR51.4MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Limson
Engineering Pvt Ltd (LEPL) continues to reflect its small scale of
operations, exposure to intense market competition in a fragmented
industry, and geographical concentration in its revenue profile.

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

   Proposed Long Term
   Bank Loan Facility       51.4    CRISIL B+/Stable (Reaffirmed)

   Term Loan                 3.6    CRISIL B+/Stable (Reaffirmed)

The rating also factors in LEPL's working-capital-intensive
operations, and vulnerability of the operating margin to
fluctuations in raw material prices. These weaknesses are
partially offset by the extensive industry experience of LEPL's
promoters and their funding support.
Outlook: Stable

CRISIL believes that LEPL will continue to benefit, over the
medium term, from its promoters' extensive experience and its
established customer relationships. The outlook may be revised to
'Positive' if LEPL improves its liquidity with enhanced scale of
operations and profitability, leading to sizeable cash accruals.
Conversely, the outlook may be revised to 'Negative' if LEPL's
financial risk profile and liquidity are constrained by
significantly low cash accruals, or substantial working capital
requirements or debt-funded capital expenditure.

LEPL was established in 1998 and is a part of the Limson group.
The company is promoted by Mr. M K Shaikh and his family. LEPL
fabricates ferrous and non-ferrous alloys, and has a manufacturing
facility in Pune (Maharashtra).


MAHAVIR GLOBAL: CRISIL Assigns B Rating to INR50MM Packing Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Mahavir Global Inc(MGI).

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Long Term Loan           20         CRISIL B/Stable
   Cash Credit              10         CRISIL B/Stable
   Export Packing Credit    50         CRISIL B/Stable

The rating reflects MGI's modest scale of operations in an
intensely competitive rice processing industry, susceptibility to
risks related to changes in regulatory policies and volatility in
raw material prices, and high dependence on the monsoon. The
rating also factors in the firm's below-average financial risk
profile, marked by moderate total outside liabilities to tangible
net worth (TOLTNW) ratio and small net worth. These rating
weaknesses are partially offset by the promoters' extensive
industry experience and funding support received from them.
Outlook: Stable

CRISIL believes that MGI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm improves its
capital structure either by equity infusion or higher-than-
expected cash accruals, backed by improvement in scale of
operations and operating profitability along with improvement in
its working capital management. Conversely, the outlook may be
revised to 'Negative' if MGI's financial risk profile deteriorates
on account of further decline in its revenues and profitability or
in case of a larger-than-expected, debt-funded capital
expenditure, or if the firm's liquidity weakens significantly on
account of increase in its working capital requirements.

MGI was incorporated in 2011 by Karnal, Haryana based Garg family.
It is engaged in milling and processing of paddy into rice, rice
bran, broken rice and husk. Mr. Anil Garg and his son, Mr. Vishal
Garg are the partners of the firm. Both the partners are also
engaged managing day to day activity of the business.


MAHESH EXTRUSIONS: CRISIL Reaffirms B- Rating on INR59MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mahesh Extrusions
Limited (MEL) reflect its below-average financial risk profile,
marked by a weak capital structure and average debt protection
metrics, and its modest scale of operations in the competitive
pipes and fittings industry. These rating weaknesses are partially
offset by the extensive industry experience of the company's
promoters.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        5        CRISIL A4 (Reaffirmed)
   Cash Credit          59        CRISIL B-/Stable (Reaffirmed)
   Long Term Loan       10.7      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MEL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a substantial
increase in the company's scale of operations and profitability,
leading to significant and sustained improvement in its cash
accruals and capital structure. Conversely, the outlook may be
revised to 'Negative' if MEL's financial risk profile,
particularly its liquidity, deteriorates, most likely due to a
decline in profitability or a stretch in its working capital
cycle.

MEL, based in Karnataka, was established in 1991 by Mr. A Prasad
Shetty and Mr. S P Y Reddy. The company manufactures polyvinyl
chloride and high-density polyethylene pipes, which are used in
the construction and agriculture industries.


MILLENNIUM VITRIFIED: ICRA Assigns B+ Rating to INR18.38cr Loan
---------------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR18.38 crore term
loan and INR12.00 crore fund based cash credit facilities of
Millennium Vitrified Tiles Private Limited. ICRA has also assigned
an [ICRA]A4 rating to the INR5.77 crore short term non fund based
facilities of MVTPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loans              18.38       [ICRA]B+; Assigned
   Cash Credit Limits      12.00       [ICRA]B+; Assigned
   Bank Guarantee           5.18       [ICRA]A4; Assigned
   Letter of Credit         0.59       [ICRA]A4; Assigned

The assigned ratings also take into account the company's moderate
scale of operations with single product portfolio as well as weak
financial profile as reflected from low profitability, stretched
capital structure and weak coverage indicators. The assigned
ratings also consider the company's high reliance on creditors for
working capital funding resulting into TOL/TNW of 4.19 times for
FY15 and the vulnerability of the company's profitability to the
cyclicality associated with the real estate industry as well as
increasing prices of gas and power. ICRA also notes the company's
presence in competitive business environment with presence of
large established organized tile manufacturers as well as
unorganized players in the tiles industry.

The assigned ratings, however, favourably consider the long
standing presence of the promoters in ceramic industry through
other group entities for more than two decades; which also entails
operational as well as marketing support to the company, location
advantage resulting in easy access to raw material sources, steady
ramp up of operations and healthy capacity utilization levels.

Incorporated in January 2011, Millennium Vitrified Tiles Private
Limited (MVTPL) is primary into manufacturing of 'Glazed Vitrified
Tiles' with its production facilities located in Morbi, Gujarat
with a total manufacturing capacity of 82,800 Metric Ton per annum
which translates into 26,70,968 boxes per year. The company is
promoted by Mr. Dinesh Patel, Mr. Mansukh Koradiya, Mr. Ramesh
Aghara and Mr. Rajesh Koradiya. The promoters have long experience
in this line of business. The company is into manufacturing of two
sizes vitrified tiles i.e. 600 mm X 600 mm and 800 mm X 800 mm
dimensions; however size of 800mmX800mm was started from January
2015. Further the company is planning to add one new larger size
i.e. 800X1200 in its product portfolio. The company has
established "MILLENNIUM" as the brand for selling its products in
the market.

The promoters of the company are also associated with other group
companies i.e. Millenium Papers Private Limited, Maruti, Silver
Ceramic, Victory Floor Tiles Pvt Ltd., Kordiya Ceramic Pvt Ltd.,
Maruti Gold Industries, Lorenzo Vitrified Tiles Pvt Ltd., Vrndavan
Ceramic Pvt Ltd, Gokul Ceramic Pvt Ltd. and Romil Impex.

Recent Results
During FY15 as per unaudited provisional results, the company
reported operating income of INR69.36 crore and profit before tax
of INR2.40 crore.


MUKTAR INFRA: CRISIL Reaffirms 'B' Rating on INR341.2MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Muktar Infrastructure
India Pvt Ltd (MIPL) continue to reflect the company's working-
capital-intensive operations, order-based nature of operations,
and susceptibility of its revenue to timely execution of orders
and timely realisation of revenue from customers.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           5        CRISIL A4 (Reaffirmed)
   Cash Credit             44        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     341.2      CRISIL B/Stable (Reaffirmed)
   Term Loan               56.5      CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of MIPL's promoter in various industries and the
benefits that the company derives from being a part of Shaikh
Muktar Group (SMG).
Outlook: Stable

CRISIL believes that MIPL will continue to benefit over the medium
term from its promoter's extensive experience. The outlook may be
revised to 'Positive' if the company achieves a significant
increase in its revenue while improving its working capital cycle,
leading to improvement in its capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if MIPL registers a decline in its revenue or operating
margin, or if there is a stretch in its working capital cycle, or
if it undertakes a large debt-funded capital expenditure
programme, resulting in further weakening of its financial risk
profile.

MIPL was set up in 2011-12 (refers to financial year, April 1 to
March 31) by Mr. Shaikh Muktar. The company undertakes civil
construction work; it also has a ready-mix concrete plant. MIPL is
a part of Goa-based SMG, which has interests in mining,
infrastructure, construction, engineering, logistics, hospitality,
and shipping services. MIPL undertakes civil construction work for
private parties. It is also constructing a hotel in Goa.

MIPL, on a provisional basis, reported net profit of INR2.4
million on net sales of INR110.1 million in 2014-15 (refers to
financial year, April 1 to March 31) against net profit of INR0.7
million on net sales of INR110 million in 2013-14.


PARK HEALTH: ICRA Assigns B+ Rating to INR7.36cr Term Loan
----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to INR7.36 crore
term loans, INR2.50 crore cash credit limits and INR0.14 crore
unallocated limits of Park Health Systems Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term loans               7.36      [ICRA]B+ assigned
   Cash Credit              2.50      [ICRA]B+ assigned
   Unallocated Limits       0.14      [ICRA]B+ assigned

The assigned rating is constrained by small scale of operations of
the hospital with 130 beds in Hyderabad; high competition with
presence of large number of established players in the vicinity of
the hospital and also from other major hospitals in Hyderabad; and
revenue concentration risk owing to single location presence. The
rating is also constrained by leveraged capital structure with
gearing of 2.19 times as on March 31, 2015; and weak liquidity
position owing to delayed receivables from Employee State
Insurance (ESI) and central government entities like National
Mineral Development Corporation (NMDC), Bharat Dynamics Limited
(BDL), Bharat Heavy Electricals Limited (BHEL) with whom the
company has corporate tie up. The rating, however positively
factors in steady increase in hospital revenues from INR10.60
crore in FY11 to INR33.10 crore in FY15 owing to increase in
occupancy levels from 30% in FY11 to 75% in FY15; experienced and
reputed team of doctors and also central location of the hospital
ensuring good patient footfall. Further, ICRA notes the high
average inpatient revenue per admission indicating the complex and
high end nature of the procedures performed at the hospital.
Going forward, maintaining healthy bed occupancy levels and timely
receipt of payments would remain key rating sensitivities from
credit perspective.

Park Health Systems Private Limited (PHSPL) was incorporated in
2007 by Mr. Damodar Reddy and his wife Mrs. Suprita Reddy. PHSPL
operates 130 bed hospital (20 Intensive Care Unit (ICU) beds and
remaining Non-ICU beds) in Somajiguda, Hyderabad as "The Deccan
Hospital". The hospital provides services across diverse areas
like Nephrology, Neurology, Orthopedics, Pulmonology, Opthalmology
etc.

Recent Results
In FY15, PHSPL reported an operating income of INR33.10 crore and
net profit of INR2.32 crore (provisional and unaudited) as against
operating income of INR27.42 crore and net profit of INR1.61 crore
during FY14.


PARK SARVAMANGALA: CRISIL Assigns B Rating to INR125MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank loan
facility of Park Sarvamangala Projects Private Limited (PSPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               125       CRISIL B/Stable

The rating reflects PSPL's exposure to risks related to
implementation of its ongoing projects and vulnerability to
cyclicality in demand inherent in the real estate sector. These
rating weaknesses are partially offset by the promoters' extensive
experience in real estate industry.

Outlook: Stable

CRISIL believes that PSPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if PSPL completes its project
in time and receives better-than-expected customer bookings,
resulting in an improvement in its liquidity. Conversely, the
outlook may be revised to 'Negative' in case of a time or cost
overrun in the project or low customer bookings, adversely
impacting the company's liquidity.

Incorporated in May 2005, PSPL develops commercial and residential
real estate in Ranchi (Bihar). The day to day operation of the
company is being managed by Mr. Narendra Butala.


POOJA SOYA: CRISIL Lowers Rating on INR200MM Cash Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Pooja Soya Industries Private Limited (PSIPL) to 'CRISIL D/CRISIL
D' from 'CRISIL BB/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          10        CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Cash Credit            200        CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Letter of Credit        40        CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term     100        CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL BB/Stable')

The rating downgrade reflects delays by PSIPL in servicing its
debt owing to liquidity constraints.

The ratings also reflect PSIPL's presence in an intensely
competitive and fragmented edible oil industry and its
vulnerability of operating margin to volatility in raw material
prices. These weaknesses are partially offset by the extensive
experience of the promoters in the industry.

Incorporated in 2006, PSIPL is engaged in solvent extraction and
production of soya products via crude oil and DOC at its facility
in Ratlam (Madhya Pradesh), which has capacity of 600 tonnes per
day. PSIPL is promoted by members of the Manglani family, which
has been engaged in the soya business since 1964.


PREMIER AGRO: CRISIL Upgrades Rating on INR75MM Cash Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Premier Agro Products Pvt Ltd (PAPPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             75        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that PAPPL will
maintain its improved liquidity over the medium term, backed by
stronger cash accruals. The accruals improved to INR11 million in
2014-15 (refers to financial year, April 1 to March 31) from INR7
million in 2013-14. Furthermore, funding support, in the form of
unsecured loans, from the promoter increased by INR28.4 million in
2014-15 to INR31.7 million as on March 31, 2015, also enhancing
the liquidity. The company is expected to maintain its improved
liquidity over the medium term, supported by cash accruals of
INR14 million to INR18 million over the medium term against
maturing debt of about INR4.5 million in 2015-16.

The rating reflects PAPPL's modest scale of operations and
susceptibility to volatility in commodity (wheat) prices. The
ratings also factor in PAPPL's working-capital-intensive
operations and weak financial risk profile, marked by modest net
worth, high gearing and moderate debt protection metrics. These
rating weaknesses are partially offset by the benefits that PAPPL
derives from its promoter's extensive experience in the
agricultural commodities industry.
Outlook: Stable

CRISIL believes that PAPPL will benefit from the extensive
experience of its promoters, over the medium term. The outlook may
be revised to 'Positive' if PAPPL significantly improves its
financial risk profile, particularly its capital structure
supported by increase in cash accruals. Conversely, the outlook
may be revised to 'Negative' if any large debt-funded capital
expenditure or working capital requirements or reduction in
unsecured loans from promoters weakens the financial risk profile.

PAPPL, set up in 1992 in Palakkad (Kerala), processes wheat into
different by-products such as refined flour (maida), semolina
(suji), and whole wheat flour (atta). These products are sold in
the market under the brand, Surabhi. The company's milling unit is
located in Palakkad (Kerala).


PREMIER CARWORLD: CRISIL Reaffirms B Rating on INR125MM Cash Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facility of Premier Carworld Private
Limited (PCPL) continue to reflect the PCPL's weak capital
structure constraining its overall financial risk profile, low
profitability, and exposure to intense competition in the
automative dealership business. These rating weaknesses are
partially offset by PCPL's prudent working capital management.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             125       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PCPL will benefit over the medium term from
its established relationship with Maruti Suzuki India Ltd (MSIL;
Rated CRISIL AAA/Stable/CRISIL A1+). The outlook may be revised to
'Positive' in case of higher-than-expected accruals or substantial
infusion of capital by the promoter, leading to improvement in
PCPL's financial risk profile, particularly its capital structure
and liquidity. Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected accruals or if the
company's working capital cycle weakens or if it undertakes any
large debt-funded capital expenditure programmes, leading to
further deterioration in its financial risk profile, especially
liquidity.

PCPL, incorporated in 2010, and promoted by the Kolkata (West
Bengal [WB])-based Mr. Ramesh Chandra Agarwal, is an authorised
dealer of MSIL's passenger cars in and around Kolkata.


RADIANT TEXTILES: CRISIL Reaffirms B+ Rating on INR500MM Loan
-------------------------------------------------------------
CRISIL's rating reflects Radiant Textiles Limited (RTL) weak
financial risk profile, marked by high gearing, average debt
protection metrics, and large working capital requirements. These
rating weaknesses are partially offset by the extensive experience
of RTL's promoters in the cotton industry and their funding
support.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             500      CRISIL B+/Stable (Reaffirmed)
   Corporate Loan           60      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      202.6    CRISIL B+/Stable (Reaffirmed)
   Term Loan               247.4    CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RTL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's capital
structure improves, either through equity infusions, or
substantial cash accruals backed by ramp-up in scale of operations
or efficient working capital management. Conversely, the outlook
may be revised to 'Negative' if RTL's financial risk profile
weakens on account of decline in revenue and profitability or any
large capital expenditure; or if the liquidity weakens
significantly on account of increase in working capital
requirements.

RTL was set up in October 2005 by Mr. Ramesh Kumar, Mr. Mohan Lal,
Mr. Gian Chand, Mr. Rajesh Goyal, and Mr. Varun Kumar. It
commenced commercial production in January 2008. The company
manufactures cotton yarn at its plant in Samana (Punjab).


RAJESH HOUSING: CRISIL Assigns B+(SO) Rating to INR1.4BB Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+(SO)/Stable' rating to the
INR1.4 Billion non-convertible debentures (NCDs) of Rajesh Housing
Private Limited (RHPL). The rating reflects flexible terms of the
NCD issue, favourable location of RHPL's project in Mumbai
ensuring sound demand prospects, and the promoters' extensive
experience in the real estate development industry. These rating
strengths are partially offset by RHPL's exposure to project
implementation risk with nascent stage of its project, high
dependence on customer advances for funding the project, and
exposure to cyclicality inherent in the real estate sector.

RHPL has flexible terms with the investor for the NCD issuance.
NCDs have a tenure of 42 months, with no fixed interest payment or
principal repayment obligation during the tenure. The NCDs only
have the redemption premium equivalent to a fixed Internal Rate of
Return (IRR) of 22.50 per cent to be paid on maturity.

RHPL's project is located in the central suburbs of Mumbai, which
provides good connectivity by rail as well as roads. This in turn
is expected to support the project's saleability, given the sound
demand prospects. Furthermore, RHPL's promoters have an experience
of over 50 years in the real estate industry, and have delivered
over 3 million sq ft of residential and commercial projects in
Mumbai since 1997.

RHPL remains exposed to project implementation risks given the
nascent stage of its project. The company is awaiting the
requisite approvals for commencement of the project, which is
expected to come in 2015-16. The project is expected to be
executed in phases, but given its initial stage it is exposed to
risks related to time and cost overruns. Although the proven track
record RHPL's promoters will help in project implementation, any
delay will remain a key rating sensitivity factor.

RHPL largely depends on customer advances for funding the
construction of its projects. The total construction cost of the
project is estimated at about INR 12 billion, of which around 70
per cent will be funded through customer advances. The company is
exposed to project implementation risk and is susceptible to the
cyclicality inherent in the real estate sector, which could result
in fluctuations in its cash inflows because of volatility in
realisations and saleability. Any delay in project execution will
impact the company's cash flow position and expose it to
refinancing risk on maturity of NCDs.
Outlook: Stable

CRISIL believes that RHPL will continue to benefit over the medium
term from the flexible terms of the NCD and the promoters
extensive experience in real estate development. The outlook may
be revised to 'Positive', if the company achieves better-than-
expected progress in project construction and sales, leading to a
sustained improvement in its cash flows. Conversely, the outlook
may be revised to 'Negative' if RHPL's project progress or sales
is lower-than-expected thereby adversely impacting its cash flow
position and exposing it to refinancing risk or if the company
contracts substantial debt for funding the project.

Incorporated in 2015, RHPL is a part of the Rajesh Lifespaces
group. The company will be developing residential cum commercial
project in central suburbs of Mumbai with total saleable area
13.40 lac sq. ft.

The Rajesh Lifespaces group is a real estate developer based in
Mumbai, promoted by Mr. Raghavbhai Patel. The companies in the
group have been engaged in the business of real estate
construction and development for over 50 years. The group is
currently managed by the third-generation of the family, Mr.
Priyal Patel and Mr. Pratik Patel.

The Rajesh group has a long track record in real estate
development, with 3.5 million sq ft of developed and delivered
projects since 1997; 93 per cent of which are residential
development and remaining commercial development in Mumbai.
Furthermore, the group has about 5 million sq ft of area under
development across various projects as on March 2015.

RHPL has no financial performance history, as the company has been
incorporated in 2014-15.


RAMAWAT CONSTRUCTION: ICRA Suspends B- Rating on INR6cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B- rating for the INR6.0 crore bank
facilities of Ramawat Construction Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


RUSHI COTTEX: ICRA Lowers Rating on INR15.50cr Loan to 'D'
----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR4.50
crore cash credit facility and INR15.50 crore unallocated amount
of Rushi Cottex Private Limited from [ICRA]B+ to [ICRA]D.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             4.50        Revised to [ICRA]D
                                       from [ICRA]B+

   Unallocated Amount      15.50       Revised to [ICRA]D from
                                       [ICRA]B+

The rating revision factors in RCPL's recent instances of delays
in debt servicing reflecting highly stressed liquidity position
due to closure of business operation from current fiscal on
account of heavy losses in FY4 & 15.

Rushi Cottex Private Limited (RCPL) was established in September
2008 as a private limited company by Mr. Shailesh Pandya, Ms.
Minakshi Soni and Mr. Prashant Mehta and is engaged in trading of
Shanker 6 and V-797 cotton bales.

Recent Results
As per provisional results, for the year ended 31st March, 2014,
the company reported an operating income of INR50.24 crore with
profit before depreciation and taxes of INR0.19 crore.


S. M. INFRASTRUCTURE: CRISIL Assigns B+ Rating to INR99MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of S. M. Infrastructure Pvt Ltd (SMIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                99       CRISIL B+/Stable

The rating reflects SMIPL's exposure to risks related to
completion and saleability of its ongoing projects and geographic
concentration in its revenue profile. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the real estate development business.
Outlook: Stable

CRISIL believes that SMIPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
funding support. The outlook may be revised to 'Positive' in case
of a considerable increase in bookings and customer advances,
leading to substantial cash inflows, along with retention of
profits in the company. Conversely, the outlook may be revised to
'Negative' if SMIPL faces significant pressure on its liquidity
because of slow booking of the remaining flats or delays in
receipt of customer advances.

Incorporated in June 2008, SMIPL is promoted by Mr. Vikas Agarwal,
Mr. Sarat Kumar Jain, and Mr. Rishi Agarwal. The company is
engaged in real estate development. Currently, SMIPL is
undertaking a residential real estate project, Suryavatika, in
Kampup (Assam).


S.P.Y. AGRO: CARE Raises Rating on INR217.84cr LT Loan to B-
------------------------------------------------------------
CARE revises the rating to bank facilities of S.P.Y. AGRO
Industries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    217.84      CARE B- Revised from
                                            CARE D

   Short term Bank Facilities    25.00      CARE A4 Revised from
                                            CARE D

Rating Rationale
The revision in the ratings assigned to the bank facilities of
S.P.Y. Agro Industries Limited (SPYAIL) takes into account the
regularization of debt servicing due to improvement in liquidity
position of the company led by improvement in inventory
days and financial support in the form of unsecured loans provided
by the promoters in FY15 (Prov.; refers to the period April 1 to
March 31). The ratings also factors in the satisfactory experience
of the promoters and growth in total operating income in FY15
(Prov.). The ratings continue to be constrained by volatility in
prices and availability of raw materials, the ongoing debt-funded
capacity expansion, challenges of operating in the highly
regulated industry, working capital-intensive nature of the
business and decline in profit margins, deterioration of capital
structure and debt coverage indicators in FY15 (Prov.). The
ability of the company to improve its liquidity profile and
complete the ongoing capacity expansion without time and cost
overrun are the key rating sensitivities.

Incorporated in May 2005, SPYAIL is part of the Nandi group of
companies based out of Nandyal in Andhra Pradesh. The group has a
presence in diversified businesses such as cement, dairy, PVC
pipes, construction, TMT bars, etc, since 1978. SPYAIL commenced
its commercial operations from FY09. The company has a grain-and-
molasses-based distillery plant at Nandyal (Andhra Pradesh) with a
capacity of 145 kilo liters per day. ENA is the main raw material
in the manufacture of IndianMade Foreign Liquor.

During FY15 (Prov.), SPYAIL achieved a total income of INR180.37
crore (FY14: INR153.03 crore) and PAT of INR7.14 crore (FY14:
INR6.54 crore).


SATYAWATI SUBODH: ICRA Suspends B- Rating on INR12.45cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B- rating for the INR12.45 crore bank
facilities of Satyawati Subodh Foundation Trust. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


SH INFRATECH: ICRA Assigns 'D' Rating to INR20cr LT Loan
--------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]D to the INR20.00
crore non-fund based bank facilities and INR1.00 crore fund based
bank facilities of SH Infratech Private Limited.

                            Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Long Term- Non-Fund
   Based Limits/BG           20.00        [ICRA]D; Assigned

   Long Term- Fund Based
   Limits/CC                  1.00        [ICRA]D; Assigned

ICRA's rating centrally factors in delays in debt servicing by
SHIL, due to the stretched liquidity position of the company,
owing to delays in realization of contractual payments. Further,
the company's net worth is insufficient to meet the working
capital funding requirements as well as margins required for
availing bank guarantees. Also, the absence of a cost escalation
clause in bulk of its orders renders the company's profitability
vulnerable to fluctuations in cost of inputs. ICRA however takes
note of the experience of the promoters in the civil construction
business and its established clientele.

Going forward, a track record of timely debt servicing will be the
key rating sensitivity. This, in turn would be dependent on SHIL's
ability to improve liquidity by infusion of equity and timely
collection of receivables.

SHIL was incorporated in December 2009 and undertakes civil
construction projects, primarily road construction in Uttar
Pradesh. The firm's clients are mostly government organizations
such as Public Works Departments (PWD). The promoters of the
company have been engaged in the civil construction business for
the past twenty years, through their proprietorship concern-
Shakeel Haider Engineers and Contractors (SHEC, rated [ICRA]D).

Recent Results
The company reported a net profit of INR1.73 crore on an operating
income of INR40.18 crore in FY 2013-14, as against a net profit of
INR2.57 crore on an operating income of INR41.76 crore in the
previous year.


SHAKTI BHOG: ICRA Lowers Rating on INR1,925cr CC to 'D'
-------------------------------------------------------
ICRA has revised the long term rating outstanding for INR2155.0
crore bank lines of Shakti Bhog Foods Limited from [ICRA]BBB+ to
[ICRA]D. The "negative" outlook on the rating has been withdrawn.
ICRA has also revised the short-term rating outstanding for
INR695.0 crore bank lines of SBFL from [ICRA]A2 to [ICRA]D.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term/Corporate Loans     230.0      [ICRA]D downgraded
   CC                      1925.0      [ICRA]D downgraded
   LC/BG                    575.0      [ICRA]D downgraded
   Short Term Loans         120.0      [ICRA]D downgraded

The rating action factors in the delays in debt servicing by the
company. SBFL's liquidity position is stretched on account of
subdued demand and correction in average realisations of basmati
rice, against sizeable rice inventory levels maintained by the
company. ICRA notes that the company is in the process of raising
debt funding to the tune of INR500.0 crore to ease its liquidity
position. ICRA also takes note of the long experience of SBFL's
promoters in the agro food products industry; and the strong brand
equity enjoyed by the company's "Shakti Bhog" brand.

Shakti Bhog Foods Limited (SBFL) is a public limited company
promoted by Mr. K K Kumar in 1992. SBFL sells agro based foods
products, mainly wheat flour (atta) and basmati rice as well as
besan, biscuits/cookies, poha, tea, etc under its brand "Shakti
Bhog". For its wheat milling business. SBFL has three
manufacturing facilities in Delhi and for the basmati rice
business; the company has a milling facility in Kurukshetra
(Haryana) and processing facilities in Delhi NCR region.
Additionally the company also has a value add product
manufacturing facility in Haridwar (Uttrakhand).

Recent Results

For FY2014, SBFL has achieved an operating income of INR5922 crore
and a net profit of INR189 crore.


SMT. TARAWANTI: CARE Assigns B+ Rating to INR12.36cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of SMT.
Tarawanti Educational Trust.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     12.36      CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Smt. Tarawanti
Educational Trust (TET) is constrained by its small scale of
operations, leveraged capital structure, high level of competition
in the industry and limited reach of the trust. The rating,
however, favourably takes into account track record of operations,
experienced management team, healthy profitability margins and
buoyant prospects of the K-12 segment in India.

The ability of the society to scale up its operations in a highly
competitive market while maintaining its profitability margins
and improvement in the capital structure would be the key rating
sensitivities.

Smt. Taravanti Educational Trust (TET) was established in 2001 by
Mr Sanjeev Murria and his family members. The society is being
managed by Mr Sanjeev Murria, Mrs Sudarshana Murria and Mrs
Vandana Murria. TET is running two schools in Jalandhar, Punjab by
the name 'Little Blossom School' and 'La Blossom School', with a
total of 1776 students in FY14 (refers to the period April 1 to
March 31). Little Blossom School is currently offering classes
from pre-nursery to 4th standard whereas La Blossom School is
currently offering classes from 1st class to higher secondary
(till 11th class). TET provides numerous facilities at its fully
air conditioned schools which include smart classrooms, swimming
pool, computer labs, mini nursing home, etc. Furthermore, TET has
employed experienced and qualified teaching and administrative
staff to support the day-to-day operations.

For FY14, TET reported a total income of INR5.55 crore with a
surplus of INR1.90 crore, as against the total income of Rs3.91
crore with surplus of INR0.76 crore in FY13. Furthermore, the
society has achieved total operating income of INR5.70 crore in
FY15 (unaudited).


SRI CHAITANYA: ICRA Assigns B+ Rating to INR19cr Cash Credit
------------------------------------------------------------
ICRA has assigned the long-term rating to INR9.00 crore (Rs. 19.00
crore enhanced from INR10.00 crore) cash credit facilities of Sri
Chaitanya Rice Mill at [ICRA]B+. ICRA has [ICRA]B+ rating
outstanding to the existing INR10.00 crore cash credit facilities
of Sri Chaitanya Rice Mill.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Cash Credit          19.00      [ICRA]B+ assigned/outstanding


The credit strengths and concerns of Sri Chaitanya Rice Mill
remain the same as highlighted in ICRA's Rationale issued in
June'2015 available at the following link:

                     http://is.gd/s6YKjj

Sri Chaitanya Rice Mill (SCRM), set-up in the year 2003, is
engaged in the milling of paddy and produces raw and boiled rice.
It is a partnership firm promoted by Mr. K.Ramesh Reddy and his
family members. The company has a milling unit in Rayavaram
Mandal, East Godavari District with a capacity of milling 54000
MTPA of paddy.

Recent Result
According to audited FY14 results, the firm has recorded an
operating income of INR46.51 crore with a net profit of INR0.22
crore. As per the provisional numbers, the company estimates an
operating income of INR47.02 crore during FY15


SWAMINATHAN ENTERPRISES: CRISIL Rates INR50MM LT Loan at B-
-----------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Swaminathan Enterprises Pvt Ltd (SEPL) and has
assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to the bank
facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             15        CRISIL B-/Stable (Assigned;
                                     Suspension revoked)

   Letter of Credit        45        CRISIL A4 (Assigned;
                                     Suspension revoked)

   Long Term Loan          50        CRISIL B-/Stable (Assigned;
                                     Suspension revoked)

   Proposed Long Term      10        CRISIL B-/Stable (Assigned;
   Bank Loan Facility                Suspension revoked)

The ratings were 'Suspended' by CRISIL on December 18, 2014,
because SEPL had not provided the necessary information required
for a rating review. SEPL has now shared the requisite
information, enabling CRISIL to assign ratings to its bank
facilities.

The ratings reflect the extensive experience of SEPL's promoter in
manufacturing electric motors for home appliances. The rating
strength is partially offset by the company's small scale of
operations, weak financial risk profile marked by a small net
worth, high gearing and weak debt protection metrics, and the
susceptibility of SEPL's operating margin to volatility in raw
material prices and to intense industry competition.
Outlook: Stable

CRISIL believes that SEPL will benefit over the medium term from
the promoter's extensive industry experience. The outlook may be
revised to 'Positive' if the company reports significantly higher
revenue and profitability, while improving its capital structure.
Conversely, the outlook may be revised to 'Negative' if SEPL
records low cash accruals or if its working capital management
deteriorates significantly, or in case of any major debt-funded
capital expenditure plans.

SEPL, incorporated in 2006, manufactures fractional horse power
motors, which are used in various home appliances such as washing
machines, wet grinders, and air conditioners. The company is
promoted by Mr. V M S Namasivayam and his family members. The
company is located at Chennai.


SWITCHGEARS & STRUCTURALS: CRISIL Rates INR105MM Loan at B+
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Switchgears & Structurals (India) Pvt Ltd
(SSIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Letter of Credit        25        CRISIL A4
   Cash Credit            105        CRISIL B+/Stable
   Bank Guarantee          70        CRISIL A4
   Bill Discounting
   under Letter of Credit  30        CRISIL A4

The ratings reflect SSIPL's working-capital-intensive and modest
scale of operations in the highly fragmented isolator
manufacturing industry. These rating weaknesses are partially
offset by the industry experience of the company's promoters, and
its established market position.
Outlook: Stable

CRISIL believes SSIPL will continue to benefit over the medium
term from its promoters' extensive industry experience and
established client network. The outlook may be revised to
'Positive' if the company scales up its operations and
significantly improves its profitability and working capital
cycle, thereby strengthening its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if SSIPL
registers low accruals, or if it undertakes a large unexpected
debt-funded capital expenditure programme, if its working capital
cycle is stretched, resulting in weakening of its financial risk
profile, particularly its liquidity.

Incorporated in 1983, SSIPL is engaged in the design, manufacture,
and testing of isolators and disconnectors. The company's day to
day operations are managed by Mr. O Surendra Babu. It has its
manufacturing facility at Hyderabad.


TEXORANGE CORPORATION: Ind-Ra Assigns 'IND BB+' Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Texorange
Corporation Ltd. (TCL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.  The agency has also assigned TCL's
INR291.5 mil. fund-based working capital limits a Long-Term
'IND BB+' rating with a Stable Outlook.

KEY RATING DRIVERS

The ratings reflect TCL's moderate scale of operations and credit
profile, along with narrow EBITDA margins.  In FY14, revenue was
INR1,049m, EBITDA margins were 4.6%, net financial leverage (total
adjusted net debt/operating EBITDA) was 3.8x and EBITDA interest
coverage was 2.7x.

The ratings also reflect TCL's tight liquidity as reflected by its
around 91% average working capital use during the 12 months ended
June 2015.

The ratings, however, benefit from the over a decade-long
experience of TCL's promoters in manufacturing and exporting
fabrics and garments.

RATING SENSITIVITIES

Positive: A sustained improvement in the scale of operations and
overall credit metrics will be positive for the ratings.

Negative: Deterioration in the profitability and credit metrics
will be negative for the ratings.

COMPANY PROFILE

Mumbai-based TCL was incorporated in 2004 and commenced commercial
operations in FY10.  The company manufactures and exports fabrics
and garments.

According to the provisional results for FY15, TCL's net revenue
was INR1,158 mil.


VERSATILE WIRES: CRISIL Assigns B- Rating to INR48.9MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Versatile Wires Limited (VWL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Letter of Credit       27.5       CRISIL A4
   Funded Interest
   Term Loan               5.6       CRISIL B-/Stable
   Foreign Exchange
   Forward                 0.3       CRISIL A4
   Bank Guarantee         27.1       CRISIL A4
   Cash Credit            48.9       CRISIL B-/Stable

The ratings reflect VWL's weak financial risk profile, marked by a
negative net worth, weak debt protection metrics and stretched
liquidity owing to losses being incurred by the company. The
rating also factors in the small scale of operations of the
company. These rating weaknesses are partially offset by the
extensive industry experience of VWL's promoters.
Outlook: Stable

CRISIL believes that VWL will continue to benefit over the medium
term from its promoter's extensive industry experience and
established customer base. The outlook may be revised to
'Positive' in case of a substantial and sustained increase in
VWL's scale of operations and accruals, along with improved
working capital management, or if there is significant equity
infusion by the promoters leading to improvement in the company's
capital structure and overall financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of lower-than-
expected operating income and accruals, or if the company
undertakes any capital expenditure programme or witnesses a
stretch in its working capital cycle, leading to further
deterioration in its liquidity profile.

VWL was originally incorporated on November 9, 1993, as a private
limited company; it was reconstituted as a public limited Company
in 1995 and listed on the Calcutta Stock Exchange. VWL was jointly
promoted by Indian promoters Mr. Sriram Khemka and Mr. Lokesh
Khemka in technical assistance with ''Eldra Electrodraht Erzeugung
GmbH" of Austria, which has a stake of about 14 per cent in the
company.

VWL manufactures enamelled copper and aluminium winding wires and
processes bare copper wires of various measurements, as per the
client's requirements. The company's manufacturing facility is
located at Rasapunja, South 24 Parganas (West Bengal).


VIRGO CEMENTS: CRISIL Cuts Rating on INR212.8MM Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Virgo Cements Ltd (VCL) to 'CRISIL D' from 'CRISIL B-/Stable'.

                       Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             64        CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Term Loan              212.8      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by VCL in debt
servicing. The delays resulted from weakening of the company's
liquidity.

VCL has a weak financial risk profile, and a modest scale of
operations. Moreover, the company is exposed to intense
competition in the cement industry, while its operating margin is
susceptible to downturns in its end-user industry and to
volatility in raw material prices. However, VCL benefits from the
extensive industry experience of its promoters.

VCL, incorporated in 1986, manufactures portland pozzolona cement.
The company sells its products under the brand, Virgo Cement.


VSK LABORATORIES: ICRA Assigns 'B' Rating to INR10cr LT Loan
------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR10.00
crore fund based limits of VSK Laboratories Private Ltd.

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

The assigned rating is constrained by the project implementation
risk for setting up a bulk drug manufacturing unit given that ~40%
of the project cost is yet to be incurred; marketing risk in the
absence of any customer agreements and high competitive intensity
in the fragmented bulk drug industry in India which is likely to
result in a pressure on margins. The debt servicing is highly
sensitive to timely completion of the project and ability of the
company to achieve the envisaged capacity utilisation and margins.
The rating, however, positively factors in the experience of the
management in the pharmaceutical industry and the favourable
demand prospects for the Applied Pharmaceutical Ingredients
(API's).

The ability of the company to complete the project without any
time delays and cost over-runs, and stabilize operations as per
the schedule would be the critical rating sensitivity. Following
commencement of operations, the market acceptance of the products
and scaling up would be key monitorables.

VSK Laboratories Private Limited (VSK) was incorporated in the
year 2006, with the objective of manufacturing Active
Pharmaceutical Ingredients (API's). The company is currently
setting up an API manufacturing facility in the Chotuppal mandal
of Nalgonda district in Telangana. The total capacity of the plant
for manufacturing the proposed API's is 384 Tonnes per annum.
The total cost of the project is estimated at INR26.35 crore
funded by term loan of INR17.00 crore and remaining INR9.35 crore
as promoter contribution. VSK plans to manufacture 9 API's in the
anti-hypertension, anti-retro viral, anti-histamine therapeutic
segments. The commercial production is expected to start from
December 2015.



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


INDONESIA: S&P Assigns 'BB+' Rating to Euro-Denominated Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
issue rating to benchmark-size euro-denominated senior notes that
the Republic of Indonesia (BB+/Positive/B; axBBB+/axA-2) proposes
to issue as part of its US$30 billion global medium-term notes
program.  The notes will constitute the direct, unconditional,
unsubordinated, and unsecured obligations of Indonesia.

The ratings on Indonesia balance the country's low per capita
income and developing policy and institutional settings against
the improved credibility of its monetary policy, buoyant economic
growth, and sound public finances.

The positive outlook on the sovereign indicates the possibility
that S&P could raise its ratings on Indonesia over the next 12
months if the government achieves its stated objective of
improving the quality of expenditure.  This would include allowing
fuel pump prices to adjust more freely and allocating its public
investment budget efficiently.

S&P will also be reviewing the 2016 budget, due to be presented in
October, to evaluate not only the government's commitment to
modest fiscal deficits but also its intentions for its vast public
enterprise sector.  S&P believes these fiscal measures are
important not only for public finance but also for the country's
savings and investment balance.

On the other hand, S&P could revise the outlook to stable if the
government's reform ambitions wane or macroeconomic imbalances
rise.


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


SOFTBANK GROUP: Moody's Assigns Ba1 Rating on Sr. Unsec. Notes
--------------------------------------------------------------
Moody's Japan K.K. has assigned a definitive Ba1 rating to the
senior unsecured euro and US dollar notes issued by SoftBank Group
Corp.

The rating outlook is stable.

The assignment of definitive rating follows SoftBank's successful
completion of its foreign currency notes issuance, the final terms
and conditions of which are consistent with Moody's expectations.

The notes will be guaranteed by SoftBank Corp. (former SoftBank
Mobile Corp.), the primary operating vehicle that engages in
mobile and fixed-line telecommunication businesses generating over
half of the group's reported consolidated EBITDA for the fiscal
year ended March 31, 2015 (FYE3/2015).

The specific notes rated are:
   -- USD 1.0 billion 5.375% senior unsecured USD notes due 2022
      at Ba1
   -- USD 1.0 billion 6.000% senior unsecured USD notes due 2025
      at Ba1
   -- EUR 0.5 billion 4.000% senior unsecured EUR notes due 2022
      at Ba1
   -- EUR 1.25 billion 4.750% senior unsecured EUR notes due 2025
      at Ba1
   -- EUR 0.5 billion 5.250% senior unsecured EUR notes due 2027
      at Ba1

RATINGS RATIONALE
Despite its high leverage -- at 5.5x of adjusted gross debt /
EBITDA for FYE3/2015 -- SoftBank's Ba1 rating is supported by a
significant degree of financial flexibility, which includes its
maintenance of large amounts of cash on hand and unrealized gains
from investments led by Alibaba Group Holding Limited (A1 stable).

At the same time, the rating also reflects the acquisitive nature
of the company to expand its business globally.

SoftBank issued a total of USD 2 billion and EUR 2.25 billion of
new senior unsecured notes.  Moody's expects that SoftBank will
use most of the proceeds from the proposed note issuance to repay
maturing debt in the next several years, which will help restrain
the impact on future leverage.  Nevertheless, if the company uses
a substantial part of cash on hand and/or takes on additional new
incremental debt for the purpose of a sizable acquisition, and
causes a deterioration in its credit metrics, the rating would
come under pressure.

The stable outlook reflects Moody's view that the company will
maintain significant financial flexibility to offset its already
high leverage.  The outlook also considers Softbank's position as
the second-largest mobile telecommunications operator in Japan by
the number of subscribers, which supports steady cash flow from
operations.

The ratings could be upgraded if SoftBank's improves its
profitability and debt leverage such that adjusted EBITDA margin
stays above 35% and adjusted gross debt/EBITDA falls below 3.5x.
In addition, the company will need to demonstrate an excellent
liquidity profile and access to the capital markets.

The ratings could be downgraded if Moody's expects SoftBank's
adjusted EBITDA margin to remain below 30%.  The ratings could
also be downgraded if the company's adjusted gross debt/EBITDA
exceeds 5.5x on a sustained basis.  Significant depletion of
liquidity or values in its investments could also increase
downward rating pressure.

The principal methodology used in these ratings was Global
Telecommunications Industry (Japanese) published in February 2011.

SoftBank Group Corp. is a Japanese holding company with operations
in mobile and fixed-line telecommunications, broadband, Internet,
gaming and other businesses.  Its subsidiary, SoftBank Corp., is
the second-largest mobile telecommunication operator in Japan
measured by the number of subscribers.


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


Q CARD 2014-1: Fitch Affirms 'BBsf' Rating on Series E Notes
------------------------------------------------------------
Fitch Ratings has affirmed the ratings of notes issued by The New
Zealand Guardian Trust Company Limited in its capacity as trustee
of the Q Card Trust.  The transaction is a securitisation of New
Zealand credit card receivables.  The transaction is a revolving,
asset backed note programme that features a multi class structure
that will purchase eligible receivables from the seller on a
revolving basis.

The rating actions are:

   -- NZD 10.0 mil., VFN affirmed at 'AAAsf'; Outlook Stable;
   -- NZD 89.5 mil., Series A 2014-1 affirmed at 'AAAsf'; Outlook
      Stable;
   -- NZD 58.0 mil., Series A 2014-2 affirmed at 'AAAsf'; Outlook
      Stable;
   -- NZD 58.0 mil., Series A 2014-3 affirmed at 'AAAsf'; Outlook
      Stable;
   -- NZD 32.5 mil., Series B 2014-1 affirmed at 'AAsf'; Outlook
      Stable;
   -- NZD 22.8 mil., Series C 2014-1 affirmed at 'Asf'; Outlook
      Stable;
   -- NZD 16.3 mil., Series D 2014-1 affirmed at 'BBBsf'; Outlook
      Stable; and
   -- NZD 18.0 mil., Series E 2014-1 affirmed at 'BBsf'; Outlook
      Stable.

KEY RATING DRIVERS
The affirmation reflects Fitch's view that the available credit
enhancement is sufficient to support the notes' current rating,
and the agency's expectations of New Zealand's economic
conditions.  Credit quality and the performance of the underlying
receivables have remained within the agency's expectations.

The transaction was modelled with a base case gross yield rate of
17.3%, a base case monthly payment rate (MPR) of 6.8% and a base
case charge-off rate of 5.0%.  The transaction has performed
better than expected with an average gross yield rate of 19.7%, an
average MPR of 7.4% and an average charge-off rate of 3.0% since
closing.

Arrears greater than 120 days are low at 3.84% as of June 30,
2015.  Arrears greater than 120 days have been stable in the 2%-4%
range, well below the excess spread trapping trigger of 8.00%.

Fitch has not revised its base case assumptions.

RATING SENSITIVITIES
At the base case of the gross yield rate, MPR, and charge-off
rate, the transaction can withstand multiples of the current
charge-off rates ranging from 4.94x in a 'AAAsf' scenario to 2.53x
in a 'BBsf' scenario.

At the average gross yield rate, MPR, and charge-off rate since
closing, the transaction can withstand higher multiples of the
current charge-offs rates ranging from 10.22x in a 'AAAsf'
scenario to 5.53x in a 'BBsf' scenario.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation
to this rating action

DATA ADEQUACY
Fitch conducted a file review of 10 sample loan files focusing on
the underwriting procedures conducted by Fisher & Paykel Finance
Limited compared to its credit policy at the time of underwriting.
Fitch has checked the consistency and plausibility of the
information and no material discrepancies were noted that would
impact Fitch's rating analysis.

Initial Key Rating Drivers and Rating Sensitivities are described
further in the New Issue report dated Aug. 12, 2014.



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


SECURITY BANK: Fitch Affirms 'BB' IDR; Outlook Stable
-----------------------------------------------------
Fitch Ratings affirmed the Long-Term Issuer Default Ratings (IDRs)
of three Philippine banks - China Banking Corporation (China
Bank), Security Bank Corporation (Security Bank) and Rizal
Commercial Bank Corp. (RCBC) - at 'BB', and their Viability
Ratings (VRs) at 'bb'.  Their Outlooks are Stable.

KEY RATING DRIVERS

VRS, IDRS, AND NATIONAL RATINGS

The IDRs of the three Philippine banks and the National Ratings of
China Bank and Security Bank are driven by their VRs.

The ratings reflect their higher risk appetite, adequate
capitalization, sound funding and liquidity, and their small yet
meaningful market shares.  The VRs also take into account
structural issues within the local banking system, including
concentrated loan portfolios, conglomerate/family ownership and
developing corporate governance standards.

The Stable Outlooks on all three banks reflect Fitch's view that
their financial profiles will likely remain steady over the near
to medium term in light of sustained economic growth, a fairly
conservative regulatory environment, and sufficient funding and
liquidity in the system that is supported by strong inflows from
overseas workers.

Fitch expects the three banks to continue expanding their branch
networks to support deposit and loan growth, and they may
undertake acquisitions to enhance their franchises and market
positions.  Loans growth will likely stem from infrastructure and
power projects and the SME and consumer segments, which are
higher-yielding and underpenetrated.

Fitch believes system loan growth may slow from the fast pace in
2011-2014 (17% on average a year) given external headwinds -
arising from slower global growth, rising interest rates and the
risk of weaker-than-expected growth in China - and regulatory
changes announced in 2014 aimed at strengthening the banks'
underwriting practices and cooling down the real estate sector.

The ratings also capture Fitch's expectation that the banks will
maintain sound capital buffers to balance loan growth and
potential loan deterioration.  Fitch believes the banks in this
peer group would qualify as domestic systemically important banks
(D-SIBs) and would have to maintain a minimum CET1 ratio of 10.0%
by January 2019, a requirement which they can all comfortably meet
already.  The CET1 ratios of Security Bank and China Bank were
both close to 14% at end-March 2015, and that of RCBC improved to
around 14% at end-June 2015 from 12% at end-2014 following a
capital injection - equivalent to around 2% of risk-weighted
assets - from Cathay Life Insurance in April 2015.

Asset quality at Security Bank and RCBC has remained broadly
steady, aided by a favourable macroeconomic environment and low
interest rates over the last five years, and Fitch believes that
there is likely limited room for further improvement.  Fitch does
not rely too much on the banks' regulatory NPL ratios, which hover
around 1%-2%, as it is a backward-looking measure that only
considers past-due loans

Fitch considers Security Bank's asset quality as the strongest in
this peer group, given its lower concentration in large loans
relative to capital, smaller exposure to consumer loans and larger
securities portfolio that is mainly in Philippine government
bonds.  Nonetheless, its relative strength can quickly diminish if
the bank's recent rapid growth, particularly in the consumer
segment, leads to higher delinquencies and impairment costs.

China Bank's consolidated asset quality deteriorated after it
acquired Planters Development Bank (Plantersbank) in 2014.  Its
reported NPL ratio rose to 2.5% at end-March 2015 from 2.0% at
end-2013, and there may be further deterioration emanating from
the assets of the newly acquired bank.

SUPPORT RATINGS AND SUPPORT RATING FLOORS

The banks' Support Ratings of '3' and Support Rating Floors of
'BB-' reflect Fitch's view of a moderate probability of
extraordinary state support for the banks, if needed.  This takes
into account the Philippine sovereign's fiscal position - as
captured in its rating of 'BBB-' - as well as the banks' moderate
systemic importance, stemming from their market shares of 3%-5% of
system assets, placing them among the sixth to tenth in the market
by that measure.

SENIOR DEBT AND LEGACY HYBRID SECURITIES

The 'BB' ratings on the senior notes of Security Bank and RCBC are
driven by their IDRs, as they are direct, unsubordinated and
unsecured obligations of the banks, and rank equally with all
their other unsecured and unsubordinated obligations.

RCBC's Basel II perpetual callable subordinated hybrid notes are
rated 'B', which is three notches down from the bank's 'bb' VR,
reflecting the presence of both subordination and going-concern
loss-absorption mechanisms.

RATING SENSITIVITIES
VRS, IDRS AND NATIONAL RATINGS
The three banks' IDRs and VRs, and National Ratings of China Bank
and Security Bank are primarily sensitive to changes in their risk
appetites and maintaining sound capital buffers to offset risks
attached to rapid growth.  Reduced concentration risk and stronger
corporate governance could support positive ratings action but
Fitch would expect such changes to occur only over the longer
term.

Their ratings could come under pressure if the banks' credit
profiles were to deteriorate as a result of excessive lending to
riskier and more volatile sectors and increasing concentration
risk.

RCBC and China Bank could be more vulnerable to negative rating
action due to their weaker asset quality.  In addition, China
Bank's ratings may be negatively affected by weak execution on its
growth strategy, in particular if the integration of Plantersbank
goes poorly.

SUPPORT RATINGS AND SUPPORT RATING FLOORS
The SRs and SRFs would be sensitive to any change in the
government's perceived ability or willingness to provide
extraordinary support in a timely manner.  However, they are not
likely to change in the foreseeable future - as the Long-Term IDR
for the Philippines was recently affirmed at 'BBB-' with a Stable
Outlook, and Fitch does not foresee any sign of diminishing
implicit state support for the banks in the near term.

SENIOR DEBTS AND HYBRID SECURITIES
A change in the Long-Term IDR of Security Bank and RCBC would
affect the ratings on their senior notes.  RCBC's perpetual hybrid
notes are notched from the VR, and as such, a change in the VR
would impact the issuer's rating.  That said, RCBC has announced
it will exercise its call option on the perpetual hybrid notes on
24 July 2015, and the rating on RCBC's hybrid notes will be
withdrawn if and when the exercise is completed.

The rating actions are:

China Bank
   -- Long-Term Foreign- and Local-Currency IDRs affirmed
      at 'BB'; Outlook Stable
   -- National Long-Term Rating affirmed at 'AA-(phl)'; Outlook
      Stable
   -- Viability Rating affirmed at 'bb'
   -- Support Rating affirmed at '3'
   -- Support Rating Floor affirmed at 'BB-'

Security Bank
   -- Long-Term Foreign- and Local-Currency IDRs affirmed
      at 'BB'; Outlook Stable
   -- Short-Term Foreign-Currency IDR affirmed at 'B'
   -- National Long-Term Rating affirmed at 'AA-(phl)'; Outlook
      Stable
   -- Viability Rating affirmed at 'bb'
   -- Support Rating affirmed at '3'
   -- Support Rating Floor affirmed at 'BB-'
   -- Rating on senior notes affirmed at 'BB'

RCBC
   -- Long-Term Foreign- and Local-Currency IDRs affirmed
      at 'BB'; Outlook Stable
   -- Viability Rating affirmed at 'bb'
   -- Support Rating affirmed at '3'
   -- Support Rating Floor affirmed at 'BB-'
   -- Ratings on senior notes affirmed at 'BB'
   -- Ratings on Basel II perpetual callable subordinated hybrid
      notes affirmed at 'B'



=================
S I N G A P O R E
=================


VIVA INDUSTRIAL: S&P Lowers CCR to 'BB'; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Singapore-based Viva
Industrial REIT to 'BB' from 'BB+'.  The outlook is stable.

S&P also lowered its long-term issue rating on Viva's guaranteed
senior unsecured medium-term notes (MTN) program and Singapore
dollar (S$) 100 million drawdown to 'BB+' from 'BBB-'.  At the
same time, S&P lowered its long-term ASEAN regional scale rating
on the REIT to 'axBBB-' from 'axBBB' and on the notes to 'axBBB'
from 'axBBB+'.

"We lowered the rating because we expect Viva's balance sheet to
weaken with the REIT's aggressive debt-funded acquisition plans
over the next 12-18 months," said Standard & Poor's credit analyst
Yuehao Wu.

S&P estimates that Viva's leverage (as measured by the ratio of
debt to assets) will be close to, or higher than, 40% over the
period.  This ratio is at the top of the REIT's financial policy.
Viva's ratio of funds from operations (FFO) to debt could also
decline to less than 9%, the lower end of an "intermediate"
financial risk profile.  S&P has therefore revised the financial
policy modifier to "negative" from "neutral."

Viva's uncertain risk tolerance and aggressive growth appetite are
key rating weaknesses, in S&P's view.  The REIT's leverage has
historically exceeded the stated financial policy.  Viva's
acquisition of two properties in Singapore in November 2014 pushed
its leverage close to 45%.  The leverage fell temporarily to 38.9%
as of June 30, 2015, after an equity raising for the payment of
Technopark@ChaiChee's (TPCC) conversion premium for Viva's asset
enhancement initiative (AEI) during the month.  S&P expects the
leverage to rise with debt drawdown to fund the construction cost.

In S&P's view, the AEI carries leasing risks because only 27% of
the converted retail/commercial space is preleased.  Moreover,
TPCC is an old business park with 62%-64% occupancy for the past
two years and it has a short remaining land lease of 16 years.
S&P expects an occupancy improvement at the property to be modest
because the total converted space accounts for a small portion
(14%-15%) of total net lettable area.

Viva also faces a growing risk of rental support expiring in three
years with no meaningful organic growth in earnings from occupancy
improvement.  Without rental support, Viva's financial health
would be much weaker, with an FFO-to-debt ratio of 6.4%-7.0%.

S&P's base case does not incorporate any potential debt-funded
acquisition because the size of an acquisition and its funding mix
are uncertain and S&P captures the event risk in its "negative"
financial policy modifier.  In S&P's base case, it projects Viva's
leverage at 42%-43% over the next 12 months.  S&P expects Viva's
leverage to decline to close to 40% by 2016 because of substantial
valuation gain (according to an independent property appraiser)
upon completion of the TPCC asset enhancement, rather than through
absolute debt reduction.  S&P anticipates the FFO-to-debt ratio,
adjusted for rental support, to remain above 9% and gradually rise
to 10.0%-10.5% by 2016.

S&P lowered the issue ratings on the MTN program and the notes in
line with the lowering of the corporate credit rating.  The issue
ratings are one notch higher than the corporate credit rating to
reflect S&P's view of the program's substantial recovery prospects
because of over-collateralization of the trust's secured debt.

"The stable outlook reflects our expectation that Viva will
operate close to the top of its financial policy of 40% leverage
over the next 12-18 months," said Ms. Wu.  "Our stable outlook
also hinges on steady rental support over the period."

S&P expects Viva's financial risk profile to remain at
"intermediate" after factoring the ongoing AEI at TPCC, but it may
weaken to "significant" with potential debt-funded acquisitions.

S&P may lower the rating if Viva's debt-funded acquisitions are
more aggressive than our expectation, substantially weakening its
balance sheet.  An FFO-to-debt ratio that is persistently below 7%
could indicate such weakness.  Downgrade pressure may also arise
if Viva's occupancy levels decline materially and weaken its
profitability.  A disruption to the rental support could also
immediately stress the financial risk profile.

The rating upside is limited for Viva over the next 12 months, in
S&P's view.  However, S&P may raise the rating if the REIT
meaningfully enhances the portfolio occupancy and profitability
while expanding and diversifying its portfolio.  An upgrade also
hinges on the REIT demonstrating a record of financial discipline.
Evidence of a more conservative financial policy would be an FFO-
to-debt ratio of more than 10% and leverage below 40% on a
sustained basis.



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


SK HYNIX: Moody's Retains Ba1 CFR on Weaker Operating Results
-------------------------------------------------------------
Moody's Investors Service says that SK Hynix Inc.'s weaker
operating results for Q2 2015 and announcement of a share buyback
will not immediately impact the memory chip maker's Ba1 corporate
family rating and stable outlook.

"Despite the quarter-on-quarter weakening in revenue and operating
profit, SK Hynix's profitability remained robust when compared
with its similarly-rated peers," says Gloria Tsuen, a Moody's Vice
President and Senior Analyst.

"In addition, the company's net cash position as well as low
leverage continue to provide an adequate buffer against the weak
outlook for demand for PCs and consumer electronics," adds Tsuen.

Based on the company's announcement, SK Hynix's revenue and
operating profit declined by 4% and 13% quarter on quarter.

The declines were largely due to weak demand for PC DRAM, while
the weakness in the prices for PC DRAM also affected the prices
for other DRAM products, such as server & consumer DRAM.  Average
selling price for DRAM fell 8%, more than offsetting the 4%
increase in bit shipment.

The NAND flash market was relatively stable, with bit shipment up
8% while average selling price fell 6%.

The company reported an operating profit margin of 30% in Q2 2015,
which is strong for its ratings category.

On a year-on-year basis, Q2 2015 revenue grew 18%, and operating
profit increased 27%.

As at end-June, SK Hynix maintained a net cash position with a
total cash balance -- including short-term investments -- of
KRW4.2 trillion, against total debt of KRW3.8 trillion.  The
company's leverage also remains low for its rating category with
adjusted debt/EBITDA below 1x.

The company also announced plans to repurchase 22 million shares,
or approximately KRW840 billion (based on the July 22 closing
stock price), which can be accommodated in its current rating.

Although Moody's expects SK Hynix's revenue growth to slow in
2015, in line with industry forecasts amid decelerating demand for
consumer electronics, its operating margin should remain above the
mid-to-high 20% range for all of 2015.

The industry will remain capital intensive and Moody's expects
that SK Hynix will incur capital expenditure of KRW5.5-6 trillion
in 2015 and 2016, which is likely to be funded out of operating
cash flow.

Still, we expect the company to maintain a prudent approach on
capital management and a strong liquidity profile.  Specifically,
Moody's expects the company to maintain a cash balance above the
KRW3.5-4.0 trillion range, which will provide a financial buffer
in the event of an industry downturn.

While SK Hynix's financial metrics are strong for the rating
level, the rating also considers the inherent cyclicality of the
memory chip industry and the high level of capex required to
maintain its competitive edge and cost advantages.

Upward rating pressure could arise if SK Hynix significantly
improves its position in the memory market, in particular, in the
NAND segment, diversifies its customer base and products, and
maintains stability of earnings through cycles.

Credit metrics that would further support upgrade pressure include
sustained operating margins above 10% through the cycle, positive
free cash flow, and adjusted debt/EBITDA remaining below 1.0x,
over the course of a cycle.

Downward rating pressure could arise if SK Hynix's financial
metrics deteriorate owing to (1) a significant industry downturn;
(2) rapid commoditization of mobile DRAM; (3) significant erosion
of its market positions or delays in technological migrations; or
(4) changes in its investment and shareholder distribution
policies, such that its cash balance declines or results in
negative free cash flow.

Other specific financial metrics for a downgrade include operating
margin deteriorating to below 15%, adjusted FCF/debt turning
negative, cash balance deteriorating to below KRW2.5 trillion, or
adjusted debt/EBITDA increasing above 2x.

In addition, an adverse change in the relationship between SK
Hynix and SK Telecom Co Ltd (SKT, A3 stable) could result in a
negative rating action.

The principal methodology used in this rating was Global
Semiconductor Industry Methodology published in December 2012.

SK Hynix Inc., a Korea-based company, is engaged in the design,
manufacture, and sale of memory chips, such as DRAM and NAND flash
memory. It is 20.07%-owned by SK Telecom Co Ltd.


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


* BOND PRICING: For the Week July 20 to July 24, 2015
-----------------------------------------------------

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


  AUSTRALIA
  ---------

ANTARES ENERGY LTD   10.00      10/30/23    AUD      1.83
BOART LONGYEAR MAN    7.00      04/01/21    USD     70.75
BOART LONGYEAR MAN    7.00      04/01/21    USD     68.30
CML GROUP LTD         9.00      01/29/20    AUD      0.99
CML GROUP LTD         9.00      01/29/20    AUD      0.99
CRATER GOLD MINING   10.00      08/18/17    AUD     25.00
CRATER GOLD MINING   10.00      08/18/17    AUD     25.00
EMECO PTY LTD         9.88      03/15/19    USD     71.50
FMG RESOURCES AUGU    6.88      04/01/22    USD     58.97
FMG RESOURCES AUGU    6.88      04/01/22    USD     61.00
IMF BENTHAM LTD       6.35      06/30/19    AUD     70.50
KBL MINING LTD       12.00      02/16/17    AUD      0.31
LAKES OIL NL         10.00      03/31/17    AUD      8.61
MIDWEST VANADIUM P   11.50      02/15/18    USD      5.00
MIDWEST VANADIUM P   11.50      02/15/18    USD      3.08
STOKES LTD           10.00      06/30/17    AUD      0.45
TREASURY CORP OF V    0.50      11/12/30    AUD     63.06


CHINA
-----

CHANGCHUN CITY DEV    6.08      03/09/16    CNY     40.46
CHANGZHOU INVESTME    5.80      07/01/16    CNY     40.71
CHANGZHOU WUJIN CI    5.42      06/09/16    CNY     50.38
CHINA DEVELOPMENT     3.52      04/18/20    CNY     74.25
CHINA GOVERNMENT B    1.64      12/15/33    CNY     70.70
DATONG ECONOMIC CO    6.50      06/01/17    CNY     71.48
ERDOS DONGSHENG CI    8.40      02/28/18    CNY     57.70
GRANDBLUE ENVIRONM    6.40      07/07/16    CNY     72.12
HANGZHOU XIAOSHAN     6.90      11/22/16    CNY     72.00
HEILONGJIANG HECHE    7.78      11/17/16    CNY     71.65
HUAIAN CITY URBAN     7.15      12/21/16    CNY     70.58
INNER MONGOLIA NAI    7.48      05/05/18    CNY     72.19
KUNSHAN ENTREPRENE    4.70      03/30/16    CNY     40.18
LIAOYUAN STATE-OWN    7.80      01/26/17    CNY     71.51
NANJING NANGANG IR    6.13      02/27/16    CNY     50.74
NANJING NANGANG IR    6.13      02/27/16    CNY     50.15
NANTONG CITY TONGZ    6.80      05/28/19    CNY     82.95
NANTONG STATE-OWNE    6.72      11/13/16    CNY     71.05
OCEAN RIG UDW INC     7.25      04/01/19    USD     67.00
PANJIN CONSTRUCTIO    7.70      12/16/16    CNY     71.80
QINGZHOU HONGYUAN     6.50      05/22/19    CNY     40.39
TAIZHOU CITY CONST    6.90      01/25/17    CNY     70.61
WUXI COMMUNICATION    5.58      07/08/16    CNY     50.40
XIANGTAN JIUHUA EC    6.93      12/16/16    CNY     70.70
YANGZHOU URBAN CON    5.94      07/23/16    CNY     70.94
YANGZHOU URBAN CON    5.94      07/23/16    CNY     71.10


INDONESIA
---------

BERAU COAL ENERGY     7.25      03/13/17    USD     60.00
BERAU COAL ENERGY     7.25      03/13/17    USD     58.01
BERLIAN LAJU TANKE   16.25      05/28/14    IDR      1.03
JAIPRAKASH ASSOCIA    5.75      09/08/17    USD     74.63
GTL INFRASTRUCTURE    3.53      11/09/17    USD     25.75


INDIA
-----

3I INFOTECH LTD       5.00      04/26/17    USD     16.50
BLUE DART EXPRESS     9.30      11/20/17    INR     10.18
BLUE DART EXPRESS     9.50      11/20/19    INR     10.29
BLUE DART EXPRESS     9.40      11/20/18    INR     10.23
COROMANDEL INTERNA    9.00      07/23/16    INR     16.45
INCLINE REALTY PVT   10.85      08/21/17    INR     11.44
INDIA GOVERNMENT B    7.64      01/25/35    INR     22.81
INCLINE REALTY PVT   10.85      04/21/17    INR      8.16
JCT LTD               2.50      04/08/11    USD     22.63
ORIENTAL HOTELS LT    2.00      11/21/19    INR     73.62
PYRAMID SAIMIRA TH    1.75      07/04/12    USD      1.00
REI AGRO LTD          5.50      11/13/14    USD     20.63
REI AGRO LTD          5.50      11/13/14    USD     20.63
SHIV-VANI OIL & GA    5.00      08/17/15    USD     25.00


JAPAN
-----

AVANSTRATE INC        3.02      11/05/15    JPY     39.13
AVANSTRATE INC        5.00      11/05/17    JPY     30.50
ELPIDA MEMORY INC     0.70      08/01/16    JPY      9.63
ELPIDA MEMORY INC     0.50      10/26/15    JPY      8.88
ELPIDA MEMORY INC     2.03      03/22/12    JPY      9.63
ELPIDA MEMORY INC     2.10      11/29/12    JPY      9.63
ELPIDA MEMORY INC     2.29      12/07/12    JPY      9.63


KOREA
-----

2014 KODIT CREATIV    5.00      12/25/17    KRW     28.86
2014 KODIT CREATIV    5.00      12/25/17    KRW     28.86
DOOSAN CAPITAL SEC   20.00      04/22/19    KRW     36.25
EXPORT-IMPORT BANK    0.50      12/22/17    BRL     74.85
HYUNDAI MERCHANT M    7.05      12/27/42    KRW     37.21
HYUNDAI HEAVY INDU    4.80      12/15/44    KRW     57.22
HYUNDAI HEAVY INDU    4.90      12/15/44    KRW     56.16
KIBO GREEN HI-TECH   10.00      12/21/15    KRW     43.19
KIBO ABS SPECIALTY    5.00      03/29/18    KRW     27.85
KIBO ABS SPECIALTY   10.00      09/04/16    KRW     36.88
KIBO ABS SPECIALTY   10.00      02/19/17    KRW     34.50
KIBO ABS SPECIALTY    5.00      01/31/17    KRW     30.71
LSMTRON DONGBANGSE    4.53      11/22/17    KRW     28.54
POSCO ENERGY CORP     4.66      08/29/43    KRW     69.75
POSCO ENERGY CORP     4.72      08/29/43    KRW     69.17
POSCO ENERGY CORP     4.72      08/29/43    KRW     68.98
POSCO PLANTEC CO L    3.89      09/13/16    KRW     70.18
SINBO SECURITIZATI    5.00      08/29/18    KRW     26.72
SINBO SECURITIZATI    5.00      09/26/18    KRW     26.52
SINBO SECURITIZATI    5.00      09/26/18    KRW     26.52
SINBO SECURITIZATI    5.00      09/26/18    KRW     26.52
SINBO SECURITIZATI    5.00      12/13/16    KRW     31.97
SINBO SECURITIZATI    5.00      03/14/16    KRW     33.60
SINBO SECURITIZATI    5.00      02/02/16    KRW     34.88
SINBO SECURITIZATI    8.00      02/02/16    KRW     38.22
SINBO SECURITIZATI    5.00      01/19/16    KRW     35.56
SINBO SECURITIZATI   10.00      12/27/15    KRW     42.59
SINBO SECURITIZATI    5.00      07/26/16    KRW     33.49
SINBO SECURITIZATI    5.00      07/26/16    KRW     33.49
SINBO SECURITIZATI    5.00      03/12/18    KRW     27.99
SINBO SECURITIZATI    5.00      03/12/18    KRW     27.99
SINBO SECURITIZATI    5.00      09/28/15    KRW     47.42
SINBO SECURITIZATI    5.00      10/05/16    KRW     32.75
SINBO SECURITIZATI    5.00      10/05/16    KRW     31.17
SINBO SECURITIZATI    5.00      08/31/16    KRW     33.09
SINBO SECURITIZATI    5.00      08/31/16    KRW     33.10
SINBO SECURITIZATI    5.00      01/29/17    KRW     31.47
SINBO SECURITIZATI    5.00      07/08/17    KRW     30.31
SINBO SECURITIZATI    5.00      07/08/17    KRW     30.31
SINBO SECURITIZATI    5.00      06/07/17    KRW     22.71
SINBO SECURITIZATI    5.00      06/07/17    KRW     22.71
SINBO SECURITIZATI    5.00      08/24/15    KRW     56.96
SINBO SECURITIZATI    5.00      12/07/15    KRW     39.23
SINBO SECURITIZATI    5.00      09/13/15    KRW     53.16
SINBO SECURITIZATI    5.00      09/13/15    KRW     53.16
SINBO SECURITIZATI    5.00      05/27/16    KRW     34.17
SINBO SECURITIZATI    5.00      05/27/16    KRW     34.17
SINBO SECURITIZATI    5.00      02/21/17    KRW     31.20
SINBO SECURITIZATI    5.00      02/21/17    KRW     31.20
SINBO SECURITIZATI    5.00      06/29/16    KRW     33.81
SINBO SECURITIZATI    5.00      03/13/17    KRW     30.98
SINBO SECURITIZATI    5.00      03/13/17    KRW     30.98
SINBO SECURITIZATI    5.00      12/25/16    KRW     31.16
SINBO SECURITIZATI    5.00      01/15/18    KRW     28.67
SINBO SECURITIZATI    5.00      01/15/18    KRW     28.67
SINBO SECURITIZATI    5.00      02/11/18    KRW     28.21
SINBO SECURITIZATI    5.00      02/11/18    KRW     28.21
SINBO SECURITIZATI    5.00      06/27/18    KRW     27.35
SINBO SECURITIZATI    5.00      06/27/18    KRW     27.35
SINBO SECURITIZATI    5.00      07/24/17    KRW     29.28
SINBO SECURITIZATI    5.00      07/24/18    KRW     27.16
SINBO SECURITIZATI    5.00      07/24/18    KRW     27.16
SINBO SECURITIZATI    5.00      10/01/17    KRW     29.35
SINBO SECURITIZATI    5.00      10/01/17    KRW     29.35
SINBO SECURITIZATI    5.00      10/01/17    KRW     29.35
SINBO SECURITIZATI    5.00      08/16/16    KRW     32.34
SINBO SECURITIZATI    5.00      08/16/17    KRW     29.90
SINBO SECURITIZATI    5.00      08/16/17    KRW     29.90
SINBO SECURITIZATI    5.00      08/29/18    KRW     26.72
SK TELECOM CO LTD     4.21      06/07/73    KRW     67.19
TONGYANG CEMENT &     7.50      07/20/14    KRW     70.00
TONGYANG CEMENT &     7.50      09/10/14    KRW     70.00
TONGYANG CEMENT &     7.30      06/26/15    KRW     70.00
TONGYANG CEMENT &     7.30      04/12/15    KRW     70.00
TONGYANG CEMENT &     7.50      04/20/14    KRW     70.00
U-BEST SECURITIZAT    5.50      11/16/17    KRW     29.56
WISE MOBILE SECURI   20.00      05/19/18    KRW     72.51


SRI LANKA
---------

SRI LANKA GOVERNME    5.35      03/01/26    LKR     72.84


MALAYSIA
--------

BANDAR MALAYSIA SD    0.35      02/20/24    MYR     70.31
BANDAR MALAYSIA SD    0.35      12/29/23    MYR     70.79
BIMB HOLDINGS BHD     1.50      12/12/23    MYR     70.32
BRIGHT FOCUS BHD      2.50      01/22/31    MYR     65.37
BRIGHT FOCUS BHD      2.50      01/24/30    MYR     68.71
LAND & GENERAL BHD    1.00      09/24/18    MYR      0.29
SENAI-DESARU EXPRE    0.50      12/31/38    MYR     64.69
SENAI-DESARU EXPRE    0.50      12/29/45    MYR     73.08
SENAI-DESARU EXPRE    0.50      12/31/42    MYR     70.15
SENAI-DESARU EXPRE    0.50      12/31/40    MYR     67.69
SENAI-DESARU EXPRE    0.50      12/31/41    MYR     68.85
SENAI-DESARU EXPRE    0.50      12/30/44    MYR     72.19
SENAI-DESARU EXPRE    0.50      12/30/39    MYR     66.42
SENAI-DESARU EXPRE    0.50      12/31/43    MYR     71.28
SENAI-DESARU EXPRE    1.35      06/30/28    MYR     58.34
SENAI-DESARU EXPRE    1.35      12/29/28    MYR     57.04
SENAI-DESARU EXPRE    1.10      12/31/21    MYR     75.10
SENAI-DESARU EXPRE    1.10      06/30/22    MYR     73.56
SENAI-DESARU EXPRE    1.15      12/30/22    MYR     72.35
SENAI-DESARU EXPRE    1.15      06/30/23    MYR     70.89
SENAI-DESARU EXPRE    1.15      12/29/23    MYR     69.43
SENAI-DESARU EXPRE    1.15      06/28/24    MYR     67.99
SENAI-DESARU EXPRE    1.15      12/31/24    MYR     66.39
SENAI-DESARU EXPRE    1.15      06/30/25    MYR     64.84
SENAI-DESARU EXPRE    1.35      12/31/25    MYR     64.96
SENAI-DESARU EXPRE    1.35      06/30/26    MYR     63.60
SENAI-DESARU EXPRE    1.35      12/31/26    MYR     62.27
SENAI-DESARU EXPRE    1.35      06/30/27    MYR     60.93
SENAI-DESARU EXPRE    1.35      12/31/27    MYR     59.64
SENAI-DESARU EXPRE    1.35      06/29/29    MYR     55.79
SENAI-DESARU EXPRE    1.35      12/31/29    MYR     54.58
SENAI-DESARU EXPRE    1.35      06/28/30    MYR     53.42
SENAI-DESARU EXPRE    1.35      12/31/30    MYR     52.27
SENAI-DESARU EXPRE    1.35      06/30/31    MYR     51.14
UNIMECH GROUP BHD     5.00      09/18/18    MYR      1.26

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

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


SINGAPORE
---------

AXIS OFFSHORE PTE     7.54      05/18/18    USD     69.41
BAKRIE TELECOM PTE   11.50      05/07/15    USD      3.44
BAKRIE TELECOM PTE   11.50      05/07/15    USD      3.44
BERAU CAPITAL RESO   12.50      07/08/49    USD     61.50
BERAU CAPITAL RESO   12.50      07/08/49    USD     74.78
BLD INVESTMENTS PT    8.63      03/23/15    USD      9.50
BUMI CAPITAL PTE L   12.00      11/10/16    USD     26.67
BUMI INVESTMENT PT   10.75      10/06/17    USD     27.13
BUMI INVESTMENT PT   10.75      10/06/17    USD     26.75
BUMI CAPITAL PTE L   12.00      11/10/16    USD     28.25
ENERCOAL RESOURCES    6.00      04/07/18    USD     14.50
INDO INFRASTRUCTUR    2.00      07/30/10    USD      1.88
GOLIATH OFFSHORE H   12.00      06/11/17    USD     45.00
OSA GOLIATH PTE LT   12.00      10/09/18    USD     68.00
ORO NEGRO DRILLING    7.50      01/24/19    USD     74.13
SWIBER HOLDINGS LT    7.13      04/18/17    SGD     74.38


THAILAND
--------

G STEEL PCL           3.00      10/04/15    USD      4.05
MDX PCL               4.75      09/17/03    USD     37.38


VIETNAM
-------

BANK FOR INVESTMEN   10.20      05/19/21    VND      1.00
DEBT AND ASSET TRA    1.00      10/10/25    USD     57.80





                             *********

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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