TCRAP_Public/150730.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, July 30, 2015, Vol. 18, No. 149


                            Headlines


A U S T R A L I A

ALLOWAY COUNTRY: Club to Stay Open Following Creditor Agreement
CUMMING ENTERPRISES: Enters Voluntary Liquidation
HEARON ELECTRICAL: First Creditors' Meeting Slated For August 6
HEAVY HAULAGE: Poorly Costed Work, Administrators Say
PRO CARPETS: First Creditors' Meeting Slated For August 7

SHARP ONE: First Creditors' Meeting Slated For August 5
SOUNDWAVE FESTIVAL: Parent Escapes Spotless Liquidation Bid
TROY TANNER: First Creditors' Meeting Set For August 5


C H I N A

CAR INC: S&P Affirms BB+ Corporate Credit Rating; Outlook Stable
CHINA SOUTH CITY: S&P Lowers CCR to 'B+'; Outlook Stable
OCEANWIDE HOLDINGS: Fitch Affirms 'B' LT Issuer Default Rating


I N D I A

ADROIT INFRATECH: CRISIL Assigns B+ Rating to INR56.6MM Term Loan
ANUPAM NIRMAN: ICRA Suspends 'B' Rating on INR8cr Cash Credit
APS STEELS: CRISIL Reaffirms 'B' Rating on INR65MM Cash Loan
BL KASHYAP: CRISIL Reaffirms 'D' Rating on INR3.75BB Loan
CHHABRA ISPAT: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB+'

CORE GREEN: ICRA Ups Rating on INR206.6cr Term Loan to 'C'
DIEHARD DIES: CRISIL Suspends 'D' Rating on INR155.6MM Loan
EXCEL: CRISIL Reaffirms B+ Rating on INR22.8MM Bank Loan
GALAXY MACHINERY: CRISIL Reaffirms B+ Rating on INR73MM Bank Loan
GANPATI FOODS: CRISIL Reaffirms B+ Rating on INR165MM Loan

GOPAL MASTERBATCH: CRISIL Suspends B+ Rating on INR50MM Loan
HI-TECH ROBOTICS: Ind-Ra Hikes LT Issuer Rating to 'IND BB+'
INDESYS EQUIPMENTS: CARE Rates INR4.50cr Short Term Loan at 'D'
IVORY CLOTHING: CRISIL Assigns B+ Rating to INR10MM Loan
JOMSONS ENTERPRISES: CRISIL Assigns B+ Rating to INR110MM Loan

KAYEM FOOD: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
LEKH RAJ: CRISIL Reaffirms 'B' Rating on INR80MM Loan
MAINI GROUP: ICRA Assigns B+ Rating to INR7.50cr LT Loan
MIL INDUSTRIES: Ind-Ra Affirms 'IND BB+' Long-Term Issuer Rating
NIKUNJ EXPORTS: CRISIL Assigns 'B' Rating on INR62.5MM LT Loan

NSR STEELS: CRISIL Suspends 'D' Rating on INR110MM Bank Loan
ORION LAMINATES: ICRA Suspends D Rating on INR10.10cr Term Loan
PAARTH INFRATECH: CRISIL Reaffirms B Rating on INR360MM Loan
RAGHUVANSHI INDUSTRIES: CRISIL Reaffirms B+ INR200M Loan Rating
ROYAL TYRES: CRISIL Suspends B Rating on INR65MM Term Loan

SADAN REALTECH: CRISIL Reaffirms B Rating on INR202.8MM Loan
SAHARA GROUP: Sebi Cancels Mutual Funds' Registration
SAIL BANSAL: CRISIL Suspends B- Rating on INR60MM Cash Credit
SAMRAJ CONSTRUCTIONS: ICRA Assigns 'B' Rating to INR13cr LT Loan
SARAWAGI AUTOMOBILES: ICRA Revises Rating on INR8.25cr Loan to B

SAS AUTOCOM: CRISIL Suspends 'D' Rating on INR118.5MM Cash Loan
SHIEL AUTOS: CRISIL Reaffirms B+ Rating on INR75MM Cash Credit
SIDDHIVINAYAK POULTRY: CRISIL Reaffirms B Rating on INR80MM Loan
SILVER GLOBAL: CRISIL Suspends 'D' Rating on INR71MM Term Loan
SINGHVI FASHIONS: ICRA Ups Rating on INR19.63cr Term Loan to B+

SITA MAA: CARE Assigns B+ Rating to INR15cr Long Term Loan
SOLAN SPINNING: CRISIL Reaffirms B+ Rating on INR75MM Term Loan
SRI KRISHNA: CRISIL Suspends B+ Rating on INR60MM Cash Credit
SRI SEETHALAKSHMI: CRISIL Suspends B+ Rating on INR37MM LT Loan
SWASTIK MARKETING: ICRA Reaffirms B+ Rating on INR2.50cr Loan

SWASTIK TUNGSTEN: CARE Reaffirms B+ Rating on INR11.60cr LT Loan
TOLAR OCEAN: CRISIL Reaffirms B+ Rating on INR40MM LT Loan
US GRANITES: ICRA Reaffirms 'B' Rating on INR5.0cr LT Loan
VINSURA WINERY: CRISIL Suspends 'D' Rating on INR38MM Cash Loan


J A P A N

TOSHIBA CORP: To Cut Interim CEO Pay by 90% on Accounting Scandal
TOSHIBA CORP: Appoints Committee to Prevent Further Scandals


N E W  Z E A L A N D

DESTINY SCHOOL: 'Technically Insolvent' After NZ$240K Loss


                            - - - - -


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A U S T R A L I A
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ALLOWAY COUNTRY: Club to Stay Open Following Creditor Agreement
---------------------------------------------------------------
NewsMail reports that a decision has now been made on the future
of the Alloway Country Club after it was placed into voluntary
administration in May.

Sydney-based Hall Chadwick partner Kathleen Vouris told the
NewsMail the 29 creditors owed AUD188,000 by the company made an
agreement that became binding this month.

"Creditors resolved to accept a Deed of Company arrangement," the
report quotes Ms Vouris as saying.

A Deed of Company arrangement means the Bundaberg company will be
placed back into the hands of the Alloway Country Club directors,
the report notes.

"In this circumstance, it's a return of 100 cents in the dollar to
creditors over a period of time," Ms Vouris said, the report
relays.


CUMMING ENTERPRISES: Enters Voluntary Liquidation
-------------------------------------------------
Broede Carmody at SmartCompany reports that the company that
leased an iconic homestead southwest of Melbourne has collapsed,
leaving locals concerned about the heritage-listed property and at
least one bride-to-be having to scramble to find a new wedding
venue.

Cumming Enterprises Melbourne, which leased the Point Cook
Homestead from Parks Victoria, entered voluntary liquidation on
July 7, the report says.

SmartCompany says David Quin and Clyde White from PCI Partners
have been appointed liquidators and a creditors meeting was held
on July 24.

Mr. Quin confirmed to SmartCompany that it was the business that
was leasing the Point Cook Homestead that has entered voluntary
liquidation rather than the homestead itself.

"The business has shut down," the report quotes Mr. Quin as
saying.  "My role now is to investment the company's affairs. I
have to do my investigation and then I will lodge a report with
the Australian Securities and Investments Commission. I will look
to see if there are any assets to be realised. The company leases
the property from Parks Victoria."

Asked whether there will be any return to creditors, Mr. Quin said
at this stage it appeared unlikely, SmartCompany relays.

The liquidator did not comment on the reasons why the business
collapsed, the report notes.

It is understood around nine employees have been affected by the
collapse of the company, with SmartCompany aware of at least one
bride-to-be who has lost her wedding day deposit and been forced
to book elsewhere as a result of the liquidation.

SmartCompany relates that the district manager of Parks Victoria,
Rocky Barca, said the Point Cook Coastal Park along with the
homestead and accompanying cafe were closed until further notice.

Cumming Enterprises Melbourne facilitated weddings and other
functions at the historical homestead.


HEARON ELECTRICAL: First Creditors' Meeting Slated For August 6
---------------------------------------------------------------
Roger Darren Grant and Shane Leslie Deane of Dye & Co. Pty Ltd
were appointed as administrators of Hearon Electrical Services
Pty. Ltd. on July 29, 2015.

A first meeting of the creditors of the Company will be held at
165 Camberwell Road, Hawthorn East 3123, on Aug. 6, 2015, at 10:30
a.m.


HEAVY HAULAGE: Poorly Costed Work, Administrators Say
-----------------------------------------------------
The Courier Mail reports that Heavy Haulage Australia, star of TV
series MegaTruckers, went bust partly thanks to failing to
accurately cost jobs it worked on, administrators have determined.

The Courier Mail relates that in a creditors report out this week,
administrators Ferrier Hodgson said this meant Brisbane-based HHA
could not accurately determine if work was profitable.

They also reaffirmed earlier views that HHA, which also sponsored
V8 Supercars, had a "historical culture of indulgence and lack of
financial discipline," the report says.

According to the report, the criticisms go beyond initial reasons
provided in a director's statement about the failure of HHA. In
that director's statement, the blame was linked to slump in energy
and infrastructure sectors, meaning HHA could not support its high
fixed costs, the report relates.

HHA went into administration in late June, and on July 10 the
administrators revealed an attempt to sell the business had been
unsuccessful, the report discloses. Staff lost jobs and assets
including more than 50 prime movers are to be parcelled off.

HHA founder Jon Kelly, 35 and an ex-bankrupt, has declined to
comment to The Courier Mail and was not able to be reached at his
Brisbane home on July 24. He has argued in industry publication
Big Rigs that transport outfit McAleese, which bought a 50 per
cent stake in November, had taken over control and ignored his
recommendations.

McAleese has declined to comment but told the stockmarket it could
sue over its purchase of HHA shares, and has lost $17 million, The
Courier Mail reports.

According to the Courier Mail, the administrator's report
estimated creditors are owed AUD77.6 million.

The Courier Mail relates that while Ferrier Hodgson backed the
director statement about the resources downturn hurting business,
they listed several other reasons for failure including:

   -- "lax attitude" towards maintaining financial books
      "especially prior" to McAleese's investment;

   -- legal disputes;

   -- grounding of the Queensland-based fleet in May by
      Queensland's transport department for historical permit
      breaches.

According to the Courier Mail, Ferrier Hodgson was also examining
whether up to 15 assets were sold in the six months before HHA
went under, sales that "may have been below market value, or where
the proceeds of the sales may not have been received by the group
entities which owned them".

"In certain circumstances, the asset sales were not approved by
one of HHA's directors," the report said.

The Courier Mail says the creditors' report reveals HHA had
quickly decelerated from a AUD4.9 million profits in 2013 to
AUD1.1 million profit in 2014 to losing AUD10 million in the last
eight months of trading.

According to the Courier Mail, pressure had mounted in the past
six months, with lenders ANZ and GE demanding fleet finance
repayments, suppliers either stopping or reducing credit, and HHA
entering repayment arrangements with the tax office and receiving
"a number of legal letters of demand for payment".

The Courier Mail relates that the administrators said it is
possible that HHA was insolvent before they were called in. They
also could examine AUD3 million in payments to six creditors made
before their appointment, with the possibility of recovery action,
the Courier Mail adds.

                        About Heavy Haulage

Heavy Haulage Australia specialised in haulage movements of
between 4,000 and 8,000 tonne for the infrastructure and mining
sectors.

John Lindholm, Brendan Richards and Tim Michael of Ferrier Hodgson
were appointed joint and several Voluntary Administrators of Heavy
Haulage Australia Pty Limited and associated entities on June 28,
2015.

The Administrators were subsequently appointed Voluntary
Administrators to Texas T Holdings Pty Ltd on June 29, 2015,
pursuant to section 436C of the Act by the company's secured
creditor, GE Commercial Pty Ltd.


PRO CARPETS: First Creditors' Meeting Slated For August 7
---------------------------------------------------------
Frank Lo Pilato and Mitchell Herrett of RSM Bird Cameron Partners
were appointed as administrators of Pro Carpets (ACT) Pty Ltd on
July 28, 2015.

A first meeting of the creditors of the Company will be held at
RSM Bird Cameron Partners, Level 1, 103 Northbourne Avenue, in
Turner, on Aug. 7, 2015, at 10:00 a.m.


SHARP ONE: First Creditors' Meeting Slated For August 5
-------------------------------------------------------
Christopher John Palmer of O'Brien Palmer was appointed as
administrators of Sharp One Couriers Pty Ltd on July 27, 2015.

A first meeting of the creditors of the Company will be held at
O'Brien Palmer, Level 14, 9 Hunter Street, in Sydney, Aug. 5,
2015, at 10:30 a.m.


SOUNDWAVE FESTIVAL: Parent Escapes Spotless Liquidation Bid
-----------------------------------------------------------
Shannon Deery at Herald Sun reports that Soundwave music festival
has dodged another legal bid to have the company wound up.

According to the report, Spotless Facility Services had applied to
the Victorian Supreme Court to wind up Soundwave Festival Pty Ltd,
the festival's parent company, on the grounds of insolvency.

Herald Sun relates that court documents alleged Soundwave owed
Spotless almost AUD50,000 in unpaid invoices dating as far back as
March last year.  But the action was discontinued at a brief court
hearing on July 29, the report says.

It is understood the parties reached an out-of-court settlement
since an administrative court hearing last week, the report notes.

Herald Sun says it was the second time in the past 12 months moves
had been made to wind up the festival, after a similar application
by Queensland company Pink Fence.  That action was similarly
discontinued just weeks after it was launched.

According to the report, Soundwave promoter A.J. Maddah said in
February the festival had been plagued by a decline in ticket
sales.

Herald Sun relates that Mr Maddah said in South Australia sales
had dropped to a four-year low, forcing him to pull the pin on the
Adelaide event.

"I can't ask the other states to subsidise it anymore," the report
quotes Mr. Maddah as saying.  "In 2012 we had 37,000 (ticket
sales), in 2013 we had 45,000, last year we had 20,000 and this
year we've got around 12,000."

The festival is scheduled to hit Melbourne on Australia Day next
year, the report adds.


TROY TANNER: First Creditors' Meeting Set For August 5
-------------------------------------------------------
Gavin Moss and Nick Combis of Vincents Chartered Accountants were
appointed as administrators of Troy Tanner Hair Design Pty Limited
on July 24, 2015.

A first meeting of the creditors of the Company will be held at
the offices of Vincents Chartered Accountants, Level 19, MLC
Centre, 19-29 Martin Place, in Sydney, on Aug. 5, 2015, at
11:00 a.m.



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C H I N A
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CAR INC: S&P Affirms BB+ Corporate Credit Rating; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB+' long-term corporate credit rating on CAR Inc.  The outlook
is stable.  At the same time, S&P affirmed its 'BB+' issue rating
on the outstanding senior unsecured notes of the China-based car
rental company.  S&P also affirmed its 'cnBBB+' long-term Greater
China regional scale ratings on CAR and the notes.

"We affirmed the rating because we expect the revenue growth from
CAR's long-term rental business to offset its increased debt
leverage [ratio of debt to EBITDA] following its collaboration
with UCAR Technology Inc.," said Standard & Poor's credit analyst
Gloria Lu.  On July 1, 2015, CAR announced it would subscribe to
US$125 million worth of preference shares in UCAR, a start-up
chauffeured car service company.  In early 2015, both companies
signed an agreement on CAR providing vehicle rentals to UCAR and
co-branding arrangements.

S&P expects CAR's increased capital expenditure to expand its
fleet following the agreement and new investments in UCAR to
weaken its debt leverage.  S&P anticipates that the company's
ratio of debt to EBITDA will weaken to 2.5x-2.9x over the next two
years, from 1.2x in 2014, and its ratio of funds from operations
(FFO) to debt should stay at 30%-35%.  The ratios will remain
commensurate with an "intermediate" financial risk profile but
with much a reduced headroom.  Hence, the company's discipline
toward capital expenditure is critical to sustain its financial
strength.

The tie-up should increase the revenue and profitability of CAR's
long-term rental business.  S&P estimates that CAR's total rental
revenue will increase 60%-70% in 2015 and 2016 because of a larger
fleet and higher revenue per available car.

CAR's exposure to China's fragmented car rental market, smaller
scale than global peers', and short operating track record
underpin its "fair" business risk profile.  These factors are
tempered by the company's strong market position in China's short-
term self-drive car rental market and high exposure to the
relatively stable demand at locations excluding airports (off-
airport).  CAR also benefits from some entry barriers to markets
in China's main cities.

"In our view, the collaboration with UCAR could improve CAR's
overall business mix, diversify its revenue sources, and improve
the company's fleet utilization," said Ms. Lu.  "However, major
constraints over the next two years include high competition in
the chauffeured services segment, the short record of UCAR's
operations and collaboration, and regulatory risks."

The rating on the notes is the same as the rating on CAR even
though the ratio of priority claims to total assets could exceed
our 15% threshold in 2015.  S&P expects CAR's use of the notes
proceeds through shareholder loans to repay onshore borrowings and
to fuel fleet expansion to mitigate the structural subordination
risk associated with debt at the holding company level.  In
addition, CAR operates in different regions in China with
subsidiaries that are operationally integrated.  S&P anticipates
that such diversity will also reduce the structural subordination
risk.  S&P expects the company to maintain its low level of
secured debt at its operating subsidiaries.

The stable outlook reflects S&P's view that CAR's cash flows from
both short-term and long-term rentals will continue to increase,
particularly after its collaboration with UCAR.  The growing cash
flows will balance out the increase in CAR's capital expenditure
from fleet expansion.  S&P expects the EBITDA margin in the rental
business to continue to increase, and keep the debt-to-EBITDA
ratio below 3x over the next 12 months.  Also, S&P don't foresee
any large acquisitions over the period, and therefore expect the
FFO-to-debt ratio to stay between 30%-40%.

S&P could lower the rating if CAR's debt-to-EBITDA ratio exceeds
3x or FFO-to-debt ratio falls below 30% on a consistent basis.
This could happen if the company makes material debt-funded
acquisitions or the performance of its rental business
deteriorates due to weak demand, significantly eroding
profitability.  S&P may also lower the rating if CAR faces
associated risks from its cooperation with UCAR, such as sudden
changes in the long-term rental agreement, which could weaken
S&P's assessment of CAR's business strength.

The lack of business diversity and CAR's short operating record
limit rating upside.  However, S&P could raise the rating only
once CAR successfully executes its growth strategy in China,
demonstrates a record of prudent financial management, and
consistently generates positive free operating cash flows, while
maintaining its operating margins and financial strength.


CHINA SOUTH CITY: S&P Lowers CCR to 'B+'; Outlook Stable
--------------------------------------------------------
On July 28, 2015, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on China-based real estate
developer China South City Holdings Ltd. to 'B+' from 'BB-'.  The
outlook is stable.  S&P also lowered its long-term issue rating on
the company's senior unsecured notes to 'B' from 'B+'.  At the
same time, S&P lowered its long-term Greater China regional scale
ratings on CSC to 'cnBB' from 'cnBB+' and on the notes to 'cnBB-'
from 'cnBB'.

"We downgraded CSC to reflect our expectation that its cash flows
and leverage are likely to remain weak over the next six to 12
months following a sharp deterioration in fiscal 2015 [ended
March 31, 2015]," said Standard & Poor's credit analyst Dennis
Lee.  "There is limited visibility over a recovery, given the
company's high exposure to cities with large oversupply.  CSC's
contract sales and revenue in fiscal 2015 were significantly lower
than our expectation.  We have lowered our base-case contract
sales and revenue estimates for fiscal 2016-2017."

S&P expects CSC's sales execution to remain weak in fiscal 2016.
This is mainly due to the continuing slowdown in demand for trade
centers in CSC's new markets, in line with S&P's expectation of
slower economic growth for China.  In S&P's view, demand-to-supply
ratio could become more severe in certain lower-tier cities in the
less-developed provinces that CSC has entered, e.g. Harbin and
Nanning.  In fiscal 2015, CSC achieved Hong Kong dollar (HK$) 11.3
billion in contract sales, which was significantly below its
budget of HK$14.1 billion.

In S&P's view, CSC's profitability is likely to decline slightly
in fiscal 2016 as the recognition of lower-margin projects grows.
However, S&P still expects the company to maintain an EBITDA
margin of 35%-40%, which is higher than that of most peers with a
similar business risk position and financial risk profile.  This
margin level is mainly due to the advantage of very low land
costs, reflecting CSC's exposure to lower-tier cities.  As of the
end of fiscal 2015, CSC's average cost of its land reserves was
still lower than 5% of its average selling price.

CSC's cash flow and leverage ratios are likely to remain weak over
the next two years.  S&P bases its view on the likelihood that the
increase in the company's EBITDA will not offset the increase in
debt, and that sales execution is unlikely to materially improve.
S&P expects CSC's debt-to-EBITDA ratio to remain at 6.0x-7.0x and
EBITDA interest coverage ratio to be 2.0x-2.5x for fiscal 2016.
S&P has lowered its assessment of the company's financial risk
profile to "aggressive" from "significant" based on the factors.

S&P expects CSC's recurring income to grow steadily by 15%-20%
annually for the next two years as the company increases its
property leasing area and maintains a stable occupancy ratio of
about 75% in its logistics and trade centers.  As of the end of
fiscal 2015, CSC's leasable area was nearly 1 million square
meters, which generated HK$574 million in rental income.  However,
recurring income is not material as a stabilizing factor for the
credit profile.  CSC's credit profile is largely driven by the
volatile and cyclical property development business.

In S&P's view, CSC will continue to manage its debt maturity
profile through extending maturities and reduce its borrowing
costs.  Since the beginning of fiscal 2016, the company has drawn
down Chinese renminbi (RMB) 3.5 billion from medium-term notes and
a corporate bond in China.  CSC's average funding costs decreased
to 6.8% in 2015, which was lower than similarly rated peers'.

"The outlook on CSC is stable for the next 12 months, reflecting
our expectation that the company will control its capital
expenditure to stabilize its high leverage ratio.  We also
anticipate the company will continue to manage its debt maturity
profile and reduce borrowing costs over the next 12 months," said
Mr. Lee.

S&P could downgrade CSC if: (1) the company's sales execution
deteriorates further from fiscal 2015; or (2) its debt-funded
expansion is more aggressive than S&P expected.  This could happen
if its EBITDA interest coverage ratio is below 2x on a sustained
basis, which in turn indicate that CSC's revenue is below HK$11.7
billion and its EBITDA margin is below 30% in fiscal 2016.

The rating upside is limited for the next 12 months.  However, S&P
could consider upgrading CSC if the company materially improves
its sales execution, controls its debt level, and maintains its
profitability, such that its debt-to-EBITDA ratio is below 4x on a
sustained basis.


OCEANWIDE HOLDINGS: Fitch Affirms 'B' LT Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR) of China-based Oceanwide Holdings Co. Ltd.'s (Oceanwide) at
'B' with Stable Outlook. The property developer's senior unsecured
rating and the rating on its outstanding USD320m senior notes
issued by Oceanwide Real Estate International Holding Company
Limited have also been affirmed at 'B' with Recovery Rating of
'RR4'.

Oceanwide's rating has been affirmed as it remains on track to
generate cash from the sale of development properties to fund its
expansion into the financial sector. Fitch expects Oceanwide to
meet its contracted sales target of CNY12bn in 2015 and start
generating positive cash flow from operations (CFO) from 2016. The
rating is constrained by the rapid increase in net debt to CNY35bn
in 2014 from CNY22bn in 2013, which is likely to continue in 2015
as the company ramps up development expenditure to support sales
growth.

The Stable Outlook reflects Oceanwide's sufficient funds to
support its business transition and growth. The company has access
to multiple funding channels, such as offshore and onshore note
issuance and equity placement. The company's parent China
Oceanwide Holdings Group Co., Ltd, (China Oceanwide) is also able
to provide financial support, if needed.

KEY RATING DRIVERS

Heavy Expenditure to Continue: Fitch expects Oceanwide's net debt
to increase in 2015 and peak in 2016 as it builds up its
investment property portfolio. Development expenditure is also
likely to remain high due to increased construction costs for
projects in Beijing that began selling from 2015, accelerated
project launches in Beijing, and the 50% share of commercial
property projects in Oceanwide's land bank, which are only sold
when the properties are near to completion. The company's
investments in its finance businesses will also add to its
leverage.

Asset Acquisitions: Oceanwide is diversifying its business model
from pure property development to financial institutions in the
long term. It spent over CNY5bn to acquire Minsheng Securities
Co., Ltd, and China Minsheng Trust Co., Ltd from China Oceanwide,
and invest in China Minsheng Investment Corp., Ltd. It also plans
to acquire Minan Property & Casualty Insurance Co., Ltd for
CNY1.8bn. Oceanwide has paid China Oceanwide for the non-insurance
acquisitions. The parent has provided a keepwell deed to ensure
that Oceanwide has sufficient liquidity. China Oceanwide has
significant financial assets that allow it to provide liquidity
support to Oceanwide if needed.

Property Concentration Risk: The projects in Wuhan and Beijing
have over 8 million and 2 million sqm of gross floor area (GFA)
respectively. Together, they account for over 80% of Oceanwide's
total land bank and estimated contracted sales in 2015-2017. In
Wuhan, there is a risk that housing demand and development in the
city may not keep pace with the substantial housing supply from
Oceanwide's projects, which could lower sales efficiency and hurt
its liquidity.

The risk is mitigated by the Beijing projects, which will match
Wuhan in sales value from 2015. The Beijing projects are located
in the central business district and had low land costs.

Strong Sales Momentum Maintained: Fitch expects the company's
contracted sales to continue to increase strongly (2014: CNY9.8bn,
up 67%) due to accelerated inventory launch in Wuhan and
substantial sales from new premium projects in Beijing.
Oceanwide's CFO may turn positive from 2016 because of robust
sales, strong profitability and low land replenishment. We expect
the company to maintain EBITDA margin of close to 40% (2014: 43%)
despite some dilution from the high per sqm development cost of
its Beijing projects.

Ratios Used Reflect Transformation: Fitch measures Oceanwide's
financial soundness based on its CFO and its inventory turnover
(ratio of contracted sales to net inventory). Oceanwide's
inventory turnover was 0.28x in 2014 but we expect this to exceed
0.5x from 2016 as sales from its large pool of properties under
development increase while land replenishment remains minimal. The
improved inventory turnover and likely generation of positive CFO
will provide Oceanwide with funds to expand its financial
businesses.

No Rating Impact from Consent Solicitation: Oceanwide announced on
16 July 2015 it would seek consent from bondholders to amend the
indenture on its USD320m notes, with the aim of giving the company
more flexibility in its business transition. The transition has
already been taken into account in Fitch's ratings and the consent
solicitation, if implemented, will have no rating impact. Major
proposed amendments include expanding the definition of permitted
business to include finance, energy, internet, and technology; and
raising the cap on permitted investment (excluding listed liquid
assets) to 30% of total assets.

KEY ASSUMPTIONS

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

-- Limited new land acquisitions at 0.1x-0.4x of contracted sales
    GFA
-- Contracted sales growth mainly driven by growth in average
    selling prices from CNY24,000/sqm to CNY34,000/sqm in 2015-
    2018
-- Property development gross margin of 50%-53% in 2015-2018
    (lower than in previous years due to higher construction cost)
-- Lower dividend pay-out ratio than in previous years

RATING SENSITIVITIES

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

-- Failure to achieve positive operating cash flow in 2016
-- EBITDA margin sustained below 35%
-- Contracted sales/net inventory sustained below 0.5x
-- Substantial weakening of Minsheng Securities' credit profile

Positive: Positive rating action is not expected in the next 12-18
months due to Oceanwide's high leverage.



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ADROIT INFRATECH: CRISIL Assigns B+ Rating to INR56.6MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' ratings to the bank
facilities of Adroit Infratech Private Limited (AIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              56.6       CRISIL B+/Stable

The ratings reflect AIPL's small scale of operations in intensely
competitive commercial real-estate and hospitality industry and
weak financial risk profile marked by high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the high salability of its commercial space along with high
occupancy level of the hotel owing to the location advantage, and
funding support from the promoters.

Outlook: Stable

CRISIL believes that AIPL will benefit from its established market
position due to the location advantage of its mall-cum-hotel. The
outlook may be revised to 'Positive' in case the company sustains
its occupancy level both in the mall and the hotel, resulting in
better cash accruals along with improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
AIPL undertakes further debt-funded capital expenditure programme
or its property attracts low occupancy levels, leading to
deterioration in its financial risk profile.

AIPL was incorporated in 2011 by Mr. Harish Sachdeva, a non-
resident Indian based in Japan. It runs a commercial mall-cum-
hotel measuring 1296 square metres at Dharamshala in Kangra
(Himachal Pradesh).


ANUPAM NIRMAN: ICRA Suspends 'B' Rating on INR8cr Cash Credit
-------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR8 crore cash
credit and INR6 crore term loan facilities and [ICRA]A4 rating to
the INR36 crore, short term, non fund based bank guarantee
facility of Anupam Nirman Pvt. Ltd. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


APS STEELS: CRISIL Reaffirms 'B' Rating on INR65MM Cash Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of APS Steels Limited
(APS) continue to reflect its modest scale of operations in the
fragmented mild steel (MS) ingots industry, the susceptibility of
its operating margin to downturns in the end-user industry and
volatility in steel prices, and its below-average financial risk
profile marked by modest net worth, moderate capital structure,
and weak debt protection metrics.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             65        CRISIL B/Stable (Reaffirmed)
   Inland/Import Letter
   of Credit               50        CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of APS's promoter group in the steel industry and the
strong financial support it receives from its group concerns.

Outlook: Stable

CRISIL believes that APS will continue to benefit from the
promoters' extensive industry experience and need-based financial
support it receives from its group concerns over the medium term.
The outlook may be revised to 'Positive' if the company is able to
significantly increase its scale of operations, while maintaining
its profitability. Conversely, the outlook may be revised to
'Negative' if there is deterioration in APS's financial risk
profile, most likely on account of low profitability or a stretch
in its working capital cycle, or any significant debt-funded
capital expenditure or absence of timely support from group
concerns.

Incorporated in 2006, APS manufactures MS ingots through its
manufacturing facility located at Hindupur, Andhra Pradesh. The
company was acquired by the OP Gupta group in 2012.


BL KASHYAP: CRISIL Reaffirms 'D' Rating on INR3.75BB Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of BL Kashyap and Sons
Limited (BLK; part of the BLK group) continue to reflect instances
of delay by the BLK group in servicing its debt; the delays were
caused by the group's weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee        3,750       CRISIL D (Reaffirmed)
   Cash Credit           2,480       CRISIL D (Reaffirmed)
   Cheque Discounting       20       CRISIL D (Reaffirmed)

The BLK group also has large working capital requirements and is
susceptible to cyclical demand in the real estate segment.
However, the group benefits from its established market position
in the construction sector.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of BLK and its subsidiaries: BLK Lifestyle
Ltd, Security Information Systems (India) Ltd, BLK Infrastructure
Ltd, and Soul Space Pvt Ltd (SSPL). This is because SSPL is BLK's
real estate arm, and the other subsidiaries provide related
services. All these companies are together referred to herein as
the BLK group.

BLK was established as BL Kashyap and Sons Pvt Ltd (BLKSPL) in
1989 by Mr. Vinod Kashyap, Mr. Vineet Kashyap, and Mr. Vikram
Kashyap. BLKSPL was reconstituted as a public limited company with
the current name in 1995. The promoters have been active in the
real estate sector since 1978; they transferred their business to
BLKSPL after it was formed.

BLK provides construction services to customers operating in the
commercial, residential, and industrial segments. The company has
also ventured into real estate development and related services,
such as furnishing. It has partly restructured its debt under a
corporate debt structuring package which was approved on
December 31, 2014.

BLK reported a consolidated net loss of INR0.58 billion on net
sales of INR8.34 billion for 2014-15 (refers to financial year,
April 1 to March 31), vis-a-vis a net loss of INR0.85 billion on
net sales of INR13.27 billion for 2013-14.


CHHABRA ISPAT: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB+'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Chhabra Ispat Pvt
Ltd's (CIPL) Long-Term Issuer Rating to 'IND BB+' from 'IND BB'.

The Outlook is Stable. Rating actions on CIPL's bank loans are as
follows:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
Fund-based working       180        Upgrade to 'IND BB+'/Stable
capital limit                       from 'IND BB'

Term loans                13.19     Upgrade to 'IND BB+'/Stable
                                     from 'IND BB'

Non-fund-based            72        Affirmed at 'IND A4+'
working capital limit

KEY RATING DRIVERS

The upgrade reflects an improvement in CIPL's interest coverage
due to a rise in its operating EBITDA margins. According to the
provisional financials for FY15, interest coverage improved to
2.0x from 1.6x in FY14 and operating EBITDA margins to 3.5% from
3.1%. Also, interest cost reduced to 13.15% of fund-based working
capital limit in FY15 from 13.75% in FY14.

The ratings are constrained by CIPL's moderate scale of operations
with total revenue of INR1,522 million during FY15.

RATING SENSITIVITIES
Positive: A substantial improvement in the revenue and EBITDA
interest coverage would lead to a positive rating action.

Negative: Sustained deterioration in the EBITDA interest coverage
ratio will be negative for the ratings.

COMPANY PROFILE

CIPL was incorporated in 2005. It manufactures MS billets at an
installed capacity of 62,400mtpa in Burdwan district. These
billets are used by rolling mills to manufacture TMT bars.

The company's registered office is in Kolkata. It is managed by
two directors Surendra Kumar Jain and Sourav Jain.

During FY15, CIPL reported net revenue of INR1,522 million (FY14:
INR1,587 million) with  net leverage  of 3.3x (3.0x).


CORE GREEN: ICRA Ups Rating on INR206.6cr Term Loan to 'C'
----------------------------------------------------------
ICRA has upgraded the long term rating of Core Green Sugar & Fuels
Private Limited to [ICRA]C from [ICRA]D for INR206.69 crore
(reduced from INR224.21 crore) term loans, INR78.25 crore (earlier
nil) working capital demand loans and INR117.11 crore (reduced
from INR118.46 crore) cash credit facilities. ICRA has also
upgraded the short term rating of CGSFPL to [ICRA]A4 from [ICRA]D
for INR25.00 crore (enhanced from INR24.54 crore) non fund based
facilities.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan              206.69        [ICRA]C; upgraded from
                                        [ICRA]D

   Working Capital         78.25        [ICRA]C; upgraded from
   Demand Loan                          [ICRA]D

   Cash Credit            117.11        [ICRA]C; upgraded from
                                        [ICRA]D

   Non Fund Based          25.00        [ICRA]A4; upgraded from
   Limits                               [ICRA]D

The revision of ratings factors in the correction in delays in
debt servicing. Subdued domestic realizations coupled with
relatively higher cane costs have resulted in continued losses for
the company; consequently the company has undergone debt
restructuring which was completed in January, 2015 and has
resulted in reduced debt obligations.

The ratings are constrained by the weak financial profile of the
company as reflected by losses at net level, high gearing and debt
coverage indicators in FY15. Further, given the domestic sugar
surplus coupled with falling international prices, the pressure on
domestic sugar realizations is likely to continue. This coupled
with relatively higher cane cost of production is likely to impact
the profitability from the sugar division in the near term. The
company's operations will also be subject to risks that are
associated with all sugar mills including agro-climatic risks,
cyclicality associated with sugar business and vulnerability to
government/regulatory actions associated with the business as
evident in restriction in terms of sugarcane pricing, sugar
exports, power sales and distillery products.

ICRA has however taken note of fully integrated nature of
operations of the company which coupled with healthy remuneration
for cogeneration and distillery products, provides cushion to
profitability to an extent in case of sugar downturn. The rating
also factors in the limited off take risks associated with power
in Karnataka and linking of the cane costs to actual sugar and by-
product realizations which would support the profitability of the
sugar mills in the long term.

Going forward, the ability of the company to improve the liquidity
position; and timely service the debt obligations are the key
rating sensitivities.

Core Green Sugar and Fuels Private Limited (CGSFL) has set up an
integrated sugar plant at Yadgir District of Karnataka which was
commissioned in April 2011. The plant has a 5000 TCD crushing
unit, 24 MW cogen unit and a 50 KLPD distillery units.
The company is promoted by Sreeramaneni family of Andhra Pradesh
who hold the entire equity stake in the company. The key promoter
Mr. S Vijay Kumar Babu has significant experience in farmer
interfacing. Other directors of the company (sons of the key
promoter) Mr. S Srinivas and Mr. S Rama Rao have significant
entrepreneurial experience. In addition, the company has also
roped in well experience management professionals with long
experience in Sugar Industry.

Recent Results
According to the unaudited financials of FY15, CGSFPL has reported
an operating income of INR287.39 crore and net loss of INR12.99
crore as against an operating income of INR288.02 crore and net
loss of INR27.42 crore in FY14.


DIEHARD DIES: CRISIL Suspends 'D' Rating on INR155.6MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Diehard
Dies Private Limited (DDPL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            25        CRISIL D
   Letter of Credit       20        CRISIL D
   Long Term Loan        155.6      CRISIL D

The suspension of ratings is on account of non-cooperation by DDPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DDPL is yet to
provide adequate information to enable CRISIL to assess DDPL'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'

DDPL is part of the Tulasi group of companies, which is headed by
Mr. Tulasi Ramachandra Prabhu. The company manufactures flat-
steel-rule-cutting-creasing-stripping dies, rotary-steel-cutting
dies, and steel'line-label-cutting dies.


EXCEL: CRISIL Reaffirms B+ Rating on INR22.8MM Bank Loan
--------------------------------------------------------
CRISIL's ratings on the bank facilities of Excel continue to
reflect Excel's below-average financial risk profile, marked by
high gearing and below average debt protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              5       CRISIL B+/Stable (Reaffirmed)
   Foreign Bill
   Negotiation            100       CRISIL A4 (Reaffirmed)
   Letter of Credit        10       CRISIL A4 (Reaffirmed)
   Packing Credit          60       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      22.8     CRISIL B+/Stable (Reaffirmed)
   Term Loan                2.2     CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the firm's modest scale of operations
in the intensely competitive ready-made garment export business
and its large working capital requirements. These rating
weaknesses are partially offset by the extensive industry
experience of Excel's partners.

Outlook: Stable

CRISIL believes that Excel will continue to benefit over the
medium term from its partners' extensive industry experience. The
outlook may be revised to 'Positive' if the firm increases its
scale of operations and improves its working capital management,
while maintaining its profitability levels, resulting in a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' if Excel's accruals decline considerably, its working
capital management weakens, it undertakes a large debt-funded
capital expenditure programme, or its partners withdraw capital,
leading to deterioration in the firm's financial risk profile,
especially its liquidity.

Set up as a partnership firm in 1989, Excel manufactures ready-
made garments. Its day-to-day operations are managed by Mr. K
Natarajan.

Excel, provisionally, reported a profit after tax (PAT) of INR7.3
million on revenue of INR331.9 million for 2014-15 (refers to
financial year, April 1 to March 31); it had reported a PAT of
INR7.9 million on revenue of INR255.1 million for 2013-14.


GALAXY MACHINERY: CRISIL Reaffirms B+ Rating on INR73MM Bank Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Galaxy Machinery
Private Limited (GMPL) continue to reflect its below-average
financial risk profile, marked by a small net worth, high gearing
and moderate debt protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          10       CRISIL A4 (Reaffirmed)
   Cash Credit             70       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        30       CRISIL A4 (Reaffirmed)
   Long Term Loan          17       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      73       CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the susceptibility of GMPL's operating
margin to risks related to volatility in raw material prices and
intense competition in the computer numeric control (CNC) machine
manufacturing segment. These rating weaknesses are mitigated by
the promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that GMPL's financial risk profile will remain
constrained by its small net worth and working-capital-intensive
operations, over the medium term. The outlook may be revised to
'Positive' if the company's liquidity increases with large
infusion of long-term funds by the promoters or due to sustained
improvement in its working capital cycle. Conversely, the outlook
may be revised to 'Negative' if GMPL's financial risk profile
particularly liquidity weakens due to unprecedented stretch in its
working capital cycle or low cash accruals.

GMPL, incorporated in 1991, manufactures CNC machines. The company
is promoted by by Mr. S Elango.


GANPATI FOODS: CRISIL Reaffirms B+ Rating on INR165MM Loan
----------------------------------------------------------
CRISIL's rating on the bank facilities of Ganpati Foods (GF)
continues to reflect the company's weak financial risk profile,
marked by high gearing and weak debt protection metrics. The
rating also factors in the firm's working-capital-intensive
operations and susceptibility to adverse changes in government
policies. These rating weaknesses are partially offset by the
partners' extensive industry experience and funding support.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             140      CRISIL B+/Stable (Reaffirmed)
   Warehouse Receipts      165      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GF will continue to benefit over the medium
term from the extensive industry experience of its partners in the
basmati rice industry. The outlook may be revised to 'Positive' if
capital infusion, efficient management of working capital
requirements, or ramp-up in scale of operations strengthens the
firm's key credit metrics. Conversely, the outlook may be revised
to 'Negative' if GF's financial risk profile weakens due to large
inventory and incremental bank borrowings, or a sizeable debt-
funded capital expenditure (capex).

Update
GF's operating income increased by a mere 3 per cent over the
previous year, to INR553 million in 2014-15 (refers to financial
year, April 1 to March 31), owing to adverse market conditions and
decrease in price of rice. The operating income is, however,
expected to grow at around 10 per cent year on year over the
medium term. The operating margin (8.4 per cent in 2014-15) was in
line with past trends, and is expected to remain at similar levels
over the medium term. The operations are working capital
intensive, with gross current assets and inventory of 367 and 334
days, respectively, as on March 31, 2015. The bank limit
utilisation, therefore, was high at an average of 90 per cent over
the 12 months through June 2015. However, unsecured loans
(INR118.8 million as on March 31, 2015) from the partners continue
to support the liquidity.

GF had capex of INR15 million in 2014-15 involving purchase of a
sortex machine and maintenance; the capex was funded by a term
loan of INR4.5 million and foreign letter of credit (FLC) of
INR10.5 million. The FLC will be converted to a term loan in 2016-
17. GF's net cash accruals, expected at INR7 million may be just
about adequate to service the maturing debt of INR6 million in
2015-16.

The financial risk profile remains weak, with a high gearing (6.60
times) and weak debt protection metrics (with interest coverage
and net cash accruals to total debt ratios of 1.3 and 0.02 times)
for the year ended March 31, 2015. Owing to sizeable working
capital borrowings and small net worth, the financial risk profile
is expected to remain weak over the medium term as well.

The firm reported a provisional book profit of INR6.7 million on
net sales of INR552 million in 2014-15 against a book profit of
INR25.1 million on net sales of INR537 million in 2013-14.

GF was set up in 2008 as a partnership firm by Mr. Kewal Krishna
Bansal and his family. The firm undertakes rice milling and
shelling at its plant at Patran (Punjab).


GOPAL MASTERBATCH: CRISIL Suspends B+ Rating on INR50MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Gopal Masterbatch Private Limited (GMPL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            50        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      1.5      CRISIL B+/Stable
   Term Loan              48.5      CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by GMPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GMPL is yet to
provide adequate information to enable CRISIL to assess GMPL'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'

GMPL was incorporated in January 2013, promoted by Delhi-based
Mrs. Monika Babbar and her cousin, Mr. Goldi Binod. The company
has set up a manufacturing unit for computer cabinets in Neemrana,
district Alwar (Rajasthan). GMPL is expected to start commercial
production by the end of December 2013.


HI-TECH ROBOTICS: Ind-Ra Hikes LT Issuer Rating to 'IND BB+'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Hi-Tech Robotics
Systemz Limited's (HRL) Long-Term Issuer Rating to 'IND BB+' from
'IND BB'. The Outlook is Stable.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
Long-term loans          56.2       Upgraded to 'IND
                                     B+'/Stable from 'IND BB'

Fund-based limits       100.0       Upgraded to 'IND BB+'/Stable
                                     from 'IND BB' and affirmed
                                     at 'IND A4+'

Non-fund based limits    60.0       Upgraded to 'IND BB+'/Stable
                                     from 'IND BB' and affirmed
                                     at 'IND A4+'

KEY RATING DRIVERS

The upgrade reflects a considerable improvement in HRL's business
profile as reflected in its improved scale of operations and
operating margins. In FY14, the company's revenue grew 10.6% yoy
to INR188m and EBITDA margins increased to 27.7% (FY13: 17.6%).
The margins increased due to the company's improved ability to
negotiate for minimum threshold margins on the projects undertaken
and repeat orders from customers. The trend continued with the
revenue growing 111.6% yoy to INR398m in FY15 based on the
provisional financials on the back of the new customers added.
However, the revenue base remains small.

The upgrade also factors in an improvement in HRL's credit profile
with net financial leverage (adjusted net debt/operating EBITDAR)
and interest coverage (operating EBITDA/gross interest expense)
improving to 3.0x and 5.2x in FY14 from 4.3x and 3.8x in FY13,
respectively, on the improved EBITDA margins. Unaudited FY15
financials indicate a further improvement in HRL's credit profile
on back of the increased revenue base and operating profit.

The ratings continue to reflect HRL's significant technical
expertise and product development experience in the field of
robotics, artificial intelligence and industrial automation. HRL
has developed several applications in these areas which can be
used by the manufacturing sector, defence and para military
forces.

Liquidity is comfortable even as net cash conversion cycle
elongated to 300 days in FY14 (FY13: 178 days) due to a higher
year-end inventory. The average use fund-based limit was 73% for
the 12 months ended June 2015. The ratings also factor in the
company's limited operating track record of around 10 years.
RATING SENSITIVITIES

Positive: A positive rating action could result from significant
growth in the operating revenue while improving/ maintaining the
credit profile.

Negative: A decline in the revenue or profitability or lengthening
of the working capital cycle leading to a sustained increase in
the net financial leverage will be negative for the ratings.

COMPANY PROFILE

HRL, established in 2004, develops products/solutions in robotics,
artificial intelligence, automotive, embedded systems and computer
vision and biometrics. It has designed and developed several
unmanned robotics projects for the army, paramilitary forces and
private sector companies. Some of the major areas in industrial
automation include material handling application, robotic
palletising and de-palletising, robotic welding, automation in
foundry and forging, machine tending application, gantry and
travel track based solution.


INDESYS EQUIPMENTS: CARE Rates INR4.50cr Short Term Loan at 'D'
---------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Indesys
Equipments Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      4.10      CARE D Assigned
   Short term Bank Facilities     4.50      CARE D Assigned

Rating Rationale

The ratings assigned to the bank facilities of Indesys Equipments
Private Limited (IEPL) factor in the stressed liquidity profile
and the continuous and ongoing delays in debt servicing.

IEPL was incorporated in February 2012 and is based out of
Lonavla, Maharashtra. Before 2012, the company was known
as Intel Design Systems India Private Limited (IDSPL). IEPL is
engaged in the trading and manufacturing of CBRN (chemical,
biological, radiological and nuclear) protection systems. The
company undertakes designing, developing, manufacturing and supply
of electronic, electrical, electro mechanical systems, automatic
fire detection systems for various defence applications. The
company caters to the needs of military and non-military
technologies in the armored fighting vehicles, other special
vehicle, on-board ships & airborne equipments for civil and other
defence applications.

IEPL is registered and approved supplier to DGQA (Directorate
General of Quality Assurance), DRDO (Defence Research and
Development Organization), Ordinance factories and other Ministry
of Defence organizations.

The raw material required for manufacturing includes connectors,
relay, capacitors, printed circuit boards, which are sourced
domestically and from Russia and UK. During the last 3 years,
domestic purchases contributed about 90% to the total purchases.
Customers of the company are DASS Hitachi Limited, Ordinance
Factories, Defence Laboratories, Heavy Vehicles Factory, L&T
Limited and others. The company had an outstanding order book of
INR8.73 crore (0.82x FY15 [refers to the period April 1 to
March 31] revenues), as on May 2015, which is to be executed till
January 2016. In FY15 (Prov), IEPL earned PAT of INR0.14 crore on
a total operating income of INR10.63 crore against PAT of INR0.07
crore on a total operating income of INR8.58 crore in FY14.


IVORY CLOTHING: CRISIL Assigns B+ Rating to INR10MM Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Ivory Clothing Private Limited (IVPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      10        CRISIL B+/Stable
   Packing Credit          50        CRISIL A4

The ratings reflect IVPL's weak financial risk profile, marked by
small net worth and high gearing. The rating also factors in the
company's small scale of, and working-capital-intensive,
operations in the highly fragmented textiles industry. These
rating weaknesses are partially offset by the extensive experience
of IVPL's promoter in the ready-made garments manufacturing
segment and his funding support.

Outlook: Stable

CRISIL believes that IVPL's scale of operations will remain small,
and its financial risk profile will remain constrained due to its
small net worth and high gearing, over the medium term. The
outlook may be revised to 'Positive' in case of improvement in the
company's financial risk profile, mainly driven by fresh equity
infusion by promoter, leading to increase in net worth.
Conversely, the outlook may be revised to 'Negative' if IVPL's
capital structure deteriorates due to stretch in working capital
cycle, or its revenue and profitability come under pressure.

Incorporated in 2005, IVPL manufactures ready-made garments,
mainly for women. The company has 400 sewing machines and produces
40,000 garments per year at its manufacturing facility in Noida
(Uttar Pradesh).


JOMSONS ENTERPRISES: CRISIL Assigns B+ Rating to INR110MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Jomsons Enterprises (India) Private Limited
(JE; part of the Jomsons group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             110       CRISIL B+/Stable
   Long Term Loan           95       CRISIL B+/Stable

The rating reflects the Jomsons group's below-average financial
risk profile, marked by high gearing and a modest net worth. This
rating weakness is partially offset by extensive experience of the
Jomsons group's promoters in the polyvinyl chloride (PVC) industry
and the group's established relationships with customers,
primarily in Kerala.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of JE and Bestin Plast (BE). This is
because both the entities, together referred to as the Jomsons
group, are in the same line of business, have operational and
financial linkages, and are managed by the same promoter.

Outlook: Stable

CRISIL believes that the Jomsons group will continue to benefit
over the medium term from the industry experience of its
promoters. The outlook may be revised to 'Positive' in case of a
sustained increase in the group's profitability and scale of
operations, or better working capital management, leading to
improvement in its liquidity. Conversely, the outlook may be
revised to 'Negative' if 'Jomsons group's profitability is low or
its working capital management weakens, leading to deterioration
in its liquidity.

The Jomsons group trades in PVC panel profiles and is venturing
into customised printing in 3D texture on doors, ceilings, floors,
and other surfaces. JE, formerly known as Jomsons Plastics, was
established in 2011 and BE in 1993. Both are located in Thrissur
(Kerala) and are managed by Mr. Bestin Joy.

For 2013-14 (refers to financial year, April 1 to March 31), the
Jomsons group reported net sales of INR222 million and a profit
after tax (PAT) of INR0.31 million, as against net sales of
INR429.9 million and a PAT of INR     0.74 million for the
previous year.


KAYEM FOOD: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kayem Food
Industries Private Limited (KFIPL) a Long-Term Issuer Rating of
'IND BB+'. The Outlook is Stable. The agency has also assigned
KFIPL's INR2,142 million term loan a Long-Term 'IND BB+' rating
with Stable Outlook.

KEY RATING DRIVERS

The ratings reflect KFIPL's small scale of operations and high net
leverage due to large, debt-led capital expenditure for its unit
in Rai, Haryana. Provisional financials for FY15 indicate revenue
of INR391.51 million (FY14: INR282.14m) and net leverage (total
adjusted net debt/operating EBITDAR) of 27.74x. However, Ind-Ra
expects a sustainable improvement in KFIPL's net leverage by FYE17
on steady revenue growth and scheduled repayments of debt starting
FY17.

The ratings are supported by KFIPL's high profitability with
EBITDA margins of 21.59% in FY15 (FY14: 16.54%). This, coupled
with the capitalisation of interest expenses of term loans during
the construction period, led to high interest coverage (operating
EBITDA/gross interest expense) of 12.87x in FY15 (FY14: 3.06x).

KFIPL's capex in Rai is for setting up a breakfast cereals
manufacturing unit under three major product lines i.e. oats (oats
milling at 30,000tpa), cereal bars (1,800tpa) and different
varieties of flakes (corn flakes, single grain flakes, multi grain
flakes, etc.). The total project cost is INR3,060m (debt/equity:
70:30); equity contribution has already been brought into the
company. The project is running on schedule and is likely to be
operational by November 2015. The company has a term loan sanction
of INR2,142m, of which INR1,100m is in the form of capex letter of
credit which will expire in FY18 and FY19. The entire amount of
letter of credit is to be converted into term loans on the expiry,
resulting in low interest expenses on the term debts till FY17.
The interest burden is partially offset by the interest income on
fixed deposits.

The ratings are further supported by around four decades of
experience of the promoters in the food processing industry and
the company's established relationship with renowned customers
such as Nestle India Limited, Marico Limited and ITC Ltd.

RATING SENSITIVITIES

Negative: Failure to achieve stable business operations at the new
plant and/or any additional debt-lead capex leading to
deterioration in the credit metrics will be negative for the
ratings.

Positive: A substantial growth in the top-line along with an
improvement in the profitability leading to improved interest
coverage will lead to a positive rating action.

COMPANYPROFILE

KFIPL was incorporated in 1986. It operates two food processing
units in Haryana with a combined capacity of 4,800TPA. KFIPL
manufactures dehydrated vegetables, cereal granules, ketchups,
jams, etc. It is establishing another unit with a focus on
breakfast cereals/energy bars manufacturing. The combined capacity
of all the plants will be 47,100TPA. KFIPL markets its products
through B2B sales, private labels and also under its own brand -
Pan Foods.


LEKH RAJ: CRISIL Reaffirms 'B' Rating on INR80MM Loan
-----------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of Lekh Raj
Motors Pvt Ltd (LRM) continues to reflect LRM's weak financial
risk profile, marked by a high total outside liabilities to
tangible net worth ratio and average interest coverage ratio.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Electronic Dealer       80        CRISIL B/Stable (Reaffirmed)
   Financing Scheme
   (e-DFS)

The rating also factors in the company's susceptibility to risks
relating to intense competition in the automobile (auto)
dealership market and limited bargaining power with its principal,
General Motors India Pvt Ltd (General Motors). These rating
weaknesses are mitigated by the benefits that LRM derives from its
association with General Motors, and efficient working capital
management.

Outlook: Stable
CRISIL believes that LRM will continue to benefit over the medium
term from its association with General Motors and its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the company generates substantial cash accruals and
improves its capital structure, leading to an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if LRM reports low cash accruals, or undertakes any
large debt-funded capital expenditure programme, thereby adversely
impacting its financial risk profile.

Update
LRM registered a revenue of INR218 million for 2014-15 (refers to
financial year, April 1 to March 31) in line with past trend in
operating profitability of 3.5 per cent in 2014-15. LRM's revenue
declined in 2014-15 on account of low demand of General Motors
vehicles. However, with new launches expected by Chevrolet in
2015-16 its revenue is expected to grow at a moderate 12 to 15 per
cent per annum over the medium term. The operating margin is
expected to remain at 3 to 4 per cent over the medium term.

LRM's operations remain moderately working capital intensive, with
gross current assets of 55 days as on March 31, 2015 marked by
inventory of 30 to 35 days. The company's liquidity is moderate,
marked by bank limit utilisation of 37 per cent on an average over
the 12 months through June 2015 and adequate cash accruals of
INR3.5 million to INR4.5 million against nil term loan obligation
over the medium term. CRISIL believes that LRM's liquidity will
remain moderate over the medium term on account of adequate cash
accruals and absence of any debt-funded capital expenditure plan.

LRM's financial risk profile remains weak, marked by small net
worth of INR9.0 million to INR10 million and a high total outside
liabilities to tangible net worth ratio of 4.01 times as on
March 31, 2015. The company however has a moderate interest
coverage ratio of 1.95 times for 2014-15 and a risk coverage ratio
of 12.73 times. CRISIL believes that LRM's financial risk profile
will remain weak over the medium term.

LRM was incorporated in 2011 by Mr. Krishan Miglani and Mr. Varun
Miglani. The company is an authorised dealer for General Motors.
It operates a showroom in Kaithal and an extention office in Jind
(both in Haryana).


MAINI GROUP: ICRA Assigns B+ Rating to INR7.50cr LT Loan
--------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ to the INR7.50
crore, bank facilities of Maini Group of Educational Society.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term Fund-based
   bank facilities          7.50       [ICRA]B+; Assigned

ICRA's rating takes into consideration the healthy response to the
Cambridge International School (CIS) operated by MGES wherein the
student strength, although at modest level, has almost tripled in
AY 2015-16, since its start of operations in AY 2013-14. This,
coupled with continued increase in fee may support profitability
levels going forward. ICRA further notes CIS' surplus capacity (in
the form of currently unused classrooms) which can accommodate
additional student enrollments and already in-place infrastructure
(for sports, library, laboratories etc) leading to limited capex
requirement and thus limited additional funding requirements.
ICRA's ratings are however constrained on account of MGES' modest
financial profile as indicated in its elevated gearing levels,
cash losses in the past and weak debt coverage indicators.
Further, the ratings are constrained on account of its single
asset operations which limits its geographic penetration and
scale.

Going forward, the ability of the society to attract students to
optimally utilize its capacity, ability to improve financial
profile with improving surplus margins, and the quantum of
additional capex and its funding mix shall be the critical rating
sensitivities.

Established in 2011, MGES operates the Cambridge International
School in Nawashahr, Punjab. The school commenced operations in
April 2013 and has ~900 students in Academic Year 2015-16. The
society is promoted by Mr Sukhdev Prasad Maini and Mr Rajan Maini
who have other business interests, including filling stations and
brick kilns.

Recent Results
MGES reported a net deficit of INR1.02 crore on revenue receipts
of INR1.73 crore in FY 2013-14, as against a net surplus of INR8
thousand on revenue receipts of INR0.08 crore in the previous
year.


MIL INDUSTRIES: Ind-Ra Affirms 'IND BB+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed MIL Industries
Limited's Long-Term Issuer Rating at 'IND BB+'. The Outlook is
Stable.  The agency has also taken the following rating actions on
MIL's bank facilities:

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
Fund-based              22        Affirmed at 'IND BB+'/Stable
working
capital limits

Non-fund-based          65        Affirmed at 'IND A4+'
working capital
limits

KEY RATING DRIVERS

The affirmation reflects MIL's small scale of operations and
volatile profitability. Revenue which jumped to INR357m in FY14
due to a one-off export order normalised at INR303m in FY15. The
fragmented nature of the industrial lining industry and the
susceptibility of MIL's profitability to volatility in rubber
prices remain concerns. Profitability over the last four years
ranged between 11.9% and 18.5% due to volatile rubber prices.

Credit profile remained comfortable with net leverage (total
adjusted net debt/operating EBITDAR) remaining negative and EBITDA
interest cover of 8.4x in FY15 (FY14: 9.5x).

The ratings also factor in MIL's comfortable liquidity position
with its average 81% use of the fund-based facilities for the 12
months ended June 2015. The ratings continue to reflect the five-
decade-long experience of MIL's founders in rubber lining and
polytetrafluoroethylene manufacturing.

RATING SENSITIVITIES

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

Negative: Any substantial decline in the profitability leading to
sustained deterioration in the credit profile will be negative for
the ratings.

COMPANY PROFILE

MIL manufactures anti-corrosion and anti-abrasion lining and
products, such as rubber and PTFE lining, and supplies them to the
chemical and tyre manufacturing industry.


NIKUNJ EXPORTS: CRISIL Assigns 'B' Rating on INR62.5MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Nikunj Exports (Nikunj).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      2.5       CRISIL B/Stable
   Cash Credit            60.0       CRISIL B/Stable
   Long Term Loan         62.5       CRISIL B/Stable

The rating reflects Nikunj's moderate financial risk profile,
marked by a weak capital structure, though supported by sound debt
protection metrics, modest scale of operations in a highly
competitive granite export business, and susceptibility of the
firm's revenue to adverse government regulations and volatility in
foreign exchange rates. These rating weaknesses are partially
offset by the extensive experience of the firm's promoters in the
granite industry.

Outlook: Stable

CRISIL believes that Nikunj will continue to benefit from the
extensive experience of its promoters in the granite industry over
the medium term. The outlook may be revised to 'Positive' if the
firm increases its scale of operations and operating profitability
on a sustained basis, thereby leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if there is deterioration in Nikunj's working capital
management or if its revenue and operating profitability
deteriorate or in case of large debt-funded capital expenditure,
leading to weakening of its financial risk profile.

Set up in 2015, Nikunj is a 100 per cent export-oriented unit
involved in the processing and export of granite slabs. The firm
commenced commercial operations in March 2015. It is promoted by
Mr. Vasudev Poddar, who has been associated with the granite
industry for more than 25 years.


NSR STEELS: CRISIL Suspends 'D' Rating on INR110MM Bank Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
NSR Steels Private Limited (NSR).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             80        CRISIL D
   Letter of Credit        70        CRISIL D
   Proposed Long Term
   Bank Loan Facility     110        CRISIL D
   Term Loan              100        CRISIL D

The suspension of ratings is on account of non-cooperation by NSR
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, NSR is yet to
provide adequate information to enable CRISIL to assess NSR'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'.

NSR Steels Private Limited (NSR Steels) was incorporated in 2008
to manufacture MS Ingots and thermo mechanically treated (TMT)
bars. The company commenced its ingot manufacturing facility in
Thirunelveli, Tamil Nadu in February 2010 with an installed
capacity of 36,000 tonnes per annum (tpa).


ORION LAMINATES: ICRA Suspends D Rating on INR10.10cr Term Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR10.10 crore bank facilities of Orion Laminates Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long term, Term Loan     10.10        [ICRA]D Suspended

Incorporated in 1993, as a public limited company OLL is engaged
in the manufacturing of aluminium pressure die casting component.
The company is also engaged in powder coating and machining of
products.


PAARTH INFRATECH: CRISIL Reaffirms B Rating on INR360MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Paarth Infratech
Private Limited (PIPL) continues to reflect PIPL's exposure to
demand, implementation, and funding risks related to its ongoing
project, and its weak financial risk profile. These rating
weaknesses are partially offset by the benefits that the company
derives from the M2K group's established regional market position,
its promoter's experience in executing residential real estate
projects through associate companies, and the financial support it
receives from its promoter.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              360        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PIPL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company receives
substantial customer advances and implements its ongoing project
as per schedule, leading to healthy cash accruals, and hence, to
better business and financial risk profiles. Conversely, the
outlook may be revised to 'Negative' in case of delays in receipt
of customer advances, leading to pressure on PIPL's revenue and
profitability, and hence, on its liquidity.

Update
PIPL is constructing a commercial-cum-office complex in Gurgaon
(Haryana) and had spent close to 85 per cent of the total project
cost of INR1.142 billion as on March 31, 2015. The project has
been delayed by more than a year on account of the weak demand
scenario in the real estate industry. The building and structure
of the project is complete, while furnishing and other amenities
are yet to be added. The company plans to handover possession to
customers by March 2016.

PIPL's promoter has funded the company's project through equity
infusion of INR150 million and unsecured loans of INR280 million.
Furthermore, PIPL's bank has disbursed total term debt of INR430
million. The company has sold around 38 per cent of the 2.65
million square feet area in the complex. About 38 per cent of the
expected customer payments have come in (Rs.387 million as on
March 31, 2015).

The repayment of PIPL's term loans has started and the company has
quarterly debt obligations of INR36 million. The interest and
principal obligations are being funded through customer advances;
hence, PIPL's liquidity remains adequate.

PIPL is part of the M2K group promoted by Mr. Mahesh Kumar
Bhagchandak. The company, formed in 2008, is developing a
commercial complex in Gurgaon.


RAGHUVANSHI INDUSTRIES: CRISIL Reaffirms B+ INR200M Loan Rating
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Raghuvanshi
Industries Private Limited (RIPL) continues to reflect RIPL's weak
financial risk profile, marked by high gearing and weak debt
protection metrics and vulnerability of its profitability and
revenue to volatility in cotton prices and government policies.
These rating weaknesses are partially offset by the extensive
experience of RIPL's promoters in the cotton industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            200       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes that RIPL 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 financial
risk profile improves marked by improved profitability or
reduction in working capital requirements or equity infusion by
promoters. Conversely, the outlook may be revised to 'Negative' if
RIPL's liquidity weakens on account of low cash accruals or large
debt funded capital expenditure programme or increase in working
capital requirements.

RIPL was set up as a partnership firm in 1998 by Mr. Dhirajlal V
Shelani and his son, Mr. Dineshkumar D Shelani. It was
reconstituted as a private limited company in January 2014. The
firm, based in Rajkot (Gujarat) is engaged in ginning and pressing
of cotton into bales, and in extraction of cotton seed.

RIPL reported, on a provisional basis, book profit of INR12.3
million on net sales of INR1.89 billion in 2014-15, vis-a-vis book
profit of INR3.2 million on net sales of INR2.3 billion for 2013-
14.


ROYAL TYRES: CRISIL Suspends B Rating on INR65MM Term Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Royal Tyres Private Limited (RTPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          1         CRISIL A4
   Cash Credit             4         CRISIL B/Stable
   Letter of Credit        2         CRISIL A4
   Packing Credit          8         CRISIL A4
   Term Loan              65         CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
RTPLwith CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RTPL is yet to
provide adequate information to enable CRISIL to assess RTPL'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'

RTPL was incorporated in 1991 in Chennai (Tamil Nadu). The company
manufactures solid industrial tyres. The executive director, Mr.
Sendil Kumaran, manages the company's day-to-day operations.


SADAN REALTECH: CRISIL Reaffirms B Rating on INR202.8MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sadan Realtech Private
Limited (Sadan) continue to reflect Sadan's exposure to
implementation and demand risks associated with its ongoing
project, the geographical concentration in its revenue profile,
and its vulnerability to the cyclicality and risks inherent in the
Indian real estate industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee        102.2       CRISIL A4 (Reaffirmed)
   Term Loan             202.8       CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
the company derives from the M2K group's established regional
market position and its promoter's experience in executing
residential real estate projects through associate companies.

Outlook: Stable
CRISIL believes that Sadan will continue to benefit over the
medium term from its group's established regional market position
and its promoter's experience in executing residential real estate
projects. The outlook may be revised to 'Positive' if the
company's business and financial risk profiles improve
significantly, backed by timely construction and sale of its
ongoing project and substantial demand, leading to healthy cash
accruals. Conversely, the outlook may be revised to 'Negative' in
case of time and cost overruns in project implementation or delays
in receipt of customer advances, or significant investment in
unrelated projects, leading to pressure on Sadan's revenue and
profitability, and hence, on its liquidity.

Update
Sadan is constructing a residential group-housing project at
Dhanwapur near Dwarka Expressway in Gurgaon (Haryana). About 30
per cent of the total cost of INR4 billion was incurred till March
31, 2015. The project was put on hold on account of delay in
approval for the Dwarka Gurgaon Expressway, which led to subdued
demand and price scenario in the region. Approval for the
expressway was granted in May 2015 and Sadan plans to launch its
project by October 2015.

Sadan's promoter has funded its project through equity infusion of
INR104 million and unsecured loans of INR790 million. Although the
bank has sanctioned term loan of INR1250 million, only INR300
million has been disbursed so far. The management intends to hand
over possession of flats by 2018-19 (refers to financial year,
April 1 to March 31).

Due to delay in commencement of the project, the bank has
rescheduled repayment of the term loan to March 2017; Sadan is
funding the ongoing interest payments through unsecured loans.

Sadan, incorporated in 2010, is constructing a residential group-
housing project, Beau Monde, in Gurgaon. The company is a part of
the M2K group of New Delhi and is promoted by Mr. Mahesh Kumar
Bhagchandka.


SAHARA GROUP: Sebi Cancels Mutual Funds' Registration
-----------------------------------------------------
The Times of India reports that in a fresh crackdown on the Sahara
group, market regulator Sebi on July 28 cancelled the registration
of Sahara Mutual Fund saying it was no longer 'fit and proper' to
carry out this business and ordered transfer of its operations to
another fund house.

TOI relates that the Sahara group has been engaged in a legal
battle with Sebi ever since the regulator ordered refund of over
INR24,000 crore by two Sahara entities.  The report says Sebi also
cancelled the portfolio management licence of a Sahara firm
recently. In the latest order, Sebi directed cancellation of
Sahara Mutual Fund's certificate of registration on expiry of a
six month period from July 28.

Sebi also directed Sahara Mutual Fund and Sahara Asset Management
Company to stop accepting subscription from its existing or new
investors with immediate effect, according to the report.

Besides, Sahara MF has been asked to "make efforts to transfer the
activities of Sahara India Financial Corporation Limited (Sahara
Sponsor) and Sahara Asset Management Company Private Limited
(Sahara AMC) to a new Sponsor and a Sebi approved Asset Management
Company at the earliest," the report relays.

According to the report, Sahara MF's board of trustees has been
asked to "oversee and ensure protection of the unit-holders'
interests during the above period". The board of trustees would
need to be re-constituted after the transfer, Sebi said. If Sahara
MF fails to complete the process of transition within five months,
it would have to compulsorily redeem the units allotted to its
investors and credit the respective funds to its investors,
without any additional cost, within a period of 30 days and wind
up the operations of the mutual fund, TOI relays.

TOI relates that in his 22-page order, Sebi's whole-time member
Prashant Saran said: "Having held Sahara India Financial
Corporation Limited (Sahara Sponsor) and Sahara Asset Management
Company Private Limited (Sahara AMC) are not 'fit and proper
persons', I find that they have failed to fulfil the eligibility
criteria to remain as the Sponsor and Asset Management Company
respectively."

Sahara AMC has assets under management of IN134 crore and is the
second smallest among the 44 fund houses in India, the report
discloses.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 15, 2013, The Economic Times said the Securities & Exchange
Board of India (Sebi) on Feb. 13, 2013, seized bank accounts and
properties of two Sahara Group companies and its promoter, Subrata
Roy.  The move comes following the group's failure to refund
INR24,000 crore to investors as directed by the Supreme Court.

Sahara Group operates businesses ranging from finance, housing,
manufacturing and the media.  Sahara also sponsors the Indian
hockey team and owns a stake in Formula One racing team, Force
India.


SAIL BANSAL: CRISIL Suspends B- Rating on INR60MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Sail Bansal Service Centre Limited (SBSCL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             60        CRISIL B-/Stable

The suspension of rating is on account of non-cooperation by SBSCL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SBSCL is yet to
provide adequate information to enable CRISIL to assess SBSCL'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'

SBSCL commenced operations in 2000-01 (refers to financial year,
April 1 to March 31) as a steel service centre (SSC) for SAIL.
SBSCL was formed with the objective of customising steel products
for SAIL. The company is also engaged in trading of steel
structurals. SBSCL is a joint venture between SAIL and BMW
Industries Ltd with BMWIL owning majority (60 per cent) stake in
the Joint Venture.


SAMRAJ CONSTRUCTIONS: ICRA Assigns 'B' Rating to INR13cr LT Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR13.0
crore fund based facilities of M/s Samraj Constructions.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund
   Based Facilities        13.0         [ICRA]B assigned

The rating assigned considers the moderate scale of operations of
the Firm; the geographical and sectoral concentration of the
firm's projects with operations currently limited to building
projects in and around Coimbatore; the high competition in the
building construction segment and the stretched financial profile
of the firm characterised by thin margins and a highly geared
capital structure and poor coverage indicators. The rating also
takes into account the working capital intensive nature of
operations and the risk of delays in projects/receipt of payments,
particularly from the high value education sector projects. The
ratings, however positively factor in the established track record
and the extensive experience of the partners and the group in the
industry spanning over three decades; the comfortable order book
position of ~Rs 60 Cr as on February 2015; and limited raw
material price risks faced by the firm owing to high value
materials such as steel and cement being provided by clients and
access to other raw materials like RMC, sand and aggregates from
group companies.

Samraj Constructions is a partnership entity which is engaged in
undertaking construction of educational institutions, residential
apartments, commercial buildings and other building construction
activities. The firm was set up in 1998 as a partnership concern
and has undertaken several high value contracts such as the
construction of K. S. R College, construction for Aarthi
Educational and Charitable trust etc. The partners of the firm
have been operating in the construction space for over three
decades through a group entity, M/s Samraj & Co. The group has
completed buildings with a built up area of over 6 Million Sq. ft.
Till date.

The firm recorded a Profit after tax of INR0.53 Cr on a revenue of
~INR45 Cr in FY 2013-14.


SARAWAGI AUTOMOBILES: ICRA Revises Rating on INR8.25cr Loan to B
----------------------------------------------------------------
ICRA has revised its long term rating on the INR8.25 crore fund
based limits and INR0.13 crore unallocated limits of
Sarawagi Automobiles Private Limited to [ICRA]B from [ICRA]B+.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund based Facilities     8.25       [ICRA]B; revised
   (LT Scale)                           from [ICRA]B+

   Unallocated (LT Scale)    0.13       [ICRA]B; revised
                                        from [ICRA]B+

The rating revision takes into account the weak demand sentiments
which have resulted in continued pressure on the company's
operating income, which registered a year-on-year decline of 25%
in FY15, on the back of a 17% decline in the previous year. ICRA's
ratings revision also factor in the increased reliance on
borrowings for funding of working capital requirements and the
company's thin margins which have resulted in weak coverage
indicators with interest coverage at 1.36x, NCA/TD at 1% and DSCR
at 1.16x for FY15 as compared to 1.82x, 6% and 1.52x respectively
for the previous year. ICRA also takes note of the firm's
leveraged capital structure with gearing of 3.99 times as on March
31, 2015. The ratings however derive comfort from SAPL's
association with Tata Motors Limited (TML),the market leader in
the commercial vehicle segment and the established track record of
the promoters in the automobile industry.

Going forward, the company's ability to increase its scale of
operations and register a sustained improvement in its
profitability, while optimally managing its working capital cycle
will be the key rating sensitivities.

SAPL was incorporated in May 2009 and is an authorized dealer of
TML. SAPL is engaged in the sale of vehicles, spares and also
provides after sales support. Presently, the company has 3S
(Sales, Service and Spares) facilities at Sri Ganganagar and
Hanumangarh districts and 1S (Sales) facilities at Suratgarh,
Raisinghnagar, Anoopgarh, Nohar and Bhadra, in Rajasthan.

Recent Results
The company, on a provisional basis, reported an operating income
of INR39.62 crore and a net profit of INR0.02 crore in FY15, as
against an operating income of INR52.82 crore and a net profit of
INR0.22 crore in the previous year.


SAS AUTOCOM: CRISIL Suspends 'D' Rating on INR118.5MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
SAS Autocom Engineers India Private Limited (SASAPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          50        CRISIL D
   Bill Discounting        20        CRISIL D
   Cash Credit            118.5      CRISIL D
   Letter of Credit       100        CRISIL D
   Long Term Loan          61.5      CRISIL D

The suspension of ratings is on account of non-cooperation by
SASAPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SASAPL is yet to
provide adequate information to enable CRISIL to assess SASAPL'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'

Established in 1986, SASAPL manufactures pipes and pipe-related
products for the automobile, farm and construction equipment
industries. The company has manufacturing units in Tamil Nadu.
Some of SASAPL's reputed customers include Ashok Leyland Ltd,
Tractors and Farm Equipment Ltd (CRISIL AA+/Stable/CRISIL A1+),
Same Deutz Fahr India Pvt Ltd and Volvo India Pvt Ltd. The
promoter, Mr. Sankaran Nambiar and his son, Mr. Shyam Raj, manage
the company's daily operations.


SHIEL AUTOS: CRISIL Reaffirms B+ Rating on INR75MM Cash Credit
--------------------------------------------------------------
CRISIL ratings on the bank facilities of Shiel Autos continue to
reflect Shiel's limited bargaining power with its principal, Bajaj
Auto Ltd (BAL; rated 'CRISIL AAA/FAAA/Stable/CRISIL A1+'),
resulting in low operating profitability.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        19.5       CRISIL A4 (Reaffirmed)
   Cash Credit           75.0       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     5.5       CRISIL B+/Stable (Reaffirmed)
   Overdraft Facility    45.0       CRISIL A4 (Reaffirmed)
   Long Term Loan        30.0       CRISIL B+/Stable (Reaffirmed)
   Inventory Funding
   Facility                5.0       CRISIL B+/Stable(Reaffirmed)

The ratings also factor in the firm's below-average financial risk
profile, marked by a small net worth, high TOLTNW ratio, and weak
debt-protection metrics. These rating weaknesses are partially
offset by the extensive experience of Shiel's promoters in the
automobile dealership business and its long association with the
reputed Bajaj brand.

Earlier, CRISIL had downgraded the rating on the bank facilities
of Shiel Autos to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-
/Stable/CRISIL A4+' in public domain dated July, 7, 2015.

Outlook: Stable
CRISIL believes that Shiel will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's financial risk
profile improves, most likely through equity infusion by the
promoters. Conversely, the outlook may be revised to 'Negative' if
Shiel's financial risk profile deteriorates, most likely because
of a significant decline in its sales volumes and net cash
accruals.

Based in Agra (Uttar Pradesh), Shiel has been a dealer for BAL's
two-wheelers for 25 years. The firm has seven showrooms, all in
and around Agra. Its day-to-day operations are managed by Mr.
Rajiv Rattan and his brother Mr. Sanjeev Rattan.


SIDDHIVINAYAK POULTRY: CRISIL Reaffirms B Rating on INR80MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Siddhivinayak
Poultry Breeding Farm & Hatcheries Pvt Ltd (SVPL) continues to
reflect SVPL's below-average financial risk profile, marked by a
small net worth, and the vulnerability of its operating
profitability to risks inherent in the poultry industry.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           24.6      CRISIL B/Stable (Reaffirmed)
   Term Loan             80.0      CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience the company's promoters through group
entities.

For arriving at the rating, CRISIL has treated unsecured loans of
INR25 million as on March 31, 2015, extended to SVPL by its
promoters and affiliates, as neither debt nor equity. This is
because these loans are interest-free and are expected to be
retained in the business over the medium term.

Outlook: Stable
CRISIL believes that SVPL 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, resulting in higher
cash accruals and hence in an improvement in its liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in SVPL's liquidity due to low cash accruals, a
stretch in its working capital cycle, or large debt-funded capital
expenditure.

SVPL was established in Pune (Maharashtra) in 2010 by Mr. Ajay
Deshpande, Mr. Laxman Bhosale, and Mr. Vijendra Bhosale. The
company undertakes broiler poultry farming; it sells broiler eggs,
day-old chicks, and broiler birds.


SILVER GLOBAL: CRISIL Suspends 'D' Rating on INR71MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Silver Global Services Private Limited (SGSPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             9         CRISIL D
   Term Loan              71         CRISIL D

The suspension of rating is on account of non-cooperation by SGSPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SGSPL is yet to
provide adequate information to enable CRISIL to assess SGSPL'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'

SGSPL was set up in 1998 as a proprietorship firm called Silver
Enterprises by Mr. Alphonso D'Souza and was reconstituted as a
private limited company in 2007 by Mr. D'Souza, his wife Mrs.
Stella D'Souza, his son Mr. Kevin D'Souza and his son-in-law Mr.
Rolan D'Costa. SGSPL is engaged in the handling, cleaning, testing
and maintenance of liquid carrying tank containers.


SINGHVI FASHIONS: ICRA Ups Rating on INR19.63cr Term Loan to B+
---------------------------------------------------------------
ICRA has upgraded the long term rating to [ICRA]B+ from [ICRA]B to
the INR23.88 crore fund based bank limits of Singhvi Fashions
Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit Limits      4.25        [ICRA]B+ upgraded from
                                       [ICRA]B

   Term Loan              19.63        [ICRA]B+ upgraded from
                                       [ICRA]B

The rating revision takes into account the stabilisation achieved
in its first full year of operations along with moderate
profitability levels .despite high depreciation and interest
charges. The rating however, favourably factors in the healthy
demand indicators for the product, locational advantages resulting
from proximity to customers and raw material sources and benefits
accruing from subsidies under Technology Up-Gradation Fund Scheme
(TUFS).

The rating however remain constrained by SFPL moderate scale of
operations as well as its exposure to volatility in key raw
material prices and to intense competitive pressures on account of
fragmented industry structure. The rating is further constrained
by the debt funded capex undertaken by the company, hence the
ability of the company to maintain healthy return indicators and
ensure timely debt servicing, remains crucial from rating
perspective.

Incorporated in 2013 Singhvi fashions Private Limited is promoted
by Mr.Haresh Rudakiya, Mr.Nitesh Makrubiya, Mr. Prashant Hadiya
and Mr. Sunil Patel .The company has started a new project of
processing grey fabrics by installing 36 rapier looms with an
installed capacity of processing 53 lakh meters of fabric per
annum.SFPL's manufacturing facility is located in Surat, Gujarat.

Recent Results
For the year FY 2015 unaudited provisional's, the company reported
an operating income of INR18.44 Cr. and profit after tax of
INR0.62 Cr.


SITA MAA: CARE Assigns B+ Rating to INR15cr Long Term Loan
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sita Maa
Ricemill.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       15       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Sita Maa Rice Mill
(SMRM) is constrained by partnership nature of constitution, small
scale of operation in a fragmented and competitive industry,
volatility in profit margins subject to government regulations,
high working capital intensity of operations, resulting in
leveraged capital structure and being an agri based commodity, the
prospects are subject to vagaries of nature. The aforesaid
constraints are partially offset by the experience of the partner
and proximity to rawmaterial sources.

The ability to grow its scale of operations and improve its
profitability margins and efficient management of working capital
are the key rating sensitivities.

Sita Maa Rice Mill (SMRM) was established as a partnership firm in
March, 2013 by Mr Purna Chandra Maity, Mr Samiran Maity, Mr Sanjay
Kumar Maity and Mrs Sitarani Maity, based out of Midnapore, West
Bengal, as an equal partner with profit sharing ratio of 25%. The
firm is engaged in the processing and milling of rice. The milling
unit of the firm is located at Midnapore district, West Bengal
with processing capacity of 28,800 Metric Tonne Per Annum (MTPA).
SMRM procures paddy from farmers & local agents and sells its
products through the wholesalers and distributors across West
Bengal, Jharkhand, Bihar and Odisha.

As per the audited results of FY15 (refers to the period April 01
to March 31), SMRM reported a PBILDT of INR1.01 crore and PAT of
INR0.01 crore, on a total operating income of INR8.88 crore.


SOLAN SPINNING: CRISIL Reaffirms B+ Rating on INR75MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Solan Spinning
Mills Private Limited (SSMPL) continues to reflect SSMPL's modest
scale of operations, susceptibility of its operating margin to
volatility in raw material prices, and its working-capital-
intensive operations. These rating weaknesses are partially offset
by the extensive experience of SSMPL's promoters in the cotton
spinning industry.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           56       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    19       CRISIL B+/Stable (Reaffirmed)
   Term Loan             75       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes that SSMPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if the company significantly
scales up its operations while maintaining its profitability,
thereby improving its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if SSMPL's working capital
cycle is stretched, leading to weakening of its financial risk
profile, especially its liquidity.

SSMPL, established in 2003, manufactures cotton yarn. The company
is promoted and currently managed by Mr. Arvind Kumar Arora, Mr.
Sanjay Panwar, Mr. Sansar Singh Sirohi, Mr. Shitanshu Sirohi, and
Mr. Shrey Garg, along with three other friends. Its manufacturing
unit is at Baddi in Solan (Himachal Pradesh).

SSMPL is estimated to report profit after tax (PAT) of INR16
million on net sales of INR345 million for 2014-15 (refers to
financial year, April 1 to March 31), against a PAT of INR32
million on net sales of INR333 million for 2013-14.


SRI KRISHNA: CRISIL Suspends B+ Rating on INR60MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sri Krishna Sai Rice Industries (SKSRI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             60        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      56        CRISIL B+/Stable
   Term Loan                4        CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by SKSRI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SKSRI is yet to
provide adequate information to enable CRISIL to assess SKSRI'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'

SKSRI was established as partnership firm in 2002 by Mr.
Raghavaiah along with his family members. The firm is engaged in
the business of rice milling. SKSRI has its manufacturing
facilities in Nellore, Andhra Pradesh. The day to day operations
of the concern are managed by Mr. Raghavaiah.


SRI SEETHALAKSHMI: CRISIL Suspends B+ Rating on INR37MM LT Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Seethalakshmi Steel Castings Private Limited (SSCPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             15        CRISIL B+/Stable
   Letter of Credit         5        CRISIL A4
   Long Term Loan          37        CRISIL B+/Stable
   Proposed Cash Credit
   Limit                    1        CRISIL B+/Stable
   SME Credit               2        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
SSCPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SSCPL is yet to
provide adequate information to enable CRISIL to assess SSCPL'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'

Incorporated in 1995 and based in Coimbatore (Tamil Nadu), SSCPL
manufactures a wide range of ductile iron and grey iron casting
products. The company is managed by its promoter Mr. Ramasamy.


SWASTIK MARKETING: ICRA Reaffirms B+ Rating on INR2.50cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR2.50 crore cash credit facility of Swastik Marketing. ICRA
has also reaffirmed the short-term rating of [ICRA]A4 assigned to
the INR2.50 crore short-term non-fund based limit of SM.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit             2.50         [ICRA]B+ reaffirmed
   Bank Guarantee          2.50         [ICRA]A4 reaffirmed

The reaffirmation of the ratings continues to take into account
SM's low profitability indicators on account of the limited value
addition in the business, modest scale of operations, and the
tight liquidity position of the firm as reflected by almost full
utilization of working capital bank limits in the past. The
ratings are further constrained by the competitive pressures from
other established mobile phone brands, online sales platforms, and
cloth traders. ICRA also notes that being a proprietorship firm,
any substantial capital withdrawals from the proprietor's capital
account would have a negative bearing on the gearing levels of the
firm; the quantum of withdrawals thus remains a key rating
sensitivity.

The ratings, however, favourably take into account the long track
record of the promoters in the distribution business, and the
favourable demand prospects for mobile phones, particularly the
smart phone segment, in India.

Incorporated in 1988, Swastik Marketing (SM) is a proprietorship
firm engaged in trading of cloth and distribution of cellphones.
SM is a distributor of, Karbonn mobile phones, Byond mobile
phones, Apple mobile phones, Samsung mobile phone and LG mobile
phones for Ahmedabad and Gandhinagar district in Gujarat. The firm
is promoted by Mr. Sandeep Jain.

Recent Results
As per the provisional results, the firm reported an operating
income of INR38.44 crore and profit after tax of INR0.43 crore in
FY15 as against an operating income of INR40.21 crore and profit
after tax of INR0.40 crore during FY14.


SWASTIK TUNGSTEN: CARE Reaffirms B+ Rating on INR11.60cr LT Loan
----------------------------------------------------------------
CARE revokes suspension and reaffirms the ratings assigned to the
bank facilities of Swastik Tungsten Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.60      CARE B+ Suspension
                                            revoked and rating
                                            reaffirmed

   Short-term Bank Facilities     2.00      CARE A4 Suspension
                                            revoked and rating
                                            reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Swastik Tungsten
Private Limited (STPL) continue to be constrained by the small
scale of operations with high customer concentration, low
capitalization, working capital intensive nature of operations,
leveraged capital structure and weak debt coverage indicators. The
ratings are further constrained by project execution risk and
inherent industry risk characterized by susceptibility of
profitability margins to fluctuation in raw material and forex
prices along with operations in a highly fragmented and
competitive industry.

The aforesaid constraints continue to be partially offset by the
strength derived from the experience of the promoters. Going
forward, ability of the company to improve its overall scale of
operations amidst intense competition along with efficient
management of the working capital cycle are the key rating
sensitivities.

Swastik Tungsten Private Limited (STPL; erstwhile Swastik
Chemicals a partnership firm reconstituted as a private limited
company in 2010) is engaged in the manufacturing of inorganic
chemicals like tungsten trioxide and tungsten metal powder which
are supplied to manufacturers of bombshells (defence
establishments) and carbide, under the brand 'Swastik'. STPL has
its administrative office located in Mumbai and manufacturing
unit at Ahmednagar, Maharashtra with an installed capacity of
360MTPA (around 40% average utilization for FY15 refers to the
period April 1 to March 31).

The company imports tungsten ore from the UAE (constituted 70% of
purchases in FY15) while the rest of the raw material is sourced
from domestic suppliers. STPL's revenue is predominantly generated
from defence establishments like M/s. Heavy Alloy Penetrator
Project (constituted 90% of revenue in FY15), players in the
carbide industry based in India(constituted 7% of total revenue in
FY15) and the remaining through exports to countries namely USA,
Iran & Poland (constituted around 3% of total revenue in FY15).

During FY15 (provisional), STPL reported total operating income of
INR16.39 crore (vis-a-vis INR14.86 crore in FY14) and PAT of
INR0.13 crore (vis-a-vis INR0.22 crore in FY14).


TOLAR OCEAN: CRISIL Reaffirms B+ Rating on INR40MM LT Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Tolar Ocean Products
Pvt Ltd (TOPL) continue to reflect the company's below-average
financial risk profile, marked small net worth and aggressive
capital structure.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             20       CRISIL B+/Stable (Reaffirmed)
   Export Packing Credit   15       CRISIL B+/Stable (Reaffirmed)
   Long Term Loan          40       CRISIL B+/Stable (Reaffirmed)
   Packing Credit         125       CRISIL A4 (Reaffirmed)

The ratings also factor in the susceptibility of TOPL's revenue to
volatility in raw material prices and foreign exchange rates, and
to risks inherent in the seafood export industry. These rating
weaknesses are partially offset by the company's established
position in the seafood export industry and its established
relationships with its suppliers and customers.

Outlook: Stable

CRISIL believes that TOPL will continue to benefit from the
extensive industry experience of its promoter over the medium
term. The outlook may be revised to 'Positive' if the company
scales up its operations, resulting in a significant increase in
its revenue and profitability and, consequently, its cash
accruals. Conversely, the outlook may be revised to 'Negative' if
TOPL undertakes a large debt-funded capital expenditure programme
or if its liquidity weakens, most likely because of a sharp
decline in its profitability or increase in working capital
requirements.

Incorporated in 1996, Udupi (Karnataka)-based TOPL processes and
exports fish. The day-to-day operations are managed by its
promoter, Mr. Prakash Tolar.


US GRANITES: ICRA Reaffirms 'B' Rating on INR5.0cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the INR5.00
crore (revised from INR6.05 crore) long term fund based limits and
INR2.83 crore (revised from INR2.78 crore) unallocated limits of
US Granites. ICRA has also re-affirmed short-term rating of [ICRA]
A4 for INR1.00 crore (revised from INR0.00) fund based limits
(short term) and INR0.82 crore non fund based limits of USG.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits-
   Long Term               5.00        [ICRA]B re-affirmed

   Fund Based Limits-
   Short Term              1.00        [ICRA]A4 re-affirmed

   Unallocated             2.83        [ICRA]B re-affirmed

   Non Fund based limits   0.82        [ICRA]A4 re-affirmed

The reaffirmation of ratings considers USG's modest scale of
operations, the risk of high geographical concentration with
majority of sales being derived from the US market exposing the
firm to issues of demand stability and high customer concentration
with the top three clients adding to about 70% of total sales. The
company witnessed 2.36% de growth in FY14 and ~17% year-on-year de
growth in 9m, FY15 on account of subdued demand from the US
market. The ratings are also constrained by the lack of captive
quarries, erosion in net worth on account of drawings of capital
by partners and inherent industry related risks including intense
competition, high working capital intensity and exposure to
volatile foreign exchange rates; however, hedging through foreign
currency denominated working capital facilities mitigates the risk
to an extent. The ratings however derive comfort from the
promoter's decade long experience in the granite industry, long
standing relationship with customers and an improvement in the
gearing as compared to previous years.

Going further, USG's ability to diversify its geographic base and
increase the scale of operations while maintaining profitability
will be critical in improving the credit profile.

US Granites was established in 2002 as a partnership firm. The
firm is engaged in the processing and export of granite slabs. In
the year 2002 the firm acquired the sick granite processing unit
namely Ravi Rocks situated at Bolaram in the Medak district of
Telangana which was renamed as US Granites. The total processing
capacity of the unit is 96000 sqm per annum or 10.32 lakh sft per
annum.

Recent Results
According to provisional financials, the company reported profit
after tax of INR0.12 crore on an operating income of INR10.52
crore for the period 9M FY2015. The company reported profit after
tax of INR0.17 crore on an operating income of INR16.95 crore
during FY2014 as against profit after tax of INR0.16 crore on an
operating income of INR17.36 crore during FY2013.


VINSURA WINERY: CRISIL Suspends 'D' Rating on INR38MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Vinsura
Winery Private Limited (VWPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             38        CRISIL D
   Term Loan               27        CRISIL D

The suspension of rating is on account of non-cooperation by VWPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VWPL is yet to
provide adequate information to enable CRISIL to assess VWPL'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'

VWPL manufactures wine, which it markets under the brand name
Vinsura. The company, incorporated in 2001, is promoted by Mr.
Kishor Changdeorao Holkar and Mr. Nitin Desai. It has its
manufacturing facilities at Nashik (Maharashtra), near the grape-
growing region; grapes are the major raw material for making wine.



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


TOSHIBA CORP: To Cut Interim CEO Pay by 90% on Accounting Scandal
-----------------------------------------------------------------
Reuters reports that Toshiba Corp said it would slash its interim
chief executive's monthly salary for the next two months by
90 percent, including previously announced cuts, following
revelations of improper accounting at the Japanese conglomerate.

Reuters relates that the company said on July 29 it would reduce
Masashi Muromachi's monthly salary by 50 percent on top of the
40 percent cut already in place. It said it would also dock the
pay of other senior executives, and that an extraordinary
shareholders' meeting in September would consider any additional
measures, Reuters relays.

Toshiba also said it would hire more independent directors,
including lawyers and accountants, adds Reuters.

                        About Toshiba Corp.

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

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

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

The ratings outlook is stable.


TOSHIBA CORP: Appoints Committee to Prevent Further Scandals
------------------------------------------------------------
Pavel Alpeyev and Takashi Amano at Bloomberg News reports that
Toshiba Corp., emerging from an accounting scandal that may cost
at least $1.2 billion in writedowns, appointed a six-member
revitalization committee charged with preventing improprieties in
the future.

Hiroyuki Itami, who currently serves as an outside board member at
the company, will lead the group, Toshiba said in a statement on
July 29, Bloomberg relates. He will be joined by outside directors
Ken Shimauchi, Kiyomi Saito and Sakutaro Tanino. An accountant and
a lawyer will also join the group.

According to the report, Toshiba has lost about $4 billion in
market capitalization since May 8, when it withdrew forecasts and
canceled the year-end dividend before later widening an accounting
probe into construction projects to cover the entire company.
President Hisao Tanaka, Vice Chairman Norio Sasaki and adviser
Atsutoshi Nishida stepped down this month to take responsibility
for Japan's biggest accounting scandal since 2011, the report
says.

Sasaki and Nishida were former presidents. No charges have been
filed against Toshiba or executives, Bloomberg notes.

According to the report, the Tokyo-based company also said
Mitsubishi Chemical Holdings Corp. Chairman Yoshimitsu Kobayashi
and former Supreme Court Justice Yuki Furuta will act as
observers.

Bloomberg relates that the company also said eight executives will
have their pay lowered by 40 percent for the three months from
July while interim President Masashi Muromachi will take a 90
percent cut from August.

Toshiba is considering selling shares and properties to rebuild a
balance sheet and reputation rocked by the accounting probe that
revealed it inflated earnings by at least JPY156 billion ($1.26
billion) since the 2008 financial year, the report adds.

                        About Toshiba Corp.

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

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

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

The ratings outlook is stable.



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


DESTINY SCHOOL: 'Technically Insolvent' After NZ$240K Loss
----------------------------------------------------------
Libby Wilson at Stuff.co.nz reports that Destiny School has been
warned it is 'technically insolvent' after it made a NZ$240,000
loss in the past year.

Stuff.co.nz says the private school situated at Bishop Brian and
Hannah Tamaki's City of God in south Auckland saw its costs rise
by a third last year to NZ$1.2 million, leaving a major budget
shortfall.

According to the report, the school failed in its attempts to
become a charter school or integrate to the state school system,
and has been told it faces "potential uncertainty" by auditors JSA
Audit. It is being propped up by donations from another Destiny
charity Te Hahi o Nga Matamua Holdings, which loaned the school
NZ$142,022 by 2014, Stuff.co.nz says.

Te Hahi lists Hannah Tamaki as a director, the report discloses.

But it will keep giving financial support to the school "as it is
able," Stuff.co.nz discloses citing the school's annual report.

According to the report, Destiny Church spokeswoman Anne
Williamson said in a statement they were reliant on fee paying
students, Government funding and donations.

"Unfortunately the funding we receive from the Government is
minimal and does not reflect the true cost of educating a student
in the New Zealand," the report quotes Ms. Williamson as saying.
"Our 2014 financials reflect that, as a school, we are doing all
we can to deliver a model of quality education with limited
financial resources."

Stuff.co.nz says Massey University history professor Peter Lineham
spoke to Destiny School board and staff members for his 2013 book
Destiny, and wasn't surprised at the school's situation.

He said the increasing costs could be related to the school's
recent move to include secondary school students, the report adds.

"They're prepared to put a lot of money into education because
they do have a very, very strong sense of they're building for the
future," the report quotes Mr. Lineham as saying.  "[Destiny] were
quite committed to developing a good Maori, private school but I
could see what a desperately uphill struggle it was because the
level of fees that they could manage to get out of parents was a
lot lower than the average school that's doing Cambridge
(International Exams)."

Destiny School trustees have started work to fix the finances,
including upping fundraising, reducing operating costs and
tightening the policy on managing fees, the annual report said,
Stuff.co.nz relays.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***