TCRAP_Public/150731.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, July 31, 2015, Vol. 18, No. 150


                            Headlines


A U S T R A L I A

BROOKSY'S PLANT: First Creditors' Meeting Set For August 6
JDC ELECTRICAL: First Creditors' Meeting Set For August 7
MIRGO PTY: Placed Into Liquidation
RIVERCITY MOTOR: Reaches Out-of-Court Settlement Deal With Aecom
TOMATOZ PTY: First Creditors' Meeting Set For August 5

* AUSTRALIA: Rockhampton Insolvency Rates Up 24.5% in Q1


B A N G L A D E S H

BANGLADESH: Insolvent Garment Factories to Get US$113MM Loan


C H I N A

BEIJING CAPITAL: Profit Warning No Impact on Moody's Ba2 CFR
FUWEI FILMS: Regains Compliance w/ NASDAQ Minimum Bid Price Rule
GENERAL STEEL: Appoints New Chief Executive Officer
KAISA GROUP: Reaps Strong Sales in Nanjing Project
OCEANWIDE HOLDINGS: S&P Revises Outlook to Neg. & Affirms 'B' CCR


I N D I A

ABOK SPRING: Ind-Ra Assigns BB+' Rating on Proposed INR20MM Loans
AMAN ENTERPRISES: CRISIL Assigns B Rating to INR12MM Cash Loan
ANAM POLYMERS: ICRA Lowers Rating on INR9.10cr Bank Loan to 'D'
ANSHU AUTOMOTIVES: CRISIL Reaffirms B+ Rating on INR40MM Loan
ARCHIMEDIS LABORATORIES: CRISIL Reaffirms B+ INR60MM Loan Rating

BDS PROJECTS: CRISIL Assigns B+ Rating to INR10MM Overdraft Loan
CHANDRA AUTOMOBILE: CRISIL Reaffirms B+ Rating on INR46.5MM Loan
DS AGRIFOODS: CRISIL Assigns 'B' Rating to INR110MM Cash Loan
GAJANAND RICE: ICRA Revises Rating on INR8cr Cash Loan to B+
GOPSONS PAPERS: CRISIL Reaffirms B- Rating on INR325MM Loan

INDO SHELL: CARE Lowers Rating on INR144.56cr LT Loan to 'D'
JINDAL WOOD: CRISIL Assigns B+ Rating to INR10MM Cash Credit
JMC CONSTRUCTIONS: ICRA Upgrades Rating on INR90cr LT Loan to B+
KABRA PLASTICS: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
LAL BABA: CRISIL Reaffirms B+ Rating on INR114MM Cash Credit

LIVINGSTONES JEWELLERY: ICRA Reaffirms B Rating on INR12.5cr Loan
MAA GANGA: CARE Assigns B+ Rating to INR4.80cr LT Bank Loan
MALLAN RICE: CRISIL Assigns 'B' Rating to INR50MM Cash Credit
MARS THERAPEUTICS: CRISIL Ups Rating on INR50MM Loan From 'D'
MODEL RAG: CRISIL Reaffirms B+ Rating on INR70MM Cash Credit

NASH FASHION: CARE Assigns 'B+/A4' Rating to INR15.50cr Loan
PIONEER POWER: CARE Revises Rating on INR24.63cr LT Loan to BB+
PROLIFIC PAPERS: CRISIL Assigns B+ Rating to INR190MM Cash Loan
RAJSHREE EDUCATIONAL: Ind-Ra Suspends BB Rating on INR540MM Loan
RECKON PHARMACHEM: Ind-Ra Withdraws BB- Long-Term Issuer Rating

REDDY AND REDDY: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
SHETH METAL: ICRA Withdraws 'D' Rating on INR12cr Loan
SHIVGANGA COTTON: CARE Reaffirms B+ Rating on INR4.24cr LT Loan
SHRI KISHAN: CRISIL Assigns 'B' Rating to INR35MM Cash Credit
SINDU ENTERPRISES: ICRA Reaffirms B+ Rating on INR5.17cr Loan

SURYA AGRO: CARE Revises Rating on INR6.91cr LT Loan to BB-
SVARN TEX: ICRA Upgrades Rating on INR8.25cr Cash Credit to B+
SWARGIYA DADASAHEB: Ind-Ra Suspends BB- Rating on INR15.23MM Loan
TOLANI PROJECTS: CRISIL Assigns B+ Rating to INR26MM Bank Loan
TRIBHOVANDAS BHIMJI: Ind-Ra Withdraws BB+ Long-Term Issuer Rating


J A P A N

TOSHIBA CORP: May Retain Muromachi as President


S I N G A P O R E

SINGAPORE: More Construction Firms File For Liquidation


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


BROOKSY'S PLANT: First Creditors' Meeting Set For August 6
----------------------------------------------------------
Gavin Moss and Nick Combis of Vincents Chartered Accountants were
appointed as administrator of Brooksy's Plant Hire Pty Ltd on
July 27, 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. 6, 2015, at
10:00 a.m.


JDC ELECTRICAL: First Creditors' Meeting Set For August 7
---------------------------------------------------------
Danny Tony Vrkic of DV Recovery Management was appointed as
administrator of JDC Electrical Pty Limited on July 28, 2015.

A first meeting of the creditors of the Company will be held at
The Normandie Motel, 30 Bourke Street, in Wollongong, on
Aug. 7, 2015, at 11:00 a.m.


MIRGO PTY: Placed Into Liquidation
----------------------------------
Cliff Sanderson at Dissolve.com.au reports that Mirgo Pty Ltd,
which trades as Sky Air Services, has been put into liquidation.
Glenn Douglas Trinick of DCS Advisory was appointed liquidator of
the company on July 28, 2015, the report discloses.

The report says the travel agent has shut its doors.

More than a hundred customers of the company have reportedly
contacted Consumer Protection with around AUD420,000 losses being
reported, Dissolve.com.au relates.


RIVERCITY MOTOR: Reaches Out-of-Court Settlement Deal With Aecom
----------------------------------------------------------------
The Australian reports that receivers and financiers of the
AUD1.68 billion RiverCity Motor Group are believed to have reached
an out-of-court settlement for a legal dispute with Aecom
Technology.

The Australian relates that the settlement with one of the world's
largest suppliers of engineering services was for a sum that some
estimate could be as much as AUD700 million.

It follows a legal saga between the pair surrounding incorrect
traffic forecasts for Brisbane's Clem7 tunnel, blamed for
Rivercity's collapse into receivership in 2011 with
AUD1.3 billion worth of debts, the report says.

The Australian notes that while the size of the settlement is said
to be confidential, earlier estimates were that it could reach
close to AUD700 million, although insiders did not comment.

According to the report, the latest agreement is expected to
trigger a move by some lenders to profit on the decision by
offloading debt at a premium to the discounted price that they
paid.  The report says hedge funds such as York Capital,
Clearwater Capital and Centerbridge Capital had snapped up debt
after the collapse at less than 50 cents in the dollar. Macquarie
is thought to be an owner of some loans.

The report says RiverCity's receiver, Korda Mentha, along with its
original financiers, launched the action against Aecom Australia.
It was related to traffic flow assumptions, made by Aecom, that
proved to be incorrect. The case against Aecom was due to go to
trial in September and the claims were publicly refuted by Aecom,
the Australian discloses.

Aecom also faces a AUD200 million class action launched by Maurice
Blackburn, which is representing investors in RiverCity's public
offering, according to the Australian.

The Australian relates that the latest episode is likely to add
pressure to the lawsuit by BrisConnections' lenders and receivers
against Arup surrounding claims it provided inaccurate traffic
forecasts on the Brisbane AirportlinkM7.

According to the Australian, receivers PPB advisory is pursuing
Arup through the Federal Court for losses of up to AUD1 billion
over claims the company had a role in giving inaccurate traffic
estimates in the lead-up to the construction of the Brisbane
airport link.

A sales process for BrisConnections is expected to be begin this
week, when prospective bidders will likely start receiving flyer
documents for the sale, the report states. Macquarie-backed funds
and Transurban are perceived as being close to impossible to beat
in the contest, the report says.

Rivercity Motorway Group is the owner and operator of Brisbane's
troubled Clem7 tunnel.  RiverCity was put into voluntary
administration in February 2011.  CourierMail said in June 2012
that Rivercity Motorway Group went into receivership after failing
to get its two dozen lenders to agree to a suspension of interest
repayments on the company's AUD1.3 billion debt.  KordaMentha
partners Martin Madden and David Merryweather were appointed
receivers and managers of RiverCity Motorway.


TOMATOZ PTY: First Creditors' Meeting Set For August 5
------------------------------------------------------
A H J Wily of Armstrong Wily was appointed as administrator of
Tomatoz Pty Ltd, formerly trading as Butter Chicken Wings, Flame
Darlinghurst, Flame Leichhardt, La Pasion Darlinghurst, Mexican
Restaurant & Tequila Bar, Tomatoz Mexican Restaurant & Tequila
Bar, The Colonial Leichhardt & The Colonial Darlinghurst, on
July 24, 2015.

A first meeting of the creditors of the Company will be held at
Armstrong Wily Chartered Accountants, Level 5, 75 Castlereagh
Street, in Sydney, on Aug. 5, 2015, at 11:00 a.m.


* AUSTRALIA: Rockhampton Insolvency Rates Up 24.5% in Q1
--------------------------------------------------------
The Morning Bulletin reports that the number of Rockhampton
insolvencies has increased 24.5% between the months of
December 2014 and March 2015.

According to the report, Australian Financial Security Authority
figures showed there were 51 non-business-related bankruptcies in
the March 2015 quarter.  That figure was up from 43 in the
December 2014 quarter.

The Morning Bulletin relates that 10 Rockhampton region businesses
filed for bankruptcy, according to the figures, up from six in
December of last year.

The June quarter 2015 statistics are scheduled for release on
August 11, the report notes.

Although Rockhampton was out of the worst five insolvency cities
in regional Queensland, in front of Townsville and Mackay, the
region had the sixth highest number of insolvencies this March
quarter, the report says.

Townsville had the highest with 98, The Morning Bulletin adds.



===================
B A N G L A D E S H
===================


BANGLADESH: Insolvent Garment Factories to Get US$113MM Loan
------------------------------------------------------------
The Financial Express reports that Bangladesh's readymade garment
factories, which are currently insolvent but willing to maintain
international standard, are likely to get a US$113-million fund as
loan to improve their standard.

"This is basically for small and medium factories which can't
afford the cost [involved in reforms process]," BGMEA Vice
President M Shahidullah Azim told UNB on July 24, the report
relays.

According to the report, Mr. Azim, also Managing Director of
Classic Fashion Concept Ltd, said around 40% of the RMG factories
are of small and medium categories.

The Financial Express relates that the BGMEA leader said the fund
will come through Agence Francaise de Developpement (AFD),
France's national institution working for development and the
International Finance Corporation (IFC).

The IFC will provide US$50 million while AFD US$63 million which
will be purely loan, not grant under remediation programme, the
report discloses.

"We've told them to fix the interest rate at 4%," the report
quotes Mr. Azim as saying.  The matter is under discussion with
relevant stakeholders, he added.

The Financial Express notes that the issue of funding was also
discussed at a meeting held at the Foreign Ministry on July 23
which was part of the ongoing process of '3 plus 5' to get how to
support Bangladesh's RMG sector.

The report relates that the BGMEA sources said the issue will
further be discussed with the Economic Relations Division. The
Economic Relations Division (ERD) has also been given the
responsibility to negotiate with the development partners and
agencies.

Asked how the factories will get this support, Mr. Azim said the
interested factories will apply for the fund following certain
procedures to be fixed later, the report adds.

Industry insiders said this initiative will help the insolvent and
unsafe RMG units comply with the rules and regulations in line
with the international standards, adds The Financial Express.



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


BEIJING CAPITAL: Profit Warning No Impact on Moody's Ba2 CFR
------------------------------------------------------------
Moody's Investors Service says Beijing Capital Land Limited's
(BJCL) Ba2 corporate family rating and stable outlook are not
immediately affected by its profit warning.

On 27 July 2015, BJCL announced that its profit dropped 20%-30%
year-on-year in the six months ended 30 June 2015, as revenue from
its high-margin projects in Beijing declined.

"While the profit decline will weaken BJCL's credit metrics -- in
particular EBIT coverage of interest, we had already factored such
performance volatility in the company's standalone credit
strength," says Kaven Tsang, a Moody's Vice President and Senior
Credit Officer.

The margin decline reflects the company's price cuts in presales
to clear its inventories in low-tier cities in 2013. The price
cuts were part of the company's shift in business strategy to
focus on high-tier cities, including Beijing and Tianjin, instead
of low-tier cities.

These one-time low-margin presales will be progressively
recognized in 2015 and 2016.

As a result, BJCL's gross margin will fall to 15%-20% in the next
1-2 years from 24% in 2014.

In addition, its EBIT coverage of interest will drop to 1.5x-2.0x
in the next 1-2 years from 2.1x in 2014.

While the EBIT interest cover is at low level, it remains within
the range for BJCL's standalone credit strength.

"At the same time, BJCL's strong contracted sales and adequate
liquidity continue to support its credit profile," adds Tsang,
also the lead analyst for BJCL.

BJCL recorded RMB12.2 billion in contracted sales in 1H 2015, a
78.9% rise year on year.

This achievement was much stronger than the national average of
12.9% for the same period and will support the company's liquidity
and future revenue growth.

Moody's estimates that BJCL had around HKD15 billion of cash on
hand as of March 2015, which was sufficient to cover approximately
1.3x-1.4x its short-term debt.

BJCL's liquidity is also underpinned by its strong onshore banking
relationships, given its status as a government-owned entity.

BJCL's Ba2 rating factors a two-notch rating uplift, based on
Moody's expectation that the company will receive strong financial
and operating support from Beijing Capital Group Co., Ltd. (Baa2
stable), in times of need.

Beijing Capital Group Co., Ltd. is wholly owned by the Beijing
Municipal Government.


FUWEI FILMS: Regains Compliance w/ NASDAQ Minimum Bid Price Rule
----------------------------------------------------------------
Fuwei Films (Holdings) Co., Ltd., a manufacturer and distributor
of high-quality BOPET plastic films in China, on July 28 disclosed
that the Company received a letter from the Nasdaq Stock Market on
July 23, 2015 notifying the Company that it has regained
compliance with the $1.00 per share minimum closing bid price
requirement for continued listing on the NASDAQ Capital Market,
pursuant to the NASDAQ Listing Rule 5550(a)(2).

As previously reported, on December 8, 2014, NASDAQ notified the
Company that its ordinary shares failed to maintain a minimum bid
price of $1.00 over the previous thirty consecutive business days
as required by the Listing Rules of The Nasdaq Stock Market.
Additionally, on June 9, 2015, Nasdaq notified the Company that
while the Company had not regained compliance with the Bid Price
Rule, it was eligible for an additional 180-day grace period,
until December 7, 2015, to regain compliance with the Bid Price
Rule.

Since then, NASDAQ has determined that for the last ten
consecutive business days, from July 9, to July 22, 2015, the
closing bid price of the Company's ordinary shares has been at
$1.00 per share or greater. Accordingly, the Company has regained
compliance with the Bid Price Rule and this matter is now closed.

                         About Fuwei Films

Fuwei Films conducts its business through its wholly owned
subsidiary, Fuwei Films (Shandong) Co., Ltd. Fuwei Shandong
develops, manufactures and distributes high-quality plastic films
using the biaxial oriented stretch technique, otherwise known as
BOPET film (biaxially oriented polyethylene terephthalate). Fuwei
Films' BOPET film is widely used to package food, medicine,
cosmetics, tobacco, and alcohol, as well as in the imaging,
electronics, and magnetic products industries.


GENERAL STEEL: Appoints New Chief Executive Officer
---------------------------------------------------
General Steel Holdings, Inc. announced the appointment of Ms.
Yunshan Li as its chief executive officer effective July 23, 2015.

Ms. Li succeeds Mr. Henry Yu, the Company's former chief executive
officer, who will remain to serve as the Chairman of the Board of
Directors of the Company, and continue to work closely with Ms. Li
to ensure a seamless transition. Mr. Yu's resignation was for
personal reasons and not due to any disagreements with the Company
or any of its operations, policies or practices.

Ms. Li brings considerable experience in the chemical and clean
energy industries. Prior to General Steel, Ms. Li was the
co-founder and chief executive officer of Catalon Chemical
Corporation, a manufacturer of De-NOx honeycomb catalysts that are
widely applied at coal-fired power plants and steel mills in China
to reduce polluting emissions. Previously, Ms. Li served as the
Chief Representative for the University of Southern California
Viterbi School of Engineering in China. With her strong inter-
cultural and technical background, Ms. Li had also helped several
US-based clean energy companies to successfully launch their
operations in China. She received two Master Degrees in Industrial
Engineering and Petroleum Engineering, both from
University of Southern California.

"We are thrilled to have Ms. Li join the executive team and look
forward to her stewardship in our continued strategic
transformation from an integrated steel producer into a
comprehensive service and product provider in other alternative
businesses," said Henry Yu, Chairman of General Steel. "The Board
and I are confident that Ms. Li's inter-cultural leadership
qualities, deep experience in chemical and clean technologies, and
proven ability to pioneer breakthrough products into new markets
make her the ideal choice as General Steel's new Chief Executive
Officer."

Ms. Li commented, "I am honored to have the opportunity to join
General Steel and help transform the Company into new markets and
business models. I hope to inject fresh perspectives to not only
improve the Company's existing operations and objectives but also
use the Company's considerable resources to springboard into other
businesses and acquire new strategic opportunities. I look forward
to working with Henry, the Board and the rest of the leadership
team in guiding General Steel into a new era."

                   About General Steel Holdings

General Steel Holdings, Inc., headquartered in Beijing, China,
produces a variety of steel products including rebar, high-speed
wire and spiral-weld pipe. General Steel --
http://www.gshi-steel.com/-- has operations in China's Shaanxi
and Guangdong provinces, Inner Mongolia Autonomous Region and
Tianjin municipality with seven million metric tons of crude steel
production capacity under management.

General Steel reported a net loss of $78.3 million on $1.9 billion
of sales for the year ended Dec. 31, 2014, compared with a net
loss of $42.6 million on $2 billion of sales for the year ended
Dec. 31, 2013.

As of March 31, 2015, the Company had $2.5 billion in total
assets, $3.14 billion in total liabilities and a $637 million
total deficiency.

Friedman LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2014, citing that the Company has an accumulated deficit,
has incurred a gross loss from operations, and has a working
capital deficiency at Dec. 31, 2014. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


KAISA GROUP: Reaps Strong Sales in Nanjing Project
--------------------------------------------------
The South China Morning Post reports that with strong sales at its
new property development in Nanjing, Kaisa Group Holdings has
moved a step towards untangling its financial woes that started
with a still unexplained government ban on its projects in
Shenzhen.

The first Chinese developer to have defaulted on overseas debts,
Kaisa on July 29 announced it sold 90 per cent of the about 100
units at Kaisa City Plaza in the Jiangsu provincial capital at an
average of CNY24,500 per square metre within two hours on
July 25, according to SCMP.

The project is Kaisa's first in Nanjing, the report notes. It
bought the site in January last year for CNY4.4 billion, which
translates into CNY14,500 per square foot of floor space.

"Kaisa's operations have been recovering, but some fundamental
issues have not been resolved yet," said an analyst who did not
want to be identified, SCMP relays.

SCMP says the market is eagerly waiting to see when Kaisa resumes
sales of its Shenzhen projects, which generate the bulk of its
revenue.

The report relates that the city government has lifted a sales ban
imposed in December last year but the assets are still frozen by
the courts in response to action from creditors, with whom the
debt-ridden developer must strike a deal to revive its cash flow.

Kaisa also needs to reach a separate agreement with holders of its
overseas debts, the report adds.

Although the market buzz is that Kaisa's troubles are rooted in
its close relations with a former senior official, the Shenzhen
government has never explained why it had banned the developer
from selling its flats, SCMP says.

SCMP relates that the ban was lifted three months later, but
lenders and partners are left guessing if it is safe to do
business with Kaisa.

According to SCMP, There have been some positive signals in recent
weeks. Kaisa last month won a government contract to manage a
sports centre in Foshan, near Shenzhen. Earlier this month, the
Shenzhen government approved a slew of redevelopment projects,
including one by Kaisa in Longgang district.

"The government needs to improve its transparency," the report
quotes an analyst as saying. "But the company also has lessons to
learn."

Kaisa's cash flow evaporated and debts soared following the sales
ban in Shenzhen. Its woes deepened when rival Sunac China Holdings
in May backed out of a HK$4.55 billion deal to buy 49.3 per cent
of Kaisa from its founding family led by chairman Kwok Ying-shing.
Kwok resigned in December and rejoined the company in April.

                         About Kaisa Group

China-based Kaisa Group Holdings Ltd. (HKG:1638) --
http://www.kaisagroup.com/english/-- is an investment holding
company, and its subsidiaries are engaged in property development,
property investment and property management.

As reported in the Troubled Company Reporter-Asia Pacific on
June 3, 2015, Moody's Investors Service changed to negative from
positive the outlook on Kaisa Group Holdings Ltd's Ca corporate
family and senior unsecured debt ratings.  At the same time,
Moody's has affirmed the company's Ca corporate family and senior
unsecured debt ratings.


OCEANWIDE HOLDINGS: S&P Revises Outlook to Neg. & Affirms 'B' CCR
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
Oceanwide Holdings Co. Ltd. to negative from stable.  At the same
time, S&P affirmed its 'B' long-term corporate credit rating on
the Chinese property developer and on the outstanding senior
unsecured notes that the company guarantees.  In line with the
outlook revision, S&P lowered its long-term Greater China regional
scale ratings on Oceanwide and on the notes to 'cnB+' from 'cnBB-
'.  The notes were issued by Oceanwide Real Estate International
Holding Co. Ltd.

"We revised the outlook to reflect our view that Oceanwide's
leverage may not be able to meaningfully improve over the next 12
months, such that the company's EBITDA interest coverage remains
below our downgrade trigger of 1x," said Standard & Poor's credit
analyst Dennis Lee. "Our view reflects the company's aggressive
growth appetite and acquisitions in the past two years that led
total borrowings to increase to to Chinese renminbi [RMB] RMB42
billion from RMB26 billion while revenues only grew 2% over the
same period."

S&P believes Oceanwide's sales execution and project deliveries
will need to significantly improve to offset the increased
leverage.  The visibility over the potential for such improvement
is clouded by the company's relatively weak market position and
the uneven recovery in the property market.  Oceanwide increased
its sales significantly to RMB9.78 billion in 2014 from
RMB5.84 billion in 2013.

S&P believes Oceanwide's acquisition appetite will continue to
increase its debt funding, which could raise its leverage more
than S&P currently expects in its base case.  The company is
likely to continue to expand and invest in financial services.
The company recently proposed to acquire an Internet finance
company, and has already bought Minsheng Securities Co. Ltd. and
Minan Property and Casualty Insurance Co. Ltd. Oceanwide has
strong aspirations to build an integrated financial services
platform.

In analyzing Oceanwide, we excluded Minsheng Securities from S&P's
assessment of the group credit profile (GCP).  The exclusion is
based on the highly regulated business nature of the securities
firm and its separately operated status.  Oceanwide's acquisitions
and investments are funded by the group (excluding the Minsheng
acquisition, which Oceanwide funded on its own).  In S&P's view,
the GCP of Oceanwide is driven mainly by the property business.
Other financial service investments or industrial businesses are
not material to the GCP, which is equalized to the corporate
credit rating on Oceanwide.

Despite improving property market conditions, S&P expects
Oceanwide's property business to continue to have somewhat limited
cash flow coverage of interest expenses.  In S&P's base-case
scenario, property sales will increase to RMB12 billion in 2015
and RMB17 billion in 2016, given the company's intention to
quickly clear inventories amid an uneven recovery in the property
market across the country.  Oceanwide's high-end product
positioning and low land costs should provide strong support to
its profitability.  Nevertheless, S&P projects EBITDA interest
coverage will hover below 1x in 2015, compared with 0.9x in 2014,
due to the high interest burden resulting from increased
borrowings.

Oceanwide's capital structure has weakened since 2014, with large
short-term maturities that will require refinancing every year at
a time when credit markets remain favorable.  The company has over
RMB10 billion in short-term debt to repay each year from 2015-
2017, compared with a cash position of RMB5.6 billion as of the
end of 2014.  Oceanwide heavily relies on lenders to roll over its
debt, given its comparatively low cash position and negative cash
flow from operations.  Nonetheless, the company has a track record
of refinancing its debt and good banking relationships, as shown
in its ability to draw down over RMB10 billion in loans in the
first half of 2015.  This ability somewhat mitigates its high
leverage.

"The negative outlook on Oceanwide for the next 12 months reflects
our expectation that the company's cash flow will remain weak and
its high leverage may not improve due to an aggressive growth and
acquisition appetite.  We also see uncertainty over the company's
sales execution and delivery of projects.  In our base-case
scenario, we expect Oceanwide's debt-to-EBITDA ratio to be 10x-11x
for 2016 while its EBITDA interest coverage should improve to
about 1x towards the end of 2016," said Mr. Lee.

"We could lower the rating if Oceanwide's cash flows remain weak
for the next 12 months, such that its EBITDA interest coverage
remains well below 1x and the company has no concrete plans that
could improve its leverage.  This could happen if the company's
acquisition and growth appetite is more aggressive than we expect
or its contracted sales and EBITDA margin in 2015 are
substantially lower than our base-case estimate of RMB11 billion
and 36%, respectively.  We could also downgrade Oceanwide if
credit conditions turn unfavorable for the company, such that it
has difficulty securing new funds to roll over its debt and meet
its other financial obligations," S&P added.

S&P could revise the outlook to stable if Oceanwide: (1) has a
clear plan to reduce debt; (2) significantly improves its cash
flow and leverage ratios through good sales execution and delivery
of projects or asset sales, such that its EBITDA interest coverage
is well above 1x on a sustained basis; and (3) the company adopts
and commits to a more conservative growth plan.



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ABOK SPRING: Ind-Ra Assigns BB+' Rating on Proposed INR20MM Loans
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Abok Spring
Private Limited's proposed INR20 mil. long-term loans a
'Provisional IND BB+' rating.  The Outlook is Stable.

Abok's outstanding ratings (including the above) are:

   -- Long-Term Issuer Rating: assigned 'IND BB+'; Outlook Stable
   -- INR140 mil. fund-based working capital limits: assigned
      'IND BB+'/Stable
   -- INR10 mil. non-fund-based working capital limits: assigned
      'IND A4+'
   -- INR28.1 mil. long-term loans: assigned 'IND BB+'/Stable
   -- Proposed INR20 mil. long-term loans: assigned 'Provisional
      IND BB+'/Stable


AMAN ENTERPRISES: CRISIL Assigns B Rating to INR12MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to long-term bank
facility of Aman Enterprises (AE).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             12        CRISIL B/Stable

The rating reflects AE's below-average financial risk profile,
marked by a small net worth and moderate gearing. The rating also
factors in the firm's small scale of operations and its exposure
to intense competition in the civil construction industry. These
rating weaknesses are partially offset by the extensive industry
experience of AE's promoters and the firm's moderate order book.
Outlook: Stable

CRISIL believes that AE will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
improves its scale of operations and operating profitability,
leading to a substantial increase in its cash accruals, while
expanding its geographic presence and improving its working
capital management. Conversely, the outlook maybe revised to
'Negative' if AE's financial risk profile, particularly its
liquidity, deteriorates, most likely because of a decline in its
operating margin and income, large debt-funded capital
expenditure, or lengthening of its working capital cycle.

AE, established in 2000 as a partnership firm, undertakes civil
construction works for various departments of the government of
Jharkhand. The firm is promoted by Mr. Irfan Ahmed, Mr. Mohammad
Yasin and Mr. Jani Alam, who have more than a decade's experience
in the civil construction business.


ANAM POLYMERS: ICRA Lowers Rating on INR9.10cr Bank Loan to 'D'
---------------------------------------------------------------
ICRA has downgraded the long term rating assigned to the INR10.00
crore bank facilities (including INR0.90 crore of unallocated bank
facilities) of Anam Polymers Private Limited (APPL) to [ICRA]D
from [ICRA]B+.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based bank
   facilities              9.10         [ICRA]D; downgraded

   Unallocated bank
   Facilities              0.90         [ICRA]D; downgraded

The rating downgrade factors in the delays in the servicing of
debt obligations by the company on account of its stretched
liquidity position due to delays in commencement of production at
its manufacturing unit and the resultant cost overruns.

Anam Polymer Private Limited (APPL) was incorporated in February
2013 and is in the process of setting up a Greenfield project at
Shahapur (Maharashtra). The manufacturing facility is aimed at the
production of plastic household products such as plastic boxes and
plastic water bags using injection moulding technique.


ANSHU AUTOMOTIVES: CRISIL Reaffirms B+ Rating on INR40MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Anshu Automotives
Private Limited (AAPL) continue to reflect AAPL's below-average
financial risk profile, marked by a small net worth, average total
outside liabilities to tangible net worth ratio, and weak debt
protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          9        CRISIL A4 (Reaffirmed)
   Cash Credit            40        CRISIL B+/Stable (Reaffirmed)
   Long Term Loan          6        CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the company's exposure to economic
cyclicality and to intense competition in the automobile
dealership industry. These rating weaknesses are partially offset
by AAPL's established market position in the Telangana region,
supported by its promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that AAPL will maintain its established market
position in its key geographic region over the medium term,
supported by its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is substantial and
sustained improvement in the company's revenue and profitability
margins, or a considerable increase in its net worth on the back
of sizeable equity infusion by its promoters. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
AAPL's profitability margins, or significant deterioration in its
capital structure caused most likely by large debt-funded capital
expenditure or a stretch in its working capital cycle.

AAPL was set up in 2007 by Mr. Ajay Naidu. It is an exclusive
authorised dealer for Force Motors Ltd in the Telangana region.
The company is based in Hyderabad.


ARCHIMEDIS LABORATORIES: CRISIL Reaffirms B+ INR60MM Loan Rating
----------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Archimedis Laboratories Pvt Ltd (ALPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            60        CRISIL B+/Stable (Reaffirmed)
   Foreign Letter of
   Credit                 20        CRISIL A4 (Reaffirmed)
   Long Term Loan         37.4      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect ALPL's moderate scale of
operations in the intensely competitive bulk drugs industry, and
its working capital intensive nature of operations. These rating
weaknesses are partially offset by the benefits that ALPL derives
from its promoters' extensive experience in the pharmaceuticals
business and its average financial risk profile marked by moderate
gearing and debt protection metrics.
Outlook: Stable

CRISIL believes that ALPL will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if the company improves its scale of
operations and profitability on a sustained basis coupled with
improvement in working capital management, leading to improvement
in its financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in its financial
risk profile on account of aggressive debt-funded expansions or
weakening of liquidity due to delay in receivables or subdued cash
accruals.

Incorporated in 2004, ALPL is engaged in manufacturing of bulk
drugs and intermediaries. The company is promoted by Mr. M.V.
Reddy.

ALPL on provisional basis, reported a profit after tax (PAT) of
INR6 million on net sales of INR454 million for 2014-15 (refers to
financial year, April 1 to March 31), against a PAT of INR2
million on net sales of INR361 million for 2013-14.


BDS PROJECTS: CRISIL Assigns B+ Rating to INR10MM Overdraft Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of BDS Projects India Pvt Ltd (BDS).

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Secured Overdraft
   Facility                  10        CRISIL B+/Stable

   Letter Of Guarantee       72.5      CRISIL A4

   Proposed Long Term
   Bank Loan Facility         2.5      CRISIL B+/Stable

The ratings reflect BDS's weak financial risk profile driven by
continuous losses, its modest scale of operations, and large
working capital requirements in an intensely competitive industry.
These rating weaknesses are partially offset by the extensive
industry experience of BDS's promoters and their funding support
to the company.

Outlook: Stable

CRISIL believes that BDS will continue to benefit over the medium
term from its promoters' extensive industry experience and funding
support. The outlook may be revised to 'Positive' if the company
turns around its operations, registering moderate cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in BDS's financial risk profile, particularly its
liquidity, on account of continued low cash accruals, sizeable
working capital requirements, or any unanticipated large debt-
funded capital expenditure.

Incorporated in 2007, BDS provides engineering and contracting
solutions in the fields of repair and strengthening, retrofitting,
specialised coatings, waterproofing, floor and wall coatings,
corrosion mitigation, and construction. It is promoted by Mr.
Cyrus Guzder, Mrs. S. F. Wadia, N S Guzder & Co Pvt Ltd, Jamshed
Investments Pvt Ltd, and others.


CHANDRA AUTOMOBILE: CRISIL Reaffirms B+ Rating on INR46.5MM Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Chandra
Automobile India Pvt Ltd continues to reflect CAPL's below-average
financial risk profile, marked by high total outside liabilities
to tangible net worth ratio and weak debt protection metrics.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            25        CRISIL B+/Stable (Reaffirmed)
   Long Term Loan         46.5      CRISIL B+/Stable (Reaffirmed)

The rating also factors in the company's susceptibility to intense
competition in the automotive dealership business. These rating
weaknesses are partially offset by CAPL's established regional
market position aided by its promoters' extensive industry
experience.
Outlook: Stable

CRISIL believes that CAPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports a
sustainable increase in its revenue and profitability or any
equity infusion by its promoters, leading to improvement in its
capital structure. Conversely, the outlook may be revised to
'Negative' if CAPL generates low cash accruals or undertakes a
large debt-funded capital expenditure programme, resulting in
deterioration in its financial risk profile.

Set up in 1992, CAPL is an authorised dealer for passenger cars of
Hyundai Motor India Ltd and two-wheelers of Honda Motorcycle &
Scooter India Pvt Ltd in Coimbatore (Tamil Nadu). The company is
promoted by Mrs. R Nandini and her family members.

CAPL, on a provisional basis, reported profit after tax of INR8.6
million on net sales of INR1.30 billion for 2014-15 (refers to
financial year, April 1 to March 31); it had reported a net loss
of INR15.9 million on net sales of INR1.38 billion for 2013-14.


DS AGRIFOODS: CRISIL Assigns 'B' Rating to INR110MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facility of DS Agrifoods Private Limited (DSAPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            110        CRISIL B/Stable

The rating reflects DSAPL's average financial risk profile, marked
by a high gearing and average debt protection metrics, and modest
scale of operations in the fragmented rice industry. These rating
weaknesses are partially offset by DSAPL's promoters' extensive
industry experience and moderate working capital requirements.

Outlook: Stable

CRISIL believes that DSAPL will continue to benefit from promoters
extensive experience in the rice industry. The outlook may be
revised to 'Positive' if DSAPL's reports significantly higher than
expected cash accruals while managing its working
capitalrequirements prudently. Conversely, the outlook may be
revised to 'Negative' if there is significant deterioration in the
company's working capital management or if the company undertakes
larger-than-expected debt funded capital expenditure.

DSAPL was established in 2000 as a partnership firm 'DS Exports'
and was reconstituted in its present form in 2013. It is engaged
in milling of Basamati (60 per cent of its sales) and non-basamati
rice (40 per cent of its sales).DSAPL's rice processing unit is at
Pilbhit (Uttar Pradesh).


GAJANAND RICE: ICRA Revises Rating on INR8cr Cash Loan to B+
------------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR8.00
crore cash credit facility (enhanced from INR5 crore) and INR0.17
crore term loan facility (reduced from INR0.90 crore) of Gajanand
Rice Mill from [ICRA]B to [ICRA]B+.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             8.00        Revised from [ICRA]B to
                                       [ICRA]B+

   Term loan               0.17        Revised from [ICRA]B to
                                       [ICRA]B+

The rating revision reflects the steady growth in turnover
supported b faceable export demand along with improvement in
capital structure and healthy return indicators of Gajanand Rice
Mill. The rating also considers the experience of key managerial
personnel in the rice milling industry and easy availability of
raw material by virtue of its favourable location in rice growing
belt of Gujarat. The rating also considers the positive demand
prospects of rice with India being the world's second largest
producer as well as consumer of rice.

The rating also factors in the low value additive nature of
operations and intense competition on account of the fragmented
industry structure, which leads to thin profit margins. Further,
the rating also takes in to account the vulnerability to adverse
movement in agricultural produce prices and other agro-climatic
risks.

Established in 1982, Gajanand Rice Mill (GRM) is engaged in
processing, milling and polishing of non-basmati rice as well as
trading of product mix consisting of rice bran and rice. The firm
operates from its unit located at Sanand (Gujarat); with an
installed capacity of 215 metric tonnes per month for rice, 25
metric tonnes per month for broken rice and 58 metric tonnes per
month for rice bran.

Recent Results
For the year ended 31st March 2015, Gajanand Rice Mills reported
an operating income of INR48.65 crore and PAT of INR0.73 crore


GOPSONS PAPERS: CRISIL Reaffirms B- Rating on INR325MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Gopsons Papers Limited
(GPL) continue to reflect GPL's weak financial risk profile,
marked by weak debt protection metrics, large working capital
requirements, and its low cash accruals. These rating weaknesses
are partially offset by the extensive experience of the company's
promoters in the publishing industry.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           25      CRISIL A4 (Reaffirmed)
   Bank Guarantee           25      CRISIL B-/Stable (Reaffirmed)
   Cash Credit             160      CRISIL B-/Stable (Reaffirmed)
   Corporate Loan          325      CRISIL B-/Stable (Reaffirmed)
   Export Packing Credit    50      CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      519      CRISIL B-/Stable (Reaffirmed)
   Term Loan               186      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GPL 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 significant
improvement in GPL's scale of operations, capital structure, and
working capital cycle, along with an increase in its cash
accruals. Conversely, the outlook may be revised to 'Negative' in
case of a decline in GPL's revenue, or an increase in its
receivables, or significant debt-funded capital expenditure,
resulting in deterioration in its financial risk profile.

Update
GPL's operations have been split among the promoter family in
2014-15 (refers to financial year, April 1 to March 31). Following
the split, GPL has been undertaking the printing of fictional and
non-fictional books (90 per cent of its business) and holograms
for automobile companies (10 per cent). Security printing has been
transferred to a new entity, Gopsons Printers Pvt Ltd (GPPL).
Thus, GPL has reported revenue of around INR974.8 million for
2014-15 against INR1.2 billion for 2013-14. Keeping in view the
contribution of the book printing segment, CRISIL expects GPL's
annual revenue to be in range of INR800 million to INR850 million
over medium term.

For 2014-15, GPL has reported an operating margin of around 15 per
cent due to trading activity undertaken to honour prior
commitments of around INR250 million in security printing. The
expected operating margin from book printing is 17 to 18 per cent,
but the actual level of this margin will remain a key rating
sensitivity factor.

GPL has high interest burden as, following the split, although a
part of the assets which were funded by recent term loans have
been transferred to GPPL, the entire debt has remained on GPL's
books. Thus, GPL's interest coverage ratio was around 1.33 times
for 2014-15, and is expected to remain at this level over medium
term. Also, the company's net cash accruals of INR36 million were
insufficient to meet debt repayment obligations of INR60 million,
in 2014-15. The repayment was supported by the sanction of a
corporate loan by the bank. The company's average bank limit
utilisation was 85 per cent during the 12 months through May 2015.
CRISIL expects GPL's financial risk profile to remain weak over
medium term, due to low cash accruals.

The company's operations remain working capital intensive as
indicated by its gross current assets of around 200 days as on
March 31, 2015. It maintains inventory of around 60 days and
debtors are realized in around 120 days.

GPL, on a provisional basis, has reported a net loss and net sales
of INR161.3 million and INR974.8 million, respectively, for 2014-
15; it had reported a net loss of INR8.2 million on net sales of
INR1153.1 million for 2013-14. The losses in 2014-15 include
transfer of goodwill of INR69.3 million to GPPL.

GPL is a printing and publishing house providing type-setting,
pre-press, printing, and post-press services to international and
national publishers. Its products include fiction and non-fiction
books, course books, and holograms. The company's plants are in
Noida (Uttar Pradesh) and Sivakasi (Tamil Nadu). GPL was started
in 1986 and is promoted by the Goel family which has been engaged
in the printing business since 1950. The company is now managed by
Mr. Sunil Dutt Goel.


INDO SHELL: CARE Lowers Rating on INR144.56cr LT Loan to 'D'
------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Indo
Shell Mould Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    144.56      CARE D Revised from
                                            CARE BB+

   Short-term Bank Facilities    25.00      CARE A4 Revised from
                                            CARE A4+

   Long/Short-term Bank          30.00      CARE D/CARE A4
   Facilities                               Revised from
                                            CARE BB+/CARE A4+

Rating Rationale

The revision in the ratings takes into account instance of delays
in debt servicing of long term bank facilities of Indo Shell
Mould Limited (ISML) due to the stretched liquidity position of
the company on account of delay in receivables from key client and
less than expected performance of the debt funded project. Going
forward, while the company has a satisfactory order book and
established engineering capabilities, improvement in liquidity
position and capital structure would be important from a credit
perspective.

ISML is a Coimbatore-based company engaged in foundry business,
manufacturing ferrous and non-ferrous castings for automobile
(majorly Two-wheeler engines) and hydraulics catering to both the
domestic and international market. ISML's history dates back to
1973 when experienced technocrats promoted a partnership firm in
Coimbatore to manufacture casting components for two-wheelers and
gradually scaled up to cater to various segments of the automobile
and hydraulics industry. In 2001, these units were split among the
original promoters as a result of which, ISML came under control
of Mr K Jagadesain, one of the promoters and present Chairman &
Managing Director (CMD) of ISML. As on March 2014, Mr K Jagadesain
and his associates hold entire stake in the company. The day-to-
day affairs of the company are managed by Mr K Jagadesain and his
sons Mr Balaji Jagadeesan and Mr Rajesh Jagadeesan who are
technically qualified and have more than twenty years of industry
experience. ISML has an aggregate installed capacity of 52,800
Metric Tonnes Per Annum (MTPA) as on September 30, 2014.

ISML has a group company, Indo Shell Automotive systems India
Private Limited (ISAS) where ISML holds 37.50% stake as on
March 31, 2014 and the balance being held by the promoters of
ISML. ISAS in-turn holds 18% stake in ISML as on the same date.
ISAS was established in the year 2005 as an ancillary unit to ISML
(job work for ISML) and is in the similar line of business with
almost entire sales to ISML.

ISML has another group company Indo Shell Precision Technologies
LLC (ISPT), which is a USA-based company engaged in machining of
casting products. ISML holds 49% stake in ISPT as on March 31,
2014 while the balance is held by US based NRI.

Delays in debt servicing due to the stretched liquidity position
ISML has delayed in servicing its debt obligations mainly due to
the stretched liquidity position of the company. In the past, ISML
had invested in a project for establishing a sand casting unit
with a capacity of 28,800 MTPA. While the project commenced
commercial production from July 2014 with a two year delay, the
company was not able to scale up operations from this unit post
commissioning and debt availed for this unit was being serviced
from the existing business which led to pressure on the liquidity
position of the company.

Furthermore, from Q4FY15 (refers to the period January 1 to
March 31) onwards the company witnessed delays in collection of
receivables from one of its key client (contributing 26% of net
sales of ISML in FY14 -- refers to the period April 1 to
March 31). This further added to the existing liquidity pressures
of the company.

For the year ended March 2015 (provisional), ISML has registered
PAT of INR5 crore on a total operating income of INR324 crore.


JINDAL WOOD: CRISIL Assigns B+ Rating to INR10MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Jindal Wood Products Private Limited
(JWPPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Packing Credit          30        CRISIL A4
   Cash Credit             10        CRISIL B+/Stable
   Letter of Credit       170        CRISIL A4

The ratings reflect JWPPL's weak financial risk profile, with high
leverage, large working capital requirements, and modest scale of
operations. These rating weaknesses are partially offset by the
extensive experience of JWPPL's promoters in the timber trading
industry.
Outlook: Stable

CRISIL believes that JWPPL's business risk profile will continue
to benefit from its promoters' longstanding industry experience.
The outlook may be revised to 'Positive' if substantial growth in
revenue and profitability or improvement in working capital
management strengthens the company's business and financial risk
profiles. Conversely, the outlook may be revised to 'Negative' if
a significant decline in topline or margins weakens the business
risk profile; if the working capital requirements increase
considerably; or if any large debt-funded capital expenditure
results in a weaker financial risk profile.

Incorporated in 1990, JWPPL is a private limited company that
processes and trades in timber logs, mainly from teakwood and
hardwood. The company's plant is situated at Kandla, Gujarat.


JMC CONSTRUCTIONS: ICRA Upgrades Rating on INR90cr LT Loan to B+
----------------------------------------------------------------
ICRA has upgraded the long-term rating for INR90.00 crore (reduced
from INR144.00 crore earlier) fund based and non-fund based limits
of JMC Constructions Pvt Ltd to [ICRA]B+ from [ICRA]B-.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long term fund based     90.00        Upgraded to [ICRA]B+
   and non-fund based                    from [ICRA]B-
   limits

The rating upgrade takes into account inflow of fresh orders worth
INR85 crore and L1 orders worth INR123 crore, taking the overall
orderbook to INR252.6 crore as on 30th June 2015, providing
healthy revenue visibility for FY16. JMCPL had suffered slowdown
in order execution in FY13 and FY14 owing to bifurcation of Andhra
Pradesh. However, there has been a change in the client profile
and currently ~57% of the orderbook pertains to
renewal/maintenance works for National Highways, and another 37%
pertains to Tamil Nadu Road Development Corporation (World Bank
funded project) reducing risk pertaining to receivables. ICRA
continues to draw comfort from experience of over 3 decades of
promoters in the industry.

ICRA's rating however, continues to be constrained by the high
working capital requirements of JMCPL. Owing to lack to orders,
JMCPL had reduced the cash credit limits from INR34 crore to 11.5
crore cash flows through sale of land and unsecured loans from
directors. However, given uptick in execution post receipt of
fresh orders, the cash credit limits continue to remain fully
utilized. Timely enhancement of the cash credit limits would be
critical for smooth execution. ICRA continues to factor in project
concentration risks-JMC's top 3 orders are expected to account for
around 45% of the turnover in FY16. ICRA notes that JMC's scale of
operations continues to be modest in a highly competitive and
fragmented construction industry.

Mr. A Srinivasulu started taking contracts in his individual
capacity since 1979. In 1999, partnership firm M/s A Srinivasulu &
Co was formed. In 2008, the partnership firm was converted into
Private Limited Company. JMCPL is based out of Chittoor and has
executed road works for Government of Andhra Pradesh, Tamil Nadu
and National Highway Authority of India. In FY15, JMCPL had an
operating income of INR111.92 crore and PAT of INR3.23 crore.


KABRA PLASTICS: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kabra Plastics
Limited (KPL) a Long-Term Issuer Rating of 'IND BB+'.  The Outlook
is Stable.  KPL's bank facilities have been assigned ratings as:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long-term loans        495        'IND BB+'/Stable

   Fund-based limits      275        'IND BB+'/Stable

KEY RATING DRIVERS
The ratings reflect KPL's modest credit profile and moderate scale
of operations.  According to the provisional financials for FY15,
net financial leverage (total adjusted net debt/operating EBITDA)
was 9.5x (12.9x), EBITDA gross interest coverage (operating
EBITDA/gross interest expense) was 1.4x (1.1x) and revenue was
INR1,305m (INR1,058m).  EBITDA margins were comfortable at 8.9% in
FY15 (FY14: 5.1%).

The ratings are supported by the completion of KPL's debt-led
capex cycle to upgrade and expand its capacity to 20,000mtpa from
11,000mtpa.  The new unit has been operational since July 2015.

The ratings factor in the likely improvement in KPL's credit
profile on the commissioning of the new plant which aids scale and
margin expansion along with the absence of major capex in the near
term.  This will result in positive free cash flow, which has been
negative since FY13.  The ratings also benefit from the equity
infusion of INR80m by KPL's promoters in 1QFY16 and the likelihood
of an additional infusion of INR100m by FYE16, which would help
the smooth functioning of the increased capacity.

The ratings are also supported by over two-decade-long experience
of KPL's promoters in manufacturing packaging films and the
company's long operational history of 20 years.

RATING SENSITIVITIES

Positive: The stabilization of the new unit leading to a
significant improvement in the scale of operations, profitability
and credit metrics could result in a positive rating action.

Negative: Failure in the stabilisation of the new unit leading to
a stagnant credit profile could result in a negative rating
action.

COMPANY PROFILE

KPL was incorporated by Binod Kabra.  It manufactures a wide range
of packaging films such as BOPP/metallised BOPP films, PVC, CPP
and polyester films.

Total debt outstanding on March 31, 2015, was INR1,175.64 mil.,
comprising long-term loans of INR533.71 mil., working capital debt
of INR202.33 mil. and unsecured debt of INR439.6 mil.


LAL BABA: CRISIL Reaffirms B+ Rating on INR114MM Cash Credit
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lal Baba Industrial
Corporation Pvt Ltd (LBICPL) continues to reflect LBICPL's
working-capital-intensive operations and below-average financial
risk profile marked by modest net worth and weak debt protection
metrics.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           114        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       30        CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by the promoters'
extensive experience in steel industry.
Outlook: Stable

CRISIL believes that LBICPL will benefit over the medium term from
its promoters' extensive experience. The outlook may be revised to
'Positive' if there is a substantial and sustained improvement in
the company's scale of operations while it maintains its
profitability margin, or there is a sustained improvement in its
working capital management. Conversely, the outlook may be revised
to 'Negative' in case of a steep decline in the company's
profitability margin, or significant deterioration in its capital
structure caused most likely by a large debt-funded capital
expenditure or a stretch in its working capital cycle.

Established in 1961 as a partnership firm, LBICPL was
reconstituted as a private limited company in September 2010.
LBICPL manufactures mild steel railway components, such as gear
boxes, air break cylinders, break assembly, pipe fittings,
adjustment bushes, side bearing tapings, lock bolts, plates, and
flanges. The company is promoted by members of the Dhanuka family
in Kolkata.


LIVINGSTONES JEWELLERY: ICRA Reaffirms B Rating on INR12.5cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B for the
INR14.50 crore bank facilities facilities of Livingstones
Jewellery Private Limited (LJPL).

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term, Fund
   Based Limits            12.50        [ICRA]B; reaffirmed

   Long Term, Non
   Fund Based Limits        0.07        [ICRA]B; reaffirmed

   Unallocated              1.93        [ICRA]B; reaffirmed

The rating reaffirmation factors in the promoters' experience and
operating track record of more than three decades in the gems and
jewellery business and the presence of the group across the
various segments of the value chain; making it an integrated
player in the gems and jewellery segment. The rating is however
constrained by limited growth in revenues of the company during
the last two fiscals on account of the intense competition in the
gems and jewellery industry, its modest operating margins and
return indicators and subdued financial profile. The rating also
factors in the company's continued exposure to high client
concentration risks as well as currency fluctuations as majority
of the revenues are generated through exports, though this risk is
mitigated to a certain extent by natural hedge from imports.

Livingstones Jewellery Private Limited (LJPL) was incorporated in
1989 by Mr. Sandip Kothari and Mr. Pankaj Kothari. The company is
engaged in the manufacturing and selling of diamond studded gold
jewellery. LJPL, part of Livingstones group, is a closely held
entity with 100% ownership of the promoter family, who are
actively involved in its day-to-day operations.

The Livingstones group has more than three decades of experience
in the Gems and Jewellery business and has over the years grown
into a vertically integrated business establishment ranging from
diamond manufacturing to jewellery retail. LJPL has its
manufacturing facility in SEEPZ, Mumbai.


MAA GANGA: CARE Assigns B+ Rating to INR4.80cr LT Bank Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Maa Ganga Ricemill.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facility       4.80       CARE B+ Assigned
   Short-term Bank Facility      0.32       CARE A4 Assigned

Rating Rationale

The rating assigned to the bank facilities of Maa Ganga Rice Mill
(MGRM) are constrained by its small scale of operation coupled
with thin profitability margins in the highly fragmented and
competitive agro industry, volatility in profit margins subject to
gove;rnment regulations, seasonal nature of availability of paddy
resulting in high working capital intensity and exposure to
vagaries of nature. The ratings also factor in its proprietorship
form of constitution with inherent risk of withdrawal of capital
in the time of contingency and risk of dissolution on account of
poor succession planning.

The aforesaid constraints are partially offset by the long track
record and experience of the proprietor in the rice milling
industry and advantages arising out of proximity to raw material
sources.

The ability of the entity to grow its scale of operations and
improve its profitability margins along with effective working
capital management would be the key rating sensitivities.

Maa Ganga Rice Mill (MGRM) was set up as a partnership firm in the
year 1996 by Mr Rajendra Prosad Agarwala and his brother Mr Tarak
Nath Agarwala of Burdwan, West Bengal. Later on in 2000, it has
been converted into a proprietorship entity in the name of
Rajendra Prosad Agarwala. The entity is engaged in the processing
and milling of rice. The milling unit of the entity is located at
Burdwan, West Bengal with processing capacity of 18,000 Metric
Tonne Per Annum (MTPA). MGRM procures paddy from farmers & local
agents and sells its products through the wholesalers and
distributors in the state of West Bengal.

As per FY15 provisional (refers to the period April 1 to
March 31), MGRM reported a total operating income of INR25.49
crore (as against INR24.87 in FY14) and a profit of INR0.12 crore
(as against INR0.11 crore in FY14).


MALLAN RICE: CRISIL Assigns 'B' Rating to INR50MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Mallan Rice & Gen. Mills (MRGM).

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

The rating reflects MRGM's modest scale of operations in the
highly fragmented rice industry, the firm's large working capital
requirements, and its weak financial risk profile marked by high
gearing and weak liquidity. These rating weaknesses are partially
offset by the extensive experience of MRGM's partners in the rice
industry and the firm's moderate operating margin.
Outlook: Stable

CRISIL believes that MRGM will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if the firm's revenue and
profitability increase substantially, leading to an improvement in
its cash accruals, and hence, in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the firm
undertakes aggressive debt-funded expansion or if its working
capital cycle lengthens, weakening its financial risk profile.

MRGM was established in 2001 as a partnership firm by Mr. Sanjeev
Kumar Garg and Mr. Dimple Garg. The firm mills basmati rice. Its
manufacturing facility is in Muktsar (Punjab) and has milling
capacity of 4 tonnes per hour.


MARS THERAPEUTICS: CRISIL Ups Rating on INR50MM Loan From 'D'
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Mars Therapeutics and Chemicals Limited (MTCL) to 'CRISIL B-
/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          5         CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Cash Credit            50         CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Funded Interest         5.5       CRISIL B-/Stable (Upgraded
   Term Loan                         from 'CRISIL D')

   Working Capital        50         CRISIL B-/Stable (Upgraded
   Term Loan                         from 'CRISIL D')

   Letter of Credit        5         CRISIL A4 (Upgraded from
                                     'CRISIL D')

The rating upgrade reflects the regularisation of MTCL debt over
the past six months ended June 2015. The upgrade also factors in
CRISIL's belief that MTCL will continue to service its debt in a
timely manner over the medium term with its cash accruals expected
to be sufficient to meet its debt repayment obligations.

The ratings reflect MTCL's below-average financial risk profile
marked by its small net worth, high gearing, and below-average
debt protection metrics. The ratings of the company are also
constrained on account of its small scale of operations, large
working capital requirements, and its exposure to intense
competition in the pharmaceutical formulation industry. These
rating weaknesses are partially offset by the extensive experience
of the company's promoters in the pharmaceuticals industry.

Outlook: Stable

CRISIL believes that MTCL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is a substantial and
sustained increase in the company's scale of operations and
profitability margins, or in case of a substantial improvement in
its capital structure on the back of sizeable equity infusion by
its promoters. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in MTCL's profitability
margins, or significant deterioration in its capital structure
caused most likely by a stretch in its working capital cycle.

MTCL was set up in 1993 as a private limited company by Mr. P Appa
Rao and his family members. The company manufactures
pharmaceutical formulations for the domestic market. Its
manufacturing facility is based in Secunderabad (Telangana).


MODEL RAG: CRISIL Reaffirms B+ Rating on INR70MM Cash Credit
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Model Rag
Exports (MRE) continues to reflect MRE's modest scale of
operations in the highly fragmented and competitive tobacco
industry.

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

The rating also factors in the firm's weak financial risk profile
marked by small net worth, high total outside liabilities to
tangible net worth ratio, and weak debt protection metrics. These
rating weaknesses are partially offset by the extensive experience
of MRE's promoters in the tobacco industry and the firm's healthy
relationships with key customers.

Outlook: Stable

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

Set up in 2012 as a sole proprietorship concern by Mr. Shabbir
Ahmad, MRE trades in and processes unmanufactured tobacco. Its
processing facilities are in Guntur (Andhra Pradesh).


NASH FASHION: CARE Assigns 'B+/A4' Rating to INR15.50cr Loan
------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' the ratings assigned to the bank
facilities of Nash Fashion (India) Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/Short-term          15.50      CARE B+/CARE A4
   Bank Facilities                          Assigned

   Short-term Bank Facilities     9.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Nash Fashion
(India) Limited (NFIL) are primarily constrained on account of its
modest scale of operations in the highly fragmented and
competitive readymade garments industry, vulnerability of margins
to fluctuation in the raw material prices and foreign exchange
rates. The ratings are, further, constrained on account of its
highly leveraged capital structure and stressed liquidity position
due to working capital intensive nature of business.

The ratings, however, favourably take into account the experience
of the promoters with long track record of operations in the
textile industry and the increasing trend in profitability margins
on y-o-y basis.

The ability of the company to increase its scale of operations,
improve the liquidity position and capital structure in the
light of volatile raw material prices and would be key rating
sensitivities.

Jaipur based (Rajasthan) NFIL was incorporated in 1998 by Mr. Jai
Singh Sethia, Mr Ramesh Chand Nischal and Mr. Dashrath Singh. NFIL
is engaged in the business of trading of ladies readymade garments
as well as grey cotton fabrics and finished cotton fabrics. The
company sells its products to domestic market mainly to export
houses as well as export to European countries.

The promoters has also promoted, Fashion Impex (FI, rated CARE
B+), which is engaged in the business of manufacturing and export
of ladies readymade garments as well as trading of grey, finished
and readymade garments and Shiv Exports which is also engaged in
same line of business.

During FY15 (provisional; FY refers to the period April 1 to March
31), NFL reported a total operating income of INR53.70 crore
(FY14: INR63.51 crore) with a PAT of INR 0.74 crore (FY14: INR1.01
crore).


PIONEER POWER: CARE Revises Rating on INR24.63cr LT Loan to BB+
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Pioneer Power Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     24.63      CARE BB+ Revised from
                                            CARE B+

Rating Rationale

The revision in the rating assigned to the bank facilities of
Pioneer Power Limited (PPL) is primarily on account of improvement
in the financial risk profile of the company with improved
liquidity position, operating cycle, capital structure & debt
coverage indicators. The rating also takes into account the
experience of the promoters, presence of firm short term Fuel
Supply Agreement (FSA) and Power Purchase Agreement (PPA) and
improved operational performance. The rating, however, is
constrained by the continuous increase in variable costs, decline
in profitability margins in FY15 (refers to the period April 01 to
March 31), proposed debt-funded capex and moderate industry
prospects with constraint on availability of gas. The ability of
the company to recover debtors in a timely manner, manage
the working capital efficiently thereby resulting in further
improvement in liquidity position and receipt of uninterrupted
natural gas supply are the key rating sensitivities.

Pioneer Power Limited (PPL), promoted by Hyderabad based Penna
group was incorporated in October 1998 as Penna Electricity Ltd
and subsequently the name was changed to the current nomenclature.
The company is engaged in gas based power generation (installed
capacity 52.8 MW) at its power plant located at Ramnad District of
Tamil Nadu. PPL commissioned the Open Cycle Gas Turbine Power
Plant in October 2005 and Combined Cycle gas turbine in April
2006.

PPL has PPA with Tamil Nadu Electricity Board (TNEB) valid for 15
years starting from COD (Commercial Operations Date) (i.e. upto
2021). PPL also has a short term FSA with Gas Authority of India
Limited (GAIL) valid up to September 30, 2015 for supply of Market
Driven Pricing (MDP) and Administered Price Mechanism (APM)
agreement which is valid upto December 2015.

During FY15, PPL posted PBILDT of INR19.96 crore (FY14: INR28
crore) and PAT of INR3.54 crore (FY14: INR9.63 crore) on a
total operating income of INR137.73 crore (FY13: INR137.16 crore).


PROLIFIC PAPERS: CRISIL Assigns B+ Rating to INR190MM Cash Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Prolific Papers Pvt Ltd (PPPL) and has assigned
its 'CRISIL B+/Stable' rating to the facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            190        CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Term Loan               90        CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

CRISIL had suspended the rating on June 30, 2014, as PPPL had not
provided the necessary information required for a rating review.
The company has now shared the requisite information, enabling
CRISIL to assign a rating to the bank facilities.

The rating reflects PPPL's large debt obligations, exposure to
intense competition, and small scale of operations. These rating
weaknesses are partially offset by the extensive experience of
PPPL's promoters in the paper industry, the company's moderate
financial risk profile marked by moderate net worth, gearing, and
debt protection metrics, and regular funding support from its
promoters to ease the strain on its liquidity.
Outlook: Stable

CRISIL believes that PPPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company achieves
substantial scale of operations while maintaining profitability,
resulting in increase in its cash accruals. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
PPPL's liquidity due to large working capital requirements and
debt-funded capital expenditure or low cash accruals.

PPPL is a private limited company incorporated in 2007. The
company is managed by business associates Mr. Hemant Kumar
Jodhani, Mr. Abhishek Agarwal, Mr. Shyam Lal Tayal, and Mr.
Sourabh Jodhani. PPPL manufactures writing and printing paper
(WPP) and duplex boards. The company has two manufacturing units
in Kashipur (Uttarakhand).

PPPL, on a provisional basis, reported net profit of INR15.2
million on net sales of INR1160 million for 2014-15 (refers to
financial year, April 1 to March 31); it had reported net profit
of INR11.3 million on net sales of INR1077 million for 2013-14.


RAJSHREE EDUCATIONAL: Ind-Ra Suspends BB Rating on INR540MM Loan
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated the 'IND BB'
rating on Rajshree Educational Trust's (RET) INR540 mil. term
loans to the suspended category.  The rating will now appear as
'IND BB(suspended)' on the agency's website.

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

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


RECKON PHARMACHEM: Ind-Ra Withdraws BB- Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Reckon
Pharmachem Pvt Ltd's (RPPL) 'IND BB-(suspended)' Long-Term Issuer
Rating.

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

Ind-Ra suspended RPPL's ratings on Oct. 21, 2014.

RPPL's ratings:

   -- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating
      withdrawn
   -- INR64 mil. fund-based limits: 'IND BB-(suspended)'/'IND A4+
      (suspended)'; ratings withdrawn
   -- INR62 mil. non-fund-based limits: 'IND BB-(suspended)'/
      'IND A4+(suspended)'; ratings withdrawn


REDDY AND REDDY: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Reddy and Reddy
Automobiles (RRA) continues to reflect RRA's below-average
financial risk profile, marked by a small net worth, moderate
total outside liabilities to tangible net worth ratio, and below-
average debt protection metrics.

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

The rating also factors in the firm's exposure to economic
cyclicality and to intense competition in the automobile
dealership industry. These rating weaknesses are partially offset
by RRA's established regional market position in the automobile
dealership business, its promoters' extensive industry experience,
and its established relationship with its principal, Hero MotoCorp
Ltd.

Outlook: Stable

CRISIL believes that RRA will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationship with its principal. The outlook may be
revised to 'Positive' in case of a substantial and sustained
increase in the firm's revenue and profitability margins, or a
considerable increase in its net worth on the back of sizeable
capital infusion by its promoters. Conversely, the outlook may be
revised to 'Negative' if the firm's profitability margins decline,
or its capital structure deteriorates significantly, most likely
because of a stretch in its working capital cycle or large debt-
funded capital expenditure.

Set up in 2004, RRA is an authorised dealer of Hero MotoCorp Ltd's
entire range of two-wheelers, and their spares and accessories.
The firm has one showroom-cum-service station in Bhimavaram
(Andhra Pradesh), and five display centres in West Godavari
(Andhra Pradesh). Mr. Goluguri Rama Krishna Reddy is the firm's
managing partner.


SHETH METAL: ICRA Withdraws 'D' Rating on INR12cr Loan
------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]D assigned to the
INR12.0 crore , fund-based working capital facilities and INR2.0
crore, term loan facilities of Sheth Metal Private Limited, as the
notice period of three years since suspension of rating has
expired.


SHIVGANGA COTTON: CARE Reaffirms B+ Rating on INR4.24cr LT Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Shivganga Cotton.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      4.24      CARE B+ Reaffirmed
   Short-term Bank Facilities     1.00      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Shivganga Cotton
(SHC) continue to remain constrained due to its modest scale of
operation, high working capital intensity, seasonality associated
with raw material availability and exposure to adverse changes in
the government regulations. The ratings are further constrained on
account of its weak financial risk profile marked by thin
profitability owing to limited value addition nature of the
business, modest liquidity position, high overall gearing and weak
debt coverage indicators and partnership nature of constitution.
The ratings factor in the decline in the operating income and
elongation of working capital cycle along with improvement in
capital structure during FY15 (refers to the period April 1 to
March 31).

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

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

Amreli-based (Gujarat) SHC is a partnership firm engaged in cotton
ginning and pressing business. Established in the year 2011, the
main products of SHC include cotton bales and cotton seeds. Mr
Hareshbhai N. Metaliya, partner, manages the day-to-day operations
of SHC. Its plant, located at Amreli district of Gujarat, is
spread across 23,412 Sq. meters area. As on March 2015, it has a
total installed capacity of 28 metric ton per day of cotton seed
and 100 cotton bales per day. As per the provisional results for
FY15, SHC reported the profit after tax (PAT) of INR0.10 crore on
a total operating income (TOI) of INR29.24 crore as against PAT of
INR0.05 crore on a TOI of INR33.03 crore in FY14.


SHRI KISHAN: CRISIL Assigns 'B' Rating to INR35MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Shri Kishan Industries (SKI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Letter of
   Credit                   45       CRISIL A4

   Proposed Cash
   Credit Limit             35       CRISIL B/Stable

   Cash Credit              15       CRISIL B/Stable

   Long Term Loan            5       CRISIL B/Stable

The ratings reflect SKI's small scale of operations in the
intensely competitive cashew-processing industry and weak
financial risk profile marked by small net worth and high gearing.
These rating weaknesses are partially offset by the extensive
experience of the firm's partners in the agricultural industry.

Outlook: Stable

CRISIL believes that SKI will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' in case of substantial capital
infusion by partners or significantly large cash accruals, leading
to improvement in the firm's financial risk profile, particularly
its capital structure and risk absorption capacity. Conversely,
the outlook may be revised to 'Negative' if SKI's working capital
cycle lengthens, or if the firm generates low accruals, or
undertakes any large debt-funded capital expenditure programme,
leading to weakening of its financial risk profile, particularly
liquidity.

SKI was established in 2007 as a partnership firm by Mr. Sushil
Taori and Mr. Gyanchand Taori. The firm processes raw cashew nuts
to cashew kernels. Its manufacturing facility is in Raipur.


SINDU ENTERPRISES: ICRA Reaffirms B+ Rating on INR5.17cr Loan
-------------------------------------------------------------
ICRA has reaffirmed [ICRA]B+ rating to the INR5.17crore term
loans, the INR1.40 crore long term fund based facilities and the
INR3.43 crore proposed facilities of Sindu Enterprises.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long-term, term loan      5.17        [ICRA]B+ reaffirmed

   Long-term, fund based
   facilities                1.40        [ICRA]B+ reaffirmed

   Long-term, Proposed
   facilities                3.43         [ICRA]B+ reaffirmed

The reaffirmation of the ratings takes into account the weak
financial profile of the firm characterised by the small scale of
the firm's operations, the high gearing levels and the weak
coverage indicators and debt protection metrics and the firm's
operations in the fragmented and highly competitive construction
equipment leasing business. The ratings are also constrained by
the working capital intensive nature of the firm's operations
driven by the high levels of inventory holdings in the real estate
business. ICRA has also factored in the firm's exposure to market
risk and the execution risk owing to its recent diversification
into the real estate business. The ratings, however also take into
account the significant experience of the promoter and the firm in
the construction equipment leasing business spanning over a
decade, as well as the moderate level of bookings achieved till
date for the ongoing real estate projects.

Sindu Enterprises was established in the year 2000 by Mr. Ganesh
as a sole proprietorship entity. SE is primarily engaged in the
leasing of construction equipments including column shoe, boxes,
props, cantering sheet, spans, builders hoist, scaffolding
materials, concrete mixer machine, sand seiver and earth rammer on
daily, weekly, and monthly basis. The entity owns ~INR20.0 crore
worth of construction equipment and ~85% of it is usually leased
out at any point in time. Apart from renting out of construction
equipment, the entity was also involved in trading of spare parts
till 2012-13. The entity discontinued this business and entered
into real estate business from 2013-14.

Sindu Building Equipment Limited is also into leasing of
construction equipments and had an operating income of INR5.2
crores in 2013-14. Mr. Ganesh also has interest in other firms
involved in construction business. However, there are no
operational/financial linkages between the various entities
managed by the promoter.

Recent Results
According to provisional results SE reported net profit of INR1.75
crore on operating income of INR8.0 crore during 2014-15, as
against net profit of INR1.6 crore on operating income of INR6.3
crore for 2013-14.


SURYA AGRO: CARE Revises Rating on INR6.91cr LT Loan to BB-
-----------------------------------------------------------
CARE revises the LT rating and reaffirms the ST rating assigned to
the bank facilities of Surya Agro Products Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.91      CARE BB- Revised from
                                            CARE B+

   Short-term Bank Facilities     1.50      CARE A4 Reaffirmed

Rating Rationale

The revision in the ratings of Surya Agro Products Private Limited
(SAPPL) takes into cognizance the improvement in leverage ratios
as on March 31, 2015 (FY15 [prov.; refers to the period April 1 to
March 31]) due to treatment of unsecured loans as subordinated.
However, the ratings continue to be constrained by its short track
record of manufacturing operations, susceptibility of
profitability to government regulations, seasonal nature of
availability of wheat resulting in high working capital intensity
and exposure to the vagaries of nature and its presence in the
highly fragmented and competitive business.

The ratings, however, continue to draw comfort from the wide
experience of promoters and satisfactory demand outlook Going
forward, SAPPL's ability to further grow its scale of operations
with simultaneous improvement in profitability margins and
effective working capital management would be the key rating
sensitivities.

SAPPL, incorporated in July 2009 by the Agarwal family based out
of Birbhum, West Bengal, for setting up a wheat processing unit.
It initially commenced with opportunity based trading in agro
products like Rice bran, Coconut DOC, De oiled rice bran cake,
mustard cake, maize, etc. Subsequently, in the year 2012, the
company started setting up a 44,400 metric tonne per annum (MTPA)
wheat processing unit at Gopal Nagar in Birbhum district of West
Bengal. The plant commenced commercial production from June 2013.
The company sells its products through the wholesalers and
distributors under the brand name of 'Tulsi' in the state of West
Bengal.

In FY15 (Prov.), the company achieved a total operating income of
INR38.44 crore and PAT of INR0.20 crore as against a total
operating income of INR31.77 crore and PAT of INR0.07 crore in
FY14.


SVARN TEX: ICRA Upgrades Rating on INR8.25cr Cash Credit to B+
--------------------------------------------------------------
ICRA has upgraded its long term rating on the INR8.25 crore fund
based limits, INR2.00 crore term loans, and INR7.75 crore
unallocated limits of Svarn Tex Prints Private Limited (STPPL to
[ICRA]B+ from [ICRA]B. ICRA has reaffirmed its short term rating
of [ICRA]A4 on the INR7.00 crore non fund based limits of the
company.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             8.25        [ICRA]B+ upgraded
   Term Loans              2.00        [ICRA]B+ upgraded
   Unallocated limit       7.75        [ICRA]B+ upgraded
   Non fund based limits   7.00        [ICRA]A4 Reaffirmed

The rating action takes into account the healthy year-on-year
growth in STPPL's operating income in FY15 on the back of
increased order flow from its customers, primarily garment
exporters, resulting in better utilisation of production
facilities.

The rating action also factors in the refinancing of costly debt
with relatively lower cost loan against property, with a longer
repayment schedule, which has eased the company's annual debt
repayment obligations. The ratings continue to derive comfort from
the long standing experience of the promoters in the fabric
processing industry and the company's established customer base.
However, the ratings are constrained on account of the company's
high working capital intensity resulting in high utilization of
working capital limits and its moderate, albeit improved relative
to the previous year, debt protection indicators. The ratings also
take into consideration the highly competitive and fragmented
nature of the fabric processing industry. ICRA also notes that the
promoters withdrew share application money of INR5.85 crore in
FY2015 and infused INR3.39 crore as unsecured loans.

Going forward, improvement in margins along with ramp up in scale,
and timely infusion of equity by the promoters will be key rating
sensitivities. Any large debt funded capital expenditure will be a
key monitorable.

STPPL was incorporated in 2008 and is engaged in processing of
fabrics in its facility based in Kosi, Uttar Pradesh. The sale of
fabric contributes ~75% of the sales while job-work contributes
~25%. The company is a part of the Svarn Group, which has been
promoted by Mr. Sadhu Ram Gupta, Mr. Vijay Gupta, Mr. Ajay Gupta
and Mr. Suresh Singhal. The group has a presence in the
manufacturing of passive telecom infrastructure components as well
as processing of fabric.

Recent results
As per provisional numbers, for FY2015, the company reported a net
profit of INR1.44 crore on an operating income of INR70.20 crore,
vis-a-vis a net loss of INR0.95 crore on an operating income of
INR56.85 crore during FY2014.


SWARGIYA DADASAHEB: Ind-Ra Suspends BB- Rating on INR15.23MM Loan
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated the 'IND BB-'
rating on Swargiya Dadasaheb Kalmegh Smruti Pratishthan's (SDKSP)
INR15.23 mil. bank loans, INR20 mil. fund-based working capital
facilities and INR48 mil. non-fund-based working capital
facilities to 'IND BB-(suspended)'.

The rating has been suspended due to lack of adequate information.
Ind-Ra will no longer provide ratings or analytical coverage for
SDKSP.

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


TOLANI PROJECTS: CRISIL Assigns B+ Rating to INR26MM Bank Loan
--------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Tolani Projects Pvt Ltd (TPPL), and assigned its
'CRISIL B+/Stable/CRISIL A4' ratings to these facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          115       CRISIL A4 (Assigned;
                                     Suspension revoked)

   Letter of Credit         20       CRISIL A4 (Assigned;
                                     Suspension revoked)

   Overdraft Facility       10       CRISIL B+/Stable (Assigned;
                                     Suspension revoked)

   Proposed Long Term       26       CRISIL B+/Stable (Assigned;
   Bank Loan Facility                Suspension revoked)

CRISIL had suspended the ratings on January 08, 2015, as the
company had not provided the necessary information required for a
rating view. TPPL has now shared the requisite information,
enabling CRISIL to assign ratings to the bank facilities.

The ratings continue to reflect TPPL's small scale of operations
and exposure to risks inherent in tender-based businesses. These
weaknesses are partially offset by the promoters' extensive
experience in the operations and maintenance (O&M) services
industry, and the company's moderate financial risk profile, with
healthy gearing and moderate debt protection metrics.
Outlook: Stable

CRISIL believes that TPPL will continue to benefit over the medium
term from its healthy relationships with customers, and the strong
growth prospects for its end-user industry. The outlook may be
revised to 'Positive' if the liquidity improves on account of
reduced working capital requirements, lower reliance on external
debt, improved profitability, or sizeable equity infusion.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile weakens owing to decline in profitability,
invocation of bank guarantee, or any large debt-funded capital
expenditure.

TPPL was set up in 1979 as a proprietorship firm, Tolani
Fabricators, by Mr. Narainbhai Hundaldas Tolani. It was
reconstituted into a partnership firm in April 2009, and a private
limited company in January 2010. The Surat-based entity provides
O&M services'including fabrication, coating, installation,
commissioning and maintenance of pipelines-for the oil and gas
industry.

TPPL reported a provisional book profit of INR10.9 million on net
sales of INR269.7 million for 2014-15 (refers to financial year,
April 1 to March 31), as against a book profit of INR7.9 million
on net sales of INR143.7 million for 2013-14.


TRIBHOVANDAS BHIMJI: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Tribhovandas
Bhimji Zaveri (Delhi) Pvt Ltd's (TBZPL) 'IND BB+(suspended)' Long-
Term Issuer Rating.  The agency has also withdrawn
'IND BB+(suspended)' and 'IND A4+(suspended)' ratings on the
company's INR240 mil. fund-based limits.

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

Ind-Ra suspended TBZPL's ratings on Oct. 21, 2014.



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


TOSHIBA CORP: May Retain Muromachi as President
-----------------------------------------------
The Japan Times reports that Toshiba Corp. is looking at the
possibility of retaining temporary President Masashi Muromachi
when it appoints its new management team next month as it regroups
following an accounting scandal, according to company sources.

The Japan Times relates that Mr. Muromachi, who is also Toshiba
chairman, tentatively took over the presidency from Hisao Tanaka
after Tanaka, as well as his two predecessors, resigned as
directors following the release of a damning investigation that
found the company had overstated earnings by JPY152 billion from
fiscal 2008 to 2014 in a "systematic manner."

Mr. Tanaka said he took responsibility for what happened. "The
grave responsibility for this issue lies in the top management,
including myself," the report quotes Mr. Tanaka as saying.

According to the report, sources said in the absence of any other
board member with sufficient experience after eight senior
executives has resigned, the firm's executive nomination committee
is considering Mr. Muromachi as a promising candidate to head the
new team.

Toshiba's third-party investigation committee concluded that
Mr. Muromachi was never directly involved in any attempt to
overstate profits, the report says.

The Japan Times notes that Mr. Muromachi, from Toshiba's mainstay
semiconductor division, became executive vice president in 2008
and took up the chairmanship in 2014 before being named to double
as tentative president.

Toshiba plans to announce the new management team in mid-August
before the team is officially put in place following an
extraordinary general meeting of shareholders in late September,
the Japan Times reports.

The Japan Times meanwhile reports that Akira Kiyota, chief
executive officer of Japan Exchange Group Inc., said at a news
conference July 28 the Tokyo Stock Exchange may exclude Toshiba
from the JPX-Nikkei 400 stock index following the scandal.

Mr. Kiyota said the exchange and Nikkei Inc. give priority to
corporate governance in selecting components for the stock index,
the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
July 22, 2015, Bloomberg News said Toshiba Corp. President Hisao
Tanaka and two other executives quit to take responsibility for a
$1.2 billion accounting scandal that caused the company to restate
earnings for more than six years.

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

                          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.



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


SINGAPORE: More Construction Firms File For Liquidation
-------------------------------------------------------
The Strait Times reports that more construction companies are
winding up amid the continued manpower crunch, cost pressures and
slow industry growth.

Last year, 51 firms filed petitions for compulsory liquidation, up
from 27 the previous year.  A further 36 firms were wound up,
compared with just 13 in 2013, the report relays.

Yet demand in the sector is stronger than ever with $37.7 billion
worth of contracts awarded here last year, according to the
report.

The Strait Times notes that the figures for both petitions filed
and firms wound up were the highest in the past decade, according
to data from the Ministry of Law's Insolvency Office.

Singapore Contractors Association president Kenneth Loo said the
rise is likely due to accumulated pressures rather than any
specific recent factor, the report relays.

"Firms might look at the situation now and think . . . manpower
shortage, cost pressures, the industry is not doing that well --
maybe it's time to throw in the towel," the report quotes Mr. Loo
as saying.

For the whole of last year, the sector grew 3%, down from 6.3% in
2013, the report adds.



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


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

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

AUSTRALIA


ACONEX LTD                ACX          -152.68        -128.58
ATLANTIC LTD              ATI          -644.51        -623.62
AUSTRALIAN ZI-PP          AZCCA         -67.98         -82.58
AUSTRALIAN ZIRC           AZC           -67.98         -82.58
AXXIS TECHNOLOGY          AYG            -2.18          -2.75
BIRON APPAREL LT          BIC            -2.22           2.43
BLUESTONE GLOBAL          BUE            -2.40         -16.73
BRIDGE GLOBAL CA          BGC          -121.51        -127.89
BULLETPROOF GROU          BPF            -2.99          -1.44
CLARITY OSS LTD           CYO           -15.57          -4.00
IPH LTD                   IPH            -7.54           5.47
LOVISA HOLDINGS           LOV            -3.43          -6.28
MBD CORP LTD              MBD            -0.20          -4.50
MIRABELA NICKEL           MBN           -71.38          28.39
NORSEMAN GOLD PL          NGX           -43.40         -39.99
OPUS GROUP LTD            OPG            -8.99         -47.37
QUICKSTEP HLDGS           QHL            -0.89          -0.48
RIVERCITY MOTORW          RCY          -809.13         133.92
RUBICOR GROUP LT          RUB            -0.82          -2.88
RUTILA RESOURCES          RTA            -3.90         -34.11
SPHERE MINERALS           SPH           -64.95        -119.39
STERLING PLANTAT          SBI           -15.46           9.69
STONE RESOURCES           SHK           -15.07         -27.87
STRAITS RESOURCE          SRQ           -13.26        -117.91
SUBZERO GROUP LT          SZG           -21.29         -27.50


CHINA

ANHUI GUOTONG-A           600444         -8.81         -40.54
CHINA ESSENCE GR          CESS         -112.12        -150.89
CLOUD LIVE TEC-A          2306          -18.55         -17.03
GREENS HOLDINGS           1318          -37.88         -90.12
HAINAN PEARL R-A          505            -6.09         -22.11
HAINAN PEARL-B            200505         -6.09         -22.11
HARMONICARE MEDI          1509          -16.03         -50.69
HEILONGJIAN HE-A          600179        -10.64        -124.94
LUOYANG GLASS-A           600876         -6.35         -41.30
LUOYANG GLASS-H           1108           -6.35         -41.30
MCC MEILI PAPE-A          815           -37.48         -53.01
NANNING CHEMIC-A          600301        -34.92         -65.09
SHAANXI QINLIN-A          600217        -43.83        -203.72
SHANG BROAD-A             600608         -2.86          -8.94
SHENZ CENTURY-A           33            -29.59          -3.22
SICHUAN CHEMIC-A          155          -151.08        -259.59
SONGLIAO AUTO -A          600715         -7.49         -11.29
WUHAN BOILER-B            200770       -233.10        -360.47
XIAKE COLOR-A             2015         -108.33        -100.27
YUNNAN JINGGU -A          600265         -0.62         -26.90
ZHONGCHANG MAR-A          600242         -7.16        -185.93
ZHUHAI BOYUAN -A          600656        -61.76         -78.17


HONG KONG

CHINA HEALTHCARE          673           -17.33         -17.69
CHINA OCEAN SHIP          651          -100.37        -161.16
CNC HOLDINGS              8356          -10.22         -26.60
FULLSHARE                 607           -50.49          92.76
GR PROPERTIES LT          108           -52.36         -66.29
GRANDE HLDG               186          -302.44        -402.82
HARMONIC STR              33             -3.22          -3.66
KING STONE ENERG          663          -174.59        -409.06
MASCOTTE HLDGS            136            -3.57           1.18
MONGOLIA ENERGY           276          -417.76        -167.83
SIBERIAN MINING           1142         -253.46         -17.46
TAI SHING INTERN          8103           -6.00         -12.06
TITAN PETROCHEMI          1192         -996.20        -999.60


INDONESIA

APAC CITRA CENT           MYTX          -21.62         -63.32
ARGO PANTES               ARGO          -21.70         -42.12
ARPENI PRATAMA            APOL         -335.63        -140.80
ASIA PACIFIC              POLY         -908.37        -947.71
BAKRIE & BROTHER          BNBR         -185.61        -505.10
BAKRIE TELECOM            BTEL         -415.68        -496.20
BENTOEL INTL INV          RMBA         -135.11         235.56
BERAU COAL ENERG          BRAU          -29.46        -446.96
BERLIAN LAJU TAN          BLTA       -1,172.59        -101.87
BERLIAN LAJU TAN          BLTA       -1,172.59        -101.87
BORNEO LUMBUNG            BORN         -541.61      -1,321.62
BUKAKA TEKNIK UT          BUKK          -94.65        -108.57
BUMI RESOURCES            BUMI         -733.04      -4,451.78
ICTSI JASA PRIMA          KARW          -10.31         -59.21
JAKARTA KYOEI ST          JKSW          -33.58           7.28
MERCK SHARP DOHM          SCPI           -1.76          51.96
RENUKA COALINDO           SQMI           -0.30          -8.09
SUMALINDO LESTAR          SULI          -29.48          -7.17
TRUBA ALAM ENG            TRUB          -34.67          18.62
UNITEX TBK                UNTX          -17.25         -25.95


INDIA

3I INFOTECH LTD           III           -55.29        -119.10
3I INFOTECH -SLB          III/S         -55.29        -119.10
ABHISHEK CORPORA          ABSC          -25.51         -65.30
AGRO DUTCH INDUS          ADF           -22.81         -94.45
ALPS INDUS LTD            ALPI          -41.70           0.63
ARTSON ENGR               ART           -10.64          -7.75
ASHAPURA MINECHE          ASMN          -16.64         -75.41
ASHIMA LTD                ASHM          -48.94          -7.52
ATV PROJECTS              ATV           -43.93         -11.18
BELLARY STEELS            BSAL         -108.50        -122.30
BENZO PETRO INTL          BPI            -1.05          -4.44
BHAGHEERATHA ENG          BGEL          -28.20         -20.86
BHARATI SHIPYARD          BHSL          -17.76         103.37
BINANI INDUS LTD          BZL          -156.35        -175.27
BLUE BIRD INDIA           BIRD          -59.13         -63.79
CELEBRITY FASHIO          CFLI           -8.26          -1.86
CHESLIND TEXTILE          CTX            -0.03          -1.72
CLASSIC DIAMONDS          CLD            -6.84          -0.71
COMPUTERSKILL             CPS            -7.56          -4.82
DCM FINANCIAL SE          DCMFS          -9.46           0.00
DFL INFRASTRUCTU          DLFI           -6.49           0.00
DIGJAM LTD                DGJM          -22.59          19.31
DISH TV INDIA             DITV          -50.29        -407.67
DISH TV INDI-SLB          DITV/S        -50.29        -407.67
DUNCANS INDUS             DAI          -227.05         -65.57
ELECTROTHERM IND          ELT           -96.22        -343.53
ENSO SECUTRACK            ENSO           -0.46          -3.36
EURO CERAMICS             EUCL           -6.83         -18.00
EURO MULTIVISION          EURO           -9.95         -38.45
FERT & CHEM TRAV          FCT          -137.49        -127.69
GANESH BENZOPLST          GBP           -15.48           0.50
GANGOTRI TEXTILE          GNTX          -14.22         -55.33
GLODYNE TECHNO            GLOT          -25.55        -116.90
GOKAK TEXTILES L          GTEX           -5.00          -8.91
GOLDEN TOBACCO            GTO           -18.24         -37.82
GSL INDIA LTD             GSL           -42.42         -18.13
GSL NOVA PETROCH          GSLN           -1.31         -14.38
GTL LTD                   GTS           -10.69        -517.10
GTL LTD-SLB               GTS/S         -10.69        -517.10
GUJARAT STATE FI          GSF          -304.68           0.00
GUPTA SYNTHETICS          GUSYN          -6.34         -21.94
HARYANA STEEL             HYSA           -5.91          -2.56
HEALTHFORE TECHN          HTEC          -46.64         -56.14
HINDUSTAN ORGAN           HOC           -51.76         -48.36
HINDUSTAN PHOTO           HPHT       -1,832.65      -1,825.53
HIRAN ORGOCHEM            HO             -4.59         -10.83
HMT LTD                   HMT          -454.42        -263.58
ICDS                      ICDS           -6.17           0.00
INDAGE RESTAURAN          IRL            -2.35           2.06
INDOSOLAR LTD             ISLR          -15.57         -89.02
INTEGRAT FINANCE          IFC           -51.32           0.00
JAYBHARAT TEXTIL          JTRE          -34.90         -14.52
JCT ELECTRONICS           JCTE          -76.70         -46.60
JENSON & NIC LTD          JN            -71.70         -67.33
JET AIRWAYS IND           JETIN      -1,015.07      -1,545.08
JET AIRWAYS -SLB          JETIN/S    -1,015.07      -1,545.08
JINDAL STAINLESS          JDSL         -102.07        -327.53
JOG ENGINEERING           VMJ            -5.28          41.82
JSL INDS LTD-SLB          JDSL/S       -102.07        -327.53
KALYANPUR CEMENT          KCEM          -42.66         -36.34
KERALA AYURVEDA           KERL           -1.69           3.16
KIDUJA INDIA              KDJ            -3.43           0.00
KINGFISHER AIR            KAIR       -2,371.26      -1,458.63
KINGFISHER A-SLB          KAIR/S     -2,371.26      -1,458.63
KITPLY INDS LTD           KIT           -58.78         -50.64
KLG SYSTEL LTD            KLGS          -27.37         -24.37
KSL AND INDUSTRI          KSLRI         -77.80         -50.14
LML LTD                   LML           -78.18         -93.19
MADHUCON PROJECT          MDHPJ         -21.03        -327.01
MADRAS FERTILIZE          MDF           -54.99         -55.32
MAHA RASHTRA APE          MHAC          -12.96           0.00
MALWA COTTON              MCSM          -24.79         -12.80
MAWANA SUGAR              MWNS          -32.88         -93.78
MEP INFRASTRUCTU          MIDL          -25.27         -47.15
MODERN DAIRIES            MRD            -3.81           1.12
MOSER BAER INDIA          MBI          -165.63        -243.86
MOSER BAER -SLB           MBI/S        -165.63        -243.86
MPL PLASTICS LTD          MPLP          -51.22         -35.46
MTZ POLYFILMS LT          TBE            -2.57         -11.39
MURLI INDUSTRIES          MRLI          -38.30           1.71
MYSORE PAPER              MSPM           -8.12         -20.84
NATL STAND INDI           NTSD           -0.73          -2.33
NAVCOM INDUS LTD          NOP            -3.53          -6.88
NICCO CORP LTD            NICC           -4.91         -25.09
NICCO UCO ALLIAN          NICU          -83.90           0.00
NK INDUS LTD              NKI            -7.71          -9.17
NRC LTD                   NTRY          -52.44        -102.19
NUCHEM LTD                NUC            -1.60           1.17
PANCHMAHAL STEEL          PMS            -0.33           6.39
PARAMOUNT COMM            PRMC           -0.52           8.11
PARASRAMPUR SYN           PPS          -307.14        -303.86
PAREKH PLATINUM           PKPL          -88.85         -78.16
PIONEER DISTILLE          PND            -5.62         -12.47
PREMIER INDS LTD          PRMI           -6.09          -3.53
PRIYADARSHINI SP          PYSM           -2.28         -16.30
QUADRANT TELEVEN          QDTV         -214.97        -182.24
QUINTEGRA SOLUTI          QSL           -17.45         -32.70
RADHA MADHAV COR          RMCL          -20.64         -26.34
RAMSARUP INDUSTR          RAMI          -89.28        -506.46
RATHI ISPAT LTD           RTIS           -3.93          14.53
RELIANCE MED-SLB          RMW/S        -144.47        -115.99
RENOWNED AUTO PR          RAP            -1.25          -5.73
RMG ALLOY STEEL           RMG           -12.99         -17.72
ROYAL CUSHION             RCVP          -75.18         -18.75
SAAG RR INFRA LT          SAAG           -4.93          -8.33
SADHANA NITRO             SNC            -0.58          -6.84
SANATHNAGAR ENTE          SNEL           -6.78          -9.36
SANCIA GLOBAL IN          SGIL          -30.47           5.01
SBEC SUGAR LTD            SBECS          -5.61         -32.85
SERVALAK PAP LTD          SLPL           -7.63          -0.32
SHAH ALLOYS LTD           SA            -81.60        -119.39
SHALIMAR WIRES            SWRI          -24.28         -24.97
SHAMKEN COTSYN            SHC            -6.17           0.21
SHAMKEN MULTIFAB          SHM           -13.26           2.41
SHAMKEN SPINNERS          SSP           -16.76         -11.04
SHREE GANESH FOR          SGFO           -2.89           3.56
SHREE KRISHNA             SHKP           -0.92          -2.07
SHREE RAMA MULTI          SRMT           -4.49          -3.53
SHREE RENUKA SUG          SHRS         -375.69        -853.38
SHREE RENUKA-SLB          SHRS/S       -375.69        -853.38
SIDDHARTHA TUBES          SDT           -15.37          -5.65
SIMBHAOLI SUGARS          SBSM          -54.47        -131.82
SPICEJET LTD              SJET         -202.94        -307.41
SQL STAR INTL             SQL            -3.28           2.93
STATE TRADING CO          STC          -392.74        -389.59
STELCO STRIPS             STLS           -5.73         -15.44
STI INDIA LTD             STIB           -2.13          -0.75
STL GLOBAL LTD            SHGL           -5.62          -3.45
STORE ONE RETAIL          SORI          -59.09          -4.75
SURYA PHARMA              SUPH           -9.97        -150.85
SUZLON ENERG-SLB          SUEL/S     -1,164.00        -396.86
SUZLON ENERGY             SUEL       -1,164.00        -396.86
TAMILNADU JAI             TNJB           -1.00           0.01
TATA TELESERVICE          TTLS         -138.25        -650.97
TATA TELE-SLB             TTLS/S       -138.25        -650.97
TIMEX GROUP IND           TIMX           -2.27          -4.18
TIMEX GROUP-PREF          TIMXP          -2.27          -4.18
TODAYS WRITING            TWPL          -25.67         -24.95
TRIUMPH INTL              OXIF          -14.18           0.00
TRIVENI GLASS             TRSG          -10.45          -4.26
TUTICORIN ALKALI          TACF          -22.86         -25.82
UNIFLEX CABLES            UFCZ           -7.49         -21.97
UNIWORTH LTD              WW           -151.14         -90.59
UNIWORTH TEXTILE          FBW           -35.03         -18.03
USHA INDIA LTD            USHA          -54.51         -39.42
VANASTHALI TEXT           VTI            -5.80          -5.42
VENUS SUGAR LTD           VS             -1.08          -2.77
VISA STEEL LTD            VISA          -16.29        -179.73
WANBURY LTD               WANB           -3.91         -43.15
WEBSOL ENERGY SY          WESL          -31.30         -56.52
ZYLOG SYSTEMS             ZSL           -29.22         -79.00


JAPAN

ETA ELEC INDUS            6891           -1.89         -16.86
FUJITA CORPORAT           3370           -0.48          -1.29
GOYO FOODS INDUS          2230           -1.81           0.02
LCA HOLDINGS COR          4798           -2.59         -16.35
MAG NET HOLDINGS          8073           -0.68          -0.39
MATSUYA CO LTD            7452           -0.76         -34.08
MEGANESUPER               3318           -8.10          19.39
OPTROM INC                7824           -4.50         -12.55
PIXELA CORP               6731           -0.41           1.46
SANBIO CO LTD             4592           -0.74           7.47


KOREA

L ENERGY CO LTD           60900         -24.75         -18.17
NAMKWANG ENGINEE          1260          -60.31         -29.00
NEXOLON CO LTD            110570       -331.58        -655.16
STX ENGINE CO LT          77970         -38.82          72.63
TEC & CO                  8900          -16.61         -72.17
ULTRA CONSTR-PFD          4325          -71.68        -124.06


MALAYSIA

DING HE MINING            705           -38.57         -74.46
HAISAN RESOURCES          HRB           -19.67         -28.76
HIGH-5 CONGLOMER          HIGH          -65.83         -91.61
LION CORP BHD             LION         -194.79        -638.49
OCTAGON CONSOL            OCTG          -54.28         -61.30
PERWAJA HOLDINGS          PERH         -284.67        -443.27


NEW ZEALAND

PULSE ENERGY LTD          PLE            -4.52          -4.95


PHILIPPINES

CYBER BAY CORP            CYBR          -28.97         -28.98
DFNN INC                  DFNN           -1.88          -2.21
FILSYN CORP A             FYN           -11.69         -31.43
FILSYN CORP. B            FYNB          -11.69         -31.43
GOTESCO LAND-A            GO            -19.21         -24.00
GOTESCO LAND-B            GOB           -19.21         -24.00
METRO GLOBAL HOL          MGH           -15.77          -8.07
PICOP RESOURCES           PCP           -23.33         -77.51
STENIEL MFG               STN           -11.96           5.02
UNIWIDE HOLDINGS          UW            -57.19         -82.73


SINGAPORE

CHINA GREAT LAND          CGL           -21.26         -21.41
GOLDEN ENERGY &           GER           -96.89        -127.03
GPS ALLIANCE HOL          GPS            -0.40          -3.58
HL GLOBAL 1               HLGE1          -0.62          19.10
HL GLOBAL ENTERP          HLGE           -0.62          19.10
JASPER INVESTMEN          JASP           -9.27        -177.65
OCEANUS GROUP LT          OCNUS         -19.84         -88.78
SCIGEN LTD-CUFS           SIE           -55.42          -6.68
SINOPIPE HLDS             SPIP          -84.26        -127.65


THAILAND

ASCON CONSTR-NVD          ASCON-R        -3.37         -19.16
ASCON CONSTRUCT           ASCON          -3.37         -19.16
ASCON CONSTRU-FO          ASCON/F        -3.37         -19.16
BANGKOK RUBBER            BRC          -114.37        -132.70
BANGKOK RUBBER-F          BRC/F        -114.37        -132.70
BANGKOK RUB-NVDR          BRC-R        -114.37        -132.70
BIG CAMERA COP-F          BIG/F         -13.03         -16.70
BIG CAMERA CORP           BIG           -13.03         -16.70
BIG CAMERA -NVDR          BIG-R         -13.03         -16.70
CIRCUIT ELEC PCL          CIRKIT        -78.88          -0.84
CIRCUIT ELEC-FRN          CIRKIT/F      -78.88          -0.84
CIRCUIT ELE-NVDR          CIRKIT-R      -78.88          -0.84
ITV PCL-NVDR              ITV-R        -121.94        -121.94
K-TECH CONSTRUCT          KTECH/F       -46.47         -67.93
KTECH CONSTRUCTI          KTECH         -46.47         -67.93
K-TECH CONTRU-R           KTECH-R       -46.47         -67.93
KUANG PEI SAN             POMPUI         -8.59           4.01
KUANG PEI SAN-F           POMPUI/F       -8.59           4.01
KUANG PEI-NVDR            POMPUI-R       -8.59           4.01
PATKOL PCL                PK            -30.64         -52.32
PATKOL PCL-FORGN          PK/F          -30.64         -52.32
PATKOL PCL-NVDR           PK-R          -30.64         -52.32
PROFESSIONAL WAS          PRO            -1.68         -10.02
PROFESSIONAL-F            PRO/F          -1.68         -10.02
PROFESSIONAL-N            PRO-R          -1.68         -10.02
SHUN THAI RUBBER          STHAI          -6.13         -11.34
SHUN THAI RUBB-F          STHAI/F        -6.13         -11.34
SHUN THAI RUBB-N          STHAI-R        -6.13         -11.34
TONGKAH HARBOU-F          THL/F         -11.69         -33.35
TONGKAH HARBOUR           THL           -11.69         -33.35
TONGKAH HAR-NVDR          THL-R         -11.69         -33.35
TRANG SEAFOOD             TRS            -5.99          -2.62
TRANG SEAFOOD-F           TRS/F          -5.99          -2.62
TRANG SFD-NVDR            TRS-R          -5.99          -2.62
TT&T PCL                  TTNT         -762.30        -134.18
TT&T PCL-NVDR             TTNT-R       -762.30        -134.18
TT&T PUBLIC CO-F          TTNT/F       -762.30        -134.18


TAIWAN

BEHAVIOR TECH CO          2341S          -2.57           6.66
BEHAVIOR TECH-EC          2341O          -2.57           6.66
HELIX TECH-EC             2479T         -24.12         -44.94
HELIX TECH-EC IS          2479U         -24.12         -44.94
HELIX TECHNOL-EC          2479S         -24.12         -44.94
POWERCHIP SEM-EC          5346S        -296.10        -799.71
PRO MOS TECH-EC           5387R      -1,610.74      -1,616.41
TAIWAN KOL-E CRT          1606U        -147.14        -294.85
TAIWAN KOLIN-EN           1606V        -147.14        -294.85
TAIWAN KOLIN-ENT          1606W        -147.14        -294.85



                             *********

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

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

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


                            *********


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

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

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

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

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



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