TCRAP_Public/150806.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, August 6, 2015, Vol. 18, No. 154


                            Headlines


A U S T R A L I A

AVI CORPORATE: First Creditors' Meeting Set For August 14
BRKLYN SUGAR: First Creditors' Meeting Set For August 14
JDC ELECTRICAL: 30 Staff Lose Jobs as Firm Enters Administration
LOUKAY PTY: Court Appoints Clifton Hall as Liquidator
MANDALONG PROJECTS: First Creditors' Meeting Set For August 13

MENDRI PTY: First Creditors' Meeting Set For August 13
MISSION NEW ENERGY: Ends Second Quarter with AUD3.1-Mil. in Cash
RESIDENTIAL HOMEWARES: Moss River Retail Chain Up For Sale


C H I N A

GOLDEN WHEEL: Moody's Retains B2 CFR Following Profit Alert


I N D I A

ALLIED INDIA: CRISIL Reaffirms 'B' Rating on INR90MM Cash Loan
ATOM CERAMIC: ICRA Suspends B+ Rating on INR4.0cr Cash Credit
BAGHERWAL ELECTRODES: CARE Rates INR8.03cr LT Bank Loan at B+
CHANAKYA TECHNOS: ICRA Reaffirms B Rating on INR8.15cr Loan
EVER HEALTH: CRISIL Assigns 'B' Rating to INR46.3MM LT Loan

GANGETIC HOTELS: CRISIL Reaffirms B- Rating on INR1.4BB Loan
HILTON METAL: ICRA Withdraws 'D' Rating on INR35.25cr Loan
JGR AUTOMOTIVE: CARE Assigns B- Rating to INR15cr LT Bank Loan
KAADAMBARY RICETECH: CARE Assigns 'B' Rating to INR14.50cr Loan
KOCHAR ENTERPRISES: CARE Assigns B Rating to INR6.61cr LT Loan

LAKSHMI SARASWATHI: CARE Assigns 'B' Rating to INR1.07cr Loan
LGF VITRIFIED: CRISIL Assigns B+ Rating to INR190MM Term Loan
MAKKAR TEXTILE: CRISIL Reaffirms B+ Rating on INR58.1MM Loan
MAKKAR TEXTILE MILLS: CRISIL Reaffirms B Rating on INR76MM Loan
NANDAN COTEX: CRISIL Reaffirms B+ Rating on INR144.4MM Cash Loan

ORBIT ELECTRO: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
PRAMOD TELECOM: ICRA Suspends B- Rating on INR16.50cr Bank Loan
PRIME CIVIL: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
RADIUS INFRATEL: ICRA Suspends 'D' Rating on INR58cr Term Loan
S.M. EDIBLES: CARE Reaffirms B+ Rating on INR20cr LT Loan

SANGAM RICE: CRISIL Upgrades Rating on INR110MM Loan to 'B'
SANKO SEKISUI: CARE Assigns B- Rating to INR1.5cr LT Bank Loan
SHAKTI MINES: CRISIL Reaffirms B+ Rating on INR80MM Cash Credit
SHEKHADA COTGIN: ICRA Reaffirms B+ Rating on INR9.0cr Cash Loan
SHRI RAM: CRISIL Reaffirms B+ Rating on INR55MM Cash Loan

SREE RANI: CARE Assigns B Rating to INR13cr LT Bank Loan
SURANA METACAST: CRISIL Reaffirms B+ Rating on INR88MM Loan
TIARA JEWELS: CRISIL Reaffirms B+ Rating on INR120MM Cash Loan
UMAK EDUCATIONAL: ICRA Suspends D Rating on INR55.43cr Term Loan
UNICORN PETROLEUM: CRISIL Reaffirms B+ Rating on INR80MM Loan

WEBFIL LIMITED: ICRA Reaffirms C+ Rating on INR3.38cr Cash Loan
YADU SUGAR: Ind-Ra Affirms 'IND B' Long-Term Issuer Rating


I N D O N E S I A

GAJAH TUNGGAL: S&P Lowers CCR to 'B'; Outlook Negative


J A P A N

SKYMARK AIRLINES: Creditors Back ANA's Rehabilitation Plan


N E W  Z E A L A N D

AORANGI SECURITIES: Receiver for Statutory Managers Suspended
CAPITAL + MERCHANT: Receivers Closer to NZ$10-Mil. Payment
WAIMEA CONTRACT: To Trade on as Creditors OK Repayment Deal


S O U T H  K O R E A

E-MART INC: To Rev Up China Business, Ends Store Closures


                            - - - - -


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


AVI CORPORATE: First Creditors' Meeting Set For August 14
---------------------------------------------------------
Raj Khatri & Chris Cook of Worrells Solvency & Forensic
Accountants were appointed as administrators of AVI Corporate Pty
Ltd on Aug. 4, 2015.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Level 8, 102 Adelaide
Street, in Brisbane, on Aug. 14, 2015, at 10:00 a.m.


BRKLYN SUGAR: First Creditors' Meeting Set For August 14
--------------------------------------------------------
Domenic Calabretta of Mackay Goodwin was appointed as
administrator of Brklyn Sugar Pty Ltd on Aug. 4, 2015.

A first meeting of the creditors of the Company will be held at
Mackay Goodwin, Exchange House, Suite 2, Level 8, 10 Bridge
Street, in Sydney, on Aug. 14, 2015, at 11:00 a.m.


JDC ELECTRICAL: 30 Staff Lose Jobs as Firm Enters Administration
----------------------------------------------------------------
Cliff Sanderson reports that JDC Electrical Pty Limited's collapse
has resulted in the reduction of the company's workforce from 36
to only six.

Danny Vrkic of DV Recovery Management was appointed administrator
of the Unanderra firm on July 28, 2015.

According to the report, the administrator said the company will
continue to operate on a reduced sale.

On its website, the business has been described as a well-
established company, which have been in the electrical industry
for more than thirty years, SmartCompany discloses.


LOUKAY PTY: Court Appoints Clifton Hall as Liquidator
-----------------------------------------------------
Daniel Lopresti of Clifton Hall was appointed Official Liquidator
of Loukay Pty Ltd on Aug. 5, 2015, by Order of the Federal Court
of Australia.


MANDALONG PROJECTS: First Creditors' Meeting Set For August 13
--------------------------------------------------------------
Ronald Dean-Willcocks of Dean-Willcocks Advisory was appointed as
administrator of Mandalong Projects JV Pty Limited on Aug. 3,
2015.

A first meeting of the creditors of the Company will be held at
Dean-Willcocks Advisory, Level 2, 32 Martin Place, in Sydney, on
Aug. 13, 2015, at 10:30 a.m.


MENDRI PTY: First Creditors' Meeting Set For August 13
------------------------------------------------------
Steven Gladman and Richard Albarran of Hall Chadwick were
appointed as administrators of Mendri Pty Limited on Aug. 3, 2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Level 40, 2 Park Street, in Sydney, on Aug. 13,
2015, at 10:00 a.m.


MISSION NEW ENERGY: Ends Second Quarter with AUD3.1-Mil. in Cash
----------------------------------------------------------------
Mission New Energy Limited filed with the Securities and Exchange
Commission its quarterly report for entities admitted on the basis
of commitments for the quarter ended June 30, 2015. At the
start of the quarter the Company had AUD3.9 million in cash.
The Company reported net decrease in cash held of AUD626,000. As a
result, the Company had AUD3.1 million cash at June 30, 2015. A
copy of the Quarterly Report is available at http://is.gd/gWHO04

                     About Mission NewEnergy

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment. The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.
The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets. The Company intends to cease all Indian
operations.

Mission NewEnergy reported a net loss of $1.09 million on $9.68
million of total revenue for the year ended June 30, 2014,
compared to net income of $10.05 million on $8.41 million of total
revenue during the prior year.

The Company's balance sheet at June 30, 2014, showed $4.04 million
in total assets, $15.40 million in total liabilities and a $11.35
million total deficiency.

BDO Audit (WA) Pty Ltd, in Perth, Western Australia, issued a
"going concern" qualification on the consolidated financial
statements for the year ended June 30, 2013. The independent
auditors noted that the Company incurred operating cash outflows
of $3.7 million during the year ended 30 June 2013 and, as of that
date the consolidated entity's total liability exceeded its total
assets by $12.5 million. These conditions, along with other
matters, raise substantial doubt the Company's ability to continue
as a going concern.


RESIDENTIAL HOMEWARES: Moss River Retail Chain Up For Sale
----------------------------------------------------------
Eloise Keating at SmartCompany reports that homewares retail chain
Moss River is for sale, after falling into voluntary
administration last month.

According to the report, the retail chain, operated by another
entity called Residential Homewares, entered voluntary
administration on July 16, with Quentin Olde and Nathan Landrey of
FTI Consulting appointed to manage the administration.

SmartCompany relates that the administrators are now calling for
expressions of interest in the business and its assets, which
according to an advertisement in the Australian Financial Review,
includes the retail outlets and stock, as well the business's
intellectual property including its brand name.

Mr. Olde confirmed the sale process to SmartCompany on August 5
and said the Moss River outlets are currently conducting a closing
down sale.

However, the stores will not close if a buyer is found or the
business is restructured, the report says.

SmartCompany relates that Mr. Olde said details about why the
business entered voluntary administration are not available, as is
the business's annual turnover.

Operating since 1975, Moss River specialises in premium linen and
manchester and operates nine stores in New South Wales, Victoria,
South Australia and Queensland, as well as an online store. Moss
River employs approximately 40 people.



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


GOLDEN WHEEL: Moody's Retains B2 CFR Following Profit Alert
-----------------------------------------------------------
Moody's Investors Service says Golden Wheel Tiandi Holdings
Company Limited's profit alert is credit negative, but there will
be no immediate impact on its B2 corporate family and senior
unsecured ratings or their stable outlook.

On July 31, 2015, Golden Wheel announced that it expects a
substantial year-on-year decrease of more than 50% in its total
revenue and an increase of more than 50% in the fair value gain on
its investment properties in 1H 2015.  However, revenue from its
property leasing business will remain similar to that of 2014.

"Golden Wheel's revenue volatility has been factored into its B2
rating and stable outlook.  But Moody's is concerned that if the
company's low level of contracted sales in 1H 2015 persists, it
could adversely affect its liquidity position," says Dylan Yeo, a
Moody's Analyst.

Moody's notes that Golden Wheel is exposed to the inherent revenue
volatility arising from its small operating scale and limited
geographic concentration, with this concentration risk exacerbated
by its limited number of development projects.

Moody's expects that the company's full-year revenue for 2015 will
be about 30%-35% lower than the RMB831 million achieved in 2014,
given our expectation that it will complete two projects, one in
Nanjing and one in Wuxi in 2H 2015.

Moody's estimates that the decline in Golden Wheel's total revenue
in 1H 2015 could have been driven by a substantial decrease in
contracted sales in 2014 from 2013.  The company recorded only a
small volume of contracted sales from its joint venture project in
1H 2015.  If the company cannot meet its contracted sales target
for full-year 2015, its cash and liquidity position could
deteriorate.

Moody's says that the company's liquidity position was already
weak at end-2014 because its cash-on-hand -- including restricted
bank deposits -- was RMB837 million at end-2014 compared to RMB1.2
billion at end-2013.

Among its maturing short-term debt is RMB600 million of offshore
senior notes due in April 2016.

The refinancing risk of such offshore senior notes will be
escalated, and which will in turn pressure its ratings or outlook,
if the company cannot conclude an adequate level of contracted
sales in 2H 2015.

According to the company, it is in discussions with banks and
investors for new borrowings to refinance its maturing debt and
improve its cash position.  If the company is able to complete its
refinancing in the next 3-4 months, it will be credit positive for
its ratings and outlook.

Moody's will continue to monitor the company's contracted sales in
the next 3-6 months, its upcoming refinancing plans for the
offshore senior notes, and their impact on the company's liquidity
and ratings.

Meanwhile, the stable recurring income which derives from nine
investment properties and over 70,000 square meters of leasable
area in 12 metro stations offered RMB80 million of net rental
income in 2014, covering 0.6x of its adjusted interest expenses.
Such investment properties could offer alternate sources of
liquidity through their step-up mortgage loans or disposals.

Listed on the Hong Kong Exchange in January 2013, Golden Wheel
Tiandi Holdings Company Limited is an integrated commercial and
residential developer in Jiangsu and Hunan provinces.

Golden Wheel focuses on projects that are connected or close to
metro stations and transportation hubs and also engages in the
leasing and operational management of shopping malls owned by
third parties.

At Dec. 31, 2014, the company's land bank totaled 960,494 square
meters in gross floor area, located in Nanjing, Yangzhou,
Changsha, Wuxi and Zhuzhou, including investment properties of
247,961 square meters in gross floor area.

This publication does not announce a credit rating action.



=========
I N D I A
=========


ALLIED INDIA: CRISIL Reaffirms 'B' Rating on INR90MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Allied India
Iron and Steels Pvt Ltd (AI) continues to reflect AI's modest
financial risk profile, marked by small net worth and moderate
debt protection metrics, and its vulnerability to cyclicality in
the steel industry. These rating weaknesses are partially offset
by the extensive industry experience of AI's promoter.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             90        CRISIL B/Stable (Reaffirmed)
   Term Loan               15        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      10        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AI will continue to benefit over the medium
term from its promoter's extensive industry experience, and its
diversified product portfolio. The outlook may be revised to
'Positive' if AI improves its scale of operations substantially,
while it maintains its profitability, and improves its working
capital cycle supported by capital infusion by promoters.
Conversely, the outlook may be revised to 'Negative' if AI's
financial risk profile, particularly its liquidity, deteriorates
owing to a decline in profitability margin, or stretch in working
capital cycle, or large debt-funded capital expenditure.

Update
AI's revenue grew substantially to INR461.2 million in 2014-15
(refers to financial year, April 1 to March 31) from INR265.3
million in 2013-2014. Moreover, with improved cost absorption and
healthy realisations, the company's operating margin has been
improving consistently over the years. Its gearing, however,
increased to  1.64 times as on March 31, 2015 owing to increase in
dependence on bank limits, and low net worth of INR68.1 million as
on that date. The debt protection metrics remain moderate with
interest coverage ratio of 2.05 times and net cash accruals to
total debt ratio of 0.13 times for 2014-15.
AI was set up in 2004 by Mr. Mahboob Alam. It commenced commercial
production in January 2009. AI manufactures thermo-mechanically
treated steel bars at its manufacturing facility in Giridih
(Jharkhand).


ATOM CERAMIC: ICRA Suspends B+ Rating on INR4.0cr Cash Credit
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR7.34
crore long term fund based limits and [ICRA]A4 rating assigned to
the INR1.80 crore short term non fund based limits of Atom
Ceramic. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             4.00       [ICRA]B+ suspended
   Term Loan               3.34       [ICRA]B+ suspended
   Bank Guarantee          1.80       [ICRA]A4 suspended

Atom Ceramic is a manufacturer of wall tiles established in July
2009. The plant is located in Morbi, Gujarat with a capacity of
25,600 MT and is based on the Roller Kiln technology. It is a
double firing plant. The firm started production from May 2010.
The firm is currently manufacturing tiles of sizes 12"x18" and 8"
x 18".


BAGHERWAL ELECTRODES: CARE Rates INR8.03cr LT Bank Loan at B+
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Bagherwal Electrodes Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8.03      CARE B+ Assigned
   Short-term Bank Facilities     2.25      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Bagherwal
Electrodes Private Ltd. (BEPL) are primarily constrained on
account of the small size of business operations coupled with
muted growth in the overall operations and presence in the
highly fragmented welding electrodes industry. The ratings are
further constrained due to declining profit margins, leveraged
capital structure, weak debt coverage indicators and elongated
operating cycle coupled with susceptibility of operating margins
to fluctuation in raw material prices.

The ratings, however, derive comfort from more than two decades of
promoters' experience in the welding electrodes industry and
diversified product portfolio. The ratings also take into
consideration BEPL's established customer base which includes some
of the well-known customers from the industry.

Going forward, BEPL's ability to increase its scale of business
operations and improve its profitability by managing fluctuations
in raw material price in highly competitive industry are the key
rating sensitivities. Furthermore, improvement in capital
structure, debt coverage indicators and manage working capital
requirement efficiently thereby improving operating cycle will
also be crucial.

BEPL incorporated in 1994, was promoted by Mr Pawan Bagherwal.
BEPL is in the business of manufacturing of various types of
welding electrodes as well as CO2 welding wires (MIG) used in
Shielded Metal ArcWelding (SMAW), primarily for repairs and
maintenance works in diverse industries. BEPL operates from its
sole manufacturing facility located in Indore (Madhya Pradesh)
with an installed capacity of 9,000 MTPA of welding electrodes and
3,500 MTPA for CO2 welding wires (MIG) as on March 31, 2015.

During FY14 (refers to the period April 1 to March 31), BEPL
reported a total operating income (TOI) of INR14.84 crore and
PAT of INR0.12 crore as against a TOI of INR15.76 crore and PAT of
INR0.18 crore during FY13. During FY15 (Provisional), BEPL has
achieved a TOI of INR21.07 crore and PBILDT of INR2.40 crore
respectively.


CHANAKYA TECHNOS: ICRA Reaffirms B Rating on INR8.15cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating of the INR2.00 crore cash
credit limits and INR8.15 crore (revised from INR7.65 crore) bank
guarantee limits of Chanakya Technos Private Limited. ICRA has
also reaffirmed the short term rating of [ICRA]A4 assigned to the
INR0.15 crore short term fund based limits of the company.

                           Amount
   Facilities            (INR crore)   Ratings
   ----------            -----------   -------
   Cash Credit Limits        2.00      [ICRA]B Reaffirmed
   Bank Guarantee Limits     8.15      [ICRA]B Reaffirmed
   Standby Line of Credit    0.15      [ICRA]A4 Reaffirmed

Rating Rationale
The ratings take into account the continuous decline in revenues
and profits of the company over the last two years on account of
significant delays in execution of contracts primarily due to
pendency of site clearances. The ratings also take into
consideration the intensely competitive business environment,
characterized by the presence of large number of players along
with a tender based contract award system, both of which tend to
keep profitability under check. The ratings also reflect CTPL's
exposure to high geographical concentration risk, with the
company's ongoing projects being limited to the state of Bihar.
The ratings, however, draws comfort from the experience of the
promoters of over two decades in the civil construction industry,
its conservative capital structure as well as comfortable debt
coverage indicators and its healthy order book position as
reflected by unexecuted orders of INR79 crores as in July, 2015.
While CTPL's healthy order book position provides comfort, timely
execution of such contracts would remain the key rating
sensitivity.

CTPL was set up as a partnership concern in 1990 by Mr. Ravi
Shankar Pathak and Mr. Mani Shankar Pathak. It was converted into
a private limited company under its present name in 2002. The
company primarily undertakes civil construction work which
includes construction of roads, bridges and linking of railway
tracks. The company's operations are limited to the state of
Bihar, with the company executing contracts for various Government
and public sector units.

Recent Results
CTPL reported a net profit of INR0.75 crore (provisional results)
in the financial year 2014-15 on the back of an operating income
of INR30.16 crore (provisional results) as against a net profit of
INR1.10 crore on the back of an operating income of Rs.33.55 crore
in the financial year 2013-14.


EVER HEALTH: CRISIL Assigns 'B' Rating to INR46.3MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Ever Health Life Sciences Pvt Ltd (EHLSPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Cash
   Credit Limit           18.7       CRISIL B/Stable
   Cash Credit            35         CRISIL B/Stable
   Long Term Loan         46.3       CRISIL B/Stable

The rating reflects EHLSPL's modest scale - and working capital
intensive - nature of operations. The rating also reflects
customer concentration in its revenue profile and susceptibility
of its operating margins to volatility in raw material prices.
These rating weaknesses are partially offset by extensive industry
experience of its promoters'.
Outlook: Stable

CRISIL believes that EHLSPL will continue to benefit over the
medium term from its promoter's extensive industry experience and
its established relationship with customers and suppliers. The
outlook may be revised to 'Positive' if the company reports higher
than expected revenues and profitability coupled with improvement
in working capital management while maintaining its capital
structure. Conversely, the outlook may be revised to 'Negative' if
EHLSPL' financial risk profile deteriorates, most likely because
of a significant increase in its working capital requirements or
pressure on its profitability, or larger than expected debt-funded
capital expenditure resulting in deterioration of financial risk
profile.

Incorporated in 2008 and based out of Vijayawada in Andhra
Pradesh, EHLSPL is engaged in manufacturing of bulk drug
intermediates. The company is promoted by Mr. K.V.S.Subba Raju and
his associates.


GANGETIC HOTELS: CRISIL Reaffirms B- Rating on INR1.4BB Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Gangetic Hotels
Pvt Ltd continues to reflect GHPL's weak liquidity marked by low
cash accruals due to its initial scale of operations, and its
susceptibility to cyclicality in the hospitality industry. These
rating weaknesses are partially offset by the long track record of
Marriott International Inc (Marriott), GHPL's operations and
management partner, in the hospitality industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan            1,400       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GHPL's business will be supported by its
management partner, Marriott but its liquidity will remain weak
over the medium term. The outlook may be revised to 'Positive' if
the company significantly and sustainably ramps up its scale of
operations profitably, leading to sizeable cash accruals.
Conversely, the outlook may be revised to 'Negative' if GHPL's
scale of operations does not increase as expected or if its
operating profitability is low, resulting in lower-than-expected
cash accruals, or if funding support from promoters is low and not
timely, leading to weakening of its liquidity.

Update
GHPL commenced operations of its 5-star hotel in Agra (Uttar
Pradesh) from January 19, 2015. The hotel has four floors which
became operational in a phased manner. The first two floors were
operational in January 2015. The hotel commenced full operations
in April 2015. The project had been delayed primarily due to
expansion in scope with modification as per the Marriot standards.
The project cost of INR2.27 billion was funded through a term loan
of INR1.40 billion, equity of INR427.5 million, and unsecured
loans from promoters and affiliates of INR476.8 million. GHPL is
expected to achieve annual revenue of INR600 million to INR700
million over the medium term on the back of its competitive prices
and the high brand value of Marriot.

However, due to GHPL's initial stage of operations and large term
debt obligations, the company is expected to incur net losses
during its initial years of operations. However, the location of
its hotel near Taj Mahal in Agra, along with the marketing
strategies and brand recall of Marriot, will benefit the company
over the medium term.

GHPL's financial risk profile is marked by a weak capital
structure and low debt protection metrics as its hotel entailed
large debt funding. The gearing is expected to remain over 5 times
and interest coverage ratio around 1.4 times over the medium term.
CRISIL believes that GHPL's liquidity will remain stretched,
though it will be supported by unsecured loans from promoters and
affiliates. Ramp up in scale of operations and timely funding
support from promoters will remain key rating sensitivity factor.

GHPL has developed a five-star hotel, Courtyard by Marriott, in
Agra. The project cost of INR2.27 billion is being funded through
debt of INR1.40 billion. The hotel has commenced full-fledged
operations from April 2015.

GHPL is jointly promoted by Phoenix Hospitality Company Pvt Ltd of
the Ruia family, Mr. Priyank Tayal, and Mr. Amitabh Tayal. The
management has brought in private equity players Leine River and
Fushe River, which together have a 39.1 per cent stake in GHPL.


HILTON METAL: ICRA Withdraws 'D' Rating on INR35.25cr Loan
----------------------------------------------------------
ICRA has withdrawn the long term rating [ICRA]D rating assigned to
the INR3.0 crore, long term fund based facilities & [ICRA]D rating
assigned to the INR35.25 crore, short term, fund based and non-
fund based facilities of Hilton Metal Forging Limited, as the
notice period of three years since suspension of rating has
expired.


JGR AUTOMOTIVE: CARE Assigns B- Rating to INR15cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B-' to the bank facilities of Sanko Goesi
JGR Automotive India Private Ltd.

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

Rating Rationale

The rating assigned to the bank facilities of Sanko Goesi JGR
Automotive India Private Ltd (SGJA) is constrained by the
company's leveraged capital structure, its weak liquidity profile
and nascent stage of operations. The rating also factors in
volatility in raw material prices, highly competitive nature of
the automotive component industry and inherent cyclicality
of the automobile industry. The rating however draws comfort from
the experience of the company's promoters and its association with
reputed customers though customer concentration risk exists.
Going forward, the company's ability to scale up the operations
with improvement in the profitability margins, capital structure
and liquidity profile remain the key rating sensitivities.

Sanko Gosei JRG Automotive India Pvt Ltd. (SGJA) was incorporated
on November 20, 2012 as a joint venture company of JRG Holding Pvt
Ltd and Sanko Gosei Ltd (Japanese automotive component supplier)
with a shareholding of 90% and 10% respectively. SGJA is primarily
engaged in the manufacturing and sale of plastic moulded
components to automotive Original Equipment Manufacturers (OEMs).
The company has its plant at Bawal, Haryana wherein it has 9
moulding machines with total capacity of 3,490 TPA as on March 31,
2014. The company has its own in-house design and development
facilities for manufacturing of various types of plastic moulded
components such as box luggage, cover handle front, bumpers,
reaction plate etc.

During FY14 (refers to period April 01 to March 31), SGJA reported
total operating income of INR18.61 crore, with operating loss of
INR2.04 crore and net loss of INR2.19 crore.


KAADAMBARY RICETECH: CARE Assigns 'B' Rating to INR14.50cr Loan
---------------------------------------------------------------
CARE assigns 'CARE B' rating to bank facilities of Kaadambary
Ricetech Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     14.50      CARE B Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Kaadambary Ricetech
Private Limited (KRT) is constrained on account of the company
being a project entity with risk of timely commissioning of the
projects without any cost overrun been vital from a credit
perspective, inherent working capital-intensive nature of
operations, susceptibility of margins to volatility in raw
material prices along with Government regulation in terms of
minimum support prices (MSP) of raw material and highly fragmented
and competitive rice milling industry with cyclicality and
seasonal availability of paddy.

The rating, draw support from the experience of management in
operating dal mill and locational advantage of being situated in
high rice procurement area.

The successful completion of the debt-funded capex without and
time and cost over-rum and stabilisation of operations to achieve
envisaged level of sale and profitability are the key rating
sensitivities for KRT.

KRT based out of Raipur, Chhattisgarh, was incorporated in the
year 2013 by Mr Shiv Shankar Agarwal, Mr Shesh Narayan Agaarwal,
Mr Bhaiyalal Kannaujiya and Mrs Malti Kannaujiya. The company is
setting up a unit for rice milling and parboiling unit. The
projected capacity for rice mill is around 16 metric tonnes per
annum (MTPA) and 34,000 MTPA for parboiled rice unit. Out of the
total production, 60% is envisaged to be utilised as private sales
and remainder 40% will be from job work specifically for
Government of Chhattisgarh. The major raw material for the company
is paddy, which will be procured partly from farmers and
Government of Chhattisgarh. The finished product of KRT includes
rice, broken rice, parboiled rice and by product, ie, rice bran,
raw rice and paddy husk.


KOCHAR ENTERPRISES: CARE Assigns B Rating to INR6.61cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Kochar Enterprises Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6.61      CARE B Assigned
   Short-term Bank Facilities     0.32      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Kochar Enterprises
Pvt. Ltd. (KEPL) are primarily constrained by its small scale
of operation with net loss during FY14 (refers to the period April
1 to March 31), short track record, volatile agrocommodity
(flour) prices with linkages to the vagaries of the monsoon and
regulated nature of the industry, intensely competitive nature of
the industry with presence of many unorganised players and working
capital-intensive nature of operation. The ratings, however,
derive strength from its experienced promoters and satisfactory
demand outlook of the products.

Going forward, the ability of the company to improve its scale of
operations along with profitability margins and efficient
management of working capital are the key rating sensitivities.

KEPL, incorporated in December 2006, was promoted by the Kochar
family of Kolkata, to set up a flour milling & processing unit and
sale of its by-products like suji, wheat bran, etc, in the
domestic market. After incorporation, the company was non-
operational for about 7 years and during 2013 the company started
to install a flour milling unit at Sainthia in Birbhum district of
West Bengal along with an agro commodity trading business. The
company started its commercial operation in trading business on
May 2013. However, the operation of the flour mill has been
started from November 2014 with an installed capacity of 38,400
MTPA (128 TPD).

The day-to-day affairs of the company are looked after by Mr
Sushil Kr. Kochar (Director) with adequate support from
other two directors and a team of experienced personnel.

During 11MFY14 (refers to the period May 1 to March 31), the
company reported a total operating income of INR0.23 crore and a
net loss of INR0.01 crore. The company has achieved a turnover of
about INR4.68 crore in FY15 (provisional).


LAKSHMI SARASWATHI: CARE Assigns 'B' Rating to INR1.07cr Loan
-------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' rating to the bank facilities
of Lakshmi Saraswathi Textiles.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     1.07       CARE B Assigned
   Short-term Bank Facilities    5.20       CARE A4 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of Lakshmi Saraswathi
Textiles (LST) are constrained by the small scale of operations,
sharp fluctuation in revenues and profitability, working capital
intensive nature of operations, weak capital structure and
stressed debt protection metrics. The ratings also factor in the
constitution of the firm as a proprietorship, susceptibility of
profitability to the fluctuation in prices of yarn, power outages
faced in Tamil Nadu, and the firm's presence in the highly
fragmented cotton yarn industry.

The ratings derive comfort from the long experience of the
promoters in the textile industry, established track record of
operations of the firm for over three decades and long association
with reputed customers and suppliers.

Going forward, ability of the firm to effectively manage the
production levels and maintain its profitability amidst
unfavorable power situation, and manage its working capital
borrowings effectively, will be the key rating sensitivities.

LST is a proprietorship concern established in the year 1982 by
Mrs. Vijayalakshmi, supported by her husband Mr. T A Rajah to
manufacture grey and bleached fabrics. LST was engaged in trading
of yarn and fabric in the domestic market till 2004. Since 2005,
they commenced manufacturing fabrics & home textiles and started
concentrating only on the export market. After the demise of Mrs.
Vijayalakshmi in the year 2007, the operations were taken over by
Mr. T A Rajah.

LST has 24 imported second hand auto looms for grey fabric
production and customers are spread across America, Europe
and Asia.

The firm earned net profit of INR0.08 crore on total operating
income of INR21.16 crore in FY14 (refers to the period
April 1 to March 31) as compared to a net profit of INR0.04 crore
on total operating income of INR6.89 crore in FY13.


LGF VITRIFIED: CRISIL Assigns B+ Rating to INR190MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of LGF Vitrified Pvt Ltd (LGF).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              190        CRISIL B+/Stable
   Bank Guarantee          41        CRISIL A4
   Cash Credit             80        CRISIL B+/Stable

The ratings reflect LGF's exposure to risks related to the start-
up phase its operations in the intensely competitive ceramics
industry, and the company's working-capital-intensive nature of
operations. These rating weaknesses are partially offset by the
extensive industry experience of LGF's promoters and the
favourable location of its plant, ensuring availability of raw
materials and labour.
Outlook: Stable

CRISIL believes that LGF will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company stabilises its
operations earlier than expected, leading to increased
profitability and a better capital structure, or if it improves
its working capital cycle. Conversely, the outlook may be revised
to 'Negative', if LGF's operating margin is lower than expected,
or the company undertakes a large debt-funded expansion plan, or
its working capital management deteriorates, leading to
significant weakening of its financial profile.

Incorporated in 2014, LGF is setting up a ceramic vitrified tiles
manufacturing unit at Morbi (Gujarat). The company is promoted by
Mr. Dinesh Ghodasra, Mr. Damjibhai Patel, Mr. Ramniklal Ghodasara,
and Mr. Mayurbhai Godhani.


MAKKAR TEXTILE: CRISIL Reaffirms B+ Rating on INR58.1MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Makkar Textile
(MT) continues to reflect MT's weak financial risk profile, marked
by a small net worth, high gearing, and weak liquidity on account
of its significant working capital requirements.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            35        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     18.9      CRISIL B+/Stable (Reaffirmed)
   Term Loan              58.1      CRISIL B+/Stable (Reaffirmed)

The rating also factors in the firm's small scale of operations
and its susceptibility to volatility in raw material prices. These
rating weaknesses are partially offset by the promoters'
established track record in the shawl manufacturing industry.
Outlook: Stable

CRISIL believes that MT will continue to benefit over the medium
term from its established market position, and the extensive
experience of its promoters, in the shawl manufacturing industry.
The outlook may be revised to 'Positive' in case of significant
improvement in the firm's scale of operations leading to
substantial net cash accruals and hence to better liquidity.
Conversely, the outlook may be revised to 'Negative' if MT's
operating margin declines, or if its working capital cycle
stretches, or if it undertakes a large debt-funded capital
expenditure programme.

Update
For 2014-15 (refers to financial year, April 1 to March 31), MT
reported an operating income of INR196.2 million, a growth of 16
per cent as compared with INR169.5 million in 2013-14. The company
is likely to report an annual revenue growth of around 10 per cent
over the medium term on account of healthy demand from customers.
The firm's operating profitability will remain at 11 to 12 per
cent over this period but will be susceptible to intense
competition, raw material price volatility, and a fragmented
market. CRISIL believes that MT's business risk profile will
remain constrained over the medium term owing to its small scale
of operations.

MT's financial risk profile remains average, with a net worth of
INR56.7 million and a gearing of 1.9 times as on March 31, 2015.
Its interest coverage ratio was 2.2 times in 2014-15 and is
expected to remain at a similar level over the medium term. The
firm's liquidity remains stretched due to working-capital-
intensive operations; its gross current assets were at 123 days
and inventory at 103 days as on March 31, 2015.  MT had high bank
limit utilisation at an average of around 87 per cent during the
12 months through March 2015. The firm had modest cash accruals of
around INR10.6 million in 2014-15, adequate for meeting its long-
term debt obligations during the year; its accruals are expected
to be sufficient to meet its repayment obligations over the medium
term. MT's liquidity is further supported by unsecured loans of
INR25.9 million, as on March 31, 2015, from its promoters. CRISIL
believes that MT's financial risk profile will remain constrained
by its small net worth and working capital intensive operations,
over the medium term.

MT reported a profit after tax (PAT) of INR5.5 million on an
operating income of INR196.2 million for 2014-15, against a PAT of
INR4.5 million on an operating income of INR169.5 million for
2013-14.

MT manufactures shawls from acrylic, viscose, and polyester yarn.
Set up in 1989 as a proprietorship firm, it currently has a
capacity of 15,000 pieces per day at its unit in Ludhiana
(Punjab).


MAKKAR TEXTILE MILLS: CRISIL Reaffirms B Rating on INR76MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Makkar Textile
Mills Pvt Ltd (MTM) continues to reflect MTM's weak financial risk
profile, marked by a small net worth, high gearing, and weak
liquidity on account of its large working capital requirements.

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

   Proposed Long Term
   Bank Loan Facility    65        CRISIL B/Stable (Reaffirmed)

   Term Loan             76        CRISIL B/Stable (Reaffirmed)

The rating also factors in the company's small scale of operations
and its susceptibility to volatility in raw material prices. These
rating weaknesses are partially offset by the established track
record of MTM's promoters in the shawl manufacturing industry.
Outlook: Stable

CRISIL believes that MTM will continue to benefit over the medium
term from its established market position, and the extensive
experience of its promoters, in the shawl manufacturing industry.
The outlook may be revised to 'Positive' in case of a significant
increase in the company's revenue and/or profitability, leading to
higher net cash accruals and consequently to an improvement in its
capital structure and liquidity. Conversely, the outlook may be
revised to 'Negative' if MTM's operating margin or revenue
declines, or if its working capital cycle stretches further, or if
it undertakes a large debt-funded capital expenditure programme.

Update
For 2014-15 (refers to financial year, April 1 to March 31), MTM
reported an operating income of INR328.2 million, about the same
as in the previous year due to intense competition. The company is
likely to report annual revenue growth of 8 to 10 per cent over
the medium term, supported by improvement in its capacity
utilisation and increasing product offerings. Despite stable
operations, MTM's net profit margin dipped by 100 basis points
(equal to 1 percentage point) year-on-year in 2014-15 due to loss
on sale of assets. Its operating profitability is expected to
remain in the range of 8.5 to 9.0 per cent over the medium term
driven by intense competition and a fragmented market. CRISIL
believes that MTM's business risk profile will remain constrained
over this period owing to its small scale of operations and low
net profitability.

MTM's financial risk profile remains average, with a net worth of
INR44.3 million and gearing of 2.6 times, as on March 31, 2015.
Its interest coverage ratio was 1.8 times in 2014-15. The
company's liquidity remains stretched due to working-capital-
intensive operations; its gross current assets were at 115 days
and inventory at 110 days as on March 31, 2015. MTM had high bank
limit utilisation at an average of around 94 per cent during the
12 months through March 2015. Its cash accruals are tightly
matched with its long-term debt repayment obligations, though its
liquidity is supported by unsecured loans of INR2.2 million, as on
March 31, 2015, from promoters. CRISIL believes that MTM's
financial risk profile will remain constrained over the medium
term by its small net worth and working-capital-intensive
operations.

MTM reported a profit after tax (PAT) of INR3.4 million on an
operating income of INR328.2 million for 2014-15, against a PAT of
INR6.3 million on an operating income of INR324.1 million for
2013-14.

MTM manufactures shawls from acrylic, viscose, and polyester yarn.
Incorporated in 1994, the company also has a retail presence in
the domestic market.


NANDAN COTEX: CRISIL Reaffirms B+ Rating on INR144.4MM Cash Loan
----------------------------------------------------------------
CRISIL rating on the long-term bank facilities of Nandan Cotex
Private Limited (NC) continue to reflect its weak financial risk
profile, marked by high gearing and weak debt protection metrics,
and its small scale of operations in the highly fragmented cotton
ginning industry. These rating weaknesses are partially offset by
the extensive industry experience of the company's promoters and
its proximity to cotton growing belts.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit           144.4      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      2.4      CRISIL B+/Stable (Reaffirmed)
   Term Loan              17.6      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's
profitability improves significantly, coupled with higher-than-
expected revenue growth, leading to an increase in its accruals,
or if its capital structure improves through equity infusion.
Conversely, the outlook may be revised to 'Negative' if NC's
financial risk profile deteriorates, most likely due to a stretch
in its working capital cycle or debt-funded capital expenditure.

Update
For the year 2014-15 (refer financial year, April 1 to March 31),
the NC's sales are estimated to be around INR1.01 billion with
marginal year-on-year growth of around 6 per cent. The sales
remained modest due to sluggish demand and moderation in cotton
prices during the same year. Over the medium term, the scale of
operations is expected to grow at moderate pace of around 5 to 10
per cent supported by improved realizations and steady demand.
NC's operating profitability continue to remain low at around 2.0
per cent during 2014-15 and expected to be at same level over the
medium term marked by low value addition and fragmented nature of
industry. The working capital requirements in 2014-15 are high
with gross current assets (GCA) at around 62 days marked by
moderate inventory holdings of 35 days and moderate debtors of
around 25 days. Over the medium term, the GCA is expected to be in
range of 60 to 65 days and overall working capital requirement to
rise with scale of operations. As on March 31, 2015 the gearing
was lower at 2.9 times due to high reliance on working capital
debt coupled with modest networth. The gearing is expected to be
in range of 2.8 to 2.9 times over the medium term marked by high
reliance on bank limits to fund incremental working capital
requirement. The debt protection metrics were at average level
with net cash accruals to total debt (NCATD) at 0.04 and interest
coverage ratio at 1.6 times during 2014-15 marked by low
profitability and expected to remain at same levels. The liquidity
profile is supported by sufficient cushion between net cash
accruals v/s term debt repayment obligations, strong promoter's
support in form of unsecured loan infusion and equity infusion, no
plans of major capex over the medium term, however is constrained
by working capital intensive nature of operations and limited
financial flexibility.

Formed in 2012, NC is promoted by Rajkot (Gujarat)-based Mr.
Bipinkumar Nathubhai Bodar and Mr. Viralbhai Jaysukhbhai
Parvadiya. The company is engaged in cotton ginning and pressing
and extraction of oil.

NC reported (on a provisional basis) a net profit of INR1.1
million on net sales of INR1.01 billion for 2014-15, as against a
net profit of INR0.7 million on net sales of INR958.1 million for
2013-14.


ORBIT ELECTRO: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Orbit Electro
Equipments Private Limited (Orbit) a Long-Term Issuer Rating of
'IND BB'. The Outlook is Stable. The agency has also assigned the
following ratings to the company's bank loans:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
Fund-based facilities   127.5       'IND BB'/Stable/'IND A4+'
Long-term loans         198.4       'IND BB'/Stable

KEY RATING DRIVERS

The ratings reflect Orbit's weak credit metrics and tight
liquidity position. According to the unaudited financials for
FY15, net leverage was 6.2x (FY14: 10.3x) and interest coverage
was 1.5x (1.6x). The company's fund-based facilities were utilised
at an average of 98.1% over the 12 months ended June 2015. .

Revenue grew at a CAGR of around 75% over FY11-FY15 to INR880m,
underpinned by product diversification. EBITDA margins improved
150bp yoy to 4.3% in FY15.

RATING SENSITIVITIES

Positive: Substantial growth in the top-line and profitability
leading to a sustained improvement in the credit metrics will be
positive for the ratings.

Negative: A substantial decline the profitability resulting in
sustained deterioration in the credit profile will lead to a
negative rating action.

COMPANY PROFILE

Started in 2008, Orbit manufactures fire panels (contributes 40%
to revenue) and electrical panels (20%). It is also engaged in the
business of powder coating (contributes 20% to the revenue),
fabrication and wire harnessing. Orbit's manufacturing unit is
located in Maharashtra.


PRAMOD TELECOM: ICRA Suspends B- Rating on INR16.50cr Bank Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- assigned to
the INR16.50 crore fund based bank facilities of Pramod Telecom
Private Limited (PTPL). ICRA has also suspended the short term
rating of [ICRA]A4 assigned to the INR12.50 crore non-fund based
bank facilities of PTPL. The suspension follows ICRA's inability
to carry out rating surveillance in the absence of requisite
information from the company.

PTPL is a privately held company that was incorporated in the year
2001 as a part of forward integration of Gyan Cirkitonics (P)
Limited which is operating since 1992. PTPL is primarily engaged
in the business of manufacturing of EPBT (electronic push button
telephone) and has recently begun manufacturing LED bulbs. The
promoters of the company have been involved in the business of
manufacturing of electronic equipments since 1992. The company has
its manufacturing facility located in Lucknow.


PRIME CIVIL: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Prime Civil
Infrastructure Pvt Ltd (PCIPL) a Long-Term Issuer Rating of 'IND
BB'. The Outlook is Stable. The agency has also assigned the
following ratings to PCIPL's bank loans:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
Fund-based facilities    100        'IND BB'/Stable
Non-fund-based            90        'IND A4+'
Facilities

KEY RATING DRIVERS

The ratings reflect PCIPL's moderate credit metrics, volatile
profitability, moderate scale of operations and tight liquidity
position. According to the provisional results for FY15, net
leverage was 5.8x (FY14: 4.4x), interest coverage was 1.7x (2.2x),
EBITDA margins were 6.3% (8.7%; FY13: 8.4%) and revenue was
INR702m (INR607m). The average use of fund-based facilities was
92% over the 12 months ended June 2015.

The ratings are, however, supported by the company's strong order
book size of INR2,566m (3.6x of FY15 revenue) and over two-decade-
long experience of its promoters in the construction industry.

RATING SENSITIVITIES

Positive: Substantial growth in the top-line and an improvement in
the profitability leading to a sustained improvement in the credit
metrics will lead to a positive rating action.

Negative: Any further decline the profitability resulting in a
sustained deterioration in the credit profile will lead to a
negative rating action.

COMPANY PROFILE

PCIPL was incorporated in 1989 as Prime Engineers. It is engaged
in the business of civil construction such as roads and bridges.
The company also provides engineering, procurement and
construction services for infrastructure projects. PCIPL executes
projects only for the government and is a certified Grade AA
contractor.


RADIUS INFRATEL: ICRA Suspends 'D' Rating on INR58cr Term Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] D assigned to
the INR58.00 crore term loan facilities of Radius Infratel Private
Limited (RIPL). The suspension follows ICRA's inability to carry
out rating surveillance in the absence of requisite information
from the company.

Radius Infratel Private Limited (RIPL) was incorporated in May
2008 to provide FTTH services through its unique NANO network. The
company is part of Radius group which was established in 1994 and
is engaged in providing software solutions, surveillance systems
and building management systems. The company is jointly promoted
by Viresh Buildcon Private Limited and Radius Synergies Private
Limited, both of which hold 50% shares each in the company. RIPL
is registered as an Infrastructure Provider 1 (IP-1) category
passive infrastructure provider with Department of Telecom.


S.M. EDIBLES: CARE Reaffirms B+ Rating on INR20cr LT Loan
---------------------------------------------------------
CARE revokes suspension and reaffirms the ratings assigned to the
bank facilities of S.M. Edibles Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       20       CARE B+ Suspension
                                            revoked and rating
                                            reaffirmed

Rating Rationale

The rating assigned to the bank facilities of S.M. Edibles Private
Limited (SMPL) continues to remain constrained by working capital-
intensive nature of operations and weak financial risk profile
characterised by fluctuating total operating income, leveraged
capital structure and weak debt service coverage indicators. The
rating is further constrained due to its presence in highly
fragmented and competitive industry and susceptibility of its
margins to changing government policies.

The rating, however, continues to derive strength from the
experienced promoters and reputed customer base of SEPL.

Going forward, the ability of the company to increase its scale of
operations while improving profitability margins and capital
structure in view of the changing government policies remain the
key rating sensitivities.

New Delhi-based SMPL is a private limited company incorporated in
November 2005. SMPL is promoted by Mr Rakesh Kumar Agarwal and Mr
Arvind Kumar Agarwal and is engaged in trading of sugar and sugar
products such as refined sugar, non-refined sugar, candy sugar,
brown sugar, pharma grade sugar and icing sugar. SMPL procures
sugar from Dhampur Sugar Mills Ltd, Triveni Sugar Mills and Shamli
Sugar mills and sells the same to whole sale customers.

SMPL is a flagship company of the SM group promoted by the family
members of Mr Rakesh Kumar Agarwal. The group runs a steel rolling
mill, cylinder manufacturing facility and a hospital in
Muzaffarnagar, Uttar Pradesh.

For FY14 (refers to the period April 01 to March 31), SMPL
achieved a total operating income (TOI) of INR108.81 crore with
PBILDT and profit after tax (PAT) of INR4.82 crore and INR1.00
crore, respectively, as against TOI of INR76.14 crore with
PBILDT and PAT of INR4.53 crore and INR0.97 crore, respectively,
in FY13. During FY15, the company has achieved total operating
income of INR124.02 crore.


SANGAM RICE: CRISIL Upgrades Rating on INR110MM Loan to 'B'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sangam Rice Pvt Ltd (SRPL) to 'CRISIL B/Stable' from 'CRISIL B-
/Stable'.

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

   Foreign Letter of        7        CRISIL B/Stable (Upgraded
   Credit                            from 'CRISIL B-/Stable')

   Proposed Long Term       8        CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

   Warehouse Receipts     110        CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's expectation that SRPL's
liquidity will improve over the medium term, driven by better
working capital management reflected in decline in its gross
current assets (GCAs) to 90 days as on March 31, 2015, from 154
days as on March 31, 2014. The GCAs are expected to remain around
110 days over the medium term driven by the SRPL management's
concentrated efforts to keep inventory low to reduce the impact of
volatility in raw material prices.

With improvement in working capital management, the company's bank
limit utilisation was moderate, averaging 72 per cent, over the
seven months ended June 30, 2015. Moreover, SRPL is likely to
generate cash accruals of INR4.9 million against negligible debt
obligations in 2015-16 (refers to financial year, April 1 to March
31) and its liquidity is supported by absence of any significant
capital expenditure plan.

SRPL's business risk profile remains stable. Despite decline in
prices of rice, the company recorded moderate revenue growth of 6
per cent in 2014-15. SRPL is likely to witness low to moderate
revenue growth over the medium term. Its operating profitability
is expected to remain low, but stable, at 4.0 to 4.5 per cent

The ratings reflect SRPL's weak financial risk profile marked by
weak capital structure, its small scale of operations in a highly
fragmented industry, and its susceptibility to fluctuations in
rainfall and to changes in government policies. These rating
weaknesses are partially offset by the extensive experience of
SRPL's promoters in the rice milling industry.
Outlook: Stable

CRISIL believes that SRPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of improvement in the
company's capital structure driven by equity infusion by its
promoters or significantly high profitability. Conversely, the
outlook may be revised to 'Negative' in case of low profitability
or steep increase in SRPL's working capital requirements leading
to deterioration in its financial risk profile.

Set up in 2008, SRPL mills, processes, and markets rice. Its plant
is in Patran (Punjab). The company is managed by Mr. Sanjiv Kumar
and Mr. Deepak Garg.


SANKO SEKISUI: CARE Assigns B- Rating to INR1.5cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B-' and 'CARE A4' to the bank facilities of
Sanko Sekisui JGR Tooling India Private Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      1.5       CARE B- Assigned
   Short-term Bank Facilities    13.5       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Sanko Sekisui JGR
Tooling India Private Ltd (SSJT) are constrained by leveraged
capital structure and weak liquidity profile coupled with nascent
stage of operations. The ratings also factor in volatility in raw
material prices, highly competitive nature of the automotive
component industry and inherent cyclicality of the automobile
industry. The ratings however draw comfort from the experience of
the company's promoters and its association with reputed customers
though customer concentration risk exists.

Going forward, the company's ability to scale up the operations
with improvement in the profitability margins, capital structure
and liquidity profile remain the key rating sensitivity.

Sanko Sekisui JRG Tooling India Pvt Ltd. (SSJT) was incorporated
on November 21, 2012 and the company's commercial operations
commenced from March, 2014. SSJT is jointly controlled by JRG
Holding Pvt Ltd with two Japanese companies Sanko Gosei Ltd and
Sekisui Machinery Co Ltd with a shareholding of 60%, 25% and 10%
respectively as on March 31, 2015SSJT is engaged primarily in the
manufacture and sale of tools/moulds to automotive Original
Equipment Manufacturers (OEMs). The company has its manufacturing
plant at Bawal, Haryana and sells primarily in India. The company
has in-house design & tool room facilities.

During FY14 (refers to the period April 1 to March 31), SSJT
reported total operating income of INR1.44 crore, with operating
loss of INR2.07 crore and net loss of INR2.33 crore.


SHAKTI MINES: CRISIL Reaffirms B+ Rating on INR80MM Cash Credit
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shakti Mines
and Minerals (SMM; a unit of Shakti Agencies Pvt Ltd [SAPL])
continues to reflect SMM's modest scale of operations in the
intensely competitive iron ore trading business.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            80        CRISIL B+/Stable (Reaffirmed)

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

The rating also factors in the customer concentration in the
firm's revenue along with high debtor days, and its susceptibility
to volatility in raw material prices. These rating weaknesses are
partially offset by the extensive experience of SMM's promoters in
the iron ore trading business and the firm's moderate financial
risk profile, marked by low total outside liabilities to tangible
net worth (TOLTNW) ratio and adequate debt protection metrics.
Outlook: Stable

CRISIL believes that SMM will continue to benefit over the medium
term from its promoters' extensive industry experience and its
healthy capital structure. The outlook may be revised to
'Positive' if the firm significantly improves its scale of
operations while maintaining its profitability and capital
structure. Conversely, the outlook may be revised to 'Negative' if
SMM's financial risk profile weakens because of considerable debt
contracted to fund working capital requirements or due to low
revenue and profitability.

Update
SMM recorded operating income of INR358 million in 2014-15 (refers
to financial year, April 1 to March 31) as against INR400 million
in 2013-14. The operating income declined because the firm stopped
crushing iron ore lumps as the operations were non-viable. The
firm is likely to record operating income of INR380 million to
INR410 million over the medium term. The firm reported book profit
of INR8.6 million in 2014-15 as against INR13.8 million in 2013-
14. It recorded operating margin of 5.5 per cent for 2014-15. The
margin is expected to remain at a similar level over the medium
term. SMM's operations are working capital intensive, marked by
gross current assets (GCAs) of 199 days, driven by debtor days of
152, as on March 31, 2015. Because of its working-capital-
intensive operations, the firm utilised its bank limits at an
average of 90 per cent over the 11 months ended April 30, 2015. It
is likely to generate net cash accruals of INR8.4 million against
nil debt obligations in 2015-16.

SMM's financial risk profile remains moderate, marked by healthy
TOLTNW ratio of 0.81 times as on March 31, 2015, and moderate
interest coverage and net cash accruals to total debt ratios of
1.9 times and 0.15 times, respectively, for 2014-15. SMM's
moderate cash accruals are driven by comfortable profitability,
but are constrained by its small scale of operations. The firm's
TOLTNW ratio is expected to remain around 1 time over the medium
term in the absence of any debt-funded capital expenditure plan.
Its interest coverage and NCATD ratios are expected to remain
stable over the medium term.

SMM, a unit of SAPL, trades in iron ore. The firm was set up in
2005 as a partnership firm by Mr. Manish Mandal and his brother
Mr. Sriprakash Mandal. In April 2006, it was acquired by SAPL,
which was set up by the Mandal brothers in 1989. SAPL currently
has only one unit, SMM, and has no other business operations.


SHEKHADA COTGIN: ICRA Reaffirms B+ Rating on INR9.0cr Cash Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating to [ICRA]B+ for the
INR9.00 crore fund based cash credit facility and INR0.45 crore
term loan facility of Shekhada Cotgin Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             9.00        [ICRA]B+ reaffirmed
   Term Loan               0.45        [ICRA]B+ reaffirmed

The rating continues to remain constrained by SCGPL's modest scale
of operation and weak financial profile as reflected by low
profitability and leveraged capital structure leading to weak debt
protection indicators. The rating is further constrained on
account of the regulatory risks associated with cotton exports as
well as the fragmented nature of the cotton ginning industry
resulting in high competitive intensity. Further, the company is
exposed to adverse movements in raw material (cotton) prices which
coupled with low value additive nature of the work, keeps the
profitability metrics and cash accruals at modest levels.
The rating, however, positively factors in the long experience of
the promoters in cotton industry as well as favorable location of
the plant giving it easy access to high quality raw cotton.

Incorporated in 2011, SCPL is engaged in cotton ginning & pressing
of raw cotton to produce cotton bales and cotton seed. It is
promoted jointly by Mr. Paresh Shekhada, Mr. Virag Shekhada and
Mr. Bharat Shekhada. The company's works is located in Jamnagar
(Gujarat) with processing capacity to manufacture 150 cotton bales
and 34 metric tones of cotton seeds per day.

Recent Results
For the year ended 31st March 2015, Shekhada Cotgin Private
Limited has reported (as per provisional financial statement) an
operating income of INR69.25 crore and profit before tax of
INR0.08 crore.


SHRI RAM: CRISIL Reaffirms B+ Rating on INR55MM Cash Loan
---------------------------------------------------------
CRISIL's rating on the bank facilities of Shri Ram Cotton and Oil
Mills (SRCM) continues to reflect the firm's modest scale of
operations and weak financial risk profile marked by high gearing
and weak debt protection measures.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            55        CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
SRCM derives from its promoters' extensive experience in the
cotton ginning industry and its proximity to the cotton-growing
belt of Punjab.
Outlook: Stable

CRISIL believes that SRCM will continue to benefit over the medium
term from its promoters' extensive industry experience and from
its proximity to the cotton growing belt of Punjab. The outlook
may be revised to 'Positive' if the firm's scale of operations
improves significantly along with sustained improvement in its
profitability or if its capital structure improves either because
of equity infusion or large cash accruals. Conversely, the outlook
may be revised to 'Negative' if SRCM's financial risk profile
deteriorates because of increased working capital debt or decline
in its revenue or profitability.

SRCM was incorporated as a partnership firm by Mr. Dharam Pal and
Mr. Suraj Manaktala in 2001 and is engaged in cotton ginning and
oil extraction. The firm's promoters have been engaged in the
cotton ginning and oil extraction business for over three decades

For 2014-15 (refers to financial year, April 1 to March 31), SRCM
reported a profit after tax (PAT) of INR0.7 million on net sales
of INR645.5 million, against a PAT of Rs0.6 million on net sales
of INR476.8 million for 2013-14.


SREE RANI: CARE Assigns B Rating to INR13cr LT Bank Loan
--------------------------------------------------------
CARE assigns CARE B/CARE A4 ratings to bank facilities of Sree
Rani Sati Overseas Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      13        CARE B Assigned
   Short-term Bank Facilities     26        CARE A4 Assigned

Rating Rationale
The ratings assigned to Sree Rani Sati Overseas Private Limited
(SRS) are primarily constrained by its modest scale of operations
with low net worth base, working capital-intensive nature of
operations, leveraged capital structure, and weak debt service
coverage indicators. The ratings are further constrained by
foreign exchange fluctuation risk and high competition faced by
SRS.

The ratings, however, draw comfort from experienced promoters,
growing scale of operations and moderate profitability margins.

Going forward, the ability to increase the scale of operations
while improving its profitability margins and capital structure
while managing its working capital requirements shall be the key
rating sensitivities.

Delhi-based Sree Rani Sati Overseas Private limited (SRSO) was
incorporated in 2008 and is currently being managed by Mr Sanjay
Poddar. The company has succeeded an erstwhile proprietorship firm
M/s Sree Rani Sati & Company established in 2001 in which Mr
Sanjay Poddar was the proprietor. SRS is engaged in trading of
various products like timber, rice, fabric, hosiery goods and
cashew. The company sells its product to wholesalers and
retailers. The traded goods such as rice, fabric, hosiery goods
and cashew are procured locally and timber is imported from
Western Africa, Latin America and Malaysia.

In FY14 (refers to the period April 1 to March 31), SRS has
achieved a total operating income (TOI) of INR62.19 crore with
PBILDT and PAT of INR1.93 crore and INR0.33 crore respectively in
FY14. During FY15 (as per unaudited results) the company has
achieved TOI of INR73.83 crore.


SURANA METACAST: CRISIL Reaffirms B+ Rating on INR88MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Surana Metacast India
Pvt Ltd (SMPL) continues to reflect the company's small scale of
operations in the intensely competitive steel industry,
vulnerability of the company's operating margin to volatility in
raw material prices, and its aggressive capital structure. These
rating weaknesses are partially offset by the benefits that SMPL
derives from its promoters' extensive experience in the steel
industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         10        CRISIL A4 (Reassigned)
   Cash Credit            25        CRISIL B+/Stable (Reaffirmed)
   Drop Line Overdraft
   Facility               88        CRISIL B+/Stable (Reaffirmed)
   Term Loan              48.9      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       15        CRISIL A4 (Reassigned)

Outlook: Stable

CRISIL believes that SMPL will continue to benefit over the medium
term from its promoters' extensive experience in the steel
industry. The outlook may be revised to 'Positive' if the
company's liquidity improves, marked by reduction in working
capital requirements or improved profitability or substantial
equity infusion. Conversely, the outlook may be revised to
'Negative' if SMPL's financial risk profile weakens owing to a
decline in profitability or a stretch in the working capital cycle
or large debt-funded capital expenditure.

Update
For 2014-15 (refers to financial year, April 1 to March 31), SMPL,
on a provisional basis, reported net sales of INR372.2 million as
compared with INR296.1 million in 2013-14, registering year-on-
year sales growth of 25 per cent. With net sales of INR80 million
till June 29, 2015, for 2015-16, SMPL is expected to report
moderate growth over the medium term. SMPL's operating margin
improved and remained around 10.5 per cent in 2014-15. Operations
remained working capital intensive with gross current assets (GCA)
of 240 days as on March 31, 2015. Working-capital-intensive
operations, combined with limited credit availed of from
suppliers, has led to the company's high reliance on short-term
debt. The average bank limit utilisation was 97 per cent for the
12 months ended March 31, 2015. SMPL has a moderate financial risk
profile, marked by aggressive gearing of 2.6 times and moderate
debt protection metrics. SMPL is expected to post cash accruals of
INR20 million against its debt repayment obligation of INR10.6
million in 2015-16. Its liquidity is further supported by
unsecured loans, estimated at INR58 million as on March 31, 2015,
from the promoters. CRISIL believes that the promoters will
continue to support SMPL's liquidity requirements, through timely
funding support, over the medium term.

For 2014-15, SMPL, on a provisional basis, reported profit after
tax (PAT) of INR10.8 million on net sales of INR372.2 million as
against PAT of INR5.5 million on net sales of INR296.1 million for
2013-14.

SMPL, a private limited company, was incorporated in 2011. It is
promoted by Gujarat-based Surana family. The directors of SMPL are
Mr. Sunil Surana and his brother, Mr. Basantilal Surana. The
company manufactures stainless steel billets/ingots and rounds at
Mandali near Mehsana (Gujarat).


TIARA JEWELS: CRISIL Reaffirms B+ Rating on INR120MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Tiara Jewels Private
Limited (TJPL) continue to reflect the company's small scale of
operations in the fragmented and competitive gems and jewellery
industry, and its large working capital requirements.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           120        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     30        CRISIL B+/Stable (Reaffirmed)

The rating also reflects TJPL's weak financial risk profile,
marked by high total outside liabilities to tangible net worth
(TOLTNW) ratio and below-average debt protection metrics. These
rating weaknesses are partially offset by the extensive experience
of TJPL's promoters in the gems and jewellery industry.

Outlook: Stable

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

Update
On a provisional basis, TJPL's operating income is around at
INR18.02 Cr. in 2014-15 (refers to financial year, April 1 to
March 31) against INR21.49 Cr. in 2013-14. The sales decline of 16
per cent is due to decline in the price of gold (from average
INR30, 500/10 grams in 2013-14 to INR26, 000/10 grams in 2014-15).
During 2014-15, the operating margins at 11.5 per cent also
declined from the historical range of 15 per cent led by pricing
transparency in the making charges by leading gold jewellery
companies. As a result the making charges were reduced to increase
the competitiveness of the company. CRISIL believes that TJPL's
business risk profile will continue to remain constrained by small
scale of operations and declining operating profitability over the
medium term.

TJPL has a weak financial risk profile, marked by high TOLTNW
ratio at 2.40 times as on March 31, 2015, on account of high
working capital requirements. However, TOLTNW ratio is expected to
improve over the medium term as management will partly support the
incremental working capital requirements from infusion of funds.
During the year, USL were increased from INR1.60 Cr. to INR2.14
Cr. CRISIL believes that TJPL's financial risk profile will remain
weak over the medium term.

TJPL's working capital requirements have remained high as
reflected by its gross current assets of around 442 days as on
March 31, 2015. Its debtors and inventory are at around 64 days
and 418 days, respectively, as on March 31, 2015. Against this,
TJPL receives trade credit support from its suppliers as reflected
from payables at around 70 days as on March 31, 2015, leading to
high reliance on bank borrowings. CRISIL believes that TJPL's
operations will remain working capital intensive over the medium
term.

TJPL was incorporated in 2009 by Chandigarh-based Jain family. Mr.
Jawahar Lal Jain and his sons, Mr. Rohit Jain and Mr. Neeraj Jain,
are the company's key promoters and are engaged in its day-to-day
operations. TJPL is engaged in retailing of gold, diamond,
platinum, and silver jewellery through its single showroom in
Chandigarh.

On a provisional basis, for 2014-15, TJPL reported profit after
tax (PAT) of INR2.1 million on net sales of INR180.2 million as
against PAT of INR3.7 million on net sales of INR214.9 million for
2013-14.


UMAK EDUCATIONAL: ICRA Suspends D Rating on INR55.43cr Term Loan
----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR55.43 crore term loans of Umak Educational Trust (UET). The
suspension follows ICRA's inability to carry out rating
surveillance in the absence of requisite information from the
company.

Established in July 2006, Umak Educational Trust (Umak) currently
manages its only institute i.e. Institute for International
Management & Technology (IIMT). Dr. Ramesh Kapur and his family
members are the trustees of Umak. The Kapur Family is also the
promoters of AB Hotels Limited (rated [ICRA]BBB- (Stable)) which
is the flagship company of the group that runs the Radisson Hotel
(NH8) in Delhi. The Kapur Family also owns the Radisson Hotel in
Varanasi. The institute is currently operating from its leased
campus in Udyog Vihar, Gurgaon. However, the trust has concluded
construction of its new 16-acre campus on Sohna Road (Gurgaon).
The new academic session (2014-15) is expected to be operational
from the new campus. Further, the trust also commenced Phase-II of
the capex programme having an outlay of ~Rs. 32 crore; thus,
taking the total outlay to INR82.88 crore for the on-going capex.
As on January 2014 end, INR77.22 crore has been spent.


UNICORN PETROLEUM: CRISIL Reaffirms B+ Rating on INR80MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Unicorn Petroleum
Industries Pvt Ltd (UPIPL) continue to reflect the company's
modest scale of operations and susceptibility of its operating
margins to volatility in raw material prices and foreign exchange
rates.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          5        CRISIL A4 (Reaffirmed)
   Cash Credit            80        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      120        CRISIL A4 (Reaffirmed)
   Packing Credit          5        CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by UPIPL's promoters'
extensive experience in the refined petroleum products industry
and its moderate financial risk profile, marked by moderate debt
protection metrics.
Outlook: Stable

CRISIL believes that UPIPL 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
higher-than-expected cash accruals, driven by improvement in scale
of operations and profitability, while maintaining its working
capital requirements, resulting in improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
in case of deterioration in its financial risk profile, most-
likely because of decline in revenues and profitability, or
elongation in its working capital cycle, or higher-than-expected
debt-funded capital expenditure plans, resulting pressure on
liquidity.

UPIPL was originally established in 1967 as a partnership firm by
Mumbai-based Rathi family. The firm was reconstituted as a private
limited company in 1993. UPIPL manufactures and trades in
petroleum jelly, liquid paraffin, waxes, and aromatic solvents,
which are used primarily in the pharmaceuticals, cosmetics,
pesticide, and agrochemicals industries. Its day-to-day-operations
are managed by Mr. Pramod Rathi and Mr. Rajesh Rathi.


WEBFIL LIMITED: ICRA Reaffirms C+ Rating on INR3.38cr Cash Loan
---------------------------------------------------------------
ICRA has reaffirmed the [ICRA]C+ rating to INR3.38 crore1 fund
based cash credit facility and INR10.30 crore non fund based bank
facilities of Webfil Limited. ICRA has also reaffirmed the
[ICRA]A4 rating to the non fund based facilities which are also
rated on the short term scale.

                        Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             3.38        [ICRA]C+ reaffirmed
   Letter of Credit        5.40        [ICRA]C+/[ICRA]A4
                                       reaffirmed
   Bank Guarantee          4.90        [ICRA]C+/[ICRA]A4
                                       Reaffirmed

The reaffirmation of the ratings primarily takes into account the
recent settlement of a term loan with GoWB which has improved the
debt profile and cashflow of the company. However, the company
continues to delay in payment of interest on the remaining loans
taken from WBIDC and the Government of West Bengal (GoWB). The
ratings are also constrained by extremely weak capital structure
of the company on the back of its large accumulated losses and
large accumulated inventory of the company which is ageing; the
same, if written off, might result in additional losses. The
ratings, however, derives support from the profile of the company
being a part of the Andrew Yule group and substantial stake of
West Bengal Infrastructure Development Corporation in the company.
ICRA also takes note of the significant growth in operating income
witnessed during FY15 on the back of higher project execution and
strong research and development capability of the company, having
developed digital products for the domestic market that carries a
high margin. ICRA also takes cognizance of the decline in
operating margin during FY15 as a result of loss incurred due to a
fire incident at one of the sites and high employee expense.

Webfil Limited (WL) was incorporated in 1979 as a Joint Venture
company of West Bengal Infrastructure Development Corporation Ltd
and the Andrew Yule group. The company is currently engaged in
manufacturing tungsten filament wires used in luminaries and
digital products primarily used in communication and surveillance
services.

Recent Results

WL registered a profit after tax of INR2.63 crore on the back of
an operating income of INR26.14 crore in 2014-15. In 2013-14, the
company registered a profit after tax of INR0.37 crore on the back
of an operating income of INR20.27 crore.


YADU SUGAR: Ind-Ra Affirms 'IND B' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Yadu Sugar
Limited's (YSL) Long-Term Issuer Rating at 'IND B'. The Outlook is
Stable. The agency has also affirmed YSL's INR1,020m fund-based
working capital limit at Long-term 'IND B' with a Stable Outlook
and Short-term 'IND A4'.

KEY RATING DRIVERS

The affirmation reflects YSL's continued weak credit metrics and
tight liquidity position due to high borrowings and interest
obligations. In FY14, interest coverage (operating EBITDA/gross
interest expense) was 0.6x (FY13: 0.6x) and leverage (total
adjusted net debt/operating EBITDAR) was 14.2x (17.0x). According
to the unaudited numbers for FY15 provided by the management, the
interest coverage continued to be below 1x.

The company fully utilised its working capital limits during the
12 months ended June 2015. The interest service and liquidity,
however, have been facilitated by the timely injection of funds by
the promoters in the form of equity. Over the last four years, the
promoters have brought in INR1,180m in the form of equity.

The ratings continue to be constrained by the cyclical nature of
the sugar industry. However, some comfort is drawn from the
presence of a co-generation plant and the two-decade-long
experience of the company's founders in the sugar industry.

RATING SENSITIVITIES

Negative: A negative rating action could result from a decline in
the operating performance or tightening of the liquidity.

Positive: A positive rating action could result from a sustained
improvement in the net interest coverage.

COMPANY PROFILE

Incorporated in 1998, YSL has a 500TCD sugar mill and 32MW co-
generation plant in Sujanpaur, Uttar Pradesh. According to the
management, the top-line is likely to be around INR1,075.0 million
in FY15 (FY14: INR1,392 million).



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


GAJAH TUNGGAL: S&P Lowers CCR to 'B'; Outlook Negative
------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on PT Gajah Tunggal Tbk. to 'B' from 'B+'.  The
outlook is negative.  S&P also lowered its long-term issue rating
on the company's senior secured notes to 'B' from 'B+'.  At the
same time, S&P lowered its long-term ASEAN regional scale rating
on the Indonesia-based tire manufacturer to 'axB+' from 'axBB'.
S&P has removed all the ratings from CreditWatch, where they were
placed with negative implications on May 18, 2015.

S&P lowered the ratings because it now forecasts Gajah Tunggal's
margins, cash flow adequacy ratios, and debt-servicing capacity to
remain below S&P's earlier expectation for the next 12 months at
least.  That is because of a combination of lower revenue,
operating margin, and EBITDA.  Reported debt has also increased
following the depreciation in the Indonesian rupiah (IDR) and
still-elevated capital spending.

S&P projects that Gajah Tunggal's ratio of funds from operations
(FFO) to debt will be 7%-9% and its EBITDA interest coverage will
be slightly below 2.0x in 2015.  The ratios could stay below 12%
and be marginally above 2.0x in 2016, based on an EBITDA margin of
11.5%-12% over the period.  S&P's original expectations for a 'B+'
rating level for Gajah Tunggal included a ratio of FFO to debt of
at least 15% and EBITDA interest coverage of more than 3.0x.  S&P
is therefore revising its assessment of the company's financial
risk profile to "highly leveraged" from "aggressive."

"We do not expect a material improvement in Indonesia's automobile
sector until the end of 2015 at the earliest," said Standard &
Poor's credit analyst Xavier Jean.  "The Indonesian rupiah has
resumed its depreciation against the U.S. dollar, and growth in
wages and disposable income appears to be slowing."

"The Widodo administration's policies have also been slow in
boosting the economy.  We believe these factors will continue to
affect consumers' confidence and their willingness to spend on
higher-cost non-discretionary items," Mr. Jean said.

The domestic slowdown in volumes for Gajah Tunggal is coinciding
with persisting cost inflation, including growing selling and
administrative expenses.  The company is looking to improve
utilization rates through higher export sales and to lower costs,
but a substantial margin improvement from 11%-12% in 2016 is
elusive, in our view.  Competition remains intense in Indonesia,
following capacity expansion in the industry over the past three
years, and demand is soft.  All these limit the scope for price
increases.  Raw material prices are also at multi-year lows and
zhis limits the prospects of a sizable and sustainable improvement
in gross margins.  Finally, any further depreciation of the rupiah
will increase the cost of raw materials denominated in U.S.
dollars.

Gajah Tunggal's liquidity has eroded, in S&P's view, since the
start of the year.  Short-term debt has increased by close to
IDR350 billion.  The cash balance of IDR867.8 billion as of
June 30, 2015, does not capture the August 2015 payment of the
semi-annual interest of about IDR320 billion on the company's U.S.
dollar-denominated notes, which will likely reduce cash balance in
the third quarter.  S&P also believes the company will remain
committed to spending most of the budgeted investments in 2015.
That spending relates to maintenance and projects nearing
completion, which Gajah Tunggal has limited flexibility to reduce
substantially.

"Gajah Tunggal does not yet face imminent refinancing risks, given
its bonds mature in early 2018.  But barring a lasting improvement
in market conditions, sustained capital spending will prevent
Gajah Tunggal from replenishing its cash balance.  This will
coincide with a debt maturity profile that will gradually become
increasingly negative over the next 12 months," Mr. Jean said.

The negative outlook reflects the prospects that Gajah Tunggal's
EBITDA interest coverage does not recover significantly above 2.0x
over the next 12 months if volumes remain sluggish and margins
reduced.  It also reflects the company's eroding liquidity because
of still-high capital spending and an increasingly negative debt
maturity profile.

"We could downgrade Gajah Tunggal if the company's liquidity
weakens because of a failure to roll over maturing working capital
debt, persisting covenant breaches, or a more aggressive cash
depletion because of sustained capital spending.  A material
shortfall between the cash balance and short-term debt could lead
us to revise our assessment of the company's liquidity to "weak."
We could also lower the rating if Gajah Tunggal's EBITDA coverage
remains materially below 2.0x with no prospect of improvement.
This could materialize following a combination of: mid-single-
digit revenue decline because of still-tough domestic conditions
while margins stay below 11%; capital spending substantially
exceeding our expectations and the company relies on additional
debts or capital leases to fund it; or a further deterioration of
the rupiah toward 14,000 for US$1," S&P noted.

S&P could revise the outlook to stable if Gajah Tunggal's cash
flow adequacy stabilizes at higher levels.  S&P believes this
would require a sustainable recovery in the consolidated ratio of
FFO to debt to above 12% or an improvement in the company's EBITDA
interest coverage significantly above 2.0x.  A revision in the
outlook would also be contingent upon an improved debt maturity
profile and enhanced liquidity buffer.



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


SKYMARK AIRLINES: Creditors Back ANA's Rehabilitation Plan
----------------------------------------------------------
Chris Cooper and Kiyotaka Matsuda at Bloomberg News report that
Skymark Airlines Inc.'s creditors approved a rehabilitation plan
backed by ANA Holdings Inc. and rejected one that relied on Delta
Air Lines Inc., finalizing a path back from bankruptcy for Japan's
third-largest airline.

Bloomberg relates that the plan sponsored by ANA met both
necessary conditions in creditors' vote in Tokyo on August 5,
according to Nobuo Sayama, a partner at Integral Corp., the
private-equity firm guiding Skymark's turnaround.  To be approved,
a plan needed the backing of a majority of creditors as well as
the support of creditors holding a majority of Skymark's debt,
Bloomberg says.

Bloomberg notes that Skymark, which filed for bankruptcy
protection in January with liabilities of about JPY300 billion
($2.4 billion), is seeking to return to profitability by paring
costs and ending the use of twin-aisle aircraft. The Tokyo-based
carrier ran short of cash while trying to pay for Airbus Group SE
A380 superjumbos it had ordered, says Bloomberg.

Earlier this year, Skymark and Integral put forward a plan
sponsored by ANA, parent company of All Nippon Airways Co.,
Japan's largest airline, Bloomberg recalls. Under the plan, ANA
would support Skymark through code-sharing, joint purchases,
flight operation management and aircraft maintenance.

In an e-mailed statement, ANA said the result shows creditors
believe in "both the feasibility and speed" of Skymark's plan,
according to Bloomberg. ANA hopes to implement the turnaround plan
swiftly, the statement said.

Bloomberg says Skymark's biggest creditor, Intrepid Aviation Ltd.,
had proposed an alternative plan together with Delta, which was
seeking a domestic partner airline in Japan.

"Intrepid will continue to focus on working constructively with
key stakeholders for outcomes that are in the best interests of
Skymark's employees, business partners and other creditors,"
Intrepid President and Chief Executive Officer Franklin Pray said
in an e-mailed statement after the vote, Bloomberg relays.

Both plans would have injected JPY18 billion into Skymark, with
JPY15 billion being used to pay creditors, a repayment rate of
just 5% on the airline's debts, says Bloomberg.

Under the approved plan, Integral Corp. will have a 50.1% share of
Skymark. A fund established by the Development Bank of Japan Inc.
and Sumitomo Mitsui Financial Group Inc. will have a 33.4% stake,
with ANA holding the remaining 16.5%,  Bloomberg discloses.

                       About Skymark Airlines

Skymark Airlines is a Japanese low-cost carrier based in Tokyo.
The carrier, which commenced operations in 1998, operates domestic
service from its base at Tokyo International Airport.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 30, 2015, Bloomberg News said Skymark Airlines Inc., Japan's
third-largest carrier, filed for bankruptcy protection after
running short of cash, highlighting the failure of growth plans
that climaxed in the ill-fated purchase of six Airbus Group NV
A380 superjumbos.

Skymark said it filed at the Tokyo District Court with
JPY71 billion ($603 million) in liabilities.  President Shinichi
Nishikubo is standing down and Chief Financial Officer
Masakazu Arimori is taking on the role, Bloomberg related.

Skymark was delisted from the Tokyo Stock Exchange in March.



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


AORANGI SECURITIES: Receiver for Statutory Managers Suspended
-------------------------------------------------------------
Emma Bailey at Stuff.co.nz reports that a receiver for the late
Allan Hubbard's statutory managers has been suspended by the
New Zealand Institute of Chartered Accountants for two years.

This is the third time the Invercargill accountant James Hennessy
has appeared in front of the institute and been found guilty of
having conflicts of interest, the report says.

In 2013 he was found guilty of breaching accountancy ethics,
following the dissolution of a NZ$10 million dairy farm owned by a
South Canterbury family, according to the report.

Stuff.co.nz relates that the NZICA found Hennessy guilty of
breaching the institute's ethics in a receivership by failing to
be seen at all times to be independent and free from conflicts of
interest. He was censured and ordered to pay NZ$19,376 to the
institute in costs.

In the decision issued by the institute, it said Hennessy
"accepted an appointment as receiver of a farming partnership when
he acted for the incumbent sharemilker on that farm", who was also
a potential purchaser of the farm, Stuff.co.nz relays.

Stuff.co.nz recalls that the South Otago farm was put into
receivership by statutory managers Grant Thornton, as it owed
Hubbard's Aorangi Securities NZ$10 million. The South Canterbury
family laid the complaint with the institute.

"Although the member [Hennessy] advised the sharemilker he would
no longer act for him, numerous decisions made in the course of
the receivership impacted both his former sharemilker client and
the outcome of the receivership -- for example, leases entered
into with the sharemilker and sales of stock to a third party
financier immediately leased back to the sharemilker," the
decision stated, Stuff.co.nz relays.

The decision suppressed the identity of the South Canterbury
family, the report notes.

In a second case in 2011 not made public he was censured for a
conflict of interest.

Stuff.co.nz says the latest case dated back to 2008 and again
involves failing to deal with conflicts of interest. He developed
an importing business with a client. He loaned money to the
company and then started repaying himself but failed to tell the
other business partners.  He then put the company into liquidation
but this was challenged by the other shareholders of the company.

In its decision released last week the NZICA found Mr. Hennessy
failed to identify and manage conflicts of interest.  Along with
being suspended for two years he has to pay costs of NZ$17,360.

Mr. Hennessy said he removed his financial support of the business
due to the business importing, "illegal handguns from America". He
said his advances to the company were just not documented
properly, the report adds.

                     About Aorangi Securities

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.

On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated
persons" of those entities.  The seven charitable trusts included
in the statutory management are Te Tua, Otipua, Oxford, Regent,
Morgan, Benmore and Wai-iti.  Trevor Thornton and Richard Simpson
of Grant Thornton were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust
Management and Forresters Nominees Company were also added to the
list of businesses under management by Trevor Thorton, Richard
Simpson and Graeme McGlinn, of Grant Thornton, on September 20,
2010.

On June 20, 2011, the Serious Fraud Office laid 50 charges under
Crimes Act against Allan Hubbard in relation to its investigation
into the affairs of Aorangi Securities Ltd; Hubbard Management
Funds; and ASL directors Allan and Margaret (Jean) Hubbard.

The SFO dropped the fraud charges against Allan Hubbard following
Mr. Hubbard's death on Sept. 2, 2011.  Mrs. Hubbard was also
removed from statutory management, effective on Nov. 13, 2011.

The Statutory Management of Aorangi concluded in September 2014.


CAPITAL + MERCHANT: Receivers Closer to NZ$10-Mil. Payment
----------------------------------------------------------
BusinessDesk reports that the receivers for Capital + Merchant
Finance are closer to making a distribution of some NZ$10 million
after settling some claims with first-ranking creditor Fortress
Credit Corp and former trustee Perpetual Trust.

BusinessDesk relates that in the 16th receivers' report, from
KordaMentha's Grant Graham and Brendon Gibson, they said they have
settled a claim from Fortress for NZ$113,000 compared to the
NZ$3.8 million Fortress had claimed, and made a NZ$539,000
settlement payment to Perpetual against its claim of NZ$614,000. A
separate contingent claim from Perpetual "cannot be resolved at
this time," they said.

According to the report, the drawn-out wind-up of Capital +
Merchant is unusual for the degree of squabbling between
stakeholders. KordaMentha's Graham and Gibson are the second set
of receivers, while Perpetual was replaced by Public Trust as
trustee last year, the report relates. BusinessDesk says the
liquidator successfully sued the failed finance company's auditor,
BDO Spicers, while the current receivers are in a separate legal
dispute with Perpetual and the company's solicitors, set for a
hearing in September. Meantime, debenture holders have received
nothing.

BusinessDesk notes that the receivers got NZ$10.3 million of funds
from the NZ$18.5 million settlement between Capital + Merchant's
liquidator and the company's audit firm BDO Spicers. Capital +
Merchant was placed into liquidation under the control of the
Official Assignee in December 2009.

"Since receiving the money from the liquidator, we have been
working to pay a distribution to investors," the receivers, as
cited by BusinessDesk, said. "This has involved having to restore
an electronic copy of the investor database from December 2007. We
have made good progress in this regard and expect to be in a
position to write to all debenture holders within the next month,
seeking confirmation of the accuracy of the company's records of
their investment details."

Once confirmed, the receivers expect to pay a distribution, with
the amount dependent on confirmation of claims, they said,
BusinessDesk relays.

BusinessDesk says former Serious Fraud Office boss Adam Feeley has
described the collapse of Capital + Merchant as being as bad as
anything that occurred in the industry, because nothing had been
recovered for investors. Former Capital + Merchant directors Wayne
Douglas and Neal Nicholls, and chief executive Owen Tallentire
were jailed for fraud in 2012 for what the Court of Appeal later
called "theft on a grand scale."

The washup of the company has been slowed by disputes between the
first ranked creditor, trustees, liquidators, receivers and
auditor, the report notes.

KordaMentha filed action in 2012 against the failed finance firm's
trustee and legal firm Stace Hammond, alleging breach of contract
and negligence, BusinessDesk recalls. At the time there were no
funds to pay for the action and the receivers elected to use a
professional litigation funder.

According to BusinessDesk, the case has been adjourned pending the
outcome of a September hearing on whether the two sides actually
reached a settlement in September 2014. Legal fees for
KordaMentha's case are being met by the litigation financier,
which will get back any money it spends on the case plus any
portion the plaintiffs are made to pay if the claim succeeds or an
out-of-court settlement is reached, the report says.

BusinessDesk relates that the claim follows a High Court decision
last year to replace Perpetual as trustee, due to conflict of
interest, with state-owned Public Trust as a trustee of last
resort. Perpetual itself had appointed KordaMentha as second
receivers for the firm.

BusinessDesk notes that the case is the first time receivers of a
failed finance company have gone to court to pursue recovery from
a trustee company, which is tasked with protecting investors'
interests.

According to BusinessDesk, KordaMentha said in its latest report
that without taking litigation funding "we would have been unable
to pursue the claim." It said that "given there is no risk to
other recoveries, we continue to believe that these parties
[Perpetual Trust and Stace Hammond] must be held to account on
behalf of investors."

Last week, the Financial Markets Authority dropped civil
proceedings against former directors Nicholls, Tallentire, Colin
Ryan and Robert Sutherland, saying the separate criminal
convictions it secured, the actions taken by the receivers and
liquidators, and the limited assets of the four meant "there would
be little prospect of any recovery for investors if it were to
pursue its civil claim," BusinessDesk recalls.

BusinessDesk discloses that the receivers' latest six-monthly
report puts their remuneration at NZ$432,350 including the balance
brought forward from previous periods. The final report from
previous receivers Richard Simpson and Timothy Downes of Grant
Thornton in March 2012, puts their fees and disbursements at
NZ$2.16 million.

                    About Capital + Merchant

Capital + Merchant Finance Limited was placed into receivership on
Nov. 23, 2007, with the appointment of Timothy Downes and Richard
Simpson of Grant Thornton as Receivers. A second receivership also
commenced on Nov. 29, 2007, with the appointment of Grant Graham
and Brendon Gibson of Korda Mentha as Receivers. The first
receivership was concluded on March 21, 2012, and the second
receivership continues. The Official Assignee was appointed
liquidator of the company on Dec. 15, 2009, on the petition of the
Registrar of Companies.

Three former directors of C+M (Nicholls, Douglas and Tallentire)
were convicted of offences under the Crimes Act and the Securities
Act as a result of prosecutions by the Serious Fraud Office (SFO)
and the Financial Markets Authority (FMA). They received total
prison sentences of between six and eight and a half years'
imprisonment. Two of the directors (Ryan and Sutherland) were
ordered to pay reparation totaling NZ$160,000.


WAIMEA CONTRACT: To Trade on as Creditors OK Repayment Deal
-----------------------------------------------------------
Charles Anderson at Stuff.co.nz reports that the top of the
south's largest log transport business, which owes creditors more
than NZ$16 million, will continue operating in the hope of getting
back to profitability.

The creditors of Waimea Contract Carriers Limited voted on
August 3 in favour of a repayment arrangement that will see the
company trade on.

It was placed in voluntary administration in March owing more than
NZ$16 million to about 156 creditors. Those creditors voted that
the company should continue to operate in an attempt to return to
profitable trading, the report relates.

Stuff.co.nz says the company's appointed administrator John Fisk
said the outcome was positive.

"The ongoing support of employees, suppliers, creditors and
customers has allowed the company to take the required steps to
return to profitable trading. These steps have ultimately enabled
the company to propose a plan to frozen creditors for repayment in
full while the business trades on," the report quotes Mr. Fisk as
saying.

Stuff.co.nz relates that following a period of "adverse trading
conditions", Price Waterhouse Coopers (PwC) partners Fisk and
Richard Longman were appointed administrators to the business on
March 30 when all debts of the company were effectively frozen.

During the administration, the PwC team worked closely with the
directors, Jenny and Peter McIntyre, and other key stakeholders,
to rehabilitate the business, Mr. Fisk said, the report relays.
"A key factor in today's result was the strong support that the
company received from its customers, both during the
administration and in confirming future supply arrangements."

At the meeting creditors were able to vote to decide the future of
the company, according to the report.  Stuff.co.nz relates that
the administrators proposed a "deed of company arrangement" which
set out the terms and conditions for repayment of 100 cents in the
dollar to all frozen trade creditors. Most creditors would be paid
in full within the next month, while a smaller number of larger
creditors would be paid out progressively over time through
November 2018.

The agreement was unanimously approved by creditors. After it is
executed the directors will resume control of the company and the
administration will cease, the report notes.

PwC, however, would continue to have a monitoring role during the
repayment period, says Stuff.co.nz.

According to the report, Waimea Contract Carriers Limited director
Jenny McIntyre said it had been a challenging period but the
company had taken "a big step forward".

"The support and loyalty from our staff and everyone else has been
overwhelming. We are excited about the future," the report quotes
Ms. McIntyre as saying.

                        About Waimea Contract

Waimea Contract Carrier is a privately-owned transport operator
that carts logs for the major forest owner in the Nelson,
Marlborough and West Coast regions, in New Zealand.

John Fisk and Richard Longman, were appointed joint and several
Administrators of Waimea Contract Carriers Limited on March 30,
2015.



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


E-MART INC: To Rev Up China Business, Ends Store Closures
---------------------------------------------------------
Lee Minji at Yonhap News Agency reports that E-Mart Inc., South
Korea's largest discount grocer, said on August 5 that it aims to
end the restructuring of its Chinese business and focus on
improving it, but skeptics remained negative on the company's
operations in China.

Yonhap relates that the retail giant, which once operated as many
as 27 branches in China, has been shutting down stores in the past
five years, spurring speculation it may even exit from the Chinese
market.

"With the Aug. 3 closure of a branch in Shanghai, there will be no
additional shutdowns of the remaining eight branches in east
China," the report quotes a media official at the Shinsegae
affiliate as saying.  "The region continues to be one of the most
profitable regions and some of our branches there are even posting
a profit. China is a market that we cannot give up," the official
said.

Yonhap notes that following a massive KRW111.4 billion (US$95.2
million) loss in 2011, the company's China unit has remained in
the red for several years. In the first three months of this year,
its net loss reached KRW12.1 billion, the report discloses.

According to the report, the company projected its net loss to
improve 35% on-year this year as the restructuring efforts are
nearing an end and as it moves to bolster its online Chinese-
language shopping platform.  But some market watchers raised
doubts about the company's plan to stay in the country.

"The company is expected to close down its remaining stores as the
market there is pretty tough," said one analyst, asking not to be
named, the report relays. "Its entrance into other countries is a
more positive scenario since the market there is still growing."

Yonhap says South Korean retailers, including E-Mart and its
smaller rival, Lotte Mart, have been struggling to stay afloat in
the Chinese market, where competition from local retailers as well
as e-commerce operators is fierce.

E-Mart does not operate overseas branches outside of China, the
report notes.

The company plans to launch its first branch in Vietnam in
December and is looking into opening more stores in Vietnam and
Mongolia as early as next year, Yonhap adds citing company
officials.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***