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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Tuesday, August 11, 2015, Vol. 18, No. 157


                            Headlines


A U S T R A L I A

BRANDUP PTY: First Creditors' Meeting Set For Aug. 17
COFFS HARBOUR: First Creditors' Meeting Set For Aug. 18
HANCOCK PROSPECTING: Convicted and Fined For Late Accounts
MISSION NEWENERGY: Settles Dispute with KNM Process
QANTAS AIRWAYS: Moody's Raises Sr. Unsecured Rating to Ba1

TARRANTS FINANCIAL: First Creditors' Meeting Set For Aug. 20
WENATEX QLD: First Creditors' Meeting Set For Aug. 19


C H I N A

MIE HOLDINGS: S&P Puts 'B' CCR on CreditWatch Negative


I N D I A

APURVA BIOPHARM: CRISIL Reaffirms D Rating on INR35M Packing Loan
APURVA BIOSCIENCES: CRISIL Reaffirms D Rating on INR149.5MM Loan
ASHUTOSH FIBRE: CRISIL Assigns B+ Rating to INR82.4MM Term Loan
AURO IMPEX: ICRA Assigns 'B' Rating to INR5.0cr Term Loan
AURO INDUSTRIES: ICRA Assigns B+ Rating to INR8.0cr Cash Credit

BAMBINO AGRO: Ind-Ra Hikes Long-Term Issuer Rating From 'IND BB+'
BHARGAB ENGINEERING: CRISIL Ups Rating on INR20MM Cash Loan to B
DAKSHINESWAR RICE: CRISIL Ups Rating on INR47.8MM Loan to B+
DECO EQUIPMENTS: ICRA Suspends 'D' Rating on INR8cr Term Loan
DUDHEPUKUR COLD: CRISIL Ups Rating on INR53.5MM Cash Loan to C

EVER ELECTRONICS: ICRA Reaffirms 'B' Rating on INR19.25cr Loan
FRIENDS AGRO: ICRA Reaffirms 'B' Rating on INR9.60cr Loan
GANESH RICE: CRISIL Lowers Rating on INR120MM Cash Loan to 'D'
GANPATI AGRI: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB-'
J. S. BEDI: CRISIL Reaffirms B Rating on INR129.7MM LT Loan

JALAN CON: ICRA Assigns B+ Rating to INR11.0cr Fund Based Loan
JOSAN FOODS: CRISIL Cuts Rating on INR370MM Cash Loan to 'D'
K.P. SOLVEX: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
KANNAPPAN IRON: Ind-Ra Affirms 'IND BB+' Long-Term Issuer Rating
MAHALAXMI WIRE: ICRA Withdraws B+ Rating on INR6.0cr Cash Loan

MALANKARA SOCIAL: CRISIL Assigns B- Rating to INR50MM Term Loan
MANAV AGRI: CRISIL Reaffirms B+ Rating on INR75MM Cash Credit
MEENAKSHI INFRASTRUCTURES: ICRA Rates INR145cr Loan at C
PULIMOOTTIL SILKS: CRISIL Reaffirms B+ Rating on INR60MM Loan

PULIMOOTTIL SILKS KOTTAYAM: CRISIL Keeps B+ INR55MM Loan Rating
RAM ENGINEERS: CRISIL Reaffirms B+ Rating on INR40MM Bank Loan
RATANPUR COLD: CRISIL Reaffirms B Rating on INR35MM Cash Loan
REXON STRIPS: ICRA Suspends 'C' Rating on INR22cr Cash Credit
RICASIL CERAMIC: ICRA Suspends B+/A4 Rating on INR64.20cr Loan

SATHYA SHANMUKHA: ICRA Assigns B+ Rating to INR5.0cr LT Loan
SESHASAYEE KNITTINGS: CRISIL Reaffirms B+ Rating on INR50MM Loan
SONAR BANGLA: CRISIL Raises Rating on INR69MM Cash Loan to B+
SUSEE MOTORS: ICRA Reaffirms B Rating on INR3.0cr LT Loan
U GOENKA: ICRA Reaffirms 'B' Rating on INR1.0cr Cash Credit

UNITED GRANITES: CRISIL Assigns B+ Rating to INR42.5MM Loan
ZANZAR JEWELLERS: ICRA Suspends B+ Rating on INR7cr LT Loan


J A P A N

TOSHIBA CORP: Scandal Puts Focus on Japan's Cut-Price Audits


N E W  Z E A L A N D

PUMPKIN PATCH: Chief Financial Officer Steve McKay Steps Down


S I N G A P O R E

STATS CHIPPAC: Moody's Lowers CFR to B1; Outlook Negative


S O U T H  K O R E A

* SOUTH KOREA: Major Shipbuilders Expect Record Losses This Year


X X X X X X X X

* BOND PRICING: For the Week August 3 to August 7, 2015


                            - - - - -


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


BRANDUP PTY: First Creditors' Meeting Set For Aug. 17
-----------------------------------------------------
Domenic Calabretta of Mackay Goodwin was appointed as
administrator of Brandup Pty Ltd, Brandup Building Solutions Pty
Ltd, Buildup Building & Renovations Pty Ltd, Green Tomorrow Pty
Ltd, and Green Tomorrow Eco Solutions Pty Ltd on Aug. 5, 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. 17, 2015, at 2:30 p.m.


COFFS HARBOUR: First Creditors' Meeting Set For Aug. 18
-------------------------------------------------------
David Morgan and Morgan Chubb of Clout & Associates were appointed
as administrators of Coffs Harbour Catholic Recreation & Sporting
Club Limited, formerly Trading As Club Coffs on West High, on Aug.
6, 2015.

A first meeting of the creditors of the Company will be held at
Novatel Pacific Bay Resort, Cnr of Bay Drive and Pacific Highway,
in Coffs Harbour, on Aug. 18, 2015, at 2:00 p.m.


HANCOCK PROSPECTING: Convicted and Fined For Late Accounts
----------------------------------------------------------
Hancock Prospecting and two related entities on August 10 were
convicted and fined for lodging their financial accounts late.

Appearing in Perth Magistrates Court, Hancock Prospecting Pty Ltd,
Hancock Minerals Pty Ltd and Hope Downs Iron Ore Pty Ltd pleaded
guilty to failing to submit multiple financial reports on time
between 2008 and 2012. Accounts must be lodged within four months
of their balance date.

Magistrate Huston convicted the companies of 13 counts of
breaching section 319 of the Corporations Act 2001 and
collectively fined them AUD130,000.

ASIC Commissioner Greg Tanzer said, 'Financial accounts hold
important information for shareholders, creditors and the public
to help them make informed decisions.

'ASIC will continue to take enforcement action against companies
who fail to meet their financial reporting obligations.'

From July 1, 2014, to April 30, 2015, ASIC had 17 successful
criminal prosecutions and obtained fines of between AUD1,000 and
AUD27,000 for 17 public companies for failing to lodge financial
accounts.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.


MISSION NEWENERGY: Settles Dispute with KNM Process
---------------------------------------------------
Mission NewEnergy Limited disclosed with the Securities and
Exchange Commission that the ongoing dispute with KNM Process
Systems Sdn Bhd has been amicably settled.

Under the Settlement, Mission will pay to KNM AUD4 million, being
the amount put aside by Mission upon the sale of Mission's 250,000
tpa refinery in February 2015, pursuant to a consent order agreed
to by Mission and KNM earlier. Both parties have agreed to
withdraw all other claims and counter claims and will discontinue
all legal actions against each other.

The CEO of Mission, Dato' Nathan Mahalingam said, "Mission is
extremely pleased to put this matter behind us and we look forward
to working to enhance the existing asset value of Mission and to
look for new strategic directions for the Company."

                    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 AUD1.09 million on
AUD9.68 million of total revenue for the year ended June 30, 2014,
compared to net income of AUD10.05 million on AUD8.41 million of
total revenue during the prior year.

The Company's balance sheet at June 30, 2014, showed AUD4.04
million in total assets, AUD15.40 million in total liabilities and
a AUD11.35 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.


QANTAS AIRWAYS: Moody's Raises Sr. Unsecured Rating to Ba1
----------------------------------------------------------
Moody's Investors Service upgraded the senior unsecured ratings of
Qantas Airways Ltd. to Ba1 from Ba2.  Moody's has also upgraded
Qantas' program ratings to (P)Ba1 from (P)Ba2.  At the same time,
Moody's affirmed the Qantas' Ba1 corporate family rating and NP
(not prime) /(P)NP short term rating.  The outlook on all ratings
is positive.

RATINGS RATIONALE

"The upgrade of Qantas' senior unsecured rating to Ba1, reflects
the considerable progress Qantas has made in improving its
financial and operating profile, which has allowed the company to
reduce debt levels including secured debt in its capital
structure" says Matthew Moore a Moody's Vice President- Senior
Credit Officer, "This combined with increases in the unencumbered
fleet has improved Moody's expectations for loss given default for
Qantas' senior unsecured debt".

As part of the strengthening of Qantas' financial profile, the
company has been paying down debt including reducing secured debt.
The company has also cash funded several aircraft purchases and
has retired debt on a number of aircraft all of which have led to
increases in the number of unencumbered aircraft and the value of
the unencumbered fleet.

"The upgrade of the senior unsecured rating also factors in
Moody's expectation that these trends will continue over the next
12-to-24 months, with Qantas continuing to increase the level of
its unencumbered fleet via a reduction in its level of secured
borrowings, cash funding of aircraft purchases and the buy-out of
operating leases", says Moore.

As Qantas unencumbered fleet increases the value available to
unsecured creditors in a potential default scenario improves,
which reduces Moody's expectation for the loss given default of
the unsecured creditors.  The value of Qantas' non-fleet assets,
such as its Loyalty Business, land holdings, joint ventures and
landing slots also support recovery prospects for senior unsecured
creditors.

A further consideration underpinning the upgrade is Moody's view
that the security package provided to senior secured creditors
provides solid coverage for the secured debt outstanding and that
these facilities lack an all assets pledge.  As a result, Moody's
believes a large portion of the value of the unencumbered fleet
and other assets will be available to the unsecured creditors.

Moody's expects that the proportion of secured debt will continue
to reduce over the next 12-24 months.  Secured debt, excluding
finance leases, declined by around $500 million in FY14 and
Moody's anticipates $300 to $400 million of repayments in FY15.
Moody's expects similar repayments over the next 12-to-24 months
based on amortization profiles.

The affirmation of the corporate family rating reflects the
continued improvement in the operating environment and Moody's
expectations for improvement in Qantas' financial performance.
Moody's expects the company to continue to make solid progress on
its transformation program, which combined with a more
conservative approach to capacity management in the domestic
market -- and the benefits from lower fuel prices and a weaker
Australian dollar -- should all lead to improving earnings and
credit metrics over the next 12-18 months.

The positive outlook captures Moody's expectation that the current
positive conditions in the domestic market will be maintained and
that Qantas will continue to maintain strong levels of liquidity.

WHAT COULD CHANGE THE RATINGS

The ratings could experience positive momentum if the company is
able to continue to execute on its transformation program and
current operating conditions are sustained or improved in both the
domestic and international market.  Specifically, ratings could be
upgraded if Qantas is able to maintain leverage below 4.0x under
several scenarios, including weaker operating conditions; and a
return to increased competition, particularly in the domestic
market, increasing fuel prices and a stronger Australian dollar.

The ratings could face negative pressure if Qantas is unable to
sustain and/or build on recent improvements in its core
profitability of its international and domestic businesses or
reduce debt to appropriate levels, commensurate with its
sustainable earnings.  Financial metrics that Moody's would look
for include Debt/EBITDA remaining above 5.0x on a sustained basis.
In addition, a material deterioration in liquidity could impact
the carrier's ratings.

Qantas' senior unsecured ratings could also face negative pressure
if the company does not reduce secured debt and increase the level
of its unencumbered fleet in line with Moody's expectations over
the next 12-18 months.

Qantas is Australia's largest domestic carrier and estimates its
total domestic market share at around 63%.

The principal methodology used in these ratings was Global
Passenger Airlines published in May 2012.


TARRANTS FINANCIAL: First Creditors' Meeting Set For Aug. 20
------------------------------------------------------------
Jamieson Louttit of Jamieson Louttit & Associates was appointed as
administrator of Tarrants Financial Consultants Pty Limited on
Aug. 10, 2015.

A first meeting of the creditors of the Company will be held at
Jamieson Louttit & Associates, Penfold House, Suite 73, Level 15
88 Pitt Street, in Sydney, on Aug. 20, 2015, at 12:00 p.m.


WENATEX QLD: First Creditors' Meeting Set For Aug. 19
-----------------------------------------------------
Joanne Dunn and Ginette Muller of FTI Consulting were appointed as
administrators of Wenatex QLD Pty Ltd on Aug. 6, 2015.

A first meeting of the creditors of the Company will be held at
FTI Consulting, 22 Market Street, in Brisbane, on Aug. 19, 2015,
at 2:00 p.m.



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C H I N A
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MIE HOLDINGS: S&P Puts 'B' CCR on CreditWatch Negative
------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long-term
corporate credit rating and 'cnBB-' long-term Greater China
regional scale rating on MIE Holdings Corp. on CreditWatch with
negative implications.  S&P also placed its 'B' long-term issue
rating and 'cnBB-' Greater China regional scale rating on MIEH's
outstanding senior unsecured notes on CreditWatch with negative
implications.

S&P placed the ratings on CreditWatch because its assessment of
MIEH may be affected by the company's proposal to acquire a 43.9%
interest in Long Run Exploration Ltd. (LRE), a Canada-based oil
and gas producer.

"In our view, MIEH does not have enough cash resource to fund this
transaction, based on its operating cash flow and cash on hand,"
said Standard & Poor's credit analyst Jian Cheng.  "We have no
clarity on the funding structure for the acquisition.  Different
funding sources may lead to different assessments of MIEH's cash
flow leverage and liquidity status, if we assume that MIEH will
take full consolidation of LRE."

LRE's large exposure to natural gas and natural gas liquids could
change S&P's view of MIEH's business risk profile.  However, S&P
also notes that the proposed acquisition could potentially
increase MIEH's reserve base, and asset and geographic
diversification.  The company's profitability and volatility may
change due to a different asset mix.

S&P aims to resolve the CreditWatch status when a clear funding
structure for the proposed acquisition is available or the
proposed acquisition is fully completed.  S&P will assess the
potential impact on MIEH's profitability, cash flow leverage and
liquidity status after consolidation of LRE.

"We may lower the corporate credit rating on MIEH to 'B-' if the
company's operating margin deteriorates significantly due to an
increasing cost position, MIEH's cash flow leverage falls within
the lower end of a "highly leveraged" category or we believe that
the company's liquidity has deteriorated to weak," said Mr. Cheng.



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I N D I A
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APURVA BIOPHARM: CRISIL Reaffirms D Rating on INR35M Packing Loan
-----------------------------------------------------------------
CRISIL ratings on the bank facilities of Apurva Biopharm Inc (ABI)
continues to reflect  instances of overdrawing on ABI's working
capital facilities which lasted for more than 30 days and delays
in servicing of term debt obligations caused by the company's weak
liquidity. Its weak liquidity is driven by its highly working-
capital-intensive operations and delay in receiving payments from
its debtors/clients.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           5        CRISIL D (Reaffirmed)
   Cash Credit              5        CRISIL D (Reaffirmed)
   Letter of Credit        10        CRISIL D (Reaffirmed)
   Packing Credit          35        CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       5.4      CRISIL D (Reaffirmed)
   Standby Letter of
   Credit                   6        CRISIL D (Reaffirmed)
   Term Loan                3.6      CRISIL D (Reaffirmed)

The ratings continue to reflect ABI's below-average financial risk
profile, marked by a high gearing and a small net worth, modest
scale of operations and large working capital requirements. These
rating weaknesses are partially offset by the extensive experience
of ABI's proprietor in the pharmaceuticals industry.

ABI, established in 2007 by Mr. Sambhaji Ramchandra Varne
manufactures pharmaceutical formulations. It manufactures various
anti-cancer, antibiotic, antiretroviral and anti-diabetic
products, apart from therapeutic drugs. The firm exports its
products under its own brand to various pharmaceutical
institutions in Asia, West Africa and Latin America.


APURVA BIOSCIENCES: CRISIL Reaffirms D Rating on INR149.5MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Apurva
Biosciences Pvt Ltd (ABPL) continues to reflect instances of
delays by ABPL in servicing its term debt obligations caused by
the company's weak liquidity. Its weak liquidity is driven by
delay in commencement of ABPL's operations.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             10        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      70.5      CRISIL D (Reaffirmed)

   Term Loan              149.5      CRISIL D (Reaffirmed)

The rating continues to reflect ABPL's weak financial risk
profile, which is constrained mainly by the company's large on-
going debt-funded capital expenditure project. The rating also
factors in ABPL's exposure to risks related to the start-up phase
of its operations, susceptibility to intense industry competition,
and expected small scale of operation. These rating weaknesses are
partially offset by the benefits that ABPL derives from the
extensive experience of its promoter in the pharmaceutical generic
drugs industry.

ABPL, incorporated in 2010, is promoted by Mr. Sambhaji R Varne.
It is setting up a pharmaceutical formulations facility at Amrapur
near Manor (Maharashtra).


ASHUTOSH FIBRE: CRISIL Assigns B+ Rating to INR82.4MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Ashutosh Fibre Pvt Ltd (AFPL).

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                82.4      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       52.6      CRISIL B+/Stable
   Letter of Credit          5        CRISIL A4
   Cash Credit              25        CRISIL B+/Stable
   Export Packing Credit    15        CRISIL B+/Stable

The ratings reflect the company's weak financial risk profile
marked by a small net worth and high gearing, and its modest scale
of operations. These rating weaknesses are partially offset by the
promoter's extensive experience in the yarn processing and
manufacturing industry, its diversified product mix, and its
healthy profitability.
Outlook: Stable

CRISIL believes that AFPL will continue to benefit from its
promoters' extensive industry experience over the medium term. The
outlook may be revised to 'Positive' in case of a significant
improvement in scale of operations with sustained profitability
while capital structure improves, marked by reduction in working
capital requirements or substantial equity infusion. Conversely,
the outlook may be revised to 'Negative' if AFPL's financial risk
profile weakens, marked by a decline in profitability or a stretch
in working capital cycle or large debt-funded capital expenditure.

AFPL was founded in 1985 by Mr.Shri Purushottamdas S Patel. In
1995, the current management took over the operations; AFPL has
remained fully operational since 2000. The company manufactures
different types of technical yarn as well as traditional cotton
and synthetic yarns. AFPL has its manufacturing and processing
units at Petlad (Gujarat).


AURO IMPEX: ICRA Assigns 'B' Rating to INR5.0cr Term Loan
---------------------------------------------------------
ICRA has assigned an [ICRA]B rating to the INR5.00 crore term loan
and INR3.00 crore cash credit facilities of Auro Impex & Chemicals
Pvt. Ltd. ICRA has also assigned an [ICRA]A4 rating to the INR1.50
crore letter of credit and INR0.40 crore bank guarantee facilities
of AICPL.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund Based Limits-
   Term Loan                 5.00        [ICRA]B assigned

   Non Fund Based Limits
   Cash Credit               3.00        [ICRA]B assigned

   Non Fund Based Limits
   Letter of Credit          1.50        [ICRA]A4 assigned

   Non Fund Based Limits
   Bank Guarantee            0.40        [ICRA]A4 assigned

The assigned ratings take into account AICPL's small scale of
operations in the manufacturing of pollution control equipments,
limited bargaining power with the customers who are mostly large
corporate, resulting in pressure on margins, and the stretched
liquidity position of the company due to high inventory levels and
high receivables on account of blockage of funds towards retention
money and high credit period offered to the customers. The ratings
are also impacted by the company's ability to execute the orders
within stipulated time, given the provision for liquidated damages
(LD) clause in the contracts and vulnerability of the
profitability to any adverse change in raw material prices, given
the contracts are primarily 'fixed price' in nature, though the
same is mitigated to some extent due to short execution cycle. The
ratings however positively factor in the experience of the
management of more than three decades in the trading of pollution
control equipments, reputed client base for being an approved sub-
vendor of NTPC Limited and healthy order book position with order
book/OI of 1.94 times resulting in revenue visibility in near term
at least.

Going forward, the company's ability to scale up its operations,
while maintaining its profitability and managing the liquidity
efficiently, would remain critical from a credit perspective.

Incorporated in 1994, AICPL is currently engaged in the
manufacturing of components, spares and fabricated internal
structures primarily used in the pollution control equipment such
as electrostatic precipitators, etc. Earlier, the company was
engaged in the trading of electrical and engineering goods. Since
2012-13, AICPL has diversified its business portfolio and started
the manufacturing business at Village-Khajurdaha, in Hooghly
district of West Bengal. Auro Industries Limited, a company under
the same management, is engaged in the dealership and distribution
of a variety of electrical equipments/ accessories and is rated at
[ICRA]B+ and [ICRA]A4.

Recent Results
In 2014-15, the company reported a net profit of INR0.06 crore on
an operating income of INR18.43 crore; as compared to a net loss
of INR1.23 crore on an operating income of INR6.91 crore in 2013-
14.


AURO INDUSTRIES: ICRA Assigns B+ Rating to INR8.0cr Cash Credit
---------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR8.00
crore cash credit facility of Auro Industries Limited. ICRA has
also assigned a short term rating of [ICRA]A4 to the INR3.00 crore
non-fund based facilities of Auro Industries Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-
   Cash Credit             8.00         [ICRA]B+ assigned

   Non Fund Based Limi-
   Letter of Credit        2.25         [ICRA]A4 assigned

   Non Fund Based Limit-
   Bank Guarantee          0.75         [ICRA]A4 assigned

The assigned rating takes into consideration the small scale of
current operations, and high competitive intensity due to
fragmented and low value-added nature of the industry, which
results in thin profit margins. The ratings are further
constrained by the weak financial profile of AIL characterized by
nominal cash accruals, leveraged capital structure and depressed
level of coverage indicators. ICRA notes that the working capital
intensity of operations of the company has remained high, owing to
significant receivables position that adversely impacts its
liquidity. The rating, however, derives comfort from the long
experience of the promoters in the dealership and distribution of
various electrical equipments/accessories and a diversified
product profile that reduces the dependence on the performance of
a particular product or industry.

In 1990, Auro Enterprises was set up as a proprietorship firm by
Mr. Madhusudhan Goenka for manufacturing of foundry fluxes. In
1995, it was reconstituted as a corporate body and renamed Auro
Industries Limited (AIL). The company is currently engaged in
dealership and distribution of a variety of electrical
equipments/accessories such as uninterrupted power systems (UPS)
of Ador Powerton Limited, light fittings of Philips India Limited,
and insulators of XHDC Special Ceramics Co. Ltd (China), etc. AIL
is also engaged in the trading of textiles and other products.
Additionally, the company is the sole C&F agent for automotive
batteries of Tractors and Farm Equipment Limited in West Bengal.
Auro Impex and Chemicals Private Limited, a company under the same
management is engaged in the manufacturing of components, spares
and fabricated internal structures primarily used in pollution
control equipment and is rated at [ICRA]B and [ICRA]A4.

Recent Results
In 2014-15, the company reported a profit after tax of INR0.21
crore (provisional) on an operating income of INR40.25 crore
(provisional). The company reported a net profit of INR0.19 crore
on an operating income of INR38.25 crore in 2013-14.


BAMBINO AGRO: Ind-Ra Hikes Long-Term Issuer Rating From 'IND BB+'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Bambino Agro
Industries Ltd's (BAIL) Long-Term Issuer Rating to 'IND BBB-' from
'IND BB+'. The Outlook is Stable.

KEY RATING DRIVERS

The upgrade reflects an improvement in BAIL's revenue and
profitability. Revenue grew 10.7% yoy in FY14 (year ended
September 2014) to INR2,605.9m and a further 6.6% in to
INR1,258.4m FY15 (six months' year ended March 2015; FY14
corresponding period: INR1,180.5m) due to its increased
distributor network which resulted in better market penetration.
EBITDA margins increased 90bp during FY15 to 9.6% (FY14: 8.7%) on
scale benefits. Ind-Ra believes with the continuous top-line
growth, margin expansion and deleveraging of the balance sheet due
to term debt payment, coupled with the absence of short-term
capex, the company's net leverage is likely to be below 3.0x by
FYE16 (FY15 annualised: 3.0x; FY14: 3.6x) and interest cover above
2.0x (1.8x; 2.0x).

The ratings continue to be supported by BAIL's leadership position
in the pasta industry, the proximity of its manufacturing plants
to major wheat growing regions and its strong distribution
network. BAIL's brand, Bambino, has strong recognition in the
branded vermicelli market. The ratings also benefit from the
promoters' over three-decade-long experience in the pasta
industry.

Liquidity continues to be the primary rating constraint with
around 99% average peak utilisation of fund-based working capital
facilities. The ratings remain constrained by the company's
exposure to regulatory and monsoon-related risks, wheat being the
main input.

RATING SENSITIVITIES

Positive:A sustained improvement in the credit profile and
liquidity could lead to a positive rating action.

Negative: A decline in the profitability leading to the gross
interest coverage being sustained below 1.5x could lead to a
negative rating action.


BHARGAB ENGINEERING: CRISIL Ups Rating on INR20MM Cash Loan to B
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Bhargab Engineering Works (BEW) to 'CRISIL B/Stable' from 'CRISIL
C', while reaffirming its rating on the short-term facility at
'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20        CRISIL B/Stable (Upgraded
                                     from 'CRISIL C')
   Packing Credit          30        CRISIL A4 (Reaffirmed)

The rating upgrade reflects timely repayment of a short term loan
availed of from Reliance Capital for working capital requirements.
BEW's business risk profile remains stable as reflected by
operating income of INR223 million in 2014-15 (refers to financial
year, April 1 to March 31). Operating income, however, declined
slightly from INR248 million in the previous year due to lower
realisations.

BEW's financial risk profile remains below average, with moderate
gearing of 1.01 time and modest net worth of INR59.5 million as on
March 31, 2015. The firm's debt protection metrics were average,
with interest coverage and net cash accruals to total debt ratios
at 2.31 times and 0.13 times, respectively, in 2014-15.

Due to its working-capital-intensive operations, BEW's bank line
of INR50 million remains fully utilised. Cash accruals of INR7.8-9
million will be sufficient to meet debt obligations of INR1.2
million over the medium term. Moreover, the promoters have
financially backed the firm's liquidity by extending unsecured
loans of INR12.5 million, which will remain in the business over
the medium term. CRISIL believes that BEW's liquidity will remain
moderate over the medium term due to the firm's highly working-
capital-intensive operations and low cash accruals.

The ratings reflect BEW's large working capital requirements and
below-average financial risk profile, marked by small net worth.
These rating weaknesses are partially offset by the extensive
experience of the promoters in manufacturing tea-blending and tea-
cleaning machinery.
Outlook: Stable

CRISIL believes that BEW will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm ramps up its
scale of operations and improves its operating margin and
liquidity. Conversely, the outlook may be revised to 'Negative' if
BEW's financial risk profile deteriorates due to stretch in the
working capital cycle leading to pressure on liquidity, or if it
undertakes any debt-funded capital expenditure programme.

BEW was established in 1954 by the late Mr. Pranatosh Kumar Sen in
Kolkata. The firm is currently managed as a partnership concern by
his sons, Mr. Sanjib Kumar Sen and Mr. Aritra Ranjan Sen. BEW has
been manufacturing tea-blending and tea-cleaning machinery since
1970; it mostly exports its products but also supplies in the
domestic market. Its assembling workshop is at Benaras Road,
Howrah (West Bengal).


DAKSHINESWAR RICE: CRISIL Ups Rating on INR47.8MM Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Dakshineswar Rice Mill (DRM) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            29.2       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Term Loan              47.8       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects improvement in DRM's business risk
profile, marked by a significant increase in its scale of
operations. The firm's revenue has increased to around INR285
million in 2014-15 (refers to financial year, April 1 to
March 31), from INR133 million in 2013-14. The increase was driven
by stabilisation of its manufacturing facility during its first
full year of operations. The rating upgrade also factors in DRM's
efficient working capital management, with gross current assets at
79 days as on March 31, 2015.

Furthermore, the firm's financial risk profile has improved with a
lower gearing and better debt protection metrics. The gearing
reduced to 1.3 times as on March 31, 2015, from 1.7 times a year
earlier, and is expected to improve further over the medium term
backed by the scheduled repayment of its term loan. The firm's
debt protection metrics are above average, with interest coverage
ratio of 2.8 times and net cash accruals to total debt ratio of 29
per cent for 2014-15. Its liquidity is adequate, with bank limits
utilised at an average of 88 per cent over the 12 months through
March 2015. CRISIL believes that DRM's business risk profile will
remain moderate over the medium term, supported by efficient
working capital management and adequate liquidity.

The rating continues to reflect DRM's small scale of operations in
the fragmented rice milling industry, and the firm's
susceptibility to fluctuations in raw material prices, to vagaries
of the monsoon, and to regulatory changes. These rating weaknesses
are partially offset by the extensive industry experience of DRM's
promoters.
Outlook: Stable

CRISIL believes that DRM will continue to benefit over the medium
term from the healthy prospects for the rice processing industry.
The outlook may be revised to 'Positive' in case of a substantial
increase in the firm's scale of operations, better working capital
management, or infusion of equity by its promoters, leading to
significant improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if DRM's cash accruals
are lower than expected, its working capital cycle is stretched,
or it undertakes a debt-funded capital expenditure programme,
leading to deterioration in its financial risk profile,
particularly its liquidity.

Established in 2012 as a partnership firm, DRM is engaged in
milling of non-basmati parboiled rice. Its manufacturing facility
is at Burdwan (West Bengal). The firm's day-to-day operations are
looked after by one of its partners, Mr. Bishnu Kumar Ghosh.


DECO EQUIPMENTS: ICRA Suspends 'D' Rating on INR8cr Term Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR8.00
crore term loan and INR4.00 crore long term fund based facilities
of Deco Equipments Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


DUDHEPUKUR COLD: CRISIL Ups Rating on INR53.5MM Cash Loan to C
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Dudhepukur Cold Storage Pvt Ltd (DCSPL) to 'CRISIL C/CRISIL A4'
from 'CRISIL D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         1.8        CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Cash Credit           53.5        CRISIL C (Upgraded from
                                     'CRISIL D')

   Proposed Long Term    29.4        CRISIL C (Upgraded from
    Bank Loan Facility               'CRISIL D')

   Term Loan             40          CRISIL C (Upgraded from
                                     'CRISIL D')

   Working Capital        6.2        CRISIL C (Upgraded from
   Loan                              'CRISIL D')

The rating upgrade reflects the company's timely repayment of debt
obligation over the last six months ended July, 2015. The
liquidity profile of the company however remains weak on account
of low profitability and tightly matched cash accruals against
repayment obligation.

The ratings reflect DCSPL's stretched liquidity owing to low
profitability and tightly matched cash accruals against repayment
obligation. The ratings also factor in the company's weak
financial risk profile, marked by a small net worth and weak debt
protection metrics. Moreover, DCSPL's operations are in the
initial stage, and are exposed to risks related to the highly
fragmented cold storage industry and fluctuations in potato
prices. These rating weaknesses are partially offset by the
extensive experience of the company's promoters in the
agriculture-related business, mainly potato trading.

Incorporated in 2011, DCSPL operates a cold storage unit
(primarily for storing potatoes) in Bankura (West Bengal). The
unit started its operations from February 2012.


EVER ELECTRONICS: ICRA Reaffirms 'B' Rating on INR19.25cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR19.25
crore (reduced from INR20.75 crore) Term Loan facilities and
INR3.00 crore Cash Credit facility of Ever Electronics Private
Limited (EEPL) at [ICRA]B. ICRA has also reaffirmed the short term
rating assigned to the INR4.75 crore (enhanced from INR3.25 crore)
non fund based facilities of EEPL at [ICRA]A4.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term loans             19.25        [ICRA]B reaffirmed
   Cash Credit             3.00        [ICRA]B reaffirmed
   Bank Guarantee          4.75        [ICRA]A4 reaffirmed

The ratings reaffirmation takes into consideration long standing
experience of promoters who enjoy good relationship with customers
as well as expansion in the product portfolio which has resulted
into improved revenue performance. The company had been taken over
by the new management which has resulted in addition of new
products to be supplied to LG Electronics India (LG). The ratings
however continue to remain constrained by high client
concentration risk as majority of the output is sold to LG. The
company has been putting efforts in order to diversify the
customer base; however extent of diversification remains marginal
at present. ICRA also notes that the company has reported
deterioration in operating profitability and continued net losses
and the same have translated into weak capital structure and
coverage indicators for the company. Going forward, improving
operational efficiency in order to breakeven and resultantly
improving financial risk profile remain key sensitivities for the
company.

In December 2013, holding company of EEPL was taken over by the
new management. The new management has another company IL JIN
Electronics India Private Limited (ILJIN) which is a supplier to
LG for its high selling products like Air Conditioners, Microwave
Ovens and Washing Machines. ILJIN had two manufacturing facilities
in India based out of Noida and Shirur (near Pune). The Shirur
facility, which was operating in leased premises, has been closed
down and the operations have been shifted to EEPL facility. This
has resulted in expansion of the product portfolio of EEPL.

Incorporated in 2004, EEPL is engaged assembling PCBs for LG. The
company assembles PCBs for Color Televisions, LCD Televisions, DVD
players, Refrigerators and other electronic equipments of LG.
After acquisition by IL JIN Electronics (India) Private Limited in
Dec 2013, the company has added new products in the portfolio. The
company is owned by Vision Creative Limited (VCL), which is a
Hong Kong based company owned by the directors of EEPL.


FRIENDS AGRO: ICRA Reaffirms 'B' Rating on INR9.60cr Loan
---------------------------------------------------------
ICRA has re-affirmed the long term rating of [ICRA]B for INR9.60
crore fund based facilities of Friends Agro Industries.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits       9.60         [ICRA]B reaffirmed

The rating action factors in its modest scale of operations and
intensely competitive nature of industry which limits the pricing
flexibility of the industry participants including FAI. This
coupled with high working capital intensity of the business has
resulted in high gearing levels, weak debt protection metrics and
profitability indicators. ICRA has also taken note of the risks
inherent in a partnership firm like limited ability to raise
equity capital, risk of dissolution due to
death/retirement/insolvency of partners etc. However, the rating
favorably takes into account the firm's experienced management and
proximity of the mill to major rice growing area which results in
easy availability of paddy.

Friends Agro Industries (FAI) is a partnership firm established in
January 2010 with Mr. Gaurav Aneja, Mr. Sandeep Aneja, Mr. Vipin
Kumar and Mr. Vikram Kumar as partners. The firm is involved in
the milling and processing of basmati and non basmati rice and is
based out of Jalalabad, Punjab.

Recent Results
During the financial year 2013-14, the firm reported a profit
after tax (PAT) of INR0.14 crore on an operating income of
INR21.58 crore as against PAT of INR0.12 crore on an operating
income of INR24.46 crore in 2012-13. As per the provisional
figures, the firm reported PAT of INR0.15 crore on an operating
income of INR25.62 crore in FY15.


GANESH RICE: CRISIL Lowers Rating on INR120MM Cash Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Ganesh Rice Mills (Partnership) [GRM; part of the Josan group]
to 'CRISIL D' from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            120        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Proposed Long Term      51.6      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B+/Stable')

   Term Loan               63.4      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The rating downgrade reflects recent instances of delay by GRM in
servicing its debt; the delays were due to the company's stretched
liquidity. CRISIL believes that GRM's liquidity will remain
constrained over the medium term due to working capital intensive
operations.

The Josan group has working-capital-intensive operations due to
its large inventory; it also has a weak financial risk profile,
marked by high gearing, while its operating margin is susceptible
to volatility in raw material prices. However, the group benefits
from its established market position in the rice industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Josan Foods Pvt Ltd (JFPL) and GRM.
This is because these two entities, together referred to herein as
the Josan group, are in a similar line of business and have a
common management.

JFPL, set up in 2000 by Mr. Hukam Chand Josan and Mr. Sher Chand
Josan in Ferozepur (Punjab), mills and shells rice.

GRM, set up in 2010, mills rice. Currently, the firm is managed by
its partners, Mr. Sarvjeet Josan and Mr. Pushpinder Singh.

The Josan group has combined milling and sorting capacities of 14
tonnes per hour (tph) and 10 tph, respectively.

For 2014-15 (refers to financial year, April 1 to March 31), on a
provisional and standalone basis, GRM reported a book profit of
INR2 million on net sales of INR625 million, against a book profit
of INR3 million on net sales of INR695 million for the previous
year.


GANPATI AGRI: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB-'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Ganpati Agri
Business Pvt Ltd's (GABPL) Long-Term Issuer Rating to 'IND BB-'
from 'IND B'.

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

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
Fund-based working       77.50      Upgrade to 'IND BB-'/Stable
capital limit                       from 'IND B'

Term loans               65.68      Upgrade to 'IND BB-'/Stable
                                     from 'IND B'

KEY RATING DRIVERS

The upgrade reflects an improvement in GABPL's credit profile
along with revenue growth. In FY15, net leverage improved to 4.1x
(FY14: 9.9x) and interest coverage to 1.8x (1.6x) due to the
scheduled repayment of debt. Revenue grew 153.7% to INR801m in
FY15 as it was the company's first full year of commercial
operations. EBITDA margins remained stable at around 4.9% in FY15
(FY14: 5.1%). Liquidity position has been comfortable with around
87% use of the fund-based facilities over the 12 months ended June
2015.

The ratings remain constrained by GABPL's short operational track
record.
The ratings continue to be supported by nearly two decades of
experience of GABPL's promoters in the poultry and cattle feed
industry.

RATING SENSITIVITIES

Positive: A positive rating action could result from a sustained
increase in the scale of operations along with an improvement in
the overall credit metrics of the company.

Negative: A negative rating action could result from deterioration
in the overall credit metrics of the company.


J. S. BEDI: CRISIL Reaffirms B Rating on INR129.7MM LT Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of J. S. Bedi
Agro Industries (JBAI) continue to reflect JBAI's below-average
financial risk profile, marked by stretched liquidity, leveraged
capital structure, and average interest coverage ratio.

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

   Proposed Long Term
   Bank Loan Facility     129.7      CRISIL B/Stable (Reaffirmed)

   Term Loan               20.3      CRISIL B/Stable (Reaffirmed)

   Warehouse Financing     80        CRISIL B/Stable (Reaffirmed)

The ratings also factor in the firm's modest scale of operations
in the intensely competitive rice industry, and the susceptibility
of its operating margin to changes in government regulations and
to volatility in raw material prices. These rating weaknesses are
partially offset by the extensive industry experience of JBAI's
partners and their financial support.

Outlook: Stable

CRISIL believes that JBAI will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' in case of significant improvement in
the firm's financial risk profile on account of a substantial
increase in its accruals led by an increase in its scale of
operations and operating profitability. Conversely, the outlook
may be revised to 'Negative' if JBAI undertakes aggressive debt-
funded expansions, or reports a substantial decline in its revenue
and profitability, or if its working capital cycle lengthens,
weakening its financial risk profile.

Update:
JBAI's business risk profile has improved, marked by significant
growth in its revenue, though on a small base, driven by
increasing sales of basmati rice and higher capacity utilisation.
The firm had revenue of about INR260.4 million in 2014-15 (refers
to financial year, April 1 to March 31); the revenue is expected
to grow by about 30 per cent per annum  over the medium term,
supported by the firm's plans to increase its installed capacity.
JBAI's operating margin was about 5.17 per cent in 2014-15. The
margin has declined from previous years' levels of around 7 per
cent largely on account of increase in raw material costs, and is
expected to remain at a similar level over the medium term.

JBAI's financial risk profile remains weak, with high gearing of
around 10.27 times as on March 31, 2015, and a weak interest
coverage ratio of around 1.56 times for 2014-15. The firm plans to
enhance its installed capacity to 10 tonnes per hour and the
capital expenditure for the same will be about INR12.5 million,
which will be funded through a term loan of INR10.0 million.
CRISIL believes that the firm's financial risk profile will remain
weak over the medium term, with a small net worth and moderate
capital expenditure plans.

JBAI's liquidity is moderate, with annual cash accruals, expected
at INR5.0 million to INR9.0 million, which will be sufficient to
meet its annual term debt obligations, over the medium term. The
firm's liquidity is further supported by its promoters in the form
of unsecured loans, the balance of which stood at around INR58.3
million as on March 31, 2015. JBAI's current ratio was adequate at
around 1.31 times as on March 31, 2015. CRISIL believes that the
firm's liquidity will remain moderate over the medium term with
modest cash accruals expected over this period.

JBAI is a partnership firm set up in 2009 by Mr. Ajay Bedi and his
wife. The firm processes non-basmati rice for sale in the domestic
market. Its plant is in Gurdaspur (Punjab).


JALAN CON: ICRA Assigns B+ Rating to INR11.0cr Fund Based Loan
--------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR11.00
crore fund based facilities of Jalan Con Cast Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits      11.00         [ICRA]B+; assigned

The rating takes into account JCL's modest scale of operations
with declining revenues, which coupled with the high competition
in the steel industry limits the pricing power of the company. The
rating also factors in the vulnerability of the company's profit
margins to fluctuations in raw material prices, as its inventory
procurement is not always order backed. The company's high working
capital intensity with NWC/OI of 28% for FY15, due to high
receivable levels, has necessitated reliance on bank borrowings,
resulting in moderate gearing levels. However, the rating derives
comfort from the extensive experience of the promoters and the
company's strong relationships with its key customers, as
evidenced by repeat orders received from these customers in the
past. Further, the improvement in operating margins over the years
has led to moderate coverage indicators.

Going forward, the company's ability to attain a sustained
improvement in scale, in a profitable manner, while maintaining an
optimal working capital intensity, will be the key rating
sensitivities.

JCCL was incorporated in 1991 and has been promoted by Mr. Tarun
Jalan and his family members. The company manufactures steel
products viz Mild Steel (MS) ingots and MS round bars at its
manufacturing facility located in Gorakhpur (Uttar Pradesh), which
has an installed capacity of 21,000 metric tonnes per annum (MTPA)
of MS ingots and 52,500 MTPA of MS bars; bulk of the ingot
production is consumed captively. The company sells its products
under the brand name 'Jalan'.

Recent Results
The company, on a provisional basis, reported a Profit After Tax
(PAT) of INR0.97 crore on an Operating Income (OI) of INR46.26
crore in FY 2015, as against a PAT of INR0.22 crore on an OI of
INR57.10 crore in the previous year.


JOSAN FOODS: CRISIL Cuts Rating on INR370MM Cash Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Josan Foods Pvt Ltd (JFPL; part of the Josan group) to 'CRISIL
D' from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            370        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Proposed Long Term       5.6      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B+/Stable')

   Term Loan              200        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Warehouse Receipts     100        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The rating downgrade reflects recent instances of delay by JFPL in
servicing its debt; the delays were due to the company's stretched
liquidity. CRISIL believes that JFPL's liquidity will remain
constrained over the medium term due to working capital intensive
operations.

The Josan group has working-capital-intensive operations due to
its large inventory; it also has a weak financial risk profile,
marked by high gearing, while its operating margin is susceptible
to volatility in raw material prices. However, the group benefits
from its established market position in the rice industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of JFPL and Ganesh Rice Mills
(Partnership) {GRM]. This is because these two entities, together
referred to herein as the Josan group, are in a similar line of
business and have a common management.
About the Group

JFPL, set up in 2000 by Mr. Hukam Chand Josan and Mr. Sher Chand
Josan in Ferozepur (Punjab), mills and shells rice.

GRM, set up in 2010, mills rice. Currently, the firm is managed by
its partners, Mr. Sarvjeet Josan and Mr. Pushpinder Singh.

The Josan group has combined milling and sorting capacities of 14
tonnes per hour (tph) and 10 tph, respectively.

For 2014-15 (refers to financial year, April 1 to March 31), on
provisional and standalone basis, JFPL reported a book profit of
INR12 million on net sales of around INR1.4 billion; it had
reported a book profit of INR14.5 million on net sales of INR1.3
billion for the previous year.


K.P. SOLVEX: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned K.P. Solvex Pvt.
Ltd. (KPSPL) a Long-Term Issuer Rating of 'IND BB-'. The Outlook
is Stable. The agency has also assigned KPSPL's INR410.00m fund-
based working capital limit a Long-term 'IND BB-' rating with
Stable Outlook and a Short-term 'IND A4+' rating.

KEY RATING DRIVERS

The ratings are constrained by a 61.8% yoy decline in KPSPL's
revenue to low levels of INR759.72m, according to the provisional
financials for FY15 due to lower export of soya de-oiled cake. The
ratings also factor in the company's low profitability resulting
in weak credit metrics with operating EBITDA margins of 1.48%,
interest coverage (operating EBITDA/gross interest expense) of
1.73x and net financial leverage (total adjusted net
debt/operating EBITDAR) of 7.19x in FY14.

The ratings are also constrained by the company's moderate
liquidity with cash balance of INR4.65 million and net cash cycle
of 51 days in FY14.

However, the ratings benefit from over three-decade-long
experience of KPSPL's promoter in manufacturing soya oil, oil
cakes and de oil cakes.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations along with
profitability leading to an improvement in the overall credit
metrics could be positive for the ratings.

Negative: Further deterioration in the profitability along with
overall liquidity profile could be negative for the ratings.

COMPANY PROFILE

Incorporated in 1983, KPSPL manufactures soya oil, oil cakes and
de oil cakes. It also trades soya seeds and grains. Its solvent
extraction plant is located in Tikamgarh, Madhya Pradesh. The
plant has an installed capacity of 1,00,000mtpa of solvent
extraction and 15,000mtpa of refining. The company is managed by
three promoters -- I.K Kochar, B.K Trivedi and Kushal Jain.


KANNAPPAN IRON: Ind-Ra Affirms 'IND BB+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kannappan Iron
and Steel Company Pvt. Ltd.'s (KISCPL) Long-Term Issuer Rating at
'IND BB+' with a Stable Outlook.  The agency has also taken the
following rating actions on KISCPL's bank facilities:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
Fund-based working       300        Affirmed at 'IND BB+'/Stable
Capital limits                      and 'IND A4+'

Non-fund-based           334        Affirmed at 'IND A4+'
working apital
limits

KEY RATING DRIVERS

Ind-Ra has taken a standalone view of KISCPL for the rating
process as opposed to the consolidated view of KISCPL and its
group companies, Kannappan Company and Kannappan Iron Traders,
taken earlier as the two group companies are not operational now.

The affirmation reflects KISCPL's moderate scale of operation as
well as credit profile. According to the provisional financials
for FY15, revenue was INR1,103 million (FY14: INR922.1 million),
interest coverage (operating EBITDA/gross interest expense) of
1.7x (1.8x) and net financial leverage (total adjusted net
debt/operating EBITDAR) of around 3.2x in (3.1x). The ratings also
factor KPSPL's tight liquidity profile with near-full working
capital utilisation during the 12 months ended Jul 2015.

The ratings continue to be supported by the three-decade-long
experience of KISCPL's founders in the steel trading and
manufacturing business.

RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations along
with an improvement in the overall credit metrics could be
positive for the ratings.

Negative: Further deterioration in the overall credit metrics and
liquidity profile could be negative for the ratings.


MAHALAXMI WIRE: ICRA Withdraws B+ Rating on INR6.0cr Cash Loan
--------------------------------------------------------------
ICRA has withdrawn the [ICRA]B+ rating assigned to the INR6.00
crore cash credit limits and the [ICRA]A4 rating assigned to the
INR2.00 crore Letter of credit (sub limit of cash credit limit) of
Mahalaxmi Wire Drawings Private Limited, which were under notice
of withdrawal. The ratings are withdrawn as the period of notice
of withdrawal is completed.


MALANKARA SOCIAL: CRISIL Assigns B- Rating to INR50MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Malankara Social Service Society (MSSS).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Term Loan       50       CRISIL B-/Stable

The rating reflects the society's small scale of operations in the
services segment and extensive dependence on donations. The rating
also factors in the limited track record of MSSS in lending to
self help groups. These rating weaknesses are partially offset by
the trust's above-average financial risk profile and the trustees'
extensive experience in the segment.
Outlook: Stable

CRISIL believes that MSSS will continue to benefit from its
presence in the services segment. The outlook may be revised to
'Positive' if the trust reports a sustainable increase in the
collection of donations, and maintains a surplus and a comfortable
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the trust undertakes sizeable debt-funded capital
expenditure (capex), thus weakening its capital structure, or its
financial risk profile weakens because of a steep decline in
donations or operating margin.

MSSS, the social work organ of the Major Arch Diocese of
Thiruvananthapuram, was constituted in 1961 under the Travancore-
Cochin Literary Scientific and Charitable Societies Act XII of
1955. It is a social service society committed to improving the
quality of life and well-being of the under privileged.


MANAV AGRI: CRISIL Reaffirms B+ Rating on INR75MM Cash Credit
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Manav Agri Foods
Pvt Ltd (MAFPL) continues to reflect MAFPL's small scale of
operations in the highly fragmented and intensely competitive
basmati rice industry.

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

The rating also factors in the company's susceptibility to monsoon
and government policies, and its weak financial risk profile.
These rating weaknesses are partially offset by the extensive
industry experience of MAFPL's promoters and the healthy growth
prospects for the basmati rice industry.
Outlook: Stable

CRISIL believes that MAFPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company ramps up
operations and while sustaining its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates because of decline
in profits or delay in execution of capital expenditure (capex)
leading to cost overrun.

Update
MAFPL, on a provisional basis, reported profit after tax (PAT) of
INR4.5 million on net sales of INR556.7 million for 2014-15
(refers to financial year, April 1 to March 31) against PAT of
INR4.3 million on net sales of INR633.7 million for 2013-14. The
net sales declined mainly on account of lower basmati rice prices.
Based on the current price trend, CRISIL believes that MAFPL will
report revenue growth of around 5 per cent per annum over near
term. The company is undertaking a capex programme to enhance its
capacity to 10 tonnes per hour (tph) from 4 tph. The project is
expected to be completed by April 2016, thereby, leading to
healthy revenue growth in 2016-17. MAFPL's operating profitability
was low, in the range of 2 to 3 per cent over the four years
through March 2015, and is expected in the same range over the
medium term.

The company's liquidity is stretched, marked by high bank limit
utilisation and tightly matched cash accruals with term debt
obligations. The bank limit utilisation averaged 87 per cent over
the 12 months through March 2015. MAFPL is likely to generate cash
accruals in the range of INR5.0 million to INR9.0 million per
annum against annual debt obligations of INR1.5 million to INR8.9
million over the medium term. Unsecured loans from promoters stood
at INR23.1 million as on March 31, 2015. MAFPL's working capital
is efficiently managed, with gross current assets of around 40
days as on March 31, 2016, comprising debtors of around 10 days
and inventory of 30 days.

CRISIL expects MAFPL's gearing to deteriorate to more than 1 time
over the medium term from 0.5 times as on March 31, 2015, due to
its debt-funded capex plans.

MAFPL was promoted by Mr. Ashok Gheek in 2007 to process rice. The
company started commercial production in April 2012. MAFPL has a
paddy processing plant at Holambi (Delhi).


MEENAKSHI INFRASTRUCTURES: ICRA Rates INR145cr Loan at C
--------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]C to the INR20 crore
fund based limits and INR145 crore unallocated limits of Meenakshi
Infrastructures Private Limited (MIPL). ICRA has an outstanding
issuer rating of IrC for MIPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund based limits       20.00       [ICRA]C assigned
   Unallocated            145.00       [ICRA]C assigned

ICRA's assigned rating is constrained by the funding and market
risks for MIPL arising from the projects under development and
projects proposed to be launched over the next 6 month period in
the Hyderabad region, given the larger size of these projects as
compared to the projects executed in the past by the company and
also in view of the subdued real estate market in the region. The
rating is also constrained by high geographic concentration with
all the ongoing and proposed projects located in Hyderabad,
exposing the company to economic and political risks in the
region. Further, the rating factors in the delays in meeting the
debt servicing obligations by the company in the past;
nonetheless, ICRA takes note of the timely servicing of the debt
obligations by the company since September, 2014.

However, the rating positively factors in the established track
record of the company in the Hyderabad real estate market and
demonstrated project execution capabilities, having successfully
completed construction of more than four million sft of real
estate projects in the residential and commercial segments. The
rating also factors in the comfortable capital structure of the
company at the end of March, 2015. Going forward, the ability of
the company to secure funding for the proposed projects along with
the timely execution will remain as the key rating sensitivities.

MIPL incorporated in May 1992 as Meenakshi Constructions Co and
subsequently constituted as private limited company in 2004, is
the flagship company of the Hyderabad based Meenakshi group which
has interests across real estate, road works and power projects.
MIPL is involved in development of residential and commercial
property and execution of road projects. In the past, the group
has developed residential and commercial property including
technology parks with built-up area aggregating to more than four
million sft. All these projects are located in Hyderabad.

Recent Results
As per the provisional financials for FY2015, MIPL reported
operating income of INR151.08 crore with OPBITDA of INR19.79 crore
and PAT of INR9.20 crore.


PULIMOOTTIL SILKS: CRISIL Reaffirms B+ Rating on INR60MM Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Pulimoottil Silks
Thrissur [PST, part of the Pulimoottil group] continues to reflect
the group's exposure to intense competition in the apparel retail
segment.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           60         CRISIL B+/Stable (Reaffirmed)
   Term Loan             20         CRISIL B+/Stable (Reaffirmed)

The rating also factors in the group's below-average financial
risk profile, marked by a high total outside liabilities to
tangible net worth (TOL/TNW) ratio, and low interest coverage
ratio. These rating weaknesses are partially offset by the
benefits that the Pulimoottil group derives from its promoters'
extensive experience in the industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of four entities: PST, Pulimoottil Silks,
Kottayam, Pulimoottil Garments, Kottayam, and Pulimoottil Silks
and Apparels Pvt. Ltd. This is because these entities,
collectively referred to as the Pulimoottil group, are in the same
line of business, have common promoters, fungibility of funds, and
share significant business synergies.
Outlook: Stable

CRISIL believe that the Pulimoottil group will benefit from the
experience of its promoters in the apparel retail industry. The
outlook may be revised to 'Positive' if ramp-up in scale of
operations and stable profitability result in a substantially
stronger financial risk profile. Conversely, the outlook may be
revised to 'Negative' if deterioration in working capital
management or any additional debt-funded capital expenditure
weakens the liquidity and financial risk profile.

Update
The Pulimoottil group reported revenues of around INR735 million
for 2014-15 (refers to financial year, April 1 to March 31), at a
year-on-year growth of around 16 per cent. The revenue is expected
to grow at a healthy rate in 2015-16 backed by additional revenue
from the showroom opened in April 2015. The profitability may,
however, remain low at 3 to 4 per cent due to the trading nature
of operations. The business risk profile is expected to remain
moderate over the medium term supported by the promoters'
extensive experience.

The group's financial risk profile is below average, with moderate
net worth, high TOL/TNW ratio and weak interest coverage. The net
worth and TOLTNW ratio were estimated at INR100.3 million and 3.99
times, respectively, as on March 31, 2015, while the interest
coverage was 1.43 times for 2014-15 due to sizeable working
capital debt and low profitability. CRISIL believes that the
group's financial risk profile will remain below average over the
medium term, marked by low net worth and high TOLTNW ratio.

The liquidity is adequate marked by moderate bank limit
utilisation at an average of 90 per cent over the 12 months
through March 2015. The group is likely to post annual cash
accruals of INR13.6 million over the medium term, against maturing
debt of around INR11.7 million in 2015-16.

The Pulimoottil group consists of four entities, PST, set up in
2007, Pulimoottil Silks, Kottayam, Pulimoottil Garments, Kottayam,
set up in 1986, and Pulimoottil Silks and Apparels Pvt. Ltd., set
up in 2013. The group is engaged in the retailing of silk saris
and readymade garments. The day-to-day operations of the group are
managed by Mr. Stephen Chacko, Mr. Abraham Chacko and Mr. John
Chacko.


PULIMOOTTIL SILKS KOTTAYAM: CRISIL Keeps B+ INR55MM Loan Rating
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Pulimoottil Silks
Kottayam [PSK, part of the Pulimoottil group] continues to reflect
the group's exposure to intense competition in the apparel retail
segment. The rating also factors in the group's below-average
financial risk profile, marked by a high total outside liabilities
to tangible net worth (TOL/TNW) ratio, and low interest coverage
ratio. These rating weaknesses are partially offset by the
benefits that the Pulimoottil group derives from its promoters'
extensive experience in the industry.

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

   Proposed Long Term
   Bank Loan Facility     55        CRISIL B+/Stable (Reaffirmed)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of four entities: PSK, Pulimoottil Silks,
Thrissur, Pulimoottil Garments, Kottayam, and Pulimoottil Silks
and Apparels Pvt. Ltd. This is because these entities,
collectively referred to as the Pulimoottil group, are in the same
line of business, have common promoters, fungibility of funds, and
share significant business synergies.
Outlook: Stable

CRISIL believe that the Pulimoottil group will benefit from the
experience of its promoters in the apparel retail industry. The
outlook may be revised to 'Positive' if ramp-up in scale of
operations and stable profitability result in a substantially
stronger financial risk profile. Conversely, the outlook may be
revised to 'Negative' if deterioration in working capital
management or any additional debt-funded capital expenditure
weakens the liquidity and financial risk profile.

Update
The Pulimoottil group reported revenues of around INR735 million
for 2014-15 (refers to financial year, April 1 to March 31), at a
year-on-year growth of around 16 per cent. The revenue is expected
to grow at a healthy rate in 2015-16 backed by additional revenue
from the showroom opened in April 2015. The profitability may,
however, remain low at 3 to 4 per cent due to the trading nature
of operations. The business risk profile is expected to remain
moderate over the medium term supported by the promoters'
extensive experience.

The group's financial risk profile is below average, with moderate
net worth, high TOL/TNW ratio and weak interest coverage. The net
worth and TOLTNW ratio were estimated at INR100.3 million and 3.99
times, respectively, as on March 31, 2015, while the interest
coverage was 1.43 times for 2014-15 due to sizeable working
capital debt and low profitability. CRISIL believes that the
group's financial risk profile will remain below average over the
medium term, marked by low net worth and high TOLTNW ratio.

The liquidity is adequate marked by moderate bank limit
utilisation - at an average of 90 per cent over the 12 months
through March 2015. The group is likely to post annual cash
accruals of INR13.6 million over the medium term, against maturing
debt of around INR11.7 million in 2015-16.
About the Group

The Pulimoottil group consists of four entities, PSK, Pulimoottil
Garments, Kottayam, set up in 1986, Pulimoottil Silks, Thrissur
set up in 2007 and Pulimoottil Silks and Apparels Pvt. Ltd., set
up in 2013. The group is engaged in the retailing of silk saris
and readymade garments. The day-to-day operations of the group are
managed by Mr. Stephen Chacko, Mr. Abraham Chacko and Mr. John
Chacko.


RAM ENGINEERS: CRISIL Reaffirms B+ Rating on INR40MM Bank Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ram Engineers and
Contractors (REC) continue to reflect the firm's exposure to risks
related to completion and saleability of its ongoing projects and
its susceptibility to risks inherent in the real estate industry.
These rating weaknesses are partially offset by its promoters'
extensive experience in the real estate development business and
proven project execution capabilities.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         10        CRISIL A4 (Reaffirmed)
   Cash Credit            20        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       10        CRISIL A4 (Reaffirmed)
   Long Term Loan         10        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     40        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that REC will benefit over the medium term from
its promoters' extensive industry experience and diversity in
revenue profile. The outlook may be revised to 'Positive' if the
firm completes its projects earlier than expected or in case of
more-than-expected sales realisations from its ongoing projects,
leading to large cash flows. Conversely, the outlook may be
revised to 'Negative' if there are any delays in the execution of
the project or in the receipt of advances from customers, or if
REC undertakes any large debt-funded project, impacting its
financial risk profile.

Update
REC has four ongoing projects - Ram Brindavanam (RB), Ram Ekaa
(RE), Ram Jayalakshmi (RJ) and Ram DV (RD) - in and around
Chennai. These projects have a moderate project risk, marked by
moderate implementation and demand risks. The firm has completed
over 75 per cent of its construction in RB and RE is expected to
hand over by 2015-16 (refers to financial year, April 1 to March
31). The other projects, RD and RJ are in early stages of
construction, with steady progress expected over the medium term.
The projects have a moderate funding risk with sufficient funds
availed of to meet the construction cost. The funding risk will be
dependent on sanctioning of bank loan and timely receipt of
customer advances. However, any gap in funding due to time or cost
overrun is expected to be funded with timely support of promoters.

More than 87 per cent and 50 per cent of flats are booked in RB
and RE, respectively, leading to healthy customer advances.
Additionally, the RJ project, has been fully booked by existing
owners. RD project, which was launched in 2015-16, witnessed 30
per cent bookings till June 2015. CRISIL believes that the
implementation and demand risks for the RE and RD projects will be
moderate because of slow-paced construction and high reliance on
customer advances.

REC also undertakes civil construction activities for various real
estate and commercial projects in and around Chennai, providing
additional revenue visibility. The firm's order book of around
INR150 million will be executed over the medium term, providing
adequate revenue visibility. CRISIL believes that incremental
revenue from civil projects will aid REC's cash flows over the
medium term.

Established in 2000 by Mr. Sethuraman as a proprietorship firm,
REC carries out real estate development and civil construction. It
is based in Chennai (Tamil Nadu).


RATANPUR COLD: CRISIL Reaffirms B Rating on INR35MM Cash Loan
-------------------------------------------------------------
CRISIL ratings on the bank facilities of Ratanpur Cold Storage Pvt
Ltd (Ratanpur) continue to reflect Ratanpur's small scale of
operations and weak financial risk profile.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          1.8       CRISIL A4 (Reaffirmed)
   Cash Credit            35         CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      8         CRISIL B/Stable (Reaffirmed)
   Working Capital
   Term Loan              12         CRISIL B/Stable (Reaffirmed)

The ratings also factor in the company's susceptibility to
regulatory changes and to intense competition in the cold storage
industry in West Bengal. These rating weaknesses are partially
offset by the extensive industry experience and established
regional presence of Ratanpur's promoters.
Outlook: Stable

CRISIL believes that Ratanpur will continue to benefit over the
medium term from its promoters' extensive experience in the cold
storage business. The outlook may be revised to 'Positive' in case
of efficient management of financing to farmers, and significant
increase in scale of operations and profitability. Conversely, the
outlook may be revised to 'Negative' in case of pressure on the
company's liquidity on account of delays in repayment by farmers,
low cash accruals, or debt-funded capital expenditure.

Update
Ratanpur reported operating revenue of INR23.2 million for 2014-15
(refers to financial year, April 1 to March 31), up from INR22.9
million in 2013-14 on account of higher rental income received
from farmers and better capacity utilization. The operating margin
declined to 6.6 per cent in 2014-15 from 12.2 per cent in 2013-14.

Ratanpur's below-average financial risk profile is marked by small
net worth, high gearing, and modest debt protection metrics. The
net worth was INR13.1 million as on March 31, 2015. The company
provides financial assistance to farmers by borrowing from banks,
which led to high gearing of 2.76 times as on
March 31, 2015. The company's interest coverage and net cash
accruals to total debt ratios were 1.69 times and 5.0 per cent,
respectively, for 2014-15.

Incorporated in 1987, Ratanpur provides cold storage facilities to
potato farmers and traders. Its cold storage facility is in Singur
(West Bengal). The company is promoted by Mr. Valji Patel.


REXON STRIPS: ICRA Suspends 'C' Rating on INR22cr Cash Credit
-------------------------------------------------------------
ICRA has suspended [ICRA]C rating assigned to the INR22 crore cash
credit facility of Rexon Strips Ltd. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


RICASIL CERAMIC: ICRA Suspends B+/A4 Rating on INR64.20cr Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B+ and [ICRA]A4 ratings assigned to
the INR64.20 crore fund based and non fund based facilities of
Ricasil Ceramic Industries Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

Incorporated in the year 2008, Ricasil Ceramic Industries Private
Limited (RCIPL) is involved in manufacturing of double charged
vitrified tiles (DCVT) with its plant situated at Vadodra,
Gujarat. The company commenced its operation in April 2013. The
plant has an installed capacity of ~63,000 MTPA of DCVT. RCIPL
currently manufactures vitrified tiles of size 800 X 800 mm with
the current set of machineries at its production facilities. The
company is a part of an established group of the region having
presence across floor tiles, wall tiles, vitrified tiles (Regent
Granito India Limited) and ceramic raw materials like zirconium
silicon and zirconium flour (Classic Microtech Private Limited).


SATHYA SHANMUKHA: ICRA Assigns B+ Rating to INR5.0cr LT Loan
------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to INR5.00 crore
long term fund based facility of Sathya Shanmukha Traders.

                           Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Long Term- Fund Based     5.00         [ICRA]B+ assigned

The assigned rating takes into account the long standing
experience of the promoters in the trading industry, the
established relationship with reputed players in the poultry
industry ensuring revenue visibility and the established
relationship with its suppliers ensuring timely availability of
materials. The rating also takes into account the growth in the
operating income achieved by the firm during 2013-14 and 2014-15.
The rating, however, remains constrained by the small scale of
operations restricting the operational and financial flexibility,
the thin operating margins owing to the low value addition nature
of business and high competitive intensity. The firm is also
exposed to high concentration risk owing to its focus on a single
commodity and high dependence on the poultry industry in the state
of Tamil Nadu. While the capital structure of the firm is
moderate, the coverage indicators are weak owing to the low
profitability. The firm is also exposed to the inherent risks
associated with the partnership nature of the business, including
the risks of capital withdrawal and limited ability to raise
capital, among others.

Formed in 2009, Sathya Shanmukha Traders is a partnership firm
engaged in the business of trading maize. The firm primarily
caters to the poultry industry with majority of its sales derived
from poultry feed manufactures and poultry breeding farms. The
firm derives more than 98% of its revenues from the state of Tamil
Nadu. The firm has a reputed customer base of poultry players that
includes Venkateshwara Hatcheries Pvt Ltd, Godrej Agrovet Ltd,
Suguna Foods Ltd, Nutrikraft India Pvt Ltd and SKM Animal Foods
and Feeds India Ltd among others. The customers of the firm also
include starch producers and other traders and resellers. The
business was started by Mr. Jagadish's father more than 35 years
ago and Mr. Jagadish has been involved in the business for more
than 15 years.

Recent Results
The firm reported a net profit of INR0.2 crore on an operating
income of INR28.4 crore during 2014-15, as against a net profit of
INR0.2 crore on an operating income of INR25.9 crore during 2013-
14.


SESHASAYEE KNITTINGS: CRISIL Reaffirms B+ Rating on INR50MM Loan
----------------------------------------------------------------
CRISIL rating on the bank facilities of Seshasayee Knittings
Private Limited (SKPL) continues to reflect its modest scale of
operations, its large working capital requirements, and its
exposure to intense competition in the innerwear industry.

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

   Proposed Cash
   Credit Limit           50        CRISIL B+/Stable (Reaffirmed)

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

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

SKPL was set up in 1988 by Mr. Thatavarthi Chandra Sekhara Rao and
his family members. The company manufactures inner garments under
the brand - Vilan. It is based in Vijayawada (Andhra Pradesh).


SONAR BANGLA: CRISIL Raises Rating on INR69MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sonar Bangla Cold Storage Pvt Ltd (Sonar) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             69        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term       1        CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The rating upgrade reflects the significant ramp up in Sonar's
scale of operations with a growth of 12 per cent in its operating
income to INR25.7 million in 2014-15 (refers to financial year,
April 1 to March 31) from INR22.8 million in 2013-14, backed by
optimum capacity utilisation of its cold storage facilities.
CRISIL believes the company's operating income will improve
further to between INR27 million and INR30 million over the medium
term. Sonar's operating margin remained healthy at around 16 per
cent in 2014-15. Its cash accruals of INR2.8 million in 2014-15
were adequate in the absence of any debt repayment obligations.
The company has also repaid its seasonal cash credit facilities in
time. The liquidity is also supported by its cash and bank balance
of INR3.8 million as on March 31, 2015. CRISIL believes that
Sonar's business risk profile will improve on account of improving
capacity utilisation and higher store income.

The rating reflects Sonar's small scale of operations and below-
average financial risk profile, marked by small net worth and
moderate gearing. The ratings also factor in the company's
susceptibility to any adverse impact of regulatory changes, and to
risks related to intense competition in the cold storage segment
in West Bengal (WB). These rating weaknesses are partially offset
by the extensive industry experience and regional market position
of Sonar's promoters.
Outlook: Stable

CRISIL believes that Sonar will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company efficiently
manages farmer credit financing, significantly scales up its
operations, and improves its profitability. Conversely, the
outlook may be revised to 'Negative' if Sonar's liquidity is
constrained by delays in repayments by farmers; significantly low
cash accruals, or any large debt-funded capital expenditure.

Incorporated in 1997, Sonar provides cold storage facilities to
potato farmers and traders. The company has one cold storage in
Paschim Mednipur (WB). The director, Mr. Ranjit Dandapat, oversees
Sonar's daily operations.


SUSEE MOTORS: ICRA Reaffirms B Rating on INR3.0cr LT Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B outstanding on
the INR3.00 crore (revised from INR2.00 crore) fund based
facilities of Susee Motors India Private Limited. ICRA has also
reaffirmed the short-term rating of [ICRA]A4 outstanding on the
INR3.00 crore non-fund based facilities of the Company.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund based facilities
   (long-term)               3.00       [ICRA]B reaffirmed

   Non fund based
   facilities (short-term)   3.00       [ICRA]A4 reaffirmed

The reaffirmation of the ratings takes into account the long-
standing experience of the promoters in the automobile dealership
business and the reputation of 'Susee' brand in Tamilnadu. The
ratings also consider the established market presence of
Volkswagen in the Indian passenger car segment albeit low market
share. However, the ratings are constrained by the company's
relatively nascent stage of operations, stiff competition from
other OEM brands and susceptibility of revenues to demand
cyclicality in the automobile industry. Further, the operating
margins remain thin on account of the trading nature of business
resulting in stressed cash flows. Though the capital structure
improved on the back of equity infusion of INR1.0 crore during
2013-14, gearing remains high at 3.1 times as on March 31, 2015.
Moreover, the coverage indicators continue to be stretched with
interest coverage at 2.2 times and NCA/total debt of 15.2%. Going
forward, the company's ability to improve its revenues,
particularly from the high-margin streams, and thereby its profit
margins would be critical to improving the debt metrics and cash
flows.

Incorporated in October 2012, Susee Motors (India) Private Limited
is the sole authorised dealer for Volkswagen vehicles in the
Vellore, Thiruvannamalai and Kanchipuram districts of Tamil Nadu
since January 2013. The company has one 3S (sales, service and
spares) showroom in Vellore and about 100 employees as on date.

The 'Susee Group', which traces its origin to a business dealing
with trading of pulses/grains started in the late 1930s by Mr.
Subramania Nadar and Ms. Seeniyammal, is an established name in
the auto dealership space in Tamil Nadu. The group currently has
five subgroups -- belonging to descendants of the promoters; all
of these operate under the 'Susee' brand, but have no operational
or financial linkages. SMIPL belongs to one of the sub groups and
is owned and managed by Mr. Soundararajan, son of the
aforementioned promoters, and his son Mr. Manivannan. Mr.
Soundararajan and Mr. Manivannan have interest in five other
entities -- two engaged in the auto dealership business, one each
in the FMCG, woven sacks manufacturing and education businesses.

Recent Results
The Company reported a net loss of INR0.4 crore on an operating
income of INR28.7 crore during 2013-14 as against a net loss of
INR0.5 crore on an operating income of INR6.4 crore for three
month period during 2012-13.

For financial year 2014-15 as per unaudited results, the Company
has achieved revenues of INR28.5 crore and PBDT of INR0.5 crore.


U GOENKA: ICRA Reaffirms 'B' Rating on INR1.0cr Cash Credit
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
the INR1.00 crore cash credit limit of U Goenka Sons Private
Limited. ICRA has also reaffirmed the short term rating of
[ICRA]A4) assigned to the INR27.00 crore non fund based limits of
UGSPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit             1.00         [ICRA]B reaffirmed
   Non Fund Based-
   Letter of Credit       27.00         [ICRA]A4 reaffirmed

Rating Rationale
The reaffirmation of the ratings take into account the weak
financial profile of the company as reflected by low profitability
and stretched capital structure, limited value addition which
limits any substantial improvement in profitability, and highly
competitive & fragmented nature of industry which restricts
pricing flexibility. The ratings also factor in the vulnerability
of operations to any adverse agro climatic conditions & government
regulations on imports and export which may impact the raw
material availability, and exposure of profitability to any
adverse foreign currency exchange rates.

The ratings, however, continue to positively take into account the
more than three decades long experience of the promoters in agro
trading business, and low risk of customer & geographical
concentration given the wide customer base spread across India.

U Goenka Sons Private Limited (UGSPL) is a trading house engaged
in trading of all types of pulses and beans. The company currently
caters to the domestic markets. The major products include green
peas, chick peas, toor daal, black matpe and yellow peas. The
company largely imports the agro products which are then sold in
the domestic market.

Recent Results
For the financial year ended March 31, 2015, the company reported
an operating income of INR83.10 crore and net profit of INR0.25
crore as against an operating income of INR60.19 crore and net
loss of INR0.51 crore for the financial year 2013-14.


UNITED GRANITES: CRISIL Assigns B+ Rating to INR42.5MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of United Granites and Metals (UGM).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         41.8       CRISIL B+/Stable
   Overdraft Facility     42.5       CRISIL B+/Stable

The rating reflects UGM's modest scale of and working-capital-
intensive operations and its susceptibility to regulatory changes
in the fragmented construction materials industry. These rating
weaknesses are mitigated by the promoter's extensive industry
experience.
Outlook: Stable

CRISIL believes that UGM will continue to benefit over the medium
term from the promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
scales up its operations, while maintaining its operating
profitability, or its business risk profile improves due to
improved working capital management. Conversely, the outlook may
be revised to 'Negative' if the firm undertakes a large, debt
funded capital expenditure programme, leading to deterioration in
its capital structure, or if there is huge fund support to group
entities or if high working capital requirement weakens its
financial risk profile.

UGM, based in Idukki (Kerala) manufactures blue metals and M-Sand.
The operations of the firm are managed by the proprietor Mr.
George Kochuparambil.

For 2014-15 (refers to financial year, April 1 to March 31), on a
provisional basis, UGM reported a net profit of INR22.45 million
on sales of INR222.0 million; for 2013-14, the firm reported a net
profit of INR19.96 million on sales of INR203.12 million.


ZANZAR JEWELLERS: ICRA Suspends B+ Rating on INR7cr LT Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR7.00
crore long term fund based facilities of Zanzar Jewellers Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance due to non cooperation from the company.

Zanzar Jewellers Private Limited (ZJPL) was set up in 2003 as a
partnership firm, following which it was converted into a private
limited company in the year 2007. ZJPL is engaged in the business
of trading gold, diamond and silver jewellery. ZJPL is promoted by
Mr. Bipin Shah, who has about seventeen years of experience in the
jewellery business. The company has been operating from its retail
store located in Ahmedabad, Gujarat since inception.



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


TOSHIBA CORP: Scandal Puts Focus on Japan's Cut-Price Audits
------------------------------------------------------------
The South China Morning Post reports that Toshiba Corp's years-
long practice of inflating its profits has raised questions among
accounting experts about whether low fees paid by Japan-listed
companies to their auditors mean they do not spend enough time
scrutinising company accounts.

Toshiba chief executive Hisao Tanaka and a string of other senior
officials resigned earlier this month after an independent inquiry
found the company had padded its profits by US$1.2 billion over
several years, in one of Japan's biggest corporate scandals in
years.

SCMP says the committee of external lawyers and accountants
probing the computers-to-nuclear conglomerate found "most of the
accounting treatment issues that were the scope of this
investigation were not noted" by the auditor Ernst & Young
ShinNihon.

It added though that the involvement of top management in the
accounting irregularities may have made it harder for auditors to
detect problems, noting that the quality of the audit could only
be determined by a separate investigation, the report says.

SCMP relates that Mr. Tanaka has said he never had any intention
of encouraging accounting irregularities but did not dispute the
report's findings.

According to the report, some accounting experts said the scandal
highlights the low audit fees paid by Japanese companies, which
they believe are caused by historical caps, stiff competition and
a corporate culture that does not value the audit function or
shareholder transparency.

"One of the ongoing problems in Japan is that the fees paid by
listed companies to auditors are very low compared to the
international average," the report quotes Robert Medd, a partner
at GMT Research in Hong Kong, as saying.

Because accountants typically charge by the hour in Japan and
elsewhere, fees can provide a rough proxy for the time spent on an
audit, and can offer a comparable benchmark when measured as a
proportion of a company's overall revenues, the report notes.

SCMP relates that an analysis by GMT of more than 2,330 listed
companies with US$500 million or more in sales found Japanese
firms pay their auditors on average 3.2 basis points of turnover,
compared with 5.3 in Britain and 11.8 in the United States, the
lowest among the major developed markets. The overall
international average was 5.6 basis points.

Toshiba paid EY ShinNihon and other EY entities 1.5 basis points
of turnover, or CNY982 million (HK$60.99 million), to audit its
books for the financial year ending in March 2014, SCMP discloses
citing Toshiba's financial statements.

The six-year average at Toshiba was 1.8, analysis of the company's
financial statements showed, according to SCMP.

According to the report, Toshiba said in a statement that EY's
remuneration was "appropriate" and noted that audit fees vary each
year due to one-off events. "As a listed company, we recognise
that it is not whether the fees are large or small, but that it is
important to receive the necessary and sufficient audit."

A spokesman for the Japan Institute of Certified Public
Accountants, the self-regulatory body for accountants, said it
would investigate EY ShinNihon's involvement in the case, the
report notes.

                          About Toshiba Corp.

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

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

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

The ratings outlook is stable.



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


PUMPKIN PATCH: Chief Financial Officer Steve McKay Steps Down
-------------------------------------------------------------
Catherine Harris at Stuff.co.nz reports that Pumpkin Patch chief
financial officer, Steve MacKay has resigned a week after the
arrival of a new boss at the troubled children's clothing
retailer.

Mr. MacKay will leave the company at the end of September, the
report says.

According to the report, Pumpkin Patch's new managing director
Luke Bunt said the company wished him well for the future and
would make another announcement regarding the role in the next few
weeks.

Stuff.co.nz notes that Pumpkin Patch has struggled in recent years
and recently lost its chief executive of two years, Di Humphries.

She will leave in November while Bunt, a board member and former
Warehouse Group executive, became managing director in August. the
report discloses.

In July, Pumpkin Patch warned that its "normalised" operating
profit for 2016 was likely to be significantly below that of 2015,
due to difficult trading conditions and problems in its wholesale
division, Stuff.co.nz notes.

Pumpkin Patch embarked on a search for a new investor or buyer
earlier in the year but has said it failed find one that was
satisfactory, the report adds.

                       About Pumpkin Patch

Based in New Zealand, Pumpkin Patch Limited (NZE:PPL) --
http://www.pumpkinpatch.biz/-- is a designer, marketer, retailer
and wholesaler of children's clothing.  The Company's product
range encompasses all stages of a child's growth, from baby to
toddler, primary school kid to pre and early teen, including
clothing, nightwear, accessories, rainwear, footwear and teddy
collection.  Pumpkin Patch also caters for mums-to-be with a
maternity collection.  The Company also has a fashion mini-brand
for discerning pre and early-teen girls, Urban Angel Girls.  The
Company's collections are available in numerous countries and
regions, including New Zealand, Australia, the United Kingdom,
the United States, South Africa and the Middle East.  Pumpkin
Patch predominantly sells through its own store network in
New Zealand, Australia, the United Kingdom and the United States.
The Company's subsidiaries include Torquay Enterprises Limited,
Pumpkin Patch Originals Limited, Pumpkin Patch LLC, Pumpkin Patch
Direct Limited, Patch Kids Limited and Urban Angel Girls Limited.



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


STATS CHIPPAC: Moody's Lowers CFR to B1; Outlook Negative
---------------------------------------------------------
Moody's Investors Service downgraded STATS ChipPAC Ltd.'s
corporate family rating and senior unsecured bond ratings to B1
from Ba3.  The rating outlook is negative.

The rating action concludes the review for downgrade we initiated
in November 2014 following JCET-SC (Singapore) Pte. Ltd.'s (JCET-
SC, unrated) cash offer of SGD0.46577 per share, or $780 million,
to acquire all shares in STATS.  JCET-SC is a subsidiary of
Jiangsu Chiangjiang Electronics Technology Co., LTD (JCET,
unrated), a leading semiconductor packaging and testing company in
China.

JCET-SC is effectively 50.98% owned by JCET.  The National
Integrated Circuit Industry Investments Fund Co, Ltd (IC Fund)
owns a 31.3% stake while SilTech Semiconductor (Shanghai)
Corporation Limited (SilTech, unrated), which is an indirect
wholly-owned subsidiary of Semiconductor Manufacturing Corporation
(SMIC, unrated), owns the remaining 19.61%.

RATINGS RATIONALE

The downgrade reflects three factors: (1) STATS weakening
operating performance; (2) refinancing risk associated with STATS'
debt restructuring; and (3) complex funding and ownership
structures associated with the acquisition by JCET-SC.

"We downgraded STATS ChipPAC's ratings by one notch to B1 to
reflect the company's weakening operating performance through
1H2015.  Moreover, given the company's high fixed cost structure
and lack of clear near-term catalysts for revenue growth, we
expect profitability to remain muted and adjusted debt/EBITDA to
climb to 4.0-4.5x for FYE2015," says Annalisa DiChiara, a Moody's
Vice President and Senior Analyst.

Moody's expects sluggish demand in the semiconductor industry over
the next 12-18 months, particularly given slowing demand in the
high-end smartphone market which uses wafer-level packaging and
advance packaging, two of STATS's key areas of focus, which will
limit its revenue growth and profitability.

Additionally, although STATS' acquisition by JCET-SC should
provide cross-selling and cost-savings opportunities with its
parent (JCET), these synergies will take time to materialize.  As
a result we do not expect STATS' revenues or operating profit to
benefit from a material amount of synergies over the next 12-18
months.

"The acquisition by JCET-SC also triggers the change of control
clause on STATS' $1.1 billion debt outstanding, potentially
accelerating its repayment.  In particular, should bondholders
fully exercise the change of control put option, the company's
$811 million senior unsecured bonds due in 2016 and 2018 will
become due and payable within 90 days of the acquisition closing
date, or around 3 November 2015," adds DiChiara, also Moody's Lead
Analyst for STATS.

Consequently, STATS is undergoing a debt restructuring process for
which the company has secured near-term financing.  The company
has issued $200 million of perpetual securities which may be
redeemed in 3 years and are held by Singapore Technologies
Semiconductors Pte Ltd ("STSPL"), a subsidiary of Temasek Holdings
(Private) Limited (Aaa stable).  DBS Bank Ltd. (Aa1 stable) has
provided a six-month senior secured bridge facility of up to $890
million to support the 2016 and 2018 bond repayments, should STATS
be unable to immediately tap the bond markets.

The bridge loan can be extended for two periods of three months
thus mitigating short-term refinancing risk.  Furthermore, DBS has
also committed to provide a five year senior secured term loan of
up to $500 million should STATS not be able to refinance the
bridge loan if drawn.

Finally, JCET-SC's acquisition funding and STATS debt
restructuring is complex and ultimately may give rise to
contingent liabilities and additional refinancing risks.  As the
perpetual securities are redeemable in year three, there may be
additional funding requirements at STATS or JCET, as guarantor, in
2018 should the securities be redeemed at that time.

Separate put option mechanisms also allow the IC Fund and SilTech
to put their equity investments (around $160 million and $100
million, respectively) back to STATS' parent (JCET) for cash or
shares in JCET any time after the acquisition closes, a potential
liability which would have to be funded.

The exit of either shareholder would be credit negative for JCET
and STATS.  However, Moody's understands that it is the intention
of SMIC and IC Fund to remain strategic investors of JCET.

The outlook on the ratings is negative and reflects STATS
weakening operating performance and potential near-term
refinancing risks associated with JCET-SC's acquisition funding
and STATS debt restructuring process.

In the scenario where STATS relies on the bridge facility to
refinance the 2016 and 2018 bond redemption, the ratings could
come under additional pressure should STATS be unable to term out
any associate short term loans either through issuance of medium
term notes or committed term bank financing.

Negative pressure could also arise if STATS continues to suffer
from reduced asset utilization rates, decreasing profitability,
and weaker cash flow-generating capability, such that its adjusted
debt/EBITDA rises above 4.5x.  Any exit by the key shareholders
would also be negative for the ratings.

Upwards ratings pressure is unlikely over the near-term given the
negative outlook.  However, the ratings outlook could stabilize
should STATS successfully address its near term refinancing needs.
Moody's should also look for the ongoing erosion in financial
metrics to be reversed and the company move toward a positive FCF
position.

The principal methodology used in these ratings was Global
Semiconductor Industry Methodology published in December 2012.

STATS ChipPAC Ltd. is the fourth-largest player in the OSAT
(Outsourcing Semiconductor Assembly and Test) industry.  It
provides full turnkey solutions to semiconductor companies, among
them foundries, integrated device manufacturers, and fabless
companies in the US, Europe, and Asia.



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


* SOUTH KOREA: Major Shipbuilders Expect Record Losses This Year
----------------------------------------------------------------
Yonhap reports that South Korea's major shipyards, led by Hyundai
Heavy Industries Co., are expected to log record losses this year
as they struggle with money-losing projects to build offshore
facilities and a decline in new orders, industry sources said on
August 10.

The news agency relates that sources said the country's big three
shipbuilders -- Hyundai Heavy, Daewoo Shipbuilding & Marine
Engineering Co. and Samsung Heavy Industries Co. -- are forecast
to rack up a combined loss of up to KRW6 trillion ($5.14 billion)
for the year.

Hyundai Heavy, the world's top shipbuilder, and the two others
already posted a combined KRW3.78 trillion loss during the first
half of the year due to the delivery of low-priced ships and
increased costs stemming from a delay in the construction of loss-
making offshore facilities, according to the report.

Daewoo Shipbuilding, which reported a record quarterly loss of
KRW2.39 trillion in the second quarter, is likely to suffer an
annual loss of KRW3.5 trillion this year, Yonhap discloses.

Samsung Heavy is anticipated to post a loss of KRW1.5 trillion for
the year, with Hyundai Heavy forecast to suffer a KRW600 billion
loss as well, Yonhap adds.

Earlier, Samsung Heavy had expected to log KRW1.37 trillion in
losses this year, but they are likely to further rise down the
road given the industrywide slump, reports Yonhap.

"It is inevitable that local shipyards will suffer record losses
in the second half. Their performance depends on whether they are
able to minimize potential losses," the report quotes a Hyundai
Heavy official as saying.

Yonhap adds that local shipyards also reported massive losses last
year largely due to a rise in shipbuilding costs and poor
performance from offshore plant construction.

For one, Hyundai Heavy swung to a net loss of KRW2.20 trillion in
2014 from a net profit of KRW146.3 billion the previous year,
Yonhap reports.

It also recorded its biggest operating loss ever of KRW3.25
trillion last year, a stark turnaround from an operating profit of
KRW802 billion a year ago, adds Yonhap.



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


* BOND PRICING: For the Week August 3 to August 7, 2015
-------------------------------------------------------

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


  AUSTRALIA
  ---------

ANTARES ENERGY L     10.00   10/30/23     AUD       1.72
BOART LONGYEAR M      7.00   04/01/21     USD      66.25
BOART LONGYEAR M      7.00   04/01/21     USD      66.25
CML GROUP LTD         9.00   01/29/20     AUD       0.99
CRATER GOLD MINI     10.00   08/18/17     AUD      25.00
FMG RESOURCES AU      8.25   11/01/19     USD      74.97
FMG RESOURCES AU      6.88   04/01/22     USD      59.16
FMG RESOURCES AU      6.88   04/01/22     USD      59.08
IMF BENTHAM LTD       6.35   06/30/19     AUD      71.38
KBL MINING LTD       12.00   02/16/17     AUD       0.31
LAKES OIL NL         10.00   03/31/17     AUD       7.50
MIDWEST VANADIUM     11.50   02/15/18     USD       5.03
MIDWEST VANADIUM     11.50   02/15/18     USD       4.29
RESOLUTE MINING      10.00   12/04/17     AUD       1.01
STOKES LTD           10.00   06/30/17     AUD       0.45
TREASURY CORP OF      0.50   11/12/30     AUD      64.23


CHINA
-----

CHANGCHUN CITY D      6.08   03/09/16     CNY      40.67
CHANGZHOU INVEST      5.80   07/01/16     CNY      40.70
CHANGZHOU WUJIN       5.42   06/09/16     CNY      50.14
CHINA DEVELOPMEN      3.52   04/18/20     CNY      74.47
CHINA GOVERNMENT      1.64   12/15/33     CNY      70.43
CHIZHOU CITY MAN      7.58   04/20/16     CNY      61.14
CHONGQING NAN'AN      6.29   12/24/17     CNY      78.31
DATONG ECONOMIC       6.50   06/01/17     CNY      71.81
ERDOS DONGSHENG       8.40   02/28/18     CNY      62.58
GRANDBLUE ENVIRO      6.40   07/07/16     CNY      70.70
HANGZHOU XIAOSHA      6.90   11/22/16     CNY      75.50
HEILONGJIANG HEC      7.78   11/17/16     CNY      72.00
HUAIAN CITY URBA      7.15   12/21/16     CNY      70.67
JIANGSU HUAJING       5.68   09/28/17     CNY      75.60
KUNSHAN ENTREPRE      4.70   03/30/16     CNY      40.04
LIAOYUAN STATE-O      7.80   01/26/17     CNY      81.30
LUOHE CITY CONST      6.81   03/30/17     CNY      61.51
NANJING NANGANG       6.13   02/27/16     CNY      50.00
NANTONG STATE-OW      6.72   11/13/16     CNY      65.45
NEIJIANG INVESTM      7.00   07/19/18     CNY      76.95
PANJIN CONSTRUCT      7.70   12/16/16     CNY      72.40
PUTIAN STATE-OWN      8.10   03/21/19     CNY      63.00
QINGZHOU HONGYUA      6.50   05/22/19     CNY      40.81
TAIZHOU CITY CON      6.90   01/25/17     CNY      70.64
WUXI COMMUNICATI      5.58   07/08/16     CNY      50.79
XIANGTAN JIUHUA       6.93   12/16/16     CNY      71.00
YANGZHOU ECONOMI      6.10   07/07/16     CNY      50.31
YANGZHOU URBAN C      5.94   07/23/16     CNY      41.00
YIJINHUOLUOQI HO      8.35   03/19/19     CNY      74.51
YINCHUAN URBAN C      6.28   03/09/17     CNY      51.16
YIYANG CITY CONS      8.20   11/19/16     CNY      72.19


INDONESIA
---------

ARPENI PRATAMA O     16.50   06/30/21     IDR       4.45
BERAU COAL ENERG      7.25   03/13/17     USD      58.75
BERAU COAL ENERG      7.25   03/13/17     USD      59.73
GAJAH TUNGGAL TB      7.75   02/06/18     USD      75.63
GAJAH TUNGGAL TB      7.75   02/06/18     USD      75.63
INDONESIA TREASU      6.38   04/15/42     IDR      73.44


INDIA
-----

3I INFOTECH LTD       5.00   04/26/17     USD      15.50
BLUE DART EXPRES      9.30   11/20/17     INR      10.09
BLUE DART EXPRES      9.40   11/20/18     INR      10.13
BLUE DART EXPRES      9.50   11/20/19     INR      10.18
COROMANDEL INTER      9.00   07/23/16     INR      15.11
GTL INFRASTRUCTU      3.53   11/09/17     USD      25.75
INCLINE REALTY P     10.85   08/21/17     INR      10.91
INCLINE REALTY P     10.85   04/21/17     INR       7.62
INDIA GOVERNMENT      0.31   01/25/35     INR      23.10
JAIPRAKASH ASSOC      5.75   09/08/17     USD      70.99
JCT LTD               2.50   04/08/11     USD      27.75
ORIENTAL HOTELS       2.00   11/21/19     INR      74.33
PYRAMID SAIMIRA       1.75   07/04/12     USD       1.00
REI AGRO LTD          5.50   11/13/14     USD      20.63
REI AGRO LTD          5.50   11/13/14     USD      20.63
SHIV-VANI OIL &       5.00   08/17/15     USD      25.13


JAPAN
-----

AVANSTRATE INC        3.02   11/05/15     JPY      40.25
AVANSTRATE INC        5.00   11/05/17     JPY      30.50
ELPIDA MEMORY IN      0.70   08/01/16     JPY       9.63
ELPIDA MEMORY IN      0.50   10/26/15     JPY       8.75
ELPIDA MEMORY IN      2.29   12/07/12     JPY       9.63
ELPIDA MEMORY IN      2.10   11/29/12     JPY       9.63
ELPIDA MEMORY IN      2.03   03/22/12     JPY       9.63


KOREA
-----

2014 KODIT CREAT      5.00   12/25/17     KRW      29.12
2014 KODIT CREAT      5.00   12/25/17     KRW      29.12
DOOSAN CAPITAL S     20.00   04/22/19     KRW      36.71
HYUNDAI HEAVY IN      4.90   12/15/44     KRW      56.13
HYUNDAI HEAVY IN      4.80   12/15/44     KRW      57.19
HYUNDAI MERCHANT      7.05   12/27/42     KRW      37.12
KIBO ABS SPECIAL     10.00   08/22/17     KRW      27.62
KIBO ABS SPECIAL     10.00   09/04/16     KRW      37.38
KIBO ABS SPECIAL      5.00   01/31/17     KRW      30.99
KIBO ABS SPECIAL      5.00   03/29/18     KRW      28.09
KIBO ABS SPECIAL     10.00   02/19/17     KRW      34.88
KIBO GREEN HI-TE     10.00   12/21/15     KRW      45.65
LSMTRON DONGBANG      4.53   11/22/17     KRW      28.79
POSCO ENERGY COR      4.66   08/29/43     KRW      69.46
POSCO ENERGY COR      4.72   08/29/43     KRW      68.88
POSCO ENERGY COR      4.72   08/29/43     KRW      68.69
POSCO PLANTEC CO      3.89   09/13/16     KRW      71.57
SINBO SECURITIZA      5.00   08/29/18     KRW      26.93
SINBO SECURITIZA      5.00   08/29/18     KRW      26.93
SINBO SECURITIZA      5.00   03/13/17     KRW      31.28
SINBO SECURITIZA      5.00   03/13/17     KRW      31.28
SINBO SECURITIZA      5.00   02/21/17     KRW      31.51
SINBO SECURITIZA      5.00   08/31/16     KRW      33.50
SINBO SECURITIZA      5.00   08/31/16     KRW      33.51
SINBO SECURITIZA      5.00   10/05/16     KRW      33.11
SINBO SECURITIZA      5.00   10/05/16     KRW      31.52
SINBO SECURITIZA      5.00   08/24/15     KRW      67.77
SINBO SECURITIZA      5.00   07/26/16     KRW      33.79
SINBO SECURITIZA      5.00   07/26/16     KRW      33.79
SINBO SECURITIZA      5.00   08/16/17     KRW      30.20
SINBO SECURITIZA      5.00   08/16/16     KRW      32.73
SINBO SECURITIZA      5.00   08/16/17     KRW      30.20
SINBO SECURITIZA      5.00   10/01/17     KRW      29.63
SINBO SECURITIZA      5.00   10/01/17     KRW      29.63
SINBO SECURITIZA      5.00   09/26/18     KRW      26.73
SINBO SECURITIZA      5.00   09/26/18     KRW      26.73
SINBO SECURITIZA      5.00   09/26/18     KRW      26.73
SINBO SECURITIZA      5.00   10/01/17     KRW      29.63
SINBO SECURITIZA      5.00   09/28/15     KRW      52.79
SINBO SECURITIZA      5.00   12/25/16     KRW      31.44
SINBO SECURITIZA      5.00   09/13/15     KRW      60.38
SINBO SECURITIZA      5.00   09/13/15     KRW      60.38
SINBO SECURITIZA      5.00   12/07/15     KRW      41.68
SINBO SECURITIZA      5.00   01/15/18     KRW      28.93
SINBO SECURITIZA      5.00   01/15/18     KRW      28.93
SINBO SECURITIZA      5.00   06/27/18     KRW      27.56
SINBO SECURITIZA      5.00   06/27/18     KRW      27.56
SINBO SECURITIZA      5.00   03/12/18     KRW      28.24
SINBO SECURITIZA      5.00   03/12/18     KRW      28.24
SINBO SECURITIZA      5.00   02/11/18     KRW      28.46
SINBO SECURITIZA      5.00   02/11/18     KRW      28.46
SINBO SECURITIZA      5.00   06/29/16     KRW      34.11
SINBO SECURITIZA      5.00   06/07/17     KRW      23.21
SINBO SECURITIZA      5.00   06/07/17     KRW      23.21
SINBO SECURITIZA      5.00   12/13/16     KRW      32.30
SINBO SECURITIZA      5.00   07/24/18     KRW      27.37
SINBO SECURITIZA      5.00   07/24/18     KRW      27.37
SINBO SECURITIZA      5.00   07/08/17     KRW      30.57
SINBO SECURITIZA      5.00   07/08/17     KRW      30.57
SINBO SECURITIZA     10.00   12/27/15     KRW      44.93
SINBO SECURITIZA      5.00   01/19/16     KRW      37.28
SINBO SECURITIZA      5.00   03/14/16     KRW      33.91
SINBO SECURITIZA      5.00   02/02/16     KRW      36.44
SINBO SECURITIZA      8.00   02/02/16     KRW      39.94
SINBO SECURITIZA      5.00   05/27/16     KRW      34.48
SINBO SECURITIZA      5.00   05/27/16     KRW      34.48
SINBO SECURITIZA      5.00   07/24/17     KRW      29.52
SINBO SECURITIZA      5.00   01/29/17     KRW      31.77
SINBO SECURITIZA      5.00   02/21/17     KRW      31.51
SK TELECOM CO LT      4.21   06/07/73     KRW      66.71
TONGYANG CEMENT       7.50   04/20/14     KRW      70.00
TONGYANG CEMENT       7.30   06/26/15     KRW      70.00
TONGYANG CEMENT       7.50   07/20/14     KRW      70.00
TONGYANG CEMENT       7.50   09/10/14     KRW      70.00
TONGYANG CEMENT       7.30   04/12/15     KRW      70.00
U-BEST SECURITIZ      5.50   11/16/17     KRW      29.84
WISE MOBILE SECU     20.00   07/17/18     KRW      70.85
WISE MOBILE SECU     20.00   05/19/18     KRW      73.45


SRI LANKA
---------

SRI LANKA GOVERN      5.35   03/01/26     LKR      72.54


MALAYSIA
--------

BANDAR MALAYSIA       0.35   02/20/24     MYR      70.63
BANDAR MALAYSIA       0.35   12/29/23     MYR      71.10
BIMB HOLDINGS BH      1.50   12/12/23     MYR      71.17
BRIGHT FOCUS BHD      2.50   01/22/31     MYR      66.07
BRIGHT FOCUS BHD      2.50   01/24/30     MYR      68.81
LAND & GENERAL B      1.00   09/24/18     MYR       0.27
SENAI-DESARU EXP      0.50   12/31/38     MYR      66.12
SENAI-DESARU EXP      0.50   12/31/40     MYR      69.26
SENAI-DESARU EXP      0.50   12/30/44     MYR      74.02
SENAI-DESARU EXP      0.50   12/31/42     MYR      71.86
SENAI-DESARU EXP      0.50   12/30/39     MYR      67.92
SENAI-DESARU EXP      0.50   12/31/43     MYR      73.04
SENAI-DESARU EXP      0.50   12/31/41     MYR      70.49
SENAI-DESARU EXP      0.50   12/29/45     MYR      74.91
SENAI-DESARU EXP      1.35   12/31/27     MYR      60.05
SENAI-DESARU EXP      1.35   06/30/28     MYR      58.92
SENAI-DESARU EXP      1.35   12/29/28     MYR      57.76
SENAI-DESARU EXP      1.10   12/31/21     MYR      75.46
SENAI-DESARU EXP      1.10   06/30/22     MYR      73.75
SENAI-DESARU EXP      1.15   12/30/22     MYR      72.38
SENAI-DESARU EXP      1.15   06/30/23     MYR      70.77
SENAI-DESARU EXP      1.15   12/29/23     MYR      69.19
SENAI-DESARU EXP      1.15   06/28/24     MYR      67.64
SENAI-DESARU EXP      1.15   12/31/24     MYR      66.09
SENAI-DESARU EXP      1.15   06/30/25     MYR      64.61
SENAI-DESARU EXP      1.35   12/31/25     MYR      64.81
SENAI-DESARU EXP      1.35   06/30/26     MYR      63.57
SENAI-DESARU EXP      1.35   12/31/26     MYR      62.37
SENAI-DESARU EXP      1.35   06/30/27     MYR      61.18
SENAI-DESARU EXP      1.35   06/29/29     MYR      56.64
SENAI-DESARU EXP      1.35   12/31/29     MYR      55.48
SENAI-DESARU EXP      1.35   06/28/30     MYR      54.37
SENAI-DESARU EXP      1.35   12/31/30     MYR      53.18
SENAI-DESARU EXP      1.35   06/30/31     MYR      52.00
UNIMECH GROUP BH      5.00   09/18/18     MYR       1.23


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

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


SINGAPORE
---------

AXIS OFFSHORE PT      7.54   05/18/18     USD      67.88
BAKRIE TELECOM P     11.50   05/07/15     USD       4.00
BAKRIE TELECOM P     11.50   05/07/15     USD       4.00
BERAU CAPITAL RE     12.50   07/08/49     USD      61.50
BERAU CAPITAL RE     12.50   07/08/49     USD      74.78
BLD INVESTMENTS       8.63   03/23/15     USD       9.63
BUMI CAPITAL PTE     12.00   11/10/16     USD      28.25
BUMI CAPITAL PTE     12.00   11/10/16     USD      24.69
BUMI INVESTMENT      10.75   10/06/17     USD      26.75
BUMI INVESTMENT      10.75   10/06/17     USD      24.68
ENERCOAL RESOURC      6.00   04/07/18     USD      14.50
GOLIATH OFFSHORE     12.00   06/11/17     USD      45.05
GOLIATH OFFSHORE     15.00   06/11/17     USD      59.54
INDO INFRASTRUCT      2.00   07/30/10     USD       1.88
ORO NEGRO DRILLI      7.50   01/24/19     USD      72.50
OSA GOLIATH PTE      12.00   10/09/18     USD      68.00
SWIBER HOLDINGS       7.13   04/18/17     SGD      79.75


THAILAND
--------

G STEEL PCL           3.00   10/04/15     USD       4.05
MDX PCL               4.75   09/17/03     USD      37.13


VIETNAM
-------

BANK FOR INVESTM     10.20   05/19/21     VND       1.00
BANK FOR INVESTM     10.33   05/19/16     VND       1.00



                             *********

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

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

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


                            *********


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

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

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

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

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



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