TCRAP_Public/150814.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, August 14, 2015, Vol. 18, No. 160


                            Headlines


A U S T R A L I A

A.B CABINETS: First Creditors' Meeting Set For August 25
BUNDOK RESOURCES: Sells Shareholding in BMRC Subsidiary
PURMAC PTY: First Creditors' Meeting Set For August 21
RGI SYDNEY: First Creditors' Meeting Slated For August 24
TALCO PTY: Business Assets Up for Sale


C H I N A

JIANGSU FEIDA: Faces Bond Default; Danyang City Comes to Rescue


H O N G  K O N G

NOBLE GROUP: Troubles Seep Into Bonds, Research Analyst Says
SING PAO: High Court Sends Parent Company Into Liquidation
TEXHONG TEXTILE: Moody's Ba3 Rating Unaffected by 1H 2015 Results


I N D I A

AARAY GLOBAL: CRISIL Suspends 'D' Rating on INR170MM Loan
ANANYA HOSPITAL: ICRA Upgrades Rating on INR3.73cr Loan to BB-
APRA ENTERPRISES: CRISIL Lowers Rating on INR120MM Loan to B+
ARMAAX AUTO: CRISIL Lowers Rating on INR41.5MM Loan to 'B'
ARYA FILAMENTS: CRISIL Assigns B+ Rating to INR79MM Cash Loan

AVYAAN OVERSEAS: CRISIL Lowers Rating on INR375MM Loan to 'D'
HOLY FAITH: CRISIL Suspends 'D' Rating on INR60MM Bank Loan
HOPEWELL TABLEWARE: CRISIL Ups Rating on INR330MM Loan to B+
KARAN CONSTRUCTION: CRISIL Cuts Rating on INR80MM Loan to B
KESHAVA MEDI: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan

KESHAVA FABRICS: CRISIL Reaffirms B+ Rating on INR50MM Loan
KG FABRIKS: ICRA Suspends C+ Rating on INR43.54cr Term Loan
KODIBAIL IMPORT: CRISIL Reaffirms 'B' Rating on INR40MM Loan
KONARK POLYTUBES: CRISIL Ups Rating on INR80MM Cash Loan to B+
M. J. CHEMICALS: CRISIL Assigns 'B' Rating to INR9.2MM LT Loan

M. M. POLYMERS: CRISIL Assigns B+ Rating to INR60MM LT Loan
MAHARASHTRA ENGINEERING: CRISIL Cuts Rating on INR57MM Loan to B
NARESH CLOTH: CRISIL Reaffirms B+ Rating on INR65MM LT Loan
POWER RESEARCH: ICRA Reaffirms B+ Rating on INR5.0cr LT Loan
PRERANA HOSPITAL: CRISIL Reaffirms B+ Rating on INR300MM LT Loan

PRISTINE BUILDCON: ICRA Assigns B+ Rating to INR45cr Term Loan
RADIANT UDYOG: CRISIL Reaffirms 'D' Rating on INR40MM Term Loan
RAJASTHAN PULSES: CRISIL Reaffirms B+ Rating on INR75MM Loan
REVATHI MODERN: CRISIL Suspends B+ Rating on INR70MM Cash Loan
RIDDHI SIDDHI: ICRA Assigns B+ Rating to INR20cr Cash Credit

RUKSH EXIM: CRISIL Reaffirms B+ Rating on INR49.9MM Term Loan
SLS MERCANTILE: CRISIL Reaffirms B+ Rating on INR120MM Loan
SRI RAM: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
THOPPIL CONSTRUCTIONS: CRISIL Suspends B+ Rating on INR80MM Loan
UNITED STEEL: CRISIL Suspends D Rating on INR97MM Term Loan

VIRTUAAL RETAIL: CRISIL Lowers Rating on INR150MM Loan to 'D'
XO PACK: CRISIL Suspends B- Rating on INR50MM Long Term Loan


I N D O N E S I A

MULTIPLAR TBK: S&P Revises Outlook to Neg. & Affirms 'B+' CCR


J A P A N

TOSHIBA CORP: May Book JPY100BB Loss in FY2014 Amid Scandal


M A L A Y S I A

1MALAYSIA DEVELOPMENT: Probe Completed, Central Bank Says


N E W  Z E A L A N D

SOLID ENERGY: Board Places Company Into Voluntary Administration


S O U T H  K O R E A

* SOUTH KOREA: Regulator to Set Up Corporate Restructuring Firm


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


A.B CABINETS: First Creditors' Meeting Set For August 25
--------------------------------------------------------
Jason Glenn Stone and Petr Vrsecky of PKF Melbourne were appointed
as administrators of A.B Cabinets Pty. Ltd. on Aug. 13, 2015.

A first meeting of the creditors of the Company will be held at
PKF Melbourne, Level 13, 440 Collins Street, in Melbourne, on
Aug. 25, 2015, at 10:30 a.m.


BUNDOK RESOURCES: Sells Shareholding in BMRC Subsidiary
-------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Bundok Resources
Pty Ltd is selling its shareholding in Bundok Mineral Resources
Corporation. BMRC is a Bundok Resources' wholly owned subsidiary.
The parent company has an investment in the Philippines' Masapelid
Project, the report notes.  Bundok Resources possesses the rights
to explore, develop and mine.

Bundok Resources Pty Ltd is currently in liquidation. Giovanni
Maurizio Carrello of BRI Ferrier Western Australia was appointed
liquidator of the company on April 23, 2015, the report discloses.

Based in Australia, Bundok Resources Pty Ltd. owns and operates
gold and porphyry copper-gold projects.


PURMAC PTY: First Creditors' Meeting Set For August 21
------------------------------------------------------
Peter Anthony Lucas and Nicholas Francis Carter of P.A. Lucas &
Co. were appointed as administrators of Purmac Pty Ltd, trading as
Nextra MacArthur News, on Aug. 10, 2015.

A first meeting of the creditors of the Company will be held at
P.A. Lucas & Co., Level 4, 232 Adelaide Street, in Brisbane,
Queensland, on Aug. 21, 2015, at 11:00 a.m.


RGI SYDNEY: First Creditors' Meeting Slated For August 24
---------------------------------------------------------
Clifford John Sanderson of Restructuring Works was appointed as
administrator of RGI Sydney Pty Ltd on Aug. 12, 2015.

A first meeting of the creditors of the Company will be held at
Restructuring Works, Level 8, 80 Clarence Street, in Sydney, on
Aug. 24, 2015, at 11:00 a.m.


TALCO PTY: Business Assets Up for Sale
--------------------------------------
Cliff Sanderson at Dissolve.com.au reports that expressions of
interest are sought for the sale of Talco Pty Ltd's business and
assets.

The sale of the business and assets is under the instruction of
administrators Robert Moodie and Will Griffiths from Rodgers
Reidy.

Talco Pty Ltd operates steel fabrication business in Port Kembla,
New South Wales. The business boasts of a regular NSW blue-chip
customer base. It reported an FY15 annual turnover of more than
AUD10 million, Dissolve.com.au discloses.



=========
C H I N A
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JIANGSU FEIDA: Faces Bond Default; Danyang City Comes to Rescue
---------------------------------------------------------------
Bloomberg News reports that a local government financing vehicle
in the eastern Chinese city of Danyang is coming to the rescue of
a tool maker that said it can't meet bond payments this month.

Jiangsu Feida Holdings Group Co. owes interest on CNY800 million
($129 million) of 2018 notes on Aug. 30, when investors also have
an option to sell back the securities.  According to Bloomberg,
the drill and cutter maker said Aug. 3 it doesn't have money to
repay the interest and may not be able to honor any redemptions.
Danyang Investment Group Co., the LGFV, will guarantee any of the
securities investors agree to continue holding, it said, Bloomberg
relays.

The move signals Chinese authorities' determination to stem
defaults after three onshore nonpayments this year, Bloomberg
relates citing Guotai Junan Securities Co.  Bloomberg says local
government financing arms, which have been barred from raising
money on behalf of regional authorities, are themselves struggling
with debt pressure, with CNY314.34 billion of notes due this year.

"The National Development and Reform Commission is probably giving
local governments pressure to avoid default of the bonds,"
Bloomberg quotes Zhang Li, a Beijing-based Guotai Junan bond
analyst, as saying referring to the state planner.

Jiangsu Feida sold the 7.6% bonds in 2012, according to data
compiled by Bloomberg.

The manufacturer has also proposed cutting the notes' coupon to
6.23% until they mature in 2018, according to the statement
obtained by Bloomberg. The company will hold a bondholder meeting
on Aug. 18 to discuss the proposals, the statement said.

Pengyuan Credit Rating Co. cut Jiangsu Feida's issuer rating to
BBB+ from AA June 29, citing a sluggish outlook for the steel
industry and a capital shortage at the company, Bloomberg
discloses.

Based in Dangyang, China, Jiangsu Feida (Holding) Group co., Ltd,
through its subsidiaries, manufactures and markets cutting tools,
industrial; machinery, wood working drill, masonry drill, electric
hammer drill, and tools set and taps process.



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


NOBLE GROUP: Troubles Seep Into Bonds, Research Analyst Says
------------------------------------------------------------
Angela Tan at Business Times reports that Noble Group's troubles
have spread from its stocks into its bonds, according to Simon
Colvin, a research analyst at financial information services
Markit.

The report relates that Mr. Colvin said accusations of accounting
irregularities and the continuing global commodities slump have
seen the credit markets turn bearish on the Hong Kong-based
commodities group.

Noble's Certificates of Deposit's (CDS) spread has tripled in the
last 12 months. The latest 5 year CDS spread stands at 714bps, the
highest level since 2009, the report discloses.

"This jump came in two waves which occurred in March, when
Iceberg's allegations first came to light, and July when the
commodities slump started in earnest," the report quotes Mr.
Colvin as saying.

The bearish sentiment seen by Noble's CDS spread has also been
felt by Noble's bonds, which have seen their yields shoot up in
recent weeks. The entirety of the firm's yield curve has widened
in the last 12 months, Business Times says citing Markit's
evaluated bond service.

Business Times relates that Markit noted that the widening has
been most extreme at the long end, where the 30 year yield
recently jumped above the 8 per cent mark for the first time ever
in the closing week of July.  Mr. Colvin said this means that
Noble's longest dated bond, the 6.95 per cent 2045 issue, is now
yielding 8.3 per cent after having seen its price fall to 85 cents
on the dollar since listing in March, Business Times relates.

"This increased bearish sentiment towards Noble's bonds could
limit the firm's strategic options going forward as both the
equity and debt portion of its balance sheet have come under
pressure," the analyst, as cited by Business Times, said.

Noble has lost more than half of its market value since February
this year when Iceberg Research questioned its accounting policies
as well as criticised the firm's poor disclosure and lack of
transparency, according to Business Times.

Noble eventually engaged PricewaterhouseCoopers (PwC) to review
the valuation of its contracts, the report says. On August 10, PwC
said "Noble has adopted an approach to valuations which is
consistent with the relevant criteria in all material respects,"
Business Times reports.

But the assurance provided little comfort to the market, which
continued to sell the stock, the report states. Critics said the
PwC review revealed nothing new and failed to address major
concerns. The controversial accounting treatment and valuation of
its Australian subsidiary Yancoal was not covered at all by PwC,
the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
June 23, 2015, Bloomberg News said Noble Group Ltd. sued a
former Chinese iron ore customer of ten-years standing to stop any
attempts to shut a Singapore unit over an alleged debt of
$102,718.

Noble Resources International Pte has been granted an interim
injunction by the Singapore High Court preventing Rizhao Zhongrui
Native Produce Co. from winding-up proceedings, and is pursuing
separate claims against the firm, Noble said in a statement cited
by Bloomberg. A closed hearing was scheduled June 25.

Bloomberg added that the Singapore court case comes as Noble
fights on a wider front against criticisms of its accounting
practices. In Hong Kong, the trader is also suing a former
employee, whom it claims is behind the anonymous group Iceberg
Research, for spreading false information about the company,
Bloomberg said. Noble in an open letter to critics, which included
an ex-Morgan Stanley banker, defended its methods
and valuations, Bloomberg reported.

                         About Noble Group

Noble Group Limited (SGX:N21) -- http://www.thisisnoble.com/-- is
a Hong Kong-based company engaged in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores .Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in Asia
and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.


SING PAO: High Court Sends Parent Company Into Liquidation
----------------------------------------------------------
Jasmine Siu at The Standard reports that the High Court has
ordered the parent company of Hong Kong's oldest Chinese
newspaper, Sing Pao Daily News, to wind up. But this should not
affect the publication of the newspaper founded in 1939, according
to the court-appointed provisional liquidators from professional
services firm KPMG, the Standard says.

It came after its creditor Korchina Culture Investment filed a
petition to the High Court on April 14 to wind up Sing Pao Media
Enterprises, the report relates.

According to the Standard, the court was informed by the
petitioner on August 12 that the cash-strapped company had made no
repayments.

Master Reuden Lai Tat-cheung then instructed the winding up order
be drawn up, after a creditor expressed a neutral stance, the
report relates.

The Standard says the court had previously appointed KPMG's Edward
Middleton and Tiffany Wong Wing-sze to serve as joint provisional
liquidators.

They confirmed in a statement on August 12 the liquidation order
was made, the Standard notes.

"This means that the company, the holding company of the Sing Pao
publishing business, is now in liquidation," the statement read.
"However, the provisional liquidators wish to make clear that the
liquidation of the holding company will have no impact on the
operations of the business, including the publication of Sing Pao
Daily News and magazines, which are conducted through wholly owned
subsidiaries of the company."

A similar pledge was made on July 16, but the newspaper
temporarily stopped printing the following day, adds the Standard.


TEXHONG TEXTILE: Moody's Ba3 Rating Unaffected by 1H 2015 Results
-----------------------------------------------------------------
Moody's Investors Service says that while Texhong Textile Group
Limited (Ba3 negative) achieved positive results in 1H 2015, the
company will need to improve sustainably its debt leverage, before
Moody's considers changing the company's negative ratings outlook
to stable.

"Nonetheless, Moody's acknowledges that Texhong's lower debt
leverage in 1H 2015 is credit positive," says Chenyi Lu, a Moody's
Vice President and Senior Analyst.

Texhong's adjusted debt/EBITDA fell to around 4.0x for the 12
months to 30 June 2015 from 4.7x at 31 December 2014. The
improvement was because of higher sales volumes for yarns, and a
better profit margin.

The company achieved a sales volume for yarns of 217,000 tons for
1H 2015 from 183,000 tons in 1H 2014. The result represents an
18.6% growth, and is mainly the result of the commissioning of new
capacity in Vietnam in 2H 2014.

Raw cotton prices have declined more than average selling prices
for the company's yarn. As a result the company's adjusted EBITDA
margin improved to 11.8% in 1H 2015 from 10.2% in the fiscal year
ended 31 December 2014.

Moody's will continue to monitor the company's deleveraging
efforts, and will focus on Texhong's ability to further improve
its EBITDA and manage its debt levels associated with capital
expenditure. The company has indicated that its capital
expenditure in 2H 2015 and for all of 2016 will amount to RMB670
million and RMB600 million respectively.

The ratings outlook could return to stable if Texhong: (1)
maintains its current sales levels; (2) decreases its debt levels
by lowering capital expenditures and containing working capital
deficits to a moderate level; and (3) improves its profitability,
such that its adjusted debt/EBITDA stays below 4x and its adjusted
EBITDA margin exceeds 11%-12%.

Established in 1997 and listed on the Hong Kong Stock Exchange
since 2004, Texhong Textile Group Limited specializes in producing
core-spun yarn and textile products.

The company currently operates 15 yarn production bases: 12 in the
Yangtze River Delta and Shandong Province in China and three in
Vietnam. Its chairman, Mr. Tianzhu Hong, holds an approximate 55%
stake in the company.



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I N D I A
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AARAY GLOBAL: CRISIL Suspends 'D' Rating on INR170MM Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Aaray Global Resources Pvt Ltd (AGRPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              10        CRISIL D
   Letter of Credit        170        CRISIL D

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

Incorporated in 2005, AGRPL trades in non-coking coal. The day-to-
day operations of the company are managed by Mr. Asokan and his
son, Mr. Balaji Asokan.


ANANYA HOSPITAL: ICRA Upgrades Rating on INR3.73cr Loan to BB-
--------------------------------------------------------------
ICRA has upgraded the long-term rating from [ICRA]B+ to [ICRA]BB-
assigned to the INR4.23 crore bank facilities of Ananya Hospital
Private Limited (AHPL). The outlook on the long term rating is
'Stable'.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long term-Cash Credit    0.50      [ICRA]BB- (Stable);
                                      upgraded from [ICRA]B+

   Long term-Unallocated    3.73      [ICRA]BB- (Stable);
                                      upgraded from [ICRA]B+

The revision in the rating takes into account the improvement in
the capital structure as indicated by a gearing of 0.3x as on
March 31, 2015, with the repayment of the term loans and the
positive accruals to the net worth. The coverage metrics have also
shown y-o-y improvement and is expected to improve further with no
debt funded capital expenditure plans in the short term. The
rating continues to take comfort from the experience of the
promoters in the health care industry, the established presence of
the hospitals (Shanbag Hospital and Ananya Hospital) that has
helped in building a loyal customer base and has aided in
maintaining stable revenue for both the hospitals. The rating also
takes into account the diversification of revenues for AHPL, with
inpatient revenues coming from different procedures, the addition
of the pediatric intensive care unit in Shanbag Hospital and
healthy demand for healthcare services.

The rating is, however, constrained due to the modest scale of
operations of the hospitals restricting operational and financial
flexibility to an extent and the decline in IPD cases resulting in
a modest top line growth of ~1.4% in FY2014-15. ICRA notes that
increasing the top-line and profitability with higher occupancy
levels and more OPD clients in both hospitals, and the retention
of key doctors/consultants could be a challenge in the prevailing
competitive environment in Bangalore.

Ananya Hospital was set up in 2000 as a partnership firm by Dr. M
J Rajashekar along with his friends and was reconstituted as a
private limited company in 2005. The company operates a multi
specialty hospital in Bangalore under the brand name Ananya
Hospital which is a 53 bed facility including 3 operation
theatres, 6 ICUs and offers services across specialties such as
general medicine, orthopedic, pediatric, urology, ear-nose-throat
(ENT) and gynecology amongst others. In 2008, AHPL took over
Shanbhag Hospital, which currently operates with a capacity of 52
beds (2 operation theatres and 8 ICUs). This hospital was
operational since 1990 and is located at Basaveshwara Nagar,
Bangalore. This hospital generates majority of its revenue from
gynecology and pediatrics. Both the hospitals have in-house
pharmacy.

Recent Results
AHPL reported a net profit of INR1.23 crore on an operating income
of INR16.82 crore in FY 2014-15, as per provisional results, as
compared to a net profit of 1.03 crore on an operating income of
INR16.69 crore in FY 2013-14.


APRA ENTERPRISES: CRISIL Lowers Rating on INR120MM Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Apra Enterprises (AE) to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
BB-/Stable/CRISIL A4+'.

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

   Letter of Credit        330       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

The ratings' downgrade reflects continued pressure on AE's
operating profitability, which is expected to result in lower than
expected cash accruals' generation and weak debt protection
metrics. The firm's operating profitability in 2014-15 was 1.4 per
cent, lower than historical level of 1.8 per cent on account of
falling crude prices which also resulted in lower realisation of
firm's products and some inventory related losses. The firm
achieved revenue of INR1.7 billion in 2014-15 marginally higher
than the previous year. However, it remained lower than peak
revenue of INR2.0 billion achieved in 2012-13 on account of
reduced price realisation. The low operating profitability also
resulted in weak interest coverage ratio of 0.70 time in 2014-15.
The firm's operating profitability and working capital management
will remain a key rating sensitivity affecting the financial and
liquidity profiles over the medium term.

CRISIL ratings on the bank facilities of AE continues to reflect
AE's below-average financial risk profile and exposure to
fluctuations in raw material prices. These rating weaknesses are
offset by the moderate scale of operations and the extensive
experience of AE's promoters in the chemicals trading industry.
Outlook: Stable

CRISIL believes that AE will continue to benefit over the medium
term from its promoter's extensive experience in the chemical
trading industry. The outlook may be revised to 'Positive' if the
firm's financial risk profile improves significantly, as a result
of larger-than-expected cash accruals. Conversely, the outlook may
be revised to 'Negative' if AE's working capital requirements
increase significantly or profitability continues to remain weak
leading to deterioration its liquidity or debt-protection metrics.

Set up in 1984 as a proprietorship concern by Mr. Anil Bajaria, AE
trades in chemicals, such as acetone, toluene, xylene, and acetic
acid. The firm, based in Mumbai (Maharashtra), is managed by Mr.
Anil Bajaria and his son, Mr. Viraj Bajaria.


ARMAAX AUTO: CRISIL Lowers Rating on INR41.5MM Loan to 'B'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Armaax Auto Private Limited (AAPL; part of the RK group) to
'CRISIL B/Stable' from 'CRISIL B+/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              30        CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Proposed Long Term       13.6      CRISIL B/Stable (Downgraded
   Bank Loan Facility                 from 'CRISIL B+/Stable')

   Term Loan                18.4      CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Working Capital          41.5      CRISIL B/Stable (Downgraded
   Demand Loan                        from 'CRISIL B+/Stable')

   Working Capital          26.5      CRISIL B/Stable (Downgraded
   Term Loan                          from 'CRISIL B+/Stable')

The rating downgrade reflects pressure on the RK group's business
risk profile on account of subdued demand for components from
tractor manufacturers, and decline in turnover to INR670 million
in 2014-15 (refers to financial year April 1 to March 31) from
INR846 million in the previous year. The accruals halved to about
INR113 million from INR254 million during the period. The decline
in topline and profitability, notwithstanding, the working capital
requirements increased, with gross current assets increasing to
around 275 days as on March 31, 2015 from 200 days a year earlier.
Despite the resultant pressure on liquidity, however, the group
has continued to service its maturing debt on time, aided largely
by equity infusion of INR56 million by the promoters in 2014-15.
The demand for tractor components and the funding support of
promoters will remain rating sensitivity factors for the group.

The rating reflects the RK group's large working capital
requirements, weak liquidity, and fluctuations in operating
profitability owing to volatility in raw material prices. These
rating weakness are partially offset by the promoters' extensive
experience, financial support, and steady relationships with
customers and suppliers.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of AAPL, Maharashtra Engineering (ME) and
Axleo Industries (AI). This is because the three entities,
collectively referred to as the RK group, are managed by the same
promoters and have common suppliers and customers. The entities
are also expected to support each other financially, if necessary.
Outlook: Stable

CRISIL believes that the R.K Group will continue to benefit over
the medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the group reports
significant and sustainable improvement in revenue, margins, and
working capital management while it maintains stable debt
protection indicators. Conversely, the outlook may be revised to
'Negative' if decline in revenue or margins, stretch in working
capital cycle, or reduction in promoter support weakens the
group's financial risk profile.

The RK group manufactures tractor components, primary for Mahindra
& Mahindra Ltd (M&M; rated CRISIL AAA/Stable/CRISIL A1+). The
group was established in 1974 by Mr. R S Kamble in Mumbai
(Maharashtra).


ARYA FILAMENTS: CRISIL Assigns B+ Rating to INR79MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Arya Filaments Private Limited (AFPL).

   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              79        CRISIL B+/Stable
   Letter of Credit         16        CRISIL A4

The ratings reflect AFPL's modest scale and working capital
intensive nature of operations and subdued financial risk profile
marked by modest net worth, high gearing and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of promoters in the electrical products
industry.

Outlook: Stable

CRISIL believes AFPL will continue to benefit to over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial
improvement in the company's revenues and profitability, while
improving its debt protection metrics. Conversely, the outlook may
be revised to 'Negative' in case of deterioration in AFPL's
financial risk profile, , emanating from lower cash accruals or
larger-than-expected working capital requirements or debt funded
capital expenditure.

AFPL was incorporated in 1991 by Mr. Nanuram Kedarnath Agrawal and
Mr. Surendra Kumar Agrawal. The company is engaged into
manufacturing of bulb filaments and electric lamps. It has its
manufacturing unit in Indore, Madhya Pradesh

For 2014-15 (refers to financial year April 1 to March 31), AFPL
reported profit after tax (PAT) of INR 6.1 million on net sales of
INR 545.3 million; against PAT of INR 3 million on net sales of
INR 508.1 million in 2013-14.


AVYAAN OVERSEAS: CRISIL Lowers Rating on INR375MM Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the short-term bank facilities
of Avyaan Overseas Pvt Ltd (AOPL) to 'CRISIL D' from 'CRISIL A4'.

                           Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Export Packing Credit     225       CRISIL D (Downgraded
                                       from 'CRISIL A4')

   Foreign Bill              375       CRISIL D (Downgraded
   Discounting                         from 'CRISIL A4')

The rating downgrade reflects continuous overutilization of its
bank facilities for over 30 days owing to stretched liquidity.

AOPL has a below-average financial risk profile, marked by
leveraged capital structure and modest interest coverage ratio.
Moreover, the company has large working capital requirements.
However, it benefits from its promoters' extensive experience in
the jewellery industry.

Set up in 2013-14, Avyaan Overseas Private Limited (AOPL) is a
pvt. Ltd. company based out of Mumbai. AOPL is set up by promoters
of KBJ group. Key promoter is Mr. Mohit Kamboj, a third generation
entrepreneur, and is engaged in the business of manufacturing gold
ornaments such as kundan jewellery as well as necklaces,
bracelets, earrings, bangles and other type of related allied
products.


HOLY FAITH: CRISIL Suspends 'D' Rating on INR60MM Bank Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Holy Faith Builders and Developers Pvt Ltd (Holy Faith).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan           30        CRISIL D
   Proposed Long Term
   Bank Loan Facility       60        CRISIL D

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

Incorporated in 2005 and promoted by Mr. Sany Francis, Holy Faith
is a Kerala-based real estate developer.


HOPEWELL TABLEWARE: CRISIL Ups Rating on INR330MM Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Hopewell Tableware Pvt Ltd (HTPL) to 'CRISIL B+/Stable' from
'CRISIL B-/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              128       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Proposed Long Term         2       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B-/Stable')

   Term Loan                330       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that HTPL's business
risk profile will continue to improve over the medium term with
operationalisation of new capacity in 2015-16 (refers to financial
year, April 1 to March 31), product diversification, and
promoter's extensive industry experience.

The company successfully stabilised operations in 2014-15,
resulting in increase in operating income to INR700 million from
INR158 million in 2013-14. Moreover, HTPL is commissioning a new
furnace which will increase capacity by 33 per cent. The new
furnace, along with a new spinning machine with higher spinning
speed, will cost around INR180 million, being funded through term
loan of INR120 million and through internal accruals. Earlier, the
company produced only flats (such as plates and saucers). Post
capex, it will have capacity to produce hollows (such as cups and
mugs), diversifying its product profile. Consequently, operating
income is expected to increase to over INR930 million in 2015-16.

The rating reflects HTPL's stretched liquidity and working-
capital-intensive operations. These rating weaknesses are
partially offset by its promoter's extensive experience in the
tableware industry.
Outlook: Stable

CRISIL believes that HTPL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company's business
risk profile improves significantly marked by improved operating
margin or substantial increase in operating income. Conversely,
the outlook may be revised to 'Negative' if HTPL generates low
cash accruals or if its working capital management deteriorates or
if it undertakes a large debt-funded capital expenditure
programme, weakening its financial risk profile.

HTPL, incorporated in 2010 and promoted by Mr. Swapan Guha,
manufactures tableware made from opal glass. Its manufacturing
unit is in Govindgarh (Rajasthan).


KARAN CONSTRUCTION: CRISIL Cuts Rating on INR80MM Loan to B
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Karan Construction Company (KCC) to 'CRISIL B/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/CRISIL A4+'.


                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              80        CRISIL B/Stable (Downgraded
                                      from 'CRISIL BB-/Stable')

   Letter Of Guarantee      80        CRISIL A4 (Downgraded from
                                      'CRISIL A4+')

   Overdraft Facility       70        CRISIL A4 (Downgraded from
                                      'CRISIL A4+')

The rating downgrade reflects KCC's stretched liquidity, with its
cash accruals expected to be tightly matched against its term debt
obligations over the medium term. Moreover, its short-term bank
facilities were almost fully utilised over the six months through
June 2015. The downgrade also factors in deterioration in the
firm's business risk profile, marked by a decline in sales to
INR288 million in 2014-15 (refers to financial year, April 1 to
March 31) from INR436 million in 2013-14. Despite an expected
improvement in 2015-16 and 2016-17, KCC's revenue will remain
modest over the medium term.

Furthermore, the firm's working capital cycle has deteriorated,
with an increase in its gross current assets to 333 days as on
March 31, 2015, from 222 days as on March 31, 2014. CRISIL
believes that KKC's liquidity will remain stretched over the
medium term on account of its modest cash accruals and high bank
limit utilisation to meet large working capital requirements.

The ratings reflect KCC's modest scale of operations in the
intensely competitive civil construction industry, and the firm's
large working capital requirements. These rating weaknesses are
partially offset by the extensive industry experience of the
firm's promoters.
Outlook: Stable

CRISIL believes that KCC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm reports
substantial growth in its scale of operations and profitability,
and improves its working capital cycle. Conversely, the outlook
may be revised to 'Negative' if its financial risk profile
deteriorates, most likely because of reduced revenue and margins,
or large debt-funded capital expenditure, or a delay in receipt of
bills from various principal contractors.
KCC was founded by Mr. Suresh Chandra Karan, Mr. Suman Karan, and
Mr. Susobhan Karan in Haldia (West Bengal) in 1999. The firm
undertakes civil, mechanical and electrical contracts awarded by
different central government, state government, and private
undertakings.


KESHAVA MEDI: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Keshava Medi Devices
Pvt Ltd (KMDPL; part of the Keshava group) continue to reflect the
Keshava group's modest scale of operations, large working capital
requirements, and vulnerability of its operating margin to
volatility in raw material prices.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          10       CRISIL A4 (Reaffirmed)
   Cash Credit             60       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        15       CRISIL A4 (Reaffirmed)
   Long Term Loan          38.6     CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the group's
established regional position in the polypropylene (PP) non-woven
fabrics and plastic disposable syringes market, its promoters'
extensive industry experience, and its moderate financial risk
profile, marked by moderate capital structure and debt protection
metrics.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KMDPL and Keshava Fabrics Pvt Ltd. This
is because the two companies, together referred to as the Keshava
group, have a common management, synergies in raw material
procurement, and fungible cash flows.
Outlook: Stable

CRISIL believes that the Keshava group will continue to benefit
over the medium term from its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if the group
substantially increases its revenue while maintaining
profitability, leading to significant improvement in cash accruals
and capital structure. Conversely, the outlook may be revised to
'Negative' if the group's cash accruals decline, of if it
undertakes a large debt-funded capital expenditure (capex)
programme, or if its working capital requirements increase
substantially, leading to deterioration in its financial risk
profile.

Update:
The Keshava group's operating income is estimated at INR425
million for 2014-15 (refers to financial year, April 1 to
March 31). The group is likely to maintain moderate scale of
operations over the medium term, supported by its established
regional position in the PP nonwoven fabrics and plastic
disposable syringes market. Its operating margin, estimated at
15.54 per cent for 2014-15, remains vulnerable to volatility in
raw material prices as the group has limited ability to pass on
any price increase to customers because of tender-based business.
Its net cash accruals are moderate, expected in the range of
INR25.8 million and INR31.1 million over the medium term.

The Keshava group's financial risk profile remains moderate,
marked by moderate capital structure and debt protection metrics.
Its capital structure is expected to remain moderate over the
medium term, supported by moderate accretion to reserves and
absence of debt-funded capex.

The Keshava group's operations remain working capital intensive,
reflected in gross current assets of 183 days estimated as on
March 31, 2015, driven by large inventory and receivables.
Consequently, its liquidity is stretched, with high bank limit
utilisation of around 90 per cent. However, its cash accruals of
INR26 million to INR31 million per annum will be adequate to meet
term loan obligations over the medium term.

The Keshava group primarily manufactures PP fabrics and disposable
syringes. Its promoters, Ms. Tanikonda Latha and Mr. Tanikonda
Kesavulu Naidu, have experience of over two decades in similar
lines of business.


KESHAVA FABRICS: CRISIL Reaffirms B+ Rating on INR50MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Keshava Fabrics Private
Limited (KFPL; part of the Keshava group) continue to reflect the
Keshava group's modest scale of operations, large working capital
requirements, and vulnerability of its operating margin to
volatility in raw material prices.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          6.7      CRISIL A4 (Reaffirmed)
   Cash Credit            50        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       10        CRISIL A4 (Reaffirmed)
   Long Term Loan         30        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     32.7      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the group's
established regional position in the polypropylene (PP) non-woven
fabrics and plastic disposable syringes market, its promoters'
extensive industry experience, and its moderate financial risk
profile, marked by moderate capital structure and healthy debt
protection metrics.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KFPL and Keshava Medi Devices Pvt Ltd.
This is because the two companies, together referred to as the
Keshava group, have a common management, synergies in raw material
procurement, and fungible cash flows.
Outlook: Stable

CRISIL believes that the Keshava group will continue to benefit
over the medium term from its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if the group
substantially increases its revenue while maintaining
profitability, leading to significant improvement in cash accruals
and capital structure. Conversely, the outlook may be revised to
'Negative' if the group's cash accruals decline, of if it
undertakes a large debt-funded capital expenditure (capex)
programme, or if its working capital requirements increase
substantially, leading to deterioration in its financial risk
profile.

Update:
The Keshava group's operating income is estimated at INR425
million for 2014-15 (refers to financial year, April 1 to
March 31). The group is likely to maintain moderate scale of
operations over the medium term, supported by its established
regional position in the PP nonwoven fabrics and plastic
disposable syringes market. Its operating margin, estimated at
15.54 per cent for 2014-15, remains vulnerable to volatility in
raw material prices as the group has limited ability to pass on
any price increase to customers because of tender-based business.
Its net cash accruals are moderate, expected in the range of
INR25.8 million and INR31.1 million over the medium term.

The Keshava group's financial risk profile remains moderate,
marked by moderate capital structure and debt protection metrics.
Its capital structure is expected to remain moderate over the
medium term, supported by moderate accretion to reserves and
absence of debt-funded capex.

The Keshava group's operations remain working capital intensive,
reflected in gross current assets of 183 days estimated as on
March 31, 2015, driven by large inventory and receivables.
Consequently, its liquidity is stretched, with high bank limit
utilisation of around 90 per cent. However, its cash accruals of
INR26 million to INR31 million per annum will be adequate to meet
term loan obligations over the medium term.

The Keshava group primarily manufactures PP fabrics and disposable
syringes. Its promoters, Ms. Tanikonda Latha and Mr. Tanikonda
Kesavulu Naidu, have experience of over two decades in similar
lines of business.


KG FABRIKS: ICRA Suspends C+ Rating on INR43.54cr Term Loan
-----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]C+ assigned to
the INR43.54 crore term loan facilities and INR29.12 crore fund
based facilities and the short-term rating of [ICRA]A4 assigned to
the INR11.12 crore non-fund based facilities of KG Fabriks
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

K G Fabriks Limited (KGFL) was originally incorporated as a Non
Banking Finance Company in 1994 in the name 'K G Denim Finance
Limited', engaged in the business of hire purchase and leasing. In
1999, the company changed its line of business activity, wherein
it focused on trading activities and was subsequently renamed as
"Southern Technologies Limited (STL)". In 2004, the company
ventured into textile business, backed by its group's established
presence in the textile value chain and the name was changed to 'K
G Fabriks Limited'. Presently, the company is engaged in yarn
processing and manufacturing grey fabric.


KODIBAIL IMPORT: CRISIL Reaffirms 'B' Rating on INR40MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kodibail Import Export
Private Limited (KIEPL) continue to reflect KIEPL's modest scale
of operations in the intensely competitive and highly fragmented
agricultural and garden-care equipment trading industry, and its
below-average financial risk profile, marked by a high total
outside liabilities to tangible net worth ratio, small net worth,
and weak debt protection metrics. These rating weaknesses are
partially offset by the extensive industry experience of the
company's promoters.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              40       CRISIL B/Stable (Reaffirmed)
   Foreign Letter of
   Credit                   20       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that KIEPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's revenue and
profitability increase substantially, thereby strengthening its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if KIEPL's cash accruals are significantly low or it
undertakes a large debt-funded capital expenditure programme,
resulting in deterioration in its financial risk profile.

Set up in 2010, KIEPL trades in agricultural and garden-care
equipment. The company, promoted by Mr. K Satyanarayana and his
wife, Ms. K S Vijayalakshmi, is based in Puttur (Karnataka).


KONARK POLYTUBES: CRISIL Ups Rating on INR80MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Konark Polytubes Private Limited (KPPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable', and has reaffirmed its rating on the company's
short-term facility at 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            5        CRISIL A4 (Reaffirmed)

   Cash Credit              80        CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Proposed Long Term        5.4      CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B/Stable')


The rating upgrade reflects improvement in KPPL's financial risk
profile, particularly its liquidity. Its liquidity was supported
by moderate cash accruals of INR6.5 million to INR9.0 million per
annum over the medium termdriven by an increase in scale of
operations and a sustained operating margin. The company has no
term debt repayment obligations currently. Its current ratio
remained adequate at about 1.19 times as on March 31, 2015.

KPPL's financial risk profile has improved with gearing of about
1.92 times as on March 31, 2015, against 2.18 times as on March
31, 2013. The gearing is expected to improve further to between
INR1.50 and 1.65 times over the medium term, supported by pre-
payment of term loans and the absence of any debt-funded capital
expenditure (capex) plans.

The ratings reflect KPPL's below-average financial risk profile,
marked by an aggressive capital structure and modest debt
protection metrics, its large working capital requirements, and
its exposure to intense industry competition. These rating
weaknesses are partially offset by the benefits derived from
steady demand because of the company's increasing penetration in
the irrigation sector, and its promoters' experience in the
polyvinyl chloride (PVC) pipes manufacturing industry.
Outlook: Stable

CRISIL believes that KPPL will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if the company significantly improves its
scale of operations and profitability, leading to a substantial
increase in its cash accruals, or if there is sizable equity
infusion, resulting in better liquidity. Conversely, the outlook
may be revised to 'Negative' if KPPL's financial risk profile,
especially liquidity, weakens, most likely because of a stretch in
its working capital cycle or large debt-funded capex.

KPPL was established by Mr. Anmol Ratan and his family members in
1996. The company set up a PVC pipes manufacturing facility in
Aligarh (Uttar Pradesh) and commenced commercial operations in
2007-08 (refers to financial year, April 1 to March 31). It sells
its products under the Konark and Kisan Agro brands, mainly in
Uttar Pradesh.


M. J. CHEMICALS: CRISIL Assigns 'B' Rating to INR9.2MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of M. J. Chemicals (MJC).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      9.2        CRISIL B/Stable
   Import Letter of
   Credit Limit           36.2        CRISIL A4
   Letter Of Guarantee    24.6        CRISIL A4

The ratings reflect MJC's below-average financial risk profile low
net worth, high total outside liabilities to tangible net worth
(TOLTNW) and working-capital-intensive operations. These rating
weaknesses are partially offset by the extensive experience of
MJC's partner's in the chemical trading industry and its
established relations with customers.
Outlook: Stable

CRISIL believes that MJC will benefit over the medium term from
its promoters' extensive industry experience and diverse product
portfolio catering to a wide clientele across India. The outlook
may be revised to 'Positive' in case the firm significantly
improves its scale of operations and operating margin, leading to
higher cash accruals and improvement in capital structure.
Conversely, the outlook may be revised to 'Negative' in case
operating margin declines or the firm undertakes a debt-funded
capital expenditure program, leading to deterioration in its
financial risk profile.

MJC trades in various types of chemicals, solvents, and
intermediaries. The firm has a diverse product portfolio, of which
around 30 per cent is imported from countries such as China, the
USA, Europe, Russia, and South Korea; and the remaining is
procured domestically. MJC caters to industries such as
pharmaceuticals, petro-chemicals, lamination, textiles, and
leather.


M. M. POLYMERS: CRISIL Assigns B+ Rating to INR60MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of M. M. Polymers Pvt Ltd (MMPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      9.4        CRISIL B+/Stable
   Cash Credit            35          CRISIL B+/Stable
   Long Term Loan         60          CRISIL B+/Stable

The rating reflects MMPL's small scale of operations and large
working capital requirements. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the plastic manufacturing business.
Outlook: Stable

CRISIL believes that MMPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company reports a
significant increase in its accruals, or considerably improves its
working capital management, or if its promoters infuse substantial
capital, leading to improvement in its financial risk profile,
particularly its liquidity. Conversely, the outlook may be revised
to 'Negative' in case of low cash accruals, or weakening of MMPL's
working capital management, or large debt funded capital
expenditure, resulting in deterioration in its financial risk
profile, particularly its liquidity.

MMPL, established in 2010, manufactures of polyethylene
terephthalate (PET) preforms used in packaging of drinking water,
beverages, edible oils, food products, chemicals, and
pharmaceutical products. Its manufacturing facilities are located
in Raipur (Chhattisgarh) and Pune (Maharashtra). MMPL's day-to-day
operations are managed by its promoter-director Mr. Anil Thourani.


MAHARASHTRA ENGINEERING: CRISIL Cuts Rating on INR57MM Loan to B
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Maharashtra Engineering (ME; part of the RK group) to 'CRISIL
B/Stable' from 'CRISIL B+/Stable'.

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

   Term Loan                 28       CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Working Capital           57       CRISIL B/Stable (Downgraded
   Demand Loan                        from 'CRISIL B+/Stable')

The rating downgrade reflects pressure on the RK group's business
risk profile on account of subdued demand for components from
tractor manufacturers, and decline in turnover to INR670 million
in 2014-15 (refers to financial year April 1 to March 31) from
INR846 million in the previous year. The accruals halved to about
INR113 million from INR254 million during the period. The decline
in topline and profitability, notwithstanding, the working capital
requirements increased, with gross current assets increasing to
around 275 days as on March 31, 2015 from 200 days a year earlier.
Despite the resultant pressure on liquidity, however, the group
has continued to service its maturing debt on time, aided largely
by equity infusion of INR56 million by the promoters in 2014-15.
The demand for tractor components and the funding support of
promoters will remain rating sensitivity factors for the group.

The rating reflects the RK group's large working capital
requirements, weak liquidity, and fluctuations in operating
profitability owing to volatility in raw material prices. These
rating weakness are partially offset by the promoters' extensive
experience, financial support, and steady relationships with
customers and suppliers.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of ME, Armaax Auto Pvt Ltd (AAPL), and
Axleo Industries (AI), This is because the three entities,
collectively referred to as the RK group, are managed by the same
promoters and have common suppliers and customers. The entities
are also expected to support each other financially, if necessary.
Outlook: Stable

CRISIL believes that the R.K Group will continue to benefit over
the medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the group reports
significant and sustainable improvement in revenue, margins, and
working capital management while it maintains stable debt
protection indicators. Conversely, the outlook may be revised to
'Negative' if decline in revenue or margins, stretch in working
capital cycle, or reduction in promoter support weakens the
group's financial risk profile.

The RK group manufactures tractor components, primary for Mahindra
& Mahindra Ltd (M&M; rated CRISIL AAA/Stable/CRISIL A1+). The
group was established in 1974 by Mr. R S Kamble in Mumbai.


NARESH CLOTH: CRISIL Reaffirms B+ Rating on INR65MM LT Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Naresh Cloth
Store (NCS) continues to reflect the firm's modest scale of
operations, lower profitability, and large working capital
requirements.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            60        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     65        CRISIL B+/Stable (Reaffirmed)

The rating also reflects NCS's below-average financial risk
profile, marked by high total outside liabilities to tangible net
worth ratio. These rating weaknesses are partially offset by the
benefits that the firm derives from its proprietor's extensive
experience in the textile industry and its established
relationship with the key supplier.
Outlook: Stable

CRISIL believes that NCS's business risk profile will continue to
benefit over the medium term from its established relationship
with its key supplier, Raymond Ltd. The outlook may be revised to
'Positive' if the firm increases its scale of operations and
profitability while effectively managing its working capital
requirements, leading to substantial cash accruals and improvement
in the financial risk profile. Conversely, the outlook may be
revised to 'Negative' if NCS's financial risk profile weakens
because of below-average working capital management or
deterioration in its capital structure.

Update
NCS, on a provisional basis, posted healthy year-on-year growth
with operating revenue of around INR350 million for 2014-15
(refers to financial year, April 1 to March 31); its operating
profitability was 3.37 per cent during the year. Revenue increased
mainly due to addition of clients through penetration in new
geographies and addition of shirtings to its product portfolio;
revenue is expected to grow at a moderate 8 to 10 per cent per
annum over the medium term. Operating margin has remained stable
for NCS and is expected to remain in the range of 3.0 to 3.5 per
cent over the medium term.

NCS's operations remain working capital intensive, with gross
current assets of 137 days as on March 31, 2015, and inventory of
80 to 90 days. Liquidity is weak, marked by high bank limit
utilisation of 97 per cent on average over the 12 months through
May 2015 and low cash accruals of INR2.2 million to INR2.5 million
against nil term loan obligations over the medium term. Liquidity
is, however, supported by unsecured loans of around INR30 million
extended by the proprietor as on March 31, 2015. CRISIL believes
that NCS's liquidity will remain weak over the medium term on
account of low cash accruals due to low accretion to reserves.

NCS's financial risk profile remains weak, marked by small net
worth of around INR11 million, a high total outside liabilities to
tangible net worth ratio of 11.38 times as on March 31, 2015, and
a below-average interest coverage ratio of 1.39 times for 2014-15.
CRISIL believes that NCS's financial risk profile will remain weak
over the medium term.

NCS is a proprietorship firm trading in fabric manufactured by
Raymond Ltd. The firm is promoted and managed by Mr. Naresh and
its corporate office is in Sangrur (Punjab).


POWER RESEARCH: ICRA Reaffirms B+ Rating on INR5.0cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ for the INR7
crore bank lines of Power Research and Development Consultants
Private Limited.

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

   Long-Term Non
   Fund Based Limits       2.00       [ICRA]B+ reaffirmed


ICRA's rating reaffirmation takes into consideration significant
buildup in debtors, stretched liquidity position and overall
sluggishness in demand from customers. Stagnant sales and high
operating leverage of the business has impacted the profitability
and coverage indicators. ICRA's rating is also constrained by the
moderate size of the company as indicated by its turnover and net
worth. The rating also takes into consideration large exposure of
the company's revenues to power systems domain indicating high
single industry concentration.

The ratings, however, draws comfort from good domain knowledge of
the company and the promoters in power systems design and
consulting, its reputed clients in the domestic market. Going
forward, increase in revenues keeping in check the profitability
and efficient working capital management will be the key rating
action trigger.

Power Research & Development Consultants Private Limited (PRDC)
was established in 1994. The company is involved in power systems
consultancy services for the last 21 years and later it has also
entered into development of power system simulation software. It
is promoted by Dr R Nagaraja, who is a PhD in Energy Management
Systems from Indian Institute of Science (IISc). The company
carries out projects for State Electricity Boards and Utilities,
IPPs (Independent Power Producers) and companies in other
industries such as cement, steel and sugar.

Recent Results
In FY2015, PRDC reported INR0.29 Cr net profit on an operating
income of INR20.47 Crore as against INR0.21 Cr net profit on an
operating income of INR20.37 Cr in FY2014.


PRERANA HOSPITAL: CRISIL Reaffirms B+ Rating on INR300MM LT Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Prerana
Hospital Ltd (PHL) continues to reflect PHL's small scale of
operations and weak financial risk profile resulting from
continued losses.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           25       CRISIL B+/Stable (Reaffirmed)
   Long Term Loan       300       CRISIL B+/Stable (Reaffirmed)
   Overdraft Facility    25       CRISIL B+/Stable (Reaffirmed)
   Term Loan            110       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of PHL's promoters in the healthcare industry, its
hospital's established position in Kolhapur, and the continuous
improvement in its operating profitability.
Outlook: Stable

CRISIL believes that PHL will continue to benefit over the medium
term from its improving profitability. The outlook may be revised
to 'Positive' if the hospital generates adequate cash profits and
sustainably improves its interest coverage ratio. Conversely, the
outlook may be revised to 'Negative' if the company reports low
revenue and profitability, leading to deterioration in capital
structure and debt protection metrics.

Incorporated in 1998, PHL provides healthcare services through a
multispecialty hospital, Aster Aadhar, in Kolhapur. The hospital
has around 170 beds and is a joint venture with Aster DM
Healthcare Pvt Ltd (DMH), which has majority stake (80.8 per
cent); PHL's promoters own 19.2 per cent stake in the hospital.
The hospital commenced operations in January 2012.

PHL was promoted by a group of doctors practicing for more than 20
years in Kolhapur. Dr. Ulhas Damale and Dr. Shailendra Navare are
directors of the company. Before setting up Aster Aadhar, PHL
provided healthcare services through a multispecialty hospital,
Aadhar Hospital, in Kolhapur.


PRISTINE BUILDCON: ICRA Assigns B+ Rating to INR45cr Term Loan
--------------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR45.00 crore long
term fund based facility of Pristine Buildcon Private Limited.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long term, fund based      45.0      [ICRA]B+ Assigned
   Limits - Term Loan

The assigned rating favourably factors in the long standing
experience of the Pristine Group in real estate development
business. The group enjoys brand recognition and has constructed
more than 3 million sq. ft. residential space in and around Pune
over last three decades. The rating also derives comfort from the
healthy networth position of the promoters. The rating is however
is constrained by the marketing risk associated with the project
as it is yet to be launched and ticket size of the units is large.
The project has moderately high reliance on customer advances to
fund the remaining cost which might impact the project execution.
ICRA also notes that the Pristine group is relatively new player
in the Bangalore market and the project faces competition from
other projects in the vicinity. Going forward, PBPL's ability to
accelerate the sales in timely manner as well as arresting any
cost overruns will remain key rating sensitivities.

Incorporated in 2007, PBPL is undertaking a residential real
estate development project 'Pristine Stone Ridge' in Bangalore.
PBPL is a part of Pune based Pristine Group promoted by Mr.
Ishwarchand Goyal. The group is primarily engaged in real estate
development since past three decades and have developed area of
over 3.0 million sq.ft. in and around Pune.


RADIANT UDYOG: CRISIL Reaffirms 'D' Rating on INR40MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Radiant Udyog
Pvt Ltd (RUPL) continues to reflect instances of delay by RUPL in
servicing its debt; the delays have been caused by RUPL's weak
liquidity driven by losses due to the initial phase of its
operations and large working capital requirements arising from
ramp-up in revenue.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              10        CRISIL D (Reaffirmed)
   Term Loan                40        CRISIL D (Reaffirmed)

RUPL's financial risk profile is weak, marked by a small net worth
and weak debt protection metrics. However, the company benefits
from its promoters' extensive experience in the petrochemical
industry.

RUPL, promoted by Mr. Deepak Bharadwaj and Mr. Vijay Jindal,
extracts fuel oil and carbon from used tyres. It was originally
incorporated in 2007 as Nano Pyrolysis Pvt Ltd; it was renamed as
RUPL and started its operations in March 2013. The company's
manufacturing facility is in Nagpur (Maharashtra).

RUPL reported a net loss of INR21.9 million on net sales of
INR31.4 million for 2013-14 (refers to financial year, April 1 to
March 31), as against a net loss of INR 0.5 million on net sales
of INR4.3 million for 2012-13.


RAJASTHAN PULSES: CRISIL Reaffirms B+ Rating on INR75MM Loan
------------------------------------------------------------
CRISIL's rating on the bank facilities of Rajasthan Pulses (RP)
continues to reflect RP's average financial risk profile, marked
by weak debt protection indicators and vulnerability to
fluctuations in the prices of traded goods. These weaknesses are
partially offset by RP's efficient working capital management, and
funding support from the partners.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             75       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      35       CRISIL B+/Stable (Reaffirmed)
   Warehouse Receipts      40       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RP's business risk profile will remain stable
over the medium term on account of the extensive experience of the
promoters in agro commodity industry. The outlook may be revised
to 'Positive' if RP's scale of operations and profitability
improve significantly, resulting in a stronger financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the capital structure deteriorates owing to large withdrawals of
capital by the partners, any large debt-funded capital
expenditure, or decline in operating income and profitability.

RP, a partnership firm based in Kanpur (Uttar Pradesh), processes
and trades in pulses such as masoor dal, matar dal, chana dal,
arhar dal and urad dal. The firm was incorporated in 2001 by Mr.
Manoj Agarwal and three other partners. The firm procures raw
pulses and processes them into split pulses or dal and sells them
directly.


REVATHI MODERN: CRISIL Suspends B+ Rating on INR70MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Revathi
Modern Rice Mill (RMRM).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              70        CRISIL B+/Stable
   Long Term Loan            2.4      CRISIL B+/Stable
   Proposed Cash Credit
   Limit                    15.0      CRISIL B+/Stable
   Proposed Term Loan        2.5      CRISIL B+/Stable
   Standby Line of Credit    2.4      CRISIL A4

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

Set up in 1998 as a partnership firm, RMRM mills and processes
paddy into rice, rice bran, broken rice, and husk. The firm's
daily operations are managed by the managing partner, Mr.P.
Ganapathy.


RIDDHI SIDDHI: ICRA Assigns B+ Rating to INR20cr Cash Credit
------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the INR20.00
crore1 cash credit facility of Riddhi Siddhi Cotton Ginning and
Pressing Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit             20.00        [ICRA]B+ assigned

The assigned rating is constrained by RSCGP's weak financial
profile as reflected by low profitability, adverse capital
structure and poor debt coverage indicators. The rating is further
constrained by the low value additive nature of operations and the
highly competitive and fragmented industry structure owing to low
entry barriers. The rating also factors in the vulnerability of
the company's profitability to adverse fluctuations in raw cotton
prices, which are subject to seasonality, crop harvest and
regulatory risks with regards to MSP for raw cotton as well as
restriction on cotton exports by GOI.

The rating, however, favourably takes into account past experience
of the promoters in cotton ginning and the favourable location of
the company's manufacturing facility in Rajkot in Gujarat
providing easy access to raw material.

Incorporated in 2006, Riddhi Siddhi Cotton Ginning and Pressing
Private Limited (RSCGP) is engaged in cotton ginning and pressing
to produce cotton bales and cotton seeds. The manufacturing unit
of company is located in Rajkot, Gujarat with thirty six ginning
and one pressing machine having an installed capacity of producing
19,152 bales of ginned cotton in a year. RSCGP is currently
managed by three directors Mr. Lavjibhai Kakdiya, Mrs. Gauriben
Kakdiya and Mr. Vijay Kakdiya, all of who have long-standing
experience in the cotton industry.


RUKSH EXIM: CRISIL Reaffirms B+ Rating on INR49.9MM Term Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ruksh Exim Pvt Ltd
(REPL) continue to reflect the company's weak financial risk
profile marked by high gearing, its large working capital
requirements, and small scale of operations in the intensely
competitive finished leather industry. These rating weaknesses are
partially offset by the extensive experience of REPL's promoters
in the finished leather industry.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Foreign Discounting
   Bill Purchase          142.1     CRISIL A4 (Reaffirmed)
   Letter of Credit         8       CRISIL A4 (Reaffirmed)
   Packing Credit          70       CRISIL A4 (Reaffirmed)
   Term Loan               49.9     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that REPL will continue to benefit over the medium
term from its promoters' extensive industry experience. CRISIL,
however, also believes that the company's financial risk profile
will remain constrained by large working capital requirements
during the period. The outlook may be revised to 'Positive' if
REPL improves its capital structure and working capital management
or scales up its operations while maintaining profitability.
Conversely, the outlook may be revised to 'Negative' if REPL's
liquidity or capital structure weakens or its revenue or
profitability declines, or if the company undertakes a large debt-
funded capital expenditure programme.

REPL, based in Kanpur (Uttar Pradesh), was set up in 2008 by Mr.
Iftikar Mohammad, his brother, Mr. Mohammad Shahid, and their
father, Mr. A Haque. REPL manufactures and exports finished
leather.


SLS MERCANTILE: CRISIL Reaffirms B+ Rating on INR120MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of SLS Mercantile Private
Limited (SLS) continue to reflect SLS's below-average financial
risk profile, marked by a high total outside liabilities to
tangible net worth ratio, its large working capital requirements,
and its susceptibility to volatility in steel prices. These rating
weaknesses are partially offset by the extensive experience of
SLS's promoters in the steel -trading industry.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             120      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit         30      CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       40      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SLS will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's capital
structure improves and if its profitability increases
significantly, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if SLS's
margin declines, most likely because of volatility in metal
prices, or its sales reduce, or it undertakes a large debt-funded
capital expenditure programme.

Set up in 2007, SLS trades in iron and steel (long and flat)
products. Its day-to-day operations are managed by its director,
Mr. Praveen Sonthalia.

SLS reported, on a provisional basis, a profit after tax (PAT) of
INR1.6 million on net sales of INR1.29 billion for 2014-15,
against a PAT of INR2.1 million on net sales of INR1.37 billion
for 2013-14.


SRI RAM: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Ram Technopack Pvt
Ltd (SRTPL) continue to reflect its limited track record and small
scale of operations, susceptibility of its profitability margins
to volatility in raw material prices, and its exposure to intense
competition in the packaging industry.

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

   Inland Guarantees       1.6      CRISIL A4 (Reaffirmed)

   Term Loan              28.4      CRISIL B/Stable (Reaffirmed)

The ratings also reflect its below-average financial risk profile,
marked by its small net worth, high gearing, and average debt
protection metrics. These rating weakness are partially offset by
the extensive entrepreneurial experience of SRTPL's promoters, and
the company's efficient working capital management.
Outlook: Stable

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

SRTPL was promoted in 2009 by Mr. Rajendra Agarwal and his two
sons, Mr. Rahul Agarwal and Mr. Rakesh Agarwal. The company
manufactures polypropylene (PP) woven sacks and fabric, used for
packaging sand, cement, and agro products. Its plant at Burdwan
district in West Bengal has an installed capacity to manufacture
2400 tonnes of fabric per annum. SRTPL commenced operations in
April 2012.


THOPPIL CONSTRUCTIONS: CRISIL Suspends B+ Rating on INR80MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Thoppil Constructions (Thoppil).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           60        CRISIL A4
   Cash Credit              80        CRISIL B+/Stable

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

Thoppil, a partnership firm, was set up in 2005. It constructs
roadways, bridges, and buildings in Kerala. The firm, a Class A
contractor, mostly undertakes projects for government
organisations.


UNITED STEEL: CRISIL Suspends D Rating on INR97MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
United Steel and Structurals Private Limited (USSPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           30        CRISIL D
   Cash Credit              60        CRISIL D
   Letter of Credit         30        CRISIL D
   Proposed Cash Credit
   Limit                    20        CRISIL D
   Proposed Term Loan       13        CRISIL D
   Term Loan                97        CRISIL D

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

Set up in 2008-09 (refers to financial year, April 1 to
March 31), Chennai (Tamil Nadu)-based USSPL is primarily engaged
in the design and supply of PEB. The company is promoted by Mr.
Jagannath Bhalaji.


VIRTUAAL RETAIL: CRISIL Lowers Rating on INR150MM Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Virtuaal Retail Pvt Ltd (VRPL) to 'CRISIL D/CRISIL D' from 'CRISIL
B-/Stable/CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           16        CRISIL D (Downgraded
                                      from 'CRISIL A4')

   Cash Credit             150        CRISIL D (Downgraded
                                      from 'CRISIL B-/Stable')

   Proposed Cash            12        CRISIL D (Downgraded
   Credit Limit                       from 'CRISIL B-/Stable')

   Term Loan                32        CRISIL D (Downgraded
                                      from 'CRISIL B-/Stable')

The downgrade reflects VRPL's overdrawn cash credit facility for
more than 30 days straight because of its weak liquidity. Its
liquidity is weak on account of decline in sales and,
subsequently, net cash accruals, resulting in deterioration in the
business risk profile. CRISIL believes that VRPL's liquidity will
remain weak over the medium term.

VRPL has a weak financial risk profile with a leveraged capital
structure. It has a small scale of operations in the intensely
competitive retail industry. The company, however, benefits from
its promoter's extensive experience in the industry.

Promoted by Mr. Vikram Agarwal in 2011, VRPL was formed to take
over the existing business of Virtuaal Jewels and Virtuaal
Apparels. Virtuaal Jewels operated retail showrooms of Tanishq
(jewellery), Titan (watches), and Titan Eye Plus, while Virtuaal
Apparels was a retailer of brands such as Reebok, Adidas, Puma,
Lee, Benetton, GAS, and Wrangler, and cellular phones from
Samsung.


XO PACK: CRISIL Suspends B- Rating on INR50MM Long Term Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
XO Pack Private Limited (XPPL).

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Cash Credit                20        CRISIL B-/Stable
   Long Term Loan             50        CRISIL B-/Stable
   Standby Line of Credit      3        CRISIL B-/Stable

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

XPPL, incorporated in 2011, manufactures corrugated boxes. The
company is promoted by Mr. Manikyan Muraleedharan and Mr. Sankara
Mohana Nair.



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


MULTIPLAR TBK: S&P Revises Outlook to Neg. & Affirms 'B+' CCR
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Indonesia-based diversified retailer PT Multiplar Tbk.
and on its 50.2% subsidiary PT Matahari Putra Prima Tbk. (MPPA) to
negative from stable.  S&P also affirmed its 'B+' long-term
corporate credit rating on both companies.  At the same time, S&P
lowered its long-term ASEAN regional scale rating on the companies
to 'axBB-' from 'axBB'.

"We revised the outlook to negative because we believe sustained
losses in Multipolar's non-retailing operations could compress the
company's consolidated margins and keep its EBITDA interest
coverage below 2.0x for the next 12 months," said Standard &
Poor's credit analyst Kah Ling Chan.  "That level would no longer
be commensurate with a 'B+' rating level."

Multipolar's reported consolidated EBITDA of about Indonesian
rupiah (IDR) 172 billion in the first half of 2015 represented
only about 15% of S&P's full-year forecast of reported EBITDA of
about IDR1 trillion.  Multipolar's non-retailing operations,
including at PT IMTV, its satellite-TV venture, continue to
sustain high losses.  In addition, the company will bear one-off
expenses linked to the closing of its Chinese hypermarket
operations this year.  Both the losses and one-time expenses have
reduced Multipolar's reported consolidated EBITDA margin for the
half year to about 2%.  S&P had earlier estimated reported EBITDA
margins for 2015 at 5.0%-5.5%.

S&P forecasts the company's EBITDA interest coverage, adjusted for
lease and pensions, to dip below 2.0x in 2015 as a result of its
weaker performance so far.  A recovery of this ratio to above 2.0x
in 2016 will rely upon containing losses at the satellite-TV
operations, which S&P believes remains uncertain at this stage, or
a much stronger margin performance of other retailing operations.

S&P believes some of the steps Multipolar is undertaking,
including reducing sales through third party agents, could help
improve the quality of PT IMTV's customer base, reduce the churn
rate, and ultimately contain losses.  Still, the pace of the
improvement remains uncertain, in S&P's view.  S&P also believes
that Multipolar remains committed to growing its satellite-TV
business and that will require sustained spending on subscriber
acquisitions, selling, and promotions.  Competition from PT MNC
Sky Vision Tbk., a profitable incumbent with much larger size, a
more established distribution network, and a better-entrenched
market position, could also intensify.

S&P affirmed the ratings on Multipolar because S&P still projects
a gradual, albeit much slower, recovery in EBITDA in 2016 and
2017.  In particular, S&P expects MPPA to generate incremental
EBITDA as it opens new stores.  S&P no longer expects further
losses in the Chinese operations given the closure of loss-making
hypermarket activities there.  S&P also believes Multipolar's
liquidity remains sound, thanks to a cash balance of close to IDR2
trillion as of June 30, 2015.  S&P also believes that Multipolar's
20.5% stake in PT Matahari Department Stores Tbk., which is listed
on the Indonesia stock exchange, provides an additional source of
substantial liquidity.

"Our outlook revision on MPPA solely reflects the application of
our group rating methodology, and not the company's own operating
performance, given our view that MPPA is a core subsidiary of
Multipolar," said Ms. Chan.  S&P expects the company to remain a
core and non-insulated subsidiary of Multipolar based on MPPA's
very large contribution to the parent's revenues and EBITDA, the
companies' similar lines of business, and their good record of
operations.  S&P expects MPPA to contribute a minimum of 80% of
Multipolar's consolidated EBITDA over the next 12 months at least.
In S&P's view, MPPA is closely associated with the group's brand
and reputation.  S&P also expects Multipolar to maintain its
majority stake in MPPA over the next two years.

S&P still assess MPPA's stand-alone credit profile as 'b+'.
MPPA's reported EBITDA after lease expenses was about IDR375
billion for the half-year ended June 30, 2015, because of new
store openings and despite slower growth of about 2% in same store
sales.  The reported EBITDA was about IDR315 billion for the same
period in 2014.  The figure for half-year 2015 also reflects some
seasonality in the company's EBITDA generation throughout the
year, and is broadly consistent with S&P's full-year 2015
forecast.

S&P may lower the rating on Multipolar if the company's
consolidated EBITDA interest coverage ratio remains below 2.0x
over the next 12 months with no prospects of recovery.  S&P
believes this could materialize if: (1) IMTV continues to incur
substantial losses without offsetting factors from the company's
retailing operations in Indonesia, such that consolidated reported
EBITDA margin remains below 4.5%; or (2) consolidated debts
increase at the operating companies because of more aggressive
capital spending than S&P expects.  Even though S&P views this as
less likely, it may also lower the rating if the coverage of
interest payments at the holding company level by dividends from
operating companies declines below 1.5x for more than 12 months.
This may materialize if capital spending at the operating
companies is substantially higher than S&P anticipates or if their
revenue growth, margins, or dividends are lower than S&P's
forecasts.

S&P may lower the ratings on MPPA if S&P takes a similar rating
action on Multipolar.

S&P may revise the outlook to stable if Multipolar's consolidated
EBITDA interest coverage improves sustainably above 2.0x.  This
could materialize if consolidated reported EBITDA margins improve
above 5.0% sustainably while revenues grow in the low double-
digits.  S&P may revise the outlook on MPPA to stable if S&P takes
a similar rating action on Multipolar.



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


TOSHIBA CORP: May Book JPY100BB Loss in FY2014 Amid Scandal
-----------------------------------------------------------
Kyodo News reports that Toshiba Corp. may book a loss of over
JPY100 billion for the business year through March 2015 as it
grapples with a sweeping accounting scandal, sources familiar with
the matter said on August 12.

According to the report, the sources said the recording of the
loss would be necessary as Toshiba revaluates its production
equipment and other assets held by the semiconductor, house
appliance and nuclear power businesses.

Kyodo says Toshiba had put its group net profit estimate for
fiscal 2014 at JPY120 billion but it could fall into the red due
to the huge loss.

Separately, the Japanese conglomerate will likely make a spate of
revisions to its earnings for roughly seven years from fiscal 2008
to December 2014, as an independent panel investigating the
scandal concluded that Toshiba had inflated profits by JPY156.2
billion during that period, Kyodo notes.

Kyodo relates that the improper accounting practices at Toshiba,
the manufacturer of a range of products from personal computers to
nuclear power plants, have forced its most recent presidents to
step down.

Under the leadership of Chairman Masashi Muromachi, who will
likely stay on as president, Toshiba is expected to announce a new
management lineup and its earnings estimate for fiscal 2014 early
next week, the sources, as cited by Kyodo, said.

Kyodo notes that Toshiba's semiconductor business has been hit by
fierce price competition from foreign rivals, and the yen's
weakness has eroded the profitability of its white goods such as
refrigerators that are assembled overseas and imported into Japan
for sale.

The sources said the ongoing delay in the construction of nuclear
power plants in Texas will likely translate into an additional
loss for Toshiba's nuclear power unit, already reeling from the
2011 Fukushima nuclear crisis, according to Kyodo. Toshiba had
lowered the asset value of a U.S. nuclear energy company in its
earnings for fiscal 2013, the report states.

Toshiba is considering selling some of its shareholdings and real
estate while asking for an additional credit line from major banks
in case its creditworthiness deteriorates due to the latest
scandal, Kyodo adds.

                          About Toshiba Corp.

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

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

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

The ratings outlook is stable.



===============
M A L A Y S I A
===============


1MALAYSIA DEVELOPMENT: Probe Completed, Central Bank Says
---------------------------------------------------------
Reuters reports that Malaysia's central bank has completed an
investigation into troubled state fund 1MDB and submitted a report
to the attorney general, the bank's governor, Zeti Akhtar Aziz,
told a news conference on August 13. "The bank has submitted its
investigation papers to the attorney general with the
recommendation for the appropriate enforcement action," she told
reporters, Reuters relates.

The central bank is among institutions that are investigating
1 Malaysia Development Berhad (1MDB) over allegations of
mismanagement and graft, Reuters notes.

As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2015, Reuters said Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier this month that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported on July 3 that investigators
looking into 1MDB had traced close to US$700 million of deposits
moving through Falcon Bank in Singapore into personal bank
accounts in Malaysia belonging to Najib, Reuters related.

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.



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


SOLID ENERGY: Board Places Company Into Voluntary Administration
----------------------------------------------------------------
The Board of Solid Energy New Zealand Limited (SENZ) has placed
the company and all associated companies into voluntary
administration, a process which allows the company to continue
trading while creditors consider the best way forward.

KordaMentha partners, Brendon Gibson and Grant Graham have been
appointed Administrators.

Solid Energy Acting Chairman, Andy Coupe says that the company has
faced very challenging conditions. In the face of dramatic
declines in the price of hard coking coal, the company made
significant gains in cost reduction and operating efficiencies but
the market has continued to fall and there was still no near-term
prospect of any significant recovery. As a result, Mr Coupe says,
it is no longer sustainable for the business to trade under its
current capital structure.

"We have been upfront with our employees and other stakeholders
about the challenges facing Solid Energy. For some months we have
been consulting with our banks and shareholder to develop a
suitable plan. As a result, the Board has structured a proposal
for creditors that, if adopted, would result in operations
continuing under a Deed of Company Arrangement (DOCA).

"In the Board's view, that is far preferable to an immediate
liquidation. The voluntary administration process enables that
proposal to be quickly finalised and voted on by all company
creditors," Mr Coupe said.

The full text of the Solid Energy Board's proposal will shortly be
available to view at www.solidenergy.co.nz

The key terms of the proposal include:

   * Solid Energy will engage an investment bank and undertake an
     orderly, managed sale of its assets over the next two-and-a-
     half years.

   * The existing Board will continue to manage Solid Energy, and
     be monitored by and reporting to the Deed Administrators and
     a monitoring committee of certain creditors.

   * Solid Energy's debt as at the date of the VA will be divided
     into categories and paid as indicated below:

   * Trade debt (day-to-day debts which the Companies incurred in
     the ordinary course of operations prior to the commencement
     of the VA) is paid promptly once the proposal has been
     adopted.

   * Accrued employee entitlements that were outstanding at the
     date of commencement of the VA (e.g. holiday pay) are paid
    as per normal.

   * Participant creditors' debt is restructured into a two-and-
     a-half year facility. This gives Solid Energy time to carry
     out an orderly and managed sale of assets, without the
     pressure of having to make significant debt repayments.
     Participant creditors include, amongst others, Solid
     Energy's banks and medium term noteholders.

   * All costs incurred in the normal course of ongoing trading
     are paid when they fall due and rank ahead of all other debt
     - this means trade creditors can continue to trade with the
     Companies with confidence of payment.

   * Existing Crown indemnities for site rehabilitation costs are
     restructured to provide certainty for affected local
     authorities and assist the asset sale process.

   * Participant creditors get what's left at the end, after
     payment of all trade creditors and employees, as settlement
     of their debt. If the proceeds are less than the outstanding
     debt, the participant creditors release the shortfall.

   * If any assets cannot reasonably be sold they will be put
     into a safe and secure state, all employee entitlements will
     be fully met, and the asset will be closed.

"We believe the proposal has the necessary support from the
shareholder and a majority of creditors to be successful. It
allows for a managed sell down of the Companies' assets and the
prompt payment of all trade creditors' debt. This is a far more
favourable scenario for stakeholders than going into immediate
liquidation and for that reason, the Board is confident the
proposal will be well supported when creditors meet to vote on
it," Mr Coupe said.

Mr Coupe noted that should creditors accept the proposal, the
companies would be handed back to the Directors to oversee the
implementation of the sell down process, at the end of the VA
period.

"The process has been extremely complex, both legally and
commercially, and has taken considerable time to develop to this
stage," Mr Coupe said. "The Board has been conscious of the strain
on employees and contractors that naturally occurs in times of
uncertainty, and has sought to act as quickly as prudently
possible."

From today, the Administrators will take full control of the
companies for a period of five weeks. They will continue to trade
the businesses, and will liaise with the creditors on the options
for the future of the companies.

KordaMentha partner and SENZ Administrator, Mr Gibson says
voluntary administration is a short-term measure that effectively
freezes the companies' financial positions while creditors
consider the future.

"As Administrator, my focus is on protecting the interests of
creditors, including SENZ employees. We have received a proposal
from the Directors that they believe has the necessary support.
While logic suggests an orderly realisation process would be a
preferred solution, some details are still being worked through
with a limited number of large creditors. Once those details are
finalised, as Administrators we will review that proposal and any
others we may receive, and prepare an independent report for
creditors.

"We are mindful that SENZ is a large business with over 1,500
creditors who will be entitled to vote on the proposal. We are
committed to giving all creditors detailed information within the
statutory timeframes, ensuring they can make a fully informed
decision," Mr Gibson said.

A first meeting of creditors will be held within eight (8) working
days. Information regarding this meeting is being made available
directly to all creditors.

A second meeting -- known as the 'watershed' meeting -- will be
held within twenty five (25) working days.  Prior to this meeting,
creditors will receive the Administrators report on the Board's
proposal.

At the watershed meeting, creditors will consider the Board's
proposal and will be asked to vote to resolve one of three
outcomes for each company in voluntary administration:

   * That the Company execute a Deed of Company Arrangement
     (DOCA), which would govern the future conduct of the
     Company; or

   * That the Company be placed into liquidation; or

   * That the Administration of the Company should end and
     control of the Company be returned to the Directors.

Mr Gibson stressed that employee entitlements and other costs
incurred during the period of voluntary administration would be
paid as per normal terms and conditions.

"It is important to note that during the voluntary administration
period, it will be business as usual for SENZ and its associated
companies. This will include a continued strong focus on health
and safety, environmental, community, and commercial matters
throughout our engagement," Mr Gibson said.

SENZ and the Administrators will be making no further comment on
the VA process until the result of the watershed meeting is known.

                         About Solid Energy

Solid Energy New Zealand Ltd is New Zealand's largest coal mining
company and an investor in research and commercialisation of
sustainable forms of energy that use coal, coal seam gas, biomass,
biodiesel and solar. Solid Energy's core mining business
includes hard coking coal, primarily for export to steel mills
throughout Asia, and thermal coal for the Huntly power station
and other domestic customers in the steel, dairy and cement
industries.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 6, 2014, BusinessDesk said Solid Energy posted its third
annual loss in a row as the financially distressed state-
owned coal miner wrote down the value of its export operations
amid lower coal price assumptions, and warned of more red ink to
come.

BusinessDesk related that the Christchurch-based state-owned
enterprise reported a loss of NZ$181.9 million in the 12 months
ended June 30, compared to a loss of NZ$335.4 million a year
earlier, it said in its annual report tabled in Parliament on
October 31.  The company's board doesn't anticipate it will return
to profitability until the 2017 financial year, based on its
current projections, BusinessDesk added.



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


* SOUTH KOREA: Regulator to Set Up Corporate Restructuring Firm
---------------------------------------------------------------
Yonhap News Agency reports that South Korea's top financial
regulator will set up an entity that mainly deals with corporate
restructuring later this year to put government-led workout
programs in private hands, officials said August 13.

Yonhap relates that in a report submitted to the parliament, the
Financial Services Commission (FSC) said it has inked a memorandum
of understanding (MOU) with 10 commercial and policy lenders to
establish a company that specializes in corporate restructuring,
according to the officials.

According to the report, the state-run Korea Development Bank
(KDB) and the Korea Export-Import Bank (Exim Bank) will
participate in the project, with Shinhan Bank and Kookmin Bank to
be major shareholders of the company.

"We've mapped out a broad plan to launch a restructuring firm as
we finished picking up state-run and private banks that invest
into the entity," Yonhap quotes an official from the FSC as
saying. "As the MOU was concluded, a task force will go into
operation."

He said the FSC is aiming to inaugurate the restructuring firm in
mid-October, the report relays.

As the Seoul government assigns major corporate workout projects
to the KDB and the Exim Bank, policy lenders are suffering from
massive losses stemming from the recent collapses of big
businesses, including STX Group, Dongbu Corp. and Keangnam
Enterprises, according to Yonhap.

Yonhap says the FSC will have the new firm take the lead role in
corporate restructuring without government interruption.

It will help ailing companies to undergo restructuring before
going through creditor-led workout programs, which may focus more
on recovering bad debts rather than helping them stay afloat as
long as possible, Yonhap relates.



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


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

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

AUSTRALIA


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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

PULSE ENERGY LTD          PLE            -4.52          -4.95


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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


                             *********

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

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

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


                            *********


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

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

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

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

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



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