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                      A S I A   P A C I F I C

           Monday, August 17, 2015, Vol. 18, No. 161


                            Headlines


C H I N A

CAR INC: Moody's Assigns Ba1 Definitive Rating to Unsecured Notes
DTS8 COFFEE: Appoints New CEO and Looks to Accelerate Growth
MAOYE INTERNATIONAL: Moody's Cuts Corporate Family Rating to Ba3
WINHA INT'L: Marcum Bernstein Expresses Going Concern Doubt


I N D I A

AXLEO INDUSTRIES: CRISIL Cuts Rating on INR43.3MM Loan to 'B'
BALAJI POLYTEX: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
CHARCHCO ELECTRONICS: Ind-Ra Affirms B+ Long-Term Issuer Rating
INTERNATIONAL CERTIFICATION: CRISIL Rates INR37MM LT Loan at B+
KEYEM ENGINEERING: CRISIL Reaffirms B Rating on INR125MM Loan

KOMMAN PEOPLES: CRISIL Ups Rating on INR77.8MM Term Loan to B+
M/S CHITTARANJAN SWAIN: Ind-Ra Suspends B+ Long-Term Rating
MAHATHI SOFTWARE: Ind-Ra Affirms D Long-Term Issuer Rating
MEGASOFT LTD: Ind-Ra Suspends BB+ Long-Term Issuer Rating
MJ LOGISTICS: Ind-Ra Raises Long-Term Issuer Rating to BB+

MORTH INFRASTRUCTURE: CRISIL Reaffirms B+ Rating on INR65.5M Loan
NEOSA ELECTRONICS: Ind-Ra Affirms B+ Long-Term Issuer Rating
PADIKKALA GOLD: CRISIL Suspends B+ Rating on INR100MM Cash Loan
SHREE SURGOVIND: CRISIL Cuts Rating on INR125MM Cash Loan to B
SRI KANGEYAA: CRISIL Assigns B+ Rating to INR31MM LT Loan

SRI PARAMESWARA: CRISIL Cuts Rating on INR190MM Cash Loan to D
UNIVERSAL AIR: CRISIL Ups Rating on INR155MM Term Loan to 'B'


                            - - - - -



=========
C H I N A
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CAR INC: Moody's Assigns Ba1 Definitive Rating to Unsecured Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba1 rating to
CAR Inc.'s USD300 million, 6.00%, 5.5-year senior unsecured notes,
due February 11, 2021.

The ratings outlook is stable.

RATINGS RATIONALE

Moody's definitive rating on this debt obligation follows CAR
Inc.'s completion of its USD bond issuance, the final terms and
conditions of which are consistent with Moody's expectations.

The provisional rating was assigned on 3 August, and Moody's
ratings rationale was set out in a press release published on the
same day.

The proceeds from the bond issuance will be used for capital
expenditure and other general corporate purposes, including
refinancing outstanding indebtedness, to enhance the company's
capital structure.

CAR Inc., founded in 2007 and headquartered in Beijing, provides
car rental services, including short-term rental, long-term rental
and leasing in China. CAR listed on the Hong Kong Stock Exchange
in September 2014.

As of March 31, 2015, CAR had a total fleet of 72,994 company-
owned cars. CAR commands a leadership position in terms of fleet
size, revenue and network coverage. In the 12 months ended 31
March 2015, CAR reported net sales of RMB3.8 billion (USD608
million).

CAR's key shareholders include Legend Holdings (unrated); private
equity firm Warburg Pincus; the world's second-largest car rental
company The Hertz Corporation (B1 stable); and its chairman,
founder and CEO, Mr. Charles Lu. These parties hold stakes of
29.2%, 18.3%, 16.2% and 14.8%, respectively.


DTS8 COFFEE: Appoints New CEO and Looks to Accelerate Growth
------------------------------------------------------------
DTS8 Coffee Company, Ltd., announced that effective Aug. 10, 2015,
Mr. Douglas Thomas was appointed as a director, president, chief
executive officer, chief financial officer and secretary of the
Company.

Mr. Thomas will manage the day-to-day business affairs of DTS8.
The change is necessary as DTS8 looks to improve its finances,
launch new brand initiatives, and leverage the "DTS8 Coffee" brand
name to pursue new coffee sales opportunities.

Mr. Alex Liang, Chairman of DTS8 said, "Mr. Thomas, our new CEO,
brings a wealth of public company, marketing and management
experience to DTS8. It is time for a management change following
relatively weak revenue growth in China. China is one of the most
highly sought after and a strong growing coffee markets in the
world. We are excited with the management change. We look forward
to increased market share, revenues and enhanced shareholder
value."

Mr. Thomas's engagement will continue on a year-to-year basis
until terminated by either party upon 60 days prior written notice
to the other party. The Company will make monthly management fee
payment of $6,000 to Thomas, in arrears, on the 25th day of each
month and 4 million common shares of the Company as engagement
bonus remuneration.

Effective Aug. 10, 2015, Mr. Sean Tan the current chief executive
officer resigned as an officer and a director of the Company, and
his management contract dated March 31, 2011, was also terminated.

                         About DTS8 Coffee

DTS8 Coffee Company, Ltd. (previously Berkeley Coffee & Tea, Inc.)
was incorporated in the State of Nevada on March 27, 2009.
Effective Jan. 22, 2013, the Company changed its name from
Berkeley Coffee & Tea, Inc., to DTS8 Coffee Company, Ltd. On
April 30, 2012, the Company acquired 100 percent of the issued and
outstanding capital stock of DTS8 Holdings Co., Ltd., a
corporation organized and existing since June 2008 under the laws
of Hong Kong and which owns DTS8 Coffee (Shanghai) Co., Ltd.
DTS8 Holdings, through its subsidiary DTS8 Coffee, is a gourmet
coffee roasting company established in June 2008. DTS8 Coffee's
office and roasting factory is located in Shanghai, China. DTS8
Coffee is in the business of roasting, marketing and selling
gourmet roasted coffee to its customers in Shanghai, and other
parts of China. It sells gourmet roasted coffee under the "DTS8
Coffee" label through distribution channels that reach consumers
at restaurants, multi-location coffee shops, and offices.

DTS8 Coffee reported a net loss of $3.8 million on $369,000 of
sales for the year ended April 30, 2015, compared to a net loss of
$2.3 million on $310,000 of sales for the year ended April 30,
2014.

As of April 30, 2015, the Company had $286,000 in total assets,
$1.10 million in total liabilities, all current, and a $781,000
total shareholders' deficit.

MaloneBailey, LLP, Houston, Texas, issued a "going concern"
qualification on the consolidated financial statements for the
year ended April 30, 2015, citing that the Company has suffered
recurring losses from operations, which raises substantial doubt
about its ability to continue as a going concern.


MAOYE INTERNATIONAL: Moody's Cuts Corporate Family Rating to Ba3
----------------------------------------------------------------
Moody's Investors Service has downgraded Maoye International
Holdings Ltd.'s corporate family rating (CFR) to Ba3 from Ba2. At
the same time, Moody's has downgraded the company's senior
unsecured ratings to B1 from Ba3.

The ratings outlook is stable.

RATINGS RATIONALE

"The downgrade reflects our expectation that Maoye's revenue
growth will remain weak and its debt leverage will stay elevated
in the next 12-18 months," says Lina Choi, a Moody's Vice
President and Senior Analyst.

A recent profit warning issued by the company pointed to continued
weakness in Maoye's core retail business, where revenue decline
trends have yet to be arrested. For the six months ended June
2015, Moody's estimates Maoye's same-store-sales to be negative
7%-8%, and for its direct sales to decline 10%-15% year on year.

Management has indicated that its weak sales performance was
partly the result of the renovation of one of its key stores in
Shenzhen (Huaqiangbei), which will be completed in the second half
of the year. Nonetheless, Moody's expects Maoye's sales growth to
remain weak over the next 12-18 months, given the challenging
operating environment.

Moody's also estimates Maoye's property sales revenue was only
about RMB200 million-RMB300 million in 1H 2015, which is
significantly below the company's full-year target of RMB1
billion. The company has been facing a sluggish property market in
the tier 2 and 3 cities in which it has property developments, and
Moody's estimates its inventory for these cities remains largely
unchanged from the RMB 11.5 billion reported at end-2014.

On the other hand, Moody's estimates that Maoye's profitability
remained broadly stable in the last 12-18 months. Maoye's
EBITDA/gross sales proceeds was estimated to be around 14% in 1H
2015 despite weak revenue growth; a result of measures to improve
its merchandizing mix in key stores.

Accordingly, Moody's expects Maoye to maintain an adjusted EBITDA
margin of 38-39% in the next 12-18 months.

Maoye's leverage -- as measured by adjusted debt/EBITDA -- will
likely remain elevated at 6.5x-7.0x over the next 12-18 months,
similar to the level in 2014.

This estimate reflects Moody's expectation that (1) Maoye's
earnings growth will remain sluggish; and (2) there will be a
limited increase in debt, as the expected working capital surplus
stemming from property sales will offset sizeable capital
expenditures. The company has been gradually selling some of its
inventory in the last six months, while slowing its pace of
further development. Maoye has not acquired any new land titles in
the last 12 months.

This level of leverage provides little leeway for further
deterioration at the lowered Ba3 CFR category.

Maoye's liquidity remains weak. Moody's estimates that its cash of
around RMB1.0 billion-RMB1.5 billion at end-June 2015 and
operating cash flow over the next 12 months are insufficient to
cover its short-term debt of RMB2.0 billion and capital
expenditure of around RMB1.6 billion. However, Moody's expects the
company will be able to roll over its short-term debt, given its
solid market position and more supportive financial market,
against the backdrop of the Chinese government's monetary easing.

The stable rating outlook reflects Moody's expectation that Maoye
will maintain stable profit margins and curb a further rise in
debt leverage over the next 12-18 months.

An upgrade in the near term is unlikely, given the challenging
operating environment for retail and uncertainty in its property
sales.

Upward ratings pressure could emerge over time if Maoye (1)
successfully implements its business plan; (2) improves operating
cash flow and generates positive free cash flow on a sustained
basis; and (3) improves its credit metrics, such that EBITDA
margin exceeds 40-42% and adjusted debt/EBITDA falls below 5.5x-
6.0x.

Further downgrade pressure could arise if Maoye (1) is unable to
sell its development properties; (2) invests in additional new
projects that further delay its deleveraging; (3) records a
material deterioration in sales and cash flows at its existing
stores, or takes longer than expected to break even at its new
stores; or (4) liquidity weakens materially because onshore
refinancing dries up.

Credit metrics indicative of downgrade pressure include EBITDA
margin falls below 35-36% or adjusted debt/EBITDA above 7x on a
sustained basis.

Maoye International Holdings Ltd. is one of the leading department
store operators in China (Aa3 stable). Headquartered in Shenzhen,
Guangdong Province, the company has built a strong position in its
home market, while strategically expanding elsewhere in the
country. The company had 40 stores in 18 cities across China's
four main regions at end-2014.


WINHA INT'L: Marcum Bernstein Expresses Going Concern Doubt
-----------------------------------------------------------
WINHA International Group Limited filed with the U.S. Securities
and Exchange Commission its annual report on Form 10-K for the
fiscal year ended March 31, 2015.

Marcum Bernstein & Pinchuk LLP expressed substantial doubt about
the Company's ability to continue as a going concern, citing that
the Company has a net loss and an accumulated deficit as of
March 31, 2014.

The Company reported net income of $2.37 million on $9.02 million
of revenues in 2015, compared with a net loss of $1 million on
$99,752 of revenues in 2014.

The Company's balance sheet at March 31, 2015, showed $5.77
million in total assets, $1.66 million in total liabilities, and
total stockholders' equity of $4.11 million.

A copy of the Form 10-K is available at:

                        http://is.gd/Lkh9w2

WINHA International Group Ltd. operates as a development stage
company with interest in providing retail specialty products
through physical franchise stores. It operates as mobile, set-top
box sets for television stores and sells locally produced food,
beverages and arts and crafts that are well-known across China.
The firm markets and sells the local specialty goods through the
following four channels: Online Store, Mobile store, Set-Top Box
Store and Market Needs. The company was founded on April 15, 2013
and is headquartered in Zhongshan, China.



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I N D I A
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AXLEO INDUSTRIES: CRISIL Cuts Rating on INR43.3MM Loan to 'B'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Axleo Industries (AI: part of the RK group) to 'CRISIL
B/Stable' from 'CRISIL B+/Stable'.

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

   Proposed Long Term
   Bank Loan Facility      32.7       CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Term Loan               29         CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Working Capital
   Demand Loan             43.3       CRISIL B/Stable (Downgraded
                                      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 profile of AI, Maharashtra Engineering (ME), and
Armaax Auto Pvt Ltd (AAPL). 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).


BALAJI POLYTEX: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Balaji Polytex Industry
Pvt Ltd (BPIPL) continue to reflect BPIPL's modest scale of
operations in the competitive and fragmented packaging material
industry, and the company's below-average financial risk profile.
These rating weaknesses are partially offset by the extensive
industry experience of BPIPL's promoters.

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

   Cash Credit            70        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     20        CRISIL B+/Stable (Reaffirmed)

   Term Loan              70        CRISIL B+/Stable (Reaffirmed)

On July 10, 2015, CRISIL had upgraded its rating on the long-term
bank facilities to 'CRISIL B+/Stable' from 'CRISIL B/Stable', and
reaffirmed its rating on the company's short term facility at
'CRISIL A4'.

Outlook: Stable

CRISIL believes that BPIPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
improves its revenue and profitability while maintaining a
comfortable capital structure. Conversely, the outlook may be
revised to 'Negative' if BPIPL's financial risk profile,
particularly its liquidity, deteriorates, most likely because of
large debt-funded capital expenditure or a sharp decline in its
revenue or profitability.

Incorporated in August 2011, BPIPL is promoted by Mr. Vinay
Agarwal and Mr. Aditya Lahotia, and is based in Baddi (Himachal
Pradesh). The company manufactures non-woven polypropylene sheets.


CHARCHCO ELECTRONICS: Ind-Ra Affirms B+ Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Charchco
Electronics (India) Private Limited's Long-Term Issuer Rating at
'IND B+'.  The Outlook is Stable.  The agency has also affirmed
CEIPL's INR220 mil. fund-based limits (increased from INR152.5
mill) at 'IND B+' with a Stable Outlook.

KEY RATING DRIVERS

Ind-Ra continues to take a consolidated view of CEIPL and its
associate entity Neosa Electronics Private Limited ('IND
B+'/Stable) as the two companies are in the same line of business
and have common founders.

The affirmation reflects CEIPL's continuous tight liquidity
position due to high working capital requirements.  The average
use of its fund-based limits for the 12 months ended July 2015 was
100.21%.  The ratings also reflect the company's moderate credit
profile and low profitability due to the trading nature of its
business.  According to the provisional consolidated financials
for FY15, interest coverage was 1.1x (FY14: 1.1x), net leverage
was 7.1x (7.4x) and operating EBITDA margins were 2.6% (3.2%).

The ratings continue to benefit from CEIPL's strong network of
about 600 dealers across Bengal and the over three-decade-long
experience of its founders in the distribution of consumer
durables.

RATING SENSITIVITIES

Positive: A sustained improvement in the consolidated EBITDA
interest coverage ratio will be positive for the ratings.

Negative: Deterioration in the company's liquidity position will
be negative for the ratings.

COMPANY PROFILE

Incorporated in 1992, CEIPL and Neosa Electronics distribute
electronic consumer durables across Bengal.


INTERNATIONAL CERTIFICATION: CRISIL Rates INR37MM LT Loan at B+
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of International Certification Services Pvt
Ltd, (ICS).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Overdraft
   Facility                  3        CRISIL B+/Stable

   Proposed Bank
   Guarantee                 5        CRISIL A4

   Overdraft Facility       15        CRISIL B+/Stable

   Bank Guarantee           20        CRISIL A4

   Long Term Loan           37        CRISIL B+/Stable

The ratings reflect the promoter's extensive experience in the
research and consultancy industry. This strength is partially
offset by modest net worth, moderate financial risk profile and
working-capital-intensive operations.

Outlook: Stable
CRISIL believes that ICS will maintain its presence in the
research and consultancy industry over the medium term, supported
by the promoters' extensive industry experience and its
established customer relationships. The outlook may be revised to
'Positive' if ICS reports substantial and sustained improvement in
revenue and profitability margins or working capital management.
Conversely, the outlook may be revised to 'Negative' if ICS
reports a steep decline in profitability margins or weakening of
capital structure due to large working capital requirements.

ICS, incorporated in 1999 by the Kataria family, provides
certifications and inspection services to companies across
industries. Its operations are managed by Mr. Sundar Kataria (MD),
Ms. Sheela Kataria (Director Finance), Mr. Sumeet Kataria
(Technical Director/Country Manager), Mr. Ramakant Prasad (VP) and
Mr. Sudhir Vagal (VP). The company has its head office located in
Mumbai and branch offices in Ahmedabad, Aurangabad, Bangalore,
Baroda Belgum, Chennai, Coimbtore, Gandhidham, Goa, Guwahati,
Hyderabad, Indore, Jaipur, Kanpur, Kerala, Kolhapur, Kolkata,
Ludhiana, Mumbai, Nagpur, Nashik, New Delhi, Orissa, Pune, Surat,
Udaipur and Vapi.


KEYEM ENGINEERING: CRISIL Reaffirms B Rating on INR125MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Keyem Engineering
Enterprises (KEE) continue to reflect KEE's modest scale of
operations in the intensely competitive civil construction
segment, and its working-capital-intensive nature of operations.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             125       CRISIL B/Stable (Reaffirmed)
   Letter of Credit         25       CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by KEE's healthy
order book, its promoter's extensive industry experience, and its
moderate financial risk profile marked by moderate net worth and
debt protection metrics.

Outlook: Stable
CRISIL believes that KEE will continue to benefit over the medium
term from its moderate order book and its promoter's extensive
experience in the civil construction segment. The outlook may be
revised to 'Positive' if KEE significantly scales up its
operations and improves its working capital management, thereby
enhancing its liquidity. Conversely, the outlook may be revised to
'Negative' if the firm's revenue and operating margin decline
because of delay in execution of projects, or if its working
capital management weakens leading to weakening in its liquidity.

Update
KEE reported revenue of INR632 million, on a provisional basis,
with operating margin of 9.83 per cent. The firm has a healthy
order book of INR2.0 billion as on June 15, 2015 to be executed
over a period of 1.5 to 2.0 years. The proprietor has an
experience of more than two decades in the industry. CRISIL
believes that the firm's business risk profile will benefit from
its healthy order book and its promoter's extensive industry
experience.

KEE's financial risk profile is marked by a modest net worth,
moderate gearing and  debt protection metrics. The firm's net
worth was at around INR81 million as on March 31, 2015. The
gearing is estimated to be moderate at 1.89 times as on the same
date. The debt protection metrics are expected to be moderate,
marked by interest coverage ratio of 2.06 times and net cash
accruals to total debt ratio of 15 per cent. CRISIL believes that
KEE's financial risk profile will remain moderate over the medium
term supported by a moderate gearing and debt protection metrics.

KEE's liquidity is constrained by high average bank limit
utilisation at 93 per cent for the 12 months through May 2015. The
firm is expected to generate annual cash accruals of INR26 million
to INR32 million over the medium term adequate to meet its debt
obligations of INR2.3 million to INR6.4 million a year. CRISIL
believes that KEE's liquidity will remain constrained over the
medium term on account of high utilisation of its bank limits,
though partially supported by adequate cash accruals to meet debt
obligations.

Set up in 1996 as a proprietorship firm by Mr. Ramachandran,
Chennai (Tamil Nadu)-based KEE undertakes civil construction works
such as installation of underground drainage systems, pumping
stations, and water treatment plants.


KOMMAN PEOPLES: CRISIL Ups Rating on INR77.8MM Term Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Komman Peoples Welfare Society (KPWS) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               77.8       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that the real estate
project being undertaken by the society will have low funding
constraints and implementation risks, as the available flats have
been entirely booked by the stakeholders. The limited track record
of the promoters has not impacted the construction of the project.
The construction cost and customer advances have been in line with
CRISIL's expectations, although the project is three months behind
schedule, and possession is expected to be handed over to
customers by September 2016.

CRISIL's ratings continue to reflect the society's exposure to
project implementation and funding risks and susceptibility to
cyclicality in the Indian real estate industry. These rating
weaknesses are partially offset by the project's moderate revenue
visibility.

Outlook: Stable
CRISIL believes that KPWS will maintain a stable business risk
profile over the medium term on the back of moderate revenue
visibility for its ongoing project. The outlook may be revised to
'Positive' if healthy customer advances lead to timely completion
of the society's project. On the other hand, the outlook may be
revised to 'Negative' if further delays in the project or in
receipt of customer advances affect the society's liquidity.

KPWS, set up in 2006 by Mr. Rajiv Chopra, is setting up a group
housing complex for its members at Sector 49 in Faridabad
(Haryana). KPWS has been set up as a not-for-profit society.


M/S CHITTARANJAN SWAIN: Ind-Ra Suspends B+ Long-Term Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M/s Chittaranjan
Swain's (Chittaranjan) 'IND B+' Long-Term Issuer Rating with a
Stable Outlook to the suspended category.  The rating will now
appear as 'IND B+(suspended)' on the agency's website.

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

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

Chittaranjan's ratings are:

   -- Long-Term Issuer Rating: migrated to 'IND B+(suspended)'
      from 'IND B+'

   -- INR35 mil. fund-based working capital limits: migrated to
      'IND B+(suspended)' from 'IND B+'

   -- INR4.7 mil. long-term loans: migrate to 'IND B+(suspended)'
      from 'IND B+'

   -- INR50 mil. non-fund-based limits: migrate to
      'IND A4(suspended)' from 'IND A4'


MAHATHI SOFTWARE: Ind-Ra Affirms D Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Mahathi Software
Private Limited's (MSPL) Long-Term Issuer Rating at 'IND D'.  The
rating actions on MHPL's bank loans are:

                          Amount
   Facilities           (INR Mln)         Ratings
   ----------           ---------         -------
  Fund-based working       70.0           Affirmed at long-term
   capital limit       (reduced from      'IND C' and short-term
                       INR250.0 mil.)     at 'IND A4'

  Term loan limit         320.2           Affirmed at long-term
                       (increased from    'IND D'
                       INR191.1 mil.)

KEY RATING DRIVERS

The affirmation reflects MHPL's continued delays in term debt
servicing for the 12 months ended July 2015.  Also, the company
fully used its working capital facility over the 12 months ended
July 2015, indicating its stressed liquidity position.

RATING SENSITIVITIES

Timely debt servicing for at least three consecutive months could
result in a positive rating action.

COMPANY PROFILE

MSPL is a software service provider based in Visakhapatnam. It
primarily caters to healthcare sector in the US.  The key
divisions in the company include analytics, development and
revenue cycle management.


MEGASOFT LTD: Ind-Ra Suspends BB+ Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Megasoft Ltd's
'IND BB+' Long-Term Issuer Rating with a Negative Outlook to the
suspended category.  The rating will now appear as
'IND BB+(suspended)' on the agency's website.

The ratings have been migrated to the suspended category due to
lack of adequate information.  Ind-Ra will no longer provide
ratings or analytical coverage for Megasoft.  The ratings will
remain in the suspended category for a period of six months and be
withdrawn at the end of that period.  However, in the event the
issuer starts furnishing information during the six-month period,
the ratings could be reinstated and will be communicated through a
rating action commentary

Megasoft's ratings are:

   -- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
      from 'IND BB+'

   -- INR150 mil. fund-based limits: migrated to
      'IND BB+(suspended)' from 'IND BB+'

   -- INR70 mil. non-fund-based limits: migrated to
      'IND A4+(suspended)' from 'IND A4+'


MJ LOGISTICS: Ind-Ra Raises Long-Term Issuer Rating to BB+
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgrades MJ Logistics
Services Limited's (MJLSL) Long-Term Issuer Rating to 'IND BB+'
from 'IND BB'.  The Outlook is Stable.  Ind-Ra has also upgrades
MJLSL's bank facilities:

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
  Fund-based facility      42.5       Assigned 'IND BB+'/Stable
                                      'IND A4+'

  Long-term loans         116.4       Upgraded to 'IND BB+'/
                                      Stable from 'IND BB'

KEY RATING DRIVERS

The upgrade reflects an improvement in MJLSL's scale of operations
as well as profitability.  In FY15, the company's revenue grew
over 16% yoy to INR441.10 mil. and EBITDA margins increased to
14.82% (FY14: 14.71%).  Ind-Ra expects the growth trend to
continue on the back of benefits from the company's new business
segment - procurement logistics - and continued healthy business
from its established business relationships.  Despite an
improvement in the overall revenues in FY15 the scale of
operations remains moderate.

The upgrade also factors in an improvement in MJLSL's credit
profile.  In FY15, net financial leverage (adjusted net
debt/operating EBITDAR) improved to 2.35x from 3.72x in FY14 and
interest coverage (operating EBITDA/gross interest expense) to
2.35x from 1.57x.  The company also has strong management and
financial support from Bandra Mauritius Limited (100% subsidiary
of Eredene Capital) which holds around 86% stake in it.

The ratings continue to reflect the company's strong relationship
with TATA Motors Limited and ITC Limited, which together accounted
for 75% of MJLSL's total revenue in FY15.  MJLSL caters to
diverse, high-growth segments such as auto and light engineering,
food and FMCG industry which is a rating positive as the ever-
increasing demand for these products will result in higher growth
prospects for the company.

Liquidity is comfortable as net cash conversion cycle elongated to
51 days in FY15 (FY14: 45 days) due to a higher year-end
inventory.  The average use of fund-based limit was 56% for the 12
months ended July 2015.

RATING SENSITIVITIES

Negative: A decline in the profitability leading to deterioration
in the credit metrics will be negative for the ratings.

Positive: A significant increase in the operating profitability
leading to an improvement in the credit metrics will be positive
for the ratings.

COMPANY PROFILE

MJLSL, incorporated in July 2005 as a limited company, is engaged
in third-party logistics (3PL) with service offerings spanning
across transportation, warehousing and distribution.  The company
has its registered office in New Delhi.


MORTH INFRASTRUCTURE: CRISIL Reaffirms B+ Rating on INR65.5M Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Morth Infrastructure
Pvt Ltd (MIPL) continue to reflect MIPL's modest scale of
operations in a fragmented industry, and the high degree of
customer and geographical concentration in its revenue profile.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          75       CRISIL A4 (Reaffirmed)
   Cash Credit             65.5     CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       9.5     CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the company's average financial risk
profile marked by a modest net worth and average debt protection
metrics. These rating weaknesses are mitigated by the promoter's
extensive experience in civil construction industry and the
funding support from them.

Outlook: Stable
CRISIL believes that MIPL will continue to benefit from its
promoters' extensive industry experience and their funding
support. The outlook may be revised to 'Positive' in case the
company significantly increases its scale of operations and
profitability, and demonstrates efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
in case MIPL generates significantly low cash accruals, or if its
working capital requirements are large, or if it undertakes a
debt-funded capital expenditure programme.

Update
MIPL depicted a healthy compound annual growth rate of around 39
per cent over the three years ending March 31, 2015 and on a
provisional basis reported a revenue for 2014-15 (refers to
financial year, April 1 to March 31) at INR250 million. The
company's revenue is expected to grow a healthy pace of 30 to 40
per cent over the medium term backed by its healthy order book.
The company's operating margin have remained volatile at 12 to 9
per cent over the past years due to volatility in the raw material
prices as the company does not have any price escalation clause
for the contracts leading to variation in margins. CRISIL believes
that MIPL's operating margin will remain in the similar range over
the medium term.

MIPL has weak financial risk profile, marked by small net worth of
INR50 million and gearing of 1.8 times as on March 31, 2015. The
financial risk profile is supported by a moderate interest
coverage ratio of 2.5 times as on March 31, 2015.

The liquidity is stretched marked by high utilisation of cash
credit limits at 99 per cent over the 13 months through June 2015.
The company is likely to generate sufficient cash accruals of
INR13 million to INR18 million over the medium term against the
debt obligation of around INR6 million every year. CRISIL believes
that MIPL's financial risk profile and liquidity will remain at
similar levels owing to working-capital-intensive operations.

Incorporated in 2010 and headquartered in Mathura (Uttar Pradesh),
MIPL is involved in civil construction. The company primarily
executes road construction projects for various government
departments of Uttar Pradesh. MIPL is promoted by Mr. Om Veer
Singh and family.


NEOSA ELECTRONICS: Ind-Ra Affirms B+ Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Neosa Electronics
Private Limited's Long-Term Issuer Rating at 'IND B+'.  The
Outlook is Stable.  The agency has also affirmed NEPL's
INR240 mil. fund-based limits at 'IND B+' with a Stable Outlook.

KEY RATING DRIVERS

Ind-Ra continues to take a consolidated view of NEPL and its
associate entity Charchco Electronics (India) Private Limited
('IND B+'/Stable) as the two companies are in the same line of
business and have common founders.

The affirmation reflects NEPL's continuous tight liquidity
position due to high working capital requirements.  The average
use of its fund-based limits for the 12 months ended July 2015 was
96.61%.  The ratings also reflect the company's moderate credit
profile and low profitability due to the trading nature of its
business.  According to the provisional consolidated financials
for FY15, interest coverage was 1.1x (FY14: 1.1x), net leverage
was 7.1x (7.4x) and operating EBITDA margins were 2.6% (3.2%).

The ratings continue to benefit from NEPL's strong network of
about 700 dealers across Bengal and the over three-decade-long
experience of its founders in the distribution of consumer
durables.

RATING SENSITIVITIES

Positive: A sustained improvement in the consolidated EBITDA
interest coverage ratio will be positive for the ratings.

Negative: Deterioration in the company's liquidity position will
be negative for the ratings.

COMPANY PROFILE

Incorporated in 1986, NEPL and Charchco Electronics distribute
electronic consumer durables across Bengal.


PADIKKALA GOLD: CRISIL Suspends B+ Rating on INR100MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Padikkala Gold Traders Pvt Ltd (PGTPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              100       CRISIL B+/Stable

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

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

Padikkala Gold Traders Private Limited (PGTPL) set in 2012 in
Kerala is engaged in wholesale manufacture and sale of gold
jewellery. The day-to-day operations of the company are managed by
the promoters Mr. Biju Padikkala and his brother, Mr. Shaju
Padikkala. Initially, the promoters carried out the business
through a partnership firm Padikkala Gold (PG), since 2007. In
2012, the promoters set up PGTPL and shifted the entire operations
of PG to this company.


SHREE SURGOVIND: CRISIL Cuts Rating on INR125MM Cash Loan to B
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Shree Surgovind Tradelink Ltd (SSTL) to 'CRISIL B/Stable' from
'CRISIL B+/Stable', while reaffirming its rating on the company's
short-term facility at 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              125       CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Letter of Credit         125       CRISIL A4 (Reaffirmed)

The rating downgrade reflects the weakening in SSTL's business
risk profile. The company's revenue declined by 33 per cent year-
on-year to about INR 552 million in 2014-15 (refers to financial
year, April 1 to March 31) on account of subdued business
environment and intense industry competition. Its operating margin
also reduced to 1.9 per cent in 2014-15 from 6 per cent in the
previous year, while its working capital cycle continued to remain
stretched.

SSTL has been trading in steel products, agricultural commodities,
and dry fruits; however, with a view to turning around its
business performance, the company plans to now focus only on steel
products, mainly steel plates and coils. The management has
experience in trading in steel products through its group company,
RKB Global Pvt Ltd (RKB; rated 'CRISIL BB-/Stable/CRISIL A4+'),
for over last three decades. CRISIL believes that SSTL's ability
to ramp up its operations, backed by the extensive industry
experience of its promoters, will remain a key rating sensitivity
factor over the medium term.

The ratings reflect SSTL's exposure to intense competition in the
trading industry and the company's working-capital-intensive
operations. The ratings also factor in its weak financial risk
profile, marked by a high total outside liabilities to tangible
net worth ratio, weak debt protection metrics, and a small net
worth. These rating weakness are partially offset by the extensive
industry experience of SSTL's promoters.

Outlook: Stable

CRISIL believes that SSTL 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 reduces its
dependence on external bank facilities to fund its incremental
working capital requirements, while achieving steady growth in its
revenue and maintaining its stable operating profitability,
thereby improving its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if SSTL's profitability
declines or its working capital cycle is severely stretched,
adversely impacting its financial risk profile.

SSTL, incorporated in 1985, trades in steel products. The company,
based in Mumbai, is promoted by Mr. Sureshbhai Patel and Mr.
Somabhai Patel.

SSTL reported a profit after tax (PAT) of INR2.5 million on net
sales of INR802.3 million for 2013-14, as against a PAT of INR9.6
million on net sales of INR1114.2 million for 2012-13.


SRI KANGEYAA: CRISIL Assigns B+ Rating to INR31MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sri Kangeyaa Textiles Pvt Ltd (SKTPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Working          4        CRISIL B+/Stable
   Capital Facility

   Cash Credit              25        CRISIL B+/Stable

   Long Term Loan           31        CRISIL B+/Stable

The rating reflects SKTPL's modest scale of operations in the
intensely competitive and highly fragmented textile industry. This
rating weakness is partially offset by its promoter's extensive
industry experience.

Outlook: Stable
CRISIL believes SKTPL will continue to benefit over the medium
term from its promoter's extensive experience in the textile
industry. The outlook may be revised to 'Positive' if the company
reports a sustainable increase in revenue and profitability, while
maintaining working capital cycle, thereby improving its business
risk profile. Conversely, the outlook may be revised to 'Negative'
if SKTPL generates low cash accruals or undertakes large debt-
funded capital expenditure programme, weakening its financial risk
profile.

Incorporated in 2005, Madurai (Tamil Nadu)-based SKTPL
manufactures cotton yarn. Its operations are managed by promoter
Mr. V Kariveeran.

For 2014-15 (refers to financial year, April 1 to March 31), on a
provisional basis, SKTPL reported profit after tax (PAT) of
INR4.97 million on total revenue of INR112.21 million; for 2013-
14, the company reported PAT of INR1.12 million on total revenue
of INR103.13 million.


SRI PARAMESWARA: CRISIL Cuts Rating on INR190MM Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of M/s.
Sri Parameswara Poultry Farm Pvt Ltd (SPPL) to 'CRISIL D/CRISIL D'
from 'CRISIL B+/Stable/CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              190       CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

   Proposed Long Term
   Bank Loan Facility        47.5     CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

   Short Term Loan           38       CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by SPPL in
servicing its debt. The delays have been caused by weakening in
the company's liquidity arising from a stretch in its working
capital cycle.

SPPL has a below-average financial risk profile marked by high
gearing and below-average debt protection metrics. The company's
profitability margin is susceptible to volatility in raw material
prices. Also, SPPL is exposed to intense competition and to risks
inherent in the poultry industry. However, the company benefits
from its promoters' extensive experience.

SPPL was set up in 2010 by Mr. B Siva Babu and family members. The
company is engaged in the production of commercial eggs. It is
based in Shadnagar (Telangana).


UNIVERSAL AIR: CRISIL Ups Rating on INR155MM Term Loan to 'B'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Universal Air Products Pvt Ltd (UAPPL) to 'CRISIL B/Stable' from
'CRISIL D'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              35        CRISIL B/Stable (Upgraded
                                      from 'CRISIL D')

   Term Loan               155        CRISIL B/Stable (Upgraded
                                      from 'CRISIL D')

The rating upgrade reflects the improvement in UAPPL's liquidity
driven by increase in cash accruals owing to improved operating
profitability, and reduced interest outgo. With decrease in
contribution from the company's wire trading business, which
entails low margins, UAPPL's overall operating profitability has
improved. Furthermore, there has been a decline in debt levels
primarily on account of debt repayment, which has led to lower
interest outgo.

Outlook: Stable

CRISIL believes that the extensive experience and technical
background of promoters will continue to benefit the company. The
outlook may be revised to Positive if the company generates
significantly more than expected cash accruals and demonstrates
stricter control on the working capital cycle. Conversely, the
outlook may be revised to Negative in case of deterioration in the
liquidity profile of the company on account of lower than expected
cash accruals or stretch in working capital cycle or if the
company takes up a large debt funded capital expenditure.

The rating reflects UAPPL's modest scale of, and working-capital-
intensive, operations. These rating weaknesses are mitigated by
the benefits that the company derives from its promoter's
extensive experience in the industrial gas industry, and its
above-average financial risk profile, marked by adequate debt
protection metrics and moderate gearing, albeit constrained by
modest net worth.

UAPPL, incorporated in 2004 by Mr. Subasish G Roy, bottles
industrial gases such as oxygen, nitrogen, and carbon dioxide. The
company has bottling units at Peenya, Mysore, Jigani, and Oskote
(all in Karnataka). Its registered office is in Bengaluru.



                             *********

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
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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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                 *** End of Transmission ***