TCRAP_Public/150818.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

           Tuesday, August 18, 2015, Vol. 18, No. 162


                            Headlines


A U S T R A L I A

3TP CONSTRUCTIONS: First Creditors' Meeting Set For August 24
AK BUILDING: First Creditors' Meeting Set For August 24
AK TILING: First Creditors' Meeting Set For August 24
ALLEN REEVES: First Creditors' Meeting Set For Aug. 24
EVOLUTION FACILITY: First Creditors' Meeting Set For Aug. 26

HORIZON SCIENCE: Assets and Business Up For Sale
KEITH'S ON: First Creditors' Meeting Set For August 24
PLUTON RESOURCES: Revival Falters as Creditors Lose Patience
TAUBENSCHLAG & ASSOCIATES: First Meeting Set For Aug. 24
THOMPSON & THOMPSON: First Creditors' Meeting Set For Aug. 26

* AUSTRALIA: Insolvency Expert Warns on Soaring ATO Wind-Ups


H O N G  K O N G

NOBLE GROUP: Faces Liquidity Woes as Bonds Slump on Rating Fears


I N D I A

AB&CO GLOBAL: ICRA Cuts Rating on INR50cr Short Term Loan to D
ABC RAILROAD: ICRA Suspends D Rating on INR15.5cr Non-FB Loan
ABC TRANSCARRIERS: CRISIL Assigns B+ Rating to INR200MM Bank Loan
ABRO CHIMIQUE: CARE Rates INR11.50cr Long Term Bank Loan at B+
AL-BADRIYA WOOD: CRISIL Reaffirms B Rating on INR24MM Cash Loan

ALFA ONE: CARE Assigns 'C' Rating to INR5cr Long Term Loan
AMRAPALI SAPPHIRE: ICRA Withdraws B+ Rating on INR100cr Term Loan
ANAND CONSTRUWELL: Ind-Ra Affirms BB+ Long-Term Issuer Rating
B M INFRASTRUCTURE: Ind-Ra Suspends BB- Long-Term Issuer Rating
BALKRISHNA SPINTEX: CARE Assigns B+ Rating to INR10cr LT Loan

BALKRISHNA SPINTEX PRIVATE: CARE Rates INR47.35cr LT Loan at B+
BVL GRANITES: Ind-Ra Suspends BB- Long-Term Issuer Rating
CAREWAY AGRO: ICRA Suspends B+ Rating on INR15cr LT Loan
CPC (P) LTD: Ind-Ra Withdraws D Long-Term Issuer Rating
DHANEE INTERNATIONAL: CARE Rates INR5.25cr LT Bank Loan at B+

GENERAL RUBBERS: Ind-Ra Suspends BB+ Long-Term Issuer Rating
GREEN INFRATECH: Ind-Ra Suspends BB- Long-Term Issuer Rating
HATGAD RESORT: CARE Assigns B+ Rating to INR12cr LT Bank Loan
HITRO ENERGY: CRISIL Assigns 'B' Rating to INR60MM Term Loan
INEX INDUSTRIES: CRISIL Cuts Rating on INR54.4MM Term Loan to D

IVRCL INDORE: Ind-Ra Affirms D Rating on INR13.72BB Loan
JASMER PACKER: Ind-Ra Corrects Feb. 4 Release
JAVERY INCORPORATION: CARE Reaffirms B+ Rating on INR5.5cr Loan
JR SEAMLESS: Ind-Ra Assigns BB+ Long-Term Issuer Rating
KAMA METAL: CRISIL Reaffirms B+ Rating on INR62.5MM Cash Loan

KAMAL BUILDERS: CRISIL Reaffirms B+ Rating on INR30MM Cash Loan
KANDALAA: ICRA Reaffirms B+ Rating on INR20.70cr LT Loan
KRISHNA ARJUNA: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
KUMARAPALAYAM TOLLWAYS: Ind-Ra Affirms D Rating on INR2.83BB Loan
MARIANA FOODS: CARE Assigns 'B' Rating to INR4cr LT Bank Loan

NASSCO TRADING: CRISIL Assigns B+ Rating to INR95MM Cash Credit
PATWARI STEELS: CRISIL Lowers Rating on INR90MM Cash Loan to D
PERAMBALUR SUGAR: CRISIL Assigns B Rating to INR300MM Cash Loan
PMR INFRASTRUCTURES: Ind-Ra Suspends D Long-Term Issuer Rating
QURESHI INTERNATIONAL: CRISIL Reaffirms B Rating on INR70MM Loan

ROCKLAND HOTELS: ICRA Suspends B+ Rating on INR11.29cr Bank Loan
RR POLYNET: CRISIL Assigns B- Rating to INR54.8MM Bank Loan
SALEM TOLLWAYS: Ind-Ra Affirms D Rating on INR2.230BB Loan
SARVA MANGALAM: CARE Reaffirms B+ Rating on INR14.50cr LT Loan
SAVANI EXPORTS: ICRA Reaffirms B+ Rating on INR7cr Cash Credit

SHELL INN: CARE Reaffirms 'D' Rating on INR31.72cr LT Bank Loan
SHREE VENKATESH: Ind-Ra Assigns BB Long-Term Issuer Rating
SHRI SANT: CRISIL Reaffirms 'B-' Rating on INR125MM LT Loan
SHRI VASUDEVA: Ind-Ra Assigns B+ Long-Term Issuer Rating
SIR SHADI: ICRA Lowers Rating on INR159.98cr LT Loan to 'D'

SPS YARNS: Ind-Ra Assigns B Long-Term Issuer Rating
SUDHANVA ENGINEERS: CARE Places B Rating on INR3cr LT Bank Loan
VARDAN INTENSIVE: Ind-Ra Suspends BB Long-Term Issuer Rating
VEESONS ENERGY: CRISIL Reaffirms 'D' Rating on INR360MM Loan
WAVE HOSPITALITY: CRISIL Assigns B+ Rating to INR1.40BB Loan


J A P A N

TOSHIBA CORP: To Name Outside Director Hiroyuki Itami as Chairman


N E W  Z E A L A N D

PTT LIMITED: FMA Appoints PwC as Receivers
ROSS ASSET: Liquidator in Bid to Claw Back About NZ$30 Million
SOLID ENERGY: Woes Create Out-Clause for Genesis Coal Contract
SOLID ENERGY: Government to Recoup Nothing From Sale

* S&P Takes Various Rating Actions on NZ Financial Institutions


X X X X X X X X

* BOND PRICING: For the Week August 10 to August 14, 2015


                            - - - - -


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


3TP CONSTRUCTIONS: First Creditors' Meeting Set For August 24
-------------------------------------------------------------
Jack Robert James of Palisade Business Consulting Pty Ltd was
appointed as administrator of 3TP Constructions Pty Ltd, trading
as 3PT, 3TP Electrical Contracting, and 3PT Constructions, on Aug.
12, 2015.

A first meeting of the creditors of the Company will be held at
Palisade Business Consulting, Level 1, 330 Churchill Avenue, in
Subiaco, West Australian, on Aug. 24, 2015, at 11:00 a.m.


AK BUILDING: First Creditors' Meeting Set For August 24
-------------------------------------------------------
Ezio Senatore & Neil Cussen of Deloitte Touche Tohmatsu were
appointed as administrators of AK Building Project Pty Ltd on Aug.
12, 2015.

A first meeting of the creditors of the Company will be held at
Deloitte Touche Tohmatsu, Level 1, 9 Sydney Ave, in Barton, on
Aug. 24, 2015, at 10:30 a.m.


AK TILING: First Creditors' Meeting Set For August 24
-----------------------------------------------------
Ezio Senatore & Neil Cussen of Deloitte Touche Tohmatsu were
appointed as administrators of AK Tiling & Paving Pty Ltd on Aug.
12, 2015.

A first meeting of the creditors of the Company will be held at
Deloitte Touche Tohmatsu, Level 1, 9 Sydney Ave, in Barton, on
Aug. 24, 2015, at 10:00 a.m.


ALLEN REEVES: First Creditors' Meeting Set For Aug. 24
------------------------------------------------------
Richard Trygve Rohrt and Leigh William Dudman of Hamilton Murphy
were appointed as administrators of Allen Reeves Alternative Horse
Transport Pty Ltd on Aug. 14, 2015.

A first meeting of the creditors of the Company will be held at
Hamilton Murphy, 237 Swan Street, in Richmond, Victoria, on
Aug. 24, 2015, 11:00 a.m.


EVOLUTION FACILITY: First Creditors' Meeting Set For Aug. 26
------------------------------------------------------------
Jamieson Louttit of Jamieson Louttit & Associates was appointed as
administrator of Evolution Facility Management (QLD) Pty Limited
on Aug. 14, 2015.

A first meeting of the creditors of the Company will be held at
Jamieson Louttit & Associates, Penfold House, Suite 73, Level 15
88 Pitt Street, in Sydney, on Aug. 26, 2015, at 9:00 a.m.


HORIZON SCIENCE: Assets and Business Up For Sale
------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that expressions of
interest are sought for the purchase of all or part of the assets
and business of Horizon Science Pty Ltd. The company is currently
under the control of administrators Barry Kogan and Matthew Caddy
from McGrathNicol, the report says.

Horizon Science is a healthcare company that is focused on the
development of innovative polyphenol enhanced products that are
derived from sugar cane molasses. It specialises in
commercialising patented technology that includes functional
foods, dietary supplements, beverages and nutraceuticals and
pharmaceuticals.


KEITH'S ON: First Creditors' Meeting Set For August 24
------------------------------------------------------
Peter Dinoris & Nick Combis of Vincents Chartered Accountants were
appointed as administrators of Keith's On Cambridge Pty Ltd on
Aug. 11, 2015.

A first meeting of the creditors of the Company will be held at
Vincents Chartered Accountants, Level 34, 32 Turbot Street, in
Brisbane, Queensland, on Aug. 24, 2015, at 11:00 a.m.


PLUTON RESOURCES: Revival Falters as Creditors Lose Patience
------------------------------------------------------------
Paul Garvey at The Australian reports that the attempted revival
of iron ore miner Pluton Resources is hanging in the balance, with
a growing queue of creditors increasingly losing patience with the
company over millions of dollars in unpaid bills.

The Australian says Pluton last week failed to have a statutory
demand for payment from consultant Lefty Resources overturned in
court, potentially leaving the group exposed to be wound up by any
other creditor.

The AUD275,000 payment sought by Lefty has since been paid, but
The Australian has confirmed that several other creditors are
chasing outstanding payments from the miner.

Pluton owns the Cockatoo Island iron ore mine off the northern
coast of Western Australian. While the mine is small, its high-
grade and logistical advantages mean it can compete in the weak
iron ore price environment.

According to the report, one former employee has hit the company
with a statutory demand for more than AUD200,000 as well as unpaid
super, while at least one other contractor to Pluton is in the
process of preparing a statutory demand for several hundred
thousand dollars in unpaid amounts.

Lefty, a consultancy run by Giovanni Ceccon and Bruno Ruggiero,
has also issued a second statutory demand to Pluton for another
AUD137,000 it says it is owed, The Australian relays. A 21-day
window for Pluton to pay the amount or file an application to
dismiss expired this week without Pluton taking any action, the
reportnotes.

The Australian relates that the company has previously said it
owes the WA government AUD2.8 million in unpaid royalties, with
the government having agreed not to take any action over the
company's tenements as long as the outstanding amounts are paid by
August 14.

The precarious position of the company comes as it continues to
try to put in place a EUR50 million (AUD75 million) senior secured
bond, the report discloses.

The Australian notes that Pluton first announced in May that it
was raising up to GBP25 million (AUD53 million) through a bond
offering, and in June said it had increased the offer to EUR50m
following "overwhelming interest". Last month, it told the ASX the
receipt of the funds was taking longer than expected and still had
not been received, The Australian recalls.

While the demands put Pluton at risk of collapse, the position of
the company's major shareholder, Hong Kong-based trading house
General Nice Resources, as Pluton's first secured creditor, means
many unsecured creditors seeking payment could struggle to recover
their amounts if they push the company into liquidation, the
report states.

According to the report, sources said several service providers
and contractors including the mine's pump operator, accommodation
provider, barge operator and caterers are chasing outstanding
payments. At least one of the groups claims not to have been paid
for several months.

Sources said the lack of alternative work and the unsecured nature
of the debts has prompted many of the service providers to
continue working in the hope Pluton can trade its way out of its
problems, the report relays.

While Pluton's most recent statement to the ASX said Cockatoo
Island had been put on care and maintenance, The Australian has
confirmed mining resumed several weeks ago.

Pluton fell into receivership late last year, but the receivers
were retired in March following support from General Nice, the
report adds.

Pluton Resources Limited (ASX:PLV) --
http://www.plutonresources.com/-- is engaged the exploration and
production of mineral assets within Australia. The Company's
interests focus on Cockatoo Island and Irvine Island-two of the
three islands that make up the Kimberley Iron Ore Hub (KIOH) in
Yampi Sound, Western Australia, as well as four tenements in
Collier Bay. The Irvine Island Project is situated immediately
adjacent to Pluton's Cockatoo Island hematite mining operation and
is located approximately 140 kilometers north of Derby in Yampi
Sound, located off the northern Kimberley coast of Western
Australia. The Cockatoo Island operation is located approximately
140 kilometers north of Derby in Yampi Sound, located off the
northern Kimberley coast of Western Australia.


TAUBENSCHLAG & ASSOCIATES: First Meeting Set For Aug. 24
--------------------------------------------------------
Andrew John Cummins of Cliftons Canberra was appointed
administrator of Taubenschlag & Associates Pty Ltd on
Aug. 12, 2015.

A first meeting of the creditors of the Company will be held at
Cliftons Canberra, Level 2, 10 Moore Street, in Canberra, on
Aug. 24, 2015, at 12:00 p.m.


THOMPSON & THOMPSON: First Creditors' Meeting Set For Aug. 26
-------------------------------------------------------------
Jamieson Louttit of Jamieson Louttit & Associates was appointed as
administrator of Thompson & Thompson Transport Pty Limited on Aug.
14, 2015.

A first meeting of the creditors of the Company will be held at
Jamieson Louttit & Associates, Penfold House, Suite 73, Level 15
88 Pitt Street, in Sydney, on Aug. 26, 2015, at 10:00 a.m.


* AUSTRALIA: Insolvency Expert Warns on Soaring ATO Wind-Ups
------------------------------------------------------------
Cara Waters at SmartCompany reports that Sydney insolvency
practitioner Jamieson Louttit has warned the soaring number of
SMEs being wound up by the Tax Office is resulting in "carnage".

SmartCompany says figures compiled by Jamieson Louttit &
Associates show 396 applications to wind up companies were filed
with the Australian Securities and Investments Commission in July.

This is a decrease from May when 582 applications were filed but
the data shows the number of wind-up applications over the past
four months is the highest on record for that period of time,
SmartCompany relates.

Jamieson Louttit told SmartCompany the ATO has focused on
extracting money from SMEs since the budget.

"It is like a shotgun that has gone off . . . it seems like
carnage is hitting small businesses," the report quotes Mr.
Louttit as saying.

According to the report, Mr. Louttit said another 40 wind-up
applications were revealed on August 17 showing that "the carnage
is continuing".

"To me the government is looking at [small business] as an easy
target as opposed to big corporations which have a lot of money to
defend it," the report quotes Mr. Louttit as saying.  "My thought
is the government is just short of money, to me it is as simple as
that."

SmartCompany relates that Mr. Jamieson said the wind-up
application threshold was AUD300,000 in the past but has now
dropped to AUD30,000 and the government is "not as forgiving"
about entering into arrangements with small business.

"Every business runs around on cash not WIP and debtors, at the
moment the government has AUD20 billion in WIP and debtors in
SMEs," Mr. Jamieson told SmartCompany.  "The budget came out in
May and since then the increase in wind-ups has been significant."

Mr. Jamieson said the affects on small business and the broader
economy are significant, the report adds.

"It is just killing the economy, it really is," Mr. Jamieson told
SmartCompany.

"For every insolvency, four other people are affected, that's the
people who are owed money, suppliers and customers.  Every
business they wind up rather than being a bit more forgiving has a
detrimental affect on the economy."

A spokesperson for the ATO told SmartCompany its preference is to
work with businesses to help them manage their tax debts.

"As the Commissioner said during his address to the National Small
Business Summit on 16 July, our intention is to be more active to
prevent debts, to provide appropriate help and support when people
are in debt, to take the right action to prevent debts from
escalating, and to take legal action earlier when it is
warranted," the spokesperson told SmartCompany.

He says the ATO uses "sophisticated analytics" to tailor the
timing and selection of our next best action, from preventative
measures, such as SMS reminders to legal recovery which enables it
to resolve debts earlier, SmartCompany relays.

"Where a business does not work with us, we will take stronger
action to ensure that it does not gain an unfair financial
advantage over the majority of businesses who pay their tax bills
on time," the spokesperson, as cited by SmartCompany, said.  "This
includes initiating wind-up action where there is evidence that a
company is insolvent."

The decision to grant a winding-up order rests with the court and
the ATO has provided over 500,000 payment arrangements in 2014-15.

"We did have a greater focus on legal action in the second half of
the 2014/15 year and filed about 1200 wind up actions in this
period," the ATO spokesperson told SmartCompany.



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


NOBLE GROUP: Faces Liquidity Woes as Bonds Slump on Rating Fears
----------------------------------------------------------------
Yuriy Humber and Christopher Langner at Bloomberg News report that
concern is mounting that shrinking liquidity at Noble Group Ltd.
is edging Asia's largest commodity trader closer to losing its
investment-grade credit rating, as its bonds fall to the lowest in
three years.

On August 10, Noble's Chief Executive Officer Yusuf Alireza said
the company's seen some counterparties trim credit lines,
Bloomberg relates. While Mr. Alireza said he expects the situation
to normalize later this year, on August 12 Moody's Investors
Services cut its outlook on the firm's Baa3 score to negative,
according to Bloomberg.

Noble's 6.75 percent 2020 dollar bonds fell 1.2 cents on the
dollar to 95.12 cents as of 5:55 p.m. in Hong Kong, the least
since 2012, Bloomberg-compiled prices show. The notes dropped 2.2
cents on the dollar August 12, their biggest one-day decline in
almost two weeks. BBB scored Asian securities tracked by a
JPMorgan Chase & Co. index returned 0.03 percent in the week to
Aug. 12, while BB rated bonds dipped 0.61 percent, Bloomberg
notes.

Bloomberg says the move by Moody's is adding to concern even after
Noble spent half a year defending its accounting practices against
critics led by Iceberg Research and short-seller Muddy Waters LLC.
Noble's position is further complicated by a rout in commodity
prices, which has forced the company to expend more capital,
reducing its liquidity, Bloomberg relates.

"Liquidity is the lifeblood of a commodity trader," Bloomberg
quotes Charles Macgregor, a credit analyst at Lucror Analytics Pte
in Singapore, as saying. Moody's decision "will now place more
pressure on Noble's banking group. We would expect that one or
more of the banks may be required by their risk management units
to reduce limits."

Bloomberg discloses that Noble's stock fell 1 percent to SGD0.50
on August 13 after a 11.4 percent drop August 12. Credit default
swaps insuring the company's debt against nonpayment jumped 13
basis points on August 12 to 664.3 basis points, the highest since
May 2009, during the global financial crisis, Bloomberg notes.

Noble Group last month hired PricewaterhouseCoopers LLP to conduct
a third-party review of its accounting, seeking to put the
criticism against it to rest. PwC's report, posted on
August 12, confirmed that Noble complied with international
accounting standards while recommending the firm improves its
governance and methodology used to value long-term contracts,
according to Bloomberg.

While the review was ongoing some counterparties chose to limit
Noble's credit, Mr. Alireza said, Bloomberg relays. To compensate,
Noble used letters of credit or cash and the company's business
wasn't materially affected, he said.

"Certain counterparties have used the excuse of the PwC review to
wait for that" to release credit lines, Mr. Alireza said during an
earnings call in response to a question about whether counterparty
credit issues would normalize in the second half, according to
Bloomberg.

"If we had a counterparty that historically gave us a $200 million
credit line and they change it to $50 million, (they) have told us
they'd review it after the PwC review," Bloomberg quotes Mr.
Alireza as saying.

Bloomberg says Moody's noted on August 12 that Noble's liquidity
profile weakened in comparison with the last few years. The
company has $1.1 billion in cash and $1.8 billion in committed
bank lines, which is "insufficient" to meet the $3.5 billion in
debt due to mature in the next 12 months and the potential
commitment to invest $500 million in an associate X2 Resources
Ltd., the ratings company said.

"Noble is an investment-grade company with a strong business and
ample resources and options, but we want to monitor how they
manage the liquidity profile at a time when leverage has risen and
the industry environment isn't particularly favorable," Joe
Morrison, a senior credit officer at Moody's, said via e-mail,
Bloomberg relays.

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.



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I N D I A
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AB&CO GLOBAL: ICRA Cuts Rating on INR50cr Short Term Loan to D
--------------------------------------------------------------
ICRA has revised the long term rating outstanding on the INR10.0
crore long term fund-based sub-limits (Cash Credit) of AB&Co
Global Private Limited to [ICRA]D from [ICRA]BB-, 'stable'
outlook. ICRA has also downgraded the short-term rating on the
INR50.0 crore non-fund based credit facilities (Letter of Credit),
INR25.0 crore short-term fund based sub-limits (Buyer's Credit)
and INR10.0 crore short-term non-fund based sub-limits (Bank
Guarantee) to [ICRA]D from [ICRA]A4.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term, Fund-       (10.0)      [ICRA]D; revised
   based facilities                   from [ICRA]BB- (stable)

   Short-term, Fund-      (25.0)      [ICRA]D; revised
   based facilities                   from [ICRA]A4

   Short-term, Non         50.0       [ICRA]D; revised
   Fund-based facilities              from [ICRA]A4

   Short-term, Non        (10.0)      [ICRA]D; revised
   Fund-based limits                  from [ICRA]A4

The rating revision takes into account the recent delays in debt
servicing owing to stretched liquidity position arising out of
slow debtor realizations.

AB&Co Global Private Limited was initially incorporated in the
name of Navib Constrade Pvt. Ltd. in the year 1997. In 2001, its
name was changed to AB&Co Advisors Pvt. Ltd. In 2011, the company
was renamed as 'AB&Co Global Private Limited'. AB&Co trades in
various products such as raw cotton, mild steel ingots, angles,
plates, rounds, chemicals, IT products and copper, depending upon
the demand scenario. The company sells its products primarily in
the domestic market. The major customers of AB&Co are domestic
textile, engineering and chemical companies. From FY13 onwards,
the company diversified into civil construction business to reduce
its dependence on trading operations. AB&Co has won civil
construction contracts from reputed builders like Kumar Builders,
Lodha Group and Poddar Builders among others.


ABC RAILROAD: ICRA Suspends D Rating on INR15.5cr Non-FB Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] D assigned to
the INR3.16 crore term loan and INR11.00 crore fund based limits
and INR0.34 crore unallocated limits of ABC Railroad Products
Private Limited (ABC). ICRA has also suspended the short term
rating of [ICRA]D assigned to the INR15.50 crore non fund based
limits of ABC. The suspension follows ICRA's inability to carry
out rating surveillance in the absence of requisite information
from the company.


ABC TRANSCARRIERS: CRISIL Assigns B+ Rating to INR200MM Bank Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of ABC Transcarriers Private Limited (ABC).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       200       CRISIL B+/Stable

The rating reflects ABC's modest scale of operations and weak
capital structure. These rating weaknesses are partially offset by
the extensive experience of the company's promoters in the heavy
earth-moving equipment business.


Outlook: Stable
CRISIL believes that ABC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of more than expected
increase in ABC's accruals, better working capital management or
significant equity infusion by the promoters, leading to a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of low accruals, a stretch in the working
capital cycle, or large debt-funded capital expenditure, leading
to weakening of the company's liquidity.

Incorporated in 2010, ABC provides heavy earth-moving equipment on
lease to mining contractors and stevedoring operators. The company
also provides logistics services for  mining companies and is a
distributor for tyres in Odisha. The company's day-to-day
operations are managed by Mr. Tanmaya Mishra.


ABRO CHIMIQUE: CARE Rates INR11.50cr Long Term Bank Loan at B+
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Abro
Chimique Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.50      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Abro Chimique Pvt.
Ltd. (ACPL) is constrained by its project implementation risk,
susceptibility of profitability margin to volatility in the raw
materials prices and working capital intensive nature of
operations. The aforesaid constraints are partially offset by the
experience of the promoters, however, lacking experience in
similar line of business, niche product segment in the domestic
market with diversified industry application, locational advantage
and financial closure for term debt already achieved.

The ability of the company to complete the envisaged project
without cost and time overrun and derive benefits there from is
the key rating sensitivity.

ACPL was incorporated in July 1995 as Abro Ferrum Pvt. Ltd. (AFPL)
However, AFPL remained dormant since incorporation as the earlier
promoters did not undertake any activity in that unit. During
March 2014, the current promoters Mr Sanjay Kumar Agrawal, Mr Anil
Kumar Kedia and Mr Pati Bhasker Naidu took over the unit from the
earlier management and changed the name of the unit to ACPL. The
current management is undertaking a greenfield project to
establish a fly ash processing unit at Bilaspur, Chhattisgarh,
where it will undergo manufacturing of chemical-based products
like carbon, water glass, white carbon black, sulphate salts from
chemical treatment of fly ash with projected installed processing
capacity of 1,683.07 metric tonnes per annum (MTPA). The total
cost of the project is INR15.76 crore (excluding margins for
working capital) to be funded at a debt equity ratio of 1.52:1.
The project is expected to be commissioned by December 2015. ACPL
proposes to sell its products all over India, as there is a huge
demand potential for the products manufactured. These products are
extensively used in paints & ink manufacturing unit, glass
manufacturing, paper mills, soaps & detergent units, rubber
processing, plastic products manufacturing, manufacturing of
medicines, manufacturing of cement concrete and packaging units,
etc. All the promoters are involved in running the day-to-day
operations of the entity.


AL-BADRIYA WOOD: CRISIL Reaffirms B Rating on INR24MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Al-Badriya Wood
Industries (ABWI) continue to reflect ABWI's small scale of
operations in the highly fragmented timber industry, below-average
financial risk profile marked by a high total outside liabilities
to tangible net worth ratio, and its working capital-intensive
operations.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             24        CRISIL B/Stable (Reaffirmed)
   Letter of Credit        20        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       2.5      CRISIL B/Stable (Reaffirmed)
   Term Loan               21        CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of ABWI's promoter and its established
regional presence in the timber trading and saw mill business.

Outlook: Stable
CRISIL believes that ABWI will benefit over the medium term from
its promoter's extensive industry experience. The outlook may be
revised to 'Positive' if the firm significantly scales up
operations while maintaining operating profitability, or improves
its working capital management, resulting in improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if ABWI's profitability declines, or working capital
cycle lengthens, or if the firm undertakes a considerable debt-
funded capital expenditure programme, or if its promoter withdraws
substantial capital, leading to deterioration in its financial
risk profile.

Incorporated in 2005, ABWI is a Mangalore (Karnataka)-based firm
engaged in trading in and processing timber. The firm is promoted
and managed by Mr. Anwar Sadath.


ALFA ONE: CARE Assigns 'C' Rating to INR5cr Long Term Loan
----------------------------------------------------------
CARE assigns 'CARE C' rating to the bank facilities of
Alfa One Hi-Tech Infrastructure Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       5        CARE C Assigned

Rating Rationale
The rating assigned to the bank facilities of Alfa One Hi-Tech
Infrastructure Private Limited (AOHT) is constrained by the
company's small scale of operations, its stretched liquidity
position due to elongated collection period, financial risk
profile marked by negative net worth and weak debt coverage
indicators. The rating, however, draws strength from the
experience of the promoters in various other businesses.

Going forward, the ability of the company to improve its liquidity
position, increase the scale of operations, improve its
profitability & capital structure and effectively manage the
working capital are the key rating sensitivities.

AOHT is a Kannur-based company promoted by Mr P K Luthufuddeen in
2011 and is engaged in civil constructions for commercial and
residential buildings. Since inception, AOHT has completed 2
commercial and 2 residential projects. As on June 2015, the
company has 2 residential projects under execution. AOHT primarily
undertakes construction activities for the projects of Alfa One
Global Builders Private Ltd (AOGB, also promoted by Mr P K
Luthufuddeen in 2008 for development of residential and commercial
real estate projects), apart from other third party contract
works. AOGB iscurrently promoting a shopping mall in Kannur,
'Thana Square', which has around 45,000 sq. ft. of retail and
office space and is also simultaneously executing 2 residential
projects, 'Whitestreet' and 'French Reviera'. The constructions
for all these projects are undertaken by AOHT.

During FY14 (refers to the period April 1 to March 31), AOHT
incurred a net loss of INR1.5 crore on a total operating income of
INR3.6 crore.


AMRAPALI SAPPHIRE: ICRA Withdraws B+ Rating on INR100cr Term Loan
-----------------------------------------------------------------
ICRA has withdrawn the [ICRA]B+ rating assigned to the INR100
crore term loans, and INR25 crore unallocated limits of Amrapali
Sapphire Developers Private Limited (ASDPL), as there is no amount
outstanding against the rated instruments.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loans               100         [ICRA]B+ withdrawn
   Unallocated               25         [ICRA]B+ withdrawn


ANAND CONSTRUWELL: Ind-Ra Affirms BB+ Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Anand Construwell
Pvt. Ltd.'s (ACP) Long-Term Issuer Rating at 'IND BB+' with a
Stable Outlook.  The agency has also taken these rating actions on
ACP's bank facilities:

                          Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
  Fund-based working        90          Affirmed at
  capital limits   (increased from 80)  'IND BB+'/Stable

  Fund-based working        40          Assigned final
   capital limits                       'IND BB+'/Stable

  Non-fund-based            80          Affirmed at 'IND A4+'
  working capital limits

KEY RATING DRIVERS

The affirmation reflects ACP's continued small scale of operation
and moderate credit profile.  According to the provisional
financials for FY15, revenue was INR827.9 mil. (FY14: INR306
mil.), interest coverage was 3.8x (2.5x) and net financial
leverage was 1x (2.6x).

The ratings continue to be constrained by the company's high
geographical concentration risk as almost all of its contracts are
executed in and around Nashik.  Customer concentration risk also
persists as over 50% of the company's order book comes from a
single entity - Nashik Municipal Corporation (NMC).

The ratings also factor ACP's moderate liquidity profile as
reflected by its average maximum working capital utilization of
71% during the 12 months ended July 2015.  The ratings are also
constrained by the company's small order book of INR55.43 mil. as
on date.

The ratings continue to be supported by over three-decade-long
experience of ACP's founders in the construction sector, their
technical know-how, established track record of executing road and
civil construction contracts for state government entities in
Nashik.  Also, the company owns machineries and equipment which,
to a certain extent, helps it secure contracts requiring local
availability of equipment.

RATING SENSITIVITIES

Positive: A substantial increase in the revenue along with the
maintenance of the liquidity profile will be positive for the
ratings.

Negative: Any weakening of the liquidity position or a substantial
fall in the revenue will be negative for the ratings.

COMPANY PROFILE

ACP has been executing civil works, road works, water supply
projects, underground drainage work for state government bodies,
mainly in Nashik, since 1996.  It was started as a partnership
firm and was converted into a private limited company in 1996.

ACP is managed by Navinchandra Premchand Chokasi and his brother
Ramesh Premchand Chokasi and two sons of Navinchandra Chokasi.


B M INFRASTRUCTURE: Ind-Ra Suspends BB- Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated B M
Infrastructure Industries Pvt Ltd's (BMIIPL) 'IND BB-' Long-Term
Issuer Rating to the suspended category.  The Outlook was Stable.
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 BMIIPL.

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.

BMIIPL's ratings are:

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

   -- INR147.2 mil. fund-based working capital limits: migrated
      to 'IND BB-(suspended)' from 'IND BB-'

   -- INR140 mil. non-fund-based limit: migrated to
      'IND A4+(suspended)' from 'IND A4+'


BALKRISHNA SPINTEX: CARE Assigns B+ Rating to INR10cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the long-term bank facilities of
Balkrishna Spintex.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       10       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Asian Impex (AI) is
primarily constrained on account of weak financial risk profile
marked by its thin and fluctuating profit margins, leveraged
capital structure and moderate liquidity position. The rating is
further constrained on account of its presence in the fragmented
industry along with regulatory risk, seasonality associated with
the seafood industry, susceptibility of margins to foreign
exchange price fluctuations and partnership nature of
constitution.

The rating, however, takes comfort from the long experience of the
promoters in sea food industry, increasing scale of operations,
comfortable debt coverage indicators, registration with The Marine
Products Export Development Authority (MPEDA) and proximity to
rawmaterial procurement area.

The ability of AI to increase its scale of operations along with
improvement in profitability and capital structure along with
better working capital management are the key rating
sensitivities.

AI, incorporated in 2010, is promoted by Mr Haron Haji Panja, Mr.
Altaf Chhel, Mr Ashif Harun Panja, Mr Kashif Harun Panja, Ms
Halima Safi Panja and Mr Aaysa Harun Panja. AI is engaged in the
processing of sea foods and exports the same to Europe, Gulf
countries, Africa and China. AI has a processing-cum-storage
facility located at Veraval (Gujarat) with total installed
capacity of 50 MTPD (metric ton per day) for processing of Sea
Foods and 1,000 metric tons storage capacity as on March 31, 2015.

During FY14 (refers to the period April 1 to March 31), AI
reported a total operating income (TOI) of INR41.18 crore and
PAT of INR0.13 crore as against a TOI of INR13.34 crore and PAT of
INR0.05 crore during FY13. As per the provisional results for FY15
(April 1, 2014 to March 23, 2015), AI registered a TOI of INR50.37
crore.


BALKRISHNA SPINTEX PRIVATE: CARE Rates INR47.35cr LT Loan at B+
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Balkrishna Spintex Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long -term Bank Facilities    47.35      CARE B+ Assigned
   Short-term Bank Facilities     2.85      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Balkrishna Spintex
Private Limited (BSPL) are primarily constrained on account of its
nascent stage of operations and project stabilization risk. The
ratings are also constrained on account of BSPL's presence in the
highly fragmented and competitive textile industry and
susceptibility of its profit margins to volatility in raw material
prices.

The ratings, however, take comfort from the experience of the
promoters into the textile industry along with location advantage
on account of presence of BSPL within the cotton-producing belt of
Gujarat and fiscal benefits from the government.

The ability of BSPL to stabilize its business operations by
achieving envisaged level of capacity utilization and scale of
operations are the key rating sensitivities.

Rajkot-based (Gujarat), BSPL is a private limited company
incorporated in September, 2013 by Mr Arvind Raichura, Mr Girish
Raichura, Mr Dipak Raichura, Mr Nathalal Raichura and Mr Mitesh
Kotecha. BSPL has undertaken a debt funded capex for setting up of
a cotton spinning mill with total installed capacity of 16,416
spindles (3285 Metric Tonnes Per Annum). BSPL manufactures combed
cotton yarn of finer quality with 30s count and operates from its
sole manufacturing facility located at Rajkot. The products
manufactured by the entity will find its application in the
textile industry. The major raw material for manufacturing cotton
yarn is ginned cotton which will be procured from the local market
of Rajkot.

The promoters are also partners in Balkrishna Ginning and Pressing
Factory (BGPF rated CRISIL B+ and engaged in the business of
cotton ginning and pressing) and Balkrishna Cotspin (engaged into
trading of cotton seeds and cotton bales) since the last three
decades.

During Q1FY16 (Provisional), BSPL has achieved a turnover of
INR7.14 crore.


BVL GRANITES: Ind-Ra Suspends BB- Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated BVL Granites'
(BVL) 'IND BB-' Long-Term Issuer Rating with a Stable 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 BVL.

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

BVL ratings are:

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

   -- INR137.9 mil. long-term loan: migrated to
      'IND BB-(suspended)' from 'IND BB-'

   -- INR250 mil. fund-based working capital limits: migrated to
      'IND BB-(suspended)'/'IND A4+(suspended)' from
      'IND BB-'/'IND A4+'

   -- INR10 mil. non-fund-based working capital limits: migrated
      to 'IND A4+(suspended)' from 'IND A4+'


CAREWAY AGRO: ICRA Suspends B+ Rating on INR15cr LT Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ assigned to
the INR15.0 crore long term fund based working capital facilities
of Careway Agro Procurement Pvt. Ltd. The suspension follows
ICRA's inability to carry out rating surveillance in the absence
of requisite information from the company.


CPC (P) LTD: Ind-Ra Withdraws D Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn CPC (P) Ltd's
(CPC) Long-Term Issuer Rating of 'IND D(suspended)'.

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

Ind-Ra suspended CPC's ratings on Feb. 6, 2015.

CPC's ratings:

   -- Long-Term Issuer Rating: 'IND D(suspended)'; rating
      withdrawn
   -- INR91.3 mil. long-term loans: 'IND D(suspended)'; rating
      withdrawn
   -- INR180 mil. fund-based working capital limits:
      'IND C(suspended)'; rating withdrawn

   -- INR75 mil. non-fund-based working capital limits:
      'IND A4(suspended)'; rating withdrawn


DHANEE INTERNATIONAL: CARE Rates INR5.25cr LT Bank Loan at B+
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Dhanee
International.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.25       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Dhanee International
(DHI) is primarily constrained by its small scale of operations
with low net-worth base, low profitability margins and projected
increase in bank borrowing leading to deterioration in the capital
structure. The rating is further constrained by susceptibility of
margins to fluctuations in raw material prices, exposure to
foreign exchange fluctuation risk, DHI's presence in a highly
fragmented industry characterized by intense competition and
constitution of the entity being a proprietorship firm.

The rating, however, derives comfort from the experience of the
proprietor in the textile industry, moderate operating cycle and
the firm's favourable location of operations.

Going forward, the ability of the company to increase its scale of
operations along with improvement in profitability margins and
capital structure would be the key rating sensitivities.

DHI is a proprietorship firm established in 2006 by Mrs Aruna
Bindra. The firm is engaged in the manufacturing of readymade
garments at its manufacturing facility located at Ludhiana, Punjab
which has a total installed capacity of 4.5 Lakh pieces of
textiles per annum as on March 31, 2015. The firm is also engaged
in trading of fabric [constituted approximately 40% of the total
sales in FY14 (refers to the period April 01 to March 31)]. The
product line of the firm mainly comprises cotton fabric, acrylic
fabric, polyester fabric, sinker fabric, t-shirts, trousers,
shirts, lowers etc. DHI ventured into export business in April
2014 and the same constituted approximately 78% of the total sales
in FY15 (based on provisional results). The firm sells its
products to various wholesalers located in UAE and also supplies
the same to wholesalers and retailers located in Punjab. The main
raw materials are cotton fabric, acrylic fabric and polyester
fabric which are procured directly from the suppliers based in
Punjab. Besides this, the proprietor is also engaged in another
group concern namely, Fashion Flo, a proprietorship firm
(boutique) established in 1993.

For FY14 (refers to the period April 01 to March 31), DHI achieved
a total operating income of INR7.01 crore with PBILDT and PAT of
INR0.32 crore and INR0.08 crore, respectively. Furthermore, in
FY15 (as per unaudited results), DHI achieved a total operating
income of around INR14 crore.


GENERAL RUBBERS: Ind-Ra Suspends BB+ Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated General Rubbers'
(GR) 'IND BB+' Long-Term Issuer Rating with a Stable 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 GR

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

GR's ratings are:

   -- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
      from 'IND BB+'
   -- INR100 mil. fund-based limits: migrated to
      'IND BB+(suspended)'/'IND A4+(suspended)' from IND BB+'/
      'IND A4+'
   -- INR50 mil. non-fund-based limits: migrated to
      'IND A4+(suspended)' from 'IND A4+'


GREEN INFRATECH: Ind-Ra Suspends BB- Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Green Infratech's
(GI) 'IND BB-' Long-Term Issuer Rating with a Stable 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 GI

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

GI's ratings are:

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

   -- INR35.0 mil. fund based limits: migrated to
      'IND BB-(suspended)' from 'IND BB-'

   -- INR74.0 mil. non-fund-based limits: migrated to
      'IND A4+(suspended)'from 'IND A4+'


HATGAD RESORT: CARE Assigns B+ Rating to INR12cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Hatgad
Resort Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       12       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Hatgad Resort
Private Limited (HRPL) is constrained on account of stabilization
risk associated with the on-going greenfield project of setting up
a resort and modest scale of its restaurant operations with
moderate profitability. The rating is also constrained on account
of its leveraged capital structure, weak debt coverage indicators
and its presence in the competitive and cyclical hotel industry.

The rating, however, derives strength from the rich experience of
the promoters, strategic location of the resort and modest
implementation risk as the project is at the advanced stage of
implementation.

Timely completion of the project without any cost overrun and
stabilization of operations with achieving average occupancy rate
and room rent as envisaged is the key rating sensitivity.

Incorporated in 2014, HRPL (earlier known as Anando Group) by Mr
Bharat Thakkar, Mr Kailash Malik, Mr Atul Vashi, Mr Bharat Vashi.
All the directors have an average experience of 18 years in the
same industry.

HRPL owns "Anando Sip 'n' Dine" restaurant and "Anando Palm"
resort. The restaurant, which is located at Saputara-Nasik
highway, was fully operational as an independent entity over the
past few years. However, In January 2014, the operations of the
restaurant were taken over by HRPL. Presently, HRPL is undertaking
a greenfield project to develop a resort in the name of Anando
Palm at Saputara - Nashik Highway which is expected to start
commercial operation from August 2015.

As per provisional result for FY15 (refers to the period April 1
to March 31), HRPL reported a total operating income of INR3.13
crore with a Profit after Tax (PAT) of INR0.22 crore.


HITRO ENERGY: CRISIL Assigns 'B' Rating to INR60MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Hitro Energy Solutions (HES).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Working Capital
   Term Loan                60        CRISIL B/Stable

   Cash Credit              15        CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility        5        CRISIL B/Stable

The rating reflects the firm's below-average financial risk
profile marked by high gearing and small net worth, and its modest
scale of operations in the highly competitive light-emitting diode
(LED) segment. These rating weaknesses are partially offset by the
extensive experience of HES's promoter in the industry and healthy
demand and growth prospects for LED lights.
Outlook: Stable

CRISIL believes HES will continue to benefit over the medium term
from the promoters' extensive industry experience and healthy
demand prospects for LED lighting solutions. The outlook may be
revised to 'Positive' if the firm records a considerable increase
in revenue, while it maintains profitability, resulting in
improvement in business risk profile. Conversely, the outlook may
be revised to 'Negative' if there is significant decline in
revenue or if HES undertakes large debt-funded capital expenditure
or if deterioration in working capital management leads to
deterioration in its overall financial risk profile.

HES is a proprietary concern incorporated on January 28, 2014. The
firm is based in Chennai and is engaged in providing complete
indoor and outdoor lighting solutions for professional
applications. HES is the energy partner for Thorn lighting, and
provides services to commercial, retail, healthcare, hospitality,
and industrial segments. The firm's daily operations are managed
by Mr. Rangachari.


INEX INDUSTRIES: CRISIL Cuts Rating on INR54.4MM Term Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Inex Industries Ltd (Inex) to 'CRISIL D' from 'CRISIL B-
/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             12.9       CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

   Funded Interest         30.7       CRISIL D (Downgraded from
   Term Loan                          'CRISIL B-/Stable')

   Proposed Long Term      40.0       CRISIL D (Downgraded from
   Bank Loan Facility                 'CRISIL B-/Stable')

   Term Loan               54.4       CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

   Working Capital         32.0       CRISIL D (Downgraded from
   Term Loan                          'CRISIL B-/Stable')

The rating downgrade reflects delays in servicing of interest by
Inex for more than two months due to its weak liquidity. Liquidity
has remained weak because of large working capital requirements
and low cash accruals due to limited offtake for the company's
products. It also has a below-average financial risk profile with
a weak capital structure and subdued debt protection metrics.

Inex, based in Nagpur (Maharashtra), manufactures glass basins,
tiles, and mosaics, as well as stainless steel mosaics. The
company is promoted by Mr. Sachin Palsokar, who is a first-
generation entrepreneur.


IVRCL INDORE: Ind-Ra Affirms D Rating on INR13.72BB Loan
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed IVRCL Indore
Gujarat Tollways Limited's (IIGTL) INR13,726.8 mil. (increased
from INR11,427.8 mil.) long-term senior project bank loan and its
INR587.5 mil. bank guarantee at Long-term 'IND D'.

KEY RATING DRIVERS

The affirmation reflects IIGTL's multiple instances of delays in
debt servicing since September 2013 due to its inability to
commence operations and in the absence of timely sponsor support.

RATING SENSITIVITIES

Timely debt servicing for three consecutive months will be
positive for the rating.

PROJECT PROFILE

IIGTL is a special purpose company incorporated to implement a
155.15km lane expansion from two lanes to four lanes and a
capacity augmentation project on a design, build, finance, operate
and transfer basis, both under a 25-year concession from the
National Highway Authority of India ('IND AAA'/Stable).  IIGTL is
wholly owned by IVRCL Ltd ('IND B+'/Stable).


JASMER PACKER: Ind-Ra Corrects Feb. 4 Release
---------------------------------------------
This announcement corrects the version published on Feb. 4, 2014,
which incorrectly stated the name of the issuer.  An amended
version follows:

India Ratings and Research (Ind-Ra) has assigned Jasmer Packer
(Jasmer) a Long-Term Issuer Rating of 'IND BB+'.  The Outlook is
Stable.  Jasmer's bank facilities have been assigned these
ratings:

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
  Non-fund-based limits     0.8       'IND BB+'/'IND A4+'
  Fund-based limits        72.5       'IND BB+'/'IND A4+'

KEY RATING DRIVERS

The ratings reflect Jasmer's small size of operations, despite
revenue growing 23% yoy in FY13 to INR335 mil..  The ratings are
constrained by Jasmer's high customer concentration risk with the
top five customers contributing 70% to total sales although most
of them are blue chip companies.

The ratings are further constrained by the company's stressed
liquidity as reflected in its almost full use of the working
capital limits (average peak use of 97.75%) over the 12 months
ended December 2013.

The ratings draw comfort from the company's high operating
profitability as reflected in its EBITDA margins of 16.58% in FY13
(FY12: 14.29%).  The company's EBITDA improved in FY13; however,
EBITDA margins have been volatile due to fluctuating raw material
(craft paper) prices.

Moreover, the ratings are supported by the company's comfortable
credit profile with net financial leverage of 1.87x in FY13 (FY12:
2.62x) and interest coverage of 3.66x (2.63x).

RATING SENSITIVITIES

Positive: Sustained revenue growth and reduced debt while
maintaining EBITDA levels and net financial leverage sustaining
below 1.4x could lead to a positive rating action.

Negative: A sustained decline in the revenue and EBITDA margins
leading to a decline in the interest coverage could be negative
for the ratings.

COMPANY PROFILE

Established in 2009, Jasmer manufactures corrugated boxes and
rolls.


JAVERY INCORPORATION: CARE Reaffirms B+ Rating on INR5.5cr Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Javery Incorporation.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.50      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Javery Incorporation
(JI) is constrained on account of weak financial risk profile
marked by thin profitability margins due to trading nature of
operations and weak capital structure along with working capital
intensive nature of business operations. The rating also factors
in the highly fragmented industry along with pricing constraints
and margin pressure arising out of competition from other
distributors in the market and small scale of operations along
with proprietorship nature of the constitution.

The rating, however, continues to draw support from the experience
of the proprietor, being sole authorised distributor for major
brands within the electronics markets leading to competitive
advantage and stable industry outlook for consumer durables.

The ability of the firm to increase its scale of operations and
improvement in capital structure continues to remain the key
rating sensitivities.

Javery Incorporation (JI) was established in the year 2008 by Mr
Gaurav Javery as the proprietor. JI is engaged in the trading and
distribution of home appliances like refrigerators, televisions,
washing machines, sound systems and other accessories. Based out
of Nagpur, Maharashtra, the firm is an authorized distributor of
electronic products of Samsung India Electronics Private Limited
(Samsung), LG Electronics (LG), Kelvinator, Sony and Sansui. Also,
JI is the sole distributor within three regions of Maharashtra
including Nagpur, Wardha and Yavatmal for LG, Kelvinator, Sony and
Sansui. The firm is a sole dealer for Samsung for the Nagpur
region in Maharashtra and has recently received the sole
authorized dealership for Wardha and Yavatmal district
(Maharashtra). JI has an established and diversified dealer's base
with around 500 retail distributors spread across these districts
with the sales team of more than 50 people who deal with these
retail distributors.

During FY15 (provisional- refers to the period April 1 to
March 31), JI earned a PAT of INR0.13 crore on a total income of
INR30.16 crore as against a PAT of INR0.07 crore on a total income
of INR29.81 crore for FY14.


JR SEAMLESS: Ind-Ra Assigns BB+ Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned JR Seamless Pvt.
Ltd. (JRSPL) a Long-Term Issuer Rating 'IND BB+'.  The Outlook is
Stable.  The agency has also assigned these ratings to JRSPL's
bank facilities:

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
  Long-term loan          108.58      'IND BB+'/Stable
  Fund-based cash          90.00      'IND BB+'/Stable
  credit limits
  Non-fund-based           50.00      'IND A4+'
  limits

KEY RATING DRIVERS

The ratings reflect JRSPL's moderate credit profile with interest
coverage of 4.9x in FY15 (FY14: 1.9x) and net leverage of 1.3x
(3.3x).  The ratings also consider that around 78.07% of the
company's FY15 revenue was contributed by its trading operations.
Liquidity is moderate as reflected in JRSPL's average working
capital utilization of 68.79% over the 12 months ended April 2015.

The ratings benefit from JRSPL's high EBITDA margins of 9.6% for
FY15 (FY14 6.7%) and the management's considerable experience of
two decades in the iron and steel industry.

RATING SENSITIVITIES

Positive: An improvement in the overall credit profile will be
positive for the ratings.

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

COMPANY PROFILE

JRSPL was incorporated in April 2007 and began its commercial
operations in 2009.  The company is based in Andhra Pradesh and
manufactures carbon and alloy steel seamless pipes and tubes.

The company's 24,000mtpa manufacturing facility is located at
Chegunta Village, Toopran Mandal, Medak District, and Andhra
Pradesh.   The site is 65km away from Secunderabad on the Nagpur-
Delhi National Highway.  JRSPL is operating at 30%-40% of its
installed capacity.

In FY14, JRSPL started trading seamless pipes, boiler tubes, drill
pipes and hydraulic lime pipes for niche industries; around 90% of
the trading is based on the customer orders.  The products are
industry specific with high margins.


KAMA METAL: CRISIL Reaffirms B+ Rating on INR62.5MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Kama Metal and
Alloys Pvt Ltd (KMPL) continue to reflect KMPL's small scale of
operations, susceptibility to volatility in raw material prices,
and large working capital requirements.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          62.5       CRISIL B+/Stable (Reaffirmed)
   Term Loan            47.5       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the company's promoters in the steel industry, the
partly integrated nature of its operations, and its moderate
financial risk profile, marked by comfortable gearing and above-
average debt protection metrics.

Outlook: Stable
CRISIL believes that KMPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case the company
significantly scales up its operations, while it efficiently
manages working capital. Conversely, the outlook may be revised to
'Negative' in case KMPL faces further pressure on its liquidity
due to lower-than-expected cash accruals, or if it has sizeable
incremental working capital requirements or if it undertakes
sizeable debt-funded capital expenditure.

KMPL, incorporated in 2008, operates an ingot manufacturing unit
as well as a rolling division (key products include mild steel
ingots, flats, and pipes). The company has an ingot manufacturing
capacity of 4000 tonnes per month (tpm) and sheet manufacturing
capacity of 3000 tpm. Currently, about 90 per cent of the ingots
manufactured by KMPL are used in captive consumption in the
rolling division.

On a provisional basis, KMPL reported PAT of INR10.6 million on a
net sales of INR703.3 million for 2014-15; it had reported PAT of
INR10.4 million on net sales of INR567.0 million for 2013-14.


KAMAL BUILDERS: CRISIL Reaffirms B+ Rating on INR30MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kamal Builders (KB)
continue to reflect the firm's weak liquidity owing to large
working capital requirements and term debt repayments and
susceptibility of its tender-based nature of business to intense
completion in the industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         120      CRISIL A4 (Reaffirmed)
   Cash Credit             30      CRISIL B+/Stable (Reaffirmed)
   Term Loan               20      CRISIL B+/Stable (Reaffirmed)

These strengths are partially offset by the extensive experience
of the partners in the construction industry, improving order book
position, and the firm's moderate capital structure.

Outlook: Stable

CRISIL believes that KB will continue to benefit over the medium
term from the extensive experience of the partners in the
construction industry and its improving order book position. The
outlook may be revised to 'Positive' if the firm's liquidity
improves on the back of large cash accruals and improved working
capital management. Conversely, the outlook may be revised to
'Negative' in case of a decline in cash accruals or stretch in the
working capital cycle leading to deterioration in KB's financial
risk profile.

KB was set up in 1984 by the late Mr. S S Jalan and his sons.
Currently, the firm is owned and managed by his two sons, Mr.
Kamal Kumar Jalan and Mr. Hari Kishan Jalan. KB operates in the
road and civil construction industry, mainly in Madhya Pradesh and
Uttar Pradesh. The firm is a registered contractor with various
urban municipal bodies.


KANDALAA: ICRA Reaffirms B+ Rating on INR20.70cr LT Loan
--------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR20.70 crore (enhanced from INR18.00 crore) fund based
facilities of Kandalaa.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term fund
   based facilities        20.70        [ICRA]B+ reaffirmed

The rating reaffirmation takes into account the consistent revenue
growth supported by the growing brand presence of the firm in the
Bangalore market and the increasing revenue contribution from high
value segments like diamonds and precious gems. The wide variety
of designs offered by the firm with a strong in-house
professionally qualified designing team has aided in increasing
the brand visibility. The rating also continues to factor in the
financial support from promoters with other profitable businesses
under the Group.

The rating is, however, constrained by the Firm's stretched
financial profile characterized by a highly leveraged capital
structure as indicated by a gearing of 2.9x as on 31st March, 2015
and weak coverage indicators. The working capital intensity
continues to be high as indicated by a NWC/OI of 73% in FY2014-15
on account of the high inventory holding inherent to the jewellery
industry. ICRA also notes the intense competitive pressures
exerted by larger regional / pan-India players which limits the
pricing flexibility to an extent and the firm's exposure to
volatility in the gold price with entire price risk carried in the
inventory.

Established in 2011 by Mr. K.G. Subbaraj, his son Mr. Srikanth and
other family members, Kandalaa is engaged in retailing of gold and
diamond jewellery. The firm was set-up as an ancillary business to
the promoter's primary venture of pharmaceutical distribution
under a separate entity Avenues Pharmaceuticals Associates (rated
[ICRA]BB+ (Stable)) with initial operations carried out from the
same premise as Avenues Pharmaceuticals Associates. With healthy
response by the customers to its jewellery retailing business, the
promoters set up an exclusive showroom during October 2012. The
Firm currently operates out of its single retail showroom located
at Jayanagar in Bangalore on a leased premise of 7,000 sq ft
(comprising of 6,000 sq ft of display area and 1000 sq ft of
administrative area). The firm's retail store sells both readymade
and customized jewellery.

Recent Results
For 2014-15, the Firm reported an operating income of INR69.0
crore (as per provisional results) as against an operating income
of INR58.2 in 2013-14.


KRISHNA ARJUNA: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Krishna Arjuna
Enterprises (KAE) a Long-Term Issuer Rating of 'IND B+'.  The
Outlook is Stable.  The agency has also assigned ratings to KAE's
bank loans:

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
  Fund-based limit        30.00       'IND B+'/Stable
  Non-fund-based limit    40.00       'IND A4'

KEY RATING DRIVERS

The ratings reflect KAE's tight liquidity and moderate credit
metrics.  KAE over-utilized its working capital limits for up to
10 days during the three months ended June 2015.  The cash flow
from operations was also negative in FY15 and FY14 due to the high
working capital requirements and substantial growth registered in
FY15.  FY15 unaudited financial statements indicate EBITDA margins
of 8.3%, gross interest coverage of 19.2x and net leverage (total
adjusted net debt/operating EBITDA) of 8.8x.  The rating also
reflects KAE's small scale of operation with revenue of INR752.78
mil. in FY15.

The ratings, however, benefit from the promoter's two-decade-long
track record in civil construction works.

RATING SENSITIVITIES

Positive: An improvement in the liquidity position will lead to
positive rating action.

Negative: Further stress on the liquidity due to a decline in the
operating profit margins or the elongation of net working capital
cycle will lead to negative rating action.

COMPANY PROFILE

Incorporated in 2005, KAE is a Hyderabad-based partnership firm
involved in civil construction works.  It primarily depends on
sub-contracts issued by its group company KMC Construction Limited
for revenue.

The total debt of INR558.1 mil. on March 31, 2015, consisted of an
unsecured loan of INR527.6 mil. and a working capital loan of
INR30.5 mil.



KUMARAPALAYAM TOLLWAYS: Ind-Ra Affirms D Rating on INR2.83BB Loan
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed the Long-term
'IND D' rating on Kumarapalayam Tollways Ltd's (KTL) INR2,836m
(amount restructured as on March 31, 2015) senior project bank
loans  and  INR200 mil. (INR193.1 mil. outstanding on March 31,
2015) subordinate loans.

KEY RATING DRIVERS

KTL's ratings are equalized with its twin project, Salem Tollways
Ltd (STL; 'IND 'D'), due to a cross-default clause in the
financing agreements of both projects.  KTL is a special purpose
company set up to widen, operate and maintain a 48km road stretch
on the NH-47 between Kumarapalayam and Chengappalli, both in Tamil
Nadu.  STL is a project company set up to undertake the upgrading
and operation of the adjoining 53km of the same highway.

The rating reflects the ongoing delays in debt servicing in STL.
Since there is a cross default provision in the loan agreements of
STL, any delays in debt servicing of STL will be deemed as a delay
in KTL.

RATING SENSITIVITIES

Timely debt servicing for three consecutive months by STL and KTL
will be positive for the ratings.

COMPANY PROFILE

KTL is a special purpose company set up to widen, operate and
maintain a 48km road stretch on the NH-47 between Kumarapalayam
and Chengappalli, both in Tamil Nadu.

A master restructuring agreement was executed between KTL and
Lenders on March 31, 2015.  Under the corporate debt restructuring
scheme, the interest between the cut-off date and March 31, 2015,
was funded in the form of funded interest term loan of
INR218.4 mil.  Additionally, as part of the scheme, the sponsor
IVRCL Ltd ('IND B+'/Stable) has undertaken to partially convert
unsecured loan of INR89.2 mil. into equity and the balance to
retain as an unsecured loan.  This unsecured loan will start
amortizing only after the entire senior debt is paid off.


MARIANA FOODS: CARE Assigns 'B' Rating to INR4cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Mariana Foods Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       4        CARE B Assigned
   Long-term/Short-term Bank       3        CARE B/CARE A4
   Facilities                               Assigned

Rating Rationale
The ratings assigned to the bank facilities of Mariana Foods
Private Limited (MFPL) is primarily constrained on account of
implementation and stabilization risk associated with the
greenfield project for manufacturing of biscuits. The ratings are
further constrained on account of its presence in the competitive
food industry and susceptibility of margins to volatility
in raw material prices.

The ratings, however, derives strength from the long experience of
the promoters, favourable industry scenario and locational
advantage in terms of proximity to port, easy and cheap
availability of gas along with the monetary support in terms of
subsidy from the government.

The ability of MFPL to complete the on-going capital expenditure
within envisaged time & cost and its ability to achieve the
envisaged revenue and profitability are the key rating
sensitivities.

Incorporated in October 2013, Tarapur-based (Gujarat) MFPL is a
private limited company promoted by Mr Rajkumar Mulchand Ghumnani,
Mr Manish M Patel & Mr Sadikmohmad Belim. MFPL is setting up a
greenfield project for manufacturing of biscuits. MFPL will
primarily cater to African markets. For this purpose, MFPL is
investing INR7.03 crore in setting up of a new unit which would be
funded through a term loan of INR4 crore, unsecured loan of
INR1.38 crore and share capital of INR1.65 crore. MFPL has
envisaged commencing commercial production from September, 2015
from its sole manufacturing facilities located at Tarapur
(Gujarat) which has proposed installed capacity of 40 metric ton
per day.

MFPL is an ISO 9001: 2008 & ISO 22000: 2005 registered company.


NASSCO TRADING: CRISIL Assigns B+ Rating to INR95MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Nassco Trading India Pvt Ltd (NTIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               95       CRISIL B+/Stable

The rating reflects NTIPL's below-average financial risk profile,
marked by a high total outside liabilities to tangible net worth
ratio, and modest debt protection metrics and net worth. The
rating also factors in the company's working-capital-intensive
nature and modest scale of operations in the intensely competitive
tile and marble trading segment. These rating weaknesses are
partially offset by the extensive industry experience of the
promoters.

Outlook: Stable
CRISIL believes that NTIPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' in case of a
substantial increase in the company's operating income and
profitability, or equity infusion by its promoters, leading to an
improvement in its net worth and risk-absorption capacity.
Conversely, the outlook may be revised to 'Negative' if NTIPL's
accruals are low, its working capital cycle is stretched, or there
is a significant time or cost overrun in its debt-funded project,
leading to deterioration in its financial risk profile.

Incorporated in April 2010, NTIPL trades in tiles, marbles, and
granites. It is based in Attingal (Kerala), and is promoted by Mr.
Nazar Mohamed Ellias and his wife Mrs. Raheena Jalaudeen.

NTIPL, on a provisional basis, reported, a profit after tax (PAT)
of INR5 million on net sales of INR389 million for 2014-15 (refers
to financial year, April 1 to March 31); it had reported a profit
after tax (PAT) of INR2 million on net sales of INR283 million for
2013-14.


PATWARI STEELS: CRISIL Lowers Rating on INR90MM Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Patwari Steels Private Limited (PSPL) to 'CRISIL D/CRISIL D' from
'CRISIL BB/Stable/CRISIL A4+'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           20        CRISIL D (Downgraded
                                      from 'CRISIL A4+')

   Cash Credit              90        CRISIL D (Downgraded
                                      from 'CRISIL A4+')

   Proposed Long Term        6        CRISIL D (Downgraded
   Bank Loan Facility                 from 'CRISIL BB/Stable')

   Term Loan                16        CRISIL D (Downgraded
                                      from 'CRISIL BB/Stable')

   Standby Line of          13.5      CRISIL D (Downgraded
   Credit                             from 'CRISIL BB/Stable')

The rating downgrade reflects delays by PSPL in meeting term loan
obligations; the delays are because of weak liquidity caused by a
stretched working capital cycle and tightly matched cash accruals
and debt repayment obligations. The company's gross current assets
are estimated to be around  190 days as on March 31, 2015 (on
account of estimated inventory of 93 days and debtors of 65 days,
including debtors greater than six months of around INR40 million.
PSPL's cash accruals are expected at INR82 million against debt
repayment obligation of INR80 million during 2015-16 (refers to
financial year, April 1 to March 31). CRISIL believes that PSPL's
liquidity profile will continue to remain constrained over medium
term driven by its working capital intensive operations and its
moderate cash accruals.

PSPL also has large working capital requirements and modest scale
of operations, and is vulnerable to industry downturns. However,
the company benefits from its promoters' extensive experience in
the steel industry.

Set up in 1983 in Patna by Mr. Subhash Patwari, PSPL started
commercial operations in 1993. The company manufactures mild steel
ingots and thermo-mechanically treated bars.


PERAMBALUR SUGAR: CRISIL Assigns B Rating to INR300MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Perambalur Sugar Mills Limited (PSML).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              300       CRISIL B/Stable

The rating reflects PSML's weak financial risk profile marked by
continuing cash losses, its working-capital-intensive operations
and its exposure to regulatory risks in the sugar industry. These
rating weaknesses are mitigated by the benefits that PSML derives
from being a Government of Tamil Nadu (GoTN) undertaking and the
need-based financial support from GoTN.
Outlook: Stable

CRISIL believes that PSML will continue to benefit over the medium
term from the strong financial support from the Government of
Tamil Nadu. The outlook may be revised to 'Positive' if the
company's generates significantly better-than-expected operating
margins while improving its financial risk profile on a
sustainable basis. Conversely, the outlook may be revised to
'Negative' if PSML's liquidity deteriorates either on account of
large debt-funded capital expenditure or if there is considerable
delays in fund support from GoTN for its working capital
requirements.

Incorporated in 1977, PSML produces sugar and is a subsidiary of
Tamil Nadu Sugar Corporation Ltd (a GoTN Undertaking). Mr. Mahesan
Kasirajan, is the current Chairman and MD of the company.


PMR INFRASTRUCTURES: Ind-Ra Suspends D Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated PMR
Infrastructures Private Limited's (PMR) 'IND D' Long-Term Issuer
Rating to the suspended category.  The rating will now appear as
'IND D(suspended)' on the agency's website.  The agency has also
migrated the long term 'IND D'  rating on the company's INR50 mil.
fund based working capital limits  to 'IND D(suspended)'.

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 PMR.

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


QURESHI INTERNATIONAL: CRISIL Reaffirms B Rating on INR70MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Qureshi
International Private Limited (QIPL) continues to reflect QIPL's
average financial risk profile, marked by a modest net worth,
moderate gearing and average debt protection metrics, and its
exposure to risks related to regulatory changes in processed meat
industry.

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

These rating weaknesses are partially offset by the extensive
experience of its promoters in the processed meat industry and
established relations with customers.

Outlook: Stable

CRISIL believes that QIPL will continue to benefit over the medium
term from its promoters' extensive industry experience and
established relations with customers. The outlook may be revised
to 'Positive' if there is a substantial and sustained improvement
in the company's profitability margins while it maintains its
healthy revenue growth, or there is a substantial improvement in
its net worth on the back of sizeable equity infusion from its
promoters. Conversely, the outlook may be revised to 'Negative' in
case of a decline in the company's profitability margins from the
current levels, or significant deterioration in its capital
structure caused most likely by a large debt-funded capital
expenditure or a stretch in its working capital cycle.

QIPL was promoted in 1974 as a proprietorship firm by Mr. Mohammed
Yaqoob Quereshi, and reconstituted as a private limited company in
2012. The company exports frozen buffalo meat and mutton. The
company is based in Hyderabad.


ROCKLAND HOTELS: ICRA Suspends B+ Rating on INR11.29cr Bank Loan
----------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR11.29 crore
bank facilities of Rockland Hotels Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


RR POLYNET: CRISIL Assigns B- Rating to INR54.8MM Bank Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of RR Polynet Pvt Ltd (RRPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       54.8      CRISIL B-/Stable

The rating reflects RRPL's large working capital
requirementsitsbelow average financial risk profile marked by high
gearing, and modest scale of operations in a highly fragmented
industry. These rating weaknesses are partly offset by promoter's
extensive experience in the plastic packaging business.
Outlook: Stable

CRISIL believes that RRPL will continue to benefit from the
extensive experience of its promoters in the plastic packaging
industry over the medium term. The outlook may be revised to
Positive, if there is substantial and sustained improvement in the
revenues and operating margins from the current levels, or if
there is an improvement in the working capital management.
Conversely, the outlook may be revised to 'Negative', if the
company undertakes higher-than-anticipated debt funded capital
expansion programme, leading to deterioration in its financial
risk profile, particularly its liquidity.

Established in the year 2007 at Vapi, Gujarat, India, RRPL is a
manufacturer and supplier of a range of Extruded Polynet, Woven
Nets, Body Scrubbers and Agriculture Shade Nets. The current
capacity is around 100 tonnes per month and the facility is
located at Vapi, Gujarat.


SALEM TOLLWAYS: Ind-Ra Affirms D Rating on INR2.230BB Loan
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Salem Tollways
Ltd's (STL) INR2,230 mil. long-term senior project bank loan and
INR200 mil. subordinate loan at long-term 'IND D'.

KEY RATING DRIVERS

The affirmation reflects STL's delays in debt servicing due to
stressed liquidity.

RATING SENSITIVITIES

Timely debt servicing for three consecutive months will be
positive for the ratings.

PROJECT PROFILE

STL is a special purpose company set up to widen, operate and
maintain a 53 km. road stretch on the NH-47 between Kumarapalayam
and Salem, both in Tamil Nadu.  STL's ratings are equalized with
its twin project, Kumarapalayam Tollways Limited (KTL; 'IND D'),
due to a cross-default clause in the financing agreements of both
projects.  KTL is a project company set up to undertake the
upgrade and operations of the adjoining 48km of the same highway.
STL is wholly owned by IVRCL


SARVA MANGALAM: CARE Reaffirms B+ Rating on INR14.50cr LT Loan
--------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of
Sarva Mangalam Gajanan Steel Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     14.50      CARE B+ Reaffirmed
   Short-term Bank Facilities     0.20      CARE A4 Reaffirmed

Rating Rationale
The ratings for the bank facilities of Sarva Mangalam Gajanan
Steel Pvt. Ltd. (SMGSPL) continue to remain constrained by
its small scale of operation, lack of backward integration vis-…-
vis volatility in raw material prices, low capacity utilization,
highly competitive and fragmented industry and cyclical nature of
the steel industry. The ratings, however, derive strength from its
experienced promoters and proximity to raw material sources.

Going forward, the ability of the company to scale up the level of
operation with improvement in profitability margins and ability to
manage working capital effectively will be the key rating
sensitivities.

Asansol-based (West Bengal) Sarva Mangalam Gajanan Steel Pvt. Ltd.
(SMGSPL) was incorporated in 2004 and was promoted by Mr Binod
Kumar Kedia, Mrs Madhu Devi Kedia, Mr Vikash Kedia and Mr Vishal
Kedia. SMGSPL is engaged in manufacturing of steel angles, flats,
bars, rounds and channels with its sole manufacturing facility
located at Kalipahari (Asansol) with an installed capacity of
20,000 MTPA. The company procures raw materials (Ingot and scrap)
from an open market through local players and sales its product in
the states of West Bengal, Assam and Tripura.

SMGSPL is a closely held company managed by a two member board
representing the promoters. Currently, the day to day affairs of
SMGSPL are managed by Mr Vikas Kedia with adequate support from
the other co-director MrVishal Kedia and a team of experienced
personnel.

During FY15 (provisional - refers to the period April 1 to
March 31), the company reported a total operating income of
INR29.69 crore (FY14: INR42.99 crore) and a PAT of INR0.89 crore
(in FY14: PAT of INR1.25 crore). The company has achieved a total
operating income of INR16.20 crore during 4MFY15 (refers to the
period April 1 to July 31).


SAVANI EXPORTS: ICRA Reaffirms B+ Rating on INR7cr Cash Credit
-------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the INR7.00
crore cash credit facility of Savani Exports. ICRA has also
reaffirmed the rating of [ICRA]A4 assigned to the INR3.00 crore
short term fund based facility of SE.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit facility    7.00        [ICRA]B+ reaffirmed

   Short Term Fund Based
   Facility- Warehouse
   receipt financing       3.00        [ICRA]A4 reaffirmed

The ratings re-affirmation continues to take into account SE's
small scale of operations; its low profitability due to the
limited value addition nature of operations and intense
competition on account of fragmented industry structure; and the
firm's weak debt coverage indicators.

The ratings further take into account the firm's exposure to
commodity price volatility, agro-climatic conditions and
government regulations. ICRA also notes that SE is a partnership
firm and any significant withdrawals from the capital account
could adversely impact its net worth and thereby its credit
profile. The ratings, however, continue to favorably factor in the
the longstanding experience of the partners in the cotton industry
and the strategic location of the firm giving it easy access to
high quality raw cotton.

Savani Exports (SE) was set up in the year 2004 as a partnership
firm by the Savani family. The firm is engaged in cotton ginning
and cottonseed crushing from its facility located at Manavadar, in
the Junagadh district in Gujarat. The firm has 36 ginning machines
and 5 crushing machines with a production capacity of ~18 MT of
cotton bales per day. The partners of the firm have more than two
decades of experience in the cotton industry.

Recent Results
In FY15, SE reported an operating income of INR26.27 crore and
profit after tax of INR0.28 crore as against an operating income
of INR35.78 crore and profit after tax of INR0.36 crore during
FY14.


SHELL INN: CARE Reaffirms 'D' Rating on INR31.72cr LT Bank Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Shell Inn International Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     31.72      CARE D Reaffirmed

Rating Rationale

The ratings continue to factor in ongoing delays in servicing of
debt obligations by the company on account of its constrained
liquidity position.

Shell Inn International Limited (SIIL), a company incorporated in
February 18, 1993, is promoted by the Fariyas group based in
Mumbai, which has considerable experience in the hospitality
industry. Mr Moez Karim Maredia and Mr Malik Karim Maredia are the
promoter directors of the company. Mr Sameer Maredia is Managing
Director of the company. The 87-room, 4-star category 'Fariyas
Hotel' at Colaba, Mumbai and the 103-room, 5-star deluxe category
'Fariyas Resort' at Lonavala are part of the Fariyas group of
hotels.

SIIL commenced operations of its 4-star hotel i.e. "Holiday Inn
International" with 225 rooms at Sakinaka Junction, Andheri
(East), Mumbai on April 1, 2010. During November 2012, the company
added another 20 rooms taking total room inventory to 245.

SIIL has been incurring losses since commencement (FY11 - refers
to the period April 1 to March 31) of its operations. During FY14,
the company reported total operating income of INR52.47 crore.
While, the company reported a PBILDT margin of 24.17% in FY14, the
net margin continued to be negative on account of high finance
costs.


SHREE VENKATESH: Ind-Ra Assigns BB Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shree Venkatesh
Group (SVG) a Long-Term Issuer Rating of 'IND BB'.  The Outlook is
Stable.  Ind-Ra has also assigned SVG's INR277.5 mil. long-term
loan an 'IND BB' rating with a Stable Outlook.

KEY RATING DRIVERS

The ratings are constrained by the execution and demand risks
arising from SVG's project Venkatesh Joy Nest in Loni Khabor, at
the outskirts of Pune.  This project is primarily a residential
project consisting of 348 units with total saleable area of
2,59,442 sq ft.  It is expected to be fully constructed by
September 2017.  The total cost of the project (including
interest) is INR713.8 mil.  The firm already incurred 36% of the
construction cost at end-June 2015.  Any significant time or cost
overruns funded mainly by debt could impact the profitability and
debt servicing ability of the project.  Also, though the company
has sold units worth INR104.5 mil., it has received cash
collections of only INR5 mil. (token booking amount).  Hence,
timely execution is critical for the progressive payments to flow
in.

The debt repayment is back ended with a scheduled term loan
repayment of INR82.5 mil. in June 2017 and INR195 mil. in
September 2017.  The sales strategy of the management is also to
have maximum sales in these two quarters.  Hence, adequate demand
during this time period is critical for debt servicing.

The project is being funded through promoters' contribution of
INR180 mil., term loans from bank of INR277.5 mil. and remaining
through advances from customers.  The promoters have already
brought in INR145 mil. and bank funding has been tied up.  Hence,
funding risks are limited to the promoters' remaining contribution
only.

The ratings reflect the 18-year-long track record of SVBPL's
founder - Venkatesh Realty Group - in the Pune real estate market.
The group has executed around 13 projects of cumulative size of
1.8 million sq ft.

RATING SENSITIVITIES

Negative: A below-than-expected sales rate and realization of the
project or significant time or cost overruns in the project which
will be funded mainly by debt or non-infusion of equity in a
timely manner could result in a negative rating action.

Positive: A faster turnover of flats than the agency's
expectations, resulting in high customer advances and leading to
higher cash flow available for debt servicing could result in a
positive rating action.

COMPANY PROFILE

Based in Pune, SVG is a partnership firm engaged in real estate
development.  It has a group company Shree Venkatesh Buildcon Pvt
Ltd engaged in a similar line of business.


SHRI SANT: CRISIL Reaffirms 'B-' Rating on INR125MM LT Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shri Sant
Damaji Sahakari Sakhar Karkhana Limited (SSDSSK) continues to
reflect the risks related to cyclicality in the sugar industry and
regulatory framework governing the industry, and below-average
financial risk profile marked by moderate net worth, high gearing,
and subdued debt protection metrics. These weaknesses are
partially offset by SSDSSK's established position in the sugar
industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan        125        CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      5        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SSDSSK's financial risk profile will remain
constrained on account of high working-capital requirements and
prevailing weak sugar prices. The outlook may be revised to
'Positive' if the cash accruals increase on a sustainable basis,
strengthening the capital structure. Conversely, the outlook may
be revised to 'Negative' in case the financial risk profile
deteriorates because of sharp decline in revenue or profitability
margins, or stretch in working capital cycle, or a large debt-
funded capital expenditure programme.

SSDSSK, set up in 1989, is a cooperative sugar mill situated at
Mangalveda in Solapur (Maharashtra). It manufactures sugar and
allied products. The day-to-day operations of the society are
managed by its chairman, Mr. Shivajirao Kalunge, along with
support from other functional personnel.


SHRI VASUDEVA: Ind-Ra Assigns B+ Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shri Vasudeva
Weaving Mills Private Limited (Vasudeva) a Long-Term Issuer Rating
at 'IND B+'.  The Outlook is Stable.  The agency has also assigned
these ratings to Vasudeva's bank facilities:

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
  Fund-based working      105.00      'IND B+'/Stable;
   capital limits                     'IND A4'

  Non-fund-based            5.57      'IND A4'
   working capital limits

  Long-term loan          159.43      'IND B+'/Stable

KEY RATING DRIVERS

The ratings reflect Vasudeva's limited track record of operations
as they started only in February FY15.  Ind-Ra expects the company
to report net leverage of around 4.7x and EBITDA interest cover of
around 2.1x at FYE16.  According to the provisional financials for
FY15, revenue was INR28 mil.  Liquidity is comfortable with the
fund-based facilities being utilized at an average of 73.5% over
the 12 month period ended June 2015.

The ratings also factor in the financial strength of the INR2.5bn
(in revenue) Sangeeth Group to which Vasudeva belongs.  The
ratings are further supported by the four-decade-long experience
of Vaudeva's founders in the textile industry.

RATING SENSITIVITIES

Positive: The stabilization of operations leading to a substantial
improvement in the revenue and profitability will lead to positive
rating action.

Negative: Failure to scale up operations leading to liquidity
stress will be negative for the ratings.

COMPANY PROFILE

Vasudeva was incorporated in 2012.  It is engaged in the business
of weaving, knitting, manufacturing and dealing of cloth, fabrics
or other manufactured fibrous products.


SIR SHADI: ICRA Lowers Rating on INR159.98cr LT Loan to 'D'
----------------------------------------------------------
ICRA has revised the long-term rating for INR159.98 crore (revised
from INR234.90 crore) long term FB limits and term loans of Sir
Shadi Lal Enterprises Limited (SSLEL) to [ICRA]D from [ICRA]B.
ICRA has also downgraded the short-term rating for INR1.60 Crores
(Revised from INR6.10 crores) non-fund based limits of SSLEL to
[ICRA]D from [ICRA]A4.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term FB limits    159.98        [ICRA]D; Downgraded
   & Term Loans                         from [ICRA]B

   Non Fund Based Limits    1.60        [ICRA]D; Downgraded
                                        from [ICRA]A4

The rating action takes into account the continued pressures on
the operating profitability and liquidity of the UP based sugar
mills, including SSLEL, arising mainly on account of high cane
costs in the state coupled with weak sugar prices. These pressures
have resulted in large financial losses as well as delays in
servicing some debt obligations by SSLEL in FY15 apart from also
resulting in cane price arrears as on date. Moreover the sugar
operations of the company remain vulnerable to the Government of
Uttar Pradesh's policy on cane prices, the cyclical nature of the
sugar industry and agro-climatic risks related to cane
availability. SSLEL's rating is also constrained by its weak
financial profile in FY15 as reflected by net loss, erosion of net
worth, high gearing level and weak debt coverage indicators. Last
year SSLEL was recognized by Board of Industrial & Financial
Reconstruction (BIFR) as a potentially sick unit.

Going forward, the improvement in the liquidity position of the
company via the proposed sale of core & non-core assets and profit
generation by the business would remain key rating sensitivities.

SSLEL, promoted by Sir Shadi Lal in the year 1933, is a partially
integrated sugar manufacturer and is engaged in the production of
sugar and alcohol. It currently operates two units, one each at
Shamli District and Unn District (Muzaffarnagar, Uttar Pradesh).
The company has an aggregate crushing capacity of 11250 MTPA and a
distillery capacity of 25 KLPD. The company has sold its Unn unit
(5000 TCD) for a total consideration of INR75.50 crores.

Recent results
In FY15, the company reported net loss of INR30.94 crores on
operating income of INR399.34 crores as against net loss of
INR42.57 crores on an operating income of INR467 crores in the
corresponding period last year.


SPS YARNS: Ind-Ra Assigns B Long-Term Issuer Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned SPS Yarns Private
Limited (SYPL) a Long-Term Issuer Rating of 'IND B'.  The Outlook
is Stable.  The agency has also assigned these ratings to SYPL's
bank loans:

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
  Fund-based working       34.5       'IND B'/Stable
   capital limits

  Long-term loans          93.67      'IND B'/Stable

KEY RATING DRIVERS

The ratings reflect the short track record of SYPL's operations as
they began only in October 2013.  The ratings also reflect SYPL's
small scale of operations and weak credit profile.  In FY14,
revenue was INR33 mil., net financial leverage (total adjusted net
debt/operating EBITDA) was 12x and EBITDA interest coverage was
1.5x.  The ratings also reflect SYPL's tight liquidity as
reflected from several instances of over-utilization of its
working capital limits during the 12 months ended July 2015.

The ratings, however, benefit from over 20 years of experience of
SYPL's promoters in manufacturing polyester zipper tape and
plastic zipper tape.

RATING SENSITIVITIES

Positive: A substantial improvement in the revenue along with the
liquidity position will lead to a positive rating.

Negative: Deterioration in overall credit metrics will lead to a
negative rating action.

COMPANY PROFILE

SYPL was incorporated in 2011 with its registered office situated
in Hyderabadm, Telangana.  It manufactures polyester zipper tape
with an installed capacity of 5,000kgs per day and plastic zipper
tape with installed capacity of 750kgs per day at its
manufacturing facility in Nalgonda District, Telangana.

The company is managed by Mr Naresh Thapar, Mr Ajay Sharma, Mr
P.C. Gupta, Mr Y. Appalaraju, Mr K.D. Chutta and Mr Chuttar Vimal
Kantilal.


SUDHANVA ENGINEERS: CARE Places B Rating on INR3cr LT Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Sudhanva Engineers and Builders.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       3        CARE B Assigned
   Short-term Bank Facilities      5        CARE A4 Assigned

Rating Rationale
The ratings are constrained by Sudhanva Engineers and Builders'
(SEAB) small scale of operation, its low order book and
implementation risk pertaining to contracts under execution,
dependence on lessors to lease machinery/equipment for project
execution, weak financial risk profile indicated by highly
leveraged capital structure, long collection period having
been associated with government contracts and highly competitive
nature of the business. The rating, however, derives strength from
SEAB's track record in taking up and delivering diverse projects
of small size and the promoter's experience in winning contracts
from government departments.

The ability of the firm to scale up operations and improve its
capital structure will remain as the key rating sensitivities.

Sudhanva Engineers and Builders (SEAB) was incorporated in the
year 2011 and is engaged in construction activities for public
work department. The firm is based out of Bangalore, Karnataka and
promoted by Mr Sudhanva S, a civil engineer by qualification. SEAB
offers construction of generator, wet well and DG rooms;
construction of internal roads; drainage and water supply
solutions to government by laying of underground pipelines for
water supply; and building underground drainage system of waste
water for a clean environment.

The total operating income was INR3.46 crore in FY15 (Provisional
- refers to the period April 1 to March 31) and the company
reported a PAT of INR0.29 crore as against PAT of INR0.06 crore in
FY14 on a total operating income of INR0.70 crore.


VARDAN INTENSIVE: Ind-Ra Suspends BB Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vardan Intensive
Care Hospital Pvt Ltd's (VICHPL) 'IND BB' Long-Term Issuer Rating
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 VICHPL.

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.

VICHPL's ratings are:

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

   -- INR90 mil. fund-based working capital limits: migrated to
      'IND BB(suspended)' from 'IND BB'

   -- INR23.3 mil. long-term loans: migrated to
     'IND BB(suspended)' from 'IND BB'


VEESONS ENERGY: CRISIL Reaffirms 'D' Rating on INR360MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Veesons Energy Systems
Private Limited (Veesons) continue to reflect instances of delay
by Veesons in servicing its term debt and continuous overdrawals
in the working capital facility for more than 30 days owing to the
company's weak liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           140       CRISIL D (Reaffirmed)
   Cash Credit              360       CRISIL D (Reaffirmed)
   Letter of Credit         165       CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility        38.3     CRISIL D (Reaffirmed)
   Term Loan                302.3     CRISIL D (Reaffirmed)
   Working Capital
   Term Loan                 80       CRISIL D (Reaffirmed)

Veesons also has a below-average financial risk profile marked by
a weak capital structure, along with its working-capital-intensive
operations. However, the company benefits from the promoters'
extensive industry experience and established customer
relationships.

Update
Veesons continues to delay the servicing of its term debt
obligations with continuous overdrawals in the working capital
facilities. This is on account of weak liquidity caused by working
capital intensive operations.

Veesons commenced operations as a partnership firm in 1981 and was
reconstituted as a private limited company in 1994. The company
manufactures boilers and boiler components, besides undertaking
erection, procurement, and commissioning contracts to set up
boilers. Other services include conversion, modification, and
renovation of existing boilers.


WAVE HOSPITALITY: CRISIL Assigns B+ Rating to INR1.40BB Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Wave Hospitality Private Limited (WHPL).

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

The rating reflects company's start-up nature of operations and
its' below average financial risk profile. These rating weaknesses
are partially offset by the established brand image of 'Holiday
Inn' and favorable location of the hotel.

Outlook: Stable

CRISIL expects WHPL to maintain a stable credit risk profile on
the back of promoter's financial support and established brand of
Holiday Inn. The outlook may be revised to 'Positive' in case of
higher than expected average-room-rate (ARR) and occupancy levels;
resulting in higher than expected accruals and thus improved
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of any deterioration in the financial profile
of the company driven by lower than expected cash accruals on
account of low occupancy rate or /and any debt funded capex in
near future.

Wave Hospitality Private Limited (WHPL) was incorporated in 2009
and is running a hotel (Holiday Inn) in Delhi Aerocity.
Commercials operations of the hotel commenced from March, 2014.



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


TOSHIBA CORP: To Name Outside Director Hiroyuki Itami as Chairman
-----------------------------------------------------------------
Jiji Press reports that Toshiba Corp. will name outside director
Hiroyuki Itami as chairman of the board, sources said on
August 13.

According to Jiji Press, the sources said Mr. Itami, professor at
Tokyo University of Science, will take up the post as part of a
leadership change to be carried out to help restore public
confidence in the electronics giant, whose image has been hurt by
a massive accounting scandal.

Jiji Press relates that the new leadership team will also include
new outside directors. Among them are Japan Association of
Corporate Executives (Keizai Doyukai) Chairman Yoshimitsu
Kobayashi, also chairman of Mitsubishi Chemical Holdings Corp.,
and lawyer Yuki Furuta, a former Supreme Court justice.

Toshiba plans to announce the new leadership tomorrow, August 18.

At present, Mr. Itami chairs Toshiba's Audit Committee and panel
that discusses measures to prevent accounting fraud. Kobayashi and
Furuta participate in panel meetings as observers, the report
notes.

Jiji Press says the number of outside directors will increase to
six or more from the current four. Toshiba's board will have 10 or
so members, down from 16 at present. As a result, a majority of
the board will be outside directors, the report discloses.

At Toshiba, President Masashi Muromachi doubles as chairman, says
Jiji Press. Toshiba has already decided that he will be relieved
as chairman.

Regarding directors picked from among Toshiba officials, eight of
the 12 board members, including former President Hisao Tanaka,
have resigned, the report notes. The four remaining members will
be retained in the new leadership, Jiji Press discloses.

Toshiba hopes to launch the new leadership after an extraordinary
meeting of shareholders in late September, adds Jiji Press.

                          About Toshiba Corp.

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

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

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

The ratings outlook is stable.



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


PTT LIMITED: FMA Appoints PwC as Receivers
------------------------------------------
The Financial Markets Authority (FMA) has obtained interim asset
preservation orders over the assets of PTT Limited, Steven
Robertson and associated entities, from the High Court in
Auckland.  This is part of an ongoing investigation into PTT
Limited. The FMA has concerns that client funds may be at risk and
the company may be operating in breach of financial market
legislation. Neither Mr Robertson nor PTT is registered on the
Financial Services Provider Register.

The High Court has also granted the FMA's application appointing
John Fisk and David Bridgman of PwC as receivers and managers of
PTT Limited and six other associated entities, on a limited basis.

Mr Fisk and Mr Bridgman have been granted powers to identify and
preserve any funds and assets of PTT Limited (in receivership) and
the names of clients. The receivers will provide a report updating
the Court and the FMA on the steps they have taken and the current
status of their work, by 3 September 2015. The receivers will
contact any known clients.

The FMA encourages any client of PTT Limited to register with PwC
and provide their contact details (phone, email and postal
address) and evidence of any funds paid to PTT Limited.

Clients can contact PwC on the PTT Limited dedicated telephone
message line +64 (09) 355 8023, via its dedicated page on the PwC
website, facsimile +64 (09) 355 8013, or by mail PTT Limited (in
receivership), c/- PwC, Private Bag 92162, Auckland.

The FMA also requests that any clients that have already contacted
the FMA should also contact PwC.


ROSS ASSET: Liquidator in Bid to Claw Back About NZ$30 Million
--------------------------------------------------------------
Gerard Hutching at Stuff.co.nz reports that Ross Asset Management
(RAM) liquidator John Fisk is making an 11th hour bid to claw back
money from investors in New Zealand's biggest Ponzi scheme, with
as much as NZ$30 million at stake.

The clawback is initially aimed at 25 investors, but close to 200
could face a claim to strip money from them, the report says.

Stuff.co.nz relates that Mr. Fisk said he had sent letters to 25
investors asking them to agree to a standstill arrangement so that
their investment transactions did not exceed the 6-year limitation
period under the Property Law Act.

Some of the investors had as little as a week to go before the
limitation period kicked in; in other cases it was a "month or
more" Mr. Fisk said, the report relays.

According to the report, the move follows a recent case where
Wellington lawyer and RAM investor Hamish McIntosh, was ordered to
pay back the fictitious profits of NZ$454,047.62 he withdrew from
RAM before it failed.

The report says Mr. McIntosh has appealed the decision to the
Court of Appeal. It holds the promise of allowing investors who
lost heavily to claw back up to NZ$30 million, Stuff.co.nz states.

Mr. Fisk said the claims against investors for recovery of
fictitious profits or principal amounts could be time-barred as a
result of waiting for the Court of Appeal process, Stuff.co.nz
relays.

"I don't have details of how much but they are sizeable enough for
us to want to preserve them and if we can't reach a standstill
arrangement with them we will have to file a claim in court for
those transactions," the report quotes Mr. Fisk as saying.

David Ross, 65, was jailed for 10 years and 10 months in 2013 for
operating a fraudulent scheme that fleeced at least 700 investors
through portfolios in which they thought they had more than NZ$380
million, the report discloses.

According to Stuff.co.nz, Bruce Tichbon of the Ross Asset
Management Investors Group said there were 193 investors who were
in line to have money clawed back.

One of the largest claims that he was aware of was for NZ$2
million, but he did not know if that investor had received a
letter from the liquidator, the report discloses.

"They [investors] are very unhappy people, it's having an ugly
effect on people. The money these people put in was stolen and
paid out to other investors," Mr. Tichbon, as cited by
Stuff.co.nz, said.

He advised investors who received the Fisk letters not to panic,
but also not to try and avoid receiving papers from the court or
liquidator, the report relates.

Stuff.co.nz says Mr. Fisk called upon investors to agree to the
standstill arrangement. If the liquidator was successful in the
Court of Appeal decision, then it would open the door to continue
with other claims.

Stuff.co.nz reports that in another development in the case,
following an adjudication report, the Inland Revenue Department
has conceded that RAM investors should get a full refund of tax
paid on fictitious returns. IRD processed partial refunds on
request but now concede that a full refund should have been paid
out, the report adds.

                          About Ross Asset

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership);
   -- Mercury Asset Management Limited (In Receivership);
   -- Dagger Nominees Limited (In Receivership);
   -- Ross Investment Management Limited (In Receivership);
   -- Ross Unit Trust Management Limited (In Receivership); and
   -- United Asset Management Limited (In Receivership).


SOLID ENERGY: Woes Create Out-Clause for Genesis Coal Contract
--------------------------------------------------------------
Pattrick Smellie at BusinessDesk reports that government-
controlled electricity and gas supplier Genesis Energy has
revealed an out-clause in its contract with struggling state-owned
coal miner Solid Energy and is considering cancelling a standing
order for coal that it doesn't need to buy now it's proposing to
close the coal-fired Huntly power station.

The Solid Energy board announced on August 13 it was placing the
company in voluntary administration before a two and a half-year
period in which it would sell the company's assets to settle debts
to its lenders.

Shortly after that announcement, Genesis said in a statement it
was "considering a number of available options, including stopping
further coal deliveries from Solid Energy under the terms of the
supply agreement," BusinessDesk relays.

BusinessDesk relates that a spokesman confirmed that the
electricity retailer and generator has an option to exit the
contract in certain circumstances, including voluntary
administration.

According to the report, Genesis intends to close the last two of
four electricity generation units capable of burning both natural
gas and coal by the end of 2018 and already has 700,000 tonnes of
coal stockpiled on-site, and says it has "ample contracted gas
supplies to support continued operation of the coal/gas-fired
units during their remaining operational life."

Solid Energy's other major customer for thermal coal in the North
Island is Bluescope's NZ Steel mill at Glenbrook, the report adds.

                         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
Aug. 13, 2015, 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: Government to Recoup Nothing From Sale
----------------------------------------------------
Hamish Rutherford at Stuff.co.nz reports that taxpayers will face
a loss of at least NZ$128 million from the decision to place Solid
Energy into voluntary administration.

Stuff.co.nz relates that Finance Minister Bill English on
August 13 told reporters that the focus of the Government had been
to keep the company going, but he regretted the loss to the
taxpayer.

In 2012 the Government confirmed it was extending support to Solid
Energy to keep the company operating, the report recalls. This
came in the form of a NZ$25 million cash injection and NZ$103
million in environmental remediation costs, extended in September
2014.

Another NZ$130 million in loans announced in 2013 were never drawn
down, the report discloses.

According to Stuff.co.nz, Solid Energy announced on August 13 a
five week period of voluntary administration, before a vote by
creditors about whether to accept an orderly sale process over the
following two-and-a-half-years.

While the banks may recover some of their losses through the
process, the Government would see nothing from a company which
claimed it was worth close to NZ$3 billion at one point,
Mr. English said.

"No one quite knows how the market would have valued it, but
certainly, whatever value the taxpayer had in the company is
gone," the report quotes Mr. English as saying.

Asked if the Government should have reached an agreement or pulled
the plug sooner, Mr. English said employees had been given another
three years or work as a result, Stuff.co.nz relays.

"It's a matter of whether you think the company should have shut
down then or shut down now," Stuff.co.nz quotes Mr. English as
saying.  "Our driving ambition here has been to secure the ongoing
viability and that's proven to be increasingly difficult," English
said, adding that the process announced today, proposing an
orderly sale over the next two and a half year.

Stuff.co.nz says Solid Energy's ambitious plans have been called
into question since the company's troubles became clear, but Mr.
English maintained that it was a drop in the coal price that
caused the trouble.

"This is a business like every other coal business in the world
that's been caught by falling coal prices and the solution that
the Minister of SOEs here and the banks and the creditors have put
together is the best opportunity for the company to continue," Mr.
English, as cited by Stuff.co.nz, said.

"You can argue whether in retrospect whether they should have run
up that debt, but they certainly, could have at the time . . .
according to their coal price forecasts that they had, it was
easily sustainable, then the coal price started dropping and kept
dropping."

Mr. English acknowledged that action may have been taken sooner,
adds Stuff.co.nz.

                         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
Aug. 13, 2015, 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.


* S&P Takes Various Rating Actions on NZ Financial Institutions
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
ratings on seven New Zealand financial institutions.  At the same
time, S&P affirmed the ratings on 11 financial institutions in New
Zealand and New Zealand Post Ltd.  Out of the 11 financial
institutions whose ratings have been affirmed, S&P lowered the
stand-alone credit profiles (SACP) of six institutions and kept
those on five unchanged.

None of the lowering of the New Zealand financial institutions
ratings or SACPs announced were due to higher existing or emerging
risks specific to the institution -- such as any asset quality
concerns.

The rating actions reflect S&P's view that New Zealand financial
institutions face heightened risks because of an increase in the
country's overall level of economic imbalances over the past three
years.  In particular, S&P believes that the rapid rise in house
prices in Auckland during this period has amplified the risk of a
sharp correction in property prices, although S&P considers that
such a scenario remains unlikely in its base case.

S&P had foreshadowed the possibility of these rating actions in
several commentaries and negative rating outlooks on a number of
financial institutions over the past two years.

Nevertheless, S&P believes that if a sharp fall in house prices in
Auckland were to occur, most financial institutions in New Zealand
will be adversely affected even when they do not have significant
direct exposure to home lending in the city.  This is because of
the importance of Auckland to the New Zealand economy; it accounts
for about 35% of the GDP and more than one-third of the country's
population.  Additionally, S&P believes that a sharp decline in
house prices in Auckland would likely be accompanied by weakening
in other macroeconomic factors such as a slowdown in GDP and a
rise in unemployment.  The business and consumer sentiment is also
likely to suffer as a result, in S&P's opinion.

Accentuating these risks are New Zealand economy's external
weaknesses in S&P's view.  S&P expects that the credit losses of
most New Zealand financial institutions will significantly
increase in such a scenario.  Consequently, S&P has revised its
assessment of the stand-alone credit profiles (SACPs) of almost
all institutions in New Zealand, although the impact on their
ratings differs in some cases.

Notwithstanding the increase in risks, S&P believes that New
Zealand remains a relatively lower-risk banking system by global
standards, as reflected in S&P's revised score for the country's
Banking Industry Country Risk Assessment (BICRA) of '4' on a scale
of '1' (lowest risk) to '10' (highest risk).  Indeed, S&P believes
that the increased risk of a sharp correction in house prices is
incremental and off a relatively low-risk level.  S&P notes that
the current house price appreciation in Auckland follows a period
of restrained growth in private sector debt and national house
prices for 2007 to 2011.  S&P considers that New Zealand's
resilient economy, conservative banking regulation, and low risk-
appetite support its banking sector.  In S&P's opinion, partly
tempering these strengths are: the country's moderately high
private sector debt; material dependence of the banking system on
offshore and wholesale funding; and New Zealand's high external
debt and current account deficit.

S&P's assessment takes into account macro-prudential tools
implemented by the central bank that, in S&P's opinion have been
effective in controlling house price growth across New Zealand,
excluding Auckland.  While S&P considers that low interest rates
have propelled credit growth and subsequently stoked house price
growth, it believes that housing supply constraints and high net
immigration have also contributed to price appreciation.
Nevertheless, S&P notes that macro-prudential tools have only had
a temporary effect on house prices in Auckland, which resumed a
rapid rise following a short period of abated growth.  This is
contrary to S&P's previous base-case expectation that the macro-
prudential tools would be more effective in stemming house price
inflationary pressures across the country.

S&P has also taken note of other positive developments in the New
Zealand banking sector in the past two years.  The proportion of
loans with high loan-to-value ratios (LVR) of more than 80% has
reduced to about 15% of total bank mortgage lending at December
2014, from 21% in June 2013.  In S&P's opinion, these developments
partly temper the increase in risks due to rising economic
imbalances.

BICRA score snapshot
                                     SCORE
                              To                       From
BICRA*                        4                        3

Economic Risk*                4                        3
Economic Risk Trend           Stable                   Negative
Economic Resilience**         1                        1
Economic Imbalances**         4                        3
Credit Risk In The Economy**  3                        3

Industry Risk*                4                        4
Industry Risk Trend           Stable                   Stable
Institutional Framework**     2                        2
Competitive Dynamics**        2                        2
Systemwide Funding**          4                        4

*On a scale of 1 (lowest risk) to 10 (highest risk)
**On a scale of 1 (lowest risk) to 6 (highest risk)

RATINGS LIST

ISSUER CREDIT RATINGS AFFIRMED
                               To                 From
ANZ Bank New Zealand Ltd.
  Issuer Credit Rating         AA-/Stable/A-1+   AA-/Stable/A-1+
  Stand-alone credit profile   bbb+              a-

ASB Bank Ltd.
  Issuer Credit Rating         AA-/Stable/A-1+   AA-/Stable/A-1+
  Stand-alone credit profile   a-                a

Bank of New Zealand
  Issuer Credit Rating         AA-/Stable/A-1+   AA-/Stable/A-1+
  Stand-alone credit profile   bbb+              a-

Westpac New Zealand Ltd.
  Issuer Credit Rating         AA-/Stable/A-1+   AA-/Stable/A-1+
  Stand-alone credit profile   bbb+              a-

Kiwibank Ltd.
  Issuer Credit Rating         A+/Negative/A-1   A+/Negative/A-1
  Stand-alone credit profile   bbb               bbb

New Zealand Post Ltd.
  Issuer Credit Rating         A+/Negative/A-1   A+/Negative/A-1
  Stand-alone credit profile   bbb               bbb

Rabobank New Zealand Ltd.
  Issuer Credit Rating         A/Negative/A-1    A/Negative/A-1
  Stand-alone credit profile   bbb               bbb+

Police and Families Credit Union
  Issuer Credit Rating         BB+/Stable/B      BB+/Stable/B
  Stand-alone credit profile   bb+               bb+

FE Investments Ltd.
  Issuer Credit Rating         B/Stable/B        B/Stable/B
  Stand-alone credit profile   b                 b

UDC Finance Ltd.
  Issuer Credit Rating         AA-/Stable/A-1+   AA-/Stable/A-1+
  Stand-alone credit profile   bbb-              bbb

Liberty Financial Ltd.
  Issuer Credit Rating         BBB-/Stable/A-3   BBB-/Stable/A-3
  Stand-alone credit profile   b-                b-

Medical Securities Ltd.
  Issuer Credit Rating         BBB+/Stable/--    BBB+/Stable/--
  Stand-alone credit profile   bb+               bb+

ISSUER CREDIT RATINGS LOWERED

Credit Union Baywide
  Issuer Credit Rating         BB-/Stable/B      BB/Negative/B
  Stand-alone credit profile   bb-               bb

Credit Union South
  Issuer Credit Rating         BB-/Stable/B      BB/Negative/B
  Stand-alone credit profile   bb-               bb

First Credit Union
  Issuer Credit Rating         BB-/Stable/B      BB/Negative/B
  Stand-alone credit profile   bb-               bb

Asset Finance Ltd.
  Issuer Credit Rating         B/Stable/B        B+/Negative/B
  Stand-alone credit profile   b                 b+

Avanti Finance Ltd.
  Issuer Credit Rating         BB/Stable/B       BB+/Negative/B
  Stand-alone credit profile   bb                bb+

Fisher & Paykel Finance Ltd.
  Issuer Credit Rating         BB/Stable/B       BB+/Negative/B
  Stand-alone credit profile   bb                bb+

MARAC Insurance Ltd.
  Issuer Credit Rating         BB+/Stable/--     BBB-/Negative/--
  Financial Strength Rating    BB+/Stable/--     BBB-/Negative/--
  Stand-alone credit profile   bb+               bb+



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


* BOND PRICING: For the Week August 10 to August 14, 2015
---------------------------------------------------------

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


  AUSTRALIA
  ---------

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


CHINA
-----

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


INDONESIA
---------

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


INDIA
-----

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


JAPAN
-----

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


KOREA
-----

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


SRI LANKA
---------

SRI LANKA GOVERN      5.35   03/01/26     LKR      72.54


MALAYSIA
--------

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


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

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


SINGAPORE
---------

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


THAILAND
--------

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


VIETNAM
-------

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



                             *********

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

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

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


                            *********


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

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

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

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

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



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