TCRAP_Public/150821.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, August 21, 2015, Vol. 18, No. 165


                            Headlines


A U S T R A L I A

BEAMLY AUSTRALIA: Enters Voluntary Administration
BRISBANE ROAR: Narrowly Avert A-League Liquidation
JAGGS INVESTMENTS: First Creditors' Meeting Set For Aug. 27
SPORTS NEWS: First Creditors' Meeting Set For Aug. 28
VOCATION LTD: Faces Class Action Over Share Price Collapse


C H I N A

CHINA SCE: Moody's to Retain B1 CFR on 1H 2015 Results
KAISA GROUP: Moody's Withdraws Ca CFR Due to Insufficient Info.
KU6 MEDIA: Receives Noncompliance Notice From NASDAQ
LOGAN PROPERTY: Moody's Retains Ba3 CFR on Bond Issuance


H O N G  K O N G

GREENLAND HONG KONG: S&P Lowers CCR to 'BB+'; Outlook Negative


I N D I A

AKANKSHA POULTRY: CRISIL Assigns B Rating to INR30MM LT Loan
ALLEVARD IAI: ICRA Reaffirms B+ Rating on INR14.0cr Term Loan
BAHETI SILICONES: ICRA Assigns 'B' Rating to INR6.0cr Cash Loan
BAY FORGE: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
CHIRAG INFRAPROJECTS: ICRA Revises Rating on INR10cr Loan to B

DHANALAKSHMI SRINIVASAN: Ind-Ra Cuts LT Issuer Rating to 'IND D'
DIDAR MOTORS: CRISIL Suspends 'B' Rating on INR111MM Bank Loan
DIVYA IMPEX: CRISIL Cuts Rating on INR120MM Cash Loan to 'D'
ECO PET: ICRA Assigns 'B' Rating to INR3.30cr Cash Loan
EWDPL CHANDIGARH: ICRA Assigns B+ Rating to INR2.cr LT Loan

FINEWEAR LEATHERS: CRISIL Suspends B- Rating on INR17.5MM Loan
FN INFRASTRUCTURES: CRISIL Suspends B Rating on INR32MM Loan
FOREL LABS: ICRA Revises Rating on INR18.50cr Term Loan to 'B'
HOTEL R.S.R.: CRISIL Suspends B Rating on INR42.5MM LT Loan
LAKSHMI VENKAT: CRISIL Reaffirms B Rating on INR42MM Cash Loan

MAHALAKSHMI PROFILES: Ind-Ra Suspends IND BB-' LT Issuer Rating
MARUTHAM DEVELOPERS: CRISIL Suspends B+ Rating on INR140MM Loan
MERCURYMINDS TECHNOLOGIES: CRISIL Suspends 'B' Loan Ratings
OME SREE: ICRA Assigns 'B' Rating to INR6.59cr LT Loan
PHANICARE PHARMACEUTICALS: Ind-Ra Suspends IND B LT Issuer Rating

PRIME MEIDEN: CRISIL Cuts Rating on INR1.33BB Loan to 'D'
PULUKURI SIVA: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
PVSRSN ENTERPRISE: CRISIL Reaffirms D Rating on INR150MM Loan
REGALIA JEWELS: CRISIL Reaffirms B Rating on INR65MM Cash Loan
S.P. MANI: CRISIL Reaffirms B+ Rating on INR300MM Term Loan

SAI SRINIVASA: CRISIL Ups Rating on INR100MM Cash Loan to 'B+'
SARASWATI INDUSTRIES: CRISIL Reaffirms B Rating on INR67MM Loan
SHATABDI SHIKSHA: ICRA Assigns 'B' Rating to INR10cr LT Loan
SHREE VENTURES: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
SPERO POWER: CRISIL Suspends B Rating on INR81.7MM Term Loan

STAR LOGISTICS: CRISIL Suspends B Rating on INR30MM Loan
SWASTIK DENIM: CRISIL Assigns B+ Rating to INR73MM Term Loan
TA HYDRAULICS: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
THAKARDHANI AGROPRODUCT: CRISIL Reaffirms B+ Term Loan Rating
UNILINK PHARMA: CRISIL Suspends D Rating on INR30MM Loan

VARDHMAN SPINNERS: CRISIL Assigns B Rating to INR65MM Term Loan


N E W  Z E A L A N D

SOLID ENERGY: Genesis Energy Confirms End to Coal Contract


S I N G A P O R E

JURONG AROMATICS: In Debt Restructuring Talks With Bankers


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


BEAMLY AUSTRALIA: Enters Voluntary Administration
-------------------------------------------------
Eloise Keating at SmartCompany reports that the Australian arm of
Beamly, a social network for television viewers, has entered
voluntary administration.

Christopher Darin and Aaron Lucan of Worrells Solvency were
appointed to manage the administration of Beamly Australia on
August 14, the report says.

The first meeting of the company's creditors will be held in
Sydney on August 26.

SmartCompany says Beamly has partnerships with major television
broadcasters in Australia, including Network Ten and Foxtel.

In July 2014, the platform said its global monthly active users
had reached three million and total monthly users were growing at
a compound rate of 30% each month, the report states.

SmartCompany relates that Network Ten said in a statement issued
on August 3 that it would be integrating elements of the Beamly
platform into its catch-up television and streaming service
tenplay.

According to the report, the Beamly elements intended to be added
to tenplay over coming months include Quizzes, Gaming Brackets and
Votelies, a feature that allows users to share voice and visual
interactions at the same time.

SmartCompany adds that Network Ten said in the same statement
following the integration "Beamly Australia will transition
operations to Beamly headquarters in London, where the platform
was developed".

Beamly Australia was established under the name Zeebox in 2011, as
part of a global business that also operates in the UK and US.
The platform, which encourages users to share content about the
television shows they are watching online, changed its name to
Beamly TV in April 2014.


BRISBANE ROAR: Narrowly Avert A-League Liquidation
--------------------------------------------------
stuff.co.nz reports that A-League club Brisbane Roar have narrowly
avoided liquidation, settling their AUD60,000 debt with the
Queensland Rugby Union (QRU).

The QRU had filed a wind-up motion that was due for mention in the
Queensland Supreme Court over unpaid rent at the Roar's former
training base Ballymore, according to stuff.co.nz.

However, the matter between the rugby body and Roar owners,
Indonesian conglomerate the Bakrie Group, reached a resolution,
according to a QRU spokesman, the report notes.

QRU lawyers will be in court to dissolve a process that had
threatened to wind up the company behind the three-time A-League
champions, the report says.

Instead, the Bakrie Group remains as they look to complete an
urgent sale of the club to a consortium that reportedly includes
local and overseas businessmen, the report adds.


JAGGS INVESTMENTS: First Creditors' Meeting Set For Aug. 27
-----------------------------------------------------------
Robert Kite and Mark Hutchins of Cor Cordis were appointed as
administrators of Jaggs Investments Pty Limited on Aug. 17, 2015.

A first meeting of the creditors of the Company will be held at
offices of Cor Cordis Chartered Accountants, Level 6, 55 Clarence
Street, in Sydney, on Aug. 27, 2015, at 10:00 a.m.


SPORTS NEWS: First Creditors' Meeting Set For Aug. 28
-----------------------------------------------------
Giovanni Maurizio Carrello and Ronald Derek Gamble of BRI Ferrier
were appointed as administrators of Sports News First Pty Ltd on
Aug. 18, 2015.

A first meeting of the creditors of the Company will be held at
BRI Ferrier Western Australia, Unit 3, 99-101 Francis Street, in
Northbridge, on Aug. 28, 2015, 10:30 a.m.


VOCATION LTD: Faces Class Action Over Share Price Collapse
----------------------------------------------------------
Michael Roddan at Business Spectator reports that Maurice
Blackburn lawyers have filed a class-action suit against troubled
education provider Vocation Ltd over the collapse in the company's
stock price.

According to the report, the legal firm said it was confident it
had a strong case, after its class action experts conducted an
extensive investigation into the merits of the suit since
October's share price collapse.

Business Spectator relates that Vocation's (VET) stock plunged 57%
in one day when the company, which had repeatedly denied media
reports of trouble in its Victorian business, finally admitted it
had lost $19.6 million in government funding.

A settlement with the Victorian Department of Education and Early
Childhood Development last October led to a heavier than
anticipated deterioration in the company's earnings, the report
says. Vocation posted a loss of $272.6 million for the six months
to December 31.

According to Business Spectator, Maurice Blackburn class actions
principal Jacob Varghese said shareholders registered in the class
action wanted "justice and some meaningful redress".

"Our clients want to know if (Vocation) was frank with the market
about the extent of the Victorian government's concerns with the
company's provision of taxpayer subsidised training courses," the
report quotes Mr Varghese as saying.  "The case is concerned with
information that indicates (Vocation) did not meet its legal
obligations to disclose timely and accurate information to the
market -- information that would have a material effect on the
share price."

The Maurice Blackburn class action is the third against the firm,
following filings by Slater and Gordon and former Minter Ellison
partner Mark Elliot, Business Spectator notes.

Vocation Limited (ASX:VET) -- http://vocation.com.au/-- delivers
education and training services to corporate clients, individuals,
and ancillary services to third party VET providers in Australia.



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


CHINA SCE: Moody's to Retain B1 CFR on 1H 2015 Results
------------------------------------------------------
Moody's Investors Service says China SCE Property Holdings
Limited's B1 corporate family rating and B2 senior unsecured
rating are unaffected by its interim results for 1H 2015.

The ratings outlook is stable.

"China SCE's 1H 2015 results highlight its strong revenue growth,
and consequent stable credit metrics despite a notable decline in
its gross profit margin," says Franco Leung, a Moody's Vice
President and Senior Analyst.

China SCE's revenue for the 12 months to 30 June 2015 was about
RMB10.7 billion, a 56% growth from its revenue for the full year
2014.  Revenue growth was largely driven by the recognition in
this period of its strong contracted sales in the early part of
2014 and in 2013.

Moody's expects the company to continue to deliver strong revenue
growth for the full year 2015, which is partly supported by its
stable sales performance in 1H 2015.  China SCE's contracted sales
grew 5.7% year-on-year to RMB1.366 billion in the first seven
months of 2015.

At the same time, the company kept its debt growth under control.
Its adjusted debt (including perpetual securities) amounted to
about RMB13.6 billion at end-June 2015, largely unchanged from
about RMB13.4 billion at end-2014.  As a result, the company's
revenue to adjusted debt ratio improved to around 79% for the 12
months to June 2015 from 51% in 2014.

Moody's expects the company's debt to grow moderately over the
next 12-18 months to meet its funding needs for construction and
land acquisition activities.

On the other hand, the company's gross profit margin decreased to
30.5% for the 12 months to June 2015 from 34.9% in 2014, mainly
because of increased sales of mass market products and price cuts
for some of its projects that sought to support sales in 2014.
Moody's expects the company's gross profit margin over the next
12-18 months to remain lower than 2014 levels as the company
continues to focus on mass market products.

The company's EBIT/interest improved to 2.9x for the 12 months to
June 2015 from 2.5x in 2014, because a robust growth in earnings
more than offset higher interest expenses.  Moody's expects the
company's EBIT/interest to trend down to 2.5x over the next 12-18
months, because of profit margin pressure.  But these credit
metrics remain appropriate for its current ratings.

The company's liquidity profile improved following the bond
issuance of $350 million in July 2015, which was used for
refinancing the RMB2 billion notes due January 2016.  Its pro
forma cash to short-term debt ratio was around 97% at end-June
2015, adjusting for this refinancing.  This is a decline from 128%
in 2014 but remains in line with its ratings.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Founded in 1996, China SCE Property Holdings Limited is a leading
property developer in Fujian Province, China.  The company has
also expanded to Shanghai, Shenzhen, Nanchang and cities around
the Bohai Rim region, including Beijing, Anshan (Liaoning
Province), Langfang (Hebei province), and Linfen (Shanxi
Province), but the majority of its development projects are in
Fujian Province.

The company listed on the Hong Kong Stock Exchange in Feb. 2010,
and is 57.6% owned by its chairman, Mr. Wong Chiu Yeung.


KAISA GROUP: Moody's Withdraws Ca CFR Due to Insufficient Info.
---------------------------------------------------------------
Moody's Investors Service has withdrawn Kaisa Group Holdings Ltd's
Ca corporate family rating and the Ca rating on its rated senior
unsecured notes.

RATINGS RATIONALE

Moody's has withdrawn the rating because it believes it has
insufficient or otherwise inadequate information to support the
maintenance of the rating.

To date, Kaisa has not released its annual results for 2014.

Kaisa Group Holdings Ltd is a Shenzhen-based property developer
established in 1999.  It listed on the Hong Kong Stock Exchange in
December 2009.


KU6 MEDIA: Receives Noncompliance Notice From NASDAQ
----------------------------------------------------
Ku6 Media Co., Ltd. received a letter from The NASDAQ Stock Market
notifying it that for the prior 30 consecutive business days, the
Company's listed securities failed to maintain a minimum market
value of US$50,000,000, and the Company's publicly held securities
failed to maintain a minimum market value of $15,000,000,
respectively. Consequently, deficiencies exist with regard to the
requirements for continued listing pursuant to NASDAQ Listing Rule
5450(b)(2)(A) and NASDAQ Listing Rule 5450(b)(2)(C).

NASDAQ further stated that in accordance with NASDAQ Listing Rules
5810(c)(3)(C) and 5810(c)(3)(D), the Company will be provided 180
calendar days, or until Feb. 9, 2016, to regain compliance with
the MVLS Rule and the MVPHS Rule. NASDAQ will deem the Company to
have regained compliance under the MVLS Rule if at any time before
Feb. 9, 2016, the market value of the Company's listed securities
closes at US$50,000,000 or more for a minimum of ten consecutive
business days. NASDAQ will deem the Company to have regained
compliance under the MVPHS Rule if at any time before Feb. 9,
2016, the market value of the Company's publicly held securities
closes at US$15,000,000 or more for a minimum of ten consecutive
business days.

These notifications do not impact the listing and trading of the
Company's securities at this time. However, the NASDAQ letters
also state that, if the Company does not regain compliance with
the MVLS Rule or the MVPHS Rule by Feb. 9, 2016, the Company will
receive written notification from NASDAQ that the Company's
securities are subject to delisting. The Company is reviewing its
options for regaining compliance with the MVLS Rule and MVPHS Rule
and for remedying other future potential non-compliances with
Nasdaq continued listing requirements, including the requirement
to maintain a minimum bid price of at least $1.00 per share. There
can be no assurance that the Company will be able to regain
compliance with the MVLS Rule, MVPHS Rule or other Nasdaq
continued listing requirements in a timely fashion.

                          About Ku6 Media

Ku6 Media Co., Ltd. -- http://ir.ku6.com/-- is an Internet video
company in China focused on User-Generated Content. Through its
premier online brand and online video Web site,
http://www.ku6.com/,Ku6 Media provides online video uploading and
sharing service, video reports, information and entertainment in
China.

Ku6 Media reported a net loss of $10.7 million in 2014 following a
net loss of $34.4 million in 2013.

As of March 31, 2015, the Company had US$8.6 million in total
assets, US$13.5 million in total liabilities and a US$4.9 million
total shareholders' deficit.

PricewaterhouseCoopers Zhong Tian LLP, in Shanghai, the People's
Republic of China, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31,
2014, citing that the Company's recurring losses, negative working
capital, net cash outflows, and uncertainties associated with
significant changes made, or planned to be made, in respect of the
Company's business model, raise substantial doubt about the
Company's ability to continue as a going concern.


LOGAN PROPERTY: Moody's Retains Ba3 CFR on Bond Issuance
--------------------------------------------------------
Moody's Investors Service says that Logan Property Holdings
Company Limited's domestic bond issuance is credit positive, but
will not immediately affect the company's Ba3 corporate family
rating or B1 senior unsecured bond rating.

The ratings outlook remains stable.

On Aug. 17, 2015, Logan announced that it would issue RMB2.5
billion in domestic bonds with a term of five years.

"The issuance of the domestic bonds will improve Logan Property's
liquidity profile, lower its borrowing costs, and extend its debt
maturity tenors," says Dylan Yeo, a Moody's Analyst.

Moody's expects Logan Property to use the majority of the proceeds
for refinancing.

Moody's notes that Logan Property's liquidity position is
adequate.  It cash on hand -- including restricted cash -- of
RMB7.5 billion at end-2014, and the proceeds from the RMB2.5
billion proposed domestic bonds, will sufficiently cover its
short-term debt (including the RMB1.3 billion payable due to a
financial institution) of RMB5.1 billion over the next 12 months,
as well as committed land payments over the same period.

Moody's also notes that Logan Property recorded contracted sales
totaling RMB10.1 billion for the first seven months of 2015.  The
amount was a substantial increase from the RMB5.5 billion in 1H
2014.  Moody's believes Logan Property is on track to achieve its
full year sales target of RMB15.5 billion.  The strong sales
result also supports its liquidity position.

The interest rate on the domestic bonds is set at 5%; a level
which is lower than its average borrowing cost of 8.8% in the
fiscal year ended Dec. 31, 2014.  The lower rate will enhance
modestly the company's interest coverage metrics.

Moody's expects that Logan Property's adjusted EBIT/interest will
range from 3.0x-3.2x in the next 12-18 months compared with 3.6x
in 2014.  This result continues to position the company's
corporate family rating at its current Ba3 rating level.

The adjusted EBIT/interest coverage and revenue/debt ratios are
calculated based on Moody's standard adjustments and the
definition stated in Moody's Homebuilding And Property Development
Industry, published in April 2015.

The interest coverage formula is modified for Chinese developers
to substitute "capitalized interest" in the numerator for
"interest charged to cost of goods sold", as the latter is not
separately disclosed in audited financial statements.  Total debt
does not include adjustments for mortgage guarantees.

The principal methodology used in these rating was Homebuilding
And Property Development Industry published in April 2015.

Established in 1996, Logan Property Holdings Company Limited is a
property developer based in Shenzhen.  The company's principal
focus is on residential projects in Shantou, Nanning and Huizhou.

It listed on the Hong Kong Stock Exchange in Dec. 2013.  At end-
2014, the company's land bank totaled 13.7 million sqm in gross
floor area across 13 cities in China, including in Shantou,
Nanning, and cities in the Pearl River Delta.



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


GREENLAND HONG KONG: S&P Lowers CCR to 'BB+'; Outlook Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Greenland Hong Kong Holdings
Ltd. (Greenland HK) to 'BB+' from 'BBB-'.  The outlook is
negative.  At the same time, S&P lowered its issue rating on the
company's medium-term notes (MTN) program and outstanding senior
notes to 'BB' from 'BB+'.  S&P also lowered its long-term Greater
China regional scale rating on Greenland HK to 'cnBBB' from
'cnBBB+' and on the MTN program and notes to 'cnBBB-' from
'cnBBB'.

"We lowered our rating on Greenland HK to reflect our downgrade
earlier today of the company's parent, Greenland Holding Group Co.
Ltd.," said Standard & Poor's credit analyst Matthew Kong.

S&P downgraded the parent because it expects Greenland Group's
leverage to remain high for the next 18-24 months because of its
aggressive growth appetite.

The rating on Greenland HK is one notch below that on the parent
because S&P views Greenland HK as a "highly strategic" but not a
"core" subsidiary of Greenland Group.

"We believe Greenland Group's weakened financial risk profile will
have a direct impact on Greenland HK's credit profile, given the
subsidiary's reliance on parental support," said Mr. Kong.

S&P anticipates that Greenland HK's financial risk profile will
remain "highly leveraged" over the next two years because of the
company's aggressive growth appetite, with large capital spending
for accelerated construction and land acquisitions.

S&P's view of Greenland HK's "weak" business risk profile reflects
the company's small, although growing, operating scale and weak
profitability.  S&P expects Greenland HK to significantly enlarge
its operating scale over the next five years as it benefits from
the brand association and strong support, including projects
injection, from the parent group, and low financing costs.

The negative outlook on Greenland HK reflects the outlook on
Greenland Group.  The negative outlook on Greenland Group reflects
S&P's expectation that the group's debt-funded growth will remain
high over the next 12-24 months.

S&P may lower the rating on Greenland HK if S&P downgrades
Greenland Group.  S&P may also lower the rating if: (1) it
believes that Greenland HK's importance within Greenland Group has
weakened because of a change in Greenland Group's strategy; or (2)
Greenland Group's control and supervision of Greenland HK weakens.

S&P may revise the outlook on Greenland HK to stable if S&P
revises the outlook of Greenland Group.



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I N D I A
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AKANKSHA POULTRY: CRISIL Assigns B Rating to INR30MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Akanksha Poultry Farms (APF).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     30         CRISIL B/Stable
   Cash Credit             4         CRISIL B/Stable
   Proposed Cash Credit
   Limit                  26         CRISIL B/Stable

The rating reflects the firm's modest scale of operations and
exposure to intense competition poultry farming industry. The
rating also factors in APF's average financial risk profile
constrained due to its small net worth. These rating weaknesses
are partially offset by the promoter's extensive experience in the
poultry farming industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profile of APF and Akanksha Feed Manufacturing Co
(AFMC) because they are jointly managed by Mr. Shirsath and have
significant business and financial linkages.

Outlook: Stable

CRISIL believes that Akanksha Group will benefit from the
extensive industry experience of its promoter. The outlook may be
revised to 'Positive' if the group increases its scale of
operations and operating profitability on a sustained basis
leading to an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
Akanksha group's revenues or operating profitability decline
significantly or if it undertakes large debt-funded capital
expenditure thereby leading to deterioration in its financial risk
profile.

Established in 2010 by Anil Shirsath, APF is engaged in production
of broiler chicken on a contract manufacturing basis. In 2011,
AFMC a proprietary concern of Mr. Shirsath's wife Mrs. Savita Anil
Shirsath, was formed for manufacturing poultry feed. The firm
meets 100% of APF's feed requirements.


ALLEVARD IAI: ICRA Reaffirms B+ Rating on INR14.0cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR14.00 crore long term loan facilities enhanced from INR13.70
crore and INR2.50 crore cash credit facilities enhanced from
INR1.80 crore of Allevard IAI Suspensions Private Limited.

                             Amount
   Facilities             (INR crore)      Ratings
   ----------             -----------      -------
   Long term, fund based
   limits -Term Loans         14.00        [ICRA]B+ Reaffirmed

   Long term, fund based
   limits -Cash Credit         2.50        [ICRA]B+ Reaffirmed

The ratings continue to favourably factor in AISPL's experienced
and professional management and the financial flexibility provided
by the promoters; technological support provided by the Italy
based Sogefi group which is a leading manufacturer of suspension
systems globally and promoters of Imperial Auto group which is an
established Tier I supplier for major original equipments
manufacturer (OEMs) in India. The ratings also favourably factor
in regular equity infusion from promoters to fund losses and ease
liquidity pressure.

The ratings are however constrained by the weak debt coverage
indicators in the backdrop of operating losses. The company is
currently operating at suboptimal capacity utilisation levels and
it's near to medium term performance remains contingent to its
ability to secure new clients and scale up operations. The company
is also planning to undertake modest capex in the near to medium
term towards powder coating facility, which will be funded by
equity infusion or ECBs from promoters. ICRA expects promoters
will continue to provide financial support in case of any
exigencies.

Allevard IAI Suspensions Private Limited (AISPL) is a
(74.23:25.77) joint venture between Allevard Rejna Suspensions
(Allevard) -- Part of the Italy based Sogefi Group and the
promoters of Imperial Auto Industries Limited (IAI) -- Part of the
Imperial Auto group. AISPL has setup a manufacturing facility at
Chakan, Pune for stabilizer bars with an annual installed capacity
of 600,000 bars. The plant has commenced operations in March, 2012
and currently caters to domestic automotive players like Tata
Motors Limited [TML], Mahindra & Mahindra Limited [M&M] and Fiat
India Automobile Limited [Fiat].


BAHETI SILICONES: ICRA Assigns 'B' Rating to INR6.0cr Cash Loan
---------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR10.6
crore fund based bank facilities of Baheti Silicones and Metals
Private Limited. ICRA has also assigned its short term rating of
[ICRA]A4 to the INR3.40 crore non fund based bank facilities of
BSMP.
                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long-term Fund Based
   Facility - Term Loan       4.60       [ICRA]B ; Assigned

   Long-term Fund Based
   Facility - Cash Credit     6.00       [ICRA]B ; Assigned

   Short-term Non-Fund
   Based Facility - LC        3.40       [ICRA]A4 ; Assigned

ICRA's ratings take into account BSMP's modest scale of operations
in a highly competitive and fragmented industry which limits its
pricing flexibility. The limited value-additive nature of business
results in low profitability, which is also vulnerable to
fluctuations in raw material prices. The company also has a
stretched capital structure on account of its reliance on debt for
funding of capital expenditure and working capital requirements,
which coupled with low profitably has resulted in weak coverage
indicators. The ratings are also constrained by the high working
capital intensity of operations on account of high receivable
levels and high inventory storage requirements. However, the
ratings positively factor in the successful completion of the
manufacturing facility within the budgeted time and cost, along
with scale-up of operations and steady build-up of client base in
Europe and USA.

Going forward, the ability of the company to ramp up its
operations and optimally manage its working capital requirements,
while improving the profitability, will be the key rating
sensitivities.

BSMP was incorporated in 2011 and is promoted by Mr. Rajesh Baheti
and Mr. Sanjay Baheti. The company is engaged in manufacturing and
exports of non-ferrous alloys (mainly copper and aluminium based
alloys) at its factory located at Bhilwara, Rajasthan. The factory
has a combined installed capacity of 1800 metric tonnes per annum
(MTPA), and commenced commercial operations from September 2015.
The company exports the alloys to Europe (primarily Germany) and
USA. The promoters are also involved in Silicone oil dilution
through their partnership company Baheti Organics.

Recent Results
BSMP reported an operating income of INR6.94 crore and a profit
after tax of INR0.09 crore in 2013-14, as against an operating
income of INR2.66 crore and a profit after tax of INR0.12 crore in
the previous year.


BAY FORGE: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Bay Forge Ltd's
(BFL) 'IND B+' Long-Term Issuer Rating with a Negative Outlook to
the suspended category.

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 BFL.

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
BFL's ratings are:

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

-- INR1,141 million fund-based limits: migrated to 'IND
    B+(suspended)'/'IND A4(suspended)' from IND B+'/'IND A4'

-- INR689 million non-fund-based limits: migrated to 'IND
    A4(suspended)' from 'IND A4'


CHIRAG INFRAPROJECTS: ICRA Revises Rating on INR10cr Loan to B
---------------------------------------------------------------
ICRA has revised the long term rating outstanding on the INR10.00
crore1 fund-based bank facilities of Chirag Infraprojects Private
Limited (CIPL) to [ICRA]B from [ICRA]B+. ICRA has reaffirmed the
short term rating outstanding on the INR20.00 crore bank guarantee
facility of CIPL to [ICRA]A4. The bank guarantee is rated on both
the scales and will attract a rating as per tenure of usage.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit          10.00        [ICRA]B/Revised
   Bank Guarantee       20.00        [ICRA]B/Revised/
                                     [ICRA]A4/Reaffirmed

The rating revision takes into account the consistent de-growth in
revenue for last four years on account of substantial reduction in
contracts from Municipal Corporation of Greater Mumbai (MCGM)
coupled with inflow of smaller sized orders. Further, the pending
order book also remains at modest level providing low revenue
visibility in the near term. The rating is also constrained on
account of increasing working capital intensity of operation on
account of debtor and inventory built up. Nevertheless, the
ratings favourably factor in the long experience of the promoters
in the civil and road construction business and low gearing of
CIPL at 0.44 times as on March 31, 2015 as per the provisional
results.

Chirag Infraprojects Private Limited (CIPL) is a Mumbai based
civil contractor promoted by Mr. Moolchand Jain, Ms. Pushpa Shah
and Mr. Arun Jain. The company is primarily engaged in execution
of civil construction contracts with focus on construction of
roads, structures, buildings, storm water drains & drain works
etc.

Recent Results:

On a provisional basis, for the financial year ending March 2015,
CIPL reported an operating income of INR25.41 crore and a profit
before tax of INR1.56 crore as compared to operating income of
INR26.94 crore and profit before tax of INR0.14 crore in the
previous year.


DHANALAKSHMI SRINIVASAN: Ind-Ra Cuts LT Issuer Rating to 'IND D'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Dhanalakshmi
Srinivasan Hotels Pvt Ltd's (DSHPL) Long-Term Issuer Rating to
'IND D' from 'IND BB-'. The Outlook was Stable. The agency has
also downgraded DSHPL's INR420m term loans to 'IND D' from'IND BB-
'.
KEY RATING DRIVERS

The ratings reflect DSHPL's delays in debt servicing for the 12
months ended July 2015 due to tight liquidity.

RATING SENSITIVITIES

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

COMPANY PROFILE

DSHPL was incorporated in 2008 by A. Srinivasan of the DS Group.
The group has interest in education, healthcare, etc. in Tamil
Nadu. Srinivasan, along with P. Neelaraj, manages the hotel. The
hotel is located on Collector Office-Road, Perambalur.


DIDAR MOTORS: CRISIL Suspends 'B' Rating on INR111MM Bank Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Didar Motors (Didar).

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Cash Credit               14        CRISIL B/Stable
   Inventory Funding
   Facility                  75        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       111        CRISIL B/Stable

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

Set up in 1964 as a proprietorship firm by Mr. Aramjit Kaur Kholi,
Chennai-based Didar is an authorised dealer of HMSI.


DIVYA IMPEX: CRISIL Cuts Rating on INR120MM Cash Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Divya Impex (DI) to 'CRISIL D' from 'CRISIL B/Stable'.

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

The downgrade reflects instances of delay by DI in meeting
interest obligations on its fund-based working capital facility;
the delays were due to weak liquidity. CRISIL believes that DI's
liquidity will remain stretched over the medium term because of
its working-capital-intensive operations.

DI has a weak financial risk profile, marked by stretched
liquidity because of large working capital requirements and by low
interest coverage ratio. However, the firm benefits from its
proprietor's extensive experience in the scrap-trading business
and his financial support.

DI was established by Mr. Pankaj Chenana in 2005 as a
proprietorship concern. The Ghaziabad (Uttar Pradesh)-based firm
trades in scrap, mainly machine parts and of sick units.


ECO PET: ICRA Assigns 'B' Rating to INR3.30cr Cash Loan
-------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR5.80
crore fund based bank facilities of Eco Pet Industries LLP.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long-term Fund Based
   Facility - Term Loan      2.50        [ICRA]B ; Assigned

   Long-term Fund Based
   Facility - Cash Credit    3.30        [ICRA]B ; Assigned

ICRA's rating takes into account EPI's limited track record of
operations as commercial production commenced from May 2014
resulting in modest cash accruals from operations. This coupled
with reliance on debt for setting up the manufacturing facility
has resulted in a stretched financial profile characterized by
high gearing of 3.12 times as on March 31, 2015 and modest debt
protection metrics. The rating is further constrained by the
firm's high working capital intensity of operations due to high
debtor realization period, large inventory holding requirements
and low credit period available on raw material purchases. The
margins of the firm are range bound, given the high competitive
intensity in the industry due to low entry barriers and limited
product differentiation. However, the rating favourably factors in
the location advantage of the manufacturing facility, given the
proximity to customer base as well as fiscal benefits in terms of
income tax and excise exemptions. The demand outlook for the PET
preform business is also positive given the changing customer
preferences and government regulations.

Going forward, the ability of the firm to scale up its operations
while maintaining profitability and also optimally manage the
working capital intensity of operations will be the key rating
sensitivities.

EPI was established as a limited liability partnership firm in
2013 to manufacture Polyethylene Terephthalate (PET) preforms and
PET bottles. The preforms are used in the bottling industry,
particularly by PET bottle users such as cold drink manufacturers,
packaged drinking water manufacturers etc. The firm acquired a
running plant/unit engaged in manufacturing of PET preform and
commenced commercial production in May' 2014. The firm's
manufacturing facility located at Rudrapur Uttarakhand, has an
installed capacity of 1,800 metric tonnes per annum (MTPA).

Recent Results
EPI reported, on a provisional basis, an operating income of
INR9.86 crore and a profit after tax of INR0.25 crore in 2014-15.


EWDPL CHANDIGARH: ICRA Assigns B+ Rating to INR2.cr LT Loan
-----------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ and short term
rating of [ICRA]A4 to the INR7.25 crore, fund based and non fund
bank facilities of EWDPL Chandigarh Hospitality Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term Fund-based
    bank facilities         2.00       [ICRA]B+; Assigned

   Short Term Non-Fund
   based bank facilities    5.25       [ICRA]A4; Assigned

ICRA's ratings are constrained on account of EWDPL's limited track
record of operations and modest scale, low margins on account of
limited value additive nature of the scrap recycling business and
the highly competitive and fragmentized nature of the industry
which limits its bargaining power. Further the ratings factor in
the vulnerability of the company's profitability to fluctuations
in metal commodity prices, foreign exchange risks and intense
competition from cheaper steel imports which has resulted in
subdued domestic steel production. ICRA however takes note of the
experience of the promoters in the scrap trading business;
comfortable business off-take despite the recent commencement of
operations and the company's plans to largely import the scrap
material going forward, instead of procuring it domestically,
which may support profitability levels.

Going forward, the ability of the company to improve its margins
and optimize its working capital cycle, thus leading to adequate
debt coverage indicators will be the key rating sensitivities. Any
debt funded capital expenditure will be a key rating monitorable.

EWDPL is jointly promoted by Mr Deepak Wahi and Mr Bhuvnesh Joshi
and is into recycling of metal scrap and trading in brass ingots,
copper cathode, copper ingots, zinc ingots, brass rods, seamless
pipes, metal scrap etc. The company's manufacturing facility is
located in the Madri industrial Area in Udaipur, Rajasthan and has
a capacity of 2,250 Metric Tonnes (MT) of scrap products. EWDPL
commenced operations in January 2015.

Recent Results
EWDPL reported (on a provisional basis) a net profit of INR0.01
crore on operating income of INR4.55 crore in its 3 months of
operations in FY 2014-15. The company, on a provisional basis
reported an operating income of INR4.76 crore in the first three
months of FY 2015-16.


FINEWEAR LEATHERS: CRISIL Suspends B- Rating on INR17.5MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Finewear Leathers Pvt Ltd (FLPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             17.5       CRISIL B-/Stable
   Export Packing Credit   20         CRISIL A4
   Letter of Credit        10         CRISIL A4
   Proposed Letter of
   Credit                  10.5       CRISIL A4
   Working Capital
   Demand Loan              7         CRISIL B-/Stable

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

FLPL, set up in 1993 as a partnership concern, was reconstituted
into a private limited company in 2004. The company, based in
Chennai (Tamil Nadu), processes semi-finished leather into
finished leather; it primarily caters to the footwear industry.
The day-to-day operations of the company are managed by Mr. A
Kabilan, managing director.


FN INFRASTRUCTURES: CRISIL Suspends B Rating on INR32MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
FN Infrastructures Pvt Ltd (FNIPL). The suspension of ratings is
on account of non-cooperation by FNIPL with CRISIL's efforts to
undertake a review of the ratings outstanding.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Project Loan           32       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     18       CRISIL B/Stable

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

FNIPL was set up in June 2011 by Mr. M S Muralidharan, Mr.
Ravindra Bhatt, Mr. U M Gurushantappa, Mr. A V Shridhar, and Mr. S
R Swami. The company develops residential real estate in Mysore.


FOREL LABS: ICRA Revises Rating on INR18.50cr Term Loan to 'B'
--------------------------------------------------------------
ICRA has revised the long term rating assigned to INR18.50 crore
term loans and INR5.00 crore (revised from INR8.00 crore) cash
credit limits of Forel Labs Private Limited to [ICRA]B from
[ICRA]B+. ICRA has also assigned a short term rating of [ICRA]A4
to INR3.00 crore letter of credit limits of FLPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            18.50       [ICRA]B; Revised
                                     from [ICRA]B+

   Cash Credit            5.00       [ICRA]B; Revised
                                     from [ICRA]B+

   Letter of credit       3.00       [ICRA]A4 assigned

The revision in rating takes into account delays in commencement
of commercial operations of the plant on account of delay in
obtaining consent for operation (CFO) from Andhra Pradesh
Pollution Control Board (APPCB) due to state bifurcation issues;
weak financial profile of the company characterized by low
operating income of INR0.90 crore in FY15 for 3 months of
operations and losses at operating and net level during the same
period owing to high employee expenses and interest expenses. ICRA
notes that the debt repayment during FY15 was funded by promoters'
funds on account of cash losses. The ratings are also constrained
by FLPL's exposure to foreign exchange fluctuations and
vulnerability of profits to volatility in raw material and
finished goods prices owing to high competition prevailing in the
Active Pharmaceutical ingredient (API) manufacturing industry. The
ratings, however, positively factors in the experience and
qualification of the management team and favorable location of
manufacturing unit in Jawaharlal Nehru Pharma City in
Visakhapatnam which is furnished with facilities such as common
effluent treatment plant, hazardous waste management facility,
water treatment plant etc.

Going forward, ability of the company to increase the scale of
operations and improve profitability levels while managing the
working capital requirements would remain key rating sensitivities
from a credit perspective.

Incorporated in 2011, Forel Labs Private Limited (FLPL) is engaged
in manufacturing of bulk drugs. The manufacturing facility is in
Thannam village in Visakhapatnam District and is part of
Jawaharlal Nehru Pharma City which has been developed by
Government of Andhra Pradesh along with Ramky group. The products
currently manufactured by the company are Clopidogrel Bisulphate,
Fexofenadine Hydrochloride, Pentaprazole Sodium. The commercial
operations of the plant were started in January 2015. The total
project cost was INR29.83 crore excluding working capital margin
and was funded by term loan of INR18.50 crore and remaining from
promoter's contribution.

Recent Results
The company reported an operating income of INR0.90 crore and net
loss of INR1.48 crore in FY15.


HOTEL R.S.R.: CRISIL Suspends B Rating on INR42.5MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Hotel R.S.R. Apple Tree (Hotel RSR).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan        42.5      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     7.5      CRISIL B/Stable

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

Established in 2013 as a partnership firm, Hotel RSR is
constructing a three-star hotel at Sivakasi in Tamil Nadu. The
firm is promoted by Mr. R Shanmugaiah, his wife Mrs. S Dhanalaxmi
and his son Mr. R S Mahindaran.


LAKSHMI VENKAT: CRISIL Reaffirms B Rating on INR42MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of
Lakshmi Venkat Farms Ltd (LVFL; part of the Mayuri group)
continues to reflect the Mayuri group's stretched liquidity marked
by tightly matched cash accruals and term debt obligations.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           42        CRISIL B/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit          33        CRISIL B/Stable (Reaffirmed)

   Term Loan             39        CRISIL B/Stable (Reaffirmed)

The rating also factors in susceptibility of profitability margins
to volatility in raw material prices, exposure to intense
competition and to inherent risks in the poultry industry, and
below-average financial risk profile marked by modest net worth,
high gearing, and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of the
group's promoter in the poultry industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of LVFL, Mayuri Broiler Breeding Farms Pvt
Ltd (MBFPL), and Krishika Farms Pvt Ltd (KFPL). This is because
the three companies, collectively referred to as the Mayuri group,
have operational synergies being in the same line of business, and
have a common promoter and fungible cash flows.

Outlook: Stable
CRISIL believes that the Mayuri group will continue to benefit
over the medium term from its promoter's extensive industry
experience. The outlook may be revised to 'Positive' in case of a
substantial and sustained improvement in revenue and profitability
margins, or in capital structure or net worth backed by sizeable
equity infusion by promoter. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in profitability
margins, or significant deterioration in capital structure, caused
most likely by large debt-funded capital expenditure or stretch in
working capital cycle.

LVFL, incorporated in 1995 by Mr. V. Harshvardhan Reddy, produces
hatching eggs and day-old chicks. MBFPL, incorporated in 2006 by
Mr. V Harshvardhan Reddy, produces hatching eggs and broiler
birds. KFPL, incorporated in 2010, produces table eggs. The group
is based in Hyderabad, Telangana


MAHALAKSHMI PROFILES: Ind-Ra Suspends IND BB-' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mahalakshmi
Profiles Private Limited's (MPPL) 'IND BB-' Long-Term Issuer
Rating with a Stable Outlook to the suspended category.

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 MPPL.

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
MPPL ratings are:

-- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
    from 'IND BB-'
-- INR240.0 million fund-based working capital limit: migrated
    to 'IND BB-(suspended)'/'IND A4+(suspended)' from
    'IND BB-'/'IND A4+'
-- INR5.0 million non-fund-based working capital limits:
    migrated to 'IND A4+ (suspended)' from 'IND A4+'


MARUTHAM DEVELOPERS: CRISIL Suspends B+ Rating on INR140MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Marutham Developers (MD).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             140       CRISIL B+/Stable

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

Established as a partnership entity in 2002, Chennai (Tamil Nadu)-
based MD develops residential real estate primarily in Coimbatore.


MERCURYMINDS TECHNOLOGIES: CRISIL Suspends 'B' Loan Ratings
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
MercuryMinds Technologies Private Limited (MTPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             3.8       CRISIL B/Stable
   Long Term Loan          3.5       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     22.7       CRISIL B/Stable

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

Incorporated in 2008 and based in Chennai (Tamil Nadu), MTPL
derives its revenues from provision of IT services in the fields
of e-commerce, m-commerce and social commerce. The company is
promoted by Mr. S Rajaram.


OME SREE: ICRA Assigns 'B' Rating to INR6.59cr LT Loan
------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR6.59
Crore fund based limits of Ome Sree Sai Ganesh Poultries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   based Limits           6.59        [ICRA]B; Assigned

Rating Rationale
The assigned rating is constrained by the execution risks given
that 60% of the project is yet to be completed, the high reliance
on debt funding for the project with a debt/equity ratio of
2.85:1, and moderate scale of proposed operations. The rating is
also constrained by the susceptibility of margins in poultry farm
industry to the fluctuations in the feed costs especially maize
and soya prices. ICRA also factors in the strong bargaining power
of suppliers of one day old chicks in Andhra Pradesh region, and
the risks associated with the partnership structure of the firm.
The rating however positively factors in the healthy demand
outlook for the layer segment of the industry on account of
increasing acceptance of eggs as a daily meal component.
Going forward, timely completion of the project without any cost
overrun, quick ramp up and stabilisation of operations remain
critical to meet significant repayment obligations of the firm in
the near to medium term.

Ome Sree Sai Ganesh Poultries is a partnership firm established in
2015 and proposes to establish a poultry farm in West Godavari
District of Andhra Pradesh with a capacity of 100,000 layer birds
at an estimated cost of INR8.87 crore. The estimated month of
commencement of full-fledged operation is April 2016. The farm
once completed will have 4 layer sheds, 1 brooder shed and 1
grower shed.


PHANICARE PHARMACEUTICALS: Ind-Ra Suspends IND B LT Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Phanicare
Pharmaceuticals Private Limited's (Phanicare) 'IND B' Long-Term
Issuer Rating with a Stable Outlook to the suspended category.

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 Phanicare.

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
Phanicare's ratings are:

-- Long-Term Issuer Rating migrated to 'IND B(suspended)' from
    'IND B'
-- INR10.5 million term loan: migrated to 'IND B(suspended)'
    from 'IND B'
-- INR18.0 million fund-based working capital limit: migrated to
    'IND B(suspended)'/'IND A4(suspended)' from 'IND B'/'IND A4'
-- INR1.0 million non-fund-based limits: migrated to 'IND
    A4(suspended)' from 'IND A4'
-- Proposed INR11.7 million term loan: 'Provisional IND B';
    rating withdrawn due to lack of information
-- Proposed INR12.0 million fund-based working capital limit:
    'Provisional IND B'/'Provisional IND A4'; ratings withdrawn
     due to lack of information
-- Proposed INR12.5 million non-fund-based limit: 'Provisional
    IND A4'; rating withdrawn due to lack of information


PRIME MEIDEN: CRISIL Cuts Rating on INR1.33BB Loan to 'D'
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Prime Meiden Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'.  The downgrade reflects instances of delay
in servicing the term loans and over-utilisation of cash credit
limit for more than 30 days because of weak liquidity, driven by
delayed payments from customers.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           300       CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

   Letter of credit &    750       CRISIL D (Downgraded from
   Bank Guarantee                   'CRISIL A4+')

   Term Loan           1,330       CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

PML's financial risk profile is also weak marked by high gearing
and weak debt protection metrics, coupled with large working
capital requirements. However, PML benefits from its diversified
and reputed clientele, and strong market position in the specific
power equipment segment backed by exclusive marketing tie-ups with
reputed global manufacturers.

PML was incorporated on September 2008, to set up a plant in
Andhra Pradesh to manufacture extra-high-voltage power
transformers with 10,000 megavolt amperes (MVA) annual capacity
(transformers from 500 kilovolt amperes to 1000 MVA).


PULUKURI SIVA: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Pulukuri Siva
Prasad's (Pulukuri) 'IND B+' Long-Term Issuer Rating with a Stable
Outlook to the suspended category.

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 Pulukuri.

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
Pulukuri's ratings are:

-- Long-Term Issuer Rating: migrated to 'IND B+(suspended)' from
    'IND B+'
-- INR9.2 million term loan: migrated to 'IND B+(suspended)'
    from 'IND B+'
-- INR20 million fund-based working capital limit: migrated to
    'IND B+(suspended)' and 'IND A4(suspended)' from
    'IND B+'/'IND A4'
-- Proposed INR45m term loan: 'Provisional IND B+'; rating
    withdrawn due to lack of information


PVSRSN ENTERPRISE: CRISIL Reaffirms D Rating on INR150MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of PVSRSN Enterprise Pvt
Ltd (PVSRSN) continue to reflect its regularly overdrawn bank
limits, driven by weak liquidity, resulting from its large working
capital requirements.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        100       CRISIL D (Reaffirmed)
   Cash Credit           150       CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     50       CRISIL D (Reaffirmed)

PVSRSN has working-capital-intensive operations and high
geographic concentration in its revenue profile. The company,
however, benefits from its promoter's extensive experience in the
construction sector.

PVSRSN was set up as a proprietorship firm in 2003 by Mr. P V Sita
Rama Swamy Naidu. The firm was reconstituted as a closely held
company in 2008. PVSRSN undertakes civil construction activities
entailing irrigation and roadwork, and has implemented projects in
Andhra Pradesh.


REGALIA JEWELS: CRISIL Reaffirms B Rating on INR65MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Regalia Jewels
Pvt Ltd (RJPL) continues to reflect RJPL's weak financial risk
profile, marked by a highly leveraged capital structure and weak
debt protection metrics, and small scale of operations in the
highly fragmented jewellery industry. These weaknesses are
partially offset by the experience of RJPL's promoter in the
jewellery industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           65        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RJPL will continue to benefit over the medium
term from its promoter's industry experience. The outlook may be
revised to 'Positive' if RJPL scales up operations and improves
working capital management, leading to a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in financial risk profile on account of low
profitability or large working capital requirements.

RJPL, incorporated in 2006 by Mr. Sumit Verma, is based in Delhi.
The company manufactures and sells gold and diamond-studded
jewellery in the wholesale market. Its showroom is in Gurgaon
(Haryana).


S.P. MANI: CRISIL Reaffirms B+ Rating on INR300MM Term Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of S.P. Mani and
Mohan Dairy India Pvt Ltd (SP Mani) continues to reflect SP Mani's
exposure to intense competition in the dairy industry and to risks
related to its project for setting up a milk processing unit in
Erode (Tamil Nadu). These rating weaknesses are partially offset
by the extensive experience of SP Mani's promoters in the milk
processing industry.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           70       CRISIL B+/Stable (Reaffirmed)
   Term Loan            300       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SP Mani will continue to benefit over the
medium term from its promoters' extensive experience in the milk
processing industry. The outlook may be revised to 'Positive' if
the company stabilises its operations earlier than expected,
resulting in large cash accruals. Conversely, the outlook may be
revised to 'Negative' if SP Mani registers significant time and
cost overruns in its project, resulting in low cash accruals. The
outlook may also be revised to 'Negative' if SP Mani undertakes a
large debt-funded capital expenditure programme, weakening its
financial risk profile.

SP Mani, incorporated in 2011, is promoted by Mr. S P Loganathan
and Mr. R Mohanasundaram. The company is setting up a milk
processing unit in Erode.


SAI SRINIVASA: CRISIL Ups Rating on INR100MM Cash Loan to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sai Srinivasa Bottles Pvt Ltd (SSB) to 'CRISIL B+/Stable' from
'CRISIL B/Stable', and assigned its 'CRISIL A4' rating to the
short-term facility.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        13        CRISIL A4 (Reassigned)

   Cash Credit          100        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Proposed Long Term    12        CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

The rating upgrade reflects the improvement in SSB business risk
profile driven by a sustained increase in its scale of operations,
while maintaining the profitability. The upgrade also factors in
the improvement in the company's net worth, which has enhanced its
financial flexibility, and consequent improvement in its capital
structure. CRISIL believes that SSB will sustain the improvement
in financial risk profile over the medium term on the back of
consistent growth in net worth and the sustenance of its efficient
working-capital management.

The revenue grew 12 per cent year-on-year in 2014-15 (refers to
financial year, April 1 to March 31), and its operating margin
remained stable at 3.3 per cent. CRISIL believes that SSB would
register an annual revenue growth of around 15 per cent over the
medium term supported by improvement in geographical reach.

The company's net worth increased to around INR35 million as on
March 31, 2015 from INR23 million as on March 31, 2013 on the back
of moderate accretion to reserves. Consequently, the gearing
improved to 3.4 times as on March 31, 2015 from 3.8 times as on
March 31, 2013. The gearing is expected to improve further to 3.0
times as on March 31, 2016 on the back of consistent growth in net
worth and the sustenance of its efficient working capital
management.

The ratings continue to reflect the high degree of customer
concentration in SSB's revenue profile, and its exposure to
intense competition in the bottle trading business resulting in
low profitability margins.  The ratings of the company are also
constrained on account of its average financial risk profile
marked by modest net worth, moderate gearing, and average debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of promoters in the glass bottle
industry, the company's established relationships with customers,
and efficient working capital management.

Outlook: Stable
CRISIL believes that SSB will continue to benefit over the medium
term from promoters' extensive experience and established
relationships with customers. The outlook may be revised to
'Positive' if there is a substantial and sustained increase in the
company's profitability margins, while it registers a healthy
revenue growth, or there is a substantial increase in its net
worth on the back of sizeable equity infusion from promoters.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in profitability margins, or significant
deterioration in capital structure, caused most likely by a
stretch in working-capital cycle.

SSB was set up in 2004 by Mr. Uppala Srinivas as a partnership
firm, and was reconstituted as a private limited company in 2011.
The company trades in glass bottles, used for packaging of
alcoholic beverages. It is based in Hyderabad (Telangana).


SARASWATI INDUSTRIES: CRISIL Reaffirms B Rating on INR67MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short-term bank
facility of Saraswati Industries (SI) and reaffirmed its rating on
the firm's long-term bank facilities at 'CRISIL B/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         2        CRISIL A4 (Assigned)

   Cash Credit           67        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    46        CRISIL B/Stable (Reaffirmed)

The ratings reflect SI's weak financial risk profile, marked by a
leveraged capital structure, a small net worth, and weak debt
protection metrics. The ratings also factor in the firm's low
bargaining power with principals and exposure to intense
competition in the automotive dealership market. These rating
weaknesses are partially offset by the extensive industry
experience SI's partners and the firm's diversified supplier base.

Outlook: Stable
CRISIL believes that SI will continue to benefit over the medium
term from its established relationships with its principals and
its partners' industry experience. The outlook may be revised to
'Positive' if the firm's operating profitability improves and if
its partners infuse equity, resulting in a better capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of a significant decline in SI's revenue or operating margin,
resulting in deterioration in its debt protection metrics.

SI is a partnership firm established in July 2009 and founded by
Mr. Satyam Agarwal and Ms. Shyama Agarwal. The firm distributes
tractors manufactured by Mahindra & Mahindra and New Holland and
passenger cars of General Motors India Pvt Ltd. SI is based in
Mirzapur (Uttar Pradesh).


SHATABDI SHIKSHA: ICRA Assigns 'B' Rating to INR10cr LT Loan
------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR10.00
crore fund based bank facilities of Shatabdi Shiksha Prasar Sabha.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long term fund based    10.00      [ICRA]B; Assigned

ICRA's rating factors in the low profitability of the Society's
existing colleges and school owing to intense competition which
has resulted in moderate overall occupancy of ~70%. The rating
also takes into account the risks related to attracting and
retaining qualified and experienced faculty in the institutes.
Further, the ongoing debt funded capital expenditure for expansion
of the existing colleges and commencement of a new law college, is
likely to exert pressure on the cash flows during the initial
years, as occupancy will pick up gradually. However, the rating
favourably factors in the established track record of the Society
in managing and running the educational institutes in Meerut,
Uttar Pradesh with total student strength of ~1400, and its
qualified management personnel.

Going forward, the society's ability to successfully commence the
operation of the new college, coupled with improvement in the
occupancy of the existing colleges along with an improvement in
its liquidity position will be the key rating sensitivities. Any
large size debt funded capital expenditure will also be a
monitorable.

SSPS was established in 1992 by Late Dr. Rampal Singh Nehra to set
up educational institutes in Meerut, Uttar Pradesh. The society
runs four colleges and one school in Mohinidinpur, Meerut. The
school is affiliated to the CBSE* while the colleges are
affiliated to Chaudhary Charan Singh University, Meerut.
Presently, Dr. Kusum Lata and Mr. Amit Nehra are managing the
affairs of the society.

Recent Results
The society registered gross revenues of INR9.63 crore with a net
surplus of INR0.02 crore in FY2013-14, as against gross revenue of
INR7.19 crore and a net surplus of INR0.05 Lacs in the previous
year.


SHREE VENTURES: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Ventures - Nagpur
(SV) continues to reflect the average financial risk profile
marked by modest net worth and high external indebtedness,
susceptibility of its operating margins to volatility in prices of
traded goods and large working capital requirements.. These rating
weaknesses are partially offset by the extensive experience of the
proprietor in the agricultural products trading business.

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

   Proposed Long Term
   Bank Loan Facility    10       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes SV will continue to benefit over the medium term
from the promoters extensive experience in the industry. The
outlook may be revised to 'Positive' in case the concern achieves
sustainable growth in its accruals leading to an improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if SV's financial risk profile deteriorates on
account of lower-than-expected cash accruals; or larger-than-
expected debt for working capital requirements or if the company
undertakes a large debt-funded capex.

SV was setup in 2011 as a proprietorship concern of Mr. Ujwal
Pagariya. It is engaged in wholesale trading of agricultural
products. The concern is based out of Nagpur (Maharashtra).

For 2014-15 (refers to financial year April 1 to March 31), SV
reported profit after tax (PAT) of INR28.1 million on net sales of
INR519.8 million; against PAT of INR11.2 million on net sales of
INR344.8 million in 2013-14.


SPERO POWER: CRISIL Suspends B Rating on INR81.7MM Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Spero Power Pvt Ltd (SPPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Term Loan    18.3       CRISIL B/Stable
   Rupee Term Loan       81.7       CRISIL B/Stable

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

Incorporated in July 2012, SPPL generates power through windmills;
the entity was formed by take-over of windmills from its group
firm -- Centrefold Fashion.


STAR LOGISTICS: CRISIL Suspends B Rating on INR30MM Loan
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Star Logistics (SL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      30        CRISIL B/Stable
   Proposed Overdraft
   Facility                30        CRISIL B/Stable

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

SL, established in 2007 by Mr. Najeebullah Shariff and based in
Mysore (Karnataka), is a third-party logistics service provider to
various cement manufacturing companies.


SWASTIK DENIM: CRISIL Assigns B+ Rating to INR73MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Swastik Denim Private Limited (SDPL).

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           15       CRISIL B+/Stable
   Term Loan             73       CRISIL B+/Stable

The rating reflects SDPL's nascent stage of operations in
intensely competitive textile industry and its modest financial
risk profile marked by small net worth and high gearing. These
rating strengths are partially offset by extensive experience of
promoters in the textile industry.

Outlook: Stable
CRISIL believes that SDPL will continue to benefit over the medium
term from the extensive industry experience of the promoters. The
outlook may be revised to 'Positive' in case the company generates
higher than expected revenues and profitability margins, leading
to improvement in financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of lower than expected
revenues or profitability, or stretch in working capital cycle,
leading to significant impact on its debt servicing ability.

SDPL was incorporated in 2012 by Mr. Sandeep Patani, Mr. Sanjay
Patni, Mr. Chhogalal Vadera, Mr. Kishor Mundra and Mr. Sachin
Zanwar. The company is engaged into sizing of raw cotton on a job
work basis and started commercial production in April 2015. Its
manufacturing unit is based in Kolhapur (Maharashtra).


TA HYDRAULICS: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated TA Hydraulics
Private Limited's (TAHPL) 'IND BB-' Long-Term Issuer Rating with a
Stable Outlook to the suspended category.

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 TAHPL.

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
TAHPL's ratings are:

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

-- INR20 million fund based working capital limits: migrated to
    'IND BB-(suspended)'/'IND A4+(suspended)' from 'IND BB-'/'IND
    A4+'

-- INR5 million non-fund-based working capital limits: migrated
   to 'IND A4+(suspended)' from 'IND A4+'

-- Proposed INR40m fund-based working capital limits:
   'Provisional IND BB-' and 'Provisional IND A4+'; ratings
   withdrawn due to insufficient information

-- Proposed INR5 million non-fund-based working capital limits:
    'Provisional IND A4+' rating withdrawn due to insufficient
    Information.


THAKARDHANI AGROPRODUCT: CRISIL Reaffirms B+ Term Loan Rating
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Thakardhani
Agroproduct Private Limited (TAPL) continues to reflect the
company's exposure to the risks related to its ongoing project,
susceptibility of its operating margin to volatility in raw
material prices, and its weak financial risk profile, marked by
high gearing and weak debt protection metrics.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           60       CRISIL B+/Stable (Reaffirmed)
   Term Loan             57       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the promoters in the edible oil industry and the
proximity of its plant to the cotton and groundnut-growing region.

Outlook: Stable

CRISIL believes that TAPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company successfully
stabilises its operations and posts large cash accruals, leading
to improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if TAPL's financial risk
profile, including its liquidity, deteriorates, most likely
because of time and cost overruns while execution of its project
or if it takes longer-than-expected to stabilise the project
resulting in lower cash accruals.

Update
TAPL was expected to start commercial operations from October
2014. On the back of a decline in cotton production during the
cotton season (CS) 2014-15, however, the company delayed the
commencement of the plant's operations. Currently, the project is
under final stages of implementation (with machinery being
installed and some minor fabrication work under progress); trial
runs are expected to start in August 2015 and the commercial
operations from the end of the month. The delay in commencement of
the project has not resulted in any cost overrun (especially the
interest during the implementation period) since the company
delayed the disbursement of the term loan as well. It is now
setting up a plant with capacity of 125 tonnes per day (tpd) as
against 75 tpd envisaged earlier. The total cost of the project
will now be around INR116 million as against INR102.5 million
estimated earlier.

CRISIL expects TAPL's gearing to remain high at 2.8 times as on
March 31, 2016, on the back of company availing of additional debt
to enhance its capacities. The company is also expected to avail
additional debt to acquire machinery capable of delivering high
quality output. CRISIL expects the company's debt protection
metrics to remain modest in 2015-16 (refers to financial year,
April 1 to March 31) on the back of the start-up nature of
operations.

CRISIL expects the company to have moderate working capital
requirements, marked by estimated gross current assets of 40 days
as on March 31, 2016. The repayments on the term loan will
commence from April 2016 and CRISIL expects the company to post
cash accruals of INR18.4 million in 2016-17 against a repayment
obligation of INR14.3 million.

Incorporated in 2013, TAPL is promoted by Surendranagar (Gujarat)-
based Mewada family. The company is setting up a plant for
refining of edible oil with an installed capacity of 125 tpd. The
project is expected to start commercial operations at the end of
August 2015.


UNILINK PHARMA: CRISIL Suspends D Rating on INR30MM Loan
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Unilink Pharma Pvt Ltd (UPPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Letter of Credit      30        CRISIL D
   Packing Credit        30        CRISIL D
   Proposed Long Term
   Bank Loan Facility    22.5      CRISIL D
   Term Loan             17.5      CRISIL D

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

Incorporated in 2005, UPPL is engaged in the manufacture and
export of drugs and formulations in the form of tablets, capsules,
syrups, and ointments. The company is jointly promoted by Mr.
Karunakaran, Mr. Palanisamy, and Mr. Venkatesan who manage its
day-to-day affairs.


VARDHMAN SPINNERS: CRISIL Assigns B Rating to INR65MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Vardhman Spinners (VS).

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Term Loan      65       CRISIL B/Stable
   Cash Credit              7       CRISIL B/Stable
   Proposed Cash Credit
   Limit                   53       CRISIL B/Stable

The rating reflects the firm's start-up nature of operations and
modest scale of business in a competitive industry. The rating
also reflects its weak financial risk profile, marked by high
gearing. These weaknesses are partially offset by the benefits
that VS derives from the extensive experience of its partners in
the textile industry.

Outlook: Stable
CRISIL believes that VS will continue to benefit from its
partners' extensive experience in the textile industry. The
outlook may be revised to 'Positive' if the firm increases its
scale of operations and profitability while maintaining its
working capital management, leading to large cash accruals.
Conversely, the outlook may be revised to 'Negative' if VS's
financial risk profile weakens because of a decline in revenue or
profitability levels or inefficient working capital management
leading to pressure on its liquidity.

VS, promoted as a partnership firm in 2008, has recently set up a
facility for manufacturing blankets. The firm is promoted and
managed by its partners Mr. Ajay Kumar Jain, Mr. Hemant Jain, Ms.
Dipti Jain, and Ms. Shashi Jain.

The firm reported net profit of INR0.24 million on net sales of
INR45.7 million for 2014-15 (refers to financial year, April 1 to
March 31) as against net profit of INR0.16 million on net sales of
INR48.4 million for 2013-14.



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


SOLID ENERGY: Genesis Energy Confirms End to Coal Contract
----------------------------------------------------------
Pattrick Smellie at NBR Online reports that Genesis Energy
confirmed it will terminate its coal supply contract with state-
owned coal miner Solid Energy, which was placed into voluntary
administration last week ahead of an attempt to sell its assets
over the next 2 1/2 years.

Genesis uses coal at its Huntly power station, where it has two
250 Megawatt units capable of running on both natural gas and
coal, NBR says.  It plans to close those units by the end of 2018
and already has 720,000 tonnes of coal stockpiled, which along
with natural gas supply contracts, is sufficient to run the units
for the rest of their operational life, according to the report.

NBR says the electricity generator and retailer confirmed the
termination carried no penalty fee, suggesting the contract with
Solid Energy had a trigger clause allowing Genesis to terminate
the agreement in the event of Solid Energy suffering a material
change in its circumstances.

According to the report, Meridian Energy chief executive Mark
Binns on August 19 speculated that Genesis may reverse its
decision to close the two ageing Huntly units following Contact
Energy's decision earlier this week to close down its 400MW gas-
fired power station, Otahuhu-B, at the end of next month.

Genesis will not comment on the suggestion, other than to stress
the closure will occur "unless market conditions changed
significantly," NBR 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.



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


JURONG AROMATICS: In Debt Restructuring Talks With Bankers
----------------------------------------------------------
Andrea Tan and Christopher Langner at Bloomberg News report that
Jurong Aromatics Corp, operator of one of the world's largest
petrochemical plants, cannot service its interest payments and is
negotiating a debt restructuring with bankers amid a plunge in oil
prices, people familiar with the situation said.

According to Bloomberg, sources said operations at the US$2.4
billion (SGD3.4 billion) plant have stalled since December as the
Singapore-based group remains locked in talks with lenders
including BNP Paribas and Standard Chartered, as well as suppliers
Glencore, BP and SK Energy.

Production began in September last year, according to Jurong
Aromatics' website, and the plant was targeting to produce 1.5
million tonnes of aromatics and 2.5 million tonnes of
transportation fuels a year, Bloomberg relays.

Bloomberg says Singapore's national plan to leverage upon its
geographical position and become a regional refining hub has been
dented by the recent falls in commodity prices.

From the establishment in 2001 of tax breaks for trading companies
to the hollowing of part of the island to store oil, the country
has worked to become one of the world's biggest energy hubs, says
Bloomberg.

Jurong Aromatics had US$1.53 billion in liabilities and US$68.7
million of accumulated losses at the end of 2013, Bloomberg
discloses citing Jurong's latest available financial records.

BP, Glencore and SK Energy have secured claims against the firm,
while BNP Paribas led a US$1.73 billion loan facility in 2011 that
has yet to be repaid, the records show, according to Bloomberg.

Bloomberg relates that sources said Jurong Aromatics ran out of
working capital in December. With interest payments delayed and a
grace period coming to an end, some lenders have threatened to tip
the company into receivership, they said, Bloomberg relays.
Shareholders and suppliers are trying to extend the grace period
while an agreement is negotiated, the sources, as cited by
Bloomberg, added.

The need for fresh capital has prompted BP, SK Energy and Glencore
-- which combined are owed about US$500 million - to suggest
converting some debt into equity, Bloomberg relates citing some of
the sources. That would dilute current shareholders and result in
the trio holding a 75 per cent stake themselves, the sources
added.

Jurong Aromatics is currently owned 30% by SK International
Investment, 25% by China's Jiangsu Sanfanxiang Group Co and 10% by
Glencore. Other shareholders include Arovin Ltd., Shefford
Investments Holding, UVM Investment Corp., EDB Investments Pte and
Essar Ltd., company records filed with Singapore's Accounting and
Corporate Regulatory Authority show. EDB Investments is a unit of
Singapore's Economic Development Board.



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


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

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

AUSTRALIA


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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

PULSE ENERGY LTD          PLE            -4.52          -4.95


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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



                             *********

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

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

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


                            *********


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

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

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

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

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



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