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

                      A S I A   P A C I F I C

          Wednesday, August 26, 2015, Vol. 18, No. 168


                            Headlines


A U S T R A L I A

BBY LTD: Court Allows Clients to File Own Case vs Firm
BRISCONNECTIONS GROUP: AirportlinkM7 Up for Sale
CAPE RANGE: Placed in Voluntary Administration
FORTESCUE METALS: Moody's to Keep Ba2 CFR Following FY15 Results
KLEENMAID GROUP: Ex-Director Pleads Guilty to Insolvent Trading

MONT BLANC: First Creditors' Meeting Set For Sept. 3
OCEANIC ASSET: Ernst & Young Appointed as Provisional Liquidator
PRIMESPACE PROPERTY: Investment Placed into Liquidation


C H I N A

GENERAL STEEL: Posts $1 Billion Net Loss for Second Quarter
HONGHUA GROUP: Moody's Lowers CFR to Caa1; Outlook Negative
KU6 MEDIA: Fails to Comply with Nasdaq's Minimum Bid Price Rule
WEST CHINA: Moody's Raises CFR to Ba3; Outlook Stable


I N D I A

AUM SHRI: CRISIL Suspends B Rating on INR26.9MM LT Loan
BANSAL POLES: CRISIL Suspends B- Rating on INR300MM Cash Loan
COSMAS RESEARCH: Ind-Ra Withdraws IND D Long-Term Issuer Rating
COSMO FERRITES: CRISIL Cuts Rating on INR98.6MM Loan to B+
HIMSON TEXTILE: ICRA Suspends 'B' Rating on INR7.0cr Cash Loan

KALINGA ALLOYS: CRISIL Reaffirms B+ Rating on INR47.5MM Loan
KARO COILS: CRISIL Reaffirms B- Rating on INR86.5MM Term Loan
KONARK INFRASTRUCTURE: CRISIL Cuts Rating on INR907.3M Loan to B-
MARLIN INFRASTRUCTURES: CRISIL Suspends D Rating on INR30MM Loan
MARUTHI CLOTHING: CRISIL Suspends D Rating on INR50MM Loan

MODERN STEELS: CRISIL Cuts Rating on INR730MM Cash Loan to 'D'
NDT TECHNOLOGIES: ICRA Suspends B+ Rating on INR9.80cr Loan
NILANCHAL GRIH: CRISIL Suspends 'B' Rating on INR90MM Term Loan
NSL TEXTILES: CRISIL Cuts Rating on INR7.51BB Term Loan to B+
PADMA POLYMERS: CRISIL Reaffirms 'B' Rating on INR60MM LT Loan

PES INSTALLATIONS: CRISIL Suspends B+ Rating on INR40MM Loan
PGS TELE: CRISIL Suspends B+ Rating on INR90MM Cash Credit
PRASOON CONSTRUCTIONS: CRISIL Suspends B Rating on INR50MM Loan
RAGHAV MADHAV: ICRA Cuts Rating on INR4.50cr Term Loan to D
RAMAKRISHNA TELETRONICS: CRISIL Suspends B Rating on INR250M Loan

RAMGAD MINERALS: CRISIL Suspends 'D' Rating on INR400MM Loan
RUBICON INSPECTION: CRISIL Reaffirms B Rating on INR40MM LT Loan
S.B. INTERNATIONAL: CRISIL Suspends D Rating on INR55MM Loan
SARAH FOODS: CRISIL Suspends B+ Rating on INR71MM LT Loan
SARVAHITHA EDUCATIONAL: CRISIL Suspends B+ Rating on INR89MM Loan

SATYAM INDUSTRIES: CRISIL Cuts Rating on INR137MM Loan to 'D'
SHIRT COMPANY: CRISIL Reaffirms B- Rating on INR438.1MM Loan
SHIV JYOTI: CRISIL Suspends B- Rating on INR40MM Term Loan
SHREE GAJANAN: Ind-Ra Hikes Long-Term Issuer Rating to IND BB-
SHRISTI PLYWOOD: CRISIL Suspends 'B' Rating on INR70MM Loan

SIDDHA CHAKRA: CRISIL Reaffirms B Rating on INR40MM Term Loan
SINGLA APPARELS: CRISIL Suspends B+ Rating on INR65MM Cash Loan
SRI HANUMAN: CRISIL Suspends 'D' Rating on INR63.5MM Cash Loan
SUNSHINE CARS: CRISIL Assigns B- Rating to INR70MM Cash Credit
SUYASH METATECH: CRISIL Assigns 'B' Rating to INR45MM Cash Loan

V. G. SHIPBREAKERS: CRISIL Reaffirms B- Rating on INR70MM Loan
VENSHIV PHARMACHEM: CRISIL Suspends 'D' Rating on INR49MM Loan


I N D O N E S I A

ENERGI MEGA: S&P Revises Outlook to Negative & Affirms 'B' CCR
INDIKA ENERGY: Moody's Lowers CFR to B2; Outlook Negative
KAWASAN INDUSTRI: Fitch Affirms 'B+' LT Issuer Default Rating


N E W  Z E A L A N D

SOLID ENERGY: Creditors Vote against Forming Creditors' Committee


                            - - - - -


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


BBY LTD: Court Allows Clients to File Own Case vs Firm
------------------------------------------------------
Joyce Moullakis at The Sydney Morning Herald reports that the NSW
Supreme Court on August 24 allowed a group of former BBY equities
and exchange-traded-options clients to file their own case against
the failed stockbroking firm, in tandem with action by liquidator
KPMG, as aggrieved clients attempt to recover millions of dollars.

SMH relates that clients and creditors of BBY, which was placed in
voluntary administration in May, are still reeling from the
collapse as investigations into transactions and conduct at the
broking and advisory firm continue. The report says KPMG, the
liquidator of several BBY entities, has previously estimated
clients faced a combined shortfall in their accounts of
AUD16 million.

According to the report, Judge Peter Brereton on August 24 called
for parties to outline specific claims, including a separate
request from a former group of BBY equities and exchange-traded-
options (ETO) clients. Former BBY futures clients were also
represented at the directions hearing, the report notes. KPMG had
wanted to be a representative defendant to ward against former BBY
customers bringing multiple proceedings, SMH relays.

SMH says Justice Brereton ordered KPMG to make changes to a
circular that will probably be sent to former BBY clients, and
referenced a table that suggested clients -- depending on the
product area they were invested in -- may retrieve as little as 37
cents in the dollar. Amounts may vary for products including
equities, futures and foreign exchange, depending on whether
client funds are pooled together. Clients with money held on trust
have a direct claim as a beneficiary not a creditor.

That figure is understood to assume client accounts are pooled,
and excludes deposits into and out of accounts by receivers PPB
Advisory and any amounts received or recovered from former BBY
counterparties. About AUD3.4 million has already been received
from the ASX and placed in a separate trust account, the report
notes.

The bottom of the estimated range for former BBY clients compares
to the top end in the order of 60 cents in the dollar, and an
earlier and separate KPMG assumption that BBY creditors may
receive zero to 24 cents in the dollar, according to SMH.

SMH relates that Justice Brereton said the communication by KPMG
to former BBY clients should outline the issues and decisions
confronting them.

"The purpose of this notification is so that a client reading it
can make a decision on whether to participate," he said. "What I
want is something . . . that crystallises the issue for clients."

Justice Brereton asked KPMG to file a revised circular to the
court by August 27, the report notes.

SMH says Ross Foreman for the liquidators drew similarities
between the BBY case and that of failed firm MF Global. But
Justice Brereton disagreed with that case precedent, as did
Gerald Parncutt, barrister for the equities clients. "We have
trust account statements for each individual client," the report
quotes Mr Parncutt as saying.

Justice Brereton knocked back a request by the equities clients
for mediation, noting that would only work if all parties were
willing participants. "I think mediation is doomed," he said.

The report relates that KPMG's Stephen Vaughan said the outcome of
the hearing was an "early but important step forward" for former
BBY clients and creditors to establish an "orderly process" to
clarify potentially competing entitlements.

KPMG also confirmed the lodgment of a further report with the
corporate regulator focusing on potential recovery actions. The
Supreme Court matter was adjourned until August 31, SMH adds.

Founded in 1987, BBY Limited is a boutique investment firm that
offers brokerage and financial advisory services. The company
provides merger and acquisition, initial public offering, private
placement, equity trading, and market and business research
services. Additionally, it offers capital raising, restructuring,
due diligence, valuation, relationship management, and clearing
services.

On May 18, the Directors of BBY Limited have appointed KPMG as
Voluntary Administrators.


BRISCONNECTIONS GROUP: AirportlinkM7 Up for Sale
------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that the AirportlinkM7
concessions and related assets are up for sale. The sale is under
instructions from the receivers and managers of the toll road, the
report says.

According to the report, the free-flow toll road has dual tunnels.
It offers the most direct and fastest transport route between the
Brisbane Domestic and International Airport and Brisbane's CBD.
The concession rights for operating the toll road are held by
BrisConnections until July 30, 2053.

BrisConnections Group is the company behind the AUD4.8 billion
Airport Link tunnel.  AirportlinkM7 is the toll road linking
Brisbane's CBD to the northern suburbs and the Brisbane Domestic
and International Airport.

David McEvoy, Christopher Hill and Michael Owen of PPB Advisory
were appointed as Receivers and Managers to the BrisConnections
Group, the owner and operator of the AirportlinkM7 toll road on
Feb. 19, 2013.  This follows the appointment of partners of
McGrathNicol as Voluntary Administrators by the Board of
BrisConnections Group.

Yahoo!7, citing a release to the ASX, reported that
BrisConnections went into administration citing low traffic levels
and debts worth more than the tunnel.

BrisConnections entered negotiations to restructure its debt, but
the board was told lenders were not prepared to support the
proposals, according to Yahoo!7.


CAPE RANGE: Placed in Voluntary Administration
----------------------------------------------
Renee Thompson at SmartCompany reports that Cape Range Electrical
Contractors has collapsed into voluntary administration.
Administrators Rob Kirman and Keith Crawford of McGrathNicol were
appointed to manage the voluntary administration of the company on
August 18.

Mr. Kirman told SmartCompany the discussions with key
stakeholders, including the company's approximately 30 employees,
after the collapse have so far had been positive.

"Since the administration appointment it has been business as
usual," the report quotes Mr. Kirman as saying.  "The key strategy
is to maintain that and explore expression of interests (for the
purchase of the business and assets)."

According to SmartCompany, the administrators are seeking urgent
expressions of interest for the purchase of the business and its
assets, with an advertisement appearing last week in The
Australian.

SmartCompany relates that the ad lists assets including a "modern,
well-equipped available-for-hire fleet, including mine
specification light vehicles, excavators, truck, trailers,
tippers, skid steer and directional drill rigs".

It also references a "skilled workforce providing a comprehensive
range of electrical services, including industrial installation,
communication cabling, maintenance and labour hire".

The first meeting of the company's creditors will take place in
Perth on August 28, a day after expressions of interest close.

Cape Range Electrical Contractors is a Newman-based electrical
contractor business specialising in the supply, installation and
maintenance for individual and commercial clients.  The family-
owned business has been operating since 1973 and mainly services
the Newman and Pilbara region.


FORTESCUE METALS: Moody's to Keep Ba2 CFR Following FY15 Results
----------------------------------------------------------------
Moody's Investors Service says that Fortescue Metals Group Ltd
full-year results for the year ended June 30, 2015, (FY15) are
credit negative but in line with Moody's expectations given the
weaker iron ore price and market fundamentals.  As such, there is
no immediate impact on ratings, including Fortescue's Ba2
Corporate Family Rating (CFR) and the Ba1 senior secured and B1
senior unsecured ratings of FMG Resources (August 2006) Pty Ltd.
The outlook on all ratings is negative.

"The deterioration in revenue and earnings has led to credit
metrics which are at weak levels for the current Ba2 rating" says
Matthew Moore, a Moody's Vice President and Senior Credit Officer,
adding "However, the weaker results are in line with Moody's
previous expectations and the current negative outlook on
Fortescue's ratings".

Fortescue's revenue declined by around 28% to approximately
USD8.6 billion in FY15, which flowed through to underlying EBITDA
falling by around 57% to approximately USD2.5 billion.  Lower
revenue reflected an around 46% decline in realised iron prices to
USD57 per dry metric tonne (dmt), which was partially offset by
higher iron ore shipments.

Lower earnings and relatively flat debt levels led to Fortescue's
leverage, as measured by adjusted Debt/EBITDA, rising to around
4.0x in FY15, which is at Moody's tolerance level for the current
rating.  This is up from around 1.8x in FY14.

"The negative outlook continues to reflect the sensitivity of
Fortescue's earnings and credit metrics to movements in the iron
ore price, which is exposed to further downside risk" says Moore,
adding "The outlook also reflects Moody's expectation that credit
metrics will deteriorate further under our current iron ore price
sensitivities and could exceed 5.0x, absent any additional
countermeasures".

Moody's expects the weak iron ore fundamentals to continue with
prices remaining pressured through 2016.  Moody's current base
case sensitivity for iron ore is for USD50/t for calendar year
2015 and USD45/t for 2016.

The company's strong operating performance and ability to achieve
production levels and unit costs in-line with Moody's expectations
limited the impact of lower prices on earnings and credit metrics.
Fortescue consistently produced at a run rate of around 165mtpa in
FY15, which was a 33% improvement over FY14.  The company also
achieved an around 21% reduction in unit costs in the period with
C1 cash costs of production falling to USD27 per wet metric tonne
(wmt).  These improvements in volumes and costs provided around a
USD3.8 billion offset to the USD7.2 billion impact on EBITDA from
lower prices.

Moody's expects production to be maintained at around 165mt in
FY16 and for unit cost to fall further to around USD18/wmt, in-
line with the company's guidance.

Liquidity remained solid in the period with cash balances
remaining relatively flat at around USD2.4 billion.  This,
combined with Moody's expectation for cash flow from operations in
FY16, will more than offset expected cash uses.  The company
generally targets liquidity of around USD1.0-1.5 billion, which
could allow for cash above these levels to be used for debt
reduction and partially offset Moody's expectations for weaker
credit metrics.

WHAT COULD CHANGE THE RATINGS

The rating could be downgraded if the company is unable to sustain
and improve on recent cost reductions.  Continued pressure on iron
ore prices could also lead to a downgrade.  Financial metrics that
Moody's would consider for a downgrade would be an inability to
improve Debt-to-EBITDA to below 4.0x on a consistent basis.

Moody's would consider stabilizing Fortescue's outlook if prices
improve and are sustained above our sensitivity ranges or the
company reduces costs and/or debt to levels where the company can
maintain Debt-to-EBITDA below 3.5x through all reasonable pricing
assumptions.

Fortescue Metals Group Ltd based in Perth, is an iron ore producer
engaged in the exploration and mining of iron ore for export,
mainly to China.  Fortescue is Australia's third largest iron ore
producer and exporter as well as one of the world's largest
producers and sea-borne traders.


KLEENMAID GROUP: Ex-Director Pleads Guilty to Insolvent Trading
---------------------------------------------------------------
Renee Thompson at SmartCompany reports that the former director of
Kleenmaid Group has pleaded guilty to three charges relating to
company's collapse.

SmartCompany says Gary Collyer Armstrong appeared before Brisbane
District Court on August 24 on one charge of dishonestly gaining a
Westpac loan of AUD13 million in 2007 and two counts of insolvent
trading relating to debts of AUD3.5 million dating back to 2008.

Kleenmaid had about 200 staff and 15 retail franchises before it
collapsed in 2009, when liquidators reported consolidated debts of
about AUD100 million, SmartCompany relates.

According to SmartCompany, the company's collapse affected an
estimated 6,000 customers around the country who paid money for
appliances they never received, while its retail and service
franchisees lost their investments.

The Australian Securities and Investment Commission has been
pursuing the matter since 2012, with the latest development set to
see Armstrong sentenced in October, the report states.

Two of the other former Kleenmaid directors, Andrew Eric Young and
Bradley Wendell Young, who are also facing charges, will appear
back in court in October, SmartCompany discloses.

The report says the court will decide on further directions about
the charges the brothers face, after the original trial date of
August 17 was vacated.

Matt Davis, a solicitor at Breene and Breene Solicitors who
specialises in insolvency and criminal law, told SmartCompany the
important thing for SME business owners to understand is such
cases are not just a "big end of town issue".

"The laws apply to all companies regardless of size," SmartCompany
quotes Mr. Davis as saying. "It's as much of a problem for big
companies or Kleenmaid as it is for one or two directors or mum or
dad style companies."

The report relates that Mr. Davis said in his experience ASIC and
the Australian Tax Office are taking a "much harder line" now than
they have for some time.

"ASIC are much more proactive in prosecuting offences under the
Corporations Act," Mr. Davis told SmartCompany. "ATO has seriously
ramped up investigations into delinquent directors . . . the ATO is
jumping on them much quicker than in past."

Mr. Davis said members of the public are also a bit more "savvy"
in their understanding of general criminal law as it applied to
company directors, SmartCompany adds.

                       About Kleenmaid Group

Founded in 1985, Kleenmaid Group -- http://www.kleenmaid.com.au/
-- sells kitchen and laundry appliances.

The Troubled Company Reporter-Asia Pacific reported on April 13,
2009, that Kleenmaid Group has been placed into administration.
The company appointed Deloitte partners John Greig, Richard
Hughes and David Lombe as voluntary administrators.  A TCR-AP
report on May 26, 2009, said the creditors of Kleenmaid Group
voted to wind up the company at a meeting in Brisbane.

The TCR-AP, citing a report posted at news.com.au, said that the
administrators had recommended that Kleenmaid be put into
liquidation, saying the company may have been insolvent as early
as June 2007.  The administrators said Kleenmaid creditors are
owed AUD102 million, which included AUD3 million owed to
Kleenmaid employees.

Liquidators from Deloitte have not yet finished their report on
claims the former Kleenmaid Group may have been trading while
insolvent for up to two years, according to The Sydney Morning
Herald.


MONT BLANC: First Creditors' Meeting Set For Sept. 3
----------------------------------------------------
David Iannuzzi & Steve Naidenov of Veritas Advisory were appointed
as administrators of Mont Blanc Holdings Pty Ltd on Aug. 24, 2015.

A first meeting of the creditors of the Company will be held at
Level 12, 88 Pitt Street, in Sydney on Sept. 3, 2015, at
10:00 a.m.


OCEANIC ASSET: Ernst & Young Appointed as Provisional Liquidator
----------------------------------------------------------------
Following a successful application made by Australian Securities
and Investments Commission, the Federal Court of Australia has
made orders appointing Mr Vince Smith, a Perth partner of Ernst &
Young, as a provisional liquidator of the following companies:

    Oceanic Asset Management Pty Ltd (OAM)
    Oceanic Equities Pty Ltd
    Australian Global Capital Pty Ltd
    Mulato Management Services Pty Ltd
    Mulato Nominees Pty Ltd (ACN 008 980 309)
    Ridgeway House Pty Ltd (ACN 125 133 806)

ASIC's application was made as a result of concerns arising from
complaints made to ASIC and the West Australian Police Services
Major Fraud Squad by a large number of UK-based investors. This
followed the suspected suicide of one of the directors of the
companies Mr David Jones, and his wife Mrs Jeanette Jones in June
this year.

ASIC was also successful in obtaining asset preservation orders
and the appointment of a Trustee (Mr Kimberley Wallman of HLB Mann
Judd) to the deceased estate of Mr David Jones (this includes the
former residential property of the deceased located in the Perth
suburb of Como).

OAM holds an Australian Financial Services licence and is licensed
to provide advice to wholesale clients. OAM appears to have been
operating a number of unregistered managed investment schemes.

ASIC made the application in order to protect the interests of
shareholders, investors and creditors.

ASIC's investigation into the affairs of OAM and associated
entities is continuing.


PRIMESPACE PROPERTY: Investment Placed into Liquidation
-------------------------------------------------------
PrimeSpace Property Investment Ltd has been placed into
liquidation. Shaun Robert Fraser and Anthony Gregory McGrath of
McGrathNicol were appointed liquidators of the company on May 28,
2015.

The company is behind Northbourne Avenue's IQ Apartments
development which owes between $25 million and $27 million to
unsecured creditors. PPL entered voluntary administration on April
23, 2015.



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


GENERAL STEEL: Posts $1 Billion Net Loss for Second Quarter
-----------------------------------------------------------
General Steel Holdings, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $1.03 billion on $529 million of total sales for the
three months ended June 30, 2015, compared to a net loss of $16.5
million on $588 million of total sales for the same period during
the prior year.

For the six months ended June 30, 2015, the Company reported a net
loss of $1.11 billion on $857 million of total sales compared to a
net loss of $86.1 million on $1.18 billion of total sales for the
same period a year ago.
As of June 30, 2015, the Company had $1.29 billion in total
assets, $2.96 billion in total liabilities and total deficiency of
$1.67 billion.

As of June 30, 2015, the Company had cash and restricted cash
aggregating $267 million, of which $230 million was restricted.

"The steel business is capital intensive and as a normal industry
practice in PRC, the Company is highly leveraged. Debt financing
in the form of short term bank loans, loans from related parties,
financing sales, bank acceptance notes, and capital leases have
been utilized to finance the working capital requirements and the
capital expenditures of the Company. As a result, the Company's
debt to equity ratio as of June 30, 2015 and December 31, 2014
were (1.8) and (5.6), respectively. As June 30, 2015, the
Company's current liabilities exceed current assets (excluding
non-cash item) by $1.5 billion, which together with the gross loss
from operations raises substantial doubt about its ability to
continue as a going concern," according to the regulatory filing.

A full-text copy of the Form 10-Q is available for free at:

                         http://is.gd/TdIF0Q

                   About General Steel Holdings

General Steel Holdings, Inc., headquartered in Beijing, China,
produces a variety of steel products including rebar, high-speed
wire and spiral-weld pipe. General Steel --
http://www.gshi-steel.com/-- has operations in China's Shaanxi
and Guangdong provinces, Inner Mongolia Autonomous Region and
Tianjin municipality with seven million metric tons of crude steel
production capacity under management.

General Steel reported a net loss of $78.3 million on $1.9 billion
of sales for the year ended Dec. 31, 2014, compared with a net
loss of $42.6 million on $2 billion of sales for the year ended
Dec. 31, 2013.

Friedman LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2014, citing that the Company has an accumulated deficit,
has incurred a gross loss from operations, and has a working
capital deficiency at Dec. 31, 2014. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


HONGHUA GROUP: Moody's Lowers CFR to Caa1; Outlook Negative
-----------------------------------------------------------
Moody's Investors Service has downgraded Honghua Group Limited's
corporate family rating (CFR) to Caa1 from B3.

Moody's has also downgraded the company's senior unsecured debt
rating to Caa2 from B3.

The ratings outlook remains negative.

The rating action follows the company's announcement of its 1H
2015 results.

The rating action also concludes the review initiated on 8 July
2015 after Honghua Group issued a profit warning for 1H 2015 on
July 7, 2015.

RATINGS RATIONALE

"The downgrade reflects Moody's concern that Honghua Group's
higher level of debt leverage and weaker liquidity position could
heighten refinancing risk, which in turn raises the probability of
default on its payment obligations," says Chenyi Lu, a Moody's
Vice President and Senior Analyst.

Overall, the company's revenue in 1H 2015 fell by 41.9% year-on-
year to RMB2.2 billion.

Within this figure, the revenue for its core business -- the sale
of land-based oil drilling rigs -- fell by RMB1.2 billion year-on-
year and accounted for 76.6% of the total fall in revenue for 1H
2015.

Moreover, its operating profit decreased by 95% year-on-year to
RMB19 million.  As a result, it reported a net loss before tax of
RMB38 million compared with a net profit before tax of RMB269
million in 1H 2014.

In addition, Honghua Group's adjusted EBITDA margin fell below 7%
for the 12 months to June 30, 2015, from 9.3% at Dec. 31, 2014.

Accordingly, debt leverage -- measured by adjusted debt/EBITDA --
surged to 11.3x for the 12 months to June 30, 2015, from 7.2x at
Dec. 31, 2014.  This metric does not support its B3 ratings.

Moody's notes that Honghua Group is suffering from the fact that
exploration and production oil companies -- in view of low oil
prices -- have reduced capital expenditure.

Moody's also believes that oil prices will remain low over the
next 12 months and the company accordingly has little prospect of
turning around its weak financial position.

Its liquidity position is extremely weak, as indicated by its
unrestricted cash to short-term debt ratio of 42.8% at end-June
2015, a further deterioration from 51.4% at end-December 2014.

Given the expectation of continued weakness in its operations,
Moody's is concerned that the company will be unable to generate
meaningful positive operating cash flow to service its debt and
will experience limited access to bank financing.

Such situation heightens liquidity risk and default risk.

"The company's weak performance also impairs its access to
offshore borrowings, and which in turn increases the subordination
risk for its offshore bond holders," says Lu.

Moody's has notched down the offshore bond rating to Caa2 from
corporate family rating of Caa1, reflecting the increased level of
subordination risk and the potential for reduced recovery on its
senior unsecured bonds.

The deterioration in Honghua Group's financial position has
already and substantially weakened its ability to reduce priority
debt to 15% of its total assets in the next 12 months.

Moody's estimates that priority debt represented about 25% of
total assets at end-June 2015.

The negative ratings outlook reflects uncertainty over Honghua
Group's liquidity position and the high likelihood that it will
default on bond repayments if they are accelerated.  Such a
default would result in losses for bond holders.

Given the negative outlook, there is a low probability of an
upgrade in the near term.

Further downgrade pressure could emerge if the company cannot meet
its payment obligations, undergoes a distressed debt exchange, or
a deterioration in the recovery level for its rated offshore
senior unsecured notes exceeds our expectations.

The principal methodology used in these ratings was Global
Oilfield Services Industry Rating Methodology published in
December 2014.

Honghua Group Limited listed on the Stock Exchange of Hong Kong in
2008.  It is a wholly owned and major subsidiary of Sichuan
Honghua Petroleum Equipment Co., Ltd. (unrated) (formerly known as
Chuanyou Guanghan Honghua Co. Ltd), which was founded in 1997.

Honghua Group manufactures land-based drilling rigs and equipment,
offshore drilling platforms, and equipment packages.  It also
engages in oil and gas engineering services.


KU6 MEDIA: Fails to Comply with Nasdaq's Minimum Bid Price Rule
---------------------------------------------------------------
Ku6 Media Co., Ltd., disclosed that on Aug. 18, 2015, the Company
received a letter from The NASDAQ Stock Market LLC notifying it
that for the prior 30 consecutive business days, the Company's
listed securities failed to maintain a minimum bid price of US$1
per share. Consequently, the Company failed to comply with the
requirement for continued listing pursuant to NASDAQ Listing Rule
5450(a)(1).

NASDAQ further stated that in accordance with NASDAQ Listing Rule
5810(c)(3)(A), the Company will be provided 180 calendar days, or
until Feb. 16, 2016, to regain compliance with the MBP Rule.
NASDAQ will deem the Company to have regained compliance under the
MBP Rule if at any time before Feb. 16, 2016, the closing bid
price for the Company's securities is at least US$1 for a minimum
of ten consecutive business days.

As previously disclosed by the Company, on Aug. 13, 2015, the
Company received a letter from NASDAQ 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 US$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 MBP Rule by Feb. 16, 2016, or 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 MBP Rule, the MVLS Rule and MVPHS Rule. There
can be no assurance that the Company will be able to regain
compliance with the MBP Rule, the MVLS Rule, MVPHS Rule or any
other Nasdaq continued listing requirements in a timely fashion.

                    About Ku6 Media Co., Ltd.

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. Through its premier online brand and online video website,
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.


WEST CHINA: Moody's Raises CFR to Ba3; Outlook Stable
-----------------------------------------------------
Moody's Investors Service has upgraded West China Cement Limited's
(WCC) corporate family and senior unsecured ratings to Ba3 from
B1.

The ratings outlook is stable.

This action concludes the ratings review initiated on June 19,
2015.

RATINGS RATIONALE

"The upgrade reflects the improvement in WCC's financial profile
following the investment by Anhui Conch Cement Company Limited (A3
stable) in the company," says Franco Leung, a Moody's Vice
President and Senior Analyst.

At the end of June 2015, Conch had completed a subscription to
shares equivalent to a 16.67% equity stake in WCC.

As a result, WCC's cash balance improved substantially to
RMB1.9 billion on 30 June 2015 from RMB700 million at end-December
2014.

In addition, WCC's debt/capitalization improved to 40% on 30 June
2015 from 45% at end-December 2014.

"WCC's improved financial position is important because market
conditions have become more challenging with demand for cement
falling because of lower infrastructure investments in Shaanxi
Province," says Leung.  "The company's 1H 2015 results are
indicative of this trend."

During 1H 2015, WCC's revenue dropped 15% year-on-year to RMB1.7
billion and its adjusted EBITDA margin fell to 28.5% from 31.7% a
year ago.  As a result, adjusted debt/EBITDA surged to 4.3x for
the 12 months ended June 2015 from 3.7x for 2014.

But net debt/EBITDA of 2.3x for the 12 months ended June 2015
continues to support its Ba3 rating.

Over the next 12 months, Moody's expects Conch will help WCC lower
the risk of a deterioration in its financial profile.  Moreover,
WCC is expected to reduce the operating losses in Xinjiang and
Guizhou Province where its new capacities are being ramped up.

"The upgrade also reflects Moody's expectation that WCC's
operation and access to funding could further be strengthened by
its association with Conch," says Zou Jiming, a Moody's Vice
President and Senior Analyst and Local Analyst for Conch.

Furthermore, Moody's expects that the consolidation in China's
cement manufacturing industry will continue over the next 1-2
years, and while market conditions will remain difficult,
surviving producers will benefit from a reduced level of
production capacity.

In this context, Moody's believes that the investment by Conch
further provides WCC with the opportunity to become one of the
surviving producers over the long term.

Thus, Moody's expects WCC to benefit from the achievement of
business synergies with Conch, a development which will likely
include operating support to reduce costs; better management of
supply; reductions in borrowing costs; and improvements in access
to the bank and capital markets.

If these benefits materialize -- and are accompanied by further
possible deeper collaboration by Conch and WCC -- Moody's will
again reassess WCC's ratings.

The rating outlook is stable, reflecting Moody's expectation that
WCC (1) will maintain its leading market position in Shaanxi
Province; (2) will be disciplined in its capital expenditure; and
(3) will not undertake acquisitions over the next 12 months, given
the difficult nature of the market.

The stable outlook also reflects Moody's expectation that Conch
will not reduce its investment in WCC.

WCC's ratings could show upgrade pressure, if it can demonstrate:
(1) prudent financial management, evidenced by debt/EBITDA staying
below 2.5x; (2) a sound liquidity position, such that its cash
balance fully covers its short-term debt; (3) a good market
position that supports an EBITDA margin in excess of 25%; and (4)
further evidence of support from Conch.

On the other hand, downward rating pressure could emerge, if WCC's
financial position weakens because of falling revenues, rising
costs, aggressive acquisitions, or unexpected shareholder
distributions.

Financial indicators of a rating downgrade include EBITDA margins
below 20% -25%, or debt/EBITDA exceeding 3.5x -- 4.0x on a
sustained basis.

Any reduction in Conch's level of ownership in WCC will also be
negative to WCC's ratings.

The principal methodology used in this rating was Building
Materials Industry published in September 2014.

West China Cement Ltd (WCC) is one of the leading cement producers
by capacity in China's Shaanxi province.  At end-June 2015, the
company's annual production of cement was 27 million tons.  It
recorded RMB3.9 billion in revenues in 2014.

Anhui Conch Cement Co., Ltd. -- listed on the Hong Kong Stock
Exchange since 1997 and the Shanghai Stock Exchange since 2002 --
is the second largest cement producer in China by production
volume.  In 2014, the company had 122 cement clinker production
lines with about 212 million tons per annum (mtpa) in clinker
capacity and 264 mtpa in cement capacity.  In 2014, it recorded
RMB60.8 billion in sales.  The Anhui Provincial Government
indirectly owns an 18.8% equity stake in the company.

The Local Market Analyst for this rating is Jiming Zou, +86 (21)
2057 4018.



=========
I N D I A
=========


AUM SHRI: CRISIL Suspends B Rating on INR26.9MM LT Loan
-------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Aum Shri Hotels and Resorts Private Limited (ASHRPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       173.1      CRISIL A4
   Proposed Long Term
   Bank Loan Facility    26.9      CRISIL B/Stable

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

ASHRPL is a closely held private limited company, promoted by Mr.
Arvind Preet Singh and Mr. Anil Thakran. The company was
incorporated in July 2012 and is setting up a housing project in
Village Dhunela, Sohna (Gurgaon).


BANSAL POLES: CRISIL Suspends B- Rating on INR300MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Bansal
Poles Pvt Ltd (BPPL).

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

   Letter of Credit       20       CRISIL A4

   Proposed Long Term
   Bank Loan Facility     230      CRISIL B-/Stable

   Term Loan               50      CRISIL B-/Stable

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

BPPL was incorporated in 2002 by the Delhi-based Gupta family,
which has been engaged in the steel pipes industry for over 10
years. The company manufactures mild steel (MS) pipes and tubes,
and pre-galvanized (GP) steel pipes. It also trades in MS pipes,
tubes, and sheets, along with industrial coils such as hot-rolled
(HR) coils and GP coils. BPPL has its manufacturing facility in
Bahadurgarh (Haryana). Mr. Pramod Gupta and his brother, Mr.
Kailash Gupta are the company's key promoters and manage its day-
to-day operations.


COSMAS RESEARCH: Ind-Ra Withdraws IND D Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Cosmas Research
Lab Ltd's (CRL) 'IND D(suspended)' Long-Term Issuer Rating.  The
ratings have been withdrawn due to lack of adequate information.
Ind-Ra will no longer provide ratings or analytical coverage for
CRL.

Ind-Ra suspended CRL's rating on Dec. 22, 2014.

CRL's ratings:

- Long-Term Issuer Rating: 'IND D(suspended)'; rating withdrawn

- INR554.7 million term loans: Long-Term 'IND D(suspended)';
  rating withdrawn

- INR130 million fund-based working capital limits: Long-Term
  'IND D(suspended)'; rating withdrawn

- INR40 million non-fund-based working capital limits: Long-Term
  'IND D(suspended)'; rating withdrawn


COSMO FERRITES: CRISIL Cuts Rating on INR98.6MM Loan to B+
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Cosmo Ferrites Ltd (CFL) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         5        CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Cash Credit           27.5      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Export Packing        50        CRISIL A4 (Downgraded from
   Credit                          'CRISIL A4+')

   Letter of Credit      86.5      CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Proposed Long Term    22.4      CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB-/Stable')

   Standby Line of       10        CRISIL B+/Stable (Downgraded
   Credit                          from 'CRISIL BB-/Stable')

   Term Loan             98.6      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The rating downgrade reflects the weakening of CPL's financial
risk profile following losses incurred during 2014-15 (refers to
financial year, April 1 to March 31). The losses have led to
erosion of the company's net worth, poor debt protection metrics,
and stretched liquidity. The net worth declined to INR223.6
million as on March 31, 2015, from INR230.4 million as on March
31, 2014. The losses during 2014-15 were mainly on account of
significant increase in employee cost as the company had declared
bonus to its employees following its revenue growth in 2013-14.
CRISIL expects CPL's financial risk profile to remain weak over
the medium term. Also, any improvement in the company's cash
accruals is contingent upon smooth execution of orders as it
continues to be susceptible to risks related to geographical
concentration in its revenue profile; orders from Europe account
for about 50 per cent of its revenue.

The ratings reflect CFL's weak financial risk profile, marked by
weak debt protection metrics, its declining operating
profitability, and geographic concentration in its revenue
profile. These ratings weaknesses are partially offset by the
company's established position in the soft ferrites industry and
its long-standing client relationships.
Outlook: Stable

CRISIL believes that CFL will continue to benefit over the medium
term from its established position in the soft ferrites industry
and healthy client relationships. The outlook may be revised to
'Positive' if the company substantially increases its scale of
operations and profitability, leading to substantial cash accruals
and hence to better liquidity. Conversely, the outlook may be
revised to 'Negative' if CFL reports a significant decline in its
revenue and profitability, or its financial risk profile weakens
because of large debt-funded capital expenditure.

CFL was set up by Mr. Ashok Japura in 1986. He is also the
founder-promoter of Cosmo Films Ltd and manufactures bi-axially-
oriented polypropylene films. CFL manufactures soft ferrites; the
company's facility.


HIMSON TEXTILE: ICRA Suspends 'B' Rating on INR7.0cr Cash Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR7.69
crore long term working capital limits and term loan limits and
also [ICRA]A4 rating assigned to the INR1.00 crore short term non
fund based limit of Himson Textile Engineering Private Limited.
The suspension follows ICRAs inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash
   Credit                 7.00        [ICRA]B; Suspended

   Fund Based-Term
   Loans                  0.69        [ICRA]B; Suspended

   Non Fund Based-Bank
   guarantee              1.00        [ICRA]A4; Suspended

Himson Textile Engineering Industries Pvt Ltd. was established as
a partnership company in 1974, later reconstituted as a private
limited company in 1980. It is engaged in manufacturing of draw
texturising and winding machineries used for synthetic yarn
processing to make Draw Textured Yarn. The business is managed
primarily by Mr. Pannalal Bachkaniwala and Mr.Devendra
Bachkaniwala.


KALINGA ALLOYS: CRISIL Reaffirms B+ Rating on INR47.5MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kalinga Alloys
Private Limited (KAPL) continues to reflect KAPL's small scale of
operations and average financial risk profile, marked by moderate
net worth and average debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
KAPL's promoters in the ferroalloy industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bill Discounting      30        CRISIL B+/Stable (Reaffirmed)
   Cash Credit           47.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KAPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
increases its cash accruals with enhanced revenue and
profitability, and maintains its working capital cycle.
Conversely, the outlook may be revised to 'Negative' if KAPL's
cash accruals are very low or its working capital cycle is
stretched, thereby impacting its debt servicing ability.

Update
KAPL's revenue declined to INR350 million in 2014-15 (refers to
financial year, April 1 to March 31) from INR520 million in 2013-
14 on account of the overall slowdown in the iron and steel
industry. Its operating margin, though, improved to 5.55 per cent
from 3.69 per cent over this period, backed by value addition in
its end product which includes conversion of low-grade ferroalloys
to high-grade ferroalloys.

The company's financial risk profile remains average, with a
moderate net worth, low gearing, and average debt protection
metrics. Its gearing was 0.58 times as on March 31, 2015, an
improvement from 1.54 times a year earlier. The debt protection
metrics were average with interest coverage and net cash accruals
to total debt ratios of 1.35 times and 0.12 times, respectively,
in 2014-15. With lower external debt for working capital
requirements, KAPL's financial risk profile is expected to improve
over the medium term.

The company's liquidity remains adequate with low bank limit
utilisation at an average of 72 per cent during the 12 months
through June 2015. Its cash accruals of INR4.8 million and the
absence of any repayment obligation have supported its liquidity.
KAPL's promoters continue to support the liquidity through
unsecured loans, the balance of which was INR36.3 million as on
March 31, 2015. In the absence of any fixed repayment obligations
and debt-funded capital expenditure plans, CRISIL expects the
company's liquidity to remain adequate for the rating category
over the medium term.

KAPL, based in Bhubaneswar (Odisha) and promoted by the Mahipal
family, began operations in 1989. The promoters have been engaged
in beneficiation of ferroalloys over the past 15 years.


KARO COILS: CRISIL Reaffirms B- Rating on INR86.5MM Term Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Karo Coils Pvt Ltd (KCPL). The rating
reflects KCPL's weak financial profile marked by low gearing and
weak debt protection metrics, small scale of operations, and high
customer concentration in revenue. These rating weaknesses are
partially offset by the promoter's experience in the automotive
spring industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          20.1       CRISIL B-/Stable (Reaffirmed)
   Term Loan            86.5       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KCPL 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 significant
improvement in operating income and profitability resulting in
better accruals, and thus, improved financial risk profile.
Conversely, the outlook may be revised to 'Negative' if KCPL
reports low operating margin resulting in low cash accruals, or
undertakes significant debt-funded capital expenditure, leading to
deterioration in financial risk profile.

Incorporated in 2006, KCPL manufactures cold formed coil springs
used in the automotive sector. The company's daily operations are
managed by Mr. Samvit Grover. Its manufacturing facility is in
Bhiwadi (Rajasthan).


KONARK INFRASTRUCTURE: CRISIL Cuts Rating on INR907.3M Loan to B-
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Konark Infrastructure Ltd (KIL) to 'CRISIL B- /Stable/CRISIL A4'
from 'CRISIL BB/Stable/CRISIL A4+'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee      1,525       CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Cash Credit           907.3     CRISIL B-/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

   Overdraft Facility     30       CRISIL B-/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

   Term Loan             850       CRISIL B-/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

The rating downgrade reflects deterioration in KIL's business risk
profile, with limited revenue visibility in its toll collection
and engineering, procurement and construction (EPC) businesses in
the near term. Moreover, it has continued high refinancing risk
with a large proportion of its short-term debt being used to fund
its medium term investment in the non-core real estate business
through group companies.

KIL had entered into the toll collection and EPC businesses in
2012-13 (refers to financial year, April 1 to March 31), following
the abolition of octroi collection in the state of Maharashtra,
its main business historically. Although the company registered
moderate revenue growth in 2013-14 backed by healthy collection in
toll contracts, its revenue declined by about 70 per cent year-on-
year to INR2490 million in 2014-15, mainly on account of fewer
toll collection contracts. Hence, KIL's ability to get these
contracts on a recurring basis remains a key rating sensitivity
factor.

KIL's business risk profile has deteriorated with a substantial
increase in investment in the group companies engaged in the high-
risk real estate development business; it had investments of
INR1045 million as on March 31, 2015.  Moreover, the company's
order book in the EPC segment contracted to INR855 million as at
March 31, 2015, thereby resulting in limited revenue visibility in
the near term.

KIL's financial risk profile remains modest with a gearing of 2.06
times as on March 31, 2015. CRISIL believes that the company's
capital structure will remain weak over the medium term; its
substantial debt contracted for investment in group companies or
funding for its future projects will remain a key rating
sensitivity factor. The company's liquidity has weakened, with
almost full bank limit utilisation and high reliance on short-term
funds for medium-term investments. CRISIL believes that KIL will
be exposed to high refinancing risk in the near term, given its
considerable reliance on short-term debt and increasing medium-
term investments in group companies.

The ratings reflect deterioration in KIL's business risk profile
marked by limited revenue visibility, its modest financial risk
profile and exposure to high refinancing risk. These ratings
weaknesses are partially offset by the promoters' extensive
experience in the construction and real estate sector with
government and municipal bodies.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KIL and its subsidiaries, as KIL has a
majority stake in these companies and there are fungible funds
between them.
Outlook: Stable

CRISIL believes that KIL's business risk profile will remain under
pressure in the medium term on account of its low order book and
limited revenue visibility; moreover its financial risk profile
will remain modest over this period with high refinancing risk.
The outlook may be revised to 'Positive' if KIL's capital
structure improves with reduced reliance on short-term funding,
and if its business risk profile gets better with a substantial
growth in its order book. Conversely, the outlook may be revised
to 'Negative', in case of further debt-funded investment in its
non-core business or lower-than-expected revenue from its core
business.

KIL was established in 1997 by Mr. Mahesh Khairari, Mr. Nandlal
Jethani, Mr. Suresh Jagiasi, and Mr. Mukesh Kimtani. The company
primarily collects toll on behalf of various government and
private agencies, and executes EPC projects, mainly for government
agencies.

For 2014-15, KIL, on a provisional basis, reported net profit of
INR20 million on net sales of INR3041 million; it had reported a
net loss of INR122 million on net sales of INR9862 million for
2013-14.


MARLIN INFRASTRUCTURES: CRISIL Suspends D Rating on INR30MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Marlin
Infrastructures Pvt Ltd (MIPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        30        CRISIL D
   Cash Credit           30        CRISIL D

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

MIPL was incorporated as a private limited company in 2005, and is
being promoted by Mr. Akhilesh Reddy. The company undertakes civil
construction projects involving building and maintenance of roads,
drains and laying railway tracks. The company's operations are
concentrated in Andhra Pradesh.


MARUTHI CLOTHING: CRISIL Suspends D Rating on INR50MM Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Maruthi Clothing Company (MCC).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         2        CRISIL D
   Bill Discounting      10        CRISIL D
   Cash Credit           50        CRISIL D
   Letter of Credit       4        CRISIL D
   Proposed Cash Credit
   Limit                 20        CRISIL D
   Proposed Term Loan    15.5      CRISIL D
   Term Loan             16        CRISIL D

The suspension of ratings is on account of non-cooperation by MCC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MCC is yet to
provide adequate information to enable CRISIL to assess MCC'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 1998 as a partnership concern, MCC is engaged in
the manufacture of readymade garments (primarily Men's shirt) and
sale of the same in the domestic market.


MODERN STEELS: CRISIL Cuts Rating on INR730MM Cash Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities
Modern Steels Ltd (MSL) to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           730       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Funded Interest       102       CRISIL D (Downgraded from
   Term Loan                       'CRISIL B/Stable')

   Letter of Credit      515       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Term Loan             418.8     CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Working Capital       389       CRISIL D (Downgraded from
   Term Loan                       'CRISIL B/Stable')

The rating downgrade reflects instances of delay by MSL in
servicing its debt because of weak liquidity. The company's
liquidity has weakened because of low profitability due to intense
competition from established players in the industry.
MSL's financial risk profile is also weak marked by high gearing
coupled with weak debt protection metrics. The ratings also
reflect the company's large working capital requirements and its
susceptibility to volatility in raw material prices and foreign
exchange (forex) rates. These rating weaknesses are partially
offset by the company's established position in the steel rolled
products industry.

MSL was set up in 1974 by Mr. Amarjit Goyal. It is listed on the
Bombay Stock Exchange, with its promoters holding almost 62.33 per
cent of its shares; the company is managed by Mr. Krishan Kumar
Goyal, son of Mr. Amarjit Goyal. MSL manufactures low-alloy and
carbon-steel-rolled products for commercial vehicles, such as
trucks and tractors, passenger vehicles, two-wheelers, and
engineering companies.


NDT TECHNOLOGIES: ICRA Suspends B+ Rating on INR9.80cr Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR9.80 crore
fund based facilities and [ICRA]A4 rating assigned to the Rs 5.20
crore, short term non-fund based facilities of NDT Technologies
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

NDT Technologies Private Limited (NDTT) was incorporated in 2002
by Mr. Anil Nair, Mr. Mukesh Arora and Mr. Hitesh Mohanlal as a
partnership firm. In CY2005, the entity was converted into a
Private Limited Company with the partners continuing as Directors.
In CY2006, Mr. Mukesh Arora opted for retirement and Mr.
Somasekaran Nair was appointed as a Director. The firm is engaged
in the trading and servicing of Non Destructible Testing
instruments.


NILANCHAL GRIH: CRISIL Suspends 'B' Rating on INR90MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Nilanchal Grih Nirman Ltd (NGNL; part of the Sashwaat group).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan              90       CRISIL B/Stable

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of NGNL, Meharia Prime Builders Pvt Ltd,
Gajmukta Estates Pvt Ltd, Kundavali Estates Pvt Ltd, Craton
Estates Pvt Ltd, Shell Structures Pvt Ltd, and Kenta Properties
Pvt Ltd, collectively referred to as the Sashwaat group. All the
entities are in the same line of business, are managed by the same
promoters, and have fungible cash flows.

The Sashwaat group is engaged in real estate development in
Kolkata (West Bengal). The company's day-to-day operations are
managed by the Meharia family. NGNL is developing residential real
estate in South Kolkata (West Bengal).


NSL TEXTILES: CRISIL Cuts Rating on INR7.51BB Term Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
NSL Textiles Ltd (NSLTL) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB/Stable/CRISIL A4+'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit         3016.9      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

   Funded Interest      683.6      CRISIL B+/Stable (Downgraded
   Term Loan                       from 'CRISIL BB/Stable')

   Letter of credit     933.6      CRISIL A4 (Downgraded from
   & Bank Guarantee                'CRISIL A4+')

   Long Term Loan       310.6      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

   Term Loan           7514.7      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

The rating downgrade reflects a steep deterioration in NSLTL's
operating performance during 2014-15 (refers to the financial
year, April 1 to March 31) due to volatility in cotton and yarn
prices impacting the profitability of the company. This led to a
sharp decline in accruals to INR800 million (includes INR75
million of deferred tax liabilities), which included one-time
profit on sale of assets of INR206 million, from INR847 million
(includes INR34 million of deferred tax asset) during 2013-14 and
moderation in liquidity profile of the company. NSLTL had high
repayment obligations of INR860 million during 2014-15 which was
met through a mixture of accruals and power incentive arrears
received during the year.

During the first quarter of 2015-16 (refers to April 1 to June
30), NSLTL made accruals of INR180 million as against quarterly
repayment obligations of INR240-250 million. The shortfall has
been met through power incentive arrears received during the
quarter. CRISIL believes that the operating performance of the
company is expected to recover in 2015-16, albeit gradually. In
the meantime, any delay in receipt of power incentives arrears
will further moderate the liquidity profile and lead to delays in
meeting its repayment obligations.  Hence, will remain a key
rating monitorable.

The ratings reflect NSLTL's established market position in the
textile industry supported by its fully integrated manufacturing
process with presence across the value chain from ginning to
garmenting. The ratings also factor in NSLTL's large scale of
operations and healthy operational efficiencies. These rating
strengths are partially offset by NSLTL's weak financial risk
profile and strained liquidity due to its working capital
intensive operations and sizeable debt repayment obligations.
Outlook: Stable

CRISIL believes that NSLTL will maintain its healthy business risk
profile over the medium term backed by its established market
position and presence across the textile value chain. The outlook
may be revised to 'Positive' in case of substantial improvement in
NSLTL's operating performance translating into higher-than-
expected cash accruals or in the event of equity infusion from
promoters, leading to an improvement in the financial and
liquidity profile. Conversely, the outlook may be revised to
'Negative' in case of a continuous deterioration in NSLTL's
operating performance or if there are any delays in the receipt of
power incentives from the state government if the company
undertakes a sizeable debt-funded capital expenditure programme
further deteriorating its financial risk profile.

Set up in 2002, and promoted by Mr. M. Prabhakhar Rao, NSLTL is
part of the NSL group. The group has revenues of over USD 1
billion, and its businesses such as seeds, textiles, power,
infrastructure and sugar. NSLTL is involved in textile
manufacturing with spinning, weaving, yarn and fabric dyeing,
processing and garmenting capacities. It has seven manufacturing
facilities in and around Guntur (Andhra Pradesh).

For 2014-15, NSLTL reported a profit after tax (PAT) of INR175
million on net sales of INR10.85 billion, against a PAT of INR274
million on net sales of INR9.9 billion for 2013-14.


PADMA POLYMERS: CRISIL Reaffirms 'B' Rating on INR60MM LT Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Padma Polymers - Mumbai
(PP) reflects PP's small scale of operations, and weak financial
risk profile marked by its small net worth, high total outside
liabilities to tangible net worth ratio and average debt
protection metrics. These rating weaknesses are partially offset
by the promoters' extensive experience in the polymer trading
segment.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           30        CRISIL B/Stable (Reaffirmed)
   Letter of Credit      30        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    60        CRISIL B/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes that PP would continue to benefit over the medium
term from the promoters' extensive industry experience and its
established customer relations. The outlook may be revised to
'Positive' if there is a substantial and sustained improvement in
PP's scale of operations and profitability or if there is an
improvement in capital structure owing to sizeable accretion to
reserves, or fresh capital infusion by partners. Conversely, the
outlook may be revised to 'Negative' if PP's financial risk
profile weakens most likely due to stretched working capital
requirements or capital withdrawals.

PP was established in Mumbai (Maharashtra) in 1998, promoted by
Mr. Viresh Timbadia and Paresh Timbadia. The firm trades in
plastic raw materials such as high density polyethylene, poly
propylene, low density polyethylene, linear low density
polyethylene, paraffin wax and bleaching earth. PP also trades in
paraffin wax, used in the lubrication, electrical insulation and
manufacturing candles.


PES INSTALLATIONS: CRISIL Suspends B+ Rating on INR40MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
PES Installations Private Limited (PES).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        40        CRISIL A4
   Cash Credit           40        CRISIL B+/Stable

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

PES was set up in 1995 by Mr. R P Chadha. It is in the business of
designing, supplying, and installing gas pipelines in hospitals,
modular operating theatres, hospital furniture, and infant care
products. The company mainly undertakes contracts from government
hospitals by bidding through tenders. PES also undertakes work for
private hospitals.


PGS TELE: CRISIL Suspends B+ Rating on INR90MM Cash Credit
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
PGS Tele World (PGS).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         20       CRISIL A4

   Cash Credit            90       CRISIL B+/Stable

   Proposed Cash
   Credit Limit           70       CRISIL B+/Stable

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

PGS is a partnership firm established in 2006 and is distributor
of several mobile companies including LG, Onida, Optima, RAGE
mobile etc. as well as computer parts and electrical white goods
in Delhi. Mr. Vikas Gupta is the key partner who looks after the
day-to-day operations of the firm.


PRASOON CONSTRUCTIONS: CRISIL Suspends B Rating on INR50MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Prasoon Constructions (PC; part of the Prasoon group).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        15        CRISIL A4
   Cash Credit           50        CRISIL B/Stable

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PC and Y Gopal Reddy (YGR). This is
because both entities, together referred to as the Prasoon group,
are in the same line of business, share a common management, and
have significant financial and operational linkages.

Set up in 2012, PC undertakes civil construction work for the
Government of Andhra Pradesh in and around Hyderabad. Its
associate entity, YGR, in engaged in the same line of business.
The group's day-to-day operations are managed by its managing
partner, Mr. Y Praveen Kumar Reddy.


RAGHAV MADHAV: ICRA Cuts Rating on INR4.50cr Term Loan to D
-----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR7.00
crore fund based facilities of Raghav Madhav Filaments Private
Limited from [ICRA]B+ to [ICRA]D. The rating revision takes into
account the irregularity in debt servicing over the last few
months.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long term fund based     2.50      [ICRA]D Revised from
   Limit-Cash Credit                  [ICRA]B+

   Long term fund based     4.50      [ICRA]D Revised from
   Limit-Term Loan                    [ICRA]B+

The rating continues to factor in the small scale of operations of
the company, its weak financial profile as evinced by the subdued
profitability levels, highly leverage capital structure and
stretched cash flow position, and the highly working capital
intensive nature of operations due to the high inventory holding
requirements. The rating is further constrained by the
vulnerability of the company's profitability to the fluctuations
in prices of raw materials and the cyclicality inherent in the
textile industry and the fragmented nature of textile industry,
leading to high competitive pressure.

Raghav Madhav Filaments Private Limited (RMFPL) was incorporated
in 2011 and commenced operations in April 2012. The company has
established a yarn sizing unit at Karanj, Surat (Gujarat) with an
annual installed capacity of ~1800 metric tonnes of sized yarn.
Sized yarn acts as the raw material for further weaving activities
to produce greige fabric. The promoters of Reliable Polyester
Private Limited (RPPL) have a 50% stake in RMFPL and the Board of
Directors of RMFPL is presided by Mr. Ruchir R. Mittal and Ms.
Esha R. Mittal, who are the directors of RPPL.


RAMAKRISHNA TELETRONICS: CRISIL Suspends B Rating on INR250M Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ramakrishna Teletronics Pvt Ltd (RTPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Letter of credit
   & Bank Guarantee      150        CRISIL A4

   Overdraft Facility    250        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by RTPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RTPL is yet to
provide adequate information to enable CRISIL to assess RTPL'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, RTPL is engaged in distribution and
retailing of electronic products. The Hyderabad (Andhra Pradesh)-
based company is promoted by Mr. V Ravi Kumar and his family.


RAMGAD MINERALS: CRISIL Suspends 'D' Rating on INR400MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ramgad
Minerals and Mining Limited (RMML).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             400       CRISIL D

The suspension of ratings is on account of non-cooperation by RMML
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RMML is yet to
provide adequate information to enable CRISIL to assess RMML'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 1978, RMML is part of the Karnataka-based Baldota group.
The company is in the business of iron ore mining and wind power
generation.


RUBICON INSPECTION: CRISIL Reaffirms B Rating on INR40MM LT Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rubicon Inspection
Systems Private Limited (Rubicon) continue to reflect Rubicon's
small scale of operations, limited revenue diversity and small net
worth. These rating weaknesses are partially offset by the
extensive industry experience of Rubicon's promoters, its
established relationships with customers.

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

Outlook: Stable

CRISIL believes that Rubicon will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company scales up in
operations (through inflow of new orders) and improves its
profitability and cash accruals, resulting in substantially
stronger liquidity. Conversely, the outlook may be revised to
'Negative' if Rubicon's small net worth continues to constrain its
scale operations and therefore, its business risk profile.

Based in Delhi, and promoted by Mr. Inderjeet Singh in 2007,
Rubicon undertakes service contracts for drain maintenance, closed
circuit television (CCTV) inspection of storm water drains/sewer
lines, trenchless laying of gravity pipes, and underground
earthwork. The promoter has been in the same business since 1997
through a proprietorship firm, Rubicon Inspection Systems, which
was reconstituted as Rubicon in 2007. Rubicon has a fleet of
truck-mounted machines and excavators, which are used to carry out
the jobs it undertakes.


S.B. INTERNATIONAL: CRISIL Suspends D Rating on INR55MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
S.B. International (SB).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           55        CRISIL D

   Proposed Long Term
   Bank Loan Facility    35        CRISIL D

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

SB was established as a proprietary concern by Mr. Bhavik Thakkar,
in Mumbai (Maharashtra) in 2003. The firm trades steel scrap and
mild steel ingots.


SARAH FOODS: CRISIL Suspends B+ Rating on INR71MM LT Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sarah Foods (SF).

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

   Proposed Long Term
   Bank Loan Facility      71        CRISIL B+/Stable

   Term Loan               54        CRISIL B+/Stable

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

SF, based in Delhi, was established as a proprietorship firm by
Mr. Mohammed Zulfiqar in 2006. The firm is engaged in processing
and export of frozen buffalo meat. Mr. Zulfiqar has around 15
years of experience in the meat-processing industry. SF has its
processing unit at Bijnor (Uttar Pradesh).


SARVAHITHA EDUCATIONAL: CRISIL Suspends B+ Rating on INR89MM Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sarvahitha Educational Society (SES).

                           Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Long Term Bank Facility    41       CRISIL B+/Stable
   Overdraft Facility         89       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by SES
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SES is yet to
provide adequate information to enable CRISIL to assess SES'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 1995, SES is managed by its promoter-director, Mr.
Madhukar Reddy, who took over the society in 2002. The society
runs 75 institutes, including those offering postgraduate courses
in business management and computer applications; and graduate
courses in engineering. It also runs a junior college for commerce
and science streams, and schools (from nursery to tenth standard).
The society has more than 52,000 students.


SATYAM INDUSTRIES: CRISIL Cuts Rating on INR137MM Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Satyam Industries (SI) to 'CRISIL D' from 'CRISIL C'. The
rating downgrade reflects instances of delay by SI in payment of
interest on its cash credit account and repayment of principal on
its term loan.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           137       CRISIL D (Downgraded from
                                   'CRISIL C')

   Term Loan              51.2     CRISIL D (Downgraded from
                                   'CRISIL C')

SI's financial risk profile remains below average, marked by an
average net worth and high gearing. The operations continue to be
working capital intensive. The firm also remains exposed to
intense competition in the steel industry. These rating weaknesses
are partially offset by the extensive industry experience of SI's
partners.

Set up as a partnership firm in 2006, SI commenced commercial
operations from April 2009. The firm manufactures mild steel
ingots and high strength deformed (HSD) bars.


SHIRT COMPANY: CRISIL Reaffirms B- Rating on INR438.1MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shirt Company India Ltd
(SCL) continues to reflect SCL's stretched liquidity on account of
its working-capital-intensive operations and significant exposure
to its group entities, Together Textile Mills Pvt Ltd and Shiv
Bhoj Hotels and Restaurants.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bill Discounting      50        CRISIL A4 (Reaffirmed)

   Letter of Credit      25        CRISIL A4 (Reaffirmed)

   Overdraft Facility   108.8      CRISIL A4 (Reaffirmed)

   Packing Credit       160        CRISIL A4 (Reaffirmed)

   Proposed Long Term    18.1      CRISIL B-/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan            438.1      CRISIL B-/Stable (Reaffirmed)

The rating also factors in SCL's average financial risk profile,
marked by its weak debt protection metrics and moderate gearing.
These rating weaknesses are partially offset by the extensive
experience of the company's promoters in the textile industry and
their established relationship with customers and suppliers.
Outlook: Stable

CRISIL believes that SCL will continue to benefit over the medium
term from its promoters' extensive industry experience and their
established customer relationship. The outlook may be revised to
'Positive' in case the company reports sustained improvement in
its revenues and profitability, or improves its working capital
management, or there is a sizeable reduction in the exposure to
its group entities, leading to improvement in SCL's liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in the company's financial risk profile,
particularly liquidity, driven by decline in revenues or
profitability, or further increase in the exposure to its group
entities, or elongation in its working capital cycle.

SCL was established by Mumbai-based Mr. Shivanand Shetty in 1984.
The company manufactures shirts, T-shirts, tops, dresses, and
other ready-made garments for men, women, and children.


SHIV JYOTI: CRISIL Suspends B- Rating on INR40MM Term Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shiv Jyoti Furnace Private Limited (SJFPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            40       CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility     20       CRISIL B-/Stable

   Term Loan              40       CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by
SJFPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SJFPL is yet to
provide adequate information to enable CRISIL to assess SJFPL'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 2010, SJFPL is promoted and managed by Mr.
Harikishan Goel and Mr. Gurvinder Garg. The company manufactures
mild-steel ingots and its manufacturing facilities are located in
Abu Road (Rajasthan). SJFPL's commenced its commercial operations
in March 2012.


SHREE GAJANAN: Ind-Ra Hikes Long-Term Issuer Rating to IND BB-
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Shree Gajanan
Industries' (SGI) Long-Term Issuer Rating to 'IND BB-' from
'IND B+'. The Outlook is Stable. The rating actions on SGI's bank
loans are as follows:

  Facility           Amount         Rating
  --------           ------         ------
  Long-term loans    INR6.5     'IND B+' ; rating withdrawn
                                as the term loan was fully repaid

  Fund-based         INR450     Upgraded to 'IND BB-'/Stable/'IND
  working capital               A4+' from 'IND B+'/'IND A4'
  facilities

KEY RATING DRIVERS

The upgrade reflects an improvement in SGI's credit profile due to
the merger of operations of Shree Gajanan Agro Mills Private
Limited (SGAMPL) with SGI. Unaudited FY15 consolidated financial
statements indicate revenue of INR1,111m (FY14: INR779m on a
standalone basis). Interest coverage and net leverage improved to
2.1x in FY15 (FY14: 1.2x) and 8.6x (7.3x). The plant and machinery
still remain with SGAMPL and SGI pays rent to SGAMPL on a per
quintal basis.

The ratings continue to factor in SGI's strong track record over
four decades in the rice milling industry in Andhra Pradesh and
the partnership structure of the firm.

RATING SENSITIVITIES

Positive: A positive rating action could result from a sustained
rise in the revenue and operating EBITDA margins leading to an
improvement in the credit metrics.

Negative: A substantial decline in the margins and deterioration
in the credit metrics will be negative for the ratings.

COMPANY PROFILE

Established in 1969, SGI manufactures various varieties of rice
(basmati, non-basmati). The company has a 5TPH modern rice mill in
Nizamabad. SGI started exporting to Africa and the US from FY15
which are likely to contribute to the top-line in FY16. The firm
utilised the fund-based facilities at an average of 98.1% over the
12 months ended June 2015.


SHRISTI PLYWOOD: CRISIL Suspends 'B' Rating on INR70MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shristi
Plywood Private Limited (SPPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           70        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'

SPPL, incorporated as a company in 2001, is engaged in the trading
of plywood & related products. The company is promoted by the
Kajaria Family and is managed by its directors Mr. Hari Krishna
Kajaria and Mrs. Roshni Kajari. SPPL is engaged in the trading of
plywood products, it is an exclusive distributor of Century's
'Decorative' line of products, and dealers of plywood for Century
and Greenply.


SIDDHA CHAKRA: CRISIL Reaffirms B Rating on INR40MM Term Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Siddha Chakra
Weaving Pvt Ltd (SCWPL) continues to reflect modest scale of
operations and average financial risk, with high gearing, moderate
debt protection metrics and average liquidity. These weaknesses
are partially offset by the promoters' extensive industry
experience and its established customer base.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           40        CRISIL B/Stable (Reaffirmed)
   Term Loan             40        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SCWPL will continue to benefit over the
medium term from the promoters' extensive industry experience and
its established customer relationships. The outlook may be revised
to 'Positive' if the scale of operations substantially increases,
further improving profitability. Conversely, the outlook may be
revised to 'Negative' if the financial risk profile weakens or
working capital cycle is stretched, or if a slowdown in the end-
user industries adversely impacts revenue growth.

Incorporated in 2011, SCWPL is promoted by the Ahmedabad-based
Shah family. SCWPL earlier traded in gray clothes; however, it
currently set up manufacturing facilities to produce gray clothes.


SINGLA APPARELS: CRISIL Suspends B+ Rating on INR65MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Singla Apparels Pvt Ltd (SAPL).

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

   Proposed Long Term
   Bank Loan Facility      5       CRISIL B+/Stable

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

SAPL was established in 2005 by Mr. Gopal Aggarwal and his family
members. The company is engaged in trading and manufacturing of
fabric and ready-made garments. Its manufacturing unit is located
at Tronica City in Ghaziabad (Uttar Pradesh).


SRI HANUMAN: CRISIL Suspends 'D' Rating on INR63.5MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Hanuman Rice Industries (SHRI).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            63.5       CRISIL D
   Long Term Loan          5         CRISIL D
   Proposed Long Term
   Bank Loan Facility      11.5      CRISIL D

The suspension of ratings is on account of non-cooperation by SHRI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SHRI is yet to
provide adequate information to enable CRISIL to assess SHRI'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 2006 by Mr. Munaga Malakondaiah and his wife, SHRI
is a registered partnership firm. The firm mills and processes
paddy into rice; the firm also generates by-products such as
broken rice, bran, and husk. Its processing unit is in South
Rajupalem village, Nellore Rural, Nellore District of Andhra
Pradesh.


SUNSHINE CARS: CRISIL Assigns B- Rating to INR70MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Sunshine Cars Pvt Ltd (SCPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility       19       CRISIL B-/Stable

   Cash Credit              70       CRISIL B-/Stable

   Long Term Loan           11       CRISIL B-/Stable

The rating reflects SCPL's weak financial risk profile marked by
an adverse capital structure and below-average debt protection
metrics, and exposure to intense competition in the automotive
dealership business. These rating weaknesses are partially offset
by the company's low risk related to price fluctuation, and its
diversified customer base.
Outlook: Stable

CRISIL believes that SCPL will maintain its business risk profile
over the medium term backed by its comfortable relationship with
Hyundai Motor India Ltd (HMIL). The outlook may be revised to
'Positive' if SCPL generates large cash accruals or its promoters
infuse substantial capital, leading to improvement in the
company's financial risk profile, particularly capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
low cash accruals, or if SCPL's working capital cycle weakens or
if it undertakes any large debt-funded capital expenditure plans,
leading to deterioration in the overall financial risk profile,
especially liquidity.

SCPL, incorporated in May 2012, is promoted by Indore-based Mr.
Paramjeet Singh Chhabra. The company is an authorised dealer of
HMIL's entire range of vehicles in Indore. SCPL commenced
commercial operations in November 2012.




SUYASH METATECH: CRISIL Assigns 'B' Rating to INR45MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Suyash Metatech Pvt Ltd (Suyash).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      1.4       CRISIL B/Stable

   Long Term Loan         12         CRISIL B/Stable

   Cash Credit            45         CRISIL B/Stable

   Foreign Letter of
   Credit                 11.6       CRISIL A4

The ratings reflect Suyash's modest scale of operations in a
fragmented industry, large working capital requirements, and
below-average financial risk profile, marked by modest net worth,
high gearing, and average debt protection metrics. These
weaknesses are partially offset by the extensive experience of the
promoters in the fabrication and automotive components
manufacturing industry and established customer base.
Outlook: Stable

CRISIL believes that Suyash will continue to benefit over the
medium term from the extensive industry experience of its
promoters and established customer base. The outlook may be
revised to 'Positive' if the capital structure improves driven by
large cash accruals or equity infusion by the promoters.
Conversely, the outlook may be revised to 'Negative' if Suyash's
financial risk profile and liquidity deteriorate on account of low
cash accruals, stretch in the working capital requirements or if
the company undertakes any large debt-funded capital expenditure
programme.

Incorporated in 1998, Suyash is engaged in the business of
fabrication and manufacturing of automotive components and solar
panel mounting structures. The company is based in Nashik
(Maharashtra) and promoted by Mr. Gunesh Deshpande and Ms. Sangita
Deshpande.


V. G. SHIPBREAKERS: CRISIL Reaffirms B- Rating on INR70MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of V. G. Shipbreakers Pvt
Ltd (VGS) continue to reflect the company's weak financial risk
profile, marked by a modest net worth, a high total outside
liabilities to tangible net worth ratio, and weak debt protection
metrics.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            70       CRISIL B-/Stable (Reaffirmed)
   Letter of Credit       80       CRISIL A4 (Reaffirmed)

The ratings are also constrained on account of the company's large
working capital requirements, susceptibility to cyclicality in the
ship breaking industry and to volatility in steel scrap prices.
These rating weaknesses are partially offset by the promoters'
extensive experience in shipbreaking and steel trading businesses.
Outlook: Stable

CRISIL believes that VGS will continue to benefit over the medium
term from the extensive experience of its promoters in the ship
breaking and steel trading industries. The outlook may be revised
to 'Positive' in case of a substantial and sustained improvement
in the company's scale of operations and profitability margins or
in case of sustained improvement in its capital structure on the
back of sizeable equity infusion from promoters. Conversely, the
outlook may be revised to 'Negative' if there is a steep decline
in the company's profitability margins or there is a significant
deterioration structure on account of stretch in its working
capital requirements or large debt-funded capex.

VGS, incorporated in 2006, is primarily engaged in ship breaking
and steel trading businesses. The company is owned and managed by
the Prajapati family based in Mumbai, Maharashtra.


VENSHIV PHARMACHEM: CRISIL Suspends 'D' Rating on INR49MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Venshiv Pharmachem Pvt Ltd (VPPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            12        CRISIL D
   Long Term Loan         49        CRISIL D

The suspension of ratings is on account of non-cooperation by VPPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VPPL is yet to
provide adequate information to enable CRISIL to assess VPPL'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 2007, VPPL is engaged in manufacturing of
Sulfamethoxazole (SMX). The company is promoted by Mr. K Sambasiva
Reddy and family.



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


ENERGI MEGA: S&P Revises Outlook to Negative & Affirms 'B' CCR
--------------------------------------------------------------
Standard & Poor's Ratings Services revised the rating outlook on
Indonesia-based oil and gas exploration and production company PT
Energi Mega Persada Tbk. (EMP) to negative from stable.  At the
same time, S&P affirmed its 'B' long-term corporate credit rating
on EMP.  In line with the outlook revision, S&P lowered its long-
term ASEAN regional scale rating on EMP to 'axB+' from 'axBB-'.

The outlook revision reflects S&P's view that EMP's refinancing
risk will increase through 2016 as the company faces sizable debt
repayments over the period.  EMP's liquidity could fall to "weak,"
as defined in S&P's criteria, over the next 12 months unless the
company lengthens its overall debt maturity profile meaningfully.

"We believe EMP's refinancing risk will remain elevated over the
next 12 to 18 months.  We estimate that the company has about
US$130.9 million of short-term debt maturing over the next 12
months at the holding company.  This compares with a cash balance
of less than US$10 million at the holding company as of June 30,
2015.  Operating cash flows and dividends from EMP's equity stakes
in various producing blocks will be insufficient, in our view, to
repay maturing debts and the company will need to refinance its
debts.  We understand EMP is seeking to refinance and discussing
with banks to undertake resource-based lending using one of its
major producing blocks.  But this negotiation has not been
finalized," S&P said.

"Although a successful debt refinancing by the end of 2015 would
alleviate EMP's immediate liquidity risks, liquidity needs will
stay high in 2016.  Besides debt at the holding company level, EMP
also has close to US$200 million of debt maturing in 2015 and 2016
at various company levels, including a subsidiary-level US$127.4
million syndicated loan outstanding associated with a stake in the
Offshore North West Java (ONWJ) block the company acquired in
December 2011.  The block is producing, but dividends have not yet
been made available to the parent EMP and therefore cannot repay
any loans that are maturing at the EMP level.  In addition, the
ONWJ concession will expire in January 2017.  We understand the
company is seeking to extend the concession and maintain a stake
in the block beyond 2017, which would lengthen the maturity of the
syndicated loan by two years.  Still, a meaningful delay in
negotiating the extension with the government could complicate
EMP's efforts to refinance this loan, triggering a further
liquidity squeeze over the next 12 months," S&P added.

EMP's balance sheet weakened significantly when it took on sizable
costly (double-digit interest rate) short-term loans of about
US$160 million in 2013 to refinance its equally costly borrowing
for acquiring the ONWJ block and an exploration gas block in
Mozambique.  The company managed to extend the maturity of those
short-term loans to December 2015 from the year before.

S&P affirmed the rating on EMP because it believes the company's
small production profile and asset concentration will continue to
constrain its business risk profile over the next 12 to 18 months.
The company's ratio of consolidated funds from operations (FFO) to
debt appears sound at 30%-35% in S&P's base case.  But EMP relies
partly on dividends from its major income-producing assets,
Kangean and ONWJ, to service its debts.  Both blocks must service
their own debts before upstreaming dividends to EMP, creating
structural subordination.  After accounting for both blocks using
an equity method, S&P estimates that EMP's FFO interest coverage
could average 2x-3x over the next 12 to 18 months, a level that is
commensurate with S&P's "aggressive" financial risk profile, as
defined in its criteria.

The negative outlook on EMP reflects S&P's view that the company
faces growing refinancing risk associated with large short-term
loans and a syndicated bank loan maturing by the end of 2016 if
the ONWJ block concession is not extended.

S&P will lower the rating if it assess EMP's liquidity to have
declined to "weak." This will occur if the company fails to
refinance its maturing short-term debt with longer-dated borrowing
at a reasonable cost or it faces a delay in extending the
concession for the ONWJ block.

S&P may revise the outlook to stable if EMP lengthens its debt
maturity profile meaningfully at a reasonable cost and extends the
concession underlying the ONWJ block.  The outlook revision would
also be contingent on the company maintaining an FFO interest
coverage comfortably above 2.0x under the equity-accounting method
for the Kangean and ONWJ blocks.


INDIKA ENERGY: Moody's Lowers CFR to B2; Outlook Negative
---------------------------------------------------------
Moody's Investors Service has downgraded Indika Energy Tbk
(P.T.)'s corporate family rating to B2 from B1.

At the same time, Moody's also downgraded the ratings on the $300
million notes due 2018 and the $500 million notes due 2023, issued
by Indo Energy Finance B.V. and Indo Energy Finance II B.V.,
respectively, to B2 from B1.  The two issuers are wholly owned
subsidiaries of Indika.  The notes are unconditionally guaranteed
by Indika.

The outlook on all ratings remains negative.

RATINGS RATIONALE

"The ratings downgrade to B2 reflects our view that Indika's
operating performance will continue to deteriorate throughout 2015
and 2016 as weak coal prices weigh on the group's pricing power
and operating margins" says Brian Grieser, a Moody's Vice
President and Senior Analyst.  "We expect lower earnings
generation plus higher debt levels, largely attributable to growth
in Indika's low margin coal trading business, will drive its
adjusted debt-to-EBITDA above 6.0x for 2015 and 2016" adds
Grieser.

"While leverage will remain high in this weak operating
environment, Indika continues to maintain consolidated cash
balances of over $400 million at June 30, and will receive around
$60 million of dividends from its investments in the second half
of 2015, which is well in excess of near term debt service
requirements," adds Grieser, who is also Lead Analyst for Indika.

Moody's projects dividends from Indika's 46%-owned coal mining
operations, Kideco (unrated), to fall to around $50 million in
2016 from $65 million in 2015.  Given these cash flow
expectations, we expect Indika to maintain high cash balances
through 2016 at both the holding company and operating subsidiary
levels.  Further, Moody's expects Kideco's profits to weaken
further than initially anticipated with average selling prices
likely to equal $43 per tonne relative to our original expectation
of $45 in 2015 and coal volumes to remain around 40 million
tonnes.

Indika has also seen significant deterioration in its Petrosea
(unrated) and MBSS (unrated) operations.  Petrosea's waste removal
volumes have fallen 45% in H1 2015 while EBITDA has declined 38%
in the same period.  This was largely due to early termination of
a major contract with ABN in May 2015 and lower volumes from
Bayan's new mine which only partially offset lost contracted
volumes at Bayan's old mine.  MBSS, an integrated coal transport
and logistics services company, has also been hit by the weak
price environment and has seen its EBITDA fall almost 30%.
Moody's expects these trends to continue in the second half of
2015 and stabilize in 2016.

Engineering, procurement and construction (EPC) contractor and
wholly-owned subsidiary, Tripatra (unrated) has also seen
profitability decline despite higher revenue in 2015.  More
importantly, the company has been unable to sign new contracts in
2015 and thus seen its backlog fall.  As such, Moody's expects
this business to provide reduced levels of cash flows in 2016.

Aside from short term loans totaling some $110 million (June 30)
used to fund Indika's coal trading business, the next material
maturity for Indika is its $300 million notes in May 2018.  While
still over two and a half years away, refinancing risk will
elevate over time absent a material improvement in operating
performance and cash flow generation or a preemptive refinancing.

The negative outlook reflects Moody's expectation that Indika's
credit profile will likely deteriorate in 2015-16 as cash
dividends from Kideco and earnings from its other coal-related
businesses decline.  Further, the negative outlook reflects the
increasing refinancing risk.

A ratings downgrade could occur if 1) coal prices fail to
stabilize and Kideco's average selling price falls short of our
$43 per tonne target in the next twelve months ; 2) Tripatra,
Petrosea, and MBSS fail to win contracts such that cash flow turn
meaningfully negative; 3) the relationship between Samtan (the co-
shareholder in Kideco) and Indika deteriorates; 4) Indika
undertakes any large debt-funded acquisitions; or 5) its liquidity
profile deteriorates such that cash balances at the the holding
company level fall below $200 million ($250 million as at 30 June
2015).

Specific indicators Moody's would look for include total
debt/EBITDA (including dividends from associates) exceeding 6.0x,
net debt/EBITDA over 5.0x and EBIT/interest below 1.0x as its
notes maturity approaches.

Upward ratings momentum is unlikely in the near-to medium-term
given the negative outlook and our view that deleveraging will be
challenging in the current environment for coal prices.  However,
the rating outlook could stabilize if Indika improves its
financial leverage, such that its total debt/EBITDA (including
dividends from associates) falls below 5.0x and EBIT/interest
improves to over 2.0x.  Any positive action would require Indika
to maintain the current strength of its liquidity profile in
concert with an improvement in realizable coal prices for Kideco.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in December 2014.

Indika is an Indonesian integrated energy group listed on
Indonesia's Stock Exchange.  Through a number of acquisitions,
Indika has positioned itself as an integrated energy group with a
focus on energy resources (primarily through 46% interest in
Kideco), energy services (primarily through wholly owned Tripatra
and 69.8% stake in Petrosea) and energy infrastructure (primarily
through its 51% stake in MBSS).


KAWASAN INDUSTRI: Fitch Affirms 'B+' LT Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has affirmed PT Kawasan Industri Jababeka Tbk's
(Jababeka) Long-Term Issuer Default Rating at 'B+' with a Stable
Outlook. The agency has also affirmed Jababeka's senior unsecured
rating, and the rating on its USD260m notes due 2019 issued by
Jababeka International B.V. at 'B+' with Recovery Rating of 'RR4'.

The company's core businesses are in developing industrial estates
and the supporting infrastructure, and township management.
Jababeka's flagship industrial estate in Cikarang (35km from
Jakarta) is equipped with a 130MW power plant and a dry port. The
IDRs and senior debt ratings have been affirmed because Jababeka
demonstrates solid recurring interest coverage, sufficient
leverage and improving liquidity.

KEY RATING DRIVERS

Solid Recurring Coverage: Jababeka's rating reflects strong
recurring interest coverage from its 130MW power plant (PP1),
which is operated under a 20-year Power Purchase Agreement (PPA)
with the state electricity company PLN (BBB-/Stable). This
business provides good earnings visibility and also a natural
hedge for Jababeka's US dollar-denominated borrowings, as it
operates under a cost pass-through mechanism and the revenues are
pegged to the US dollars. In 2014, Jababeka's recurring interest
cover was 1.1x, and Fitch expects the ratio to reach 1.3x in 2015
and 1.5x in 2016.

Limited Capex, Improved Liquidity: The company is focused on
improving PP1's efficiency, targeting to reach 95% of capacity
declared to PLN by the end of 2015, up from 93% in 2014. Thus,
Jababeka's capex for the next few years will be limited to
developing its infrastructure facilities. This, coupled with the
discretionary nature of land acquisitions, allows Jababeka to
accumulate cash buffers and strengthen its liquidity profile.
However, this could change markedly should the company decide to
proceed with investment in a second power plant.

Growing Residential-Commercial Segment: Jababeka's residential and
commercial property business accounted for 55% of total marketing
sales in 2014 compared with 14% in 2011. There is growing demand
in this segment, and Fitch expects it to remain robust due to the
strategic location of the company's Cikarang estate and the
increasing need for homes for the growing number of industrial
workers in the area.

While this diversifies Jababeka's exposure to the more cyclical
industrial segment, revenue for the residential and commercial
segment takes a longer time to be recognised compared with the
industrial segment, and working capital might be stretched. To
monitor the impact of the growing contribution of the residential
and commercial business on Jababeka's leverage, we have introduced
a new rating trigger, net debt/ net inventory.

Long-Term Diversification Benefits: Jababeka, together with
Singapore's Sembcorp, will develop a new industrial complex in
Kendal, Central Java, which is modelled after Cikarang. Relocating
labour-intensive production out from Cikarang makes more sense in
the long-run given the lower minimum wage in Central Java. Upon
successful execution, Kendal will provide Jababeka with
diversification benefit and traction for future growth.

Project Concentration Risk: Jababeka's rating is primarily
constrained by its highly concentrated business in Cikarang, which
is expected to contribute over 80% in marketing sales in the next
24 months. Going forward, with the increasing contribution from
the Kendal estate, we believe that concentration risk should
gradually dissipate.

Forex Risk: The Indonesian rupiah has depreciated by over 10%
against the US dollar so far in 2015, and has affected Jababeka's
gross debt value. One of the rating triggers is the level of
presales/ gross debt, which is heavily affected by the exchange
rate. In 2014, the ratio stood at 38% and we expect it to reach
35%, 46% and 65% in 2015, 2016 and 2017, respectively. It should
be noted that there is no immediate liquidity concerns as
Jababeka's USD260m senior notes are due only in 2019.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Jababeka
include:

-- Cikarang industrial land sales volume of 13ha, 15ha
    and 17.5ha in 2015, 2016 and 2017, respectively
-- Kendal industrial land sales volume of 15ha, 20ha and 30ha in
    2015, 2016 and 2017, respectively
-- PP1 capacity declared to PLN of 95% for 2015-2017
-- Electricity buyback of 10MW, 13MW and 19MW for 2015, 2016 and
    2017 at 10% margin

RATING SENSITIVITIES

Positive rating action is not expected due to the limited project
scale and exposure to the highly cyclical industrial development
business.

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

-- Recurring EBITDA/ interest expense at less than 1x on a
    sustained basis (2015 forecast: 1.3x)
-- Presales/ gross debt at less than 40% on a sustained basis
    (2015 forecast: 34.5%)
-- Net debt/ net inventory at more than 60% on a sustained basis
    (2015 forecast: 39.9%)



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


SOLID ENERGY: Creditors Vote against Forming Creditors' Committee
-----------------------------------------------------------------
Marta Steeman at Stuff.co.nz reports that the creditors of Solid
Energy have decided not to form a creditors' committee to
represent their interests.

About 80 creditors turned up for the first creditors' meeting,
held in Christchurch, following the state-owned coal miner going
into administration just over a week ago, the report says.

Stuff.co.nz relates that the matters to decide at the meeting were
whether the creditors should form a creditors' committee and
whether they should appoint administrators of their own choosing
to replace Brendon Gibson and Grant Graham of Korda Mentha who
were appointed by Solid Energy's board.

Several banks are the biggest creditors and therefore have the
most voting power.

On August 25, the creditors decided not to form a committee and
voted to keep the already appointed administrators, the report
notes.

According to the report, the second creditors' meeting, called the
"watershed" meeting, is to be held on September 17 in Christchurch
in 16 working days time to decide Solid Energy's fate.

One of the administrators, Brendan Gibson, said the meeting on
August 25 was not long and dealt mainly with administrative
matters.

"The real meeting occurs on 17 September," the report quotes Mr.
Gibson as saying.

At that meeting creditors vote on whether to accept the Solid
Energy board's  proposal to allow the existing Solid Energy board
to conduct a slow wind down and sale of the company's assets or to
appoint a liquidator who would take control of the company from
the board, Stuff.co.nz relays.

To carry those proposals requires 75 per cent of creditors' votes
by value and 50 per cent by number, Stuff.co.nz notes.

Solid Energy has about 1,500 creditors who can attend the meeting
and vote there, or by post or by proxy.

A week before the watershed meeting creditors will receive the
administrators' financial report on Solid Energy and their
recommendations on the proposals for the future of the company,
the report adds.

                        About Solid Energy

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

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 13, 2015, the Board of Solid Energy New Zealand Limited
(SENZ) has placed the company and all associated companies into
voluntary administration, a process which allows the company to
continue trading while creditors consider the best way forward.

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



                             *********

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.


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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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