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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

           Friday, August 28, 2015, Vol. 18, No. 170


                            Headlines


A U S T R A L I A

ADELAIDE UNIVERSITY: To Wind-Up Unibooks Chain of Bookshops
BUSH AND BEACH: Creditors Await News on Debts
CAMBRIDGE FINANCIAL: Receives Wind-Up Order From ATO
F.T.S. (N.T.): First Creditors' Meeting Set For September 2
MENSA ET: First Creditors' Meeting Set For September 4

QUICK STEEL: First Creditors' Meeting Set For September 2
RED SUN: First Creditors' Meeting Set For September 2
SUERICH PTY: In Liquidation; First Creditors' Meeting Set Sept. 4

* ASIC Cancels South Australian Liquidator's Registration


C H I N A

GOLDEN EAGLE: Moody's Cuts Senior Unsecured Ratings to Ba1
HILONG HOLDING: 1H 2015 Results Support Moody's Ba2 Rating
LONGFOR PROPERTIES: Moody's Says 1H 2015 Results Support Ba1 CFR
MAOYE INT'L: Weak 1H Results No Impact on Moody's B1 Bond Rating
MIE HOLDINGS: Headroom on Fitch B Ratings Shrunk on 1H15 Results

MODERN LAND: 1H 2015 Results Improve Headroom of Moody's B2 CFR
SKYSTAR BIO-PHARMA: Gets Nasdaq Listing Non-Compliance Notice
SOHO CHINA: S&P Lowers Corp. Credit Rating to 'BB'; Outlook Neg.


I N D I A

AIROX NIGEN: CRISIL Suspends C Rating on INR70MM Cash Loan
ANILKUMAR CONSTRUCTION: ICRA Withdraws D Rating on INR6.95cr Loan
API ASSOCIATES: ICRA Cuts Rating on INR7cr Fund Based Loan to D
BEMCO HYDRAULICS: CRISIL Reaffirms B- Rating on INR100MM Loan
BEST INTERNATIONAL: CRISIL Suspends D Rating on INR350MM Loan

BHARAT AGRICULTURE: ICRA Assigns B- Rating to INR10cr Term Loan
BHARAT SUPPLY: ICRA Upgrades Rating on INR4.3cr Cash Loan to B+
BLUE STAR: CRISIL Assigns 'C' Rating to INR90MM Cash Credit
CAPTAIN TRACTORS: CRISIL Suspends B+ Rating on INR100MM Loan
ESQUIRE MALL: CRISIL Suspends 'B' Rating on INR49.3MM Loan

HAJI SHEIK: CRISIL Assigns B- Rating to INR105.8MM LT Loan
INDIAN OIL: Moody's Says Ratings Unaffected by Gov't Stake Sale
KBS MOTORS: CRISIL Suspends 'B' Rating on INR77.5MM Cash Loan
MADHUSUDAN GARAI: CRISIL Suspends B+ Rating on INR30MM Loan
MARUDHAR POLYSACKS: CRISIL Suspends B- Rating on INR35MM Loan

MSK CREATIONS: CRISIL Assigns B+ Rating to INR10MM Bill Disc.
NAV NIRMAN: ICRA Assigns 'B+' Rating to INR16.0cr Loan
ODEON BUILDERS: CRISIL Suspends B Rating on INR600MM Cash Loan
PALIWAL MILK: ICRA Assigns 'B' Rating to INR5.0cr LT Loan
R. L. JEWELS: CRISIL Suspends 'D' Rating on INR875MM Cash Loan

RAJKAMAL BUILDERS: CRISIL Suspends B+ Rating on INR450MM Loan
RC GOYAL: CRISIL Reaffirms B+ Rating on INR120MM Cash Loan
ROYAL STAR: CRISIL Suspends B+ Rating on INR80MM LT Loan
SAMARTHA LEISURES: CRISIL Reaffirms B Rating on INR49MM Loan
SANYA HOSPITALITY: CRISIL Reaffirms D Rating on INR1.65BB Loan

SHANTI JANAK: CRISIL Suspends B- Rating on INR150MM Term Loan
SHIV AGRO: CRISIL Suspends 'D' Rating on INR45MM Term Loan
SHIVA AGRO: CRISIL Assigns B Rating to INR50MM Cash Loan
SHIVA TEXFABS: CRISIL Suspends 'D' Rating on INR3.57BB Term Loan
SHREENATHJI RASAYAN: CRISIL Suspends B+ Rating on INR70MM Loan

SHRI BALAJI: CRISIL Suspends D Rating on INR32.8MM LT Loan
SHRI GIRIJA: CRISIL Suspends B Rating on INR4.75BB Term Loan
SILVER JUBILEE: CRISIL Assigns 'B' Rating to INR537.5MM Loan
SREE GURU: CRISIL Ups Rating on INR56.4MM Cash Loan to B+
SREE GURU RAGHAVENDRA: CRISIL Ups Rating on INR50MM Loan to B+

SRI KODANDARAMA: ICRA Reaffirms B+ Rating on INR29.99cr LT Loan
SUMATI ENGINEERING: CRISIL Suspends 'D' Rating on INR100MM Loan
SUNDER MARKETING: CRISIL Suspends B+ Rating on INR50MM Cash Loan
SYMBOSA GRANITO: CRISIL Assigns 'B' Rating to INR200MM LT Loan
TEAM MEDIA: CRISIL Assigns 'B' Rating to INR75MM Term Loan

TIRUPATI BALAJI: CRISIL Suspends 'B' Rating on INR70MM Term Loan
VASTRAM INDIA: CRISIL Puts B+ Rating on Notice of Withdrawal
WHITE HOUSE: CRISIL Suspends 'D' Rating on INR170.7MM Term Loan


M A L A Y S I A

1MALAYSIA: Denies IPIC Pulling Out of Debt Restructuring Plan


N E W  Z E A L A N D

AQUADUCT NZ: Steel & Tube to Acquire Company's Assets


P H I L I P P I N E S

XAVIER-PUNLA RURAL: Placed Under PDIC Receivership


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


ADELAIDE UNIVERSITY: To Wind-Up Unibooks Chain of Bookshops
-----------------------------------------------------------
Broede Carmody at SmartCompany reports that a bookselling chain
that has operated for 80 years will close its doors after the
Adelaide University Union decided to wind down the business.

Unibooks specialises in university textbooks, with stores located
at the University of Adelaide, University of South Australia and
Flinders University.  The chain is owned by the University of
Adelaide's student union and operates as a not-for-profit.

A closure date has not been announced, however, Unibooks will
likely shut its doors for the final time in 2016, according to
SmartCompany.

The report says the decision will mean more than 100 staff will
lose their jobs, the majority of whom are casual employees.

Around 23 employees at UniBooks are full-time across its stores
and distribution centre, the report says.

Unibooks has cash reserves of around AUD2 million, SmartCompany
discloses citing The Adelaide Advertiser.

Sources close to the Adelaide Student Union told SmartCompany the
union will likely use the cash reserves to invest in for-profit
projects, such as a student bar.

In a statement issued to SmartCompany, the Adelaide University
Union said the decision to wind-up Unibooks was not made lightly.

"Both the business and the textbook market are in decline," the
union said.

"After careful consideration of the future of the business, the
market and our own strategic priorities, and with a number of
long-term service contracts due for renewal in coming months, the
decision has been made now to wind down the company."

According to SmartCompany, the union said because of the
"significant" upheavals in the book industry, it was becoming
increasingly difficult for the not-for-profit business to provide
affordable textbooks to students.

"Unfortunately the option of selling the business as a going
concern is not viable due to the nature of the business, its
service contracts and the current state of the sector."

Despite this, the Adelaide University Union said it is hopeful
another textbook vendor will set up shop on campus, SmartCompany
relays.

"Universities have been provided with lengthy notice to source an
alternative provider, whom we hope will also continue to provide
employment to students on campus," the union said, notes the
report.  "We would like to thank all staff for their much-valued
contributions to the business; our thoughts are with them on
receiving this news."

University of Adelaide students contacted by SmartCompany on
August 27 expressed disappointment over the news of Unibooks'
closure, saying the bookshop was a convenient place to not only
buy textbooks but also notebooks and stationary.


BUSH AND BEACH: Creditors Await News on Debts
---------------------------------------------
Sunshine Coast Daily reports that Peter and Julie Hopley walked
away from a creditors' meeting resigned to the fact they might not
see a cent of the $65,000 owed to them by a broke Sunshine Coast
builder.

The report relates that the Hopleys, who own Coolum Engineering,
were at the Maroochy RSL on August 25 to hear the latest for those
affected by the collapse of Peregian Beach-based builder Bush and
Beach Homes.

They had fabricated steel house frames for the builder until they
received a call from a company director in late July to say the
company was going under, the report says.

Sunshine Coast Daily says Mr and Mrs Hopley were driving home from
their son's university graduation when they heard the news.  They
had been owed money for a few months.

"It's just disheartening," the report quotes Mrs Hopley as saying.
"You do a lot of stuff in good faith.  It's probably a nightmare
to think that you are not going to get paid."

According to the report, Mr. Hopley said the loss equated to them
losing their wage from the business.

"If we hadn't had a good year we might have gone under.  "We've
worked a year for nothing, basically."

He gained little from the creditors' meeting other than it would
be a while before they knew whether or not they would be getting a
dividend, the report relays.

Sunshine Coast Daily relates that a report to creditors issued by
liquidators Worrells earlier this month listed about 90 creditors,
including Bush and Beach Homes directors Mark Cruse and
Christopher Sly.

The report discloses that the company's liabilities totalled
AUD1.849 million when money owed to employees, associated loans
and estimated finance shortfalls were taken into account.  That
figure included AUD704,239 owed to trade creditors.

The report says Worrells Sunshine Coast liquidator Paul Nogueira
expected an investigation into the collapse would take about two
months.

"It is too early to make any comment on potential dividends at the
moment," the report quotes Mr Nogueira as saying.

Sunshine Coast Daily meanwhile reports that Queensland Building
and Construction Commission interim commissioner Kellie Lowe said
six complaints in relation to Bush and Beach Homes were being
investigated.

They included three for incomplete building work and three for
defective work, the report notes.


CAMBRIDGE FINANCIAL: Receives Wind-Up Order From ATO
----------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Cambridge
Financial Planning Pty Ltd is facing liquidation after it received
a wind-up order from the Australian Taxation Office. The order
will be heard by the Supreme Court on September 16, the report
relates.

The report says the company recently lost its PIS license.


F.T.S. (N.T.): First Creditors' Meeting Set For September 2
-----------------------------------------------------------
Blair Pleash & Kathleen Vouris of Hall Chadwick were appointed as
administrators of F.T.S. (N.T.) Pty Ltd, trading as Territory
Metals, on Aug. 24, 2015.

A first meeting of the creditors of the Company will be held at
DoubleTree by Hilton Hotel, 82 Barrett Drive, in Alice Springs, on
Sept. 2, 2015, at 2:30 p.m.


MENSA ET: First Creditors' Meeting Set For September 4
------------------------------------------------------
James White and Rachel Burdett-Baker of BDO were appointed as
administrators of Mensa Et Thoro Pty Ltd on Aug. 25, 2015.

A first meeting of the creditors of the Company will be held at
BDO, Level 11, 1 Margaret Street, in Sydney, on Sept. 4, 2015, at
10:00 a.m.


QUICK STEEL: First Creditors' Meeting Set For September 2
---------------------------------------------------------
Stephen Robert Dixon and Laurence Andrew Fitzgerald of Grant
Thornton were appointed as administrators of Quick Steel Rigging
Pty Ltd on Aug. 24, 2015.

A first meeting of the creditors of the Company will be held at
'The Rialto' Level 30, 525 Collins St, in Melbourne, on Sept. 2,
2015, at 11:00 a.m.


RED SUN: First Creditors' Meeting Set For September 2
-----------------------------------------------------
Domenic Calabretta of Mackay Goodwin was appointed as
administrator of Red Sun Hotels Pty Ltd on Aug. 21, 2015.

A first meeting of the creditors of the Company will be held at
Mackay Goodwin, Exchange House, Suite 2, Level 8, 10 Bridge
Street, in Sydney, on Sept. 2, 2015, at 11:00 a.m.


SUERICH PTY: In Liquidation; First Creditors' Meeting Set Sept. 4
-----------------------------------------------------------------
Mark Hall and Daniel Lopresti of Clifton Hall were appointed as
Joint and Several Liquidators of Suerich Pty Ltd on Aug. 25, 2015.

A meeting of creditors will be held at 9:30 am on Sept. 4, 2015,
at Clifton Hall, Level 3, 431 King William Street, in Adelaide.


* ASIC Cancels South Australian Liquidator's Registration
---------------------------------------------------------
Australian Securities and Investments Commission has cancelled the
registration of Adelaide-based liquidator, Daryl Charles Emmerson.

Mr Emmerson, principal of accounting firm, Chancellor Group,
requested that ASIC cancel his liquidator's registration following
ASIC raising concerns with Mr Emmerson's insolvency practice and
his conduct of an external administration.

ASIC reviewed Mr Emmerson's handling of the external
administration ACN 135 704 559 Pty Ltd (formerly known as, JB
Electrical Contracting Pty Ltd) and identified concerns
surrounding the adequacy of: remuneration disclosure; independence
disclosure; documentation regarding investigations; securing
assets in a timely manner; and practice systems and processes,
including documentation of work carried out.

The negotiated arrangement to cancel Mr Emmerson's registration
also involved Mr Emmerson engaging an independent quality reviewer
to report to ASIC to provide confidence that he was adequately
complying with his duties to finalise the external administration.

Mr Emmerson is also prevented from re-applying for registration as
a liquidator for three years.

ASIC Commissioner John Price said, 'Where we see instances of
liquidators not having adequate systems and processes in place,
not complying with disclosure obligations, and lacking
documentation, ASIC will continue to act to ensure the standards
of the industry are maintained.'



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


GOLDEN EAGLE: Moody's Cuts Senior Unsecured Ratings to Ba1
----------------------------------------------------------
Moody's Investors Service has downgraded Golden Eagle Retail Group
Ltd's issuer and senior unsecured ratings to Ba1 from Baa3.

The ratings outlook is stable.

RATINGS RATIONALE

"The downgrade reflects our expectation that Golden Eagle's plan
for a transition in its business will increase the volatility for
both its business performance and its financial leverage," says
Lina Choi, a Moody's Vice President and Senior Analyst.

"Golden Eagle's increasing interest in property development, as
highlighted by its plan to acquire a 51% stake in the Gate of the
Orient in Suzhou for RMB1.29 billion, represents a divergence from
its traditional retail business model, and could materially reduce
its operating stability," says Choi.

In addition, such property investments, together with its
significant investments to build new stores in the format of
lifestyle centers, necessitate sizeable levels of capital
expenditure.

Such spending will be partly funded with incremental debt and will
increase its debt levels, but incremental earnings from the
company's new stores and investment properties will by contrast be
insignificant at the early stages.

These investments also expose the company to execution risks,
given its limited track record in these new business models.

Given these considerations, and despite the stability in earnings
from its existing department stores, Moody's expects adjusted
debt/EBITDA and retained cash flow (RCF)/adjusted net debt to
weaken to about 4x and 20% over the next 12 months from 3.2x and
26% in 2014.

Such ratios would no longer be in line with the Baa3 rating
category.

Moody's also notes that Golden Eagle's financial metrics could
deteriorate more rapidly if it decides to make further large-scale
property investments, such as in projects similar to that in
Suzhou.

On the other hand, this concern is partly mitigated by the
company's significant financial flexibility, as evidenced by its
holdings of sizeable cash and liquid short-term investments.

Golden Eagle's ratings are supported by its strong market position
in affluent Jiangsu Province, the benefits of its concessionaire
model, and its solid liquidity profile.

At end-June 2015, Golden Eagle had cash and equivalents of RMB4.3
billion, which are sufficient to cover its short-term debt of
RMB644 million and negative free cash flow over the next 12
months.

On the other hand, its ratings are constrained by its small scale
and high level of geographic concentration. The ratings also
consider the intensifying competition apparent within the
department store industry and from other retail formats.

Based on its 1H 2015 results, Golden Eagle's core retail business
is showing signs of stabilization. Its improved product mix and
proactive efforts to transition to lifestyle centers moderately
raised revenue growth by 2.6% year-on-year. This trend represents
a reversion of the revenue decline recorded for FY2014.

Profitability measures were also stable with EBITDA/gross sales
proceeds at 12.5%, compared to 12.6% in FY2014.

The stable ratings outlook reflects our expectations that Golden
Eagle will maintain its solid market position and profitability,
and that its financial leverage will remain -- despite a gradual
weakening -- within the parameters of its Ba1 rating.

An upgrade in the ratings in the near term is unlikely, given the
company's sizeable investment programs.

However, upward rating pressure would arise over time if Golden
Eagle successfully carries out business transition plan, keeps its
property investments at a manageable level, and improves its
financial profile, such that EBITDA/gross sales proceeds remains
above 13% and retained cash flow (RCF)/adjusted net debt is above
22-23%.

The ratings would be downgraded if: (1) the company's
profitability or the cash flow from its operating stores
deteriorates; or (2) it aggressively grows its exposure to the
property business with debt funding, further weakening its
balance-sheet liquidity and financial metrics.

Indicators for a downgrade could include EBITDA/gross sales
proceeds falling below 10-11% and RCF/adjusted net debt declining
below 16-17%.

The principal methodology used in these ratings was Global Retail
Industry published in June 2011. Please see the Credit Policy page
on www.moodys.com for a copy of this methodology.

Golden Eagle Retail Group Ltd is one of the largest department
store operators in China. Based in Nanjing, the company is
strategically positioned in second- and third-tier cities,
catering to mid- to high-end customers. As of 30 June 2015, the
company operated 23 stores and five lifestyle centers across four
provinces and 16 cities in China.


HILONG HOLDING: 1H 2015 Results Support Moody's Ba2 Rating
----------------------------------------------------------
Moody's Investors Service says that Hilong Holding Limited's
financial results for the half year ended June 30, 2015 (1H 2015)
were in line with Moody's expectations and support its Ba2
corporate family rating and stable outlook.

"Hilong's debt leverage improved slightly in 1H 2015, driven
mainly by a 10% growth in revenue and a slight decline in debt
levels," says Chenyi Lu, a Moody's Vice President and Senior
Analyst. "However, these positives were partially offset by a
weaker gross margin."

"We expect that the company's financial leverage will rise over
the next 12-18 months, driven by lower earnings, due to the
prolonged weak oil price environment," adds Lu.

Hilong's adjusted debt/EBITDA fell to around 3.2x for the 12
months ended 30 June 2015 from 3.3x at end-2014, as its adjusted
debt fell to RMB2.51 billion from RMB2.56 billion over the same
periods.

Moody's expects that Hilong's adjusted debt/EBITDA will increase
to around 3.5x over the next 12-18 months, given its weaker
earnings. This level of leverage is in line with the parameters of
its Ba2 rating category.

The weaker earnings will be driven by an expected mid-single digit
revenue growth per year, and which incorporates revenues from its
new offshore engineering services segment, as well as its likely
weaker adjusted EBITDA margin of about 24% versus 30% in 2014.

The weaker margin will in turn reflect the margins from its
offshore engineering business, which exhibits weaker gross margins
when compared with the company's overall gross margin.

In 1H 2015, Hilong's revenue grew by 10% to RMB1.30 billion
compared with RMB1.18 billion in 1H 2014, driven mainly by its
offshore engineering services segment; the results of which were
partially offset by a 52% decline in drilling pipes sales, owing
to the weak oil prices.

Hilong's adjusted EBITDA margin fell to 24.8% in 1H 2015 from
27.3% in 1H 2014, because of its weak gross margin.

Moody's says Hilong's liquidity profile remains adequate,
underpinned by the company's expected operating cash flow of
RMB400 million over the next 12 months, and cash and cash
equivalents of RMB516 million at end-June 2015. The company also
exhibited undrawn committed credit facilities of RMB500 million at
end-June 2015.

Overall, Hilong's liquidity sources at 30 June 2015 were
sufficient to cover its short-term debt of RMB1.16 billion and
estimated capex of RMB200 million over the next 12 months.

The principal methodology used in this rating was Global Oilfield
Services Industry Rating Methodology published in December 2014.
Please see the Credit Policy page on www.moodys.com for a copy of
this methodology.

Hilong Holding Limited is an integrated oilfield equipment and
services provider. Its four main businesses are: oilfield
equipment manufacturing and services, line pipe technology and
services, oilfield services, and offshore engineering services.

It listed on the Hong Kong Stock Exchange in 2011. Mr. Jun Zhang,
the chairman and founder of the company, is the controlling
shareholder, with a 59.8% equity interest at end-2014.


LONGFOR PROPERTIES: Moody's Says 1H 2015 Results Support Ba1 CFR
----------------------------------------------------------------
Moody's Investors Service says that Longfor Properties Co. Ltd.'s
healthy results for the first half of 2015 support its Ba1
corporate family rating and stable outlook.

"Both revenue growth and contracted sales levels are in line with
our expectations, while leverage remains low and liquidity
strong," says Stephanie Lau, a Moody's Assistant Vice President.

Longfor reported a 5.3% year-on-year growth in revenue to around
RMB16.8 billion in 1H 2015. Overall gross margins of 26.5% were
similar to those as at end-2014. Notably, rental income reached
RMB660 million, representing 75% year-on-year growth.

Moody's expects this revenue trend to continue.

The company reported contracted sales of RMB21.6 billion in 1H
2015, a 6.7% year-on-year growth, while the seven months' sales of
RMB26.1 billion as of end-July 2015 cover 48% of its full year
target.

With 62 key projects available for sale, of which nine are brand
new, the company's RMB54 billion sales target for full year 2015
is achievable, says Moody's.

In addition, Longfor's low leverage supports its Ba1 corporate
family rating, says the rating agency. The company's total debt
grew by 3.6% to RMB49.4 billion at end-June 2015 from RMB47.7
billion at end-2014. But its good revenue growth helped lower its
revenue/debt ratio to 105% for the 12 months to 30 June 2015 from
107% at end-2014.

Moody's expects Longfor's revenue/adjusted debt leverage will stay
at around 100% for the next 12 months, which is an appropriate
level for its Ba1 rating.

The company's recent diversification of funding channels decreased
its borrowing costs and lengthened its credit profile, resulting
in a very strong financial position compared with its Ba-rated
peers, says Moody's.

Longfor issued RMB6 billion in domestic corporate bonds in July,
of which RMB2 billion (5 years) had a low 3.93% coupon rate. It
also completed a fixed 5-year syndicated loan of HKD4.6 billion in
April.

Finally, the company also benefits from a strong liquidity
position with cash holdings that totaled RMB17.0 billion at end-
June 2015, and is sufficient to cover its debt of RMB8.7 billion
that matures over the next 12 months, and total committed land
payments of RMB11 billion as at end-June 2015.

Longfor Properties Co. Ltd. is one of the leading developers in
China's residential and commercial property development sector.
Founded in 1994, the company began its business in Chongqing and
has since established a leading brand name in the municipality.

As of end-June 2015, it had an attributable land bank of 31.1
million square meters in gross floor area, spanning 24 cities in
five major regions in China.


MAOYE INT'L: Weak 1H Results No Impact on Moody's B1 Bond Rating
----------------------------------------------------------------
Moody's Investors Service says that Maoye International Holdings
Ltd.'s weaker 1H 2015 results are largely in line with Moody's
prior expectations, and have no immediate impact on its Ba3
corporate family rating (CFR), B1 senior unsecured bond ratings
and the stable ratings outlook.

"Maoye's retail revenue continued to decline in 1H 2015 due to a
challenging operating environment, while the company's recognized
property revenue lagged its own expectations," says Lina Choi, a
Moody's Vice President and Senior Analyst.

Moody's estimates Maoye's retail revenue, after adjusting for the
deconsolidated Maoye Logistics (Maoye Logistics Corporation Ltd,
unrated), declined 3%-4% year-on-year in 1H 2015. This performance
is in line with that of its domestic peers, as China's (Aa3
stable) traditional retail sector faces pressure from a slowing
economy and competition for other retail formats. Moody's expects
the weak revenue trend to persist, and anticipates a 3% total
retail revenue decline for 2015.

Due to ongoing delays in property revenue recognition for projects
in Shanxi province, Maoye only booked RMB368 million revenue in
the first half of 2015, while it had earlier expected to book
RMB800 million. As the government's anti-corruption campaign
continues to cause delays in certain administrative functions,
Moody's does not expect a meaningful recovery of property revenue
in 2H 2015.

"Although Maoye's financial profile weakened further in 1H 2015
with rising leverage, we expect its financial leverage to improve
over the next 6-12 months," adds Choi.

Moody's estimates that Maoye's EBITDA margin stayed flat at 37%-
38% in 1H2015, reflecting the company's ability to control costs
and optimize its merchandize mix. This results in adjusted EBITDA
of RMB768 million, a moderate decline from RMB826 million a year
ago.

At the same time, total reported debt rose to RMB11.3 billion from
RMB9.5 billion at end-2014, as the company issued multiple super
short-term notes to take advantage of favorable domestic borrowing
costs.

Consequently, Maoye's credit metrics for the 12 months to June
2015 weakened further from full-year 2014. Its adjusted
debt/EBITDA rose to 7.7x from 6.6x, and its EBITDA/interest
coverage ratio fell to 2.0x from 2.6x. These metrics are weak for
its Ba3 CFR.

However, Moody's expects adjusted debt/EBITDA to improve to 6.5x-
7.0x over the next 6-18 months, driven by the recognition of
higher property-related revenue and earnings. This level of
leverage provides little leeway for further deterioration at the
Ba3 CFR category.

Maoye's liquidity position remains weak. Its cash and cash
equivalents of about RMB1.0 billion at end-June 2015 were
insufficient to cover its maturing debt of RMB6.7 billion and
negative free cash flow over the next 12 months.

However, Moody's expects Maoye to be able to continue rolling over
its short-term debt, backed by its solid market position.

Maoye International Holdings Ltd. is one of the leading department
store operators in China (Aa3 stable). Headquartered in Shenzhen,
Guangdong Province, the company has built a strong position in its
home market, while strategically expanding elsewhere.

Since opening its first department store in 1997, the company has
progressively expanded its business to 40 stores in 18 cities
across China's four main regions. The fast expansion has resulted
in a geographically balanced portfolio of relatively young stores
with an average store age of 6.3 years as of end-2014.


MIE HOLDINGS: Headroom on Fitch B Ratings Shrunk on 1H15 Results
-----------------------------------------------------------------
Fitch Ratings says that the headroom on MIE Holdings Corporation's
'B' ratings has further shrunk after it reported the lowest half-
year profits in three years for the six months to June 30, 2015,
amid softer oil prices.

Fitch placed MIE's ratings on Rating Watch Negative on 6 August
2015 following the company's announcement it plans to acquire
43.9% in Long Run Exploration Ltd (Long Run), a Canada-based
upstream oil & gas company.  MIE's 1H15 results were weaker than
Fitch's earlier expectations, and the further decline of global
crude oil prices since June 2015 has reduced MIE's rating headroom
and capacity to accommodate any large debt-funded acquisition that
is not immediately cash accretive.

MIE's 1H15 production volume dropped 38% yoy, which is within
Fitch's expectations as the company has slowed down its drilling
programme in view of subdued oil prices.  However, production
growth at joint-venture Sino Gas & Energy Ltd was slower-than-
expected.  MIE's overall lifting costs dropped by 22%, though the
decline was slightly smaller than Fitch's expectations.

As a result, the drop in FFO was more significant than expected,
and Fitch estimates MIE's FFO net leverage for 1H15 at over 7x,
compared with Fitch's previous expectation of around 5x-6x.
EBITDA per barrel for the period was USD21.2/boe, a substantial
fall from the 2012-2014 average of USD49.3/boe.

Fitch expects MIE's low profitability and weak cash flow
generation during 1H15 to extend through the next 12-18 months.
As a result of reduced capex in 2015, and delay of completion of
the central processing unit in Kazakhstan to 2016, production
volume will not expand meaningfully before 2017.  MIE's leverage,
before considering the Long Run transaction, would likely stay
above 5x in 2016, compared with 3x, the level at which Fitch may
consider taking negative rating action.

The recent devaluations of the Chinese yuan and the Kazakhstan
tenge are not expected to significantly impact MIE, except for
some translation losses expected in 2H15 as the company's
reporting currency is the yuan.  Sales are conducted in US
dollars, while operating costs are in the domestic currencies in
China and Kazakhstan.  All cash in Kazakhstan is held in US
dollars with an international bank.

Resolution of the Rating Watch Negative will depend on clarity
about the funding structure for the Long Run transaction, which
will cost CAD201.5 mil. (around CNY947 mil.) on completion, and a
further CAD99.2 mil. if the 18- and 24-month warrants acquired as
part of the transaction are exercised.

MIE has classified Moliqing, one of its smaller China-based
projects, as an asset held for sale in its 1H15 financial
statements.  Moliqing accounted for less than 10% of MIE's EBITDA
and had a net book value of CNY750m.  The company indicated that
it expects to dispose of Moliqing within the next 12 months.
Fitch believes such a disposal would reduce the need for
additional debt to fund the Long Run transaction.  However, any
more substantial asset sales to fund the Long Run acquisition may
reduce MIE's operating cash generation, because meaningful
dividends from Long Run are not expected in the short term, as
highlighted in Fitch's rating action commentary for MIE on 6
August 2015.


MODERN LAND: 1H 2015 Results Improve Headroom of Moody's B2 CFR
---------------------------------------------------------------
Moody's Investors Service says that Modern Land (China) Co.,
Limited's 1H 2015 results are in line with expectation and
improves the rating headroom of its B2 corporate family rating and
senior unsecured rating.

The ratings outlook is stable.

"Modern Land demonstrated strong sales execution, and was able to
grow in scale while maintaining low debt leverage and strong
liquidity in 1H 2015," says Dylan Yeo, a Moody's Analyst.

Modern Land recorded contracted sales of RMB4.4 billion in 1H
2015, up 91% from the previous year, and is on track to achieve
its sales target of more than RMB10 billion for FY2015. In July
2015, the company achieved a further RMB0.9 billion in contracted
sales.

Revenue grew at a slower rate of 3.8% year-on-year to RMB1.95
billion in 1H 2015. Nevertheless, Moody's expects the company to
achieve around RMB6 billion in revenue for FY2015 as more project
completions are planned in the second half of the year.

The expansion in scale will, however, result in execution risk as
the company enters new cities in China.

The company's reported gross margin will also gradually decline
because of a larger contribution from its lower-margin mass-market
housing segment.

Its gross margin fell slightly to 38.6% in the 12 months to June
2015 from 40.6% in FY2014.

Moody's expects Modern Land's gross margin will decline further to
30%-35% for FY2015. This remains strong relative to similarly
rated peers, as the company's product differentiation provides it
with some pricing power.

Modern Land's credit metrics will moderate as a result of its
debt-funded expansion, but remains well-positioned for its rating.

EBIT/interest declined to 2.7x for the 12 months to June 2015 from
3.3x in 2014 due to the fall in its gross margin and increased
interest costs from the notes issued in 2H 2014. Moody's expects
the company's EBIT/interest to remain around 2.4x-2.7x over the
next 12-18 months.

Revenue to-debt fell to 84% for the 12 months to June 2015 from
90% in 2014, but is projected to improve to above 100% for the
full year if it meets its revenue recognition targets for 2H 2015.
This ratio is strong for its B2 rating.

"Modern Land's strong liquidity position and well-spread debt
maturity profile remain key credit strengths," says Yeo.

The company's cash balance of RMB2.9 billion at end-June 2015 was
down 25% from end-2014. Moody's believes that the decrease stemmed
from payments for land acquisitions and the slower-than-expected
cash collection rate relative to its contracted sales.

Nevertheless, its cash to short-term debt ratio remained healthy
at 182%, and has been above 150% for the last three years.

The next significant offshore maturity is in January 2017 when its
RMB1.1 billion bond comes due. Moody's expects the company to
continue to proactively manage its capital structure and maintain
a good debt maturity profile.

The company's share issuance of HKD330 million in July should
further bolster its liquidity position. The issuance is the second
equity-related transaction this year, after the replacement of
RMB102 million of 2014 dividends with a share issuance in May
2015.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015. Please
see the Credit Policy page on www.moodys.com for a copy of this
methodology.

Listed on the Hong Kong Stock Exchange in July 2013, Modern Land
(China) Co., Limited was founded in Beijing in 2000 by the
company's chairman, Mr Zhang Lei. It specializes in developing
"comfort living" housing units and is one of the few early
pioneers of green and eco-friendly projects in China.

As of June 2015, the company's land bank totaled 4.4 million
square meters in gross floor area with 29 property development
projects in China (excluding investment properties and properties
held for own use), located in cities such as Beijing, Jiujiang,
Nanchang, Taiyuan, Changsha, Xiantao, Dongdaihe, Hefei, Wuhan,
Suzhou and Shanghai.


SKYSTAR BIO-PHARMA: Gets Nasdaq Listing Non-Compliance Notice
-------------------------------------------------------------
Skystar Bio-Pharmaceutical Company, a China-based manufacturer and
distributor of veterinary medicine, vaccines, micro-organisms and
feed additives, on Aug. 25 disclosed that on August 19, 2015, the
Company received a notification from the Nasdaq Stock Market
informing the Company that because it had not filed its Quarterly
Report on Form 10-Q for the quarter ended June 30, 2015, the
Company was not in compliance with Nasdaq Listing Rule 5250(c)(1).

The Company previously submitted a plan of compliance to Nasdaq,
responded to an initial request for additional information from
Nasdaq, and is preparing responses to a second request for
additional information from Nasdaq. If its plan is approved by the
Nasdaq staff, the Company may be eligible for a listing exception
of up to 180 calendar days from the date of its initial delinquent
filing (its Annual Report on Form 10-K for the year ended December
31, 2014), or until October 12, 2015, to regain compliance.

The Nasdaq notification letters do not result in the immediate
delisting of the Company's common stock, and the stock will
continue to trade uninterrupted under its current trading symbol.
If the Nasdaq staff concludes that the Company will not be able to
cure the deficiency, or if the Company determines not to submit
the required materials or make the required representations, the
Company's common stock will be subject to delisting by Nasdaq.

            About Skystar Bio-Pharmaceutical Company

Skystar -- http://www.skystarbio-pharmaceutical.com-- is a
China-based developer, manufacturer and distributor of veterinary
healthcare and medical care products. Skystar has four product
lines: veterinary medicines, probiotics, vaccines and feed
additives formulated and packaged in house across several modern
manufacturing and distributions facilities. Skystar's distribution
network includes almost 3,000 distribution agents of which 360 are
franchised stores with exclusivity agreements covering 29
provinces throughout China.


SOHO CHINA: S&P Lowers Corp. Credit Rating to 'BB'; Outlook Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on SOHO China Ltd. to 'BB' from
'BB+'.  The outlook is negative.  S&P also lowered its issue
rating on the China-based property developer's outstanding senior
unsecured notes to 'BB' from 'BB+'.  In line with the downgrades,
S&P lowered its long-term Greater China regional scale rating on
SOHO and its notes to 'cnBB+' from 'cnBBB+'.

"Our downgrade reflects our expectation that SOHO's financial
leverage will remain elevated in 2015-2016 because its transition
to being a 'build-to-hold' landlord is slower than we previously
expected," said Standard & Poor's credit analyst Esther Liu.

The company's revenue in first-half 2015 declined substantially,
resulting from diminishing property sales and lower-than-expected
rental income.  SOHO's debt-to-EBITDA ratio was higher than S&P's
downgrade trigger of 7.5x in the first half.

S&P forecasts SOHO's overall revenue to drop by 85% in 2015,
partly because of the high base in 2014.  The company's transition
business model lacks property sales.  S&P projects SOHO's 2015
revenue to be solely from property rental, amounting to Chinese
renminbi (RMB) 0.9 billion-RMB1.1 billion, a 120% growth from
2014.  S&P expects its rental income to rise to RMB1.3 billion-
RMB1.5 billion in 2016 but S&P believes it will not significantly
offset its cash outflow.

"We forecast that SOHO's debt-to-EBITDA ratio will remain high at
24x-26x in 2015, compared with 4.1x in 2014," said Ms. Liu.  "Our
forecast mainly results from a drop in property sales, which more
than offsets its gradual increase in rental income.  However, we
believe the rising risk is mitigated by the company's strong cash
balance."  S&P therefore revised its assessment on its financial
risk profile to "aggressive" from "intermediate," as defined in
S&P's criteria.

S&P has considered SOHO's good debt-to-capital ratio while
assessing its financial risk profile.  The company has a higher
tolerance to leverage than other developers, mainly because of the
high capital requirement for the development of its large
investment properties portfolio.  S&P expects SOHO's debt-to-
capital ratio to remain strong at 26%-28% in 2015-2016, compared
with 21.3% in 2014.

The rating on SOHO incorporates one notch of uplift over the
anchor based on S&P's assessment of the company's "positive"
comparable rating analysis.  S&P's assessment reflects its view
that the company has flexibility to monetize assets with a market
value of more than RMB10 billion.  That said, the timing for
SOHO's asset monetization in 2015 and its commitment to
deleveraging remain uncertain.

The negative rating outlook reflects SOHO's significant
deterioration in leverage, given the absence of property sales.
SOHO's timing in asset monetization for 2015 and its commitment to
deleveraging are unclear, in S&P's view.  Given SOHO's ongoing
capital expenditure for building up its investment portfolio, S&P
expects its leverage to remain high over the next 12 months.

S&P may lower the rating if SOHO's debt-to-EBTIDA ratio fails to
improve toward 13x.  This could happen if: (1) asset monetization
does not materialize or the company fails to deleverage; (2) its
property leasing income is materially lower than S&P's
expectation; or (3) rental income declines because of a sustained
downturn in commercial leasing markets in Beijing and Shanghai or
the company's weak execution in leasing.

S&P may revise the outlook to stable if SOHO shows progress in
deleveraging.  S&P may also revise the outlook if the company
continues to manage its large portfolio of investment property and
sustains stable recurring leasing income through good property
leasing operations.



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


AIROX NIGEN: CRISIL Suspends C Rating on INR70MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Airox Nigen Equipments Private Limited (ANEPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       100        CRISIL A4
   Cash Credit           70        CRISIL C
   Proposed Long Term
   Bank Loan Facility    59        CRISIL C

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

ANEPL was incorporated in 1994 by Mr. Anil Agarwal. The company
manufactures compressed air and gas equipment, including hydrogen
plants, nitrogen pumps, and air-driers. The company has two
manufacturing facilities in Gujarat and one in Haryana. ANEPL's
products are used primarily in packaging, pharmaceutical and
textile industries, and in power plants. The company also offers
after sales service and spare parts to its existing clients.


ANILKUMAR CONSTRUCTION: ICRA Withdraws D Rating on INR6.95cr Loan
-----------------------------------------------------------------
ICRA has withdrawn the rating of [ICRA]D rating assigned to the
INR6.95 crore fund based and non fund based facilities of
Anilkumar Construction Company (ACC), as the notice period of
three years since suspension of rating has expired.


API ASSOCIATES: ICRA Cuts Rating on INR7cr Fund Based Loan to D
---------------------------------------------------------------
ICRA has revised its rating on the INR10.00 crore bank facilities
of API Associates Private Limited to [ICRA]D/[ICRA]D from [ICRA]BB
(Stable)/[ICRA]A4.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits        7.00      [ICRA]D; revised
   Non-Fund Based Limits    3.00      [ICRA]D; revised

The revision in ratings is driven by recent delays in debt
servicing by API Associates Private Limited. ICRA takes note of
the firm's declining scale of operations in FY14 and FY15, which
has been accompanied by a net loss in FY14. The rating also takes
into account the firm's high inventory levels as well as high
creditor days and vulnerability of its margins to fluctuations in
raw material prices. ICRA also takes cognizance of the firm's long
track record of operations in the footwear business and benefits
enjoyed by the firm on account of being a part of the Action
group, which has an established brand image and a strong
distribution network.

Going forward, an improvement in the firm's liquidity position and
a sustained track record of timely debt servicing will be the key
rating sensitivities.

API is a part of Mr. Anil Aggarwal faction within the larger
Action group that has been in the footwear business for more than
three decades. The company was incorporated in 1986 and is engaged
in manufacturing of PVC footwear, it has set up its manufacturing
facilities in Delhi.

Recent Results
Nikhil Udyog reported an Operating Income (OI) of INR35.95 crore
and a net loss of INR0.71 crore for 2013-14, as compared to an OI
of INR45.45 crore and a net profit of Rs.0.18 crore for the
previous year. For 2014-15, on a provisional basis, the firm
reported, an OI of INR19.04 crore.


BEMCO HYDRAULICS: CRISIL Reaffirms B- Rating on INR100MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bemco Hydraulics
Limited (Bemco) continue to reflect Bemco's weak financial risk
profile marked by a high gearing and weak debt protection metrics.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       105        CRISIL A4 (Reaffirmed)

   Cash Credit          100        CRISIL B-/Stable (Reaffirmed)

   Letter of Credit      40        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    85        CRISIL B-/Stable (Reaffirmed)

   Term Loan             20        CRISIL B-/Stable (Reaffirmed)

The rating also factors in Bemco's large working capital
requirements, and modest scale of operations. These rating
weaknesses are partially offset by the company's niche product
profile and its promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that Bemco will continue to benefit over the
medium term from its moderate order book and its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if there is sustained improvement in the company's cash
accruals, or there is a sustained improvement in its working
capital management. Conversely, the outlook may be revised to
'Negative' if Bemco's profitability margins decline or its
liquidity deteriorates significantly because of large working
capital requirements or large debt-funded capital expenditure
plan.

Bemco was incorporated as New Bemco Engineering Products Company
Ltd in 1957; it got its current name in 1976. The company
manufactures hydraulic presses and equipment used in the
automotive, defense, railways, and other heavy engineering
sectors.


BEST INTERNATIONAL: CRISIL Suspends D Rating on INR350MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Best International Projects Private Limited (BIPPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             350       CRISIL D

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

BIPPL was incorporated in 2009. The company is presently
undertaking the Best Business Park project in Netaji Subash
Palace, Pitampura (Delhi). BIPPL develops real estate projects as
a part of the Best group of companies promoted by Mr. Harjeet
Singh Arora.


BHARAT AGRICULTURE: ICRA Assigns B- Rating to INR10cr Term Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B- to the Rs.10
crore term loan facility of Bharat Agriculture Export Import Co.
Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit-      10          [ICRA]B- assigned
   Term Loan (Long
   term scale)

The rating takes into account BAEICPL's exposure to project
executions risks as significant amount of work is yet to commence
and timely completion of project would be a critical determinant
of its credit profile. Moreover, the risks are further magnified
by the fact that the debt repayments are commencing from October
2016, when hotel is scheduled to commission, leading to limited
elbow room for the company to stabilize operations as per stated
parameters. The ratings take into consideration the high project
gearing on account of significant debt funded capital expenditure
(capex) which is likely to keep debt coverage indicators under
pressure at least over the medium term.

Further, the rating factors in the high property concentration
risk as the entire revenues would be dependent on a single hotel
property, and the high competition from other established premium
segment hotels in proximity which is likely to exert pressure on
the ARRs of BAEICPL. The rating takes note of the long standing
experience of promoters in the hotel industry primarily through
group hotels, it's favorable location since the property is close
to the mall road, and low funding risk as the entire debt for the
project has been tied up, although ICRA notes that promoters'
contribution of around INR4 crore in the form of unsecured loans
is yet to be brought in. In the light of the increased focus of
the State Government on promotion of tourism in West Bengal, the
prospects of all the hotels in the Darjeeling region remain
favorable. Going forward, the ability of the company to ramp up
the pace of execution and complete the project without cost and
time overruns and generating adequate cash accruals from the
business relative to its debt servicing obligations would be key
rating sensitivities.

Incorporated in 2007, Bharat Agriculture Export Import Co. Private
Limited is in the process of setting up a premium segment hotel at
Auckland Road, Darjeeling which is expected to become operational
in October 16. The hotel will have a room inventory of 50 along
with facilities like banquet, restaurant, a bar, an entertainment
zone and a swimming pool. The management has prior experience in
the hotel business through group hotels in Darjeeling namely Pine
Tree Spa Resort and Darjeeling Gymkhana Resort.

Recent Results
BAEICPL reported a net profit of INR0.13 crore (provisional) in
2014-15 on an operating income of INR0.28 crore (provisional)
during FY15.


BHARAT SUPPLY: ICRA Upgrades Rating on INR4.3cr Cash Loan to B+
---------------------------------------------------------------
ICRA has revised upwards the long term rating assigned to the
INR4.3 crore (enhanced from INR3.0 crore) cash credit facility and
INR1.7 crore unallocated limits of Bharat Supply Company from
[ICRA]B to [ICRA]B+. ICRA has reaffirmed the short term rating of
[ICRA]A4 assigned to the INR4 crore letter of credit facility of
BSC. The above unallocated limits of INR1.7 crore have also been
rated at [ICRA]A4 on the short term scale

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit-      4.3         [ICRA]B+; upgraded
   Cash Credit                        from [ICRA]B

   Non Fund Based         4.0         [ICRA]A4; reaffirmed
   Limit- Letter of
   Credit

   Unallocated Limits     1.7         [ICRA]B+/[ICRA]A4; assigned

The revision in the long term rating and reaffirmation of the
short term rating take into account BSC's healthy growth in
turnover along with improvement in the capital structure during
FY15. ICRA notes that with bulk of its purchases being LC (letter
of credit) backed, creditor funding has supported the capital
structure and reduced the working capital intensity of business
operations for the entity. This, in turn, has led to high total
outside liabilities relative to the nominal tangible net-worth of
the entity. The ratings continue to factor in the low profits
attributable to the low value additive nature of trading business
that has kept the debt coverage indicators subdued, vulnerability
of operations to commodity price movements and government
regulations on imports and exports, and the exposure of
profitability to any adverse change in foreign currency exchange
rates. Moreover, with BSC's status as a proprietorship firm, it
remains exposed to the risk of capital withdrawal by the
proprietor. The ratings also take into account the favourable
demand outlook for the entity's products in the domestic market.
In ICRA's opinion, the ability of BSC to increase its scale of
operations and profit levels without significantly increasing its
debt levels would be key rating sensitivities going forward.

Established in 1984, Bharat Supply Company (BSC) is engaged in
trading of pulses and other agro commodities. The entity
discontinued the trading of rolling and melting ferrous scrap from
FY15. The entity is based out of Kolkata and caters to the
domestic markets.

Recent Results
BSC reported a profit before tax (PBT) of INR0.25 crore the back
of an operating income (OI) of INR47.80 crore during FY15 as
compared to a PBT of INR0.24 crore on the back of an OI of
INR29.83 crore during FY14.


BLUE STAR: CRISIL Assigns 'C' Rating to INR90MM Cash Credit
-----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long term
bank facility of Blue Star Construction Co. (BSCC; part of the
Blue Star group) and has assigned its 'CRISIL C' rating to BSCC's
bank facilities.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            90       CRISIL C (Assigned;
                                   Suspension revoked)

The rating was 'Suspended' by CRISIL vide the Rating Rationale
dated November 08, 2013 since BSCC had not provided necessary
information required to take the rating review. BSCC has now
shared the requisite information enabling CRISIL to assign rating
on its bank facilities.

The rating reflects the Blue Star group's stretched liquidity
driven by depressed cash accruals vis-a-vis debt obligations, and
high bank limit utilisation. The rating also factors in the
group's weak financial risk profile, marked by eroded net worth
and weak debt protections, and modest scale of operations. These
rating weaknesses are partially offset by the extensive experience
of the group's promoters in the civil construction industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of BSCC and Blue Star Building Materials
Pvt Ltd (BSBMPL). This is because the two entities, together
referred to as the Blue Star group, have strong financial and
operational linkages, and are under a common management.

The Blue star group is promoted by Navi Mumbai (Maharashtra)-based
Thakur family. BSCC, a partnership firm established in 1978, is a
civil contractor and constructs and maintains roads. BSBMPL,
incorporated in 1996, manufactures and lays paver blocks.


CAPTAIN TRACTORS: CRISIL Suspends B+ Rating on INR100MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Captain Tractors Private Limited (CTPL).

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

   Letter of Credit        5       CRISIL A4

   Proposed Long Term
   Bank Loan Facility      3.2     CRISIL B+/Stable

   Term Loan              26.8     CRISIL B+/Stable

   Working Capital
   Demand Loan            15       CRISIL B+/Stable

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

Captain Tractors Pvt. Ltd. (CTPL), incorporated in 2006, is
engaged in business of assembling of tractors and manufacturing of
farm equipment. The company markets its tractor under its own
brand 'Captain'. The company has its manufacturing unit located at
Veraval Shapar, Dist. Rajkot (Gujarat). The day-to-day operations
of the company are managed by Mr. Kailesh Movaliya along with his
family members.


ESQUIRE MALL: CRISIL Suspends 'B' Rating on INR49.3MM Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Esquire Mall Developers Private Limited (EMDPL; part of the Shree
group).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Lease Rental
   Discounting Loan     49.3       CRISIL B/Negative

The suspension of ratings is on account of non-cooperation by
EMDPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, EMDPL is yet to
provide adequate information to enable CRISIL to assess EMDPL'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 its rating, CRISIL has combined the business and
financial risk profiles of EMDPL and Shree Realtors Pvt Ltd
(SRPL), together referred to as the Shree group. This is because
both the companies operate under the same management team and have
strong business and financial linkages. Besides, both SRPL and
EMDPL are exposed to the risks and rewards of leasing-related
assets to the same lessees; moreover, both the entities have
fungible cash flows to meet any shortfall in rental receipts.

SRPL is a special purpose vehicle established by the Bengaluru-
based Vaswani group. The company owns 67 per cent undivided share
(land and building) in a commercial complex, Cosmos Mall, in
Bengaluru. The lease rental from the mall is the company's sole
revenue source. Till February 2012, the complex was entirely
leased to Pantaloon Retail India Ltd (Pantaloon) of the Future
group, which leased space to various lessees. SRPL now directly
manages the lessees. The building covers about 140,000 square feet
of space, comprising a basement, and ground and three floors.
Located in Brookefields, the building lies on the main road
leading to IT Park in Whitefield.


HAJI SHEIK: CRISIL Assigns B- Rating to INR105.8MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Haji Sheik Ismail Educational and Charitable
Trust (HSIET).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Proposed Long Term
   Bank Loan Facility    4.2       CRISIL B-/Stable

   Cash Credit          25.0       CRISIL B-/Stable

   Long Term Loan      105.8       CRISIL B-/Stable

The rating reflects HSIET's below-average financial risk profile,
marked by a weak capital structure and below-average debt
protection metrics, and exposure to risks related to regulatory
changes in the education sector. These rating weaknesses are
partially offset by the extensive experience of HSIET's trustees
in the education sector.
Outlook: Stable

CRISIL believes that HSIET will continue to benefit over the
medium term from the extensive experience of its trustees. The
outlook may be revised to 'Positive' if the trust reports higher
revenue driven by improved occupancy rate, resulting in a
substantial increase in its cash accruals and thus, improving its
liquidity. Conversely, the outlook may be revised to 'Negative' if
HSIET reports low cash accruals, or its capital structure
deteriorates driven most likely by a large debt-funded capital
expenditure.

HSIET was set up by Mr. Mohamed Jahangeer in 2007. In 2008, the
trust set up Haji Sheik Ismail Polytechnic College, which offers
polytechnic courses. In 2013, Haji Sheik Ismail Engineering
College was established to provide engineering courses. Both these
colleges are located in Nagapattinam, Tamil Nadu.


INDIAN OIL: Moody's Says Ratings Unaffected by Gov't Stake Sale
---------------------------------------------------------------
Moody's Investors Service says that the Government of India's
(Baa3 positive) sale of its 10% stake in Indian Oil Corporation
Ltd (IOC, Baa3 positive) has no impact on the company's ratings.
After the stake sale, the government will continue to hold a
majority stake of 58.57% in IOC.

IOC's ratings remain supported by its strategic importance to the
country, given its position as India's largest refiner and
distributor of petroleum products.

IOC's Baa3 issuer rating incorporates its baseline credit
assessment (BCA) of ba2, and a two-notch uplift for expected
support from the Indian government under Moody's joint default
analysis approach for government-related issuers.

"The government will retain its majority stake in the company
after the stake sale, and as such does not affect our assessment
of sovereign support for IOC," says Vikas Halan, a Moody's Vice
President and Senior Credit Officer.

The stake sale in IOC is part of the government's disinvestment
program by which it targets to raise INR695 billion in the fiscal
year ending 31 March 2016 (FY2016).

"We will reassess the level of government support incorporated in
the company's ratings only if the government's shareholding falls
below 51%, or if there are other indicators of a change in the
relationship between the government and IOC," says Halan.
"However, we see this as an unlikely scenario, given the strategic
importance of IOC as the country's largest downstream oil company
with a 31% share of the domestic refining capacity."

Moody's would consider raising IOC's BCA if retained cash
flow/debt exceeds 15% on a sustained basis. However, a raising of
IOC's BCA will not automatically lead to a ratings upgrade, which
will require an upgrade of the sovereign rating.

IOC's BCA could be lowered if its credits metrics deteriorate as a
result of: (1) a higher than expected increase in the fuel subsidy
burden; or (2) a large debt-funded expansion or acquisition; or
(3) a sustained decline in refining margins or the efficiency of
its operations.

Credit metrics indicative of downward pressure on its BCA include
RCF/adjusted debt falling below 5%-10%. However, a lowering of
IOC's BCA will not automatically result in a ratings downgrade.

IOC's issuer rating could come under downward pressure if (1) the
sovereign rating is downgraded; (2) the government makes changes
to the subsidy framework that negatively affect IOC; (3) IOC's BCA
is lowered below ba3; or (4) the government's stake in IOC falls
below 51% or its control in the company is otherwise reduced,
leading to a reassessment of the level of support incorporated in
IOC's ratings.

Indian Oil Corporation Ltd, headquartered in New Delhi, is a
leading downstream company, specializing in oil refining,
marketing, distribution, and the retailing of petroleum products.
It is listed on the Indian stock exchanges and is 58.57%-owned by
the Indian government.


KBS MOTORS: CRISIL Suspends 'B' Rating on INR77.5MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
KBS Motors Pvt Ltd (KBS).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          72.5       CRISIL B/Stable
   Inventory Funding
   Facility             50         CRISIL B/Stable
   Proposed Cash
   Credit Limit         77.5       CRISIL B/Stable

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

KBS was incorporated in 2011 by Mr. Krishan K Bansal and his sons,
Mr. Tarun Bansal, Mr. Rohit Bansal and Mr. Alok Bansal. It is
engaged in the dealership of Mahindra & Mahindra's (M&M's) light
commercial vehicles and passenger cars. The company has a 3S
facility in Ambala (Chandigarh), a mini-showroom in Kurukshetra
(Haryana) and service centre in Yamuna Nagar (Haryana). The
company is setting up another showroom in Yamuna Nagar.


MADHUSUDAN GARAI: CRISIL Suspends B+ Rating on INR30MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Madhusudan Garai (MG).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        35        CRISIL A4
   Cash Credit           30        CRISIL B+/Stable

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

MG is a proprietorship concern established in 1979 and is engaged
in civil construction activities such as construction of
buildings, roads, and other development activities for government
entities. The firm is classified as Class 1 (A) contractor by
Central Public Works Department.


MARUDHAR POLYSACKS: CRISIL Suspends B- Rating on INR35MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Marudhar Polysacks Pvt Ltd (MPPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           20        CRISIL B-/Stable
   Term Loan             35        CRISIL B-/Stable

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

MPPL was founded in 2011-12 by the Lodha family and is currently
managed by Mr. Sandeep Lodha. The company manufactures woven
sacks, including poly propylene (PP) bags and fabric, used for
packaging in various industries such as cement, food grain, and
sugar. MPPL's manufacturing unit in Jaipur (Rajasthan) began
commercial operations in May 2012.


MSK CREATIONS: CRISIL Assigns B+ Rating to INR10MM Bill Disc.
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of MSK Creations Pvt Ltd (MCPL; part of the
MSK group) reflect the group's modest scale of operations in the
highly competitive ready-made garments industry.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility        5        CRISIL B+/Stable

   Foreign Bill
   Discounting              10        CRISIL B+/Stable

   Packing Credit in
   Foreign Currency         70        CRISIL A4

It also reflects the below-average financial risk profile, marked
by weak capital structure and stretched liquidity on account of
large working capital requirements. These rating weaknesses are
mitigated by the promoter's extensive industry experience.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MCPL and M.S. Kaarthikeyan Garments
(MSK). This is because these entities, together referred to as the
MSK group, have a common management team and derive considerable
business from each other.
Outlook: Stable

CRISIL believes that the MSK group will maintain a stable business
risk profile backed by its promoter's extensive industry
experience. The outlook may be revised to 'Positive' if the group
significantly improves its scale of operations, while improving
its capital structure and profitability. Conversely, the outlook
may be revised to 'Negative' if the MSK group's liquidity
deteriorates because of large working capital requirements, low
cash accruals, or a decline in revenue or profitability.

Established in 1992 as a partnership firm, MSK manufactures and
exports ready-made garments.

MCPL, set up in 2014, is also engaged in the same line of
business.

The group's day-to-day operations are managed by Mr. S Karthikeyan
and family.


NAV NIRMAN: ICRA Assigns 'B+' Rating to INR16.0cr Loan
------------------------------------------------------
ICRA has assigned [ICRA]B+ rating to the INR4.00 crore cash credit
facility and INR16.00 crore non fund based facilities of Nav
Nirman Builders and Developers Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           4.00       [ICRA]B+ Assigned

   Non Fund Based
   Facilities           16.00       [ICRA]B+ Assigned

The rating takes into consideration the small scale of operations
of the company at present, significant geographical concentration
risk with entire operations in the state of Jharkhand, high
dependence on creditor funding to manage working capital
requirement which has resulted in high total outside liabilities
relative to net worth ratio and high competition from organised as
well as unorganised players in the infrastructure industry. The
rating, however, derives comfort from the fact that the company
witnessed significant increase in turnover and profit during
FY2013 and FY2014 on the back higher execution of the projects,
moderate experience of the promoters in the infrastructure based
business, healthy order book position of the company at present
which provide revenue visibility in the near term and favourable
financial risk profile of the company with conservative capital
structure and comfortable interest coverage indicator. ICRA,
however, notes that going forward utilisation of the proposed
enhanced limit to fund higher scale of operations is likely to
impact the debt metrics.

Nav Nirman Builders and Developers Private Limited (NNBD),
incorporated in 2004, is a company engaged in undertaking civil
construction contracts. Presently, entire operations of the
company are in the state of Jharkhand. NNBD has a group entity,
Nav Nirman Builders, which was started in the year 1986 and since
then has been engaged in the business of material handling for
various infrastructure based companies in Jharkhand.

Recent Results
NNBD reported a net profit of INR1.67 crore during FY14 on an OI
of INR27.85 crore as against a net profit of INR1.14 crore on an
OI of INR22.13 crore during FY13.


ODEON BUILDERS: CRISIL Suspends B Rating on INR600MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Odeon Builders Pvt Ltd (Odeon).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       1470       CRISIL A4
   Cash Credit           600       CRISIL B/Stable

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

Odeon, a New Delhi-based construction contractor, was incorporated
in 1991. The company mainly constructs residential and commercial
buildings, malls, schools, and hospitals. Until 2007, Odeon
constructed buildings only in the private sector, mainly for Sun
City Projects Pvt Ltd. In 2008, Odeon began undertaking government
projects; the business is currently the company's focus area for
future growth.


PALIWAL MILK: ICRA Assigns 'B' Rating to INR5.0cr LT Loan
---------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR7.00
crore fund based bank facilities of Paliwal Milk Products Private
Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-Term Fund
   Based Limit (OD)      5.00       [ICRA]B Assigned

   Long-Term Fund
   Based Limit (TL)      2.00       [ICRA]B Assigned

The assigned rating is constrained by the leveraged capital
structure of the company owing to a low net worth base and low
profitability of operations on account of limited value addition.
The rating is also constrained by the moderate scale of operations
coupled with de-growth in revenues since FY13 and presence in
highly competitive sector with low entry barriers and commoditized
nature of product. The assigned rating however favourably factors
in the long standing experience of the promoters in the dairy
industry.

Incorporated on July 2011, Paliwal Milk Products Private Limited
(PMPPL) is a private limited company promoted by Mr. Umashankar
Paliwal. The company had taken over the proprietorship concern of
the promoter, "Paliwal Milk & Milk Products" from April 1, 2012.
The company is engaged in the process of pasteurizing raw milk.
The company has two processing facilities based out of Lunawada in
Gujarat with a capacity of 1 Lakh Litres per day (LPD) and at
Dewas in Madhya Pradesh with a pasteurizing capacity of 0.50 LPD.
The company procures milk from co-operative societies formed by
the local villagers. Other than distribution of milk, PMPPL is
also involved in trading of animal feed and processing of ghee
from spoilt milk.

For the full year FY14, the company reported a profit after tax of
INR0.15 crore on a topline of INR24.97 crore, as compared to a
profit after tax of INR0.14 crore for FY13 on a topline of
INR35.05 crore.


R. L. JEWELS: CRISIL Suspends 'D' Rating on INR875MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
R. L. Jewels Private Limited (RLJ, part of Rajmal Lakhichand
group).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           875       CRISIL D

   Proposed Long Term
   Bank Loan Facility     21.3     CRISIL D

   Working Capital
   Term Loan             303.7     CRISIL D

The suspension of ratings is on account of non-cooperation by RLJ
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RLJ is yet to
provide adequate information to enable CRISIL to assess RLJ'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 its ratings, CRISIL has consolidated the business
and financial risk profiles of RLJ and other group companies,
namely, Rajmal Lakhichand, Rajmal Lakhichand Jewellers Pvt. Ltd,
Manvi Holdings, Rajmal Lakhichand Gold Pvt. Ltd, RL& Sons, and
Manraj Jewellers Pvt Ltd. This is because all these entities,
together referred to as the Rajmal Lakhichand group, have common
promoters, share common brand, have significant operational
synergies and fungible cash flows.

The Rajmal Lakhichand group is a Jalgaon-based group which has
been in the business of manufacturing and trading in gold
jewellery since 1854. The group is promoted, owned and managed by
the Jain family. The group's manufacturing facilities are located
at Jalgaon in Maharashtra. RLJ, incorporated in 2007, is engaged
in the manufacturing of gold jewellery.


RAJKAMAL BUILDERS: CRISIL Suspends B+ Rating on INR450MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Rajkamal Builders Pvt Ltd (RBPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        100       CRISIL A4
   Cash Credit           100       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    450       CRISIL B+/Stable

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

RBPL was promoted in 1985. RBPL is involved in the execution of
various road constructions, irrigation and tunnel works in the
states of Madhya Pradesh and Chhattisgarh. The current promoters
are Madhya Pradesh based Surana family.


RC GOYAL: CRISIL Reaffirms B+ Rating on INR120MM Cash Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of RC Goyal Dall
Udyog Pvt Ltd (GDU) continues to reflect average scale of
operations, low profitability, constrained financial flexibility
because of working capital intensive nature of operations, and
exposure to intense competition in the pulses industry. These
weaknesses are partially offset by the established clientele, and
the promoters' extensive industry experience and their financial
support.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           120       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     30       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GDU will continue to benefit over the medium
term from its long track record of operations in the pulses
industry, its established clientele. CRISIL also believes that the
financial risk profile will remain constrained over this period by
low operating margin and high debt levels. The outlook may be
revised to 'Positive' if the financial risk profile improves, most
likely because of increased capital or improved operating margin.
Conversely, the outlook may be revised to 'Negative' if revenue
and profitability decline, or large bank borrowings are undertaken
to meet capital expenditure and working capital requirements, thus
weakening the financial risk profile.

GDU was set up in 1986 as a partnership firm, Goyal Dall Udyog,
and reconstituted as a private-limited company with the current
name in April 2013. The company is promoted by Shri Pawan Kumar
Goyal and family. GDU processes pulses, mainly chana dal, with
processing capacity of 75 tonnes per day located in Delhi. It also
processes moong dal and toor dal through its group firm, Goyal
Pulses, on a job-work basis, located in Rai, Haryana.

GDU, on provisional basis, has reported a profit after tax (PAT)
of INR1 million on net sales of INR1312 million in 2014-15 (refers
to financial year, April 1 to March 31), against a PAT of INR1
million on net sales of INR1,180 million for in 2013-14.


ROYAL STAR: CRISIL Suspends B+ Rating on INR80MM LT Loan
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Royal Star Agrotech Private Limited (RAPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           80        CRISIL B+/Stable
   Long Term Loan        80        CRISIL B+/Stable

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

RAPL was incorporated in 2010 and commenced its commercial
operations from October 2011. The company is promoted by Mr.
Sanjay Kumar Gupta along with his family members Mr. Ajay Kumar
Gupta, Mr. Anil Kumar Geol, and Mr. Sahil Gupta. RAPL is engaged
in milling of basmati rice.


SAMARTHA LEISURES: CRISIL Reaffirms B Rating on INR49MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Samartha
Leisures and Restaurants Private Limited (SLRPL) continues to
reflect SLRPL's weak financial risk profile, marked by a small net
worth, moderate gearing and debt protection metrics, and small
scale of operations in the highly competitive hospitality
industry. These rating weaknesses are partially offset by its
promoters' extensive experience in the hotel industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            4.5      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     9.5      CRISIL B/Stable (Reaffirmed)

   Term Loan             49        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SLRPL will benefit over the medium term from
its promoters' extensive experience in the hotel industry. The
outlook may be revised to 'Positive' in case of significant ramp
up in the occupancy rate leading to higher cash accruals.
Conversely, the outlook may be revised to 'Negative' if the cash
accruals decline, driven by inflationary pressure on cost or large
debt-funded capital expenditure, constraining the financial risk
profile, particularly its liquidity.

SLRPL was incorporated in 2010 by Mr. Vinayak Phalak and Ms.
Rohini Phalak. The company operates a hotel, Tanarika Resort, at
Bhusaval in Jalgaon (Maharashtra). The hotel commenced operations
in October 2012. It has 2 suits, 33 business class rooms, 2
banquet halls, a bar, a multi-cuisine restaurant, a conference
hall, a lawn, and a swimming pool.

SLRPL reported a profit after tax (PAT) of INR1.9 million on net
sales of INR25.8 million for 2014-15, as against a PAT of INR1.8
million on net sales of INR21.9 million for 2013-14.


SANYA HOSPITALITY: CRISIL Reaffirms D Rating on INR1.65BB Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of
Sanya Hospitality Private Limited (SHPL) continues to reflect
instances of delays by SHPL in meeting term loan obligations; the
delays were caused by weak liquidity, resulting from low top line,
and high interest and financial costs, leading to cash losses at
the hotel.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             1650      CRISIL D (Reaffirmed)

SHPL is also exposed to increasing competition in the hotel
segment. Moreover, the financial flexibility is constrained by
cash losses over the three years through 2014-15 (refers to
financial year, April 1 to March 31). However, SHPL benefits from
its collaboration with Marriott International Inc (Marriott) for
operational and brand support.

SHPL was founded by Mr. Roop Madan and Ms. Bela Madan in 2007, to
acquire and run a hotel. In July 2009, the company acquired
Marriott's 198-room, four-star hotel, Courtyard in the Sushant
Lok-integrated township of Gurgaon (Haryana), from Unitech Ltd.
The hotel became operational in December 2009.


SHANTI JANAK: CRISIL Suspends B- Rating on INR150MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shanti Janak Estates Private Limited (SJEPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             150       CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by
SJEPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SJEPL is yet to
provide adequate information to enable CRISIL to assess SJEPL'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 2010 and promoted by the Sachdeva family, SJEPL is
constructing a school in Gurgaon for the Shanti Janak Educational
Trust (SJET) run by the same promoters.


SHIV AGRO: CRISIL Suspends 'D' Rating on INR45MM Term Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shiv Agro Products Pvt Ltd (SAPPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        2.5       CRISIL D
   Cash Credit          15         CRISIL D
   Term Loan            45         CRISIL D

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

SAPPL, incorporated in 2010, has set up a roller flour mill in the
North 24 Paragana district in West Bengal. The mill commenced
commercial operations recently in January 2014. The company is
equally owned by the families of Mr. Mukesh Modi and Mr. Bishnu
Kumar Bagaria. Mr. Bagaria has extensive experience of around one
decade of operating a flour mill through a group concern.


SHIVA AGRO: CRISIL Assigns B Rating to INR50MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shiva Agro Industries - Haryana (SAI).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            50       CRISIL B/Stable
   Proposed Term Loan     20       CRISIL B/Stable

The rating reflects SAI's weak financial risk profile, marked by
small net worth, high gearing, and weak debt protection metrics.
The rating also factors in the firm's susceptibility to changes in
regulatory policies and to volatility in raw material prices, and
dependence on monsoon. These rating weaknesses are partially
offset by its partners' extensive experience in, and healthy
growth prospects for, the rice industry.
Outlook: Stable

CRISIL believes that SAI will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if revenue and profitability increase
substantially, leading to substantial cash accruals and better
financial risk profile. Conversely, the outlook may be revised to
'Negative' if capital structure and liquidity weaken, most likely
due to low cash accruals or substantial debt-funded capital
expenditure.

Set up in 2009, SAI mills and sorts basmati and non-basmati rice.
Its manufacturing facility is in Kaithal (Haryana).

For 2014-15 (refers to financial year, April 1 to March 31), SAI
reported profit after tax (PAT) of INR0.2 million on operating
income of INR391.6 million, against PAT of INR0.5 million on
operating income of INR249.9 million for 2013-14.


SHIVA TEXFABS: CRISIL Suspends 'D' Rating on INR3.57BB Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shiva Texfabs Ltd (STL, part of the Shiva group).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          4180       CRISIL D
   Letter of Credit      160       CRISIL D
   Term Loan            3574.3     CRISIL D

The suspension of ratings is on account of non-cooperation by STL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, STL is yet to
provide adequate information to enable CRISIL to assess STL'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 STL, Yogindera Worsted Ltd (YWL), Shiva
Specialty Yarns Ltd (SSYL), Himachal Fibres Ltd (HFL), KK Fibres
Ltd (KKFL), Shiva Spin-N-Knit Ltd (SSNKL), and Indian Yarns Ltd
(IYL), collectively referred to as the Shiva group. This is
because all the group companies are in the same line of business,
and have common promoters, a finance team, and bankers. Moreover,
all sales are under the Shiva brand, under a common marketing
team.

Set up by Mr. Akhil Malhotra in 1993 in Ludhiana (Punjab), the
Shiva group is an integrated player in the synthetic textile
industry and manufactures polyester staple fibre, polyester
filament yarns, blended synthetic yarns, worsted yarn, acrylic
yarn, non-woven fabric, and also has dyeing facilities for fibre,
yarn, fabric, and apparels. The group has seven plants in Punjab
and two in Himachal Pradesh.


SHREENATHJI RASAYAN: CRISIL Suspends B+ Rating on INR70MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shreenathji Rasayan Private Limited (SRPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           70        CRISIL B+/Stable
   Letter of Credit      85        CRISIL A4
   Proposed Long Term
   Bank Loan Facility     5        CRISIL B+/Stable
   Term Loan             40        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by SRPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SRPL is yet to
provide adequate information to enable CRISIL to assess SRPL'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 2006, SRPL is promoted by the Ahmedabad (Gujarat)-
based Rai group. SRPL manufactures formaldehyde, a methanol-based
organic chemical. The Rai group is promoted by Mr. Sanjay Rai and
has varied business interest ranging across chemicals,
petrochemicals, shipping, mining, green fuels, frozen foods, salt
manufacturing, and others.


SHRI BALAJI: CRISIL Suspends D Rating on INR32.8MM LT Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shri Balaji Sahakari Soot Girni Ltd (SBSSGL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           20         CRISIL D

   Long Term Loan        32.8       CRISIL D

   Proposed Long Term
   Bank Loan Facility    17.2       CRISIL D

The suspension of ratings is on account of non-cooperation by
SBSSGL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SBSSGL is yet to
provide adequate information to enable CRISIL to assess SBSSGL'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 1991 SBSSGL is registered under the Maharashtra
Co-operative Society's Act 1960. The company was incorporated for
the purpose of setting up a cotton spinning unit of 25,000
spindles at Akola in Washim(Maharashtra). The project was
conceived in 1991 at a total cost of INR230 million. However, on
account of consistent delays in the project execution and change
in the plan the cost was revised to INR630 million. The proposed
funding for the project is 5 per cent equity capital from the
members of the co-operative, 45 per cent equity from the
Government of Maharashtra and 50 per cent bank term loan. The
project is expected to be executed in four phases of about 6000
spindles each.


SHRI GIRIJA: CRISIL Suspends B Rating on INR4.75BB Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shri Girija Alloy and Power India Pvt Ltd (SGAPPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           160       CRISIL B/Stable
   Letter of Credit      590       CRISIL A4
   Term Loan            4750       CRISIL B/Stable

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

SGAPPL was incorporated in 2007. The company is promoted by Mr. C
S Raju, and is a part of the Shri Girija group comprising
Srinivasa Ferro Alloys Ltd, Shri Girija Smelters Ltd (rated
'CRISIL BB/Stable/CRISIL A4+'), and Shri Gayatri Minerals Pvt Ltd.
SGAPPL is installing a 118,000 tonne facility to produce ferro-
manganese and silico-manganese alloys, and a 108-MW coal-fired
power plant. Half of the electricity generated by the plant will
be utilised to power the furnaces; and the remaining will be sold
to power companies through long-term purchase agreements.


SILVER JUBILEE: CRISIL Assigns 'B' Rating to INR537.5MM Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Silver Jubilee Motors Limited (SJML), and assigned
its 'CRISIL B/Stable/CRISIL A4' ratings to these facilities. The
rating had been 'Suspended' by CRISIL on April 20, 2011, as SJML
had not provided the necessary information for a rating review.
The company has now shared the requisite information, enabling
CRISIL to assign the ratings to the company's bank facilities.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        50        CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Cash Credit          537.5      CRISIL B/Stable (Assigned;
                                   Suspension Revoked)

   Proposed Long Term    12.5      CRISIL B/Stable (Assigned;
   Bank Loan Facility              Suspension Revoked)

The ratings reflect SJML`s below average financial risk profile
marked by high gearing and weak debt protection metrics and
susceptibility of its operations to risk related with intense
competition in auto dealership market. These rating weaknesses are
partially offset by extensive experience of SJML`s promoters in
the automotive dealership industry and efficient working capital
management.
Outlook: Stable

CRISIL believes that SJML will continue to benefit over the medium
term from extensive experience of its promoters in the automotive
dealership and its established market position. The outlook may be
revised to 'Positive' if the company's financial risk profile
improves on account of improvement in capital structure and
reduced reliance on external funding for its working capital
requirements. Conversely, the outlook may be revised to 'Negative'
in case of pressure on its profitability or higher than expected
debt funded capex, leading to weakening of its liquidity.

Incorporated in 1935, SJML is a Pune (Maharashtra) based listed
entity. The company has automobile dealership of Mahindra &
Mahindra (for light commercial vehicles as well as passenger
vehicles) and is operating a fuel station under IOCL dealership.
SJML is promoted and managed by Mr. Sanjay Jagtap.


SREE GURU: CRISIL Ups Rating on INR56.4MM Cash Loan to B+
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sree Guru Raghavendra Cotton Ginning and Pressing Factory (SGR) to
'CRISIL B+/Stable' from 'CRISIL D'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           56.4      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL D')

   Term Loan             15        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL D')

The rating upgrade reflects timely servicing of debt by SGR over
the 12 months through June 2015, because of improved liquidity
driven by increased cash accruals and moderate incremental working
capital requirements.

The rating reflects SGR's average financial risk profile, marked
by small net worth and high gearing, and susceptibility of margins
to volatility in cotton and cotton seed prices. These rating
weaknesses are partially offset by the extensive experience of
SGR's promoters in cotton ginning.
Outlook: Stable

CRISIL believes that SGR will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial and
sustained improvement in financial risk profile or operating
margin. Conversely, the outlook may be revised to 'Negative' if
there is significant decline in revenue, resulting in low cash
accruals, or substantial debt-funded capital expenditure.

SGR was set up as a partnership concern in 1995. It gins and
presses cotton. The firm's facility in Bellary (Karnataka) has 42
ginning machines. Its pressing unit has capacity of around 300
bales per day. SGR's group entities - Sree Laxmi Venkatesh Ginning
& Pressing Factory, Sree Guru Raghavendra Ginning and Pressing
Factory, and Sree Parimala Cotton Ginning & Pressing Factory --
gin cotton in Maharashtra.


SREE GURU RAGHAVENDRA: CRISIL Ups Rating on INR50MM Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Sree Guru Raghavendra Cotton Ginning Factory (SGRCGF) to 'CRISIL
B+/Stable' from 'CRISIL B-/Stable'.

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

The rating upgrade reflects improvement in SGRCGF's business risk
profile, with significant revenue in its first year of operations
leading to adequate cash accruals, and a moderate working capital
cycle. The firm registered revenue of INR1.02 billion in 2014-15
(refers to financial year, April 1 to March 31), driven by
favourable demand and healthy capacity utilisation. Backed by
increasing revenue, SCRCGF generated cash accruals of INR22.4
million, against debt repayments of INR2.6 million, in 2014-15.
Its working capital cycle remained low despite the increase in its
scale of operations; its gross current assets were around 50 days
as on March 31, 2015. The rating upgrade also factors in CRISIL's
belief that the firm's financial risk profile is likely to
improve, with a better net worth and gearing, over the medium
term, supported by increasing revenue.

The rating reflects SGRCGF's average financial risk profile,
marked by a small net worth and high gearing, and the
susceptibility of its operating margin to intense competition in
the cotton ginning industry. These rating weaknesses are partially
offset by the firm's growing scale of operations and the extensive
experience of promoters in the cotton ginning industry.
Outlook: Stable

CRISIL believes that SGRCGF will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if there is
substantial and sustained improvement in the firm's financial risk
profile or in its operating profitability. Conversely, the outlook
may be revised to 'Negative' if SGRCGF's revenue declines
significantly, adversely impacting its cash accruals, or if it
undertakes a substantial debt-funded capital expenditure
programme.

SGRCGF was established in 2013 as a partnership firm, promoted by
Mr. B. Moulali and his family. The firm operates a cotton ginning
unit in Bellary (Karnataka).


SRI KODANDARAMA: ICRA Reaffirms B+ Rating on INR29.99cr LT Loan
---------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ long term rating assigned to the
INR29.99 crore fund based limits of Sri Kodandarama Boiled & Raw
Rice Mill. ICRA has also reaffirmed the [ICRA] A4 short term
rating assigned to the INR0.01 crore non fund based facilities of
SKBRRM.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   based Limits          29.99       [ICRA]B+ reaffirmed

   Short Term Non
   Fund Based Limits      0.01       [ICRA]A4 reaffirmed

The re-affirmation of the rating factors in the moderate financial
risk profile of the firm characterized by low operating margins of
5.71%, high gearing of 1.83 times as on March 31, 2015 and high
working capital intensity of the business owing to high inventory
requirements due to seasonal availability of paddy. The ratings
are also constrained by the de-growth in operating income owing to
nil exports, increased competition in the Kerala boiled rice
market with entry of many players after the reduction of levy
percentage from 75% to 25% in October 2014; risks in terms of
policy decisions of the government in terms of Minimum Support
Price (MSP) for paddy procurement; and irregular power supply that
affected the operating margins during FY2015.

The ratings, however, favorably factor in the longstanding
experience of the promoters in the rice industry; the presence of
the rice mill in East Godavari district which is a major paddy
growing region in Andhra Pradesh providing SKBRRM with easy access
to paddy.

Going forward, the ability of the firm to increase its revenues
and operating margins, while effectively managing its working
capital requirements, would be the key rating sensitivities.

Sri Kodandarama Boiled & Raw Rice Mill is a partnership firm
established in 1980 and is engaged in the milling of paddy for the
production of non-basmati rice products (raw rice & boiled rice).
The milling unit is located in East Godavari District, Andhra
Pradesh with an installed capacity of 90000 MTPA.

Recent Results
According to provisional FY 2015 results, the firm has reported an
turnover of INR80.12 crores with a net profit of INR1.31 crore as
against a net profit of INR1.45 crore on a turnover of INR90.37
crore during FY2014.


SUMATI ENGINEERING: CRISIL Suspends 'D' Rating on INR100MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sumati Engineering Co Pvt Ltd (Sumati).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           100       CRISIL D
   Term Loan              40       CRISIL D

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

Sumati, incorporated in 1985, manufactures various automotive
components, which include sheet metal components, machinery
components such as transmission forks, and 3-point linkages along
with other products for automobile manufacturers. The company's
manufacturing facilities are at Faridabad (Haryana), Rudrapur
(Uttaranchal), and Nagpur (Maharashtra). It is promoted by Mr. J S
Virdi and his family.


SUNDER MARKETING: CRISIL Suspends B+ Rating on INR50MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sunder Marketing Associates (SMA).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            50       CRISIL B+/Stable
   Letter of Credit       20       CRISIL A4

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

SMA was set up as a proprietorship concern in 1995 by Mr. Naveen
Goel. It trades in molybdenum, edible oils, dairy products, and
pet coke.


SYMBOSA GRANITO: CRISIL Assigns 'B' Rating to INR200MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Symbosa Granito Pvt Ltd (SGPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan        200       CRISIL B/Stable
   Bank Guarantee         35       CRISIL A4
   Cash Credit            80       CRISIL B/Stable

The ratings reflect SGPL's start-up phase and expected modest
scale of operations in the highly competitive ceramic tiles
industry. The ratings also factor in the company's large expected
working capital requirements. These rating weaknesses are
partially offset by the extensive industry experience of SGPL's
promoters and the benefits it derives from its favourable location
in Morbi (Gujarat), the hub of the ceramics industry in India.
Outlook: Stable

CRISIL believes that SGPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if SGPL stabilises its operations on time,
leading to substantial cash accruals. Conversely, the outlook may
be revised to 'Negative' in case of low accruals because of low
order flow or profitability, or weakening of the company's
financial risk profile because of substantial working capital
requirements or debt-funded capital expenditure.

SGPL, established in Morbi in 2014, is promoted by Mr. Hardik
Patel, Mr. Dineshkumar Merja, Mr. Dinesh Kantilal Ghodasara and
Mr. Prashant Sitapara. The company is setting up a facility for
manufacturing ceramic vitrified tiles; it will commence operations
by the end of September 2015.


TEAM MEDIA: CRISIL Assigns 'B' Rating to INR75MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facilities of Team Media And Hospitality Private
Limited.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           30        CRISIL B/Stable
   Term Loan             75        CRISIL B/Stable

The rating reflects TMHPL's expected modest scale during the
initial phase of operations, and average financial risk profile
because of its recently commissioned project, which was funded
largely through debt. These rating weaknesses are partially offset
by the extensive entrepreneurial experience of TMHPL's promoters
and their committed funding support to the company.
Outlook: Stable

CRISIL believes that TMHPL will benefit from its promoters'
extensive entrepreneurial experience and funding support. The
outlook may be revised to 'Positive' if the company successfully
ramps up operations leading to substantial revenue and cash
accruals. Conversely, the outlook may be revised to 'Negative' if
financial risk profile, particularly liquidity, deteriorates, most
likely because of low cash accruals, stretched working capital
cycle, or additional debt-funded capital expenditure.

Incorporated in 2005, TMHPL has set up an offset newsprint
printing facility in Bhubaneshwar, which commenced commercial
operations in May 2015. The company is promoted by Mr. Satyapriya
Jayasingh and his sister Ms. Sailabala Dasbarma. It publishes its
own Odiya newspaper, Sarbasadharana.


TIRUPATI BALAJI: CRISIL Suspends 'B' Rating on INR70MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Tirupati Balaji Cotfab Pvt Ltd (TBCPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        20        CRISIL A4
   Cash Credit           39        CRISIL B/Stable
   Term Loan             70        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
TBCPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, TBCPL is yet to
provide adequate information to enable CRISIL to assess TBCPL'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 2012, TBCPL is setting up a cotton fabric
manufacturing unit with a capacity of 1.8 million meters per annum
in Kalol district (Gujarat). The company is promoted by Gujarat-
based Mr. Babubhai Patel, Mr. Mahendra Patel, and Mr. Prashant
Patel. It expects to fully commence operations by the end of
January 2014.


VASTRAM INDIA: CRISIL Puts B+ Rating on Notice of Withdrawal
------------------------------------------------------------
CRISIL has placed its rating on the long-term bank facility of
Vastram India Pvt Ltd (VIPL) on 'Notice of Withdrawal' for a
period of 60 days on the company's request. The company has
provided no-objection certificate for withdrawal of the rating
from its banker. The ratings on these facilities will be withdrawn
at the end of the notice period, in line with CRISIL's policy on
withdrawal of its ratings on bank loans.

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

Set up in 1999 by Mr. Mahesh Jain, VIPL trades in denim fabric,
and is also an authorised distributor for Arvind Ltd's products in
New Delhi and the National Capital Region.

For 2014-15 (refers to financial year, April 1 to March 31), VIPL
reported a profit after tax (PAT) of INR3.6 million on net sales
of INR616.5 million, as against a PAT of INR3.4 million on net
sales of INR685.2 million for 2013-14.


WHITE HOUSE: CRISIL Suspends 'D' Rating on INR170.7MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
White House Tiles Private Limited (WHTPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        30        CRISIL D
   Cash Credit          100        CRISIL D
   Term Loan            170.7      CRISIL D

The suspension of ratings is on account of non-cooperation by
WHTPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, WHTPL is yet to
provide adequate information to enable CRISIL to assess WHTPL'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, WHTPL is based in Rajkot (Gujarat) and
manufactures vitrified tiles. The company is promoted by Mr.
Chunilal Bhanvadia and his family members. WHTPL started
commercial production in August 2011.



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


1MALAYSIA: Denies IPIC Pulling Out of Debt Restructuring Plan
-------------------------------------------------------------
Reuters reports that 1Malaysia Development Bhd said on August 26
that it strongly denies that Abu Dhabi's International Petroleum
Investment Co (IPIC) is considering pulling out of a plan to help
restructure 1MDB's debts.

"We in fact confirm that 1MDB remains engaged in discussions with
IPIC, to conclude the transaction per the terms as officially
announced by IPIC to the London Stock Exchange on 10 June 2015,"
it said in a statement, Reuters relays.

Citing a source, Singapore's Business Times newspaper reported
earlier in the day that IPIC is considering withdrawing from the
plan to help restructure 1MDB's debts, barely three months after
agreeing to do so, according to Reuters. The report pushed down
the Malaysian ringgit to a new all-time low against the Singapore
currency and a fresh 17-year low to the US dollar, Reuters
relates.

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

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

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



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


AQUADUCT NZ: Steel & Tube to Acquire Company's Assets
-----------------------------------------------------
Steel & Tube Holdings Ltd has entered into an agreement to acquire
the assets of Aquaduct NZ Ltd and Bosch Irrigation Ltd.

Aquaduct, which went into receivership in April, specialises in
large bore long length polyethylene pipe. In 2014 it won an
innovation award for its transportable 'pop-up' pipe factory -- a
world first. It also supplied over 80 kms of polyethylene pipe to
the Valetta irrigation scheme conversion on the Canterbury Plains.

The proposed Aquaduct acquisition follows that of the Tata
stainless steel business in April 2014 and MSL on August 3.

S&T CEO Dave Taylor says: "S&T is New Zealand's leading steel
distributor, providing steel solutions to key projects around the
country. In addition S&T is a key supplier of reticulation
products and this acquisition will further enhance this
capability.

"We see Aquaduct as a great company with an innovative and
exciting product offering that complements our core business.
Combining the well-established S&T brand and Aquaduct's innovation
will enrich our overall product offering, taking both companies
into new and exciting territory."

The consideration for the acquisition is approximately NZ$8
million in cash. The transaction is conditional on normal pre-
completion matters and S&T expects completion to occur within the
next month.

The acquisition will continue to see Aquaduct operating as a
separate entity, its name and branding unchanged.

As reported in the Troubled Company Reporter-Asia Pacific on
June 4, 2015, Dissolve.com.au said Aquaduct NZ Limited, the piping
supplier for the first part of the Central Plains Water scheme,
has been placed into receivership.  BDO has been appointed
receiver of the company.



=====================
P H I L I P P I N E S
=====================


XAVIER-PUNLA RURAL: Placed Under PDIC Receivership
--------------------------------------------------
The Monetary Board (MB) placed Xavier-Punla Rural Bank, Inc. under
the receivership of the Philippine Deposit Insurance Corporation
(PDIC) by virtue of MB Resolution No. 1306 dated August 20, 2015.
As Receiver, PDIC took over the bank on
August 24, 2015.

Xavier-Punla Rural Bank is a single-unit rural bank located in
Poblacion, Pangantucan, Bukidnon. Based on the Bank Information
Sheet filed with the PDIC as of December 31, 2014, the bank is
owned by Aakay Ang Milamdec Mf, Inc. (34.0%), Teresita L. Barcelon
(18.7%), Brixton Investment Corp. (16.7%), Neil D. Cazzola (9.0%),
Punla Sa Tao Foundation (9.0%), Emeterio Lim S. Barcelon (3.2%),
Glorecita L. Tan (3.1%), Robert J. Tan (3.1%) and Elpedio Paras
(2.5%). The Bank's President and Chairman is Emeterio Lim S.
Barcelon.

Latest available records show that as of June 30, 2015, Xavier-
Punla Rural Bank had 1,357 accounts with total deposit liabilities
of PHP40.0 million. Total insured deposits amounted to PHP31.2
million or 77.8% of total deposits.

PDIC said that during the takeover, all bank records shall be
gathered, verified and validated. The state deposit insurer
assured depositors that all valid deposits shall be paid up to the
maximum deposit insurance coverage of PHP500,000.00.

Depositors with valid deposit accounts with balances of
PHP100,000.00 and below shall be eligible for early payment and
need not file deposit insurance claims, except when they have
outstanding obligations with Xavier-Punla Rural Bank or acted as
co-makers of these obligations. Depositors have to ensure that
they have complete and updated addresses with the bank. PDIC
targets to start mailing payments to these depositors at their
addresses recorded in the bank by the second week of September
2015.

Depositors may update their addresses until September 1, 2015
using the Mailing Address Update Forms to be distributed by PDIC
representatives at the bank premises.

For depositors that are required to file deposit insurance claims,
the PDIC targets to start claims settlement operations for these
accounts by the second week of September 2015.

The PDIC also announced that it will conduct a Depositors-
Borrowers Forum on Thursday, September 3, 2015, 9:00 a.m. at the
Municipal Gymnasium, Pangantucan, Bukidnon. It enjoins all
depositors to attend the Forum to verify with PDIC representatives
if they are eligible for early payment. Those not eligible will be
informed of the requirements and procedures for filing deposit
insurance claims. The time and venue of the Forum will be posted
in the bank premises and announced in the PDIC website,
www.pdic.gov.ph. Likewise, the schedule of the claims settlement
operations, as well as the requirements and procedures for filing
claims will be announced through notices to be posted in the bank
premises, other public places and the PDIC website.



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


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

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

AUSTRALIA


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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

PULSE ENERGY LTD          PLE            -4.52          -4.95


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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



                             *********

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

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

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


                            *********


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

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

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

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

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



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