TCRAP_Public/150831.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, August 31, 2015, Vol. 18, No. 171


                            Headlines


A U S T R A L I A

CRANE TRUCKS: Likely to go Into Administration
EVO HAULAGE: First Creditors' Meeting Set For Sept. 7
MAYNE SECURITY: First Creditors' Meeting Set For Sept. 7
MOUNT HELENA: First Creditors' Meeting Slated For Sept. 7


B A N G L A D E S H

BANGLADESH: Fitch Affirms 'BB-' IDR; Outlook Stable


C H I N A

AGILE PROPERTY: 1H Results No Impact on Moody's Ba3 CFR
ANTON OILFIELD: Moody's Cuts Corporate Family Rating to Caa1
CHINA GINSENG: Changzhen Liu Quits as Chairman and CEO
OCEANWIDE HOLDINGS: Fitch Assigns B Rating to USD400MM Sr. Notes
SOHO CHINA: Moody's Cuts Corporate Family Rating to Ba2

SUNAC CHINA: Fitch Raises IDR to 'BB'; Outlook Stable
TONGJI HEALTHCARE: Incurs $87,882 Net Loss in Second Quarter


I N D I A

ALAMELU BALAJI: CRISIL Reaffirms B Rating on INR124.5MM Loan
AMIRA NATURE: Moody's Withdraws B2 Corporate Family Rating
B A ALLOYS: Ind-Ra Assigns 'IND BB' Issuer Rating; Outlook Stable
BABA NAGA: CRISIL Ups Rating on INR181MM Term Loan to B+
BANSAL RICE: Ind-Ra Assigns 'IND B' LT Rating to INR40MM FB Loan

BNAZRUM AGRO: CRISIL Reaffirms 'B' Rating on INR70MM LT Loan
CHARANPAADUKA INDUSTRIES: CRISIL Suspends C Rating on INR50M Loan
CHINTELS EDUCATION: CRISIL Assigns B+ Rating to INR80MM Bank Loan
DAYAKAR ENTERPRISES: CRISIL Reaffirms B+ Rating on INR50MM Loan
DHANVIR FOOD: CRISIL Suspends B+ Rating on INR72.5MM Term Loan

DEVAGYA CONSTRUCTIONS: CRISIL Suspends B Rating on INR200MM Loan
EMC SUPER: CRISIL Ups Rating on INR100MM Cash Loan to B+
EMCO PRESSMASTER: CRISIL Reaffirms B+ Rating on INR50MM Loan
GLOBAL AGRO: CRISIL Suspends B+ Rating on INR150MM LT Loan
G M COT: CRISIL Raises Rating on INR50MM Cash Loan to 'B+'

JOHAR PETRO: CRISIL Assigns B+ Rating to INR60MM Cash Loan
KAVITA OVERSEAS: CRISIL Suspends B+ Rating on INR147.4MM Loan
KRM TYRES: CRISIL Suspends B+ Rating on INR120MM Cash Loan
LUCKNOW HEALTHCITY: CRISIL Suspends B Rating on INR90MM Term Loan
MAHARAJA PALANISAMY: CRISIL Reaffirms B Rating on INR25MM Loan

MAHESH VALUE: CRISIL Assigns B+ Rating to INR50MM Cash Loan
N.N GLOBAL: Ind-Ra Raises Long-Term Issuer Rating to BB
NAMAHA ESTATES: CRISIL Cuts Rating on INR100MM Cash Loan to 'B'
P.L.A FOODS: CRISIL Suspends B+ Rating on INR29.5MM Term Loan
PLATINA REAL: CRISIL Suspends B+ Rating on INR115MM Term Loan

PRITHVI FERRO: CRISIL Ups Rating on INR843MM Term Loan to B+
PRIYANKSHI FASHIONS: CRISIL Rates INR100MM Cash Credit at 'B'
R.B. GEARS: CRISIL Assigns B+ Rating to INR50MM Term Loan
RAMAKRISHNA ENGINEERING: ICRA Suspends D Rating on INR7.09cr Loan
RAMVIJAY COTTON: CRISIL Reaffirms B+ Rating on INR90MM Loan

RAVINDRANATH: Ind-Ra Affirms 'IND BB-' Rating; Outlook Stable
REGAL PLYWOOD: CRISIL Cuts Rating on INR20MM Cash Loan to B+
SANDSTONE INFRAPROJECTS: CRISIL Suspends B+ INR155MM Loan Rating
SANMAN CONSTRUCTIONS: CRISIL Reaffirms B Rating on INR45MM Loan
SHAKTI INDUSTRIES: CRISIL Assigns B+ Rating to INR112.5MM Loan

SHRI KRISHNA: CRISIL Suspends 'B' Rating on INR65MM Cash Loan
SHRI SHANTI: Ind-Ra Assigns 'IND B+' Long Term Issuer Rating
SREE AKKAMAMBA: ICRA Reaffirms MB+ Rating on INR3cr Fixed Loan
SULAKSHANA AGENCIES: CRISIL Assigns B+ Rating to INR60MM Loan
SWAMI PARMANAND: CRISIL Assigns B+ Rating to INR11MM Cash Loan

TILAK EXPORTS: CRISIL Reaffirms 'B' Rating on INR65MM Term Loan
VIJAY TEXTILES: Ind-Ra Affirms 'IND D' Long-Term Issuer Rating
VVF INDIA: CRISIL Cuts Rating on INR5.11BB LOC to 'D'
WARANA DAIRY: Ind-Ra Rates INR80MM & INR485.19MM Facilities BB

* Debt Backed by INR1,673BB Shares May Face Loss, Ind-Ra Says


J A P A N

TOSHIBA CORP: Eyes Appointing Shiseido Adviser as Board Chairman


P H I L I P P I N E S

PHILIPPINE WOMEN'S: Court Denies Bid for Rehabilitation


                            - - - - -


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


CRANE TRUCKS: Likely to go Into Administration
----------------------------------------------
ATN reports that Crane Trucks R Us is likely to go into voluntary
administration this week, managing director Fred Mohammed has
revealed.

Mr. Mohammed said the company is currently working with its major
financiers to choose a suitable administrator, the report says.

ATN relates that the move follows allegations around 12 employees
in Townsville and Rockhampton had been made redundant with
significant entitlements still owed.

According to ATN, Transport Workers Union (TWU) North Queensland
official Tom Pfund said the company has ceased operations in the
region, but still holds at least one lucrative contract in Sydney.

In the most extreme example alleges one worker was paid just
AUD21 in superannuation over 11 months with the company, the
report relays.

"The business is still operating the workers have earned their
entitlements, and they should be paid," Mr. Mohammed told ATN.

ATN relates that Mr. Mohammed said the financial issues were
instigated by the unexpected loss of a major contract with
concrete and aggregate supplier Holcim. He believes the break in
contract was "illegal" and said Holcim still owes around
AUD1.5 million for work already completed, the report relays.

Crane Trucks R Us invested in around AUD6.5 million worth of
equipment as part of the Holcim deal, Mr. Mohammed added.

According to the report, Mr. Mohammed agreed that not all worker
entitlements have been paid. But he stresses these will be
protected by government initiatives, including the general
employee entitlements and redundancy scheme. That scheme will kick
in if the administration results in bankruptcy or liquidation.

The TWU said the company is still operating a contract with
OneSteel in Brisbane, and also working with construction giant
Thiess in Sydney, the report relates.

"The fact the company is still doing business interstate means
they have the money to pay these workers what they owe them
regardless of any excuse or technicality they may use to get out
of it," the report quotes Mr. Pfund as saying. "We're hoping
common sense will prevail."

Crane Trucks R Us is a Brisbane-based equipment hire business.


EVO HAULAGE: First Creditors' Meeting Set For Sept. 7
-----------------------------------------------------
Dino Travaglini and Bruno Secatore of Cor Cordis were appointed as
administrators of Evo Haulage Pty Ltd on Aug. 26, 2015.

A first meeting of the creditors of the Company will be held at
Conference Room, Plaza Level, BGC Centre, 28 The Esplanade, in
Perth, on Sept. 7, 2015, at 10:30 a.m.


MAYNE SECURITY: First Creditors' Meeting Set For Sept. 7
--------------------------------------------------------
Daniel P Juratowitch and Glenn J Spooner of Cor Cordis Chartered
Accountants were appointed as administrators of Mayne Security Pty
Ltd on Aug. 26, 2015.

A first meeting of the creditors of the Company will be held at
Cor Cordis Chartered Accountants, Level 29, 360 Collins Street, in
Melbourne, on Sept. 7, 2015, at 11:00 a.m.


MOUNT HELENA: First Creditors' Meeting Slated For Sept. 7
---------------------------------------------------------
Domenic Calabretta of Mackay Goodwin was appointed as
administrator of D'N'A (Aust) Pty Ltd, trading as Mount Helena
Tavern & Restaurant, on Aug. 26, 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. 7, 2015, at 11:00 a.m.



===================
B A N G L A D E S H
===================


BANGLADESH: Fitch Affirms 'BB-' IDR; Outlook Stable
---------------------------------------------------
Fitch Ratings has affirmed Bangladesh's Long-Term Foreign- and
Local-Currency Issuer Default Ratings at 'BB-'.  The Outlooks on
the Long-Term IDRs are Stable.  The Country Ceiling is affirmed at
'BB-' and the Short-Term Foreign-Currency IDR at 'B'.

KEY RATING DRIVERS

Bangladesh's rating balances high, stable real GDP growth and
persistently strong foreign-currency earnings from remittances and
garment exports, against weak structural features, most
prominently significant political and banking-sector risk.  More
specifically, the ratings reflect the following key rating
drivers:

* Bangladesh's real GDP growth is high at a five-year average of
6.3% compared with the 'BB' category median of 4.3%.  GDP growth
has been remarkably stable over the years when Bangladesh was hit
by both political turmoil and natural disasters.  The severe
political turmoil in the first quarter of 2015, in which more than
100 people were killed, had a relatively small impact on the
official GDP data.  Fitch expects growth to reach 6.5% in the
financial year to 30 June 2016 (FY16) and FY17.

* Strong political polarisation is negative for Bangladesh's
credit profile.  Normalcy has returned to the streets for now, but
after two consecutive years marked by months of severe political
violence, blockades and general strikes, a recurrence or
escalation cannot be ruled out.  The main risk to the sovereign
credit profile is that the political turmoil would deter foreign
investors and buyers, especially of ready-made garments, from
doing business in Bangladesh, thereby inflicting long-term harm to
the economy.

* Bangladesh scores poorly on a broad range of governance
indicators, including the World Bank governance indicator (21st
percentile versus the 'BB' median of 46th percentile).  The
general level of development remains low, as illustrated by weak
United Nations human development indicators.  Bangladesh reached
the World Bank's lower middle-income status in July 2015, but GDP
per capita of USD1,297 remains well below the 'BB' peer category
median of USD4,473.

* The government's revenue intake of 10.8% of GDP is the lowest of
all rated countries with the exception of Nigeria, implying
limited fiscal space for capital expenditures.  The general
government debt level of 34.7% of GDP compares well with the 'BB'
median of 41.6%.  However, the budget deficit of 5.0% is higher
than the 'BB' median of 3.6%, and since planned consolidation is
limited, government debt is likely to slightly rise in the coming
years.

* Exports of ready-made garments and remittances from overseas
workers form the two main pillars of Bangladesh's economy,
ensuring high growth and comfortable external balances.  On the
one hand, this shows the comparative advantage of Bangladesh's
large, unskilled population.  On the other hand, limited
diversification implies a risk in case the ready-made garment
sector or remittances face an external shock.  The current account
deteriorated somewhat and flipped from surplus into a deficit in
2014 (-0.9% for the calendar year) as a result of strong non-oil
imports and slowing external demand.

* The business climate can generally be characterized as difficult
(Bangladesh ranks 173 out of 189 countries for the World Bank Ease
of Doing Business indicator).  The Extended Credit Facility
arrangement with the International Monetary Fund (IMF) supported
implementation of reforms such as establishment of internal
controls and compliance, and full automation of financial
reporting in the state-owned banks.  It also seemed instrumental
in ensuring progress in implementation of the new VAT by July 2016
and an audit of Bangladesh Petroleum Corporation.  Completing the
IMF arrangement, which was recently extended by three months to
end-October 2015, would improve the authorities' track record
after the programme went off track for a number of months.

* The banking sector is vulnerable to shocks, as both asset
quality and governance are weak, especially in state-owned banks.
The gross non-performing loans ratio of the sector increased to
10.5% in 1Q15 from 9.7% in 4Q14.  Bangladesh Bank seems committed
to strengthen the poor governance in the banking sector.

RATING SENSITIVITIES

The Stable Outlook reflects Fitch's assessment that upside and
downside risks to the rating are well balanced.

The main factors that individually, or collectively, could trigger
positive rating action are:

   - Sustained stronger real GDP growth, which would bring GDP per
capita more in line with peers; this could be, for instance,
supported by a political environment that is more conducive for
economic activity

   - An improvement in governance, which would strengthen the
business climate and could improve the health of the banking
sector

The main factors that individually, or collectively, could trigger
negative rating action are:

   - Protracted substantial disruption of economic activity as a
result of materialising political risk

   - Greater-than-expected deterioration in the banking sector's
asset quality, prompting substantial government support, or other
developments that would cause public finances to deteriorate to
such an extent that it would lead to a significant rise in the
government debt-to-GDP ratio

KEY ASSUMPTIONS

   _ Both Bangladesh's ready-made garment exports and remittances
from workers abroad continue to be strong, supporting Bangladesh's
growth model and external finances.

   - The global economy performs broadly in line with Fitch's
Global Economic Outlook, including a pick-up in world GDP growth
from 2.5% in 2015 to 2.9% in 2016 and 2.8% in 2017.



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


AGILE PROPERTY: 1H Results No Impact on Moody's Ba3 CFR
-------------------------------------------------------
Moody's Investors Service says that Agile Property Holdings
Limited's 1H 2015 results were flat with margin contraction, and
its liquidity position remains weak.

However, there is no immediate impact on Agile's Ba3 corporate
family rating and B1 senior unsecured debt rating because these
results were broadly in line with Moody's expectations and were
reflected in the negative ratings outlook.

"While Agile's revenues for 1H 2015 were largely flat at RMB17.3
billion, its gross margin fell to 29.6% in 1H 2015 from 32.4% in
2014 due to higher unit land costs and increased discounts to push
sales," says Kaven Tsang, a Moody's Vice President and Senior
Credit Officer.

Moody's however notes that the company is prudently managing its
expansion and debt leverage.

Therefore, Agile's adjusted debt -- including 100% of its
perpetual securities and its share of guarantees to associates and
joint ventures -- decreased slightly to RMB49.7 billion at end-
June 2015 from RMB50.0 billion at end-2014.

Agile's adjusted EBIT coverage of interest fell only slightly to
about 3.0x for the twelve months ending 30 June 2015 from 3.1x in
2014, while its revenue/adjusted debt remained flat at round 77%.

Moody's expects the company's EBIT coverage of interest will stay
above 3.0x and revenue/adjusted debt at 77%-80% over the next 12-
18 months, as the company will execute its sales plan and
prudently manage its debt leverage.

Its key credit metrics remain largely stable, and continue to
position the company at the Ba3 rating level.

Agile's sales performance was in line with Moody's expectations;
it reported pre-sales of RMB20.8 billion in 1H 2015, which is on
track to meet its full year target of RMB45 billion.

"While Agile's liquidity position, as measured by cash to short-
term debt, improved marginally from 0.69x at end-2014 to 0.76x at
end-June 2015 after the refinancing of maturing offshore bank
loans by the offshore bonds issued in May, this ratio remains weak
for its rating level, as indicated by its negative rating
outlook," adds Tsang.

Agile had high refinancing needs in the next 12 months with around
RMB16.4 billion of short-term debt as of June 2015. Successful
term out of these loans or repayment with operating cash flow will
be credit positive.

Moody's would consider changing Agile's rating outlook to stable,
if Agile: (1) improves its liquidity position, such that its cash
is equivalent to 1.0x-1.5x of short-term debt; (2) maintains
access to the offshore bank and debt markets; (3) successfully
executes its pre-sales plan; and (4) maintains its gross margin at
around 25%-30% and EBIT coverage of interest at around 3.0x.

On the other hand, Moody's would consider downgrading Agile's
ratings if the company's: (1) operating cash flow weakens, because
of materially weaker-than-expected pre-sales or over-expansion in
terms of new projects; and (2) liquidity profile deteriorates
further, because of weakened sales or material land acquisitions.

Indicators of downgrade ratings pressure include EBIT coverage of
interest at 2.5x-3.0x or cash holdings below 1.0x-1.5x of short-
term debt on a sustained basis.

The ratios above are calculated based on Moody's standard
adjustments and the definition stated in Moody's Homebuilding And
Property Development Industry. The interest coverage formula is
modified for Chinese developers and substitutes "capitalized
interest" in the numerator for "interest charged to cost of goods
sold". This is because the latter is not separately disclosed in
audited financial statements. Total debt does not include
adjustments for mortgage guarantees.

The principal methodology used in these 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.

Agile Property Holdings Limited is one of China's major property
developers, operating in the mid- to high-end segment. At 26
August 2015, the company had a land bank with a total gross floor
area of 38.6 million square meters in 41 cities and districts in
China. Southern China (mainly Guangdong Province) is its largest
market, accounting for around 35% of the company's land bank and
around 48% of its pre-sales in 1H 2015.


ANTON OILFIELD: Moody's Cuts Corporate Family Rating to Caa1
------------------------------------------------------------
Moody's Investors Service has downgraded Anton Oilfield Services
Group's corporate family and senior unsecured bond ratings to Caa1
from B2.

The ratings outlook remains negative.

The rating actions follow the company's announcement of its
results for the half year ended 30 June 2015 (1H 2015).

RATINGS RATIONALE

"The downgrades reflect Moody's expectations that Anton Oilfield's
financial metrics will remain very weak over the next 1-2 years,
given the challenging operating environment," says Chenyi Lu, a
Moody's Vice President and Senior Analyst.

"This situation, together with its weak liquidity position, will
heighten default risk on its debt obligations," adds Lu.

Anton Oilfield's revenue in 1H 2015 fell by 22.5% year-on-year to
RMB862 million, mainly because its revenue in China fell by 41.3%
year-on-year to RMB473 million, driven by lower exploration and
production spending from its customers, amid lower global oil
prices.

The company's adjusted EBITDA margin fell to 15.3% in 1H 2015 from
24.5% in 1H 2014, driven by lower revenue levels and intense
pricing competition. Nevertheless, the result was an improvement
from the 0.9% in 2H 2014, owing to cost-cutting measures.

Despite a moderate decline in its adjusted debt, Anton Oilfield's
adjusted debt/EBITDA rose to around 17.2x for the 12 months ended
30 June 2015 from 9.7x in 2014, and its EBITDA/interest fell to
0.7 from 1.6 over the same periods.

Moody's anticipates that oil prices will remain low over the next
12-18 months, which will force exploration and production oil
companies to maintain low capital expenditure levels in China.
This situation will make it difficult for Anton Oilfield to
improve its weak financial position, despite its growing revenues
in overseas markets.

Moody's expects Anton Oilfield's adjusted debt/EBITDA to stay at
about 10.0x over the next 12-18 months, and its adjusted
EBITDA/interest should register around 1.5x over the same period.
These ratios are more consistent with a Caa rating category.

Moody's notes that Anton Oilfield's liquidity position weakened in
1H 2015. Its unrestricted cash to short-term debt fell to 39.4% at
end-June 2015 from 77.3% at end-2014. Given its weak liquidity
levels and overall weak financial profile, Moody's expects Anton
Oilfield's refinancing risk to remain elevated.

This risk is partly mitigated by the long tenor of its debt
maturity profile, and ability to obtain finance by pledging its
receivables due from Chinese oil majors.

The negative ratings outlook reflects Moody's expectations that
the risk of default on Anton Oilfield's debt obligations will
remain elevated over the next 12-18 months, because of its weak
liquidity position and very high debt leverage.

Given the negative ratings outlook, the probability of an upgrade
in the company's ratings over the near term is low. Positive
ratings actions could be considered, if the company meaningfully
improves its financial and liquidity position.

Further downgrade ratings pressure could emerge, if its default
risk is further elevated, because of a further deterioration in
its financial or liquidity position, or if the recovery rates for
its rated offshore senior unsecured notes deteriorate beyond
Moody's expectations.

The principal methodology used in these ratings 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.

Listed on the Hong Kong Stock Exchange in December 2007, Anton
Oilfield Services Group was founded by its chairman, Mr. Luo Lin,
in 1999.

The company is a leading Chinese oil-services provider, and
focuses on China's fast-growing natural gas sector.

It offers integrated oil/gas field services solutions, covering
various phases of field development, including down-hole operation
services, well completion technologies, drilling technologies, and
tubular services, globally.


CHINA GINSENG: Changzhen Liu Quits as Chairman and CEO
-------------------------------------------------------
Mr. Changzhen Liu tendered his resignation to China Ginseng
Holdings, Inc. as the Company's chairman, director and chief
executive officer on Aug. 18, 2015. Mr. Liu's resignation did not
result from any disagreement regarding any matter related to the
Company's operations, policies or practices, according to a
document filed with the Securities and Exchange Commission.

On Aug. 19, 2015, the Company's Board of Directors accepted Mr.
Liu's resignation and simultaneously appointed Mr. Guoqin Yin as
its chairman, director and chief executive officer.

Mr. Yin has profound experience as an entrepreneur and managing
companies. He established and serves as the legal representative
of the following companies: Danyang Youde Healthcare Consulting
Co., Ltd and Changfeng Youde Liquor Co., Ltd. since in June 2015,
Danyang Youde Commodity Trading Co., Ltd. since September 2014,
and Danyang City Haifei Lock Factory since 2008. During the period
of 1986 to 2002, he was also a director of Fangxian Town Jinmei
Paper Box Factory (name changed to Danyang City Xinhua Paper
Product Factory) in Danyang City Jiangsu Province. One of his
companies was elected as one of the top 10 individually-owned
businesses of Danyang City in 1999, and he also received Glory
Star issued by Zhenjiang City Danyang Commerce and Industry Bureau
for five consecutive years. Mr. Yin graduated from Danyang City
Fangdxian Town Zhulin Middle School in 1979.

The Company said it is currently negotiating the terms of Mr.
Yin's employment agreement.

"I am honored to be appointed by the Board of the Directors of the
Company to be a member of management," said Mr. Yin. "I am hoping
that I could bring new manage concept, expand multiple
distribution and sale channels of our products and improve the
Company's sale and operation position to bring the Company to a
new starting point."

                       About China Ginseng

Changchun City, China-based China Ginseng Holdings, Inc., conducts
business through its four wholly-owned subsidiaries located in
China. The Company has been granted 20-year land use rights to
3,705 acres of lands by the Chinese government for ginseng
planting and it controls, through lease, approximately 750 acres
of grape vineyards. However, recent harvests of grapes showed poor
quality for wine production which indicates that the
vineyards are no longer suitable for planting grapes for wine
production. Therefore, the Company has decided not to renew its
lease for the vineyards with the Chinese government upon
expiration in 2013 and, going forward, it intends to purchase
grapes from the open market in order to produce grape juice and
wine.

China Ginseng reported a net loss of $4.76 million on $2.61
million of revenue for the year ended June 30, 2014, compared to a
net loss of $3.64 million on $3.56 million of revenue for the year
ended June 30, 2013.

As of March 31, 2015, the Company had $8.92 million in total
assets, $16.2 million in total liabilities, and a $7.24 million
total stockholders' deficit.

Cowan, Gunteski & Co., P.A., in Tinton Falls, NJ, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2014. The independent auditors noted
that the Company has incurred an accumulated deficit of $14.2
million since inception, has a working capital deficit of
$11.6 million, and there are existing uncertain conditions the
Company faces relative to its ability to obtain working capital
and operate successfully. These conditions raise substantial
doubt about its ability to continue as a going concern.


OCEANWIDE HOLDINGS: Fitch Assigns B Rating to USD400MM Sr. Notes
----------------------------------------------------------------
Fitch Ratings has assigned China-based property developer
Oceanwide Holdings Co. Ltd's (Oceanwide; B/Stable) USD400 mil.
9.625% guaranteed senior notes due 2020 a final rating of 'B' and
Recovery Rating of 'RR4'.

The notes are issued by Oceanwide Holdings International 2015 Co.,
Limited, a wholly owned subsidiary of Oceanwide.  The notes,
guaranteed by Oceanwide, are rated at the same level as
Oceanwide's senior unsecured rating because they represent direct
and senior unsecured obligations of the company.  The assignment
of the final rating follows the receipt of documents conforming to
information already received and the final rating is in line with
the expected rating assigned on 3 August 2015.

Oceanwide intends to use the proceeds from the issuance for
overseas general corporate purposes, including, but not limited
to, the development of the First & Mission Project located in San
Francisco in the United States.

Oceanwide's rating is supported by its sales performance, which is
on track to meet its CNY12bn contracted sales target in 2015, and
Fitch's expectation that it will generate positive cash flow from
operations from 2016.  The rating is constrained by the rapid
increase in net debt to CNY35bn in 2014 from CNY22bn in 2013,
which is likely to continue in 2015 as the company ramps up
development expenditure to support sales growth.

KEY RATING DRIVERS

Heavy Expenditure to Continue: Fitch expects Oceanwide's net debt
to increase in 2015 and peak in 2016 as it builds up its
investment property portfolio.  Development expenditure is also
likely to remain high due to increased construction costs for
projects in Beijing that began selling from 2015, accelerated
project launches in Beijing, and the 50% share of commercial
property projects in Oceanwide's land bank, which are only sold
when the properties are near to completion.  The company's
investments in its finance businesses will also add to its
leverage.

Asset Acquisitions: Oceanwide is diversifying its business model
from pure property development to financial institutions in the
long term.  It spent over CNY5bn to acquire Minsheng Securities
Co., Ltd from China Oceanwide, and invested in China Minsheng
Trust Co., Ltd and China Minsheng Investment Corp., Ltd.  It also
plans to acquire Minan Property & Casualty Insurance Co., Ltd for
CNY1.8 bil..  The parent has provided a keepwell deed to ensure
that Oceanwide has sufficient liquidity.  China Oceanwide has
significant financial assets that allow it to provide liquidity
support to Oceanwide if needed.

Property Concentration Risk: The projects in Wuhan and Beijing
have over 8 million and 2 million sqm of gross floor area (GFA)
respectively.  Together, they account for over 80% of Oceanwide's
total land bank and estimated contracted sales in 2015-2017.  In
Wuhan, there is a risk that housing demand and development in the
city may not keep pace with the substantial housing supply from
Oceanwide's projects, which could lower sales efficiency and hurt
its liquidity.

The risk is mitigated by the Beijing projects, which will match
Wuhan in sales value from 2015.  The Beijing projects are located
in the central business district and had low land costs.

Strong Sales Momentum Maintained: Fitch expects the company's
contracted sales to continue to increase strongly (2014:
CNY9.8 bil., up 67%) due to accelerated inventory launch in Wuhan
and substantial sales from new premium projects in Beijing.
Oceanwide's CFO may turn positive from 2016 because of robust
sales, strong profitability and low land replenishment.  Fitch
expects the company to maintain EBITDA margin of close to 40%
(2014: 43%) despite some dilution from the high per sqm
development cost of its Beijing projects.

Ratios Used Reflect Transformation: Fitch measures Oceanwide's
financial soundness based on its CFO and its inventory turnover
(ratio of contracted sales to net inventory).  Oceanwide's
inventory turnover was 0.28x in 2014 but we expect this to exceed
0.5x from 2016 as sales from its large pool of properties under
development increase while land replenishment remains minimal.
The improved inventory turnover and likely generation of positive
CFO will provide Oceanwide with funds to expand its financial
businesses.

KEY ASSUMPTIONS

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

   -- Limited new land acquisitions at 0.1x-0.4x of contracted
      sales GFA

   -- Contracted sales growth mainly driven by growth in average
      selling prices from CNY24,000/sqm to CNY34,000/sqm in 2015-
      2018

   -- Property development gross margin of 50%-53% in 2015-2018
      (lower than in previous years due to higher construction
      cost)

   -- Lower dividend pay-out ratio than in previous years

RATING SENSITIVITIES

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

   -- Failure to achieve positive operating cash flow in 2016
   -- EBITDA margin sustained below 35%
   -- Contracted sales/net inventory sustained below 0.5x
   -- Substantial weakening of Minsheng Securities' credit
      profile

Positive: Positive rating action is not expected in the next 12-18
months due to Oceanwide's high leverage.


SOHO CHINA: Moody's Cuts Corporate Family Rating to Ba2
-------------------------------------------------------
Moody's Investors Service has downgraded SOHO China Limited's
corporate family and senior unsecured debt ratings to Ba2 from
Ba1.

The ratings outlook is stable.

RATINGS RATIONALE

"The downgrades reflect Moody's expectation that SOHO China's
transition into a build-to-hold business model will take longer-
than-expected, thereby increasing the volatility for both its
business performance and financial metrics," says Stephanie Lau, a
Moody's Assistant Vice President and Analyst.

Lau also explains that the downgrades take into account the fact
that SOHO China's credit metrics are weaker than the parameters
for a Ba1 corporate family rating.

SOHO China recorded a 92% year-over-year decline in revenue for
the half year ended 30 June 2015 (1H 2015). The deterioration was
driven by its total recognized rental income of RMB439 million in
1H 2015 versus RMB164 million in 1H 2014, and the absence of
property sales during 1H 2015.

Accordingly, its adjusted EBITDA/interest fell significantly to
around 1.0x for the 12 months to 30 June 2015 from 3.1x in 2014,
and its adjusted net debt/EBITDA rose to 9.1x from 2.4x over the
same periods. Such credit metrics were weaker than Moody's had
expected.

Moody's recognizes that SOHO China's shift to a build-and-hold
strategy from a build-to-sell model will expose the company to
high funding needs and execution risks. It is unlikely that SOHO
China will be able to meet Moody's expectation of an
EBITDA/interest of 1.75x-2.00x by 2016.

Given SOHO China's slower rental income growth, and absence of
material asset sales, Moody's expects that the company's
EBITDA/interest will remain low at 1.0x-1.3x for all of 2015 and
also in 2016, compared to 3.1x at end-2014, and its net
debt/EBITDA will grow to around 10.0x in 2015 from 2.4x at end-
2014.

Moody's notes that SOHO China's weak interest coverage is offset
by its sound liquidity position and leverage. Moody's expects the
company's cash/total assets and debt/total assets to remain at
around 11%-13% and 25%-28% respectively in 2015 and 2016. Such
results will support its Ba2 ratings.

At end-June 2015, the company held RMB9.8 billion of cash in hand.
The amount is adequate to cover its short term debt of RMB1.6
billion.

However, further negative rating actions are possible, if SOHO
China's rental portfolio growth remain slower than Moody's
expects, while its development capex and dividend payout policy
further weaken the company's financial flexibility.

SOHO China's Ba2 corporate family rating reflects its strengths in
developing iconic commercial properties. The company has also
demonstrated strong capabilities in leasing and managing its high
quality portfolio of commercial properties in prime locations in
Beijing and Shanghai.

The stable ratings outlook reflects Moody's expectation that SOHO
China will closely manage its liquidity position and debt levels.

Upgrade ratings pressure is unlikely in the near term, but could
emerge, if SOHO China: (1) successfully executes its business plan
by end-2016; (2) establishes a record of high occupancy for its
wholly owned investment properties at competitive rental rates;
and (3) demonstrates strong financial discipline, such that its
adjusted debt/asset stays below 30%, EBITDA/interest exceeds 1.9x,
and cash holdings exceed 10% of total assets.

On the other hand, downward ratings pressure could emerge, if SOHO
China's execution and financial risks increase, as a result of:
(1) its aggressive land acquisitions or capex spending; (2) its
expansion beyond Beijing and Shanghai; (3) its failure to execute
its current business plan of developing investment properties on
time and within budget; or (4) depressed economic and market
conditions that dampen the demand for office buildings in Beijing
and Shanghai.

In particular, Moody's would consider downgrading SOHO China's
ratings if the company's adjusted debt/asset exceeds 35%-40%, and
its EBITDA/interest fails to trend back towards 1.5x.

The ratings could also come under pressure if the company's
liquidity weakens, such that its internal resources and available
back-up liquidity are insufficient to fund its outgoing cash
requirements for the next 1-2 years, or its cash holdings fall
significantly below 10% of total assets on a sustained basis.

SOHO China Limited, incorporated in March 2002 and listed on the
Hong Kong Stock Exchange in October 2007, develops, leases and
manages commercial properties in Beijing and Shanghai's core
business districts.


SUNAC CHINA: Fitch Raises IDR to 'BB'; Outlook Stable
-----------------------------------------------------
Fitch Ratings has upgraded China-based property developer Sunac
China Holdings Limited's Long-Term Foreign-Currency Issuer Default
Rating (IDR) and its senior unsecured rating to 'BB' from 'BB-'.
The Outlook on the IDR is Stable.

The upgrade is supported by Fitch's view that Sunac's contracted
sales of CNY40bn on attributable basis are sustainable, the
company's low leverage and strong liquidity, its quality land
bank, and its conservative expansion plan.  Sunac's rating is
mainly constrained by its current low margin as well as
uncertainties about its strategy to acquire land by taking stakes
in companies or projects.

KEY RATING DRIVERS

Increased Scale is Sustainable: Sunac's attributable contracted
sales reached CNY39bn in 2014 and CNY19bn in 1H15.  Fitch
estimates its attributable contracted sales will exceed CNY40bn in
2015, based on its plans for project launches.  This makes Sunac's
scale by contracted sales larger than other 'BB-' rated Chinese
homebuilders and comparable with those rated 'BB'.  Fitch expects
the company's contracted sales to increase in single digits in the
next one to two years, supported by the size and quality of its
land bank.

Low Leverage, Strong Liquidity: Sunac's leverage, measured by net
debt/adjusted inventory, was only 19% at end-2014.  Leverage rose
to 30% at end-1H15 after it acquired several projects from
Greentown China Holdings and because it launched fewer projects in
the first half of the year.  A recent acquisition of seven
projects in Chengdu as well as potential land purchases in 2H15
may further increase Sunac's leverage, but Fitch expects the ratio
to remain under 40% as the agency expects cash flow from
contracted sales to improve in 2H15.  Sunac's cash position was
CNY17bn at end-1H15, enough to cover its short-term debt of
CNY12.5 bil.  The strong liquidity position also supports its
future acquisition plans.

Conservative Expansion Plan: Sunac's business focus going forward
will be on improving project profitability and securing bigger
stakes joint ventures, instead of expanding its scale.  It will
not acquire land aggressively, but will maximise available
opportunities to improve margins.  Sunac's attributable land bank
of 17.2 mil. square metres as of August 2015 would be enough to
support the expected increase in contracted sales.  About 90% of
the land bank is in Tier-1 and Tier-2 cities, which enjoy better
demand and support stronger pricing.

Margin to Remain Subdued: Sunac's margins were lower in 1H15
mainly due to the weak market in 2014, and Fitch expects the
margins to mildly recover in the next 12-18 month.  The drop in
EBITDA margin to 10% in 1H15 from 18% in 2014 is a result of the
timing of project revenue recognised in its accounts.  Sunac's
margins in its financial statements are constantly at a low level,
mainly due to the accounting impact from the fair-value
reassessment when Sunac acquires its partners' shares in their
joint projects.  These projects are substantially sold and would
not add much operational risk to Sunac in the future.  Excluding
the impact of re-valuation of the acquisitions, the gross margin
is 24% in 2014, and 21% in 1H15.

The low level of revenue recognised in 1H15 also increased sales,
general and administrative expenses (SG&A) as a percentage of
revenue in EBITDA margin calculation.  As there is no operation
deterioration, this drop in the EBITDA margin is one-off and would
not impact the ratings.  Fitch expects full-year EBITDA margin to
go back to the high-teens level with gradual improvement towards
20% going forward, but still low compared with its peers.
However, Sunac's financial profile is supported by its financial
flexibility given its strong liquidity position, low leverage and
land bank quality.

Land Banking Through Acquisitions: Fitch expects Sunac to build
its land bank by acquiring companies or projects from other
property developers rather than buying land directly.  The
cooperation with Greentown - although discontinued in 1H15 - to
jointly develop projects in Shanghai gave Sunac access to an
important market.  The company has been seeking acquisition
opportunities in new regions and cities, and it announced the
acquisition of seven projects in Chengdu in July 2015.  Fitch
expects other Chinese property developers to also expand their
land banks in this manner, given the limited land supply in Tier-1
and key Tier-2 cities.

KEY ASSUMPTIONS

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

   -- Conservative expansion plan with no aggressive land
      acquisition in 2H15 and 2016

   -- Average land costs to increase due to limited land supply
      and potential fierce competition for land acquisition in
      its targeted cities

   -- High single-digit contracted sales growth on an
      attributable basis

   -- EBITDA margin to improve slightly from 2H15, but remain at
      in the high-teens in 2015 and 2016

RATING SENSITIVITIES

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

   -- Net debt/adjusted inventory sustained above 40% (end-1H15:
      30%)

   -- Attributable contracted sales / Adjusted inventory
      sustained below 0.7x (end-1H15: 0.9x)

   -- EBITDA margin excluding impact of revaluation of
      acquisitions is sustained below 18% (2014: 18%)

   -- Significant increase in JVs and associates that leads to
      structural subordination of cash flows

   -- Material drop in contracted sales on an attributable basis

Positive: No positive rating action is expected unless Sunac
substantially increases its contracted sales on attributable basis
without significant structural subordination, and establishes core
markets in multiple regions without compromising its financial
metrics.  This is not expected over the medium term.

FULL LIST OF RATING ACTIONS

  Long-Term Foreign-Currency IDR upgraded to 'BB' from 'BB-';
   Outlook Stable
  Senior unsecured rating upgraded to 'BB' from 'BB-'
  USD400 mil. 12.5% senior unsecured notes due 2017 upgraded to
   'BB' from 'BB-'
  USD500 mil. 9.375% senior unsecured notes due 2018 upgraded to
   'BB' from 'BB-'
  USD400 mil. 8.75% senior unsecured notes due 2019 upgraded to
   'BB' from 'BB-'


TONGJI HEALTHCARE: Incurs $87,882 Net Loss in Second Quarter
------------------------------------------------------------
Tongji Healthcare Group, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $87,882 on $648,292 of total operating revenue for the
three months ended June 30, 2015, compared to a net loss of
$18,983 on $669,760 of total operating revenue for the same period
a year ago.

For the six months ended June 30, 2015, the Company reported a net
loss of $158,078 on $1.20 million of total operating revenue
compared to a net loss of $81,996 on $1.21 million of total
operating revenue for the same period during the prior year.
As of June 30, 2015, the Company had $17.23 million in total
assets, $19.79 million in total liabilities and total
stockholders' deficit of $2.56 million.

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

                        http://is.gd/OmGuQL

                       About Tongji Healthcare

Based in Nanning, Guangxi, the People's Republic of China, Tongji
Healthcare Group, Inc., a Nevada corporation, operates Nanning
Tongji Hospital, a general hospital with 105 licensed beds.
Tongji Healthcare reported a net loss of $462,000 on $2.52 million
of total operating revenues for the year ended Dec. 31, 2014,
compared with a net loss of $730,000 on $2.37 million of total
operating revenues for the year ended Dec. 31, 2013.



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


ALAMELU BALAJI: CRISIL Reaffirms B Rating on INR124.5MM Loan
------------------------------------------------------------
CRISIL's rating on bank facilities of Alamelu Balaji Spg Mills Pvt
Ltd (ABSM) continue to reflect ABSM's modest scale of operations
in the fragmented textile industry, and the company's below-
average financial risk profile, marked by a highly leveraged
capital structure. These rating weaknesses are partially offset by
the extensive experience of ABSM's promoter in the textile
industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit         124.5       CRISIL B/Stable (Reaffirmed)
   Long Term Loan       66.8       CRISIL B/Stable (Reaffirmed)

CRISIL had downgraded its rating on the long-term bank facilities
of ABSM to 'CRISIL B/Stable' from 'CRISIL B+/Stable', while
reaffirming its rating on the company's short-term bank facility
at 'CRISIL A4' on July 27, 2015. The rating downgrade reflects
CRISIL's belief that ABSM's liquidity will remain weak over the
medium term due to sizeable working capital borrowings. The cash
accruals are expected to be just about adequate to service
maturing debt in 2015-16 (refers to financial year, April 1 to
March 31), keeping working capital borrowings high. The bank lines
were utilised at 97 per cent on average in the 12 months through
March 2015.

The rating reflects the ABSM's modest scale of operations in the
fragmented textile industry, and the company's below-average
financial risk profile, marked by a highly leveraged capital
structure. These rating weaknesses are partially offset by the
extensive experience of ABSM's promoter in the textile industry.
Outlook: Stable

CRISIL believes that ABSM will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if a considerable increase in
revenue and profitability leads to substantially stronger cash
accruals and improved liquidity for ABSM. Conversely, the outlook
may be revised to 'Negative' if power shortage and low operating
rates result in a steep decline in ABSM's accruals and
profitability; or if deterioration in working capital management
or any large capital expenditure weakens its financial risk
profile.

ABSM, set up in 1993, manufactures cotton yarn. Its operations are
managed by Mr. Venkataswamy.


AMIRA NATURE: Moody's Withdraws B2 Corporate Family Rating
----------------------------------------------------------
Moody's has withdrawn the B2 corporate family rating (CFR) and B2-
PD probability of default rating (PDR) of Amira Nature Foods Ltd.

RATINGS RATIONALE

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

The company has been unable to provide Moody's with audited
financial statements for the fiscal year ending March 31st 2015,
therefore Moody's is unable to support the rating.


B A ALLOYS: Ind-Ra Assigns 'IND BB' Issuer Rating; Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned B A Alloys
Private Limited (BAAPL) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable.  BAAPL's bank facilities have also been
assigned ratings:

                         Amount
   Facilities          (INR Mln)        Ratings
   ----------          ---------        -------
  Proposed term loans     50.00         'Provisional IND
                                         BB'/Stable

  Fund-based limits       80.00         'IND BB'/Stable and
                                        'IND A4+'

  Proposed fund-based     70.00         'Provisional IND BB'/
    Limits                              Stable and 'Provisional
                                        IND A4+'

KEY RATING DRIVERS

The ratings reflect BAAPL's moderate credit metrics, scale of
operations and EBITDA margins.  According to the provisional
financials for FY15, interest coverage (operating EBITDA/gross
interest expense) was 2.39x, financial leverage (total adjusted
debt/operating EBITDAR) was 3.45x, revenue was INR832.69 mil. and
margins were 3.41%.

The ratings also factor in the company's tight liquidity as
evident from the full utilization of its working capital limits
over the 12 months ended July 2015.

The ratings are also supported by the two-decade-long experience
of BAAPL's founders in the mild steel ingots manufacturing
business, and the company's strong relationship with its
customers.

RATING SENSITIVITIES

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

Positive: A significant improvement in the revenue along with
sustaining or improving the credit metrics will be positive for
the ratings.

COMPANY PROFILE

BAAPL was incorporated in 2004 and manufactures mild steel ingots.
It operates out of its head office in New Delhi and has a 51,000
tonnes per annum manufacturing facility in Udham Nagar,
Uttarakhand.


BABA NAGA: CRISIL Ups Rating on INR181MM Term Loan to B+
--------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Baba Naga Overseas (BNO) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             181       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The upgrade reflects improvement in BNO's financial risk profile,
particularly debt service coverage ratio, which indicates the
management's ability to repay debt on time despite stretched
liquidity. With the repayment of existing term debt, the interest
cost of the firm has declined which is further expected to decline
over the medium term. As a result, the cash accruals of the firm
is expected to improve to around INR30 million over the medium
term which is expected to be sufficient to meet the maturing term
debt obligations of less than 27 million over the same period. The
upgrade also reflects the firm's adequate cash and bank balance,
which is sufficient to meet term debt obligations over the medium
term.

The rating reflects BNO's average financial risk profile, marked
by a leveraged capital structure, and dependence on a single
tenant. These rating weaknesses are partially offset by the
partners' extensive experience in the agriculture industry and
their funding support to the firm.
Outlook: Stable

CRISIL believes that BNO will continue to benefit over the medium
term from its established market presence and its partners'
extensive industry experience. The outlook may be revised to
'Positive' in case of improvement in liquidity backed by large
cash accruals or funding support from partners. Conversely, the
outlook may be revised to 'Negative' in case of delays in debtor
realisation, or capital withdrawal by partners, or repayment of
unsecured loans from related parties, further constraining
liquidity.
BNO, a partnership concern, was set up in 2008 by the Chadha
family in Amritsar (Punjab). The firm leases warehouses. It has
warehouse capacity of 60,000 tonnes, currently leased to Punjab
State Grains Procurement Corporation Ltd for storing rice and
wheat.


BANSAL RICE: Ind-Ra Assigns 'IND B' LT Rating to INR40MM FB Loan
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Bansal Rice
Mills' (BRM) additional bank facilities these ratings:

   -- INR40.00 mil. fund-based working capital limit: Long-term
      'IND B'/Stable and Short-term 'IND A4'

   -- INR20.06 mil. term loans: Long-term 'IND B'/Stable

BRM's outstanding ratings (including the above) are:

   -- Long-Term Issuer Rating: 'IND B'/Stable

   -- INR120 mil. fund-based working capital limits: Long-term
      'IND B'/Stable and Short-term 'IND A4'

   -- INR23.86 mil. term loan: Long-term 'IND B'/Stable


BNAZRUM AGRO: CRISIL Reaffirms 'B' Rating on INR70MM LT Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bnazrum Agro Exports
Pvt Ltd (BAEPL) continue to reflect susceptibility of the
operating margin to availability of gherkins and foreign exchange
rates. These weaknesses are partially offset by its established
market position in the gherkin-processing industry.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting       100        CRISIL A4 (Reaffirmed)
   Long Term Loan          70        CRISIL B/Stable (Reaffirmed)
   Overdraft Facility      10        CRISIL A4 (Reaffirmed)
   Packing Credit         170        CRISIL A4 (Reaffirmed)

CRISIL had upgraded its rating on the long-term bank facility of
BAEPL to 'CRISIL B/Stable' from 'CRISIL C', and had reaffirmed its
rating on the company's short-term bank facilities at 'CRISIL A4'
on March 10, 2015. The upgrade reflects CRISIL's belief that the
improvement in BAEPL's business risk profile will sustain over the
medium term. CRISIL expects that the operating margin is expected
to remain healthy over the medium term. The improvement in
business risk profile has also resulted in improvement in BAEPL's
liquidity.

Outlook: Stable

CRISIL believes that BAEPL will continue to benefit over the
medium term from its established market position in the gherkin-
processing industry. The outlook may be revised to 'Positive' if
substantial revenue growth is achieved while maintaining the
operating margin, supported by efficient debtor management,
improving liquidity. Conversely, the outlook may be revised to
'Negative' if the working capital management weakens, most likely
because of stretched debtors, or if any large debt-funded capital
expenditure pressurises liquidity.

BAEPL, incorporated in 1998, processes and exports gherkins. Its
operations are managed by the promoter, Mr. K S M Mohammed Saleem.
The company is located in Dindigul.

For 2013-14, BAEPL reported a profit after tax (PAT) of INR4.27
million on net sales of INR419.89 million, against a PAT of
INR10.40 million on net sales of INR379.31 million for 2012-13.


CHARANPAADUKA INDUSTRIES: CRISIL Suspends C Rating on INR50M Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Charanpaaduka Industries Pvt Ltd (CIPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            50       CRISIL C
   Letter of Credit       20       CRISIL A4

The suspension of ratings is on account of non-cooperation by CIPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, CIPL is yet to
provide adequate information to enable CRISIL to assess CIPL'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 2001, CIPL manufactures polyurethane (PU),
polyvinyl chloride, and ethyl vinyl acetate footwear, including
sports shoes, floaters, school shoes, bathroom slippers, and
casual shoes. The company has a production facility in Bhadurgarh
(Haryana). CIPL sells shoes under its own brands, the most popular
of which are Airform, Only-PU, and PU-Type. CIPL's directors ' Mr.
Rajesh Gupta, Mrs. Anju Gupta, and Mr. V M Sharma ' manage its
business operations.


CHINTELS EDUCATION: CRISIL Assigns B+ Rating to INR80MM Bank Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Chintels Education Society (CES).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility       80       CRISIL B+/Stable

The rating reflects the society's exposure to project
implementation risks and average financial risk profile, marked by
high project gearing and a modest net worth. These rating
weaknesses are partially offset by the promoters' extensive
experience in the education sector and established brand name of
its school.
Outlook: Stable

CRISIL believes that CES will benefit from the healthy demand
prospects for education in India. The outlook may be revised to
'Positive' in case of timely start of its school within the
budgeted cost and along with better-than-expected occupancy level
during the early phase of the school's operations. Conversely, the
outlook may be revised to 'Negative' if CES faces any delay in
project implementation, leading to time and cost overruns or
registers lower-than-expected occupancy levels during the early
phase of its operations.

CES was set up in 1992 and is based in Kanpur, Uttar Pradesh. The
society, currently, runs one school by the name of The Chintels
School and is located in Ratan Lal area of Kanpur. The school is
affiliated to the Indian Certificate of Secondary Education and
currently has 1900 students in its school. The society is setting
up a new school in Kalyanpur area of Kanpur which is expected to
commence its operations for the academic year 2016-17. CES is
promoted by Mr. Bharat Vij and his family members.


DAYAKAR ENTERPRISES: CRISIL Reaffirms B+ Rating on INR50MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Dayakar Enterprises
(DE) continue to reflect the firm's average financial risk
profile, with low net worth, moderate total outside liabilities to
tangible net worth ratio, and average debt protection metrics.

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

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

The ratings also factor in the firm's exposure to intense
competition in the tobacco trading business (constraining
profitability), and risks relating to unfavourable regulations.
These rating weaknesses are partially offset by the promoter's
extensive industry experience, and the firm's established
relations with customers and efficient working capital management.
Outlook: Stable

CRISIL believes that DE will continue to benefit over the medium
term from its established relations with customers and the
promoter's extensive experience in the tobacco industry. The
outlook may be revised to 'Positive' if the firm reports a
substantial and sustained increase in profitability margins, or if
sizeable equity infusions strengthen the capital structure.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in profitability margins, or significant weakening
in capital structure caused most likely by a stretch in working
capital cycle.

DE was set up as a proprietorship firm in 1996 by Mr. P. Dayakar.
The firm trades in two varieties of tobacco ' Virginia flue-cured,
and Burley. The firm is based in Tangutur, Andhra Pradesh.


DHANVIR FOOD: CRISIL Suspends B+ Rating on INR72.5MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Dhanvir
Food Products (DFP).

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

   Proposed Long Term
   Bank Loan Facility    40        CRISIL B+/Stable

   Term Loan             72.5      CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by DFP
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DFP is yet to
provide adequate information to enable CRISIL to assess DFP'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 2013, DFP is a partnership of Mr. Baljinder Singh, Mr.
Gurmeet Singh, Mr. Gurvinder Singh and Mr. Mukhtiyar Singh. The
firm is engaged in wheat processing for the manufacture of maida,
suji and rava. Its plant is situated in Kichha, Uttarakhand.


DEVAGYA CONSTRUCTIONS: CRISIL Suspends B Rating on INR200MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Devagya
Constructions.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             200       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
Devagya Constructions with CRISIL's efforts to undertake a review
of the ratings outstanding. Despite repeated requests by CRISIL,
Devagya Constructions is yet to provide adequate information to
enable CRISIL to assess Devagya Constructions'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 as a partnership firm in June 2005, Devagya
Constructions is engaged in developing a residential complex in
Allahabad. The firm is promoted by its partners Mr. Vishal Singh
and Mr. Diwakar Asthana who were inducted as partners after the
retirement of old partners through a new partnership deed. Mr.
Asthana has extensive experience in the real estate industry as a
promoter of Unicorn Construction Ltd.


EMC SUPER: CRISIL Ups Rating on INR100MM Cash Loan to B+
--------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of EMC Super
Speciality Hospitals Private Limited (EMC) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'.

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

   Proposed Long Term     25       CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

   Term Loan              75       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects improvement in EMC's financial risk
profile particularly its liquidity. The improvement in the
liquidity profile is supported by generation of adequate cash
accruals of around INR40 million to INR50 million vis-a-vis debt
repayment obligations of about INR14 million over the medium term.
Also, with the change in the payment mode with all the stations
now being online has led to improvement in the realisation of
debtors. Adequate generation of cash accruals and better debtor
realisation has helped the company maintain the financial
discipline by making all term debt repayments on time. The
liquidity is further supported by enhancement in the working
capital limits. The promoters have also extended support in the
form of unsecured loans (USL) as reflected in the estimated USL of
INR 43.66 million as on March 31, 2015 which provides adequate
cushion to the liquidity. CRISIL believes that the liquidity
profile of the company will demonstrate steady improvement in the
medium term.

The rating upgrade also reflects expected improvement in the
business risk profile of the company supported by expected
improvement in the operating revenues and operating margins. In
2014-15, the company set-up its own medical store and laboratory
in the hospital which was earlier rented out to a vendor. Receipts
from medical store and laboratory and declined operating expenses
is expected to lead to improvement in the operating revenues and
margins respectively. CRISIL believes that the business risk
profile of the company will improve in the medium term; however
remains constrained with modest scale of operations.

The rating reflects EMC's moderate financial risk profile, marked
by small net worth and high gearing, small scale of operations and
geographic concentration in its revenue profile. The company,
however, benefits from its comfortable operating margin and
moderate debt protection metrics.

Outlook: Stable

CRISIL believes EMC will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the company reports better than
expected revenues owing to significant ramp up from the additional
proposed capacity while maintaining the profitability levels or if
the working capital particularly the debtor collection improves
leading to improvement in liquidity risk profile. Conversely, the
outlook may be revised to 'Negative' if the company's scale of
operations and profitability decline significantly; leading to
lower than expected cash accruals or if there is significant
stretch in the working capital cycle owing to delay in the
receivables or if it undertakes any large debt-funded capital
expenditure.

EMC was established as a partnership firm in 2003 by Mr. Pawan
Arora, Mrs Meenu Arora and Mr. Chaman Lal Arora in the name of
Emergency Medical Care Hospitals. The partnership firm was
reconstituted as a private limited company named EMC Super
Speciality Hospitals Pvt Ltd in 2010. The company has established
multi-specialty hospitals in Amritsar (Punjab).


EMCO PRESSMASTER: CRISIL Reaffirms B+ Rating on INR50MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Emco Pressmaster Pvt
Ltd (EPPL) continue to reflect EPPL's modest scale and working
capital-intensive operations along with revenue concentration
risk, and susceptibility to slowdown in the end-user industry.
These rating weaknesses are partly offset by the benefits the
company derives from its promoters' extensive experience in the
industry, its established customer relationships, and average
financial risk profile.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        20        CRISIL A4 (Reaffirmed)
   Cash Credit           50        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      10        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes EPPL will continue to benefit over the medium term
from its promoters' extensive industry experience and its
established relationships with customers. The outlook may be
revised to 'Positive' in case of a sustainable increase in scale
of operations and profitability, along with significant
improvement in its working capital cycle leading to a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' if EPPL's financial risk profile deteriorates on
account of further decline in its revenues and profitability or in
case of a larger-than-expected, debt-funded capital expenditure,
or if its liquidity weakens significantly on account of increase
in its working capital requirements.

Update
EPPL, on a provisional basis, reported net sales of around
INR203.5 million for 2014-15 (refers to financial year, April 1 to
March 31), vis-a-vis net sales of INR177.2 million for 2013-14.
The company's net sales increased in 2014-15 on account of an
increase in the orders from existing customers. The operating
margin was lower than CRISIL's expectation, at 8.3 per cent in
2014-15, compared with 10.7 per cent in 2013-14, on account of
specialised orders received from the customers for which the
company has to rely on job work activities. CRISIL believes that
EPPL's operating profitability will stablise driven by capex
towards in-house manufacturing of specialised products over the
medium term. EPPL's working capital requirements have remained at
similar level, as reflected in its gross current assets (GCAs)
estimated at around 237 days as on March 31, 2015 against GCAs of
around 230 days as on March 31, 2014.

The company's financial risk profile has remained average, with
moderate gearing estimated at around 1.80 times as on March 31,
2015, compared to 1.38 times a year earlier. EPPL's interest
coverage ratio remained average, estimated at around 1.80 times in
2014-15. The company's utilisation of its fund-based bank limits
remained low, at about 52 per cent, on average, over the 12 months
ended July 31, 2015. It is likely to generate sufficient cash
accruals of over INR11.4 million to meet term debt obligation of
INR4.6 million in 2015-16. CRISIL expects EPPL's liquidity to
remain adequate supported by low bank limit utilisation and
sufficient net cash accruals against the term debt obligation.

EPPL, incorporated in 1990, manufactures sheet metal forming
machines, mainly power press machines that are used to manufacture
automobile components. The company's unit in Faridabad (Haryana).
EPPL is managed by Mr. Manoj Manga and his wife, Mrs. Rupa Manga,
who have over 30 years of industry experience.


GLOBAL AGRO: CRISIL Suspends B+ Rating on INR150MM LT Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Global
Agro Corp (GAC).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Packing Credit         50       CRISIL A4
   Proposed Long Term
   Bank Loan Facility    150       CRISIL B+/Stable

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

GAC was established in 2010 as a proprietorship firm with Mr.
Ashish Bansal as the sole proprietor. This firm was reconstituted
as a partnership firm in 2011. GAC exports agricultural
commodities, primarily basmati and non-basmati rice and chick
peas.


G M COT: CRISIL Raises Rating on INR50MM Cash Loan to 'B+'
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
G M Cot Fibers (GMCF) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

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

   Term Loan              28       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The upgrade reflects GMCF's improved business risk profile, with
timely completion of construction and operationalisation of its
unit, and expected healthy revenue growth over the medium term.
The firm reported revenue of INR110 million in 2014-15 (refers to
financial year, April 1 to March 31), when the unit was
operational for about three months. Revenue is expected to
increase to INR400 million to INR500 million annually over the
medium term backed by the promoters' extensive experience in
cotton ginning and established customer relationships. The upgrade
also factors in efficient working capital management marked by
gross current assets of 57 days as on March 31, 2015, driven by
low receivables and inventory. Revenue growth, capital
expenditure, and working capital management remain key rating
sensitivity factors as they could affect liquidity and financial
risk profile.

The rating reflects GMCF's initial stage of operations, and
exposure to significant offtake risk and to intense competition.
These weaknesses are partially offset by its promoters' extensive
experience in the cotton industry.
Outlook: Stable

CRISIL believes that GMCF will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if revenue or profitability increases,
leading to improved financial risk profile and liquidity.
Conversely, the outlook may be revised to 'Negative' if low
revenue or profitability or stretched working capital cycle weaken
liquidity.

GMCF was set up in 2014 as a partnership firm by Mr. Govind
Agarwal and his nephews, Mr. Pratish Agarwal and Mr. Ashish
Agarwal. The firm operates a cotton ginning unit in Sendhwa
(Madhya Pradesh).


JOHAR PETRO: CRISIL Assigns B+ Rating to INR60MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Johar Petro (JP).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             60        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      25        CRISIL B+/Stable

The rating reflects JP's below-average financial risk profile,
marked by a high total outside liabilities to tangible net worth
ratio and weak debt protection metrics, and its vulnerability to
regulatory changes. These rating strengths are partially offset by
the extensive experience of the firm's proprietor in operating a
petrol pump.
Outlook: Stable

CRISIL believes that JP will continue to benefit over the medium
term from the extensive experience of its proprietor and
established relationships with clients. The outlook may be revised
to 'Positive' in case of improvement in the firm's capital
structure due to equity infusion by the promoters, and significant
ramp up in its scale of operations. Conversely, the outlook may be
revised to 'Negative' in case of pressure on JP's liquidity on
account of low cash accruals, increase in working capital
requirements, or significant debt-funded capital expenditure.

JP, based in Haryana and established in 2012, runs a petrol pump.
The firm has a tie-up with Indian Oil Corporation Ltd. It is
promoted by Mr. Charanpreet Singh Johar.


KAVITA OVERSEAS: CRISIL Suspends B+ Rating on INR147.4MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kavita
Overseas Group (KO).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility       40       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      147.4     CRISIL B+/Stable
   Term Loan                12.5     CRISIL B+/Stable

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

KO was established in 2000 as a partnership firm which was later
re-constituted as a proprietorship firm in 2005 with Mr. Suneet
Kharbanda as the the sole-proprietor. The firm is engaged into
manufacturing of readymade garments for women. The firm sells its
products under its brand name 'Lakshita'. The firm's manufacturing
facilities are located in Noida.


KRM TYRES: CRISIL Suspends B+ Rating on INR120MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
KRM Tyres (KRM).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         2        CRISIL A4
   Cash Credit          120        CRISIL B+/Stable
   Letter of Credit     130.7      CRISIL A4
   Standby Line of
   Credit                30        CRISIL B+/Stable
   Term Loan             17.3      CRISIL B+/Stable

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

KRM was set up in 2003 by Mr. S P Jain. It became operational in
2007-08 (refers to financial year, April 1 to March 31). The firm
manufactures tyres for the automobile segment. Its production
facility is in Baddi (Himachal Pradesh).


LUCKNOW HEALTHCITY: CRISIL Suspends B Rating on INR90MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Lucknow
Healthcity Trauma Centre and Superspeciality Hospital Private
Limited (LHPL).

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

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

LHPL, incorporated in 2012 as a private limited company, was
promoted by a set of medical professionals led by Dr. Sandeep
Kapoor and Dr. Sandeep Kumar Garg. It is undertaking a project to
set up a 70-bed multi-speciality hospital in Lucknow at a total
project cost of around INR152.8 million, funded through term loan
of INR90 million and the rest through promoter contribution. The
project is expected to be completed by March 2015. The project
proposes to provide primarily surgical care to the patients across
orthopedics, cardiology, urology, gastroenterology, internal
medicine, intensive care, medicine, neurology and other emergency
services.


MAHARAJA PALANISAMY: CRISIL Reaffirms B Rating on INR25MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Maharaja Palanisamy
Garments (MPG) continue to reflect its below-average financial
risk profile, with aggressive capital structure and average debt
protection metrics.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           10        CRISIL B/Stable (Reaffirmed)

   Foreign Bill
   Negotiation           50        CRISIL A4 (Reaffirmed)

   Foreign Exchange
   Forward               30        CRISIL A4 (Reaffirmed)

   Packing Credit in
   Foreign Currency     100        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    15        CRISIL B/Stable (Reaffirmed)

   Term Loan             25        CRISIL B/Stable (Reaffirmed)

The ratings also reflect its modest scale of operations in the
highly fragmented readymade garments industry. These weaknesses
are partially offset by benefits derived from the proprietor's
extensive industry experience and his funding support.
Outlook: Stable

CRISIL believes that MPG will continue to benefit over the medium
term, from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' in case the company
significantly improves its scale of operations, leading to large
cash accruals and better capital structure. Conversely, the
outlook may be revised to 'Negative' if the financial risk
profile, particularly liquidity, weakens because of low cash
accruals, stretched working capital cycle or any unanticipated
debt-funded capital expenditure.

MPG, a proprietorship firm set up in December 2013 by Mr. P
Dharanidharan, manufactures and exports hosiery readymade garments
for men, women and kids. MPG, set up as an export oriented unit in
Erode (Tamil Nadu), commenced commercial operations from April
2014.


MAHESH VALUE: CRISIL Assigns B+ Rating to INR50MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Mahesh Value Products Private Limited
(MVPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan       10         CRISIL B+/Stable
   Cash Credit          50         CRISIL B+/Stable
   Letter of Credit     50         CRISIL A

The ratings reflect MVPL's below-average financial risk profile,
marked by a weak capital structure and average debt protection
metrics. This rating weakness is partially offset by the company's
established brand in the sports goods and asafoetida segment in
Tamil Nadu.
Outlook: Stable

CRISIL believes that MVPL will continue to benefit over the medium
term from its established brand in the sports goods and asafoetida
segment. The outlook may be revised to 'Positive' if the company
improves its scale of operations and operating profitability,
leading to improvement in financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case MVPL's working
capital cycle is stretched, its cash accruals are substantially
low, or it undertakes sizeable debt-funded capital expenditure
programme, resulting in deterioration in its financial risk
profile.

MVPL, set up in 2000, manufactures sports goods and food products
such as pure spices and asafoetida. The company is promoted and
managed by Mr. Nagarajan and Ms. N Parameswari Alias Sudha. Its
manufacturing facility is in Madurai (Tamil Nadu).


N.N GLOBAL: Ind-Ra Raises Long-Term Issuer Rating to BB
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded N.N Global
Mercantile Pvt. Ltd.'s (NNGMPL) Long-Term Issuer Rating to
'IND BB' from 'IND B+'.  The Outlook is Stable.  The agency has
also taken these rating actions on NNGMPL's bank facilities:

                         Amount
   Facilities          (INR Mln)         Ratings
   ----------          ---------         -------
  Fund-based working       300           Upgraded to
  capital limits  (increased from 100)   'IND BB'/Stable
                                         from 'IND B+'

  Non-fund-based            50           Assigned 'IND A4+'
  working capital limits

KEY RATING DRIVERS

The upgrade reflects NNGMPL's significantly improved scale of
operation with 179% yoy growth in revenue to INR1,007.9 mil.,
according to the provisional results for FY15.  The upgrade also
factors in NNGMPL's continued comfortable credit profile as
reflected in its interest coverage (operating EBITDA/gross
interest expense) of 2.4x in FY15 (FY14: 4.2x) and net financial
leverage (total adjusted net debt/operating EBITDAR) of 7.7x
(5.9x).

The ratings continue to be constrained by the company's lack of
operating track record as commercial operations started during
FY12, and the working capital intensive coal trading industry it
operates in.  The ratings are also constrained by NNGMPL's tight
liquidity as reflected by its near-full working capital use during
the 12 months ended July 2015.

RATING SENSITIVITIES

Positive: A sustained improvement in the credit metrics will be
positive for the ratings.

Negative: Sustained deterioration in the credit metrics will lead
to a negative rating action.

COMPANY PROFILE

Incorporated in 2009, NNGMPL is engaged in the coal trading
business in Chandrapur (Maharashtra).

NNGMPL is a private limited company managed by Inishpal Singh
Bhatia and Charanpreet Kaur Bhatia.


NAMAHA ESTATES: CRISIL Cuts Rating on INR100MM Cash Loan to 'B'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Namaha Estates (NE) to 'CRISIL B/Stable' from 'CRISIL B+/Stable'

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

   Proposed Long Term    100       CRISIL B/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL B+/Stable')

The rating downgrade reflects the deterioration in NE's liquidity
with its cashflows over the medium term expected to tightly match
its maturing term debt repayment obligations. The response to the
firm's two ongoing real estate projects has been subdued resulting
in lower-than-expected customer advances and lower cashflows. The
firm generated cashflows of around INR60 million in 2014-15
(refers to financial year, April 1 to March 31), and its expected
cashflows in 2015-16 would tightly match its term debt repayment
obligations of INR93 million maturing in that year. CRISIL
believes that the firm will need capital infusion from its
promoters, or will have to register substantial increase in its
bookings and customer advances, to alleviate the pressure on its
liquidity.

The rating reflects NE's exposure to implementation and demand
risks associated with its ongoing real estate projects, the
geographical concentration in the firm's revenue profile, and its
vulnerability to cyclicality inherent in the Indian real estate
industry. These rating weaknesses are partially offset by the
benefits that NE derives from extensive experience of its
promoters in the real estate industry.
Outlook: Stable

CRISIL believes that NE will continue to benefit from its
promoters extensive experience in the real estate industry. The
outlook may be revised to 'Positive' in case of significant
booking of units and receipt of customer advances for its ongoing
projects, leading to better-than-expected cash inflows and
liquidity. Conversely, the outlook may be revised to 'Negative' in
case of a time or cost overrun in its ongoing projects, or lower-
than-expected inflow of advances adversely affecting its
liquidity.

NE was set up in 1999 by Dr. K L Narayana, Mr. P Prem Kumar and
Mr. T Suresh Babu. The firm is into residential real estate
development in Hyderabad, Telangana. It is currently undertaking
two residential development projects.


P.L.A FOODS: CRISIL Suspends B+ Rating on INR29.5MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
P.L.A Foods Private Limited (PLA).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            20       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     10.5     CRISIL B+/Stable
   Term Loan              29.5     CRISIL B+/Stable

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

PLA was incorporated in March 2012 by Mr. Aman Goel. The company
is engaged in milling of paddy into processed rice. Its rice mill
is located in Rudrapur (Uttrakhand). The Goel family, headed by
Mr. Pramod Goel, has been engaged in rice milling since 1990,
through NAP, based in Haldwani (Uttarakhand).


PLATINA REAL: CRISIL Suspends B+ Rating on INR115MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Platina Real Estate Pvt Ltd (PREPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       35         CRISIL A4
   Term Loan           115         CRISIL B+/Stable

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

PREPL was incorporated in Ghaziabad (Uttar Pradesh) in 2006. The
company is a part of the Garg group, promoted by Mr. D C Garg, the
former mayor of Ghaziabad. The group has diverse business
interests such as real estate, education, and publication. PREPL
is implementing a low-cost housing project, Dinesh Nagar, in
Pilkhuwa (Uttar Pradesh [UP]).


PRITHVI FERRO: CRISIL Ups Rating on INR843MM Term Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Prithvi Ferro Alloys Pvt Ltd (PFAPL) to 'CRISIL B+/Stable' from
'CRISIL B-/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit          304.3      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Proposed Long Term   154.2      CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B-/Stable')

   Term Loan            843.0      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

The rating upgrade reflects PFAPL's improved business risk
profile, marked by increase in the scale of operations to INR360
million in 2014-15 (refers to financial year, April 1 to March
31), its first year of operations, on account of sustained export
orders and healthy profitability, supported by stabilisation and
healthy utilisation of its new ferro alloy unit.

Effective working capital management has led to lower reliance on
external debt, and a stronger financial risk profile, marked by
low gearing estimated at 1.0 time as on March 31, 2015 and high
interest coverage ratio of around 3.0 times in 2014-15. The rating
upgrade also reflects CRISIL's belief that liquidity will remain
adequate over the medium term for PFAPL's scale of operations.
This is primarily on account of adequate cash accruals expected
against repayment obligations. Timeliness in repayment of debt
obligations will remain a key rating sensitivity factor.

The rating continues to reflect PFAPL's moderate liquidity and
scale of operations. These weaknesses are partially offset by the
extensive experience of the promoters, who are a part of the
diversified Prithvi group.
Outlook: Stable

CRISIL believes that PFAPL will continue to benefit over the
medium term from the extensive experience of the promoters, who
are a part of the diversified Prithvi group. The outlook may be
revised to 'Positive' in case of sustained growth in the company's
revenue and profitability, and improvement in its debt protection
metrics and liquidity. Conversely, the outlook may be revised to
'Negative' if low revenue and profitability, or stretch in working
capital cycle weakens the financial risk profile, particularly
liquidity.

PFAPL was formed for the purpose of setting up a greenfield
integrated steel complex comprising a ferro alloys (13,200 tonnes
per annum of silica-manganese alloys) manufacturing facility and
an 18-megawatt (MW) captive power plant.

The Prithvi group was started by Mr. Bijay Kumar Garodia, Mr.
Ramesh Kumar Sarawagi, and Mr. Shankar Lall Ajitsaria in the
1990s. The group has presence across several industries, including
cement, tea, power generation, real estate, steel, and mining.


PRIYANKSHI FASHIONS: CRISIL Rates INR100MM Cash Credit at 'B'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facility of Priyankshi Fashions Pvt Ltd (PFPL).

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

The rating reflects the company's modest scale of operations and
its low operating profitability in the intensely competitive and
fragmented textile industry. These rating weaknesses are partially
offset by the promoters' extensive industry experience and the
funding support that PFPL receives from them.
Outlook: Stable

CRISIL believes that PFPL will continue to benefit over the medium
term from the extensive experience of the promoters in the
wholesale saris segment. The outlook may be revised to 'Positive'
in case of more-than-expected increase in the scale of operations
resulting in large cash accruals or in case of any substantial
capital infusion. Conversely, the outlook may be revised to
'Negative' if PFPL faces any further working capital stretch
leading to deterioration in its financial risk profile.

Incorporated in 2011, PFFL is promoted by Mr. Kishanbhai Khetan
and his wife, Ms. Ramta Khetan. The company trades in saris and
dress materials and carries out its operations in Surat (Gujarat).

For 2014-15 (refers to financial year, April 1 to March 31), on a
provisional basis, PFPL reported profit after tax (PAT) of INR1.90
million on total sales of INR402.02 million as against PAT of
INR1.30 million on total sales of INR253.69 million in 2013-14.


R.B. GEARS: CRISIL Assigns B+ Rating to INR50MM Term Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of R.B. Gears Private Limited (RBGPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           30        CRISIL B+/Stable
   Term Loan             50        CRISIL B+/Stable

The rating reflects RBGPL's small scale of operations in the
intensely competitive auto components industry with high customer
concentration risk and weak financial risk profile marked by high
gearing. The ratings also factor in the working capital intensive
nature of RBGPL's operations. These rating weaknesses are
partially offset by the extensive experience of promoter's in auto
components industry.
Outlook: Stable

CRISIL believes that RBGPL will continue to benefit from its
promoters' long-standing experience in auto components industry.
The outlook may be revised to 'Positive' if RBGPL registers
significant increase in sales leading to sizeable cash accruals or
the capital structure of the company improves led by equity
infusion from the promoters. Conversely, the outlook may be
revised to 'Negative' in case of decline in profitability,
resulting in low accruals, or lengthening of working capital
cycle, or large debt-funded capex.

RBGPL was incorporated in 2009 by Punjab based Mr. Sanjeev Garg
and his wife Mrs. Renu Garg. RBGPL is engaged in manufacturing of
auto components mainly gears, shafts etc., for tractors industry.

On provisional basis, For 2014-15 (refers to financial year,
April 1 to March 31), RBGPL reported a profit after tax (PAT) of
INR2.8 million on net sales of INR121.8 million; against which the
company reported a PAT of INR2.9 million on net sales of INR138.9
million for 2013-14.


RAMAKRISHNA ENGINEERING: ICRA Suspends D Rating on INR7.09cr Loan
-----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR7.09 crore Fund based facility and the short term rating of
[ICRA]D assigned to the INR6.20 crore Non-fund based facility of
Ramakrishna Engineering Company. The suspension follows ICRA's
inability to carry out a rating surveillance, in the absence of
the requisite information from the company.


RAMVIJAY COTTON: CRISIL Reaffirms B+ Rating on INR90MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facility of Ramvijay Cotton
Mills Pvt Ltd (RCMPL) continues to reflect RCMPL's below-average
financial risk profile, marked by small net worth and weak debt
protection metrics, modest scale of operations in the fragmented
and intensely competitive cotton industry, and susceptibility to
adverse changes in government policy on cotton. These rating
weaknesses are partially offset by the extensive industry
experience of RCMPL's promoter.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit            90      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RCMPL will continue to benefit over the
medium term from its promoter's industry experience. The outlook
may be revised to 'Positive' if the company's scale of operation
and profitability increase significantly, and if its net worth
improves backed by equity infusion by promoter or substantial
accruals generated in business. Conversely, the outlook may be
revised to 'Negative' in case RCMPL's working capital requirements
increase or it undertakes sizeable debt-funded capital expenditure
programme, leading to deterioration in its financial risk profile.

Incorporated in 2006-07 (refers to financial year, April 1 to
March 31) and promoted by Mr. Shaileshkumar Sangani, RCMPL
commenced production in 2008. The company gins and presses raw
cotton (kapas) to make cotton bales. In addition, RCMPL has a
seed-crushing unit where it extracts oil from cotton seeds. The
company sells cotton bales to spinning mill owners and traders and
cotton oil to dealers in its vicinity.

RCMPL reported, on a provisional basis, a profit after tax (PAT)
of INR1.34 million on net sales of INR585.0 million for 2014-15;
the company reported a PAT of INR0.90 million on net sales of
INR657.0 million for 2013-14.


RAVINDRANATH: Ind-Ra Affirms 'IND BB-' Rating; Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Ravindranath's
Long-Term Issuer Rating at 'IND BB-' with a Stable Outlook.  The
agency has also taken these rating actions on Ravindranath's bank
facilities:

                         Amount
   Facilities          (INR Mln)         Ratings
   ----------          ---------         -------
  Fund-based working       2             Affirmed at
   capital limits                        'IND BB-'; Outlook
                                         Stable

  Non-fund-based         100             Affirmed at 'IND A4+'
  working capital
  limits

KEY RATING DRIVERS

The affirmation reflects Ravindranath's tight liquidity position
due to its high working capital requirements.  Its average use of
the fund-based limits for the six months ended July 2015 was
101.05%.  The affirmation also reflects Ravindranath's continued
small scale of operation with revenue of INR542 mil. based on the
provisional FY15 financials (FY14: INR408 mil.).

The ratings are supported by Ravindranath's strong credit metrics
with leverage (adjusted debt/operating EBITDAR) of 0.5x in FY15
(FY14: 1.4x) and interest coverage (operating EBITDA/gross
interest expense) of 4.7x (4.2x).  The slight improvement in the
credit metrics was because of lower debt, despite a fall in EBITDA
margins to 6.3% in FY15 (FY14: 6.6%) due to the execution of
lower-margin contracts during the said period.

The ratings benefit from Ravindranath's strong order book position
of INR871.79 mil. at end-March 2015 (1.6x of FY15 revenue).

RATING SENSITIVITIES

Positive: A substantial improvement in the liquidity would be
positive for the ratings.

Negative: Deterioration in the profitability would be negative for
the ratings.

COMPANY PROFILE

Ravindranath was established in 1999 by P Ravindranath as a
proprietorship concern.  It is engaged in the construction of
hostels, colleges, godowns and roads.  It executes government and
semi-government orders on a tender basis.  The main customers of
the firm are Rites Ltd., Hindustan Steel Works Construction ltd.
and the government of Karnataka.


REGAL PLYWOOD: CRISIL Cuts Rating on INR20MM Cash Loan to B+
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Regal Plywood Industries Pvt Ltd to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           20        CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Letter of Credit     140        CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

The rating downgrade reflects deterioration in RPI's liquidity,
with a stretch in its working capital cycle resulting in almost
full utilisation of its bank limits. The downgrade also reflects
the weakening of the company's business risk profile, with a
sustained decline in its scale of operations resulting in reduced
cash flows from operations. CRISIL believes that RPI will need
capital infusion from its promoters, or will have to register
sustained improvement in its working capital cycle, to alleviate
the pressure on its liquidity.

The company's revenues, which registered a year-on-year decline of
8 per cent to INR432 million in 2014-15 (refers to financial year,
April 1 to March 31), is expected to further decline by 25 per
cent in 2015-16. The decline in revenues is mainly on account of
reduced availability of its key raw material ' timber logs.
Furthermore, RPI's working capital cycle was stretched as
reflected by the increase in its gross current assets to 268 days
as on March 31, 2015, from 229 days as on March 31, 2014. The
increase in GCAs was on account of stretch in its receivables
cycle, which resulted in higher reliance on debt. Consequently,
the company's bank limits have remained almost fully utilised over
the six months through July 2015.

The ratings reflect RPI's established presence in the timber
industry supported by its promoter's extensive industry experience
and entrenched distribution network. These rating strengths are
partially offset by the company's below-average financial risk
profile, marked by a modest net worth, high total outside
liabilities to tangible net worth ratio, and below-average debt
protection metrics. The ratings of the company are also
constrained on account of its large working capital requirements
and the susceptibility of its profitability margins to volatility
in raw material prices and fluctuations in foreign exchange rates.
Outlook: Stable

CRISIL believes that RPI will continue to benefit over the medium
term from its promoter's extensive industry experience and its
entrenched distribution network. The outlook may be revised to
'Positive' if the company registers a substantial and sustained
increase in its scale of operations while maintaining its
profitability margins, or there is a sustained improvement in its
working capital management. Conversely, the outlook may be revised
to 'Negative' in case of a steep decline in RPI's profitability
margins, or significant deterioration in its capital structure
most likely by a stretch in its working capital cycle.

RPI was set up in 1997 by Mr. Ajit Kumar Minda, Mr. Naresh Kumar
Garg, and their family members. The company manufactures veneer
and plywood, which it sells under the brand Donyl. It is based in
Visakhapatnam (Andhra Pradesh).


SANDSTONE INFRAPROJECTS: CRISIL Suspends B+ INR155MM Loan Rating
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sandstone Infraprojects Pvt Ltd (SIPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        10        CRISIL A4
   Cash Credit          155        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    30        CRISIL B+/Stable

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

Promoted by Mr. Sachin Agarwal in 2008-09 (refers to financial
year, April 1 to March 31), SIPL is engaged in civil construction
work for water treatment and hydro electric plants and extensions
of dams. SIPL undertakes construction work for public companies
and public works departments. The company also trades in steel
products such as thermo-mechanically treated bars, scrap, and
plates.


SANMAN CONSTRUCTIONS: CRISIL Reaffirms B Rating on INR45MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sanman Constructions
(SC) continue to reflect SC's modest scale of operations, its
working-capital-intensive operations, and the geographical
concentration in its revenue.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        11        CRISIL A4 (Reaffirmed)
   Cash Credit           45        CRISIL B/Stable (Reaffirmed)
   Proposed Cash
   Credit Limit           4        CRISIL B/Stable (Reaffirmed)

These weaknesses are partially offset by SC's moderate financial
risk profile, with comfortable capital structure and debt
protection metrics, and the promoters' extensive experience in the
civil construction industry.
Outlook: Stable

CRISIL believes that SC will continue to benefit over the medium
term from the promoters' extensive industry experience and its
moderate order book. The outlook may be revised to 'Positive' if
SC reports substantial cash accruals driven by scale up in
operations, or if its working capital cycle improves. Conversely,
the outlook may be revised to 'Negative' if SC's financial risk
profile, particularly liquidity, weakens due to decline in
profitability or stretched working capital cycle or any
unanticipated capital withdrawal by promoters.

SC, set up as a partnership firm in 1998 by Mr. Satish Maheshwari
and Mr. Nitin Maheshwari, undertakes civil construction
activities, such as construction of buildings and allied works,
and roads. Around 90 per cent of SC's projects are for government
bodies, such as the Public Works Department, Government of
Maharashtra, and Nanded Municipal Corporation; the government
projects are tender based.


SHAKTI INDUSTRIES: CRISIL Assigns B+ Rating to INR112.5MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Shakti Industries - Jalalabad (Shakti).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          112.5      CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility     2.5      CRISIL B+/Stable

The rating reflects Shakti's average financial risk profile marked
by average debt protection metrics, working capital intensive
operations and susceptibility to raw material price fluctuations
and to government regulations. These rating strengths are
partially offset by the extensive experience of partners' in the
rice industry and funding support from them.
Outlook: Stable

CRISIL believes that Shakti will continue to benefit over the
medium term from its partners' extensive industry experience and
their funding support. The outlook may be revised to 'Positive' if
the firm generates significantly higher-than-estimated cash
accruals while managing its working capital requirements
prudently. Conversely, the outlook may be revised to 'Negative' in
case Shakti's liquidity deteriorates, most likely due to
significant increase in its working capital requirements or a
large debt-funded capital expenditure (capex).

Shakti, a partnership firm established in 1996, is engaged in
milling and processing of rice. The firm is based in Jalalabad
(Punjab) and is promoted by Mr. Pawan Bajaj and Mr. Sudhir Kumar.


SHRI KRISHNA: CRISIL Suspends 'B' Rating on INR65MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shri Krishna Seeds (SKS).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           65        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    35        CRISIL B/Stable

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

SKS was established in Gadarpur (Uttarakhand) in 2003, as a
partnership firm by Mr. Darshan Lal Chhabra, and his son Mr.
Naresh Chhabra. The firm processes and trades wheat seeds.


SHRI SHANTI: Ind-Ra Assigns 'IND B+' Long Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shri Shanti
Solvex Private Limited (SSSPL) a Long-Term Issuer Rating of
'IND B+'.  The Outlook is Stable.  SSSPL's bank facilities have
also been assigned ratings:

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
  Term loans              75.0       'IND B+'/ Stable

  Fund-based working     100.0       'IND B+'/ Stable
   capital limits

KEY RATING DRIVERS

The rating reflects SSSPL's short operating track record as it
started commercial operations only from April 2015.  The ratings
also consider SSSPL's exposure to price fluctuations in raw
materials (mustard cakes and soya seeds) due to their seasonal
availability, which would necessitate holding a large inventory
and results in a long working capital cycle.

The ratings benefit from SSSPL's comfortable liquidity position as
reflected by its average maximum working capital utilization of
38% during the two months ended July 2015.

The ratings also factor in the promoter's operating experience of
more than one decade in solvent extraction.

RATING SENSITIVITIES

Positive: The stabilization of operations could lead to a positive
rating action.

Negative: Any deterioration in the overall liquidity profile could
lead to a negative rating action.

COMPANY PROFILE

SSSPL was incorporated in August 2013 and operates a solvent
extraction plant in Morena, Madhya Pradesh.  The company has
proposed to set up a new solvent extraction unit having a capacity
of 500 million tonnes per day mustard cakes and 400 million tonnes
per day of soya seed crushing.


SREE AKKAMAMBA: ICRA Reaffirms MB+ Rating on INR3cr Fixed Loan
--------------------------------------------------------------
ICRA has reaffirmed the medium term rating outstanding on the
INR3.00 crore fixed deposit programme of Sree Akkamamba Textiles
Limited at MB+.
                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fixed deposits        3.00         MB+/reaffirmed

The reaffirmation of the rating factor in the strong parentage of
SATL, being part of the Andhra Sugars group {flagship entity
Andhra Sugars Limited rated at [ICRA]A (negative)/[ICRA]A1}.
Performance during 2014-15 has been affected with sales dropping
by 6.0% YoY on the back of lower capacity utilisation levels (85-
90%) owing to relatively subdued yarn demand, weak realisations
and concerns on disruption in gas supply by GAIL in July 2014.
Captive power generation from gas generators was lower on account
of disruption in gas supply due to fire in GAIL's Andhra Pradesh
pipeline, which was subsequently resolved in January 2015 driving
capacity utilization back to 96-97% levels. To fund the shortfall
in accruals owing to reduced production levels, SATL received INR5
crore unsecured loan from JOCIL Limited during 2014-15. Weak yarn
realizations continue to impact the Company's revenue growth and
margin expansion during the current fiscal.

The rating continue to derive comfort from established
relationship with leading fabric manufacturers / traders driving
regular order flow, improving product profile with higher
proportion of value added compact yarn getting added in recent
years and focus on finer count yarn (above 90s) which supports
margins to an extent. The rating also factor the SATL's relatively
moderate scale and the inherent pricing pressure operating in a
highly fragmented industry characterized by minimal product
differentiation, and susceptibility of earnings to volatility in
cotton prices. Going forward, ability of the Company to achieve
higher accruals will be crucial for improving its overall
financial profile and meet its moderately high debt repayment
obligations.

SATL manufactures medium to finer counts of cotton yarn
predominantly in the count range of 60's to 140's. The Company,
part of Andhra Sugars group, was set up as a Public Limited
Company in the year 1954, with an initial capacity of 17,200
spindles, by Late Dr. Mullapudi Harischandra Prasad. Over the
years, the capacities have been augmented to the current levels of
86,928 spindles. The Company largely caters to the weaving markets
in Gujarat, Maharashtra, Andhra Pradesh, and Tamil Nadu.

Recent Results
For the financial 2014-15, the company reported net profit of
INR2.3 crores on an operating income of INR121.5 crore, as against
net profit of INR6.2 on an operating income of INR129.3 crores
during the financial year 2013-14.


SULAKSHANA AGENCIES: CRISIL Assigns B+ Rating to INR60MM Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Sulakshana Agencies (Sulakshana) and has
assigned its 'CRISIL B+/Stable' rating to Sulakshana's bank
facilities.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           60        CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

The ratings were 'Suspended' by CRISIL vide the Rating Rationale
dated June 18, 2015 since Sulakshana had not provided necessary
information required to take the ratings review. Sulakshana has
now shared the requisite information enabling CRISIL to assign
ratings on its bank facilities.

The rating reflects Sulakshana's modest scale of operations in the
intensely competitive electronic equipment trading industry, and
below-average financial risk profile, marked by a high ratio of
total outside liabilities to tangible net worth and average debt
protection metrics. These rating weaknesses are mitigated by the
partners' extensive industry experience.
Outlook: Stable

CRISIL believes that Sulakshana will continue to benefit over the
medium term from its partners' extensive industry experience. The
outlook may be revised to 'Positive' if the firm registers
significant improvement in its scale of operations and
profitability, or in case of substantial equity infusion by its
promoters, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if
Sulakshana's working capital requirements increase, leading to
deterioration in its liquidity, or if it undertakes a large debt-
funded capital expenditure programme, resulting in weakening of
its capital structure.

Sulakshana was originally established as a proprietorship firm in
1994 by Mr. Sridhar Kamath; it was reconstituted as a partnership
firm in 2010. Sulakshana, based in Mangaluru (Karnataka), is
currently engaged in distribution of the Samsung brand of consumer
durables over three districts of Karnataka - Dakshina Kannada,
Udupi, and North Kanara.


SWAMI PARMANAND: CRISIL Assigns B+ Rating to INR11MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Swami Parmanand & Associates (SPA).

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

   Proposed Short Term
   Bank Loan Facility    14        CRISIL A4

   Bank Guarantee        50        CRISIL A4

   Cash Credit           11        CRISIL B+/Stable

The ratings reflect SPA's working capital intensive operations
marked by stretched receivables, and modest scale of operations.
These rating weaknesses are partially offset by SPA's above-
average financial risk profile marked by moderate debt protection
metrics, and established relationship with Rashtriya Ispat Nigam
Limited (RINL, rated 'CRISIL AA-/Stable').
Outlook: Stable

CRISIL believes that the SPA will continue to benefit over the
medium term from its partners' extensive industry experience and
above-average financial risk profile marked by moderate debt
protection metrics. The outlook may be revised to 'Positive' if
SPA generates significantly higher-than-expected cash accruals
while managing its working capital requirements prudently.
Conversely, the outlook may be revised to 'Negative' if its
liquidity weakens significantly due to stretch in its working
capital cycle, or its revenues and profitability decline
significantly.

SPA, a partnership firm established in 2002, is a handling agent
for RINL in Chandigarh. SPA also undertakes transportation
activities for other customers such as Steel Authority of India
(SAIL). The company is managed by Mr. Mukesh Kumar and Mrs. Mala
Chaudhary.


TILAK EXPORTS: CRISIL Reaffirms 'B' Rating on INR65MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on bank facilities of Tilak Exports (TE)
continues to reflect its small scale of operations, high customer
concentration in its revenue profile, weak financial risk profile
marked by high gearing, and working-capital-intensive nature of
operations. These rating weaknesses are partially offset by the
promoters' extensive experience in the ready-made garments
manufacturing business.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bill Discounting      20        CRISIL B/Stable
   Letter of Credit      20        CRISIL A4
   Term Loan             65        CRISIL B/Stable
   Packing Credit        55        CRISIL A4

CRISIL had, on August 18, 2015, assigned its rating of 'CRISIL
B/Stable/CRISIL A4 ' to the bank facilities of TE.
Outlook: Stable

CRISIL believes that TE's scale of operations will remain small,
and its financial risk profile constrained due to its small net
worth and high gearing. The outlook may be revised to 'Positive'
in case of fresh equity infusion by the promoters, leading to an
increase in the firm's net worth. Conversely, the outlook may be
revised to 'Negative' if TE's capital structure deteriorates
further, driven by lengthening of its working capital cycle, or if
its revenue and profitability come under pressure.

TE was established in 1988 as a partnership firm by Ms. Manju
Farsaiya. The firm manufactures and exports women's garments. Its
manufacturing facility in Noida (Uttar Pradesh) is equipped with
500 sewing machines with a capacity to manufacture around 100,000
garments per month.


VIJAY TEXTILES: Ind-Ra Affirms 'IND D' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Vijay Textiles
Ltd.'s (VTL) Long-Term Issuer Rating at 'IND D'.  Rating actions
on VTL's bank loans are:

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
  Fund-based working     565.7       Affirmed at Long term/
  capital limit                      Short-term 'IND D'

  Long-term loans        956.7       Affirmed at long-term
                                     'IND D'

  Non-fund-based          10.0       Affirmed at Short-term
  Limits                             'IND D'

KEY RATING DRIVERS

The affirmation reflects VTL's delays in interest servicing on its
debts for the 12 months ended July 2015.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 1990, VTL has a home textile printing and
embroidery unit with an installed capacity of 15 million meters
per annum located in Mahbubnagar district near Hyderabad.
VTL is a public limited company, listed on the Bombay Stock
Exchange.


VVF INDIA: CRISIL Cuts Rating on INR5.11BB LOC to 'D'
-----------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
VVF India Ltd (VVFIL; part of the VVF group) to 'CRISIL D/CRISIL
D' from 'CRISIL BB+/Negative/CRISIL A4+'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          2,200      CRISIL D (Downgraded from
                                   'CRISIL BB+/Negative')

   Letter of Credit     5,110      CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Proposed Cash          300      CRISIL D (Downgraded from
   Credit Limit                    'CRISIL BB+/Negative')

   Proposed Long Term   1,650      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL BB+/Negative')

   Term Loan            4,740      CRISIL D (Downgraded from
                                   'CRISIL BB+/Negative')

The downgrade reflects instances of delay by VVFIL in servicing
its term debt. The company's performance remains under pressure
due to a slump in its oleochemicals business. The continued
subdued performance has resulted in a strain in its cash flows.
CRISIL understands that the company has flexibility in the form of
unutilised bank lines towards meeting its interest dues.

The VVF group also has a leveraged capital structure and weakening
debt protection metrics. VVFIL had planned to avail of an export
promotion bank guarantee (EPBG) facility of INR4 billion to manage
its stressed liquidity, however, the company could avail EPBG of
only INR570 million. Further, the company is exposed to risks
related to the highly competitive and commoditised oleochemicals
business. The group benefits from its moderate business risk
profile supported by its leadership position in the domestic
oleochemicals business, and stability offered by its contract
manufacturing business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of VVFIL, its subsidiaries (VVF Singapore
Pte Ltd and PT VVF Indonesia), VVF Ltd, and VVF Ltd's overseas
subsidiaries. This is because VVFIL and VVF Ltd have common
promoters and are in similar businesses. VVFIL's bank facilities
are secured by a corporate guarantee from VVF Ltd, and a charge on
VVF Ltd's assets in addition to personal guarantees from the
promoters. Furthermore, CRISIL believes that VVFIL will receive
need-based financial support from VVF Ltd's subsidiaries. During
2013-14 (refers to financial year, April 1 to March 31) and 2014-
15, VVF Ltd extended financial support of INR800 million to VVFIL.
VVF Ltd is likely to extend further support of around INR200
million to VVFIL over the near term. All these companies have been
together referred to as the VVF group.

Promoted by Mr. Godrej Pallonji Joshi, the VVF group commenced
operations in 1939 with The Vegetable Vitamin Foods Co Pvt Ltd.
The group is currently owned by the second generation of
promoters: Mr. Rustom Joshi, Ms. Shanaz Diwan, and Mr. Faraz
Joshi.

In 2011-12, the oleochemicals, domestic contract manufacturing,
and branded manufacturing businesses of VVF Ltd were transferred
to a new company, VVFIL, which received private equity infusion of
INR1.35 billion.

VVFIL manufactures fatty oils, fatty alcohols, and glycerine,
which account for around 60 per cent of its revenue. Exports
comprise around 50 per cent of revenue in the oleochemicals
segment. Its oleochemicals plant is in Taloja (Maharashtra). The
company also undertakes contract manufacturing of personal care
products (PCPs) at its plants in Baddi (Himachal Pradesh),
Kolkata, and Daman; this business contributes around 25 per cent
to its revenue. VVFIL derives a small portion of revenue from
marketing its own brands: Doycare, Jo, and Shiff.

VVF Ltd is the holding company for the group's entities engaged in
contract manufacturing of PCPs overseas. VVF Ltd also has land
holdings in Mumbai. Major subsidiaries and step-down subsidiaries
of VVF Ltd are VVF Intervest LLC (holding company for US-based
operations), Green Planet Industrial LLC (Dubai), and VVF
S.P.Z.O.O (Poland).

For the nine months ended December 31, 2014, VVFIL, on a
standalone basis, reported a net loss of INR1.12 billion on an
operating income of INR13.8 billion. For 2013-14, the company
reported a net profit of INR394 million on an operating income of
INR21.4 billion.

For the nine months ended December 31, 2014, the VVF group
reported a net loss of INR967 million on an operating income of
INR27.2 billion. For 2013-14, the group reported a net profit of
INR679 million on an operating income of INR38.0 billion.


WARANA DAIRY: Ind-Ra Rates INR80MM & INR485.19MM Facilities BB
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Warana Dairy And
Agro Industries Ltd's (WDAIL) INR80 mil. fund-based working
capital facility and INR485.19 mil. bank loan facility a Long-term
'IND BB' rating with Stable Outlook.

KEY RATING DRIVERS

The rating is constrained by the losses WDAIL incurred in three
out of the five years ended FY14, group borrowings, volatile
operating margins and liquidity crunch.  This was despite the
increase in operating revenue over the past five years.  The
debt/CBBIDR (current balance before interest, depreciation and
lease rentals) increased to 6.49x in FY14 from 5.10x in FY12 due
to a fall in CBBIDR to INR115.49 mil. from INR168.68 mil. in spite
of a decline in debt to INR749.92m from INR860.58 mil.

However, the rating benefits from the company's established brand
name, diversified revenue streams and the long operational
experience of its promoters in the industry.  WDAIL's milk and
juice products are marketed in Maharashtra, Goa, Karnataka, Andhra
Pradesh, north eastern states and are exported to the UAE, Saudi
Arabia and South Africa.

WDAIL's total debt declined over FY12 to FY14.  Debt/income
started reducing from FY12 due to an increase in income.  However,
debt/current balance (net of depreciation) increased to 25.97
years from 7.70 years in FY13 due to a decline in the current
balance.  Available funds cover to operating expenditure was below
1% in FY14, indicating a liquidity crunch. Long-term liabilities
decreased to INR574.73 mil. in FY14 from INR664.11 mil. in FY13
and current liabilities increased to INR753.53 mil. from
INR581.41 mil.  Total revenue (including other income) grew to
INR1.96 bil. in FY14 from INR0.93 bil. in FY10 (CAGR of 20.43%).

Historically, WDAIL has received support in the form of unsecured
loans and deposits from group companies -- Shree Warana Mahila Sah
Patsanshta Ltd (FYE14: INR44.83 mil.), Shree Warana Sahakari Dudh
Utpadak Prakriya Sangh Limited (INR72.14 mil.), Warana Sugars Ltd
(INR50 mil.) and Shree T.K.Warana Vibhag Sheti Purak (INR46 mil.).

WDAIL's operating margins hovered at below 5% over FY10-FY14
except during FY12 when it was negative.  The margins declined to
2.60% in FY14 from 4.26 in FY13.

RATING SENSITIVITIES

Negative: Any increase in the borrowings along with deterioration
in the operating EBITDA could have a negative rating impact.

Positive: A significant increase in the size and operating margins
combined with the leverage remaining low would be positive for
ratings

COMPANY PROFILE

Shree Warana Sahakari Dudh Utpadak Prakriya Sangh Limited (SWS) a
co-operative society established in 1968, set up WDAIL in 2008 in
Warana, Maharashtra for the purpose of milk processing and milk
products manufacturing.


* Debt Backed by INR1,673BB Shares May Face Loss, Ind-Ra Says
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) believes that a quick exit
through liquidation for 314 stocks with a total pledged share
value of INR1,673 bil. will be difficult.  This is because their
pledged volume is huge compared with the average daily trading
volume and the perceived liquidity of share as collateral may
prove elusive when needed most.  Investors could face losses if
these stocks are liquidated in the open market either for the
final redemption or because of any covenant breach such as
borrowers' failure to provide free shares in case of a price
correction.  These 314 stocks are almost a third of the total of
917 stocks having a pledged value of around INR1,884 bil. as
reported on the stock exchanges.

The agency feels that in 59 cases with a total pledged value of
INR317bn the promoters do not even have enough free shares to
provide additional shares as collateral if the price corrects even
by 20%.  Typically in these transactions, the borrowers are
covenanted to maintain a certain minimum collateral cover by
providing additional shares in case the price drops.  Failure to
provide additional shares may trigger liquidation and it may
result in a loss to the lenders owing to the huge pledged volume
in these cases.

There are only 96 companies with sizeable market capitalisation
whose shares have sufficiently high liquidity and the promoters
also have enough free shares to provide a top-up for over 80% drop
in prices.  The agency is of the view that of these 96 cases, only
82 have shown a satisfactory performance history to be considered
as suitable collateral for the credit rating of 'A' or higher with
a varying level of cover.

In many cases, promoters group companies holding the shares
provide a guarantee or other forms of support such as undertaking
which may not equate to a financial obligation.  Details of these
indirect share backed transaction are not reported in the
exchanges.  Ind-Ra is of the opinion that in the absence of formal
security of shares and hence of an over-collateralization, such
debentures are likely to be notched down from the rating that
would be assigned if the shares had been part of a formal security
package.



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


TOSHIBA CORP: Eyes Appointing Shiseido Adviser as Board Chairman
----------------------------------------------------------------
Kyodo News reports that Toshiba Corp. is considering naming Shinzo
Maeda, senior adviser to cosmetics-maker Shiseido Co., as chairman
of its revamped board in order to improve corporate governance at
the industrial conglomerate that's mired in an accounting scandal,
sources close to the matter said on
August 27.

Kyodo relates that the new 11-member board is expected to have
seven outside directors, including Maeda, up from four before the
scandal surfaced.

According to the report, the sources said Toshiba may announce the
lineup today, August 31, when it will release its earnings for the
business year that ended in March. It will seek approval for the
management shift at an extraordinary meeting of shareholders in
late September, the report relays.

The report says Toshiba likely fell into the red in fiscal 2014,
hit by impairment charges reflecting the correction of its past
earnings.

Kyodo states that Tokyo University of Science professor Hiroyuki
Itami had been floated as a potential candidate for the job of
board chair. But some questioned his credentials as he served as
an outside director when the company conducted improper accounting
practices, the report says.

Masashi Muromachi, who became interim president after his
predecessor stepped down in July over the accounting scandal, will
stay at the helm, the sources said, Kyodo adds.

                        About Toshiba Corp.

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

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

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

The ratings outlook is stable.



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


PHILIPPINE WOMEN'S: Court Denies Bid for Rehabilitation
-------------------------------------------------------
Doris Dumlao-Abadilla at the Philippine Daily Inquirer reports
that a Manila commercial court has junked the petition for
involuntary rehabilitation of Philippine Women's University filed
by 100-year-old Helen Benitez, citing "materially false" and
"misleading" representation alongside findings that the school had
been insolvent long before creditor STI Holdings came into the
picture.

In a 14-page order dated Aug. 20 issued by presiding judge
Rainelda Estacio-Montesa, the special commercial court under the
Regional Trial Court of Manila said it was convinced that the
allegedly creditor-initiated corporate rehabilitation had been
executed "for the primary purpose of delaying the enforcement of
the rights of creditor," the Inquirer relates.

The report says the court added it required accuracy and integrity
in the numbers to accomplish the objectives of the Financial
Rehabilitation and Insolvency Act (FRIA) of 2010, quashing the
statistics presented by Benitez.

According to the report, crucial in the determination of whether
due course should be given to the matriarch's petition, the court
said, would be to look at the factual circumstances of insolvency.
Citing the rehabilitation receiver's report, the court said it was
clear that way back 2000, PWU was already insolvent, referring to
a situation where it did not have enough assets to cover the
amount of liabilities, the report relays.

This fact of long-running insolvency was not divulged in the
petition that was filed, the court said, noting that the petition
had stood on the sole ground that the foreclosure proceedings to
be initiated by STI Holdings would render the debtor-corporation
insolvent, the Inquirer relates.

"There was no mention that the corporation was in financial
distress even prior to the initiation of the foreclosure
proceeding by STI," the court, as cited by the Inquirer, said.

"Thus contrary to the audit findings, the court puts into big
question if debtor-corporation was guilty of fraud or
misrepresentation in its dealings with its creditors since year
2000 regarding its capacity to pay the obligations and loans it
has taken out from several institutions," it noted.

The Inquirer relates that the court ruling said it was not a sound
business practice for a distressed corporation, which knew itself
to be insolvent and well aware of its financial state and its
inability to pay, to still enter into transactions and venture
into new loan obligations without laying down to its creditors the
true state of its finances.

Still citing the receiver's report, the court said that if PWU had
not entered into different joint venture projects, it would have
neither borrowed money from different financial institutions nor
incurred P1 billion in expenses, the report relays. Instead of
incurring cumulative losses of PHP400 million, the court said PWU
would have instead recognized an operating profit of
PHP365 million in 2000 to 2013.

According to the Inquirer, the court said the main causes of PWU's
insolvency included the acquisition of properties in Caliraya and
Fairview, and another property from sister firm Unlad Resources
Development Corp.; the assumption of mortgage payables of and the
joint venture with Jardine Land Inc. and Sta. Lucia Realty and
Development Corp., and the sale of a property to Mango Orchard
Realty and Development Corp.

Likewise cited were "unauthorized" advances made by the company
president, "considerable" impairment of advances and the loans to
bank creditors. (STI assumed a loan from Banco de Oro), the report
notes.

"This court finds it odd for a school to enter into transactions
involving realty," the court said.


As reported in the Troubled Company Reporter-Asia Pacific on
March 18, 2015, Inquirer.net said the 100-year-old matriarch of
the Benitez family has filed a petition for the involuntary
rehabilitation of Philippine Women's University (PWU), seeking to
prevent irate creditor STI Holdings from seizing assets
after a soured partnership.

According to the report, PWU said in a statement that the
university chair Helena Benitez -- also a long-time creditor of
the university -- filed a petition for corporate rehabilitation at
the Manila Regional Trial Court "in a bid to preserve its
operations after STI Holdings initiated foreclosure proceedings
against the university."

Inquirer.net related that the matriarch also said that the
foreclosure proceedings would prevent PWU from paying its debts
and would render it insolvent. "The foreclosure proceedings
. . . will also drastically disrupt and stop PWU's school
operations," Inquirer.net quotes Ms. Benitez as saying.

Inquirer.net said STI Holdings recently initiated extra-judicial
foreclosure proceedings against PWU covering its Taft Ave. and
Indiana St. campuses in Manila, the Jose Abad Santos Memorial
School (JASMS) campus on Edsa, Quezon City and another property in
Davao City.

The Philippine Women's University is a private non-stock, non-
profit, non-sectarian educational institution based in Manila.



                             *********

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.



                 *** End of Transmission ***