TCRAP_Public/150901.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Tuesday, September 1, 2015, Vol. 18, No. 172


                            Headlines


A U S T R A L I A

AROY TRANSPORT: Placed Into Administration
EMECO HOLDINGS: S&P Lowers CCR to 'B-'; Outlook Negative
GREAT SOUTHERN: Four Cattle Stations Up for Sale
HEAVY HAULAGE: Assets Placed on Market
PNR (NT): First Creditors' Meeting Set For Sept. 8

RIGWELD PLANT: First Creditors' Meeting Set For Sept. 8
TELFORD LOCUMS: First Creditors' Meeting Set For Sept. 9


C H I N A

ANTON OILFIELD: Fitch Cuts Long-Term Issuer Default Rating to B-
HONGHUA GROUP: Fitch Cuts Long-Term Issuer Default Rating to 'B'


H O N G  K O N G

HANERGY THIN: Posts HK$59.3MM Loss in 1H; To Slash 5,458 Jobs
WINLAND OCEAN: U.S. Trustee Wins Dismissal of Cases


I N D I A

A. K. PIPE: CRISIL Assigns 'B' Rating to INR40MM Cash Loan
AMIRA NATURE: S&P Withdraws Prelim. 'B' Corporate Credit Rating
AMODH CERAMIC: CRISIL Assigns B+ Rating to INR30MM Term Loan
AMRAPALI CENTURIAN: ICRA Lowers Rating on INR350cr Loan to 'D'
APEX AUTO: ICRA Reaffirms 'C' Rating on INR52.32cr Term Loan

BHARAT COTTAGE: ICRA Assigns 'C' Rating to INR8.50cr Cash Credit
CAPTAIN SPORTS: ICRA Assigns 'B' Rating to INR6.0cr LT Loan
DESIGNER EXPORTS: CRISIL Reaffirms B- Rating on INR60MM Loan
EVEREST SEA: CRISIL Suspends 'B' Rating on INR53MM Term Loan
EVEREST SEA FOODS: CRISIL Suspends 'B' Rating on INR50MM Loan

GOYAL ISPAT: CRISIL Reaffirms 'B' Rating on INR125MM Cash Loan
H M INTERNATIONAL: CRISIL Reaffirms B Rating on INR62.5MM Loan
HEERA MOTI: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
IQBAL AGENCIES: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
J D INDUSTRIES: ICRA Reaffirms B+ Rating on INR6.50cr Cash Credit

JAYAN SRI: ICRA Suspends 'B' Rating on INR6.0cr Loan
JILL MILL: ICRA Reaffirms B+ Rating on INR3.54cr Term Loan
JOHAR AUTOMOBILES: CRISIL Assigns B- Rating to INR60MM Loan
KAAMADHENU SPINNERS: Ind-Ra Assigns 'IND B+' LT Issuer Rating
KAUSHAL FERRO: CRISIL Reaffirms 'D' Rating on INR212MM Bank Loan

KISSAN RICE: ICRA Assigns B+ Rating to INR15cr Cash Credit
KRUTHIKHA DRYER: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
MEALITE FOODS: CRISIL Assigns 'B' Rating to INR55MM Cash Loan
MEGA AUTOMOBILES: CRISIL Assigns B+ Rating to INR15.7MM Loan
MULTI POLY: ICRA Suspends 'B' Rating on INR9.20cr Loan

NARENDRA EMPORIS: ICRA Reaffirms B+ Rating on INR15cr Loan
NINANIYA ESTATES: CRISIL Cuts Rating on INR325MM Term Loan to D
NIRMALA INFRA: ICRA Assigns C+ Rating to INR6.07cr Loan
NORTH INDIA: ICRA Assigns B+ Rating to INR9.0cr Cash Credit
OMKAMAL STEEL: CRISIL Assigns B+ Rating to INR39MM Cash Loan

PANNA TEXTILE: CRISIL Assigns B+ Rating to INR50MM LT Loan
PAREKH PLASTICS: CRISIL Assigns B+ Rating to INR40MM Cash Loan
PICCADILY HOTELS: Ind-Ra Withdraws 'IND B-' LT Issuer Rating
PROFESSIONAL EDUCATIONAL: CRISIL Cuts Rating on INR210M Loan to D
RAJAVE TEXTILES: CRISIL Cuts Rating on INR500MM Loan to 'D'

RR LEATHER: ICRA Lowers Rating on INR4.02cr Loan to 'B'
RRP HOUSING: CRISIL Assigns B+ Rating to INR130MM LT Loan
SASA MUSA: CRISIL Reaffirms B+ Rating on INR550MM Cash Loan
SHREE DATTA: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
SHREE SAI: CRISIL Cuts Rating on INR75MM Cash Loan to B+

SINGHAL METALLOYS: ICRA Reaffirms 'B' Rating on INR5.50cr Loan
SREE ANDAL: CRISIL Reaffirms B+ Rating on INR220MM Cash Loan
SREE JEYASOUNDHARAM: ICRA Ups Rating on INR17cr LT Loan to 'C'
SRS MODERN: Ind-Ra Hikes 'IND BB' Long-Term Issuer Rating
STYLE N SUPPLY: CRISIL Cuts Rating on INR85MM Cash Loan to 'D'

T.A. SAMBANDAM: CRISIL Assigns B- Rating to INR52.2MM LT Loan
TEXAS LIFESTYLE: CRISIL Assigns 'D' Rating to INR43MM LT Loan
VVF (INDIA): ICRA Lowers Rating on INR960MM Loan to 'D'


J A P A N

DTC ONE: Fitch Affirms 'BBsf' Rating on Class E Notes
SHARP CORP: Plans to Spinoff Liquid Crystal Display Business


S O U T H  K O R E A

KUMHO INDUSTRIAL: Creditors Fail to Agree on Sales Price


X X X X X X X X

* BOND PRICING: For the Week August 17 to August 21, 2015


                            - - - - -


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A U S T R A L I A
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AROY TRANSPORT: Placed Into Administration
------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Aroy Transport
Hauliers Pty Ltd has been placed into administration. Gavin Moss
and Nick Combis from Vincents Chartered Accountants were appointed
administrators of the company on Aug. 24, 2015.

One of the administrators noted that they are still investigating
the reason of the collapse of the company; however, they believe
that it stemmed from problems with the tax office, according to
Dissolve.com.au.

Aroy Transport Hauliers specialises in offering factory to site
and express delivery transport services to the air-conditioning
industry. The company has been operating since 1992.


EMECO HOLDINGS: S&P Lowers CCR to 'B-'; Outlook Negative
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Australia-based mining equipment rental company EMECO
Holdings Ltd. to 'B-', from 'B'.  S&P also lowered the senior
secured debt issue rating to 'B-', from 'B'.  The outlook is
negative.  The recovery rating on the senior secured debt issue
remains at '3'.

"The downgrades reflect the ongoing challenging industry
conditions in the mining services sector and our view that the
prolonged weakness in commodity prices will continue to place
downward pressure on the markets in which Emeco operates," said
Standard & Poor's credit analyst Minh Hoang.

As a result, S&P expects Emeco's earnings and margins to remain
pressured, and that this will translate into sustainably weaker
credit metrics that are below S&P's expectations for the previous
'B' rating.  In S&P's view, the company remains vulnerable to any
further unfavorable business developments as this could lead to a
gradual deterioration in its liquidity position.

S&P continues to assess Emeco's business risk profile as
"vulnerable" due to its significant exposure to the downturn in
the mining sector.  Also weighing on S&P's assessment of Emeco's
business risk profile is its small size relative to other more-
diversified equipment rental providers.  Although Emeco does not
take direct commodity price risk as a mining equipment rental
company, it is indirectly exposed to the depressed commodity price
environment that is adversely affecting the mining industry as a
whole.  The residual impact of current downcycle conditions is
that Emeco's customers have aggressively renegotiated rates in an
effort to reduce their cost base, as has been evident in Emeco's
Canadian operations.

In response, the company has managed to increase utilization rates
to about 73% over the second-half of fiscal 2015, up from 50% in
June 2014, with the expectation that increased utilization would
offset lower rates to some extent.  However, achieving this
utilization uplift has come at a cost, with Emeco's fiscal 2015
earnings negatively impacted by an additional A$14 million of
repairs, maintenance, and relocating costs to prepare its idle
fleet back into working condition and ready for redeployment.

Despite Emeco's higher utilization rates, S&P believes the
company's margin will remain pressured due to excess capacity in
earth-moving equipment in the market and miners' continued focus
on cutting costs.  In S&P's view, the continued pressure on rates
is likely to sustainably worsen its credit metrics.  As a result,
S&P has revised its assessment of Emeco's financial risk profile
to "highly leveraged" from "aggressive", based on S&P's
expectation that debt-to-EBITDA will remain above 5x over the
short-to-medium term.   In addition, the continued reduction in
mining investment and broader cost reduction measures render Emeco
prone to high cash-flow volatility.  S&P notes that management
continues to focus on reducing costs in the current environment,
with additional A$14 million of costs expected to be taken out of
the business in fiscal 2016 to support earnings.

The negative outlook reflects S&P's continued concerns that the
current challenging conditions in the mining services sector will
persist, and as a result, Emeco's margins, earnings, and operating
cash flows will remain under pressure.  It also reflects S&P's
concerns that any continued underperformance will place further
strain on the company's liquidity position.

Mr. Hoang added: "The ratings could be lowered if the company
fails to arrest the current downward trend in earnings, thereby
increasing its overall vulnerability of not meeting its financial
commitments.  This scenario could occur if S&P expects the
company's EBITDA in fiscal 2016 to be insufficient to fund its
interest payment (about AUD40 million) and capital expenditure
(about AUD30 million - AUD40 million), therefore further weakening
its cash holding and liquidity position."

The outlook could be revised to stable if Emeco were able to
arrest the current downward trend in earnings and S&P believed
industry conditions have stabilized.  A return to rating stability
would also require that the company showed the potential to
generate positive free operating cash flow (before asset sales).


GREAT SOUTHERN: Four Cattle Stations Up for Sale
------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that four cattle
stations that cover over a million hectares of the Kimberley are
up for sale. The South African WA Pastoral Company aims to get
around AUD75 million for the stations.

The properties were under receivership by McGrathNicol following
the collapse of Great Southern that had reportedly paid
AUD30 million for the stations, the report says.

Based in West Perth, Australia, Great Southern Limited (ASX:GTP)
-- http://www.great-southern.com.au/-- was engaged in the
development, marketing, establishment and management of
agribusiness-based projects.  Great Southern managed about 43,000
investors through 45 managed investment schemes.  The group owned
and leased approximately 240,000 hectares of land.  It also owned
more than 150,000 cattle across approximately 1.5 million
hectares of owned and leased land.

Great Southern entered into voluntary administration in May 2009.
The directors of Great Southern Limited and Great Southern
Managers Australia Limited appointed Martin Jones, Andrew Saker,
Darren Weaver and James Stewart of Ferrier Hodgson as
administrators of the two companies and majority of their units.
McGrathNicol was appointed receivers to the company and certain
of its subsidiaries by a security trustee on behalf of a group of
secured creditors.

In November 2009, the group's creditors voted to liquidate 27 of
Great Southern's 35 companies that were in administration.  Great
Southern administrators have recommended the companies within the
group be wound up.  Administrators Ferrier Hodgson said in a
report that each of the companies within the Great Southern group
was insolvent and that there had been no acceptable proposal to
continue to operate the group.

As of April 30, 2009, Great Southern had total liabilities of
AUD996.4 million, including loans and borrowings of AUD833.9
million.  The loans and borrowings included AUD375 million from
the group banks.  The secured creditors include ANZ, Commonwealth
Bank and BankWest.


HEAVY HAULAGE: Assets Placed on Market
--------------------------------------
Cliff Sanderson at Dissolve.com.au reports that the assets of
Heavy Haulage Australia are being put into the market.

The administrators attempted to sell the business; however, failed
to find a buyer, the report says.

Heavy Haulage Australia specialised in haulage movements of
between 4,000 and 8,000 tonne for the infrastructure and mining
sectors.

John Lindholm, Brendan Richards and Tim Michael of Ferrier Hodgson
were appointed joint and several Voluntary Administrators of Heavy
Haulage Australia Pty Limited and associated entities on June 28,
2015.

The Administrators were subsequently appointed Voluntary
Administrators to Texas T Holdings Pty Ltd on June 29, 2015,
pursuant to section 436C of the Act by the company's secured
creditor, GE Commercial Pty Ltd.

Heavy Haulage was liquidated with debts totalling AUD60 million,
according to Dissolve.com.au.


PNR (NT): First Creditors' Meeting Set For Sept. 8
--------------------------------------------------
Blair Pleash, David Ingram and Anne-Marie Barley of Hall Chadwick
were appointed as administrators of PNR (NT) Pty Ltd, trading as
Busy Bee Cafe, on Aug. 27, 2015.

A first meeting of the creditors of the Company will be held
Hall Chadwick, Paspalis Business Centre, Level 1, 48-50 Smith
Street, in Darwin, on Sept. 8, 2015, at 10:00 a.m.


RIGWELD PLANT: First Creditors' Meeting Set For Sept. 8
-------------------------------------------------------
Matthew Jess and Paul Burness of Worrells Solvency & Forensic
Accountants were appointed as administrators of Rigweld Plant Hire
Pty Ltd on Aug. 28, 2015.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Level 15, 114 William
Street, in Melbourne, on Sept. 8, 2015, at 3:00 p.m.


TELFORD LOCUMS: First Creditors' Meeting Set For Sept. 9
--------------------------------------------------------
Messrs Mark Hutchins and Jason Tang of Cor Cordis Chartered
Accountants were appointed as administrators of Telford Locums Pty
Limited on Aug. 28, 2015.

A first meeting of the creditors of the Company will be held at
Cor Cordis Chartered Accountants, Level 6, 55 Clarence Street, in
Sydney, on Sept. 9, 2015, at 11:00 a.m.



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ANTON OILFIELD: Fitch Cuts Long-Term Issuer Default Rating to B-
----------------------------------------------------------------
Fitch Ratings has downgraded Anton Oilfield Services Group's
(Anton) Long-Term Issuer Default Rating by two notches to 'B-'
from 'B+'. At the same time, Fitch has also lowered Anton's
Recovery Rating to 'RR5' from 'RR4', and the senior unsecured
rating on the company's USD250m 7.5% bonds maturing November 2018
to 'CCC' from 'B+'. All ratings are placed on Rating Watch
Negative (RWN).

The rating actions reflect Anton's tighter liquidity and elevated
refinancing risk, which are evident in its results for the first
six months of 2015. Anton's credit risk has increased with working
capital needs that continue to be high despite a drop in revenue
from 2014; a material reduction in cash balances; and a
significant amount of debt, including unutilised credit
facilities, maturing over the next 12 months.

While Anton has managed to expand its order book in 1H15, much of
that growth has been from overseas, including Iraq and Ethiopia,
which come with higher geopolitical risks despite potentially
wider margins. At the same time, the operating environment in
China remains extremely challenging. We expect the industry
conditions to remain weak due to significant near-term pressure on
oil prices. "We also see limited potential for the company to
further pare costs, beyond the sizeable cost savings achieved in
1H15."

KEY RATING DRIVERS

Tight Liquidity: Anton used cash-on-hand to pay down CNY300m of
domestic bonds that matured in May 2015, even though it originally
planned to seek refinancing. Its working capital conversion cycle
continued to be lengthy at 303 days during 1H15 (1H14: 219 days),
while committed capex payments for equipment remained considerable
with CNY168m spent in 1H15. As a result, cash on hand declined
substantially to CNY265.1m at end-June 2015 from CNY759.8m at end-
2014.

Debts that are due to mature in the next 12 months include about
CNY330m of unsecured domestic short-term borrowings and CNY200m of
domestic bonds maturing in August 2016. The company's ability to
meet its debt maturities and other obligations, including
estimated monthly fixed expenses of CNY100m-120m and interest
payments, is highly dependent on further improvement in
receivables collection and the availability of sufficient credit
facilities. The company had undrawn credit facilities of CNY563.6m
at end-June 2015; however, we understand that these facilities
need to be rolled over in 2H15.

Risks To Overseas Exposure: Anton has turned to markets overseas
to offset the impact of the sluggish domestic market. Large
overseas contracts, especially in Iraq, have driven the order book
to CNY2.8bn at present from CNY1.7bn at end-2014. Iraq's
contribution to Anton's revenue has increased to 33% in 1H15 from
16% in 2013, and could rise further based on its estimated 40%
share of the current order book. Anton also has a CNY200m contract
in Ethiopia. Although the overseas contracts have enhanced Anton's
geographical diversity, and offer higher margins than domestic
ones, they carry higher geopolitical risk, and Anton faces stiff
competition in many of its overseas markets. The overseas
contracts, however, help the company's operating cash generation,
which has been significantly affected by conditions in China.

Challenging Industry Conditions: The subdued and volatile oil
prices have resulted in project shrinkage or delays in 1H15. Fitch
does not expect the situation to improve significantly in the next
12 months given the capex cuts by many oil majors, including those
in China, which is Anton's core market. New project opportunities
increasingly are available in riskier emerging markets. In
addition, in China, independent service providers are now at a
disadvantage compared with the in-house service arms of the state-
owned enterprises. While Anton was able to secure new orders in
China, most of these were at margins thinner than historical
levels.

Cost Efficiencies: Anton has taken steps to improve cost
efficiency, including staff cuts. The ratio of selling, general
and administrative (SG&A) expenses to revenue dropped to 23.3% in
1H15 from 34.6% in 2H14, though they remain higher than the
historical level of around 20% (19.8% in 2013). Fitch believes
further significant improvement in this ratio is unlikely, as
fixed costs at current levels would be required to support
execution of Anton's orders.

Recovery Rating Lowered: Given the material impairment in cash
flow generation and the stress that would place on the realisable
value of assets in the event of liquidation, we now see heightened
prospects for lower-than-average recovery for Anton's senior
unsecured credits. As such, the Recovery Rating on Anton's senior
unsecured obligations was lowered to 'RR5', from 'RR4' previously.

KEY ASSUMPTIONS

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

-- Revenue in 2015 to decline marginally while gross margin to
    remain steady, with a marginal improvement expected
    thereafter
-- Working capital cycle to marginally improve
-- Capex of CNY400m in 2015

RATING SENSITIVITIES

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

-- A further tightening of liquidity resulting from non-
    availability of adequate bank credit lines, failure to
    maintain adequate cash balances, deterioration in cash
    conversion cycle, or higher-than-expected capital expenditure
    payments

Positive: Future developments that may, individually or
collectively, lead to the ratings being affirmed at the current
level with a Stable Outlook include:

-- An ability to maintain sufficient liquidity resulting from
    successful renewal of bank credit lines of an adequate
    amount, refinancing of long-term debt maturing in the next
    12 months, improvement in working capital conversion cycle,
    and accumulation of unrestricted cash balances; and

-- A general improvement in operating conditions supporting the
    company's ability to maintain a financial profile adequate
    for a Long-Term IDR of 'B-'.


HONGHUA GROUP: Fitch Cuts Long-Term Issuer Default Rating to 'B'
----------------------------------------------------------------
Fitch Ratings has downgraded Honghua Group Limited's (Honghua)
Long-Term Issuer Default Rating (IDR) and senior unsecured rating
to 'B' from 'BB-', with a Recovery Rating of 'RR4'. The Outlook is
Negative.

The downgrade reflects deterioration in Honghua's profitability
and cash flow generation during the difficult operating
environment for the oil and gas sector in 1H15. Its rapidly
declining revenue has led to shrinking operation scale. The non-
core offshore and service business segments continued to be
unprofitable. As a result, EBITDA fell sharply by 62% yoy in 1H15.
We expect its FFO-adjusted net leverage to remain above 4x and its
FFO fixed-charge coverage at 1x-2x for the next 12-36 months.

The Negative Outlook reflects low visibility of the oil and gas
industry trough, which could lead to further weakening in the
Honghua's operations. In addition, counterparty risks could delay
the deleveraging process and lead to short-term liquidity
pressure.

KEY RATING DRIVERS

Adverse Operating Environment: The continued fall in global oil
prices has negatively affected the oil and gas value chain. As
major producers scale back on capex and operating activities,
Honghua's operation is challenged by both shrinking order book and
margin pressure. We expect the weak operating environment to
persist. Hence, Honghua's business performance is unlikely to
rebound to the previous peak in the next 12-18 months.

Weak Demand for Land Rigs: Sales of Honghua's land drilling rigs
declined by 45% yoy in 1H15, with sales primarily sustained by
replacement demand. Parts and components sales fell by 30% with
operating margin squeezed to 0.5% in 1H15 from 5.1% in 1H14, which
was worse than we expected. Overall, these two core segments
accounted for 94% of the total revenue in 1H15. Given muted new
demand, we expect new orders to stay at a low level.

Unprofitable Non-Core Business: The offshore drilling rig segment
continued to post operating losses in 1H15. Honghua has yet to
establish itself in this market. Fitch believes it will be
difficult for this segment to break even in the medium term, given
the intensifying competition and tough operating environment for
its downstream clients. Meanwhile, the oil and gas engineering
services segment is likely to continue to record operating losses
as the rates continue to decline.

Liquidity Not an Immediate Concern: Honghua's working capital
requirements will decrease significantly over time as its overall
business operation scales back rapidly, , though at a slower pace
than the decrease in revenue. The cash freed up from the reduction
in working capital would then help Honghua meet immediate
liquidity needs. However, this would be jeopardy if its clients
extend their payment cycles or fail to meet their obligations.

KEY ASSUMPTIONS

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

-- Revenue to stabilise from 2017 onwards
-- Working capital requirement to reduce significantly following
    the falling revenue
-- Margin for core operating segments to remain stable
-- Non-core operating segments to maintain positive operating
    cash flow

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, result in negative rating action include:

-- Further material decline in revenue on a sustained basis
-- Negative free cash flow generation on a sustained basis
-- Increasing pressure on liquidity

Positive: Future developments that may, individually or
collectively, result in the rating Outlook being revised to Stable
include:

-- The company avoids breaching negative rating guidelines over
    the next 12-18 months



================
H O N G  K O N G
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HANERGY THIN: Posts HK$59.3MM Loss in 1H; To Slash 5,458 Jobs
---------------------------------------------------------------
Jing Yang and Langi Chang at South China Morning Post report that
Hanergy Thin Film Power Group unveiled a sweeping restructuring
plan late on August 28 that will eliminate over a third of its
workforce, while reporting its first half-year deficit in six
years.

Hanergy, whose shares have been suspended from trading since May,
proposed to realign its business units, which resulted in major
personnel redundancies, the report says.

"It is expected that the headquarters, business units and regional
companies will be downsized by approximately 2,000 positions," the
company said in a statement to Hong Kong stock exchange late on
August 28, SCMP relays.

The reduction represents 37 per cent of Hanergy's entire
workforce, which comprised 5,458 people as of June, SCMP discloses
citing the company's interim report.

Parent company Hanergy Holding employs around 15,000 people, its
website showed.

According to SCMP, Hanergy reported losses for the six months to
June amounting to HK$59.3 million, due mainly to the termination
of connected transactions with its parent firm Hanergy Holding.
Revenues tumbled 34% year on year to HK$2.1 billion, the report
relays.

SCMP notes that the Hong Kong Securities and Futures Commission
has been investigating Hanergy over its sudden share price plunge
that rocked the stock market in May. Its valuation was wiped out
by almost half in under an hour in a dramatic sell-off by
investors, the report states.

To assuage public concerns, the company in July moved to terminate
the bulk of connected deals with its parent, which hurt its bottom
line. Total value of such contracts reduced 90 per cent to less
than HK$100 million, the statement, as cited by SCMP, showed.

Hanergy is also battling a vote with feet by its business
partners, the report says. "Due to the reasons including the
cancellation of connected transactions and that the trading halt
in its shares is still in progress, the group's existing business
partners, having their confidence damaged, may suspend or
terminate their cooperation with the group and may have a negative
effect to the profit and revenue of the group for the second half
of this year," the company said.

In particular, Baota Petrochemical Group, one of Hanergy's few
unrelated business partners, had not confirmed an earlier service
purchase and share subscription agreement worth US$1.32 billion
and HK$16 billion respectively.

Due to the long non-trading status, the stock was taken out of the
FTSE China 50 index and the MSCI indices, SCMP notes.

Hong Kong-based Hanergy Thin Film Power Group Limited offers
equipment and end-to-end manufacturing lines for the mass
production of thin film silicon solar modules.


WINLAND OCEAN: U.S. Trustee Wins Dismissal of Cases
---------------------------------------------------
The Hon. David R. Jones of the U.S. Bankruptcy Court for the
Southern District of Texas granted the motion of the U.S. Trustee
to dismiss the Chapter 11 cases of Winland Ocean Shipping Corp.,
et al.

As reported in the Troubled Company Reporter on July 13, 2015,
China Merchants Bank Co. Ltd., the principal creditor of the
Debtor, opposed the motion of the U.S. Trustee to dismiss the
cases, stating that dismissal would be patently unfair to CMB.

The Court, on June 5, 2015, granted CMB's motion for relief from
the automatic stay and entered the stay order, which, among other
things, authorized CMB to arrest, and commence and continue,
foreclosure proceedings with respect to two dry bulk vessels which
comprise CMB's collateral.  However, one vessel, the M.V. Fon Tai,
remains under the Debtors' control and has not been turned over to
CMB.

CMB related that in the June 8 motion, Judy A. Robbins, the U.S.
Trustee cited that Matthew S. Okin, the Debtors' general
bankruptcy counsel for the Debtors, has informed the U.S. Trustee
that the Debtors' principal Mr. Li [Honglin] and the other
directors have resigned and someone new is running the company,
and that the Debtors, through their new director, dismissed Robert
E. Ogle as chief restructuring officer.

CMB asserted that the Court must not surrender jurisdiction
without at least expending reasonable efforts to assist CMB to
obtain possession of the M.V. Fon Tai, resolve the adversary
proceeding in full and otherwise tie down any remaining loose
ends.

The U.S. Trustee explained that that the Court must dismiss the
cases on these grounds:

   a) substantial or continuing loss to or diminution of the
      estate and the absence of a reasonable likelihood of
      rehabilitation; and

   b) failure to file a disclosure statement, or to file or
     confirm a plan, within the time fixed by this title or by
     order of the Court.

                    About Winland Ocean Shipping

Winland Ocean Shipping Corp. is mainly engaged in ocean
transportation of dry bulk cargoes worldwide through the ownership

and operation of dry bulk vessels and chartering brokerage
services. The company operates in the People's Republic of China,
Japan, Korea, the Russian Federation, and southern and eastern
Asia.  Winland Ocean Shipping is based in Sheung Wan, Hong Kong.

Winland Ocean Shipping Corporation and its five affiliates sought
protection under Chapter 11 of the Bankruptcy Code on Feb. 12,
2015

(Bankr. S.D. Tex., Case No. 15-60007).  The case is assigned to
Judge David R Jones. The Debtors are represented by Matthew Scott
Okin, Esq., George Y.  Nino, Esq., and Ruth E. Piller, Esq., at
Okin & Adams LLP, in Houston, Texas.  The petition was signed by
Robert E. Ogle, chief restructuring officer.

The U.S. trustee overseeing the Chapter 11 case of Winland Ocean
Shipping Corp. appointed five creditors of the company to serve on
the official committee of unsecured creditors.



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A. K. PIPE: CRISIL Assigns 'B' Rating to INR40MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of A. K. Pipe Fitting Pvt Ltd (AKPFL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       10        CRISIL B/Stable

   Cash Credit              40        CRISIL B/Stable

   Long Term Loan            2.5      CRISIL B/Stable

The rating reflects AKPFL's below-average financial risk profile,
marked by high gearing and weak debt protection metrics. The
rating also factors in the company's modest scale of and working-
capital-intensive, operations in a highly competitive industry.
These rating weaknesses are partially offset by the extensive
experience of AKPFL's promoters in the pipes and fittings industry
and their funding support.
Outlook: Stable

CRISIL believes that AKPFL will continue to benefit over the
medium term from its promoters' extensive industry experience and
funding support. The outlook may be revised to 'Positive' if the
company's cash accruals and working capital management improve
significantly. Conversely, the outlook may be revised to
'Negative' if financial risk profile, particularly liquidity,
weaken in case of pressure on its cash accruals, or stretch in
working capital cycle.

Incorporated in 1997, AKPFL manufactures precision seamless and
welded pipe fittings, forged and screwed fittings flanges, pipe
spools, and long radius induction bends. The company is promoted
by Mr. Anil Kadakia, Mr. Bakul Kadakia, and Mr. Kalpesh Kadakia.


AMIRA NATURE: S&P Withdraws Prelim. 'B' Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it withdrew its
preliminary 'B' long-term corporate credit rating on India-based
basmati rice provider Amira Nature Foods Ltd.  At the same time,
S&P withdrew the 'B-' preliminary issue rating on Amira's proposed
$225 million second-lien notes as, in S&P's opinion, the key
assumptions underlying the preliminary ratings are unlikely to
materialize.  Amira did not issue the proposed $225 million senior
secured second-lien notes.

S&P has not affirmed the preliminary ratings prior to the
withdrawal.


AMODH CERAMIC: CRISIL Assigns B+ Rating to INR30MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Amodh Ceramic Pvt Ltd (ACPL). The ratings
reflect the extensive experience of the company's promoters in the
ceramic industry and strategic location of its plant at Morbi,
Gujarat which ensures availability of raw materials and labour.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             30        CRISIL B+/Stable
   Bank Guarantee        10        CRISIL A4
   Cash Credit           20        CRISIL B+/Stable

These rating strengths are partially offset by company's modest
scale of operations and high working capital requirements over the
medium term.
Outlook: Stable

CRISIL believes that ACPL will maintain its business risk profile
backed by its promoters' industry experience. However, the
company's financial risk profile is expected to remain average
over the medium term, with high gearing and average debt
protection metrics because of low accruals during the project
stabilisation phase. The outlook may be revised to 'Positive' if
the company stabilises its operations earlier than expected,
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if ACPL reports low
operating margin or it undertakes any large debt-funded expansion
plan or its working capital management deteriorates, leading to
deterioration in its financial risk profile.

ACPL was incorporated in June 2014. The company is setting up a
facility to manufacture ceramic wall tiles. ACPL is promoted by
Mr. Dharmesh Chhatrola and others.


AMRAPALI CENTURIAN: ICRA Lowers Rating on INR350cr Loan to 'D'
--------------------------------------------------------------
ICRA has revised the rating assigned to the INR350.0 crore fund
based limits of Amrapali Centurian Park Pvt Ltd from [ICRA]BB- to
[ICRA]D.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits     350.0       [ICRA]D; Revised

The rating revision factors in the delays by ACCPL in interest
servicing in the current financial year. This could be attributed
to stretched liquidity condition of the company owing to its
inability to successfully tie up the required INR350 crore in time
and advancing of significant portion of collected customer
advances to various group companies/suppliers. ICRA notes that of
required INR350 crore debt, ACPPL has been able to tie up only
INR50 crore debt in Jan 2015 and the delays in tying up the
remaining portion of debt has resulted into cash flow mismatches.
Due to this, the company also has significant overdue land
payments towards NOIDA.

ICRA takes note of the low approval risks for the company's
ongoing project Centurian Park and the healthy booking levels with
75% of the area being sold as on June 2015 end. While the
incremental customer advances have remained as per expectations
owing to satisfactory sales velocity and healthy collection
efficiency, a significant portion of it has been advanced to group
companies. As a major part of project funding is envisaged from
customer advances, the realization of these advances from group
companies remains critical for successful implementation of the
project, more so in the case of ongoing delays in tying up the
required debt. In addition to the funding risk arising out of
absence of financial closure, the company remains exposed to
market risk for the unbooked area of the project considering the
high competitive intensity in the region. Going forwards the
ability of the company to meet its debt obligations in a timely
manner and retrieve the inter group advances, achieve more
bookings and efficiently collect the committed inflows will be
crucial for the project execution progress and the company's
liquidity profile. These factors apart, the terms of debt sanction
will also be a key rating sensitivity.

Amrapali Centurian Park Pvt Ltd is part of the Amrapali group of
companies that is present in real estate development primarily in
National Capital Region. The company is executing a residential
project -- Amrapali Centurian Park in Greater Noida West. With a
saleable area of 7.2 mn sq ft, the project is envisaged to have
~5520 units across low and mid rise towers.


APEX AUTO: ICRA Reaffirms 'C' Rating on INR52.32cr Term Loan
------------------------------------------------------------
ICRA has retained the long term rating assigned to the INR52.32
crore (reduced from INR63 crore) term loan and INR15 crore cash
credit facility of Apex Auto Limited at [ICRA]C. ICRA has also
retained the short term rating assigned to the INR22.50 crore
(reduced from INR36 crore) bill discounting facility, INR11 crore
non-fund based facility and INR5 crore unallocated limits of AAL
at [ICRA]A4.
                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan             52.32      [ICRA]C reaffirmed
   Cash Credit Limits    15.00      [ICRA]C reaffirmed
   Bill Discounting
   Limits                22.50      [ICRA]A4 reaffirmed
   Non-fund based
   Limits                11.00      [ICRA]A4 reaffirmed
   Unallocated Limits     5.00      [ICRA]A4 reaffirmed

The reaffirmation of ratings primarily takes into account AAL's
recent delays in servicing debt taken from other lenders (non ICRA
rated loans). ICRA notes that the contraction in the scale of
operations of the company coupled with low operating profitability
has resulted in inadequate cash generation from operations,
necessitating the restructuring of loans of the company in recent
months. The challenging operating environment prevailing at
present is likely to keep operating cash flows tight relative to
the company's substantial principal repayment obligation falling
due in the medium term. The ratings remain constrained by the high
customer concentration risks of AAL, with almost 46% of its
revenues at present being accounted by Tata Hitachi Construction
Machinery Company Limited [erstwhile Telco Construction Equipment
Company Limited] (THCM) (rated at [ICRA]A+/Stable and [ICRA]A1).
However, the established market position of THCM largely mitigates
counter party risks for AAL. The ratings are also constrained by
the exposure to volatility of the raw-material prices, primarily
steel, though the presence of price variation clauses in some of
the contracts insulates the company to an extent. The ratings
however continue to factor in the experience of the promoters of
Apex Auto Limited (AAL) who have been engaged in the business of
fabricating heavy parts for the earth-moving and construction
equipment for nearly two decades and the repeat orders from its
reputed customers which indicates the company's technical
competence.

Apex Auto Limited is engaged in the fabrications of parts for the
earth-moving and construction equipment industries. It was set up
in 1995 to manufacture components for smaller range of excavators
of Tata Hitachi Construction Machinery Company Limited [erstwhile
Telco Construction Equipment Company Limited] (THCM). Currently,
the company manufactures components for excavators, back hoe
loaders, cranes, compactors, transit mixers, underground drilling,
crushing & screening equipments for the domestic and international
market.


BHARAT COTTAGE: ICRA Assigns 'C' Rating to INR8.50cr Cash Credit
----------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]C to the INR8.50
crore fund-based bank facilities and INR1.60 crore term loans of
Bharat Cottage Industries. ICRA has also assigned a short term
rating of [ICRA]A4 to the INR1.20 crore non fund based facilities
of the firm.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           8.50        [ICRA]C assigned
   Term Loans            1.60        [ICRA]C assigned
   Letter of Credit      1.00        [ICRA]A4 assigned
   Letter of Guarantee   0.20        [ICRA]A4 assigned

The assigned ratings takes into consideration Bharat Cottage
Industries (BCI or the firm) stretched liquidity which has led to
overdrawals of the working capital limits, low profitability,
leveraged capital structure and low coverage indicators. The
ratings are also constrained by the firm's exposure to raw
material price fluctuations and the intense competition in the
industry which impinges margins. ICRA also notes the risk of
capital withdrawals, given its constitution as a partnership firm.

The ratings, however, favourably incorporate the long experience
of the promoters in the business of plastic products as also the
well diversified product profile of the firm.

Bharat Cottage Industries (BCI) was established in the year 1961
by late Shri Mangilalji Danrajji Badamia. BCI is a partnership
firm with the board panel consisting of Mr. Mahendra Mangilalji
Jain, Mrs. Madhubala Mahendra Jain and Mr. Priyank Mahendra Jain.
BCI is engaged in manufacturing of plastic household and thermo-
ware products. Along with domestic sales, the firm also exports
its products to various countries such as Dubai, Iraq, South
Africa and Srilanka. BCI has a manufacturing plant in Daman with a
manufacturing capacity of 1800 MTPA. The firm has a sister concern
named Bharat Plast, which does job work for BCI only.

Recent Results:
During FY15, the firm has reported a net profit of INR0.36 crore
on an operating income of INR32.79 crore.


CAPTAIN SPORTS: ICRA Assigns 'B' Rating to INR6.0cr LT Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR6.00
crore long-term fund based bank lines of Captain Sports.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term fund
   based facilities       6.00        [ICRA]B assigned

The assigned rating takes into account the entity's weak financial
profile characterized by modest scale of operations, thin margins,
a highly geared capital structure and weak debt protection
metrics. The ratings also takes into account the low value added
trading nature of CS's operations in an industry characterized by
intense competition and a high degree of fragmentation which
limits the margins of the company.

The rating, however favorably factors in the long standing
experience of the proprietor in the sportswear fabric trading
business and the healthy growth witnessed in CS's operating
income, albeit on a small base. The rating also takes into account
the low working capital intensive nature of the entity's
operations and the diversified customer and supplier base of the
entity.

Captain Sports is a proprietorship concern started in 1999 by Mr
Rajkumar who has close to 15 years of experience in trading of
sportswear fabric. The entity is primarily engaged in trading of
various fabrics such as Super PP, Plain Polyesters, Dot Knit
Polyester, Jack Pro Polyester etc. The entity has five warehouses
one each in Tirupur, Chennai , Palakad ,Madurai and Hyderabad. The
entity has recently started manufacturing polyester fabric by
setting up a plant in Silvassa in FY 2014.

RECENT RESULTS
CS recorded a net profit stood of INR0.7 crore on an operating
income of INR30.8 crore in FY 2014 as compared to a net profit of
INR0.6 crore on an operating income of INR24.4 crore during FY
2013.


DESIGNER EXPORTS: CRISIL Reaffirms B- Rating on INR60MM Loan
------------------------------------------------------------
CRISIL's rating on the bank facilities of Designer Exports (DE)
continue to reflect DE's below-average financial risk profile,
marked by its weak capital structure and subdued debt protection
metrics. The ratings also factor in DE's modest scale of
operations and its large working capital requirements. These
rating weaknesses are partially offset by the extensive industry
experience of the promoters.

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

   Proposed Long Term
   Bank Loan Facility     40      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that DE 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' in case
of significant ramp-up in the scale of operations and
profitability, resulting in improvement in its cash accruals and
subsequently financial risk profile. Conversely, the outlook may
be revised to 'Negative' in case of further deterioration in its
financial risk profile, most-likely because of lower-than-expected
cash accruals, or elongation in working capital cycle, or higher-
than-expected capital withdrawal by partners.

Update
The KVS group's revnue registered a modest 3 per cent year-on-year
growth to around INR300 million in 2014-15 (refers to financial
year, April 1 to March 31); this was mainly driven steady demand
from its existing customers. The company's operating margin are
expected to remain moderate in the range of 4-5 per cent in 2014-
15 (refers to financial year, April 1 to March 31) in line with
historical trend.

The company's operations are highly working capital intensive as
reflected in its estimated gross current asset (GCA) of around 220
days as on March 31, 2015; the GCA days have been at similar
levels in the past. These GCA days emanates from the company's
inventory levels of 40 to 50 days and receivables cycle of 160 to
170 days. As a result, the company's average bank limit
utilisation have been high at around 100 per cent for the 12
months ended April 2015. Firm's net worth is small at around INR25
million as on March 31, 2015. The firm has substantial debt
contracted for funding its working capital requirements; this,
coupled with small net worth has resulted in high gearing of
around 4.0 times as on March 31, 2015.

Designer Exports (DE) based in Kolkata was established as a
partnership concern in 1999 by Mr. Raj Kumar Dugar and his family
members. The firm is engaged in manufacturing of ready-made
garments and also trading of fabrics.


EVEREST SEA: CRISIL Suspends 'B' Rating on INR53MM Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Everest Sea Foods Private Limited (EPL; part of the Everest
group).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       1.5        CRISIL A4
   Cash Credit         20.5        CRISIL B/Stable
   Term Loan           53.0        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by EPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, EPL is yet to
provide adequate information to enable CRISIL to assess EPL'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

The Everest group derives its revenues from the export of seafood.
The group consists of EPL and EEPL, both set up in 2013, and based
in Mangalore (Karnataka). The group's daily operations are managed
by Mr. Sanjay Jaokar.


EVEREST SEA FOODS: CRISIL Suspends 'B' Rating on INR50MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Everest Sea Foods Exports Pvt Ltd (EEPL; part of the Everest
group).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        1.5       CRISIL A4
   Cash Credit          50.0       CRISIL B/Stable
   Term Loan            23.5       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by EEPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, EEPL is yet to
provide adequate information to enable CRISIL to assess EEPL'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 factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of EPL and Everest Sea Foods Pvt Ltd
(EPL). This is because both entities operate in the same line of
business and have significant business linkages.

The Everest group derives its revenues from the export of seafood.
The group consists of EPL and EEPL, both set up in 2013, and based
in Mangalore (Karnataka). The group's daily operations are managed
by Mr. Sanjay Jaokar.


GOYAL ISPAT: CRISIL Reaffirms 'B' Rating on INR125MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Goyal Ispat Limited
(GIL) continue to reflect GIL's large working capital requirements
and its below-average financial risk profile marked by weak debt
protection metrics.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           125       CRISIL B/Stable (Reaffirmed)
   Letter of Credit       50       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     31.8     CRISIL B/Stable (Reaffirmed)

The ratings also factor in GIL's small scale of operations and
susceptibility to volatility in raw material prices. These rating
weaknesses are partially offset by the extensive experience of
GIL's promoters in the steel industry and the company's
established relationships with customers and suppliers.
Outlook: Stable

CRISIL believes that GIL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if financial risk profile
improves significantly driven by increase in scale of operations
and profitability, and efficient working capital management.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile, particularly its liquidity, weakens, most likely
because of a decline in its cash accruals, a stretch in its
working capital cycle, or large debt-funded capital expenditure.

GIL was set up in 1992 by Mr. G D Goyal. In September 2000, it was
purchased by Mr. G L Kothari and Mr. Kewal Chand Kothari. GIL has
a thermo-mechanically treated bar manufacturing facility in
Chennai.

For 2013-14 (refers to financial year, April 1 to March 31), GIL
reported profit after tax (PAT) of INR2.5 million on net sales of
INR621.2. million, against PAT of INR3.6 million on net sales of
INR818.9 million for 2012-13.


H M INTERNATIONAL: CRISIL Reaffirms B Rating on INR62.5MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of H M International (HMI)
continue to reflect HMI's weak financial risk profile, marked by a
modest net worth, a high total outside liabilities to tangible net
worth ratio, and weak debt protection metrics, and its working-
capital-intensive operations. These rating weaknesses are
partially offset by the firm's strong customer base and its
healthy relationships with brand-licence providers.

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

   Import Letter of
   Credit Limit         55         CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    7.5       CRISIL B/Stable (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility   25         CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that HMI will continue to benefit over the medium
term from its established relationships with brand licence
providers. The outlook may be revised to 'Positive' if there is a
substantial and sustained increase in the firm's revenue and
profitability margins, or a significant improvement in its capital
structure/net worth on the back of sizeable equity infusion by its
promoters. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in HMI's profitability margins, or
considerable deterioration in its capital structure caused most
likely by large debt-funded capital expenditure or a stretch in
its working capital cycle.

HMI was set up as a proprietorship concern by Mr. Mahendra
Choraria in 1996. The firm trades in stationery and utility items,
such as sharpeners, erasers, crayons, pencils, pens, compass
boxes, lunch boxes, and water bottles, for school students. HMI
has licences from The Walt Disney Company, The Cartoon Network
INC, Mattel Toys (I) Pvt Ltd, and Nickelodeon to sell these items
under the entities' respective brands or logos.


HEERA MOTI: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Heera Moti
Textiles India Private Limited (Heera) a Long-Term Issuer Rating
of 'IND B+'. The Outlook is Stable. The agency has also assigned
the following ratings to Heera's bank loans:

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
Long-term loans       20.92       'IND B+'/Stable
Fund-based working    30.00       'IND B+'/Stable
capital limits

KEY RATING DRIVERS

Heera's ratings are constrained by its weak credit profile and
tight liquidity. According to the provisional financials for FY15,
interest coverage was 1.3x and financial leverage was 5.5x.The
company's average peak working capital utilisation was 100% during
the six months ended July 2015 due to its long working capital
cycle of 244 days in FY15 (FY14: 184 days).

The ratings, however, benefit from a decade-long experience of
Heera's promoter in the textile business.

RATING SENSITIVITIES

Positive: An improvement in the liquidity position will be
positive for the ratings.
Negative: Further deterioration in the liquidity position will be
negative for the ratings.

COMPANY PROFILE

Heera was established in 1988 and was converted into a closely
held private limited company in 2006. The company manufactures
fabrics with capacity of 12,000 metres per day in Thane.


IQBAL AGENCIES: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Iqbal Agencies
Private Limited (IAPL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable. The agency has also assigned IAPL's INR147.5m
fund-based limits a Long-term 'IND BB-' rating with a Stable
Outlook and a Short-term 'IND A4+' rating.

KEY RATING DRIVERS

The ratings reflect IAPL's weak credit metrics and tight
liquidity. In FY15, interest coverage (operating EBITDA/gross
interest expense) was 1.14x and financial leverage (total adjusted
net debt/operating EBITDAR) of 6.25x. The company's average
working capital utilisation was 99.71% during the 12 months ended
June 2015. The company has had low EBITDA margins of around 2.0%
for the last four years due to the trading nature of its
operations.

The ratings also factor in over three-decade-long experience of
the company's promoters in the trading of FMCG and sanitary goods
and that the company has a diversified product base.

RATING SENSITIVITIES

Negative: A further stretch in the liquidity profile and a fall in
the EBIDTA margins leading to a decline in the credit metrics
could be negative for the ratings.

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

COMPANY PROFILE

Established in 2011 in Punjab, IAPL is a private limited company
originally started as a proprietorship firm in 1986. The company
is involved in trading of FMCG products, sanitary goods and
communications vouchers.


J D INDUSTRIES: ICRA Reaffirms B+ Rating on INR6.50cr Cash Credit
-----------------------------------------------------------------
ICRA has re-affirmed the [ICRA]B+ rating assigned to the INR9.57
crore (enhanced from INR6.93 crore earlier, including INR0.15
crore of the earlier unallocated limits have been reassigned as
cash credit and term loan) fund based bank facilities of
J D Industries. ICRA has also re-affirmed the short term rating of
[ICRA]A4 to the INR4.00 crore (enhanced from INR2.00 crore
earlier) non-fund based facility of JDI. ICRA has also assigned
[ICRA]B+ and [ICRA]A4 ratings to an untied limit of INR0.43 crore
of JDI.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit-
   Term Loans            3.07         [ICRA]B+ re-affirmed

   Fund Based Limit-     6.50         [ICRA]B+ re-affirmed
   Cash Credit

   Non Fund Based        4.00         [ICRA]A4 re-affirmed
   Limit-Bank Guarantee
   (Performance)

   Fund Based/Non Fund   0.43         [ICRA]B+ (Stable)/
   Based Limit- Untied                [ICRA]A4 assigned
   Limit

The reaffirmation of the ratings take into account the risks
inherent in an agro based business like rice milling, including
the vulnerability towards the changes in Government policies and
raw material supply risks as the level of harvest and quality of
paddy are highly dependent on agro climatic conditions, the modest
scale of current operations in a highly competitive industry with
low entry barrier as witnessed by a de-growth in the firm's
turnover during 2014-15 over the preceding year and weak financial
profile characterized by an aggressive capital structure and
depressed level of coverage indicators. The ratings also reflect
the risk associated with the legal status of JDI as a
proprietorship firm, including the risk of withdrawal of capital
by the proprietor. The ratings, however, derive comfort from the
proprietor's experience in the rice milling business, JDI's
proximity to raw material sources, leading to low landed cost of
input material and the favourable demand prospects for rice with
India being the second largest producer and consumer of rice in
the world.

JDI, incorporated in 2007, is engaged in the milling of non-
basmati rice and processing of silky sortex rice. The current
installed capacity of the plant is 72,000 metric tonne per annum
(MTPA) for milling rice and 48,000 MTPA for silky sortex rice. The
firm is also engaged in milling of paddy on job-work for Food
Corporation of India (FCI). The manufacturing facility of the firm
is located at Tilda in the district of Raipur, Chhattisgarh.

Recent Results
In 2014-15, the firm reported a net profit of INR0.48 crore
(provisional) on an operating income of INR41.28 crore
(provisional), as compared to a net profit of INR0.51 crore on an
operating income of INR53.54 crore during 2013-14.


JAYAN SRI: ICRA Suspends 'B' Rating on INR6.0cr Loan
----------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR6.00 crore
fund based facilities of Jayan Sri Exim. ICRA has also suspended
[ICRA]A4 rating assigned to the INR8.00 crore short term non fund
based limits of JSE. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

Jayan Sri Exim (JSE) was incorporated as a partnership firm in
October 2012. The firm started its operations in July 2012 and is
engaged in the export of agricultural products; primarily
exporting to South Africa. The firm has received IEC (Import
Export Code) from DGFT (Director General of Foreign Trade) and has
warehouse capacity of 6000 MT near Kakinada port (East Godavari
District) of Andhra Pradesh. The firm is promoted by Mr. T.
Sudhakar who is managing partner of the firm and looks after the
operational activity. The promoters have prior business experience
in food & beverages industry and are also engaged in real estate
business.


JILL MILL: ICRA Reaffirms B+ Rating on INR3.54cr Term Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR3.54 crore term loan facilities and INR4.00 crore fund
based limits of Jill Mill Non Woven Private Limited.

The reaffirmation of rating takes into account the company's small
scale of operations, its low profitability, and stretched
liquidity position as reflected by the high working capital limit
utilisation and low cash flow from operations. The rating further
takes into account the intense competitive pressures from both
organized and unorganized players, the company's low bargaining
power with suppliers and vulnerability of its profitability to
adverse fluctuations in raw material costs. The rating, however,
favourably considers the established track record of the promoters
in the textile business and the company's locational advantage by
virtue of proximity to raw material sources.

Incorporated in the year 2011 by Mr. Mahavirchand Daga, Mr.
Nishant Daga and Mr. Dharmesh Jain, Jill Mill Non Woven Private
Limited (JMNWPL) is engaged in the manufacturing and marketing of
Polypropylene (PP) non-woven fabric. JMNWPL commissioned a
manufacturing facility in Surat, Gujarat in November 2012, with an
installed capacity to produce 3,000 MTPA of non-woven fabric.
JMNWPL has the capability to manufacture non-woven fabric rolls
ranging from 10 gram per square meter (GSM) to 200 GSM depending
upon the customer requirement. The promoters have longstanding
experience in the textile business through their group companies.

Recent Results
During FY 2014-15, the company reported Profit after Tax (PAT) of
INR0.22 crore on an operating income of INR22.65 crore. In FY
2014, JMNWPL reported a net profit of INR0.21 crore on an
operating income of INR22.60 crore.


JOHAR AUTOMOBILES: CRISIL Assigns B- Rating to INR60MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of Johar Automobiles (JA).

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

The rating reflects JA'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 susceptibility to
risks relating to cyclicality in the automobile industry. These
rating weaknesses are partially offset by the extensive experience
of the firm's partners in the automobile dealership industry.
Outlook: Stable

CRISIL believes that JA will continue to benefit over the medium
term from its association with Tata Motors Ltd (TML; rated 'CRISIL
AA/AAA(SO)/Stable/CRISIL A1+'), and its promoters' industry
experience. The outlook may be revised to 'Positive' if the firm's
revenue and operating profitability increase significantly, while
it efficiently manages its working capital requirements, leading
to improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if JA's accruals are low or
if it undertakes a debt-funded capital expenditure programme,
leading to deterioration in its financial risk profile.

JA, based in Noida (Uttar Pradesh), deals in commercial vehicles
of TML. The firm is promoted by Mr. Charanpreet Singh Johar and
Mr. Jaspreet Singh Johar.

JA reported a book profit of INR0.82 million on net sales of
INR269 million for 2014-15 (refers to financial year, April 1 to
March 31) as against a book profit of INR0.58 million on net sales
of INR177 million for 2013-14.


KAAMADHENU SPINNERS: Ind-Ra Assigns 'IND B+' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kaamadhenu
Spinners (KS) a Long-Term Issuer Rating of 'IND B+'. The Outlook
is Stable.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
Long-term loans          37.74      IND B+/Stable
Fund-based facilities    40.0       IND B+/Stable/IND A4
Non-fund-based            1.6       IND A4
facilities

KEY RATING DRIVERS

The ratings reflect KS's small scale of operations, weak EBITDA
margins and moderate credit metrics. Unaudited FY15 financials
indicate revenue of INR135m (FY14: INR74m), net leverage (adjusted
net debt/operating EBITDAR) of 8.1x (4.7x), EBITDA interest cover
of 3.4x (2.3x) and EBITDA margin of 9.2% (19.1%).

The ratings are constrained by KS's tight liquidity position with
the near-full utilisation of its fund-based working capital
facilities during the 12 months ended July 2015 and agricultural
commodity based cotton yarn manufacturing business.

The ratings are supported by the promoters' more than two decades
of experience in the cotton yarn business.

RATING SENSITIVITIES

Positive: Substantial growth in the top-line and EBITDA margins
leading to a sustained improvement in the credit metrics could be
positive for the ratings.

Negative: Any deterioration in the EBITDA margin leading to
sustained deterioration in the credit metrics could be negative
for the ratings.

COMPANY PROFILE

KS was started in 2006. The firm is engaged in the cotton yarn
manufacturing business. The business is managed and run by Mr T K
Subburaj and his wife Mrs Deepa. The firm has an installed
capacity of 640 rotors.


KAUSHAL FERRO: CRISIL Reaffirms 'D' Rating on INR212MM Bank Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kaushal Ferro Metal
Private Limited (KFMPL) continue to reflect instances of delay by
KFMPL in servicing its debt, on account of working-capital-
intensive operations and cash flow mismatch.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           110       CRISIL D (Reaffirmed)
   Letter of credit &
   Bank Guarantee         20       CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    212       CRISIL D (Reaffirmed)
   Term Loan               8       CRISIL D (Reaffirmed)

KFMPL also has a below-average financial risk profile, constrained
by weak liquidity and vulnerability to cyclicality in the steel
industry. These rating weaknesses are partially offset by KFMPL's
average business risk profile, with proximity to its end-user
industry.

Set up in 2004, KFMPL started commercial production in 2007. The
company manufactures sponge iron and has its manufacturing
facilities at Sundargarh (near Bhubaneswar, Odisha). The company
has an installed capacity of 60,000 tonnes per annum. KFMPL's
overall operations are managed by Mr. Sitaram Agarwal, Mr. Ganesh
Agarwal, and Mr. Rambihari Upadhayay.


KISSAN RICE: ICRA Assigns B+ Rating to INR15cr Cash Credit
----------------------------------------------------------
ICRA has assigned its rating of [ICRA]B+ to the INR16 crore fund
based limits and INR1.77 crores term loans of Kissan Rice
Mill(KRM).
                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit            15        [ICRA]B+;assigned

   Stand by Line of
   Credit                  1        [ICRA]B+;assigned

   Term Loans              1.77     [ICRA]B+;assigned

ICRA's rating takes into account the highly competitive and low
value additive nature of the rice milling industry, which coupled
with KRM's limited pricing power and moderate scale of operations
has resulted in relatively weak operating profitability. Moreover,
the firm has a weak financial profile as reflected in its low net
worth, high gearing and moderate coverage indicators. ICRA also
factors in the vulnerability of the firm's operations to agro
climatic risks, which can affect the pricing and availability of
paddy. ICRA also takes note of the partnership constitution of the
firm which exposes it to risks related to dissolution, withdrawals
etc. However, the rating positively factors in the proximity of
the mill to a major rice growing area which results in easy
availability of paddy and the stable demand outlook for rice given
that India is a major consumer and exporter of rice.

Going forward the ability of the firm to increase its size and
scale, while improving its margins, optimally managing its working
capital cycle and maintaining a prudent capital structure will
constitute the key rating sensitivities.

Incorporated in 1984, KRM is a partnership firm engaged in milling
of rice. The firm has been promoted by Mr Satyapal Garg and his
family members.

Recent results
The firm reported, on a provisional basis, a net profit of INR0.15
crores on an operating income (OI) of INR108.87 crore in FY15, as
against a net profit of INR0.04 crore on an OI of INR119.97 crore
in the previous year.


KRUTHIKHA DRYER: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings has assigned Kruthikha Dryer (Kruthikha) a Long-Term
Issuer Rating of 'IND BB-'. The Outlook is Stable. Rating actions
on Kruthikha's bank loans as:

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
Long-term loans        32.63      Assigned 'IND BB-'/Stable
Fund-based working      6.50      Assigned 'IND BB-'/Stable/'IND
capital facilities                A4+'

KEY RATING DRIVERS

The ratings reflect Kruthikha's small scale of operations and
moderate credit metrics. Unaudited FY15 financials indicate
revenue of INR75m (FY14: INR80m), net leverage of 1.8x (1.9x) and
EBITDA interest cover of 4.6x (8.4x). The ratings also factor in
the proprietorship structure of organisation.

The ratings are supported by the promoter's two-decade-long
experience in the textile industry and Kruthikha's comfortable
liquidity position with the fund-based facilities being utilised
at an average of 50.8% during the 12 months ended July 2015.

RATING SENSITIVITIES

Positive: A substantial increase in the revenue while maintaining
the profitability leading to a sustained improvement in the credit
metrics will be positive for the ratings.
Negative: Decline in the revenue or margins leading to a sustained
deterioration in the credit metrics will be negative for the
ratings.


MEALITE FOODS: CRISIL Assigns 'B' Rating to INR55MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Mealite Foods Private Limited (MFPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           55        CRISIL B/Stable
   Term Loan             31        CRISIL B/Stable

The rating reflects MFPL's expected modest scale of operations in
an intensely competitive and fragmented food industry and
susceptibility of its operating margin to volatile raw material
prices. These rating weaknesses are mitigated by the promoter's
extensive experience in the packaged food manufacturing industry.
Outlook: Stable

CRISIL believes that MFPL will sustain its existing business risk
profile over the medium term backed by its promoter's extensive
industry experience. The outlook may be revised to 'Positive' if
the company is able to scale up its operations and profitability,
while maintaining its working capital cycle. Conversely, the
outlook may be revised to 'Negative' if MFPL's operating margin or
product off-take declines or if its financial risk profile
deteriorates or due to stretched working capital or due to large,
debt-funded capital expenditure plan.

Incorporated in 2013, MFPL manufactures corn flakes, ready to eat
packaged snacks such as namkeens, baked snacks, fried snacks and
other related products. It has recently started its commercial
operations in July 2015 and its manufacturing facilities is
located at Rajkot-Gujarat.


MEGA AUTOMOBILES: CRISIL Assigns B+ Rating to INR15.7MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Mega Automobiles Pvt Ltd (MAPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Overdraft Facility      70         CRISIL A4
   Term Loan               15.7       CRISIL B+/Stable

The ratings reflect MAPL's large working capital requirements and
modest scale of operations in the intensely competitive automotive
dealership business. These rating weaknesses are partially offset
by the extensive industry experience of MAPL's promoters and the
company's established relationship with principal Mahindra &
Mahindra Ltd (M&M).
Outlook: Stable

CRISIL believes that MAPL will benefit over the medium term from
its association with M&M. The outlook may be revised to 'Positive'
in case of significant improvement in accruals and improvement in
capital structure, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
large debt-funded capital expenditure or deterioration in working
capital management, adversely impacting financial risk profile.

Incorporated in July 1995, MAPL is an authorised dealer of
passenger vehicles and light commercial vehicles of M&M in
Ankleshwar (Gujarat). The company is promoted by Mr. Sallauddin
Begh and his family members.


MULTI POLY: ICRA Suspends 'B' Rating on INR9.20cr Loan
------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to INR9.20 crore fund
based facilities of Multi Poly Films Private Limited. ICRA has
also suspended [ICRA]A4 rating assigned to the INR0.80 crore short
term fund based limits of MPFPL. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Multi Poly Films Private Limited (MPFPL) was incorporated in the
year 1983 to engage in the manufacture of blown film used in the
packaging industry. The company remained inactive for a long
period and was revived during 2009-10. The company currently
operates two facilities (1 printing and 1 manufacturing facility)
in Hyderabad, Andhra Pradesh and is involved in manufacturing of
packaging products for use in Daily and Oil -- half litre and one
litre sachets. The plant has a manufacturing capacity of ~3000 MT
(metric tons) per annum.


NARENDRA EMPORIS: ICRA Reaffirms B+ Rating on INR15cr Loan
----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR15.00 crore long
term fund-based line of credit facility and INR5.00 crore proposed
limits of Narendra Emporis Limited. ICRA has also reaffirmed a
rating of [ICRA]A4 to the short term fund based facilities of
INR13.50 crore (sublimit within line of credit) facilities of
Narendra Emporis Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Line of Credit        15.00       [ICRA]B+; Reaffirmed
   Proposed limit         5.00       [ICRA]B+; Reaffirmed
   Cash Credit          (15.00)      [ICRA]B+; Reaffirmed
   Packing Credit       (10.00)      [ICRA]A4; Reaffirmed
   Inland/Foreign
   Letter of Credit      (3.50)      [ICRA]A4; Reaffirmed

The ratings continue to factor in the exposure towards cotton
price fluctuations which have witnessed significant volatility in
the recent past as well as to cyclicality inherent in the textile
industry resulting in significant demand fluctuations especially
from international markets. Further, the ratings also continue to
factor in the limited ability of the company to fully pass on the
increase in raw material prices owing to intense competition in a
highly fragmented market as well as vulnerability to currency
fluctuations primarily due to export oriented nature of operations
in the absence of a formal hedging policy. Given the highly
leveraged capital structure on account of debt funded capex; debt
repayment burden to increase from FY 16 onwards.

The rating, however, positively considers the long standing
experience of promoters in the textile industry and that too
mainly in spinning and exports of cotton yarn, favorable location
of the company in Rajkot, Gujarat, the largest cotton producing
state in India as well as backward integration with the group
concern -- Manmohan Ginning Industries into manufacturing of
cotton bales, which ensures easy and cost effective delivery of
raw materials as well as diversification into ring spun yarn which
will provide revenue visibility and better realizations going
forward.

Narendra Emporis Limited (NEL) (erstwhile, Narendra Cotton Ginning
& Pressing Company Private Limited) was incorporated in 1997 by
Mr. Narendra Lakhani who has had more than 30 years of experience
in cotton business line. Currently the business is being managed
by Mr. Narendra Lakhani and his two sons Mr. Dharmesh Lakhani and
Mr. Niraj Lakhani. The company was initially set up as a ginning
and pressing facility for processing raw cotton into bales. Later
on in 2007-08 the company forward integrated into spinning of yarn
(open ended) with having capacity of 20 TPD and is equipped with 6
spinning machines with 1728 rotors. Further the company is also
involved in manufacturing of grey fabrics and knitted fabrics
having the manufacturing capacity of 4 TPD, followed with the
establishment of weaving plant consisting of 25 weaving machines.
Further from FY15, the company has also diversified into Carded
Cotton yarn (Ring frame unit) manufacturing.

The manufacturing unit of the company s located in Rajkot which
has close proximity to cotton growing farmers resulting in easy
access to raw material. The company also has a group firm Manmohan
Ginning Industries which is into cotton ginning having capacity of
~600 bales of cotton per day.

Recent Results
The company has achieved an operating income of INR101.08 crore
and a profit after tax (PAT) of INR1.14 crore during FY15
(unaudited financial results).


NINANIYA ESTATES: CRISIL Cuts Rating on INR325MM Term Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Ninaniya Estates Ltd (NEL) to 'CRISIL D' from 'CRISIL B/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             325       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The rating downgrade reflects delays by NEL in repayment of its
term debt. Delay in project implementation resulted in
insufficient accruals to meet the debt obligations. The company's
project was expected to be completed by March 2014 and has been
delayed by over a year. As the project is yet to be
commercialised, CRISIL believes that the company's liquidity will
remain stretched over medium term.

NEL is exposed to implementation, funding, and demand risks
associated with its projects, and to the cyclicality inherent in
the Indian real estate industry. However, the company benefits
from its promoters' extensive industry experience and its tie-up
with an established brand for its hotel and executive suits.

NEL, incorporated in 2004-05 (refers to financial year, April 1 to
March 31), is promoted by Mr. Vijay Singh Rao. The company
operates in the real estate development and construction industry.
It is currently developing its Prism and Portico projects. The
company is managed by Mr. Rao along with his son Mr. Prateek Rao,
and wife, Mrs. Nirmala Rao.


NIRMALA INFRA: ICRA Assigns C+ Rating to INR6.07cr Loan
-------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]C+ to the INR6.07
crore fund based limits and short term rating of [ICRA]A4 to
INR8.30 crore non fund based limits of Nirmala Infra Projects
India Private Limited. ICRA has also assigned the rating of
[ICRA]C+/A4 to the Rs.0.63 crore unallocated limits of NIPIPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits     6.07        [ICRA]C+; assigned

   Non-fund based
   limits                8.30        [ICRA]A4; assigned

   Unallocated limits    0.63        [ICRA]C+/[ICRA]A4; assigned

The assigned rating takes into account the slow movement of the
projects due to delayed land clearances resulting in modest scale
of operations for the company with turnover of INR13.58 Cr in FY15
and high sector concentration risk faced by the company due to its
focus only on underground drainage and sewerage works. The ratings
are further constrained by the weak credit profile of the clients
which results in high receivables, thereby stretching the
liquidity position of the company further resulting in continuous
overutilization of working capital limits. ICRA further notes that
owing to delays in existing projects, the company has been unable
to undertake any new project since last two years.

The rating, however, favourably factors in the extensive
experience of the promoters in executing civil contracts and
adequate order book size of INR95.70 crore (7.76 times the
operating income for FY15) which provides revenue visibility for
the company in medium term.

Going forward the ability of the company to execute its existing
order-book in a timely manner as well as timely realization of
payments from the clients will be the key rating sensitivities
going forward.

Nirmala Infra Projects India Private Limited (NIPIPL) was
incorporated in November 2008 in Hyderabad by Mr. Ch. Narasimha
Reddy and family. Earlier it was operating as a partnership firm
named Sri Sairam Excavators & Loaders for about 7-8 years. The
company executes projects for construction of underground drainage
and sewerage systems for companies such as Ramky Infrastructure
Limited, Prathibha Industries Limited, APR Projects Private
Limited, etc.

According to audited FY14 financials, the company registered an
operating income of INR10.29 Cr and operating profit of INR0.58 Cr
as against the operating income of INR21.52 Cr and operating
profit of INR0.98 Cr in FY13.


NORTH INDIA: ICRA Assigns B+ Rating to INR9.0cr Cash Credit
-----------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ to the INR9.0
crore fund based facility of North India Surgical Company. ICRA
has also assigned its short-term rating of [ICRA]A4 to the INR1.5
crore non-fund based facility of the company. ICRA has also
assigned its rating of [ICRA]B+/[ICRA]A4 to the INR1.5 crore
unallocated bank limits of NISC.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based-Cash       9.0         [ICRA]B+; assigned
   Credit

   Non fund based-
   Bank Guarantee        1.5         [ICRA]A4; assigned

   Unallocated           1.5         [ICRA]B+/[ICRA]A4; assigned

ICRA's ratings are constrained by the intense competition in the
surgical devices industry, which has resulted in NISC's low
profitability. The ratings also take into account the firm's
modest scale of operations and its limited product portfolio i.e.
stents, spinal implants and pace makers. ICRA also takes note of
the firm's high working capital intensity of operations, resulting
from high inventory levels. Reliance on bank borrowings for
funding the working capital requirements coupled with the firm's
low profitability has resulted in its weak financial profile as
reflected in high gearing and weak coverage indicators. The
ratings are further constrained by the firm's stretched liquidity
position as reflected in the high utilization of its bank lines.
The ratings, however positively factor in the firm's association
with key manufacturers of medical devices and the promoters'
experience in the healthcare sector though group company Kumar
Brothers Chemists Private Limited (KBCPL). The ratings also
factors in the firm's diversified and increasing customer base and
its established marketing support network which aids the expansion
of customer base. ICRA also takes note of the favorable demand
outlook for the medical devices industry and in-particular cardio-
vascular implants, like valves and stents.

Going forward, the firm's ability to ramp up its scale of
operations while sustaining margins in light of increasing
competition in existing segments and maintaining optimal working
capital intensity, will be the key rating sensitivities.

NISC, a partnership firm, commenced operations in April 2012 by
taking over the operational business of medical segment of Jagat
Steels Private Limited. NISC is the exclusive dealer of stents
made by Abbott Healthcare, spinal implants made by Medtronic Plc
and pacemaker of St. Jude and is also engaged in trading of
various disposable surgical items and medicines. The firm supplies
its exclusive products to various hospitals in the cities of
Chandigarh, Panchkula and Mohali such as PGIMER*, Fortis, and
Alchemist etc. It also sells its products to ultimate consumers.
The firm's management consists of two partners, Mr Varun Singla,
(B.Pharma) and Mr Arun Singla. Both the partners are backed by the
experienced management of KBCPL, who are into healthcare business
for more than 30 years.

Recent Results
The firm reported a profit after tax (PAT) of INR0.12 crore on an
operating income (OI) of INR30.55 crore in 2014-15 (as per
provisional results) as against a PAT of INR0.14 crore on an OI of
INR23.67 crore in 2013-14.


OMKAMAL STEEL: CRISIL Assigns B+ Rating to INR39MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Omkamal Steel Pvt Ltd (OMSPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             10        CRISIL B+/Stable
   Cash Credit           39        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    16        CRISIL B+/Stable

The rating reflects OMSPL's small scale of operations with
constrained profitability due to competitive and fragmented nature
of industry. It also has a weak financial risk profile marked by
small networth and high gearing. These rating weaknesses are
mitigated by the promoters' extensive industry experience and
diversified of end-user industries.
Outlook: Stable

CRISIL believes that OMSPL will continue to benefit from the
promoters' extensive experience and established client base. The
outlook may be revised to 'Positive' if OMSPL significantly
improves its capital structure, or scale of operation and
profitability leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative', in
case the company generates low accruals or if it undertakes any
large additional debt-funded capital expenditure programme leading
to deterioration in its financial risk profile or pressure on
liquidity due to any stretch in working capital requirements.

Incorporated in 2005, OMSPL manufactures several types of MS steel
wires such as HB wire, GI wire, binding wire, galvanised binding
wire and barbed wire catering to varied industries like
construction, agriculture, fencing, welding electrodes,
reinforcement, and power and cable industry.


PANNA TEXTILE: CRISIL Assigns B+ Rating to INR50MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Panna Textile Industries Pvt Ltd (PTIPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term       50       CRISIL B+/Stable
   Bank Loan Facility
   Packing Credit           30       CRISIL A4
   Export Bill Purchase
   Discounting              35       CRISIL A4
   Letter of Credit         15       CRISIL A4

The ratings reflect PTIPL's small scale of operations in the
highly fragmented textile industry, low profitability, and
working-capital-intensive operations. These rating weaknesses are
partially offset by the extensive industry experience of the
company's promoter and average financial risk profile, marked by
moderate net worth, controlled gearing, and comfortable debt
protection metrics.
Outlook: Stable

CRISIL believes that PTIPL will continue to benefit over the
medium term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case the company's scale
of operations and profitability increase significantly, or if
working capital improves, leading to improvement in liquidity.
Conversely, the outlook may be revised to 'Negative' in case
PTIPL's working capital cycle deteriorates or if financial risk
profile weakens on account of capital expenditure plans.

PTIPL, incorporated in 1982 in Kolkata, is promoted by Mr.
Rajkumar Poddar, Mr. Dharampal Poddar and Mr. Anilkumar Poddar.
The company manufactures and trades in fabric and garments, and
also processes grey fabric into finished fabrics.

PTIPL reported, on a provisional basis, a profit after tax (PAT)
of INR3.8 million on net sales of INR287 million for 2014-15
(refers to financial year, April 1 to March 31); the company
reported a PAT of INR1.7 million on net sales of INR207.7 million
for 2013-14.


PAREKH PLASTICS: CRISIL Assigns B+ Rating to INR40MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Parekh Plastics (PP).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     3.4        CRISIL B+/Stable
   Long Term Loan         3.1        CRISIL B+/Stable
   Cash Credit           40.0        CRISIL B+/Stable
   Foreign Exchange
   Forward                2.5        CRISIL A4

The ratings reflect PP's modest scale of operations in the highly
fragmented and competitive packaging industry, and large working
capital requirements. These rating weaknesses are partially offset
by the extensive industry experience of the firm's promoters, its
diversified customer base with wide geographical reach, and
moderate financial risk profile, especially capital structure and
debt protection metrics.
Outlook: Stable

CRISIL believes that PP will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm ramps up its
scale of operations substantially, while maintaining stable
operating profitability and working capital cycle. Conversely, the
outlook may be revised to 'Negative', if low accruals, any large
debt-funded capital expenditure, or stretch in working capital
cycle weakens the financial risk profile, particularly liquidity.

PP was incorporated in 1985 by Mr. Ankur Parekh, Mrs. Jyothi
Parekh, Mr. Ajay Parekh and Mr. Rajesh Parekh as a partnership
firm. The firm manufactures plastic buckets for use in industries
such as paints & emulsions, pharmaceuticals, inks, adhesives and
agro chemicals.


PICCADILY HOTELS: Ind-Ra Withdraws 'IND B-' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Piccadily Hotels
Private Limited's 'IND B-(suspended)' Long-Term Issuer Rating. The
agency has also withdrawn the 'IND B-(suspended)' rating on the
company's INR1,500m long-term loans.

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

Ind-Ra suspended Piccadily Hotels' ratings on 5 February 2015.


PROFESSIONAL EDUCATIONAL: CRISIL Cuts Rating on INR210M Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Professional Educational Trust (PET) to 'CRISIL D' from 'CRISIL
B-/Stable'.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Funded Interest       40       CRISIL D (Downgraded from
   Term Loan                      'CRISIL B-/Stable')

   Long Term Loan       210       CRISIL D (Downgraded from
                                  'CRISIL B-/Stable')

   Overdraft Facility    40       CRISIL D (Downgraded from
                                  'CRISIL B-/Stable')

   Proposed Long Term    50       CRISIL D (Downgraded from
   Bank Loan Facility             'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by PET in meeting
obligations on its term debt; the delays have been caused by the
trust's weak liquidity because of tightly matched cash accruals
and term debt obligations.

PET has a below-average financial risk profile, marked by weak
capital structure and debt protection metrics, and is susceptible
to regulatory changes and to intense competition in the education
sector. PET, however, benefits from its trustee's extensive
experience in the education sector and its wide range of course
offerings.

PET, located in Palladam (Tamil Nadu), was established in 2009 by
Dr. C Subramaniam. The trust offers undergraduate and postgraduate
courses in engineering and management.


RAJAVE TEXTILES: CRISIL Cuts Rating on INR500MM Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Rajave Textiles Pvt Ltd (RTPL) to 'CRISIL D/CRISIL D' ' from
'CRISIL BB-/Stable/ CRISIL A4+'

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         10.5      CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Cash Credit           500        CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Letter of Credit       80        CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Long Term Loan        122.9      CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Proposed Long Term    101.0      CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL A4+')

The rating downgrade reflects instances of delay by the RTPL in
meeting repayment obligations on its term debt; the delays have
been caused by the company's weak liquidity arising out of
generation of insufficient cash accruals against repayment
obligations.

RTPL also has a below-average financial risk profile, marked high
gearing and weak debt protection metrics, modest scale of
operations, and exposure to risks related to volatility in raw
material prices. However, the company continues to benefit from
extensive experience of RTPL's promoter in the textile industry
and the company's diverse clientele.

Incorporated in 1995 and promoted by Mr. S Ravindran, RTPL
manufactures cotton yarn of counts ranging from 18s to 40s. The
company's spinning mill is in Coimbatore (Tamil Nadu).


RR LEATHER: ICRA Lowers Rating on INR4.02cr Loan to 'B'
-------------------------------------------------------
ICRA has downgraded the long term rating of the INR1.24 Crore fund
based facilities and the INR4.02 Crore proposed facilities of RR
Leather Products Private Limited from [ICRA]B+ to [ICRA] B. ICRA
has also reaffirmed the [ICRA]A4 rating to the INR10.3 crore short
term facilities of RR Leathers.
                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            1.24        Revised to [ICRA]B
                                     from [ICRA]B+

   Proposed fund         4.02        Revised to [ICRA]B
   based facilities                  from [ICRA]B+

   Short term, fund
   based facilities      7.00        [ICRA]A4 reaffirmed

   Short term, non-      3.30        [ICRA]A4 reaffirmed
   fund based facilities

The revision in the long-term rating takes into consideration the
deterioration in the financial profile of the company, as
evidenced by the significant decline in its operating income
during FY 2015, driven by the weak demand conditions in the
European market. The ratings are further constrained by the weak
financial profile of the company characterized by high financial
leverage, low net profitability and working capital intensive
nature of operations. The ratings further consider RR Leather's
modest size of operations the susceptibility of its margins to
volatility in raw material prices and forex rates, the competition
intensive nature of the industry and the high customer
concentration of the company, particularly in the export segment.
The ratings however, favourably factor in the established track
record of the company in the leather garment industry and the
association of the company with the Explicit Group which provides
operational synergies in sourcing. The rating also favourably
considers the long standing relationship of RR Leathers with its
key customers.

RR Leather Products Private Limited (RR Leathers) was promoted by
Mr. Mohan Roy and his spouse, Mrs. Revathy Roy, in the year 1988.
The company is a 100% export oriented unit (EOU) manufacturing
leather garments and has its manufacturing facility in Ambattur,
Chennai, with a production capacity of 1,20,000 pieces per annum.
The company procures finished leather and manufactures leather
garments wherein the product profile primarily consists of leather
jackets for men, women and kids. The company, which has been
predominantly exporting to the USA, has recently diversified its
customer base to include clients from Europe from FY 2010.

Recent Results
In FY 2014 the company reported Profit after Tax (PAT) of INR1.3
crore on an operating income of INR29.4 crore as against a PAT of
INR0.4 crore on an operating income of INR27.9 crore in FY 2013.
RR Leathers has provisionally reported an operating income of
INR22.93 Crore in FY 2015.


RRP HOUSING: CRISIL Assigns B+ Rating to INR130MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of RRP Housing Pvt Ltd (RRP).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan        130       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     70       CRISIL B+/Stable

The rating reflects RRP's exposure to risks related to completion
and saleability of its ongoing project, and to risks inherent in
the real estate industry. These rating weaknesses are partially
offset by the extensive experience of the company's promoter in
the real estate development business.
Outlook: Stable

CRISIL believes that RRP will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case of early completion
of projects or substantial sales realisations from the ongoing
project, leading to sizeable cash flows. Conversely, the outlook
may be revised to 'Negative' if delays in the project or in
receipt of advances from customers, or large debt-funded projects
weaken the company's financial risk profile.

Incorporated in 2010, RRP is a Chennai-based residential real
estate developer. Its operations are managed by its managing
director, Mr. N Padmanaban.


SASA MUSA: CRISIL Reaffirms B+ Rating on INR550MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sasa Musa
Sugar Works Limited (SMSWL) continues to reflect its below-average
financial risk profile, with small net worth, high gearing and
below-average debt protection metrics.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           550       CRISIL B+/Stable (Reaffirmed)

The rating also factors in the company's exposure to risks
relating to unfavourable regulatory changes and cyclicality in the
sugar industry. These rating weaknesses are partially offset by
the promoters' extensive industry experience.

For arriving at the ratings, CRISIL has treated the unsecured
loans of INR130.8 million extended to SMSWL by its promoters as
neither debt nor equity, as the same are expected to be retained
in the business and carry interest rate lower than the bank rate.
Outlook: Stable

CRISIL believes that SMSWL will continue to benefit over the
medium term from the extensive experience of the promoters in the
sugar industry. The outlook may be revised to 'Positive' if
significant and sustained improvement in revenue and operating
profitability, or efficient working capital management strengthens
the financial risk profile. Conversely, the outlook may be revised
to 'Negative' if significant decline in revenue and profitability,
stretch in working capital cycle, or any large, debt-funded
capital expenditure weakens the key credit metrics.

SMSWL was promoted by the late Mr. Sheikh Mohammad Ibrahim in
1933. The company produces sugar at its factory in Sasa Musa
(Bihar).


SHREE DATTA: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Shree Datta
Fertilizers and Chemical Pvt Ltd (SDFCPL) continues to reflect
SDFCPL's modest scale of operations, large working capital
requirements, and the susceptibility of its operating performance
to the level of agricultural activity in and around Vidarbha
(Maharashtra).

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

The rating also factors in SDFCPL's susceptibility to regulatory
changes affecting raw material procurement and its weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of SDFCPL's promoter in the fertiliser
and chemical business and the healthy demand for granular
fertilisers.
Outlook: Stable

CRISIL believes that SDFCPL will continue to benefit over the
medium term from its promoter's extensive industry experience and
the healthy demand for granular fertilisers. The outlook may be
revised to 'Positive' if the company significantly improves its
revenue and net cash accruals, while maintaining its capital
structure and debt protection metrics. Conversely, the outlook may
be revised to 'Negative' if SDFCPL's scale of operations declines,
or its working capital cycle lengthens, or it contracts
considerable debt.

Update
SDFCPL's revenue increased to about INR130 million in 2014-15
(refers to financial year, April 1 to March 31) from INR110
million in 2013-14. The modest revenue was mainly on account of
increase in prices of key raw materials. However, the company's
operating margin is estimated to have remained healthy, at about
13 per cent, for 2014-15.

SDFCPL's financial profile remains moderate, marked by estimated
moderate net worth of INR111 million and low gearing of 0.6 times
as on March 31, 2015. However, due to higher finance costs and
large working capital requirements resulting in moderate debt, the
company's interest coverage and net cash accruals to total debt
ratios remained average, at 1.7 times and 8 per cent,
respectively, in 2014-15

As on March 31, 2015, SDFCPL had estimated large inventory of
around 400 days on account of shortage of raw material as well as
the seasonal nature of fertiliser sales. Due to modest net cash
accruals vis-a-vis large working capital requirements, the
company's bank limits were utilised extensively during the peak
season from November to June, at around 90 per cent; the overall
utilisation was 77 per cent during the 12 months through March
2015. However, SDFCPL's liquidity is adequate, marked by nil debt
obligations and no capital expenditure plans.

SDFCPL was set up by Mr. Ashok Ratanlal Soni in 1999. It
manufactures nitrogen, phosphorous, and potassium (NPK) granulated
mixed fertilisers. The company sells these fertilisers primarily
through a network of dealers in and around Vidarbha.


SHREE SAI: CRISIL Cuts Rating on INR75MM Cash Loan to B+
--------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Shree Sai Calnates India Pvt. Ltd (SSCIPL) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

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

   Cash Credit          75         CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Proposed Long Term   33.6       CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB-/Stable')

   Rupee Term Loan      24.6       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL's belief that SSCPL's
operating performance will remain under pressure over the medium
term resulting in deterioration in its business risk profile and
liquidity.

SSCIPL is estimated to report net sales of INR398 million for
2014-15 (refers to financial year, April 1 to March 31), as
against INR419.5 million in the previous year, owing to reduced
demand. The operating profitability took a hit due to increase in
raw material prices (operating margin was 5.4 per cent in 2014-15
as against 6.8 per cent in 2013-14). CRISIL believes that the
company's business risk profile will remain under pressure on
account of subdued demand and deterioration in operating margin.
The ratings also factor in stretch in liquidity as reflected by
high bank line utilisation of 91 per cent for the nine months
ended December 31, 2014. On account of subdued revenue and dip in
operating profitability, the accruals are expected to remain
tightly matched by term loan obligations of INR7.3 million in
2015-16 and 2016-17, respectively.

The ratings continue to reflect the company's established market
position in the calcium carbonate industry, its established
clientele, and moderate financial risk profile marked by a
moderate capital structure. These strengths are partially offset
by the company's large working capital requirements and
susceptibility to intense competition in the calcium carbonate
industry.
Outlook: Stable

CRISIL believes that SSCIPL will maintain its market position in
the calcium carbonate industry, supported by its established
clientele and strong relationship with suppliers, over the medium
term. The outlook may be revised to 'Positive' if the company's
scale of operations improves substantially with increase in
profitability leading to higher cash accruals, while maintaining a
comfortable financial risk profile. Conversely, the outlook may be
revised to 'Negative' if SSCIPL faces significant stretch in the
working capital cycle or undertakes any large debt-funded capital
expenditure programme, affecting its financial risk profile,
particularly liquidity.

SSCIPL was incorporated in 1997 and promoted by Mr. Subhas
Tibrewal and Mr. Shankarlal Agarwal. The company manufactures
precipitated calcium carbonate and activated calcium carbonate. It
caters to companies in the pipes, plastics, paints, and fast-
moving consumer goods segments.


SINGHAL METALLOYS: ICRA Reaffirms 'B' Rating on INR5.50cr Loan
--------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B and short-term
rating of [ICRA]A4 on the INR7.50 crore bank facilities and
unallocated limits of Singhal Metalloys Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5.50       [ICRA]B; reaffirmed
   Unallocated Limits     2.00       [ICRA]B/[ICRA]A4; reaffirmed

The ratings reaffirmation reflects the weak financial profile of
the company characterized by adverse capital structure, weak
coverage indicators and stretched liquidity position as reflected
by full utilisation of working capital limits. The ratings
continue to be constrained by the modest scale of operations of
the company; high competition in the non-ferrous metal and alloys
industry with low entry barriers and commoditized nature of
product which, in turn, results in thin profitability; the
vulnerability of profitability to fluctuations in raw material
prices and the high customer concentration risk.

The ratings, however, favourably factor in the long experience of
the promoters in the non-ferrous metal and alloys industry and the
established customer base of the company comprising reputed
companies.

Incorporated in the year 1997, SMPL is engaged in the manufacture
of non ferrous alloys, mainly aluminium alloys in the form of
ingots. The company has its manufacturing facility in Faridabad,
Haryana and has a capacity to produce 6000 metric tonnes per annum
(MTPA) of aluminium alloys. SMPL is a domestic market focused
player with sales primarily being made to auto component
manufacturers in Haryana, Rajasthan and Uttarakhand.

Recent Results
As per its provisional financials for 2014-15, SMPL reported a net
profit of INR0.25 crore on an operating income of INR46.23 crore
as against a net profit of INR0.21 crore on an operating income of
INR45.48 crore in 2013-14.


SREE ANDAL: CRISIL Reaffirms B+ Rating on INR220MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sree Andal and
Company (SAC) continues to reflect SAC's below-average financial
risk profile marked by weak debt protection metrics, modest scale
of operations, and exposure to intense competition in the steel
trading industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           220       CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit           10       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
SAC derives from its promoters' extensive experience in the steel
products trading business and its strong relationship with its
principals.
Outlook: Stable

CRISIL believes that SAC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's financial risk
profile improves, driven by increase in cash accruals along with
improvement in working capital management. Conversely, the outlook
may be revised to 'Negative' if the firm's financial risk profile
deteriorates, most likely because of low cash accruals or large
working capital requirements or significant capital withdrawal by
promoters.

Update
SAC reported operating income and profitability of around INR1.11
billion and 4.6 per cent, respectively, for 2014-15 (refers to
financial year, April 1 to March 31). The firm's revenue is
expected to remain constrained over the medium term due to muted
demand for its products. The firm's annual cash accruals are
expected at INR3 million to INR5 million over the medium term.

SAC's financial risk profile is constrained by high total outside
liabilities to tangible net worth (TOLTNW) ratio of 2.79 times as
on March 31, 2015. The net worth remains moderate at around INR108
million as on March 31, 2015. The firm's debt protection metrics
are constrained, with an interest coverage ratio of 1.09 times for
2014-15. The financial risk profile is expected to remain below
average over the medium term due to limited cash accruals and high
reliance on external debt to fund its working capital borrowings.

The firm's liquidity is marked by fully utilised bank limits due
to its working-capital-intensive operations. The liquidity is
expected to remain stretched over the medium term owing to the
firm's high reliance on its cash credit facilities for funding its
working capital requirement. However, the absence of term loan
supports liquidity profile.

SAC, set up in 1992 and based in Chennai, is a partnership concern
promoted by Mr. M Subbiah and his family. The firm trades in
thermo-mechanically treated bars, channels, angles, joints, and
beams.


SREE JEYASOUNDHARAM: ICRA Ups Rating on INR17cr LT Loan to 'C'
--------------------------------------------------------------
ICRA has upgraded the long-term rating outstanding on the INR6.20
crore (revised from INR2.22 crore) term loan facilities, the
INR17.00 crore (revised from INR20.00 crore) fund based
facilities, the INR1.00 crore (revised from INR5.00 crore) fund
based limits (sub limit) and INR1.20 crore (revised from INR3.59
crore) proposed facilities of Sree Jeyasoundharam Textile Mills
Private Limited to [ICRA]C from [ICRA]D. ICRA has also upgraded
the short term rating outstanding on the INR3.25 crore (revised
from INR1.84 crore) short term non fund based facilities of the
Company to [ICRA]A4 from [ICRA]D.
                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term- Term       6.20       [ICRA]C/upgraded
   loans                            from [ICRA]D

   Long term- Fund       17.00      [ICRA]C/upgraded
   based facilities                 from [ICRA]D

   Long term- Fund      (1.00)      [ICRA]C/upgraded
   based facilities                 from [ICRA]D
   (Sub limit)

   Long term-Proposed    1.20       [ICRA]C/upgraded
   Facilities                       from [ICRA]D

   Short term-Non Fund   3.25       [ICRA]A4/upgraded
   based facilities                 from [ICRA]D

The rating revision takes into account the regularization in the
repayment of term facilities availed by the Company though the
working capital utilization remains high with few instances of
over-utilizations in the past. Long standing experience of the
promoters of about five decades in the textile industry and the
group support available to the Company has been considered while
assigning the rating. The ratings are, however, constrained by the
deterioration in the operational and financial metrics during
2014-15 due to high losses incurred on account of quality lapse in
production. As a result of the decline in volumes, the sales were
affected with the revenues declining by ~48% during the year on a
YoY basis, and owing to the losses incurred, the capital structure
and coverage indicators also weakened. The resultant cash crunch
led to the company resorting to additional term loan to clear its
dues towards its creditors. The Company however, increased its
share capital by converting INR9.3 crore of unsecured borrowings
into equity during the year in order to improve its capital
structure, which nevertheless is expected to remain stretched in
the medium term. The company's ability to improve its revenues and
post healthy profits would be crucial to improving its debt
metrics and meeting the future debt repayment obligation in a
timely manner.

Sree Jeyasoundharam Textile Mills Private Limited, was
incorporated as a private limited company in September 1989 with
an object of establishing a cotton spinning mill in Sivagangai,
Tamil Nadu. The company is a part of Ramalinga Group,
Aruppukottai, Tamil Nadu (which forms part of broader Jayavilas
Group. The major companies in the Ramalinga group include (a) Shri
Ramalinga Mills Limited (SRML), rated [ICRA]BB+ (stable)/
[ICRA]A4+, (ii) Aruppukottai Shri Ramalinga Spinners Private
Limited (wholly owned subsidiary of SRML) rated [ICRA]B/ [ICRA]A4,
and (iii) Tamil Nadu Jai Bharath Mills Limited. Over the years,
the Company has increased the spindle capacity to its current
level of 41,760 spindles.


SRS MODERN: Ind-Ra Hikes 'IND BB' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded SRS Modern Sales
Ltd's (SRSM) Long-Term Issuer Rating to 'IND BB' from 'IND BB-'.
The Outlook is Stable. The agency has also upgraded the company's
INR750.0m fund-based working capital limits to Long-Term 'IND BB'
with a Stable Outlook from 'IND BB-' and affirmed at Short-Term
'IND A4+'.

KEY RATING DRIVERS

The upgrade reflects SRSM's ability to maintain a stable business
and financial profile over FY12-FY15 despite a slowdown in the
construction and real estate industry. The ratings benefit from
SRSM being part of the larger SRS group and having access to the
group's resources. The same is reflected in the fact that SRSM
received an equity infusion of INR110m over FY14-FY15 from the
group. SRS group's flagship company SRS Ltd ('IND A-'/Stable) is
also rated by Ind-Ra. The agency expects the promoters to continue
to extend financial support to SRSM as and when required.

SRSM's moderate gross interest coverage (operating EBITDA/gross
interest expense) improved marginally to 1.23x in FY15 from 1.13x
in FY13. However, EBITDA margins remained low due to the trading
nature of its business and weak demand scenario in the industry
despite improving to 2.3% in FY15 from 1.9% in FY13.

In FY15, SRSM reported comfortable revenue of INR5,243m (FY14:
INR5,124m, FY13: INR4,404m) with EBITDA of INR121 (INR98m,
INR86m).The company derived  around 88% of its FY15 revenue from
trading building materials while trading gold ornaments
contributed around 11%.

The ratings consider the company's reduced customer concentration
risk with the contribution of the top five customers reducing to
58% of the total revenue in FY15 from 65% in FY13. The company
also enjoys long-standing relationships with its customers.
The ratings also benefit from the decade-long experience of SRSM's
founders in the trading business through group companies, and the
strong reputation of the group in the National Capital Region.
The ratings are, however, constrained by SRSM's tight liquidity as
indicated by its near-full working capital use for the 12 months
ended July 2015. Also, the company reported negative cash flow
from operations of INR195m in FY15 owing to high working capital
requirements. SRSM also faces geographical concentration risks
with its distribution network limited primarily to Faridabad and
Palwal.

RATING SENSITIVITIES

Positive:  A significant improvement in the EBITDA margins and/or
liquidity resulting in a sustained improvement in the credit
metrics will be positive for the ratings.

Negative: A significant decline in the EBITDA margins and/or
weakening of the liquidity profile leading to deterioration in the
credit metrics could result in a negative rating action.

COMPANY PROFILE

SRSM is part of the SRS group and trades construction materials
such as cement, TMT bars and glasses. The company has its footing
mainly in the National Capital Region. SRS group operates various
businesses such as retail, wholesale business of FMCG products,
jewellery, real estate and financing. SRS Ltd reported revenue of
INR38,248m in FY15 (FY14: INR34,394m) with net profit of INR388m
(INR428m).


STYLE N SUPPLY: CRISIL Cuts Rating on INR85MM Cash Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities Style N
Supply Private Limited (Style) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

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

   Cash Credit           85        CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The rating downgrade reflects Style's overdrawn cash credit
facility for more than 30 days owing to weak liquidity.

Style has large working capital requirements, is exposed to
intense competition in the footwear distribution industry
resulting in low profitability margins, and its small net worth
limits its financial flexibility. However, the company benefits
from its promoters' extensive industry experience.

Style was set up in 2010 by Mr. K Madhusudan Rao and his family
members. The company, is engaged in distribution of branded
footwear. It is based in Hyderabad (Telangana).


T.A. SAMBANDAM: CRISIL Assigns B- Rating to INR52.2MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of T.A. Sambandam and Mr. T.S. Shanmugasundaram
(TAS).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan          52.2       CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility       7.8       CRISIL B-/Stable

The rating reflects TAS's exposure to risks related to its ongoing
project, and its moderate financial risk profile marked by high
gearing and small net worth. These ratings weaknesses are
partially offset by the extensive experience of TAS's promoter in
the warehousing and leasing industry.
Outlook: Stable

CRISIL believes that TAS will continue to benefit from its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if the firm scales up operations through
timely implementation of ongoing capital expenditure (capex), and
reports a significant and sustained improvement in margins and
accruals leading to better debt servicing metrics. Conversely, the
outlook may be revised to 'Negative' in case of delay in
completion of ongoing capex or delays in receipt of rentals from
clients, impairing TAS's debt servicing ability.

TAS is a proprietorship concern. It is constructing a 45,000-
square-feet warehouse and 10,500-square-feet commercial office
space at Thirumazhisai in Chennai.


TEXAS LIFESTYLE: CRISIL Assigns 'D' Rating to INR43MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Texas Lifestyle Furniture Pvt Ltd (Texas). The
ratings reflect instances of delay by Texas in servicing its debt;
the delays were because of the company's weak liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility        3        CRISIL D
   Long Term Loan           43        CRISIL D
   Bank Guarantee           10        CRISIL D
   Cash Credit              30        CRISIL D

Texas also has a modest scale of operations in the highly
competitive furniture and construction of pre-engineered buildings
industries, working-capital-intensive operations, and modest net
worth. However, the company benefits from the extensive industry
experience of its promoters and its healthy operating
profitability.

Incorporated in 2003, Texas manufactures furniture and constructs
pre-engineered buildings. The company sells furniture under the
brand name Next. It is based in Aurangabad (Maharashtra) and
promoted by Mr. Ranjeet Kakkad and Mr. Ankushkumar Kadam.


VVF (INDIA): ICRA Lowers Rating on INR960MM Loan to 'D'
-------------------------------------------------------
ICRA has revised the [ICRA]BB+ rating to the INR310 crore term
loans and INR250 crore fund based working capital facilities of
VVF (India) Limited to [ICRA]D. ICRA has also revised the
[ICRA]A4+ ratings to the INR960 crore non-fund based bank
facilities of the company to [ICRA]D.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            310.0       Revised from [ICRA]BB+
                                     (Stable) to [ICRA]D

   Fund based limits     250.0       Revised from [ICRA]BB+
                                     (Stable) to [ICRA]D

   Non-Fund based        960.0       Revised from [ICRA]A4+
   Limits                            to [ICRA]D

The rating downgrade takes into account instances of delay in
servicing the interest obligation for its term loans.

VVF India Limited (VIL) was carved out of VVF Limited. In order to
fund the business growth, VVF Limited roped in PE investor --
Reliance Capital and transferred the domestic businesses along
with related assets into a separate company called VVF (India)
Limited. VIL operates in oleochemicals industry and manufactures
Fatty Acid, Fatty Alcohol and Glycerine. The company derives
around 60% of the revenues from oleochemicals segment while the
remaining is contributed through Contract Manufacturing and
Branded Personal care segment (own brands). Among the branded
personal care segment the company has launched Jo and Doy soap
brands and is planning to introduce new products in the future.
The company has manufacturing facilities in Sion, Taloja, Kutch
and Baddi with total production capacity of 447,750 MT of Fatty
Acid, 140,400 MT of Fatty Alcohol and 60,450MT of Soap Noodles.



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


DTC ONE: Fitch Affirms 'BBsf' Rating on Class E Notes
-----------------------------------------------------
Fitch Ratings has affirmed the ratings of 40 tranches in eight DTC
transactions. The Outlooks on all tranches are Stable. The
transactions are securitisations of mortgage loans backed by
multi-family apartment properties.

KEY RATING DRIVERS

The affirmations reflect Fitch's view that available credit
enhancement (CE) levels are sufficient to support the current
ratings. The master lease structure in place for the collateral
properties contributes to stable loan performance, and for each of
the eight transactions, delinquencies and defaults have been
limited to date. Fitch expects this trend to continue.

Fitch considers the cash flow performance of the collateral
properties to be moderately below the agency's initial assumptions
due to a decline in rent income. This has led Fitch to increase
its net loss assumptions for each underlying pool in stressed
scenarios. However, this has been offset by improved CE levels.

Payments for the class N notes of DTC Eight are mainly derived
from excess spread and prepayment fees. Loan prepayment backing
this transaction has been faster than Fitch's initial
expectations, leading to the compression of excess spread.
However, this risk is mitigated by the stable loan pool
performance as no loan from this transaction has defaulted to
date.

Six transactions, other than DTC Three and Eight, have exposure to
a Japanese counterparty that is not eligible as account bank,
which undermines support for their 'AAAsf' ratings. However,
Fitch's analysis takes into account the sufficient protection via
their available liquidity mechanism and CE levels against their
exposure to such a counterparty (A-/Stable/F1).

RATING SENSITIVITIES

An unexpected increase in the delinquency or default rate may lead
to higher loss assumption, which may, in turn, affect the ratings
of the notes. However, the possibility of downgrade for the senior
notes of DTC One to Three, especially for the class A notes, is
considered remote due to significant progress of the sequential
principal repayment. The 'AAAsf' rated notes of the other
transactions can be supported even if assumed property cash flows
decline by less than the agency's initial assumption of around
20%.

For DTC Three and DTC Eight, Fitch continues to believe that these
transactions have available cash reserves to address liquidity
risk in the absence of an eligible advancing agent. This view is
based on the expected stable performance of the underlying loan
pools, note amortisation and a low interest rate environment in
Japan. Therefore, an unexpected increase in interest rates may
lead to negative rating action on these transactions.

DUE DILIGENCE USAGE

No third-party due diligence was provided or reviewed in relation
to these rating actions.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the
underlying pools and the transactions. There were no findings that
were material to this analysis. Fitch has not reviewed the results
of any third-party assessment of the underlying pools information
or conducted a review of loan origination files as part of its
ongoing monitoring.

The full list of rating actions is as follows.

DTC One Special Purpose Company:
JPY26m Class A-1 notes affirmed at 'AAAsf'; Outlook Stable
JPY0.23bn Class A-2 notes affirmed at 'AAAsf'; Outlook Stable
JPY1m Class A-3 notes affirmed at 'AAAsf'; Outlook Stable
JPY0.32bn Class B notes affirmed at 'AAsf'; Outlook Stable
JPY0.18bn Class C notes affirmed at 'Asf'; Outlook Stable
JPY0.32bn Class D notes affirmed at 'BBBsf'; Outlook Stable
JPY0.35bn Class E notes affirmed at 'BBsf'; Outlook Stable

DTC Two Funding Limited:
JPY0.26bn Class A notes affirmed at 'AAAsf'; Outlook Stable
JPY0.47bn Class B notes affirmed at 'AA+sf'; Outlook Stable
JPY0.28bn Class C notes affirmed at 'A+sf'; Outlook Stable
JPY0.38bn Class D notes affirmed at 'BBBsf'; Outlook Stable
JPY0.85bn Class E notes affirmed at 'BBsf'; Outlook Stable
JPY1.39bn Class J notes affirmed at 'BBBsf'; Outlook Stable

DTC Three Funding Limited:
JPY0.92bn Class A-1 notes affirmed at 'AAAsf'; Outlook Stable
JPY0.63bn Class A-2 notes affirmed at 'AAAsf'; Outlook Stable
JPY0.87bn Class B notes affirmed at 'AAsf'; Outlook Stable
JPY0.54bn Class C notes affirmed at 'Asf'; Outlook Stable
JPY0.69bn Class D notes affirmed at 'BBBsf'; Outlook Stable
JPY0.78bn Class E notes affirmed at 'BBsf'; Outlook Stable

DTC Four Funding Limited:
JPY2.98bn Class A-1 notes affirmed at 'AAAsf'; Outlook Stable
JPY1.49bn Class A-2 notes affirmed at 'AAAsf'; Outlook Stable
JPY0.37bn Class B notes affirmed at 'AAsf'; Outlook Stable
JPY0.37bn Class C notes affirmed at 'Asf'; Outlook Stable
JPY0.29bn Class D notes affirmed at 'BBBsf'; Outlook Stable
Class E notes were paid in full in March 2015.

DTC Five Funding Limited:
JPY4.5bn Class A notes affirmed at 'AAAsf'; Outlook Stable
JPY0.38bn Class B notes affirmed at 'AAsf'; Outlook Stable
JPY0.38bn Class C notes affirmed at 'Asf'; Outlook Stable
JPY0.32bn Class D notes affirmed at 'BBBsf'; Outlook Stable
Class E notes were paid in full in May 2015.

DTC Six Funding Limited:
JPY5.45bn Class A notes affirmed at 'AAAsf'; Outlook Stable
JPY0.45bn Class B notes affirmed at 'AAsf'; Outlook Stable
JPY0.47bn Class C notes affirmed at 'Asf'; Outlook Stable
JPY0.25bn Class D notes affirmed at 'BBBsf'; Outlook Stable

DTC Seven Funding Limited:
JPY5.67bn Class A notes affirmed at 'AAAsf'; Outlook Stable
JPY0.75bn Class B notes affirmed at 'AAsf'; Outlook Stable
JPY0.63bn Class C notes affirmed at 'Asf'; Outlook Stable
Class D notes were paid in full in August 2015.

DTC Eight Funding Limited:
JPY6.97bn Class A notes affirmed at 'AAAsf'; Outlook Stable
JPY0.83bn Class B notes affirmed at 'AAsf'; Outlook Stable
JPY0.76bn Class C notes affirmed at 'Asf'; Outlook Stable
JPY0.43bn Class D notes affirmed at 'BBBsf'; Outlook Stable
JPY0.18bn Class N notes affirmed at 'BBBsf'; Outlook Stable

All tranche balances are as of 27 August 2015.


SHARP CORP: Plans to Spinoff Liquid Crystal Display Business
------------------------------------------------------------
Kyodo News reports that Sharp Corp. is considering selling its
struggling liquid crystal display business, sources close to the
matter said on August 28, with Taiwan's Hon Hai Precision Industry
Co. and rival Japan Display Inc. viewed as potential buyers.

Kyodo relates that Sharp may spin off its LCD business into a new
company and sell a majority stake in it, the sources said, adding
that the Osaka-based company is seeking to decide on a reform plan
for the LCD business by the end of the year.

Sharp is also in final negotiations to sell its head office in
Osaka's Abeno Ward to the NTT Corp. group's Urban Development
Corp., the sources said, Kyodo relays.

The sale value is estimated at about JPY10 billion ($83 million),
according to the sources.

Under restructuring plans that include early retirement, for which
3,234 employees in Japan have applied, Sharp aims to improve
earnings by JPY28.5 billion in the business year to
March 31, says Kyodo.

To cut costs, Sharp offered early retirement to 3,500 employees as
part of a three-year business plan announced in May.

Sharp's mainstay LCD business accounts for roughly 30 percent of
its total sales, but the company has been struggling to turn a
profit. The LCD operation incurred a JPY13.7 billion operating
loss in the April to June period due mainly to poor sales in
China.

According to the report, other people familiar with the matter
said Sharp and Hon Hai Precision Industry, the world's biggest
contract supplier of electronics products, have been in talks for
a possible tie-up on small and midsize LCDs. The two companies
jointly operate a plant in Osaka that produces television LCDs.

A potential deal with Japan Display, created through a merger of
the small and midsize LCD operations of Hitachi Ltd., Toshiba
Corp. and Sony Corp., could increase their global competitiveness,
but it may raise antitrust concern, the report notes.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

As reported in Troubled Company Reporter-Asia Pacific on
July 3, 2015, Standard & Poor's Ratings Services said that it has
raised its long-term corporate credit rating on Sharp Corp. to 'B-
' and its short-term corporate credit rating on the company to
'B', both from 'SD' (selective default). The outlook on the long-
term corporate credit rating is negative. On June 30, 2015, S&P
lowered the long- and short-term corporate credit ratings to 'SD'
because Sharp carried out a de facto debt-for-equity swap.  S&P
revised the ratings following completion of the transaction, which
resolved the situation that it defines as 'SD'.

S&P raised its long-term debt rating on Sharp to 'B-' from 'CCC+'
and S&P's commercial paper (CP) program rating to 'B' from 'C',
one notch for each, and removed the ratings from CreditWatch.  S&P
raised the long-term corporate credit rating on overseas
subsidiary Sharp International Finance (U.K.) PLC three notches to
'B-' and S&P's short-term corporate credit rating and its CP
program rating one notch to 'B' and also removed the ratings from
CreditWatch.



====================
S O U T H  K O R E A
====================


KUMHO INDUSTRIAL: Creditors Fail to Agree on Sales Price
--------------------------------------------------------
Lee Hyo-sik at The Korea Times reports that the state-run Korea
Development Bank (KDB) and other creditors have failed to reach a
consensus on what price to dispose of their 57.5% stake in Kumho
Industrial, the holding company of Kumho Asiana Group.

The Korea Times relates that the state-run bank said
representatives from KDB and other 21 creditors held a meeting on
August 27 to narrow their differences on the matter but failed to
do so.

According to the report, Mirae Asset and other financial investors
reportedly insisted on getting KRW1.02 trillion
($833 million) for the stakes, or KRW59,000 per share, including a
premium for management rights and the firm's stakes in other group
affiliates.

However, commercial banks sought to lower the sales price to
facilitate the stake sales as Kumho Group Chairman Park Sam-koo
has remained adamant that he cannot pay more than KRW650.3 billion
for the stakes, or KRW37,564 per share, the report notes.

"Creditors gathered at the KDB headquarters in Yeouido on Thursday
to hammer out an agreement on the sales price of Kumho
Industrial," the report quotes an official familiar with the
matter as saying. "But creditors decided to take more time and
meet again to work out their differences. The date for the next
meeting has not yet been set."

The latest discord among creditors will likely delay the sale of
Kumho Industrial for the foreseeable future, the report states.

"We hope creditors meet again in the near future and come to their
senses to speed up the sale of Kumho Industrial," the Korea Times
quotes a Kumho Asiana Group official as saying. "It just does not
make sense for us to pay KRW59,000 a share."

Creditors had initially planned to decide on the sales price on
August 27 and hold a decision-making meeting attended by heads of
creditors on August 28, the report relays. They then planned to
inform Kumho Chairman Park of the final sales prices.

Once informed, Park would have to decide within a month whether to
exercise the buyback option at the creditor suggested price, says
Korea Times.

Korea Times says KDB collected opinions from 22 creditors that own
more than a 0.5% stake in Kumho Industrial on August 27 and August
28.  Some creditors wanted to stick to the
KRW1.02 trillion price tag, while others were willing to lower the
price as low as to KRW700 billion to facilitate the sales process,
the report relates.

In April, creditors held an open bid for Kumho Industrial but only
Hoban took part in the bid. The builder said it would buy the
57.5% stake for KRW600.7 billion or KRW30,907 per share, much
lower than creditors' expectations, the report recalls.

Kumho Industrial Co., Ltd. is a Korea-based company principally
engaged in the construction business. The Company operates its
businesses through construction division, which involves in the
architectural construction, civil engineering, housing
construction, plant and environment engineering; real estate
leasing division, which involves in the leasing of hotels and
other properties, including residence, commercial properties,
offices and others; transportation division, which involves in the
high speed bus and air transportation, as well as other division,
which involves in the facility management services.



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


* BOND PRICING: For the Week August 17 to August 21, 2015
---------------------------------------------------------

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


  AUSTRALIA
  ---------

ANTARES ENERGY LTD    10.00     10/30/23    AUD      1.72
BOART LONGYEAR MANA    7.00     04/01/21    USD     68.38
BOART LONGYEAR MANA    7.00     04/01/21    USD     68.38
CML GROUP LTD          9.00     01/29/20    AUD      0.99
CRATER GOLD MINING    10.00     08/18/17    AUD     26.00
FMG RESOURCES AUGUS    6.88     04/01/22    USD     60.88
FMG RESOURCES AUGUS    6.88     04/01/22    USD     61.02
IMF BENTHAM LTD        6.35     06/30/19    AUD     70.75
KBL MINING LTD        12.00     02/16/17    AUD      0.32
LAKES OIL NL          10.00     03/31/17    AUD      7.80
MIDWEST VANADIUM PT   11.50     02/15/18    USD      5.03
MIDWEST VANADIUM PT   11.50     02/15/18    USD      3.93
RESOLUTE MINING LTD   10.00     12/04/17    AUD      1.01
STOKES LTD            10.00     06/30/17    AUD      0.50
TREASURY CORP OF VI    0.50     11/12/30    AUD     66.43


CHINA
-----

CHANGCHUN CITY DEVE    6.08     03/09/16    CNY     40.50
CHANGZHOU INVESTMEN    5.80     07/01/16    CNY     40.88
CHANGZHOU WUJIN CIT    5.42     06/09/16    CNY     50.50
CHINA GOVERNMENT BO    1.64     12/15/33    CNY     73.05
CHINA GOVERNMENT WH    3.10     07/09/22    CNY      4.01
DATONG ECONOMIC CON    6.50     06/01/17    CNY     71.80
ERDOS DONGSHENG CIT    8.40     02/28/18    CNY     64.61
GRANDBLUE ENVIRONME    6.40     07/07/16    CNY     70.80
HANGZHOU XIAOSHAN S    6.90     11/22/16    CNY     73.30
HANGZHOU XIAOSHAN S    6.90     11/22/16    CNY     71.44
HEILONGJIANG HECHEN    7.78     11/17/16    CNY     71.67
HUAIAN CITY URBAN A    7.15     12/21/16    CNY     70.64
KUNSHAN ENTREPRENEU    4.70     03/30/16    CNY     40.26
LIAOYUAN STATE-OWNE    7.80     01/26/17    CNY     71.06
LUOHE CITY CONSTRUC    6.81     03/30/17    CNY     61.44
NANJING NANGANG IRO    6.13     02/27/16    CNY     50.20
NANTONG STATE-OWNED    6.72     11/13/16    CNY     70.60
PANJIN CONSTRUCTION    7.70     12/16/16    CNY     72.20
PANJIN CONSTRUCTION    7.70     12/16/16    CNY     71.58
QINGZHOU HONGYUAN P    6.50     05/22/19    CNY     40.57
SHENGZHOU HOTEL CO     9.20     02/26/16    CNY    100.00
TAIZHOU CITY CONSTR    6.90     01/25/17    CNY     70.62
WUXI COMMUNICATIONS    5.58     07/08/16    CNY     50.82
XIANGTAN JIUHUA ECO    6.93     12/16/16    CNY     71.00
YANGZHOU ECONOMIC D    6.10     07/07/16    CNY     50.70
YANGZHOU URBAN CONS    5.94     07/23/16    CNY     41.03
YIJINHUOLUOQI HONGT    8.35     03/19/19    CNY     73.33
YINCHUAN URBAN CONS    6.28     03/09/17    CNY     51.13
YUNNAN INVESTMENT G    5.25     08/24/17    CNY     71.50


INDONESIA
---------

BERAU COAL ENERGY T    7.25     03/13/17    USD     58.75
BERAU COAL ENERGY T    7.25     03/13/17    USD     53.24
GAJAH TUNGGAL TBK P    7.75     02/06/18    USD     71.01
GAJAH TUNGGAL TBK P    7.75     02/06/18    USD     75.63
INDONESIA TREASURY     6.38     04/15/42    IDR     71.80


INDIA
-----

3I INFOTECH LTD        5.00     04/26/17    USD     12.50
BLUE DART EXPRESS L    9.30     11/20/17    INR     10.11
BLUE DART EXPRESS L    9.40     11/20/18    INR     10.16
BLUE DART EXPRESS L    9.50     11/20/19    INR     10.22
COROMANDEL INTERNAT    9.00     07/23/16    INR     15.17
GTL INFRASTRUCTURE     3.53     11/09/17    USD     25.38
INCLINE REALTY PVT    10.85     04/21/17    INR      7.23
INCLINE REALTY PVT    10.85     08/21/17    INR     10.53
INDIA GOVERNMENT BO    0.33     01/25/35    INR     23.50
JAIPRAKASH ASSOCIAT    5.75     09/08/17    USD     71.25
JCT LTD                2.50     04/08/11    USD     23.13
ORIENTAL HOTELS LTD    2.00     11/21/19    INR     73.83
PYRAMID SAIMIRA THE    1.75     07/04/12    USD      1.00
REI AGRO LTD           5.50     11/13/14    USD     20.63
REI AGRO LTD           5.50     11/13/14    USD     20.63


JAPAN
-----

AVANSTRATE INC         3.02     11/05/15    JPY     41.13
AVANSTRATE INC         5.00     11/05/17    JPY     30.50
ELPIDA MEMORY INC      0.70     08/01/16    JPY     10.25
ELPIDA MEMORY INC      0.50     10/26/15    JPY     10.25
ELPIDA MEMORY INC      2.29     12/07/12    JPY     10.25
ELPIDA MEMORY INC      2.10     11/29/12    JPY     10.25
ELPIDA MEMORY INC      2.03     03/22/12    JPY     10.25


KOREA
-----

2014 KODIT CREATIVE    5.00     12/25/17    KRW     29.30
2014 KODIT CREATIVE    5.00     12/25/17    KRW     29.30
DONGBU STEEL CO LTD    5.00     03/09/18    KRW     62.10
DOOSAN CAPITAL SECU   20.00     04/22/19    KRW     37.14
EXPORT-IMPORT BANK     0.50     11/21/17    BRL     76.75
HYUNDAI HEAVY INDUS    4.90     12/15/44    KRW     54.04
HYUNDAI HEAVY INDUS    4.80     12/15/44    KRW     55.07
HYUNDAI MERCHANT MA    7.05     12/27/42    KRW     35.95
KIBO ABS SPECIALTY    10.00     08/22/17    KRW     25.18
KIBO ABS SPECIALTY    10.00     09/04/16    KRW     37.63
KIBO ABS SPECIALTY     5.00     01/31/17    KRW     31.13
KIBO ABS SPECIALTY     5.00     03/29/18    KRW     28.28
KIBO ABS SPECIALTY    10.00     02/19/17    KRW     35.09
KIBO GREEN HI-TECH    10.00     12/21/15    KRW     47.50
LSMTRON DONGBANGSEO    4.53     11/22/17    KRW     28.97
POSCO ENERGY CORP      4.66     08/29/43    KRW     67.43
POSCO ENERGY CORP      4.72     08/29/43    KRW     66.86
POSCO ENERGY CORP      4.72     08/29/43    KRW     66.69
POSCO PLANTEC CO LT    3.89     09/13/16    KRW     75.07
PULMUONE CO LTD        2.50     08/06/45    KRW     57.31
SINBO SECURITIZATIO    5.00     08/29/18    KRW     27.13
SINBO SECURITIZATIO    5.00     08/29/18    KRW     27.13
SINBO SECURITIZATIO    5.00     09/13/15    KRW     67.03
SINBO SECURITIZATIO    5.00     09/13/15    KRW     67.03
SINBO SECURITIZATIO   10.00     12/27/15    KRW     46.67
SINBO SECURITIZATIO    5.00     02/02/16    KRW     37.58
SINBO SECURITIZATIO    8.00     02/02/16    KRW     41.18
SINBO SECURITIZATIO    5.00     01/19/16    KRW     38.54
SINBO SECURITIZATIO    5.00     12/07/15    KRW     43.54
SINBO SECURITIZATIO    5.00     10/01/17    KRW     29.81
SINBO SECURITIZATIO    5.00     10/01/17    KRW     29.81
SINBO SECURITIZATIO    5.00     10/01/17    KRW     29.81
SINBO SECURITIZATIO    5.00     03/13/17    KRW     31.45
SINBO SECURITIZATIO    5.00     03/13/17    KRW     31.45
SINBO SECURITIZATIO    5.00     03/14/16    KRW     34.29
SINBO SECURITIZATIO    5.00     07/08/17    KRW     30.74
SINBO SECURITIZATIO    5.00     07/08/17    KRW     30.74
SINBO SECURITIZATIO    5.00     08/16/16    KRW     32.74
SINBO SECURITIZATIO    5.00     08/16/17    KRW     30.33
SINBO SECURITIZATIO    5.00     08/16/17    KRW     30.33
SINBO SECURITIZATIO    5.00     06/07/17    KRW     23.58
SINBO SECURITIZATIO    5.00     06/07/17    KRW     23.58
SINBO SECURITIZATIO    5.00     01/15/18    KRW     29.11
SINBO SECURITIZATIO    5.00     01/15/18    KRW     29.11
SINBO SECURITIZATIO    5.00     09/28/15    KRW     57.41
SINBO SECURITIZATIO    5.00     10/05/16    KRW     33.28
SINBO SECURITIZATIO    5.00     10/05/16    KRW     31.69
SINBO SECURITIZATIO    5.00     08/31/16    KRW     33.70
SINBO SECURITIZATIO    5.00     08/31/16    KRW     33.70
SINBO SECURITIZATIO    5.00     08/24/15    KRW    109.06
SINBO SECURITIZATIO    5.00     12/13/16    KRW     32.46
SINBO SECURITIZATIO    5.00     12/25/16    KRW     31.59
SINBO SECURITIZATIO    5.00     06/29/16    KRW     34.28
SINBO SECURITIZATIO    5.00     05/27/16    KRW     34.64
SINBO SECURITIZATIO    5.00     05/27/16    KRW     34.64
SINBO SECURITIZATIO    5.00     07/26/16    KRW     33.95
SINBO SECURITIZATIO    5.00     07/26/16    KRW     33.95
SINBO SECURITIZATIO    5.00     06/27/18    KRW     27.76
SINBO SECURITIZATIO    5.00     06/27/18    KRW     27.76
SINBO SECURITIZATIO    5.00     09/26/18    KRW     26.93
SINBO SECURITIZATIO    5.00     09/26/18    KRW     26.93
SINBO SECURITIZATIO    5.00     09/26/18    KRW     26.93
SINBO SECURITIZATIO    5.00     02/11/18    KRW     28.64
SINBO SECURITIZATIO    5.00     02/11/18    KRW     28.64
SINBO SECURITIZATIO    5.00     03/12/18    KRW     28.42
SINBO SECURITIZATIO    5.00     03/12/18    KRW     28.42
SINBO SECURITIZATIO    5.00     07/24/18    KRW     27.57
SINBO SECURITIZATIO    5.00     07/24/18    KRW     27.57
SINBO SECURITIZATIO    5.00     07/24/17    KRW     29.68
SINBO SECURITIZATIO    5.00     02/21/17    KRW     31.68
SINBO SECURITIZATIO    5.00     02/21/17    KRW     31.68
SINBO SECURITIZATIO    5.00     01/29/17    KRW     31.94
SK TELECOM CO LTD      4.21     06/07/73    KRW     63.98
TONGYANG CEMENT & E    7.50     04/20/14    KRW     70.00
TONGYANG CEMENT & E    7.50     07/20/14    KRW     70.00
TONGYANG CEMENT & E    7.50     09/10/14    KRW     70.00
TONGYANG CEMENT & E    7.30     06/26/15    KRW     70.00
TONGYANG CEMENT & E    7.30     04/12/15    KRW     70.00
U-BEST SECURITIZATI    5.50     11/16/17    KRW     30.02
WISE MOBILE SECURIT   20.00     07/17/18    KRW     71.61
WISE MOBILE SECURIT   20.00     05/19/18    KRW     74.21


SRI LANKA
---------

SRI LANKA GOVERNMEN    5.35     03/01/26    LKR     72.33


MALAYSIA
--------

BANDAR MALAYSIA SDN    0.35     12/29/23    MYR     70.50
BANDAR MALAYSIA SDN    0.35     02/20/24    MYR     70.02
BIMB HOLDINGS BHD      1.50     12/12/23    MYR     71.49
BRIGHT FOCUS BHD       2.50     01/24/30    MYR     68.84
BRIGHT FOCUS BHD       2.50     01/22/31    MYR     66.02
DANGA CAPITAL BHD      4.49     04/22/16    MYR    100.26
LAND & GENERAL BHD     1.00     09/24/18    MYR      0.22
SENAI-DESARU EXPRES    0.50     12/31/38    MYR     65.97
SENAI-DESARU EXPRES    0.50     12/31/40    MYR     69.29
SENAI-DESARU EXPRES    0.50     12/31/41    MYR     70.52
SENAI-DESARU EXPRES    0.50     12/31/42    MYR     71.75
SENAI-DESARU EXPRES    0.50     12/30/39    MYR     67.77
SENAI-DESARU EXPRES    0.50     12/30/44    MYR     73.77
SENAI-DESARU EXPRES    0.50     12/31/43    MYR     72.85
SENAI-DESARU EXPRES    0.50     12/29/45    MYR     74.85
SENAI-DESARU EXPRES    1.35     12/31/27    MYR     59.34
SENAI-DESARU EXPRES    1.35     06/30/28    MYR     58.13
SENAI-DESARU EXPRES    1.35     12/29/28    MYR     56.92
SENAI-DESARU EXPRES    1.10     06/30/22    MYR     73.33
SENAI-DESARU EXPRES    1.15     06/30/23    MYR     70.39
SENAI-DESARU EXPRES    1.15     12/30/22    MYR     71.99
SENAI-DESARU EXPRES    1.15     06/30/25    MYR     64.27
SENAI-DESARU EXPRES    1.35     12/31/30    MYR     52.38
SENAI-DESARU EXPRES    1.35     06/30/31    MYR     51.32
SENAI-DESARU EXPRES    1.35     06/28/30    MYR     53.49
SENAI-DESARU EXPRES    1.35     06/29/29    MYR     55.74
SENAI-DESARU EXPRES    1.35     12/31/29    MYR     54.60
SENAI-DESARU EXPRES    1.15     12/29/23    MYR     68.85
SENAI-DESARU EXPRES    1.15     06/28/24    MYR     67.32
SENAI-DESARU EXPRES    1.15     12/31/24    MYR     65.76
SENAI-DESARU EXPRES    1.35     12/31/25    MYR     64.40
SENAI-DESARU EXPRES    1.35     12/31/26    MYR     61.81
SENAI-DESARU EXPRES    1.10     12/31/21    MYR     74.99
SENAI-DESARU EXPRES    1.35     06/30/27    MYR     60.56
SENAI-DESARU EXPRES    1.35     06/30/26    MYR     63.08
UNIMECH GROUP BHD      5.00     09/18/18    MYR      1.13


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

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


SINGAPORE
---------

AXIS OFFSHORE PTE L    7.54     05/18/18    USD     67.30
BAKRIE TELECOM PTE    11.50     05/07/15    USD      4.00
BAKRIE TELECOM PTE    11.50     05/07/15    USD      4.00
BERAU CAPITAL RESOU   12.50     07/08/15    USD     61.50
BERAU CAPITAL RESOU   12.50     07/08/15    USD     74.78
BLD INVESTMENTS PTE    8.63     03/23/15    USD      9.50
BUMI CAPITAL PTE LT   12.00     11/10/16    USD     28.25
BUMI CAPITAL PTE LT   12.00     11/10/16    USD     24.26
BUMI INVESTMENT PTE   10.75     10/06/17    USD     25.94
BUMI INVESTMENT PTE   10.75     10/06/17    USD     27.13
ENERCOAL RESOURCES     6.00     04/07/18    USD     15.38
GOLIATH OFFSHORE HO   12.00     06/11/17    USD     45.05
INDO INFRASTRUCTURE    2.00     07/30/10    USD      1.88
ORO NEGRO DRILLING     7.50     01/24/19    USD     68.00
OSA GOLIATH PTE LTD   12.00     10/09/18    USD     62.13
OTTAWA HOLDINGS PTE    5.88     05/16/18    USD     79.00
OTTAWA HOLDINGS PTE    5.88     05/16/18    USD     67.87
SWIBER HOLDINGS LTD    7.13     04/18/17    SGD     77.50


THAILAND
--------

G STEEL PCL            3.00     10/04/15    USD      4.05
MDX PCL                4.75     09/17/03    USD     37.25


VIETNAM
-------

BANK FOR INVESTMENT   10.33     05/19/16    VND      1.00
BANK FOR INVESTMENT   10.20     05/19/21    VND      1.00
DEBT AND ASSET TRAD    1.00     10/10/25    USD     57.80



                             *********

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

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

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


                            *********


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

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

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

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

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



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