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                      A S I A   P A C I F I C

         Wednesday, September 2, 2015, Vol. 18, No. 173


                            Headlines


A U S T R A L I A

ANGEL TRANSPORT: First Creditors' Meeting Set For Sept. 8
AUSDRILL LIMITED: Moody's Retains B1 Rating on FY2015 Results
DAZALLI'S PTY: First Creditors' Meeting Set For Sept. 9
MAGDEM PTY: First Creditors' Meeting Set For Sept. 9
SALITAGE WINERY: Receivers Seek Buyers for Salitage Assets

WOLLONGONG COAL: Shuts Russell Vale; Sheds More Than 80 Jobs


C H I N A

CHINA AUTOMATION: 1H 2015 Results Support B1 CFR, Moody's Says
HENGDELI HOLDINGS: Moody's Retains Ba2 CFR on 1H 2015 Results
HOPSON DEVELOPMENT: 1H 2015 Results Supports B3 CFR, Moody's Says
LOGAN PROPERTY: 1H 2015 Results in Line with Moody's Expectations
MAOYE INTERNATIONAL: S&P Lowers CCR to 'BB-'; Outlook Negative

SHIMAO PROPERTY: Fitch Affirms 'BB+' LT Issuer Default Rating
SUNAC CHINA: 1H 2015 Results Support B1 CFR, Moody's Says
WUZHOU INTERNATIONAL: 1H 2015 Results Won't Impact Moody's B2 CFR
YUZHOU PROPERTIES: Fitch Assigns 'BB-' LT Foreign-Currency IDR


I N D I A

A-ONE TEX: CRISIL Lowers Rating on INR65MM LT Loan to 'D'
BEST CHERAN: CRISIL Reaffirms B- Rating on INR257.5MM Loan
CHERISH AGRO: CRISIL Upgrades Rating on INR50MM Loan to B+
DASS RICE: CRISIL Assigns 'B' Rating to INR80MM Cash Loan
EKAM AGRO: CRISIL Assigns B+ Rating to INR110MM Term Loan

ESHWARNATH CONSTRUCTIONS: CRISIL Reaffirms B INR50MM Loan Rating
FARMERS AGRICULTURE: ICRA Reaffirms B+ Rating on INR7.5cr Loan
FAVOURITE AGENCY: ICRA Suspends 'D' Rating on INR60cr Loan
GAGAN WINE: CRISIL Reaffirms B+ Rating on INR170MM Cash Loan
GOPAL PULSE: ICRA Suspends 'D' Rating on INR10cr Term Loan

HARIOM YAMAHA: CRISIL Assigns B+ Rating to INR50MM Cash Loan
HOTEL SHAKTI: CRISIL Assigns 'D' Rating to INR100MM Term Loan
INDIAN TREAT: ICRA Lowers Rating on INR25cr Fund Based Loan to D
JAIN IRRIGATION: CRISIL Withdraws B+ Rating on INR2.87BB Loan
JYOTI ENTERPRISES: Ind-Ra Assigns IND B+ Long-Term Issuer Rating

K.P.R. PIPES: CRISIL Assigns B+ Rating to INR60MM LT Loan
KAMACHI STEELS: CRISIL Ups Rating on INR170MM Cash Loan to B+
KESHAV ENTERPRISES: CRISIL Reaffirms B- Rating on INR30MM Loan
KHOSLA INTERNATIONAL: ICRA Reaffirms B Rating on INR29cr Loan
KOGTA GLOBAL: ICRA Suspends 'D' Rating on INR4.35cr Loan

KOGTA GRAIN: ICRA Suspends 'D' Rating on INR2.93cr ST Loan
KOGTA IMPORT: ICRA Suspends 'D' Rating on INR5.59cr Loan
KURSEONG CARRIERS: ICRA Lowers Rating on INR15cr Loan to D
LANCO HILLS: CRISIL Suspends 'D' Rating on INR7.47BB Term Loan
NEW BHARAT: ICRA Reaffirms 'B' Rating on INR34cr Fund Based Loan

NEWGEN AGRO: ICRA Reaffirms 'B' Rating on INR8.88cr Term Loan
PALLAVARED GRANITE: CRISIL Reaffirms C Rating on INR70MM Loan
PATNAIK STEELS: CRISIL Cuts Rating on INR1.02BB Term Loan to D
PRAKASH JHA: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
PREM GRAIN: ICRA Suspends 'D' Rating on INR7.03cr Term Loan

PROVET PHARMA: CRISIL Reaffirms B+ Rating on INR50MM Loan
RAJAT INFRA: CRISIL Reaffirms B Rating on INR100MM Bank Loan
RAMA AUTO: CRISIL Assigns B+ Rating to INR50MM Loan
RIGHILL ELECTRICS: ICRA Assigns 'B' Rating to INR3.50cr Loan
S S COTTON: ICRA Suspends B+ Rating on INR4.50cr Cash Loan

S2 REALTY: ICRA Lowers Ratings on INR7.0cr Term Loan to 'D'
SABARI ALLOYS: ICRA Suspends D Rating on INR10cr Fund Based Loan
SAI LEKSHMI: CRISIL Assigns 'B' Rating to INR5MM Cash Loan
SHEFIELD TECHNOPLAST: ICRA Suspends 'B' Rating on INR3.50cr Loan
SHIVALI UDYOG: CRISIL Ups Rating on INR212.3MM LT Loan to B+

SHYAMA AGRO: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB-'
SWE FASHIONS: CRISIL Cuts Rating on INR70MM Term Loan to B+
TRI SOLAR: CRISIL Assigns B Rating to INR250MM LT Loan
TRIDENT TECHLABS: ICRA Assigns B+ Rating to INR11.50cr Loan
VINAYAGA IMPEX: CRISIL Assigns B+ Rating to INR34MM Loan


I N D O N E S I A

BANK MANDIRI: Fitch Affirms 'bb+' Viability Rating
INDOSAT TBK: 1H 2015 Results Support Moody's Ba1 Rating


J A P A N

ASAHI MUTUAL: Fitch Hikes Insurer Fin'l. Strength Rating to 'BB+'
TOSHIBA CORP: Probing 10 New Accounting Issues


M O N G O L I A

SOUTHGOBI RESOURCES: TSX Delisting Review Extended Until Sept. 30


N E W  Z E A L A N D

HUBBARD MANAGEMENT: Investors Receive NZ$35.6MM Payout
PETE'S PUMP: Goes into Liquidation


S O U T H  K O R E A

DOOSAN INFRACORE: Moody's to Retain B1 CFR on Shares Issuance


                            - - - - -


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


ANGEL TRANSPORT: First Creditors' Meeting Set For Sept. 8
---------------------------------------------------------
A H J Wily of Armstrong Wily Pty Ltd was appointed as
administrator of Angel Transport Services Pty Ltd on Aug. 27,
2015.

A first meeting of the creditors of the Company will be held at
Armstrong Wily Pty Ltd, Level 5, 75 Castlereagh Street, in Sydney,
on Sept. 8, 2015, at 10:00 a.m.


AUSDRILL LIMITED: Moody's Retains B1 Rating on FY2015 Results
-------------------------------------------------------------
Moody's Investors Service says Ausdrill Limited's (B1 negative)
reported results for the year ended June 30, 2015, (FY2015) are
credit negative but in line with Moody's expectations, given the
challenging conditions for mining services companies.  As such,
the results have no immediate impact on the company's B1 corporate
family rating or the B2 senior unsecured rating of Ausdrill
Finance Pty Ltd.  The outlook on all ratings is negative.

"The continued decline in its earnings has reduced the headroom
available within Ausdrill's rating", says Saranga Ranasinghe a
Moody's Analyst.  "The rating could come under further negative
pressure if credit metrics continue to weaken, such that adjusted
debt/EBITDA exceeds 4.25x," adds Ranasinghe.

Ausdrill's adjusted debt/EBITDA weakened to around 3.6x-3.8x in
FY2015 from 2.5x in FY2014.  Given the continued weak operating
environment for companies servicing the mining industry, Moodys's
expects Ausdrill's credit metrics to remain pressured for the next
12-18 months.  This pressure on the company's rating is reflected
in the negative ratings outlook.

Moody's expects operating conditions to remain challenging through
2016 and mining companies to continue to focus on cost savings
while deferring non-essential capital expenditure.

Ausdrill's focus on debt reduction, combined with new contract
wins and efficiency gains, should mitigate some of the pressure on
its credit metrics in the coming year.  However, Moody's does not
expect Ausdrill's credit metrics to improve materially.

Moody's expects Ausdrill to maintain sufficient liquidity over the
next 12 months, supported by its cash balances, undrawn credit
facilities and reduced capital expenditure.

WHAT COULD CHANGE THE RATINGS

Downward rating pressure could emerge if operating conditions
deteriorate beyond Moody's expectations or if the company is
unable to reduce its debt, as indicated by debt-to-EBITDA above
4.25x.

In addition, Moody's would consider downgrading the ratings if the
company is unable to comply with the covenants in its syndicated
facilities.

On the other hand, the outlook could revert to stable if Ausdrill
secures new contracts and increases revenue and earnings, such
that gross adjusted debt-to-EBITDA remains comfortably below 3.25x
on a sustained basis.

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

Ausdrill Limited was established in 1987 as a drill and blast
company in the Australian mining services sector.  It has since
expanded into a vertically integrated provider of mining services
to the resources industry in Australia and Africa, with in-house
capabilities in manufacturing, logistics and supply.


DAZALLI'S PTY: First Creditors' Meeting Set For Sept. 9
-------------------------------------------------------
Peter A Amos at Amos Insolvency was appointed as administrator of
Dazalli's Pty Ltd, trading as Waminda Bakery, on Aug. 28, 2015.

A first meeting of the creditors of the Company will be held at
Amos Insolvency, 25/ 185 Airds Road, in Leumeah, New South Wales,
on Sept. 9, 2015, at 11:00 a.m.


MAGDEM PTY: First Creditors' Meeting Set For Sept. 9
----------------------------------------------------
Paul Cook & Terry O'Connor of Paul Cook & Associates were
appointed as administrators of Magdem Pty. Ltd., trading as
Acrodata & Acroproperty, on Aug. 28, 2015.

A first meeting of the creditors of the Company will be held at
Paul Cook & Associates, 105 Macquarie Street, in Hobart Tasmania
on Sept. 9, 2015, at 10:30 a.m.


SALITAGE WINERY: Receivers Seek Buyers for Salitage Assets
----------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Pemberton's
Salitage winery has been put up for sale for AUD7.9 million by
receivers at Ferrier Hodgson.

Dissolve.com.au relates that the sale price includes the vineyard,
winery, the Salitage Luxury Suites and three-bedroom residence of
the owners.  According to Dissolve.com.au, the owners reportedly
tried to sell the four luxury villas in 2012 for under AUD1.8
million but were unsuccessful.

Salitage Winery was founded in 1988.


WOLLONGONG COAL: Shuts Russell Vale; Sheds More Than 80 Jobs
------------------------------------------------------------
Peter Ker at The Sydney Morning Herald reports that Australia's
struggling coal sector has taken another blow, with the
announcement that a long-standing mine in the Illawarra region
will shut, at the expense of more than 80 jobs.

SMH relates that the 128-year-old Russell Vale colliery is set to
close, after its ASX-listed operator Wollongong Coal (WLC) said it
was not sustainable in the current financial conditions.

"This decision is not taken lightly and we have continually
attempted to avoid this unfortunate situation by undertaking a
series of workforce restructurings," the report quotes WLC chief
executive Milind Oza as saying.

SMH says the closure comes after WLC had an application to expand
the mine rejected by New South Wales' controversial Planning
Assessment Commission in April.

According to the report, WLC said it would continue trying to
expand the mine and indicated an expansion could allow the mine to
be restarted.

The job cuts at Russell Vale might not be the last caused by
rejections by the Planning Assessment Commission, which has also
frustrated companies like Rio Tinto and Anglo American in their
attempts to expand existing coal mines in the Hunter Valley over
the past two years, SMH relates.

Both companies have warned that jobs will go unless the mines can
be expanded, the report states.

SMH notes that the closure is the latest blow to Australia's coal
sector, which is struggling under low commodity prices and weak
demand.

SMH says the recent reporting season confirmed that scores of
Australian coal mines are loss-making now, including the local
coal divisions of Glencore, Yancoal, South32 and WLC.

Illawarra is copping its share of pain now, with speculation
BlueScope's Port Kembla steel works might have to close, and
recent strike action at South32's Illawarra coal mines, the report
says.

According to SMH, WLC also moved to impair the book value of some
assets that had attracted the attention of the Australian
Securities and Investments Commission.

SMH relates that ASIC has questioned the accounts that WLC filed
after March 31, and paid particular attention to book valuations
of mine development assets and trade receivables.

WLC responded on September 1 by impairing those assets by
AUD48 million and AUD69 million.

ASIC has been focusing particularly on asset valuations of
companies in the commodities sectors, the report adds.



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C H I N A
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CHINA AUTOMATION: 1H 2015 Results Support B1 CFR, Moody's Says
--------------------------------------------------------------
Moody's Investors Service says that China Automation Group
Limited's improved debt leverage in 1H 2015 supports its B1
corporate family and senior unsecured bond ratings and stable
ratings outlook.

"China Automation's improved financial leverage in 1H 2015 from
2014 is in line with our expectations," says Chenyi Lu, a Moody's
Vice President and Senior Analyst.

China Automation's adjusted debt/EBITDA fell to around 4.0x for
the 12 months ended June 30, 2015, based on the continuing
operations' annualized 1H 2015 EBITDA, from 4.4x at end-2014, as
its adjusted debt fell to RMB832 million at end-June 2015 from
RMB1.6 billion at end-2014, driven by a bond redemption.

In June 2015, China Automation used the proceeds from the disposal
of its 76.7% equity interest in Beijing Jiaoda Microunion
Technology Company Limited (unrated), its railway signaling
business, to redeem an aggregate principal amount of USD120
million of its senior unsecured bonds.

Moody's expects China Automation's adjusted debt/EBITDA to remain
around 4.0x-4.5x over the next 12-18 months, driven by: (1)
expected revenue of RMB1.5 billion from its continuing operations
in 2015 and flat revenue growth in 2016, underpinned by lower
exploration and production spending from its customers amid lower
global oil prices; and (2) an expected adjusted EBITDA margin of
13.5%, driven by cost controls, including headcount reductions.

This level of leverage is in line with the parameters of its B1
rating category.  Despite the negative impact from weak global oil
prices, some headroom remains within the company's rating before
it breaches the downgrade trigger of adjusted debt/EBITDA
exceeding 5.0x-5.5x on a sustained basis.

Based on China Automation's announcement for its continuing
operations, its revenue declined by 21.3% year-on-year to RMB769
million in 1H 2015 from RMB977 million in 1H 2014.  The decline
was mainly driven by weakness in the safety systems business in
the petrochemical industry amid weak oil prices, and lower sales
in the traction control systems in the railway industry.

The company's adjusted EBITDA margin also declined to 13.6% in 1H
2015 from 19.2% in 1H 2014, driven by lower revenue levels.

Consequently, adjusted EBITDA fell to RMB104 million in 1H 2015
from RMB188 million in 1H 2014.

In terms of liquidity, China Automation has RMB437 million of debt
maturing in April 2016 and other short-term debt of RMB302
million, which exceeds its cash holdings.

However, Moody's expects the company to fund such shortfall in the
financial markets given its established market position and
banking relationships.

The principal methodology used in these ratings was Global
Manufacturing Companies published in July 2014.

China Automation Group Limited specializes in providing safety
systems and control valves to the petrochemical industry and
traction systems to the railway industry in China.

The company began operations in 1999 and was listed on the Main
Board of the Stock Exchange of Hong Kong Limited in July 2007.
Its three founders collectively owned 44.89% of the company at
end-2014.


HENGDELI HOLDINGS: Moody's Retains Ba2 CFR on 1H 2015 Results
-------------------------------------------------------------
Moody's Investors Service says that Hengdeli Holdings Limited's
weaker 1H 2015 results have no immediate rating impact on its Ba2
corporate family and senior unsecured bond ratings, or the stable
ratings outlook.

"Despite a decline in revenue, Hengdeli maintained stable earnings
in 1H 2015 on the back of a favorable change in its product mix
towards higher-margin mid-end watches," says Lina Choi, a Moody's
Vice President and Senior Analyst.

Hengdeli's revenue fell by 6.3% year-on-year to RMB6.8 billion in
1H 2015, driven mainly by a 32% decline in revenue from its Hong
Kong high-end watches retail business.  This weakness was partly
mitigated by 16% revenue increase of Harvest Max business.
Hengdeli's gross profit margin increased to 30.5% in 1H 2015 from
28.6% in 1H 2014 mainly due to Harvest Max's higher gross margin.

Moody's expects Hengdeli's revenue growth to remain sluggish for
the coming 6-12 months, as its operating environment remains
challenging, particularly for the high-end market.

Moody's also expects Hengdeli's profitability to stay flat in
2015, as the company proactively manages its distribution costs
and rationalizes its stores.  Management expects its total number
of stores will decrease marginally by end-2015.

"Hengdeli's proactive inventory management, prudent capital
expenditure and deleveraging efforts enabled it to maintain a
stable financial profile in 1H 2015," adds Choi.

Hengdeli's adjusted debt/EBITDA was 4.2x for the 12 months to June
2015, similar to 4.0x in 2014, because the company used its cash
to repay RMB295 million in bank loans.  This level of financial
leverage appropriately positions the company in the Ba2 rating
category.

Hengdeli's cash flow from operations was negative in 1H 2015
because of seasonality.  However, the deficit narrowed to RMB37
million from RMB298 million in 1H 2014 as Hengdeli reduced its
inventory level by approximately RMB320 million.  Moody's expects
its cash flow from operations for 2015 to be slightly higher than
the RMB260 million reported in 2014.

The company's liquidity remains solid.  As of June 30, 2015,
Hengdeli had cash holdings of RMB1.6 billion, sufficient to cover
its short-term debt of RMB849 million and any negative free cash
flow over the next 12 months.

The principal methodology used in these ratings was Global Retail
Industry published in June 2011.

Founded in 1997 and listed on the Hong Kong Stock Exchange in
2005, Hengdeli Holdings Limited is China's largest retailer and
distributor of luxury watches.  It had 511 retail outlets across
Mainland China, Hong Kong, Macau and Taiwan as of 30 June 2015.


HOPSON DEVELOPMENT: 1H 2015 Results Supports B3 CFR, Moody's Says
-----------------------------------------------------------------
Moody's Investors Service says that Hopson Development Holdings
Limited's 1H 2015 results are in line with Moody's expectations
and support its B3 corporate family rating, Caa1 senior unsecured
debt rating and its stable outlook.

"We expect Hopson's credit metrics to remain weak in 2015 before
improving in 2016, as Hopson executes its strategy to shift its
product mix away from premium demand towards mass-market demand,"
says Dylan Yeo, a Moody's Analyst.

For the twelve months ended 30 June 2015, Hopson recorded revenue
of HKD18.8 billion, up by 10% from full year 2014 (FY2014), as it
executes its plan to target mass market demand through more small-
and medium-sized units.

Moody's expects full-year 2015 revenue to be slightly lower than
2014, before stepping up in 2016.  Revenue in 2015 is affected by
the weak contracted sales in 2014, which has resulted in a lower
volume of deliveries this year.

Its gross margin declined to 25% in 1H 2015 from 31% in 2014 due
to the increasing contribution of lower-margin products targeted
at mass market demand.  Moody's expects gross margin to continue
trending downwards in the next 12-18 months.

In the first six months of 2015, Hopson achieved RMB5.5 billion in
contracted sales, a year-on-year increase of 203%, reflecting the
247% increase in volume of gross floor area sold and the success
of its strategy to target mass market demand.

Its EBIT/interest ratio for the 12-month period ended June 2015
stayed at 2.0x, flat from FY2014. Moody's expects the ratio to
stay at 1.5x-2.0x in FY 2015 due to the declining margins.

Hopson's gross debt decreased slightly to HKD48.6 billion at the
end of June 2015 from HKD49.4 billion at end-2014.  Leverage, in
terms of revenue-to-debt, improved to 39% in the twelve months up
to June 2015 from 34% in FY 2014, but will take time to align with
industry peers.

Moody's expects Hopson will take another 12-18 months to fully
implement its business strategy, reduce inventory-on-hand and
lower its debt leverage.

"In the meantime, Hopson's liquidity will continue to be
constrained by its large portion of short term debt," says Yeo.

Hopson's cash position declined to HKD5.2 billion in 1H 2015 from
HKD6.7 billion in FY 2014 and cash to short-term debt coverage
fell to 41% from 53% over the same period.

Nevertheless, Hopson's near-term refinancing risk has fallen,
after Hopson redeemed in May 2015 its $300 million senior notes
due in 2016.  The redemption was funded by mortgage loans on its
investment properties in Guangzhou and Beijing.

Refinancing risk on short-term bank loans is partly offset by the
company's longstanding banking relationships.  Its investment
properties and high-quality land bank can also be used as
collateral for loans.

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

Hopson Development Holdings Limited is one of the largest property
developers in China with a land bank of 32.47 million square
meters in gross floor area as of June 2015.  Its principal
business interests are residential developments in four major
cities -- Guangzhou, Beijing, Shanghai, and Tianjin -- and their
surrounding areas.


LOGAN PROPERTY: 1H 2015 Results in Line with Moody's Expectations
-----------------------------------------------------------------
Moody's Investors Service says that Logan Property Holdings
Company Limited's 2015 results for the first six months of 2015
(1H 2015) are in line with Moody's expectations and will not
immediately impact the company's Ba3 corporate family or B1 senior
unsecured ratings.

The ratings outlook remains stable.

"Logan's credit profile was broadly stable in 1H 2015, after
weakening in 2014, due to higher leverage from its offshore bond
issuances," says Dylan Yeo, a Moody's Analyst and the Lead Analyst
for Logan.  "We expect its credit metrics to remain stable for
full-year 2015."

Logan's revenue increased by 8% to RMB5.2 billion in 1H 2015,
supported by its contracted sales growth over the last two years.
Moody's expects that the company's revenue will trend toward
RMB13-RMB14 billion for the fiscal year ended Dec. 31, 2015,
(FY2015) based on Logan's delivery plan.

The company's gross margin was broad flat, at 30.2% for the 12
months to June 2015, compared to 30.4% in 2014.  Moody's expects
Logan's gross margin to register 30% in FY2015, reflecting the
company's strong brand name and market position in its core
markets, as well as its prudent cost management approach.

Contracted sales grew strongly in 1H 2015 to RMB8.4 billion, a
51.8% increase from the RMB5.5 billion in 1H 2014.  Logan is on
track to achieve its revised sales target of RMB18 billion for
FY2015, as seen by its strong contracted sales momentum in July
2015, which in turn resulted in contracted sales of RMB10.1
billion for the first seven months of 2015.

Credit metrics held stable with a marginal improvement in
leverage, offset by a slight decline in interest coverage.

Leverage -- as measured by revenue-to-debt -- rose to 77% for the
12 months to 30 June 2015 from 71% in 2014.  The improvement at 30
June 2015 was driven by a reduction in its overall debt levels --
as proceeds from its December 2014 bond were partly used to pay
down short-term bank loans -- and by revenue growth.

EBIT/interest fell to 3.0x for the 12 months to 30 June 2015 from
3.6x in FY2014, mainly due to the step-up in interest cost from
its offshore bond issued in December 2014.

Moody's expects Logan's EBIT/interest and revenue to debt to
remain stable at 3.0x-3.1x and 74%-80% for full-year 2015.  The
revenue to debt ratio remains weak relative to its downward rating
trigger of 80%.

"Logan's liquidity position is adequate and will improve further
after it issues its domestic bonds in August 2015," adds Yeo.

Logan announced in August 2015 that it would be issuing two
tranches of domestic bonds totaling RMB5.0 billion, and maturing
in 2019 and 2020.  The bonds will improve Logan's financial
flexibility and extend its debt maturity profile.

As for its cash balance, Logan recorded a cash balance --
including short-term restricted cash -- of RMB6.4 billion at 30
June 2015. Cash to short term debt was at a healthy 106% at end-
June 2015, despite falling from 147% at end-2014.  The lower cash
holdings were due to debt repayments made in 1H 2015.

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

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

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

It listed on the Hong Kong Stock Exchange in December 2013.  At
end-June 2015, the company's land bank totaled 12.9 million sqm in
gross floor area across 13 cities in China, including in Shantou,
Nanning, and cities in the Pearl River Delta.


MAOYE INTERNATIONAL: S&P Lowers CCR to 'BB-'; Outlook Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on China-based department store operator
Maoye International Holdings Ltd. to 'BB-' from 'BB'.  The outlook
is negative.  S&P also lowered its long-term issue rating on the
company's senior unsecured notes to 'B+' from 'BB-'.  In line with
the rating change, S&P lowered its long-term Greater China
regional scale rating on the company to 'cnBB' from 'cnBB+' and on
the notes to 'cnBB-' from 'cnBB'.

"We lowered the rating because we believe Maoye will face higher
refinancing risk in the next 12 months," said Standard & Poor's
credit analyst Shalynn Teo.  "The outlook is negative, reflecting
our view that the company's credit risk profile could continue to
deteriorate over the next 12 months, given the company's
increasing refinancing risk and weaker capital structure due to
its significant short-term debt maturities and aggressive
expansion appetite."

The company's EBITDA interest coverage remains above 2.5x for the
first half of 2015, and S&P estimates Maoye's EBITDA interest
coverage to remain above 2.5x in S&P's base case.

In S&P's view, Maoye's deteriorating operating performance and
high working capital cash outflows stemming from its property
development have weakened its liquidity position.  S&P expects the
company's cash inflows from its property sales will remain weak in
2015, which cannot fully offset its aggressive spending on
construction and land acquisitions, albeit its slower expansion.
The company's inventory of completed properties and properties
under development decreased 4.4% to Chinese renminbi (RMB) 7.4
billion in the first half of 2015, from RMB7.8 billion in 2014,
while capital expenditure for property development was RMB600
million compared with RMB1.1 billion over the same period.  S&P
therefore revised its assessment of the company's liquidity
downward to "less than adequate" from "adequate."  Nevertheless,
Maoye has a good track record of refinancing its short-term debt
even during liquidity crunches in China.

In S&P's view, although Maoye is exposed to higher risk from
property development, given the volatile and capital intensive
nature of the business, its large portfolio of self-owned
commercial properties in prime locations allows the company to
sell some of the properties in times of distress for cash to
reduce debt and improve liquidity.  This strength is reflected in
the one-notch positive adjustment to Maoye's stand-alone credit
profile for comparable rating analysis.  In addition, S&P believes
the company will continue to focus primarily on operating
department stores and remain disciplined in new property projects.

S&P expects rising competition and weaker consumer demand to weigh
on the outlook for sales at Maoye's department stores in the next
12 months.  The company's higher exposure to lower-tier cities,
where S&P believes oversupply of retail space is more critical
than in larger cities, also increases the difficulty of turning
around the retail business.  However, S&P believes Maoye's good
positions in niche markets, strong brand name, and its favorable
concessionaire sales model will continue to support the rating.
S&P therefore assess the company's business risk profile as
"fair."

S&P could lower the rating if Maoye fails to improve its liquidity
position or if the company's EBITDA interest coverage drops below
2.5x over the next 12 months without signs of improvement.  This
could happen if: (1) longer term debt issuance does not proceed as
planned; (2) the company's property presales are weaker that S&P
expects and inventory buildup continues to outpace sales and
capital expenditure; (3) Maoye's retail sales and profitability
are materially weaker than S&P's expectation; or (4) Maoye takes
on more debt-funded expansion.

S&P could revise the outlook to stable if Maoye can: (1) improve
its debt maturity profile by reducing its short-term debt; and (2)
improve its liquidity position to "adequate."  This could happen
if the company successfully secures longer tenor debt for the
refinancing of its short-term debt, reduces its inventory on
property development materially and adopts a more conservative
growth strategy and financial policy.


SHIMAO PROPERTY: Fitch Affirms 'BB+' LT Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has affirmed China-based Shimao Property Holdings
Limited's Long-Term Issuer Default Rating (IDR) at 'BB+'. The
Outlook is revised to Positive from Stable. Fitch has also
affirmed Shimao's senior unsecured rating and the ratings on its
outstanding notes at 'BB+'. The full list of rating actions is at
the end of this commentary.

The Outlook revision reflects Fitch's expectation that Shimao will
achieve its target of generating positive net cash flow from
operating activities in 2015, driven by a slower pace of land
acquisition. The ratings are supported by the home builder's
strong execution track record, leadership in key regions and
stable margins that are also higher than that of its peers.

KEY RATING DRIVERS
Operating Cash Flow Turnaround: Fitch expects Shimao to achieve
positive net cash flow from operating activities in 2015, in line
with the company's target. The improvement in net cash flows is
driven by the improving housing demand in higher-tier cities as a
result of better liquidity available to home buyers, and Shimao's
slower pace of land acquisitions.

Land Banking Decelerates: Fitch expects Shimao's slower pace of
land acquisitions to continue in the next two years, which will
allow it to generate positive operating cash flow. This will allow
Shimao to keep its leverage as measured by net debt/adjusted
inventory, to below 25%. Shimao's land bank in 2014 would be
sufficient to maintain its sales activity for another six years,
compared with almost nine years in 2012, after it slowed down on
land purchases from 2013. The ratio of gross floor area (GFA) of
land acquired to contracted sales GFA decreased to 1.13x in 2014
from 1.39x in 2013, and this was over 2.5x in 2010 and 2011.
Shimao's land bank fell to 33.3million sqm by end-1H15, compared
with 36 million sqm in 2013 and 2014.

Rising Contracted Sales: Fitch believes Shimao can meet its full-
year contracted sales target of CNY72bn in 2015; having achieved
contracted sales of CNY35.6bn by July 2015, 49.4% of its full-year
target. The company's robust internal organisation structure,
through its eight business regions, and timely management
information system have significantly strengthened its operational
versatility in responding to shifts in market demand. Shimao
overcame weak market conditions in 2014 to generate a 5% increase
in contracted sales to CNY70bn in 2014, which was within Fitch's
expectations.

Multi-Regional Player: Fitch believes Shimao will continue to
achieve strong sales in its core regional markets given its market
leadership, brand reputation, local know-how and operational
efficiency. The company's multi-regional exposure helps mitigate
city or province specific risks like demand-supply imbalances and
housing policy changes. Shimao is a leading player in the Yangtze
River Delta region and has built entrenched businesses in other
regions across China. Core markets in cities such as Hangzhou,
Shanghai, Ningbo, and in the Fujian and Jiangsu provinces
accounted for around 60%-70% of contracted sales in 2014 and 2013.

Stable EBITDA Margins: Shimao's EBITDA margin is higher than that
of its 'BB' category peers of 20% to 25%. Shimao's EBITDA margin
was 26.3% in 2014, and has been just below 30% since 2012. The
reduced margin reflected the company's change in product mix to
focus on first-time buyers and upgraders. Fitch expects Shimao to
maintain its EBITDA margin for the next two years, but it may
narrow thereafter as competition intensifies in the sector.

Well-Established Funding Channels: Shimao has actively managed its
offshore debt maturity profile by refinancing its debt. This has
resulted in interest costs falling to around 6.8% in 2014 from
over 8% in 2012. Fitch expects Shimao's interest costs to trend
downwards as lower-cost domestic bond financing is now available
for homebuilders. Management's focus on maintaining both ample
liquidity and ready access to various funding channels further
supports its ratings.

KEY ASSUMPTIONS

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

-- Contracted sales by GFA to increase by 3% over 2016-2018;
-- Average selling price for contracted sales to increase by 2%
    for 2016-2018;
-- Fitch estimates the EBITDA margin at 23%-25% in 2016-2018

RATING SENSITIVITIES

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

-- Failing to maintain the positive guidelines will lead to the
    Outlook reverting to Stable

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

-- Sustaining trend of positive cash flow from operating
    activities
-- EBITDA margin above 22% on a sustained basis (2014: 26.3%,
    1H15: 24.2%);
-- Maintaining the ratio of net debt to net adjusted inventory
    below 35% on a sustained basis (2014: 27.1%, 1H15: 26.3%);
-- Maintaining the ratio of contracted sales to gross debt above
    1.25x on a sustained basis (2014: 1.12x, 1H15: 0.94x).

FULL LIST OF RATING ACTIONS

-- Long-Term Foreign-Currency IDR rating affirmed at 'BB+',
    Outlook revised to Positive
-- Senior unsecured rating affirmed at 'BB+'
-- USD800 million 6.625% senior unsecured notes due 2020
    affirmed at 'BB+'
-- USD600 million 8.125% senior unsecured notes due 2021
    affirmed at 'BB+'
-- USD1.1 billion 8.375% senior unsecured notes due 2022
    affirmed at 'BB+'


SUNAC CHINA: 1H 2015 Results Support B1 CFR, Moody's Says
---------------------------------------------------------
Moody's Investors Service says that Sunac China Holdings Limited's
weak 1H 2015 results are in line with expectations and have no
impact on its B1 corporate family rating and B2 senior unsecured
ratings.

The ratings outlook is stable.

"Sunac's weak level of revenue recognition and financial metrics
in 1H 2015 are within our expectations, and we expect more
projects to be delivered in 2H 2015, further supporting revenue
recognition," says Franco Leung, a Moody's Vice President and
Senior Analyst.

Sunac reported a 40% year-on-year decline in revenue to RMB5.4
billion in 1H 2015 from RMB9.1 billion in 1H 2014.

In addition, its gross profit margin (pre-impairment) fell to
14.0% in 1H 2015 from 25.4% in 1H 2014.

Moody's estimates that adjusted gross profit margin -- including
the portion attributable to jointly controlled entities -- dropped
to around 18%-20% in 1H 2015 from 24% in 1H2014.

Moreover, Sunac's credit metrics remain weak even after taking
into account the portion attributable to these jointly controlled
entities, which recorded a significant rise in revenue and profit.

The company's adjusted EBIT/interest, including contributions from
its jointly controlled entities and associates, fell to around
1.8x-2.0x for the 12 months ended June 2015 from around 2.3x in
2014, based on Moody's estimates.

Moody's expects that adjusted EBIT/interest will stay around 2x in
the coming 12-18 months, as the company will control its average
borrowing costs.

In this context, it issued domestic corporate bonds of RMB5
billion in August 2015 at low interest rates of 4.5%-5.7%, and
most of the proceeds will be used to refinance higher-cost debt.

Moody's expects that the profit contributions from joint ventures
and associates will remain material in the coming 12-18 months.

While Sunac's project partners are mostly reputable developers,
Moody's notes that levels of joint venture disclosure are less
vigorous than in other markets and result in lower corporate
transparency.

At the same time, the company remains active in land acquisitions.
It announced on July 24, 2015, that it planned to conditionally
acquire 7 property projects in Chengdu with an aggregate gross
floor area of approximately 2.54 million sqm for a total
consideration of RMB3.2 billion.

Its land payments in 1H 2015 amounted to RMB4 billion and
committed land payments in the coming 6 months were RMB5.6
billion.

The funding required for its land payments and construction costs
will likely keep Sunac's debt leverage at high levels.
Accordingly, Moody's expects debt leverage -- as measured by
revenue/debt -- will remain around 70%-75% from around 73% in
2014. Such credit metrics are comparable to that of its B1-rated
industry peers.

On the other hand, Sunac's liquidity profile remains strong.

The company's cash to short-term debt remained robust at 134% at
end-June 2015, compared with 181% at end-2014.  Its cash holdings
-- including restricted cash -- of RMB16.8 billion at end-June
2015, in addition to its operating cash flow, are sufficient to
cover maturing debt of RMB12.5 billion and committed land payments
over the next 12 months.

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

Sunac China Holdings Limited is an integrated residential and
commercial property developer, with ongoing or completed projects
in China's main regions of Beijing, Tianjin, Shanghai, Chongqing
and Hangzhou.

The company develops a wide range of properties, including high-
rise and mid-rise residences, detached villas, townhouses, retail
properties, offices and car parks.

Sunac was incorporated in the Cayman Islands on April 27, 2007,
and listed on the Hong Kong Stock Exchange on Oct. 7 2010.  At
end-June 2015, it owned 84 projects and its land bank totaled
26.03 million square meters.


WUZHOU INTERNATIONAL: 1H 2015 Results Won't Impact Moody's B2 CFR
-----------------------------------------------------------------
Moody's Investors Service says that while Wuzhou International
Holdings Limited's profitability weakened in the six months to 30
June 2015 (1H 2015), the results will not immediately impact the
company's B2 corporate family or B3 senior unsecured ratings.

Moody's says the results, while weak, are in line with the
negative outlook on the ratings, which Moody's revised from stable
in April 2015.

"Wuzhou's weak revenue recognition in 1H 2015, and lower
profitability during the period when compared with levels seen in
1H 2014 have put further pressure on its interest coverage and
debt leverage," says Stephanie Lau, a Moody's Assistant Vice
President and Analyst.

Wuzhou reported a 13% year-over-year drop in revenue to RMB2.2
billion in 1H 2015, mainly due to a 36% fall in the average
selling price of properties delivered.  Its gross margin fell to
29% for the 12 months ended June 30, 2015, from 35% in 2014, as
the company focused on reducing inventories on hand.

Given that Wuzhou will continue to focus on selling down its
existing inventory in 2H 2015, Moody's expects that the company's
gross margins will remain at around 30%-33% for 2015.

Wuzhou's gross debt increased slightly to RMB5.7 billion at end-
June 2015 from RMB5.4 billion at end-2014.  Debt leverage, in
terms of revenue to adjusted debt, deteriorated to 70% in the 12
months ended June 30, 2015, from 79% in the fiscal year ended
Dec. 31, 2014.

Consequently, Wuzhou's adjusted EBIT/interest coverage dropped to
1.4x for the 12 months ended 30 June 2015 from 1.8x in at end-
2014.  Moody's expects that the company's interest coverage will
remain at 1.4x-1.8x over the next 12 months; a result which is
weak for its rating categories.

As for sales performance, Wuzhou's sales performance was in line
with Moody's expectations.  In the first seven months of 2015,
Wuzhou achieved RMB3.5 billion in contracted sales, representing a
year-on-year increase of 8.7%.  Moody's believes the company is on
track to meet its full year target of RMB7 billion.

"While Wuzhou's 1H 2015 results show a weaker financial profile
when compared with the company's results at end-2014, we expect
that it can manage its liquidity position," adds Lau.

Wuzhou's liquidity position, as measured by cash to short-term
debt, weakened to 0.82x at end-June 2015 from 1.01x at end-2014.

Nevertheless, Moody's notes that Wuzhou's short term debt consists
of RMB512.4 million in convertible bonds, redeemable on or after
Sept. 30, 2017.  Excluding the convertible bonds, its cash to
short-term debt ratio will be at 1.06x; a level appropriate level
for its B2 corporate family rating.

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

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

Wuzhou International Holdings Limited specializes in the
development and operation of wholesale markets and multi-
functional commercial complexes in China.

At June 30, 2015, the company had a total of 37 projects in 11
provinces and municipal cities, including 20 merchandising and
logistics centers and 17 multi-functional commercial complexes.
Its land bank totaled approximately 7.4 million square meters in
gross floor area in the same period.

Listed on the Hong Kong Stock Exchange in June 2013, Wuzhou was
68.39% owned by its two founders, Mr. Shu Cecheng and Mr. Shu
Cewan, at end-June 2015.


YUZHOU PROPERTIES: Fitch Assigns 'BB-' LT Foreign-Currency IDR
--------------------------------------------------------------
Fitch Ratings has assigned Yuzhou Properties Company Limited
(Yuzhou) a Long-Term Foreign-Currency Issuer Default Rating (IDR)
of 'BB-' with Stable Outlook and a senior unsecured rating of 'BB-
'. The full list of rating actions is at the end of this
commentary.

Yuzhou's rating is supported by its strong position in core
markets, favourable margin compared with that of its peers,
healthy liquidity and moderate leverage. The key uncertainty is
the progress of its expansion into new cities, namely Nanjing and
Shanghai, which could not only increase its contracted sales and
enhance its presence in the Yangtze Delta region, but also lower
its margin level and increase leverage.

KEY RATING DRIVERS

Strong Core Markets Advantage: Yuzhou's leadership in its core
markets has supported steady growth in contracted sales in the
past, and has provided a strong base for expansion into other
cities, especially those within neighbouring provinces. Yuzhou has
leading market positions in Fujian Province's top three cities,
and has successfully expanded into Hefei, the capital city of
Anhui Province. It was the No.1 homebuilder by sales in Xiamen for
10 consecutive years, where its brand helps it to secure premium
pricing and a high gross margin of around 30%. In Hefei, Yuzhou
has six projects, five of which are under development, and it is
among the four biggest homebuilders by sales.

Scale Expansion Potential: The company seeks to replicate its
success in Xiamen and Hefei in new markets like Shanghai, Fuzhou
and Nanjing. In the next three to five years, it aims to achieve
annual contracted sales of CNY5bn in each of these five cities,
solidifying its regional presence. The establishment of robust
operations in Nanjing and Shanghai will help Yuzhou to set up core
markets in two regions - West Strait Economic Zone and Yangtze
River Delta. This will improve the company's economies of scale,
and mitigate the negative effects of market-specific factors, such
as demand-supply imbalances or changes in government policies that
affect a single city or region.

Favourable Margin Compared with Peers: Yuzhou's EBITDA margin is
well above the average 20% of 'BB-' rated homebuilders in China.
Its margin was 29% in 1H15 and 31% in 2014 and has historically
been between 25% and 35%. Yuzhou is committed to a prudent land
acquisition policy, which has limited the ratio of land costs to
average selling prices to around 20%. Meanwhile, the company
targets both first-time home buyers and upgraders, which helps it
to maintain a moderate sell-through rate, and hold reasonable
inventory while maximising margin through high-end, high-quality
projects. If Yuzhou expands aggressively into new cities, we
expect the margin to narrow from 2017. In that case, Fitch would
assess the rating impact the lower margin will have against the
increase in contracted sales.

Healthy Liquidity: Yuzhou's current liquidity position is healthy
and strong, which supports its planned expansion. At end-June
2015, Yuzhou had total cash of CNY7.7bn and an undrawn credit
facility of CNY3.1bn, which exceeded its short-term debt of
CNY3.4bn. The company has also established diversified funding
channels, including onshore and offshore capital markets, and
raised HKD792m from new share issuance in May 2015 to ensure the
sustainability of its liquidity.

Moderate Leverage: Yuzhou has maintained a healthy leverage, as
measured by net debt to adjusted inventory, of 29% at end-2014,
which is comparable to the level of about 35% for other Chinese
homebuilders rated 'BB-'. Yuzhou's leverage at end-June 2015 rose
to 33% as a result of higher land acquisitions in 1H15 relative to
its contracted sales. This will reverse in the second half as the
company's sales increase, given it will have 1.6 million sqm of
saleable GFA versus 0.6m GFA sold in 1H15. We expect its leverage
will stay around 35% in the next two years as a result of its
planned expansion.

KEY ASSUMPTIONS

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

-- Average selling price will increase from 2016 onwards, as
    Yuzhou increases exposure in Tier 1 and Ttier 2 cities like
    Shanghai and Nanjing, which have higher average selling
    prices than its core markets in Xiamen, Hefei, and Fuzhou

-- GFA sold will increase due to its expansion plan into new
    cities, and its current large land reserve

-- Land costs to increase faster than average selling prices as
    the company has fewer channels to acquire land in cities it
    is entering compared with its established markets in Xiamen
    and Hefei

-- As a result of the rapid increase in land costs, EBITDA
    margin will gradually drop from 30% to 20%-25% in 2017

RATING SENSITIVITIES

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

-- EBITDA margin sustained below 25%
-- Net debt/adjusted inventory sustained above 35%
-- Contracted sales / net inventory sustained below 0.8x (0.8x
    for last twelve months ending June 2015)
-- New markets (Shanghai, Nanjing, and Fuzhou) fail to make up
    at least 20% of contracted sales by 2017

Positive: No positive rating action is expected unless Yuzhou is
able to substantially increase its scale, and establish a core
market in the Yangtze River Delta without compromising its
financial metrics. This is not expected over the next 12-18
months.

FULL LIST OF RATING ACTIONS

-- Long-Term Foreign-Currency IDR rating assigned at 'BB-',
    Outlook Stable
-- Senior unsecured rating assigned at 'BB-'
-- USD250 million 11.75% senior unsecured notes due 2017
    assigned rating at 'BB-'
-- USD300 million 8.75% senior unsecured notes due 2018 assigned
    rating at 'BB-'
-- USD300 million 8.625% senior unsecured notes due 2019
    assigned rating at 'BB-'
-- USD250 million 9.0% senior unsecured notes due 2019 assigned
    rating at 'BB-'



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


A-ONE TEX: CRISIL Lowers Rating on INR65MM LT Loan to 'D'
---------------------------------------------------------
CRISIL has downgraded its rating on A-One Tex Tech Private Limited
(ATPL) to 'CRISIL D' from 'CRISIL B-/Stable' mainly because of
delays in principal repayment obligation.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           65        CRISIL D (Downgraded
                                   from 'CRISIL B-/Stable')

   Proposed Long Term    65        CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B-/Stable')

   Term Loan             55        CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

The rating continues to reflect ATPL's limited track record of
operations and average financial risk profile, marked by high
gearing. These rating weaknesses are partially offset by ATPL's
diverse customer base and financial support extended by the
promoters.

ATPL was incorporated in 2012 with the objective of manufacturing
Polypropylene (PP) Spun bonded Non-Woven Fabrics which finds its
use in manufacturing of rice packing bags, medical industry,
Agricultural covering etc. The company commenced its operations
from June 2013 onwards. The company is promoted by Mr. Mohit
Kohli. The company has its manufacturing facility located in
Sonepat, Haryana.


BEST CHERAN: CRISIL Reaffirms B- Rating on INR257.5MM Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Best Cheran Spintex
India Limited (Best Cheran) continue to reflect the susceptibility
to volatility in viscose staple fibre prices and stretched
liquidity, with working-capital-intensive operations. These
weaknesses are partially offset by its established position in the
viscose yarn industry.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            93.5     CRISIL B-/Stable (Reaffirmed)
   Letter of Credit       30       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    257.5     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Best Cheran will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if profitability and cash
accruals improve significantly, while managing working capital,
thereby improving the financial risk profile, particularly
liquidity. Conversely, the outlook may be revised to 'Negative' if
revenue decline or a large debt-funded capital expenditure
programme is undertaken or working capital cycle stretches.

Best Cheran, based at Erode (Tamil Nadu), manufactures and exports
viscose and viscose blended yarn.


CHERISH AGRO: CRISIL Upgrades Rating on INR50MM Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Cherish Agro Impex Pvt Ltd (Cherish) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

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

   Packing Credit        50       CRISIL B+/Stable (Upgraded
                                  from 'CRISIL B/Stable')

   Proposed Long Term    35       CRISIL B+/Stable (Upgraded
   Bank Loan Facility             from 'CRISIL B/Stable')

The upgrade reflects healthy improvement in Cherish's business and
financial risk profiles as reflected by healthy growth in its
revenue and increase in operating profit margin. This, along with
equity infusion by the promoters and efficient working capital
management, has led to improvement in the total outside
liabilities to tangible net worth (TOLTNW) ratio. The higher-than-
expected growth in revenue has been driven by the extensive
experience of its promoters in the rice industry, their healthy
relationship with customers and increasing number of dealers. The
working capital management is marked by improved gross current
assets of 52 days as on March 31, 2015, against 160 days as on
March 31, 2014. Continuance of funding support from the promoters
and efficient working capital management is crucial for Cherish's
stable credit risk profile over the medium term.

The ratings reflect Cherish's weak financial risk profile, marked
by modest debt protection metrics and low profitability. This
weakness is partially offset by the company's prudent risk-
management practices and the extensive experience of the promoters
in the rice industry, along with their funding support.
Outlook: Stable

CRISIL believes that Cherish will continue to benefit from its
prudent risk-management practices and the extensive experience of
its promoters over the medium term. The outlook may be revised to
'Positive' if the company significantly improves its capital
structure and reports higher-than-expected cash accruals, driven
by improvement in sales and profitability. Conversely, the outlook
may be revised to 'Negative' if Cherish reports significantly low
cash accruals, or if its working capital management deteriorates,
leading to stretched liquidity.

Cherish was set up in 2011 as a proprietorship firm, Cherish Foods
Impex. In 2013, the firm was reconstituted as private limited
company with the current name. The company primarily trades and
exports basmati rice to the Middle East and Europe. It is managed
by Mr. Raj Sareen and is based in New Delhi.


DASS RICE: CRISIL Assigns 'B' Rating to INR80MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Dass Rice & Oil Mills (DROM).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------           ---------     -------
   Cash Credit              80        CRISIL B/Stable
   Export Packing Credit    10        CRISIL B/Stable

The rating reflects DROM's small scale of operations, large
working capital requirements, and low net worth. These rating
weaknesses are partially offset by the extensive experience of
DROM's partners in the rice industry, and the firm's moderate
operating profitability.
Outlook: Stable

CRISIL believes that DROM will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if the firm's revenue increases
substantially along with an improvement in its working capital
management, leading to an increase in its cash accruals. Capital
infusion by the partners, resulting in an improvement in its
financial risk profile, may also result in a 'Positive' outlook.
Conversely, the outlook may be revised to 'Negative' if DROM
undertakes aggressive debt-funded expansions, or if there is a
stretch in its working capital cycle, resulting in weakening of
its financial risk profile.

DROM, established in 1976, mills and sorts rice, both basmati and
non-basmati. The firm has a milling and sorting capacity of 2
tonnes per hour. Its manufacturing facility is in Tarn Taran
(Punjab).

DROM's book profit and net sales are reported at INR1.04 million
and INR135.4 million, respectively, for 2013-14 (refers to
financial year, April 1 to March 31); the firm reported a book
profit of INR0.91 million on net sales of INR125.2 million for
2012-13. It is estimated to report net sales of INR127.3 million
for 2014-15.


EKAM AGRO: CRISIL Assigns B+ Rating to INR110MM Term Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' to the bank facilities
of Ekam Agro Private Limited (EAPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           40        CRISIL B+/Stable
   Term Loan            110        CRISIL B+/Stable

The rating reflects company's nascent stage of operations and its
weak financial risk profile marked by high gearing. These rating
weaknesses are partially offset by the promoters' extensive
experience in the industry.
Outlook: Stable

CRISIL believes that EAPL shall maintain a stable business risk
profile backed by the promoter's extensive experience in oil
industry. The outlook may be revised to 'Positive' if the
company's revenues and profitability increase significantly
leading to higher-than-expected cash accruals and subsequent
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if ESPL's revenues and profitability
decline significantly, or if the company undertakes large debt-
funded capital expenditure programme, thereby weakening its
financial risk profile and liquidity.

Incorporated in 2014, EAPL is engaged in the manufacturing of
edible oil. The company's manufacturing facility is located at
Jalalabad road Mukatsar, Punjab and operates at a capacity of
around 100 tonnes per day (tpd) which is expected to be increased
to 150 tpd in 2015-16.

EAPL is estimated to have reported a net-loss of INR5.1 million on
operating income of INR120.6 million in 2014-15.


ESHWARNATH CONSTRUCTIONS: CRISIL Reaffirms B INR50MM Loan Rating
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Eshwarnath
Constructions (EC) continue to reflect EC's small scale of
operations and exposure to intense competition in the fragmented
civil construction industry.

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

The ratings also reflect the working capital intensive nature of
its operations. These rating weaknesses are partially offset by
the extensive industry experience of the firm's promoters
Outlook: Stable

CRISIL believes that EC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm scales up its
operations significantly while improving its profitability,
leading to higher cash accruals and better liquidity. Conversely,
the outlook may be revised to 'Negative' if EC's revenue or
profitability is low, or its working capital management
deteriorates, or it undertakes a large debt-funded capital
expenditure programme, resulting in weakening of its financial
risk profile, particularly its liquidity.

ECS, set up in 1997, executes civil construction work for the
Southern Railways and for private players in Tamil Nadu. The
firm's day-to-day operations are managed by Mr. M Athmanathan.


FARMERS AGRICULTURE: ICRA Reaffirms B+ Rating on INR7.5cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR7.50 crore fund based facilities (Agriculture crop loan) of
Farmers Agriculture Credit Co-Operative Society Limited, erstwhile
Syndicate Rythara Sahakara Sanga Niyamita.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits-    7.50        [ICRA]B+ reaffirmed
   Agriculture crop
   loan

The rating factors in the small scale of operations in limited
geographies that reduces financial flexibility to an extent and
the exposure of the society to agro-climatic risks as short term
agricultural loans account for majority of the advances extended.
ICRA also notes that the government subsidies on account of loan
waivers and interest subventions are received with some delay,
resulting in mismatch between the assets and the liabilities of
various durations of the society.

The rating is, however, supported by the long track record of
operations of the society with a large membership base coupled
with constant support from central and state government in the
form of interest subvention on agri-loans and exemption from the
income tax which supports the society's earnings. The rating
factors in the decrease in non-performing asset (NPA) levels on
account of lower slippages and better recoveries during 2014-15
which coupled with the increase in asset and deposit base support
growth prospects. ICRA also takes note of the grade 'A' (highest
grade) assigned to the society by the state co-operative audit
department based on the performance of the society.

The society was incorporated in 1976 and operates as a co-
operative bank for regions around Periyapattana in Mysore district
with close to 2400 members as on March 31, 2015. It extends
advances for various farming requirements in around 30 villages in
the region. It had extended INR5.1 crore advances as on March 31,
2015 and funds its advances through member deposits and bank
loans. The savings and share deposits with the company as on March
31, 2015 stood at INR4.2 crore and INR1.9 crore respectively. The
society also trades in fertilizers, silk and food commodities such
as paddy, ginger, turmeric etc for which it has warehouses with a
total storage capacity of ~1000 MT.

Recent Results
During 2014-15, the company reported a net profit of INR0.6 crore
on an operating income of INR5.6 crore as against a net profit of
INR0.4 crore on an operating income of INR5.5 crore during 2013-
14.


FAVOURITE AGENCY: ICRA Suspends 'D' Rating on INR60cr Loan
----------------------------------------------------------
ICRA has suspended the short-term rating of [ICRA]D for the
INR60.0 Crore non-fund based facility of Favourite Agency Private
Limited.

                        Amount
   Facilities         (INR crore)      Ratings
   ----------         -----------      -------
   Non-Fund Based
   Limit (LC)             60.00        [ICRA]D (Suspended)

The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


GAGAN WINE: CRISIL Reaffirms B+ Rating on INR170MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Gagan Wine Trade
and Financers Ltd (GWTFL) continues to reflect the susceptibility
of GWTFL's revenue to regulatory risks in the liquor business.
This rating weakness is partially offset by the extensive
experience of the company's promoters in the liquor
distributorship business.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           170       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GWTFL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's business
risk profile improves significantly, marked by a substantial
increase in its operating income and profitability, while it
maintains its financial risk profile. Conversely, the outlook may
be revised to 'Negative' if GWTFL's financial risk profile
weakens, most likely because of any unfavourable regulatory
changes.

GWTFL is a closely held public limited company based in Delhi. It
was incorporated in 1996 and is promoted by Mr. Shiv Lala Doda.
Mr. Doda has been in the liquor distribution business since 1994.


GOPAL PULSE: ICRA Suspends 'D' Rating on INR10cr Term Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR15.0 crore bank facilities of Gopal Pulse Processors Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long term, Term Loan      10.0       [ICRA]D Suspended
   Long term, fund based
   facilities                 5.0       [ICRA]D Suspended

The company is a part of the Kogta group which undertakes
manufacturing, processing and trading of dals & pulses
domestically through its six group companies. The group has
processing units in Jalgaon and deals in all types of dals and
pulses like Moong, Tur, Udad, Masoor, Gram Flour etc. The group
markets its commodities under the brand 'Dal Parivar' throughout
India.


HARIOM YAMAHA: CRISIL Assigns B+ Rating to INR50MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Hariom Yamaha (HY).

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

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

The rating reflects HY's modest scale of operations and moderate
financial risk profile, marked by modest net worth and below-
average debt protection metrics. These strengths are partially
offset by the proprietor's extensive experience in the automobile
industry and established relationship with India Yamaha Motor Pvt
Ltd (IYML)
Outlook: Stable

CRISIL believes that HY will continue to benefit over the medium
term from its established relationship with its principal, IYML.
The outlook may be revised to 'Positive' if the firm reports
significant increase in revenue and profitability, or there is
capital infusion by the proprietor, resulting in improvement in
the financial risk profile. Conversely, the outlook may be revised
to 'Negative' if HY's revenue or profitability decline, or if it
undertakes any large debt-funded capital expenditure programme,
thereby weakening its financial risk profile.

HY was established in 2009 as a proprietorship concern by Mr.
Chanchal Chandel. The firm is a dealer of IYML two wheelers. The
firm operates two showrooms in Bhopal and Sehore (Madhya Pradesh).


HOTEL SHAKTI: CRISIL Assigns 'D' Rating to INR100MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Hotel Shakti Continental (HSC). The rating reflects
instances of delay by HSC in servicing its debt; the delays have
been caused by the firm's weak liquidity, owing to implementation
stage of its on-going project.

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

HSC is exposed to risks related to stabilization and demand of its
project and is susceptible to cyclicality in the hospitability
industry. However, the firm benefits from the promoters' extensive
experience in the hotel business.

HSC was set up in 2008 as partnership firm by the Odisha-based
brothers Mr. Ramesh Sahoo, Mr. Vijay Sahoo and Mr. Bikram Sahoo.
The firm plans to set up a 3-star hotel in Angul (Odisha).


INDIAN TREAT: ICRA Lowers Rating on INR25cr Fund Based Loan to D
----------------------------------------------------------------
ICRA has downgraded the short term rating outstanding for the
INR25 crores fund based facilities of Indian Treat Limited from
[ICRA]A4 to [ICRA]D.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
  Fund Based Limits      25.00      [ICRA]D; Downgraded
                                    from [ICRA]A4

The rating revision takes into account delays in debt servicing by
Indian Treat Limited on account of stretched liquidity condition
driven by business slowdown primarily exports.

The Navi Mumbai-based Indian Treat Pvt. Ltd. was set up by third
generation entrepreneurs, Mr. Hitesh Mittal, Mr. Neeraj Mittal,
and Mr. Sahil Mittal in 2010 which was subsequently converted to a
public limited company in November 2013; and has been engaged in
the business of trading (export) agricultural products  -- such as
rice, pulses, spices and flour. The shareholders of the company
consists of the Mittal family, who hold 93.75% of the company;
while the remaining 6.25% is held by private limited companies
that are promoted by friends of the promoters of ITL. ITL sources
rice from mills located across India, and exports the same to
clients based in the US, EMEA, Australia and South East Asian
countries.


JAIN IRRIGATION: CRISIL Withdraws B+ Rating on INR2.87BB Loan
-------------------------------------------------------------
CRISIL has withdrawn its long-term rating on the term loan of
Jain Irrigation Systems Ltd (JISL), on the company's request, as
there is no amount outstanding against the same. CRISIL has also
withdrawn its rating on the proposed term loan, on the company's
request, as the company has not availed of the facility.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit         5079.7     CRISIL B+/Stable (Notice
                                  of Withdrawal)

   Letter of credit    3487.5     CRISIL A4 (Notice of
   & Bank Guarantee               Withdrawal)

   Proposed Term       2877.6     CRISIL B+/Stable Withdrawal
   Loan

   Term Loan             83.9     CRISIL B+/Stable Withdrawal

The rating on JISL's other bank facilities have been placed on
'Notice of Withdrawal' for a period of 60 days on the company's
request. The ratings shall be withdrawn at the end of the notice
period, in line with CRISIL's policy on withdrawal of rating on
bank loans.

JISL was established in 1986 by Mr. B H Jain. The company started
operations by trading in agricultural inputs and equipment. In
1980, it began manufacturing polyvinyl chloride (PVC) pipes and
commenced MIS (Micro Irrigation Systems) operations in 1987.
Currently, JISL operates in four diverse, but integrated, segments
of the agriculture supply chain'MIS, PVC pipes and polyethylene
pipes, PVC and polycarbonate sheets, and food processing.

On July 6, 2012, JISL obtained the regulatory approval from the
Reserve Bank to India to launch its non-deposit taking non-banking
financial company, Sustainable Agro-commercial Finance Ltd (SAFL).
SAFL has commenced operations in Maharashtra and has 22 branches.


JYOTI ENTERPRISES: Ind-Ra Assigns IND B+ Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Jyoti Enterprises
(JE) a Long-Term Issuer Rating of 'IND B+'. The Outlook is Stable.
The agency has also assigned ratings to JE's bank facilities as
follows:

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
Fund-based working      40        'IND B+'/Stable
capital limits

Non-fund-based
working capital         60        'IND A4'
limits

KEY RATING DRIVERS

The ratings reflect JE's moderate scale of trading operations as
well as financial profile. According to the unaudited financials
of FY15, the company achieved revenue of INR535m (FY14: INR615m),
interest coverage of 1.3x (1.6x) and net financial leverage
(adjusted net debt/operating EBITDA) of 2.6x (4.4x). Operating
EBITDA margins have been stable but low between 3.5% and 4% since
FY11.

The ratings also factor in the proprietorship nature of business.
The ratings, however, benefit from its founder's experience of
over two decades in the steel trading business and the established
customer base of the company.

RATING SENSITIVITIES

Positive: A positive rating action could result from a substantial
increase in the scale of operations along with an improvement in
the credit profile of the company.

Negative: A negative rating action could result from deterioration
in the credit profile.

COMPANY PROFILE

JE was incorporated in 1990 by Mr Jai Prakash Goyal as a
proprietorship concern. The company trades mild steel and heavy
steel plates and other structural items such as angles and
channels.


K.P.R. PIPES: CRISIL Assigns B+ Rating to INR60MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of K.P.R. Pipes Private Limited (KPRPL).

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

   Cash Credit             30        CRISIL B+/Stable

   Long Term Loan          10        CRISIL B+/Stable

The rating reflects the company's modest scale of, and working-
capital-intensive, operations. The rating also reflects its weak
financial risk profile, marked by high gearing and small net
worth, and susceptibility of operating margin to volatility in raw
material prices. These rating weaknesses are partially offset by
the extensive experience of the promoters in the polyvinyl
chloride (PVC) pipe industry.
Outlook: Stable

CRISIL believes that KPRPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company's revenue and profitability
are higher than expected, coupled with improvement in working
capital management resulting in a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
any acute supply constraint, leading to low capacity utilisation,
or if KPRPL undertakes any large debt-funded capital expenditure
programme, resulting in weakening of its financial risk profile.

Established in 2012, KPRPL manufactures PVC pipes and related
accessories. Promoted by Mr. T Suryanarayana, Mr. Y Srinivasa
Reddy, Mr. K Satya Reddy, and Mr. B Innaiah Reddy, the company's
manufacturing facilities are in Medchal in Hyderabad.


KAMACHI STEELS: CRISIL Ups Rating on INR170MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Kamachi Steels Ltd (KSL) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable' and reaffirmed its rating on the company's short-term
facilities at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         5        CRISIL A4 (Reaffirmed)

   Cash Credit          170        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Letter of Credit      60        CRISIL A4 (Reaffirmed)

The rating upgrade reflects improvement in KSL's business risk
profile, marked by a substantial increase in scale of operations
and profitability. The company's operating income increased to
INR2.53 billion in 2014-15 (refers to financial year, April 1 to
March 31) from INR1.15 billion in 2013-14. CRISIL believes KSL's
operating income will remain healthy, in the range of INR2.5
billion to INR2.8 billion, over the medium term, supported by
healthy order flow from customers. Operating margin was 2.4 per
cent in 2014-15, against operating loss in 2013-14, because of
higher capacity utilisation in rolling mill leading to better
overhead absorption. In 2014-15, KSL discontinued its steel
melting division because of sluggish demand. CRISIL expects KSL's
operating margin to stabilise in the range of 2 to 3 per cent,
given the company's plans to operate only its rolling mill over
the medium term. The considerable increase in revenue led to
better-than-expected liquidity, marked by cash accruals of INR21.8
million in 2014-15 against cash losses in 2013-14. Absence of term
debt obligations or capital expenditure (capex) plan will support
KSL's liquidity over the medium term.

The ratings reflect KSL's below-average financial risk profile
marked by subdued debt protection metrics, large working capital
requirements, and susceptibility of operating performance to
slowdown in end-user industry. These rating weaknesses are
partially offset by the extensive experience of KSL's promoters in
the steel industry and benefits derived from synergies with group
entities.
Outlook: Stable

CRISIL believes that KSL will continue to benefit from its
promoters' extensive industry experience and established
relationships with key customers. The outlook may be revised to
'Positive' in case of significant growth in revenue and
profitability resulting in substantial accruals, or improvement in
working capital management leading to a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of decline in revenue or profitability or sizeable debt-
funded capex, leading to deterioration in liquidity.

KSL is a part of the Kamachi group of companies set up by Mr. G L
Kothari in 1978; the group is an integrated secondary steel player
in Chennai (Tamil Nadu). KSL, taken over from Tulsyan Steels in
1996, manufactures mild steel ingots and thermo-mechanically
treated bars.

KSL is a part of the Kamachi group of companies set up by Mr. G L
Kothari in 1978; the group is an integrated secondary steel player
in Chennai.

KSL, on a provisional basis, reported profit after tax (PAT) of
INR3.9 million on operating income of INR2.53 billion for 2014-15,
against net loss of INR99 million on operating income of INR1.14
billion for 2013-14.


KESHAV ENTERPRISES: CRISIL Reaffirms B- Rating on INR30MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Keshav Enterprises (KE)
continue to reflect KE's weak financial risk profile marked by a
small net worth, high total outside liabilities to tangible
networth ratio, and weak debt protection metrics.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Letter of Credit      110       CRISIL A4 (Reaffirmed)
   Letter of Credit       30       CRISIL B-/Stable (Reaffirmed)

The ratings also factor in the firm's susceptibility to
cyclicality in the ship-breaking industry, and to volatility in
steel scrap prices and foreign exchange rates. These rating
weaknesses are partially offset by the extensive experience of the
firm's proprietor and his family in the ship-breaking industry.
Outlook: Stable

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

KE was set up in 2006 as a proprietorship firm by Mr. Vikrant
Prajapati. The firm is engaged in ship-breaking and trading of
scrap metal. It started operations with trading of scrap metal
procured from other ship-breakers; in 2012-13, it procured its
first ship for breaking.


KHOSLA INTERNATIONAL: ICRA Reaffirms B Rating on INR29cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B for INR29.0
crore fund based facilities of Khosla International.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits     29.00        [ICRA]B Reaffirmed

ICRA's rating continues to take into account the high intensity of
competition in the rice milling industry which has resulted in
NBRM's thin margins. The rating also factors in the working
capital intensive nature of the firm's operations, arising out of
the need to maintain substantial inventories (paddy is procured
seasonally and rice is stocked for aging purposes) in line with
the industry trends. Funding of working capital requirements,
primarily through bank borrowings has led to a highly leveraged
capital structure, which coupled with the firm's thin
profitability has also resulted in stretched debt coverage
indicators. The rating also takes into account agro climatic
risks, which can affect the availability of paddy in adverse
conditions. ICRA however draws comfort from the extensive
experience of the promoters in the rice industry, proximity of the
mill to a major rice growing area which results in easy
availability of paddy and stable demand outlook for rice. .
Going forward the ability of the firm to register a sustained
improvement in profitability and optimally manage its working
capital cycle shall be the key rating sensitivities.

Incorporated in the year 2002, Khosla International is a
partnership firm engaged milling and export of basmati and non
basmati rice. The firm has its plant located in Batala, Punjab
with milling capacity of 6 tons/hour. The firm has been promoted
by Ms. Chanchal Khosla, Mr. Munish Khosla, Mr. Rajiv Khosla and
Mr. Sanjiv Khosla. KI sells its products under its registered
brand name 'Gold Coin'.

Recent Results
The firm, on a provisional basis, reported a net loss of INR0.05
crore on an operating income of INR43.49 crore in FY2015 as
against net profit of INR0.30 crore on an operating income of
INR41.19 crore in FY2014.


KOGTA GLOBAL: ICRA Suspends 'D' Rating on INR4.35cr Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR10.0 crore bank facilities of Kogta Global Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long term, Term Loan     4.22       [ICRA]D Suspended
   Long term, fund based
   Facilities               1.00       [ICRA]D Suspended
   Long term, unallocated   0.43       [ICRA]D Suspended
   Short term, fund based
   Facilities               4.35       [ICRA]D Suspended

The company is a part of the Kogta group which undertakes
manufacturing, processing and trading of dals & pulses
domestically through its six group companies. The group has
processing units in Jalgaon and deals in all types of dals and
pulses like Moong, Tur, Udad, Masoor, Gram Flour etc. The group
markets its commodities under the brand 'Dal Parivar' throughout
India.


KOGTA GRAIN: ICRA Suspends 'D' Rating on INR2.93cr ST Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR6.5 crore bank facilities of Kogta Grain Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long term, Term Loan      2.88      [ICRA]D Suspended
   Long term, fund based
   facilities                0.51      [ICRA]D Suspended
   Long term, unallocated    0.18      [ICRA]D Suspended
   Short term, fund based
   Facilities                2.93      [ICRA]D Suspended

The company is a part of the Kogta group which undertakes
manufacturing, processing and trading of dals & pulses
domestically through its six group companies. The group has
processing units in Jalgaon and deals in all types of dals and
pulses like Moong, Tur, Udad, Masoor, Gram Flour etc. The group
markets its commodities under the brand 'Dal Parivar' throughout
India.


KOGTA IMPORT: ICRA Suspends 'D' Rating on INR5.59cr Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR12.25 crore bank facilities of Kogta Import Export Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long term, Term Loan     5.53       [ICRA]D Suspended
   Long term, fund based
   facilities               1.00       [ICRA]D Suspended
   Long term, unallocated   0.13       [ICRA]D Suspended
   Short term, fund based
   Facilities               5.59       [ICRA]D Suspended

The company is a part of the Kogta group which undertakes
manufacturing, processing and trading of dals & pulses
domestically through its six group companies. The group has
processing units in Jalgaon and deals in all types of dals and
pulses like Moong, Tur, Udad, Masoor, Gram Flour etc. The group
markets its commodities under the brand 'Dal Parivar' throughout
India.


KURSEONG CARRIERS: ICRA Lowers Rating on INR15cr Loan to D
----------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR15.00 crore fund based bank facilities of Kurseong Carriers
Private Limited from [ICRA]B to [ICRA]D. ICRA has also revised
downwards the short term rating to the INR7.00 crore non-fund
based bank facility of KCPL from [ICRA]A4 to [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit-
   Cash Credit/ SOD
   Book Debts            15.00        [ICRA]D downgraded

   Non Fund Based
   Limit- Letter of
   Guarantee              7.00        [ICRA]D downgraded

The rating action takes into account the recent delays made by the
company in meeting its debt service obligations.

Incorporated in 1998, KCPL is primarily engaged in the
transportation and logistics business that includes services like,
road transportation of goods, warehousing, clearing and forwarding
(C&F). The company primarily operates in the state of West Bengal
and operates through its three offices located in Kolkata,
Siliguri and Kurseong. The company has also been engaged in
trading of food grains. KCPL is a licensed agent for supplying
ration to twenty three tea gardens in the districts of Darjeeling
and Jalpaiguri of West Bengal. In 2013-14, the company also
supplied sugar and gram to West Bengal Essential Commodities
Supply Corporation Limited (WBECSCL).


LANCO HILLS: CRISIL Suspends 'D' Rating on INR7.47BB Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Lanco Hills Technology Park Pvt Ltd (Lanco Hills).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Foreign Currency
   Term Loan           3739.3      CRISIL D

   Term Loan           7475.5      CRISIL D


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

Lanco Hills is a special-purpose vehicle (SPV) established by the
Lanco group in 2004 to develop a 100-acre integrated township at
Manikonda village, near Hyderabad Information Technology
Engineering Consultancy (HITEC) City, Hyderabad. The total project
cost, in its present scope, is estimated at about INR34 billion.
The scope of the township project covers construction of high-end
residential complexes (with an area of 4.2 million square feet [sq
ft]), low-cost housing complexes (6.2 million sq ft), and
commercial space (8 million sq ft). The commercial space will
include 5.5 million sq ft of designated special economic zone.
Lanco Infratech Ltd (LITL, rated 'CRISIL D) holds 79 per cent
equity stake in Lanco Hills, and has infused INR2 billion of
preference capital into Lanco Hills. The Bangalore-based real
estate construction player, the Mantri group, owns the remaining
equity shares in Lanco Hills.


NEW BHARAT: ICRA Reaffirms 'B' Rating on INR34cr Fund Based Loan
----------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B on the INR34.0
crore fund based facilities of New Bharat Rice Mills.


                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits     34.00        [ICRA]B Reaffirmed

ICRA's rating continues to take into account the high intensity of
competition in the rice milling industry which has resulted in
NBRM's thin margins. The rating also factors in the working
capital intensive nature of the firm's operations, arising out of
the need to maintain substantial inventories (paddy is procured
seasonally and rice is stocked for aging purposes) in line with
the industry trends. Funding of working capital requirements,
primarily through bank borrowings has led to a highly leveraged
capital structure, which coupled with the firm's thin
profitability has also resulted in stretched debt coverage
indicators. The rating also takes into account agro climatic
risks, which can affect the availability of paddy in adverse
conditions. ICRA however draws comfort from the extensive
experience of the promoters in the rice industry, proximity of the
mill to a major rice growing area which results in easy
availability of paddy and stable demand outlook for rice.
Going forward the ability of the firm to register a sustained
improvement in profitability and optimally manage its working
capital cycle shall be the key rating sensitivities.

Incorporated in 1958, NBRM is a partnership firm engaged in
milling and export of basmati and non basmati rice. The firm has
its plant located in Batala, Punjab with a milling capacity of 8
tonnes/hour. The firm has been promoted by Mr. Om Prakash Khosla,
Ms. Pooja Khosla, Mr. Rashim Khosla and Ms. Sonia Khosla. The firm
sells its products under its registered brand names 'Taj Mahal',
'Do Teer' and 'Gagan'.

Recent Results
The firm, on a provisional basis, reported a net loss of INR0.05
crore on an operating income of INR66.22 crore in FY2015, as
against a net profit of INR0.44 crore on an operating income of
INR97.74 crore in the previous year.


NEWGEN AGRO: ICRA Reaffirms 'B' Rating on INR8.88cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B outstanding on
the INR8.88 crore term loan facilities, INR1.07 crore fund based
facilities and INR0.05 crore proposed facilities of Newgen Agro
Processors Private Limited.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long term- Term Loan    8.88       [ICRA]B/reaffirmed
   Long term- Fund based   1.07       [ICRA]B/reaffirmed
   Long term- Proposed     0.05       [ICRA]B/reaffirmed

The rating reaffirmation reflects the stretched financial profile
of the company characterized by the stretched capital structure
with a gearing of 17.4 times and stretched coverage indicators.
The rating favourably factors in the sharp increase in the
company's revenues during 2014-15 on the back of healthy order
flows from existing as well as new customers. With the improvement
in the capacity utilization levels, the operating margins improved
aided by better absorption of fixed costs. Coupled with the
decline in the working capital intensity, this resulted in
improvement in the cash flows during the period. The rating also
takes into account the efforts undertaken by the management to
increase the share of exports by adding new customers to its
clientele in new geographies. The rating is however, constrained
by the seasonal nature of operations given the raw material
availability which results in high working capital intensity
during part of the year and low capacity utilization levels during
the remaining period. Further, the company's small scale of
operations limits the benefits from scale economies and financial
flexibility. Going forward, the company's ability to successfully
venture into the new markets and scale up its operations while
sustaining the profit margins and efficiently managing its working
capital cycle will be critical to generating strong cash flows and
thereby improving its credit profile.

Incorporated in 2010, Newgen Agro Processors Private Limited is
engaged in processing and exporting fruit pulp (with focus mainly
on products such as Totapuri Mango pulp, Alphanso Mango Pulp,
Guava Pulp). With its processing facility located at Krishnagiri,
Tamil Nadu, the company is close to the mango growing belt of
South India. The company has installed capacity to process
~10800MT/year. The Company is equipped with aseptic processing
facilities.

Recent Results
As per the unaudited results, the company recorded net profit of
INR0.1 crore on an operating income of INR18.0 crore for the year
2014-15, as against a net loss of INR2.7 crore on an operating
income of INR7.8 crore for the year 2013-14.


PALLAVARED GRANITE: CRISIL Reaffirms C Rating on INR70MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short-term bank
facilities of PallavaRED Granite Pvt Ltd (PGPL; part of the
Pallava group), and reaffirmed its rating on the company's long-
term bank facilities at 'CRISIL C'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        30        CRISIL C (Reaffirmed)
   Bill Discounting      70        CRISIL C (Reaffirmed)
   Export Packing
   Credit                60        CRISIL C (Reaffirmed)
   Letter of Credit      10        CRISIL A4 (Assigned)
   Letter of Credit       5        CRISIL C (Reaffirmed)
   Packing Credit        35        CRISIL A4 (Assigned)

The ratings continue to reflect instances of delay by the Pallava
group in servicing its debt (not rated by CRISIL). The delays have
been caused by the group's weak liquidity.

The ratings also reflect the Pallava group's working-capital-
intensive operations and the susceptibility of its profitability
to adverse movements in foreign exchange rates. These rating
weaknesses are partially offset by the extensive experience of the
group's promoters in the granite industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PGPL, Pallava Granite Industries India
Pvt Ltd (PGIPL), and Pallava Granite Industries Chennai Pvt Ltd
(PGICPL). This is because all these entities, collectively
referred to as the Pallava group, are in a similar line of
business and managed by the same promoter, and have significant
operational linkages.

The Pallava group processes and exports granite; its day-to-day
operations are managed Mr. Subba Reddy. PGPL and PGICPL were set
up in 1983 and PGIPL in 1989. The group is based in Chennai.

For 2014-15 (refers to financial year, April 1 to March 31), the
Pallava group, provisionally, reported a profit after tax (PAT) of
INR41.6 million on an operating income of INR897 million; it had
reported a PAT of INR23.2 million on an operating income of
INR1.05 billion for 2013-14.


PATNAIK STEELS: CRISIL Cuts Rating on INR1.02BB Term Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Patnaik Steels and Alloys Limited (PSAL) to 'CRISIL D/CRISIL D'
from 'CRISIL B-/Stable/CRISIL A4'. The downgrade reflects
instances of delay by PSAL in servicing its debt.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        27.5      CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit          300.0      CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Proposed Long Term    33.1      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B-/Stable')

   Term Loan           1026.9      CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

PSAL also has a marginal market share and is susceptible to
cyclicality in the steel industry. These rating weaknesses are
partially offset by PSAL's moderately integrated operations.

PSAL was originally set up in 2003 as a private limited company,
Patnaik Steels and Alloys Pvt Ltd, by Mr. Tara Ranjan Patnaik, Mr.
Jitendra Nath Patnaik, and Mr. Prasanta Kumar Mohanty. It was
later reconstituted as a public limited company.  PSAL
manufactures sponge iron and billets, in addition to generating
power. It has a manufacturing facility in Keonjhar (Odisha).


PRAKASH JHA: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the long term bank facilities of Prakash Jha
Productions (PJP), continues to reflect the firm's exposure to
risks relating to volatile scale of operations and susceptibility
to inherent risks in the movie production business, and large
working capital requirements. These weaknesses are partially
offset by the firm's established position in the Hindi movie
industry, and revenue visibility from having several movies under
production.

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

Outlook: Stable

CRISIL believes that the PJP will maintain a moderate business
risk profile over the medium term on the back of its established
position in the Hindi movie industry. The outlook may be revised
to 'Positive' if there is substantial and sustained improvement in
the PJP's revenue and profitability. Conversely, the outlook may
be revised to 'Negative' if unexpected losses in the production
business, or any major debt-funded capital expenditure (capex) or
allied investment weakens the firm's financial risk profile.

PJP is a proprietorship firm set up by Mr. Prakash Jha, a director
and producer of Hindi movies. PJP is engaged in the production of
Hindi movies. It undertakes all pre- and post-production
activities in-house.


PREM GRAIN: ICRA Suspends 'D' Rating on INR7.03cr Term Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR12.5 crore bank facilities of Prem Grain Industries Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long term, Term Loan     7.03       [ICRA]D Suspended
   Long term, fund based
   Facilities               1.00       [ICRA]D Suspended
   Long term, unallocated   0.08       [ICRA]D Suspended
   Short term, fund based
   Facilities               4.39       [ICRA]D Suspended

The company is a part of the Kogta group which undertakes
manufacturing, processing and trading of dals & pulses
domestically through its six group companies. The group has
processing units in Jalgaon and deals in all types of dals and
pulses like Moong, Tur, Udad, Masoor, Gram Flour etc. The group
markets its commodities under the brand 'Dal Parivar' throughout
India.


PROVET PHARMA: CRISIL Reaffirms B+ Rating on INR50MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' to the short-term bank
facility of Provet Pharma Private Limited (PPPL) while reaffirming
the long term rating at 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Overdraft Facility      10       CRISIL A4 (Assigned)
   Overdraft Facility      50       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect PPPL's modest scale of operations
in the intensely competitive poultry feed industry, and its below-
average financial risk profile, marked by a high gearing and weak
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of the company's promoters in
the poultry feed industry.
Outlook: Stable

CRISIL believes that PPPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
expands its scale of operations and improves its profitability,
while maintaining its working capital requirements, or in case of
substantial equity infusion, leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if PPPL undertakes a large debt-funded capital
expenditure programme or if its profitability declines, leading to
deterioration in its financial risk profile. The outlook may also
be revised to 'Negative' if its working capital management
deteriorates, resulting in weakening of its liquidity.

PPPL, established in 2009, manufactures and trades in animal feed
supplements and pharmaceutical formulations for animals. The
company's day-to-day operations are managed by its sales director
Dr. Senthil Suthanthirakumar and its marketing director Dr. V
Muthuselvan.


RAJAT INFRA: CRISIL Reaffirms B Rating on INR100MM Bank Loan
------------------------------------------------------------
CRISIL' rating on the bank facilities of Rajat Infra Developers
Private Limited (RIDPL) continue to reflect the RIDPL's small
scale of operations in the competitive civil construction segment
and its working capital-intensive operations.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee         70      CRISIL A4 (Reaffirmed)
   Cash Credit            30      CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    100      CRISIL B/Stable (Reaffirmed)

The rating also reflects RIDPL's weak financial risk profile,
marked by moderate gearing and below-average debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of RIDPL's promoters in the civil
construction segment.
Outlook: Stable

CRISIL believes that RIDPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if RIDPL significantly scales
up its operations and profitability, and improves its working
capital management. Conversely, the outlook may be revised to
'Negative' if RIDPL's financial risk profile weakens, most likely
because of decline in revenue and profitability, or sizeable debt-
funded capital expenditure. The outlook may also be revised to
'Negative' if the company's liquidity weakens, because of
increasing working capital requirements.

RIDPL, incorporated in 2012, is promoted by Mr. Prabhakant Yadav
(managing director) and Mr. Chandrashekhar Yadav (director) who
manage its day-to-day operations. The company undertakes civil
construction work for Uttar Pradesh state government departments
such as Public Works Department, Barrage Construction Division,
and Bharat Sanchar Nigam Ltd.


RAMA AUTO: CRISIL Assigns B+ Rating to INR50MM Loan
---------------------------------------------------
CRISIL has assigned its 'CRISIL B+/ Stable/ CRISIL A4' rating to
the bank facilities of Rama Auto Dealers Private Limited (RADPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Short Term
   Bank Loan Facility      3.8       CRISIL A4

   Inventory Funding
   Facility               50.0       CRISIL B+/Stable

   Cash Credit            10.0       CRISIL B+/Stable

   Drop Line Overdraft
   Facility               10.0       CRISIL B+/Stable

The rating reflects RADPL's weak financial risk profile marked by
small net worth and high gearing. The rating also factors in the
company's exposure to stabilisation risks owing to the initial
stage of operations of its dealership for Hyundai Motors India Ltd
(HMIL; rated 'CRISIL A1+') vehicles. These rating weaknesses are
partially offset by the benefits that the company derives from the
established brand name and market position of HMIL.
Outlook: Stable

CRISIL believes that RADPL will benefit over the medium term from
the established market position of HMIL in the automobile segment.
The outlook may be revised to 'Positive' in case of a substantial
and sustained increase in the company's operating income and
accruals, along with improved working capital management.
Conversely, the outlook may be revised to 'Negative' if RADPL's
operating income and cash accruals are low, or if the company
undertakes a large debt-funded capital expenditure programme,
weakening its financial risk profile, especially its liquidity.

Incorporated in January 2007, RADPL is an authorised dealer of
HMIL's cars in Ranchi (Jharkhand). Mr. Manish Jaiswal, Mr. Rajesh
Kumar Choudhary and Mrs. Manju Jaiswal are the directors of the
company.


RIGHILL ELECTRICS: ICRA Assigns 'B' Rating to INR3.50cr Loan
------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR3.50
crore fund based bank limits of Righill Electrics Pvt Ltd. ICRA
has also assigned its short term rating of [ICRA]A4 to the INR4.50
crore non fund based limits of the company.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits        3.50       [ICRA]B; Assigned
   Non Fund Based Limits    4.50       [ICRA]A4; Assigned

ICRA's ratings assigned are constrained by REPL's modest scale of
operations and its high client concentration, with a few
customers, viz Oil and Natural Gas Corporation Limited (ONGC), Oil
India Limited, Bharat Heavy Electricals Limited and Essar Oilfield
Services accounting for a significant part of its operating
income. The ratings further take into consideration the
fluctuating profit margins of the company; the high working
capital intensity of operations due to high debtor days and high
inventory holding requirements for execution of SCR contracts
which take more than one year for completion. The ratings also
take into account the stretched liquidity position of the company
as reflected in the near full utilization of its working capital
limits. The ratings also factor in the company's weak financial
profile with weak coverage indicators, with thin interest coverage
and elevated Total debt/OPBDITA. The ratings however, derive
comfort from the extensive experience of the promoters in design,
manufacturing, and servicing of oil field equipment, which has
enabled the company build up a reputed clientele.

Going forward the company's ability to ramp up its scale of
operations, diversify its client base and attain a sustained
improvement in its liquidity will be the key rating sensitivities.

REPL was incorporated in December, 1993 and has been promoted by
Mr Ashutosh Shukla and Mr Vinod Sapre. The company designs and
manufactures control systems and assemblies for various
applications viz., oil field equipment and industrial equipment.
The company also undertakes upgrading and refurbishment projects
of rig electrics on a turnkey basis as well as manufacturing and
supply of complete new SCR systems. The manufacturing facility of
the company is located in Bhopal, Madhya Pradesh.

Recent Results
REPL reported, on a provisional basis, a profit after tax (PAT) of
INR0.50 crore on an operating income of INR10.50 crore in FY 2014-
15, as compared to a net loss of INR2.10 crore on an operating
income of INR4.20 crore in the previous year.


S S COTTON: ICRA Suspends B+ Rating on INR4.50cr Cash Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR5.80
crore long term working capital limits and term loan limits of
S S Cotton Co. The suspension follows ICRAs inability to carry out
a rating surveillance in the absence of the requisite information
from the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash
   Credit                4.50         [ICRA]B+; Suspended

   Fund Based-Term
   Loans                 1.30         [ICRA]B+; Suspended

Incorporated in 2012, S.S. Cotton Co. is engaged in ginning and
pressing operations. The firm is promoted and managed by Mr. Yunus
Sorathiya along with three other partners with experience in the
cotton ginning industry. The firm's manufacturing facility is
located at Una, Junagadh in Gujarat and has twenty four ginning
machines and one pressing machine with capacity to produce 260
pressed cotton bales per day.


S2 REALTY: ICRA Lowers Ratings on INR7.0cr Term Loan to 'D'
-----------------------------------------------------------
ICRA has revised the rating assigned to the INR7.00 crore long
term fund based bank facilities of S2 Realty from [ICRA]BB+ to
[ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term, Fund       7.00         Revised from [ICRA]BB+
   based limits                       (Stable) to [ICRA]D
   Term Loan

The rating revision takes into account irregularities in servicing
debt obligations by the firm on account of higher than expected
outlay for purchasing land at various locations resulting in cash
flow mismatches.

The rating also factors in high geographic concentration with
majority of the projects located in and around Pune and high
dependency on customer advances though partly mitigated by healthy
collection efficiency. The firm remains vulnerable to the
execution risk for Urbangram Pirangut project given that the
environment clearance for the project and commencement certificate
for some of the buildings are yet to be received and successful
execution of same remains to be seen.

Established in 2009, S2R is developing affordable residential real
estate projects under two schemes known as Anandgram and Urbangram
in Pune. Currently, the firm is developing two projects under
Urbangram Scheme viz. Urbangram Pirangut, Urbangram Chakan.


SABARI ALLOYS: ICRA Suspends D Rating on INR10cr Fund Based Loan
----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR10.00 crore fund based facility and the short term rating of
[ICRA]D assigned to the INR9.0 crore non-fund based facility of
Sabari Alloys & Metals India Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance, in
the absence of the requisite information from the company.


SAI LEKSHMI: CRISIL Assigns 'B' Rating to INR5MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Sai Lekshmi Foods (SLF).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Packing Credit           50       CRISIL A4
   Cash Credit               5       CRISIL B/Stable
   Foreign Bill Purchase    10       CRISIL A

The ratings reflect SLF's large working capital requirements and
below-average financial risk profile marked by high total outside
liabilities to tangible net worth ratio. These rating weaknesses
are partially offset by the extensive experience of SLF's promoter
in the cashew industry.
Outlook: Stable

CRISIL believes that SLF will benefit over the medium term from
its promoter's extensive industry experience. The outlook may be
revised to 'Positive' if the firm records considerable increase in
revenue and profitability, leading to substantial cash accruals
and improved financial risk profile. Conversely, the outlook may
be revised to 'Negative' if SLF reports low revenue or
profitability, or if its working capital management weakens,
resulting in stretched liquidity, or if it undertakes a large
debt-funded capital expenditure programme, weakening its financial
risk profile.

Set up as a proprietorship firm in 1996, SLF processes raw cashew
nuts and sells cashew kernels. SLF operates seven facilities in
Kollam (Kerala) with combined processing capacity of around 10
tonnes per day. Its operations are managed by proprietor Mr. N
Krishnan Kutty.

The firm, on a provisional basis, reported profit after tax (PAT)
of INR2.4 million on net sales of INR192.8 million for 2014-15
(refers to financial year, April 1 to March 31), against PAT of
INR1.5 million on net sales of INR185.5 million for 2013-14.


SHEFIELD TECHNOPLAST: ICRA Suspends 'B' Rating on INR3.50cr Loan
----------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR6.30
crore long term working capital limits and term loan limits and
also [ICRA]A4 rating assigned to the INR1.02 crore short term non
fund based limits of Shefield Technoplast Private Limited. The
suspension follows ICRAs inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based-Cash
   Credit                3.50       [ICRA]B; Suspended

   Fund Based-Term
   Loans                 2.80       [ICRA]B; Suspended

   Non Fund Based-
   Letter of Credit      1.00       [ICRA]A4; Suspended

   Non Fund Based-
   Letter of Guarantee   0.02       [ICRA]A4; Suspended

Incorporated in 2006, Shefield Technoplast Private Limited (STPL)
is promoted and managed by Mr. Mayur Patel along with other
directors. STPL is involved in the manufacture of customised
plastic injection molding products and precision metal components.
Electronic products like switches, electronic parts are
manufactured through plastic injection molding process. In case of
precision metal components, machinery parts are manufactured by
the company. The company is currently equipped with 13 injection
molding machines and seven CNC, VMC and Lathe machines. STPL is
located in the GIDC area of Baroda. The concern carries out its
operations from leased premises (99 years lease) spread across an
area of 3600 sqmt with power load of 375 KVA. It has 226 employees
and operates in three shifts of eight hours each.


SHIVALI UDYOG: CRISIL Ups Rating on INR212.3MM LT Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Shivali
Udyog India Limited (SUIL) to 'CRISIL B+/Stable' from 'CRISIL D'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           31.5      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL D')


   Proposed Long Term
   Bank Loan Facility   212.3      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL D')

   Working Capital       72.0      CRISIL B+/Stable (Upgraded
   Demand Loan                     from 'CRISIL D')

The rating upgrade reflects timely servicing of interest and
principal of Cash Credit (CC) andWorking Capital Demand Loan(WCDL)
facilities by SUIL through realization of receivables to the tune
of INR 200 million in 2014-15. The company has maintained timely
servicing of bank lines for over the past three months.  SUIL has
also reduced its fund based working capital limits from State Bank
of India from INR 126.5 million to INR 35 million on the back of
its improved liquidity position. The rating upgrade also factors
in expected improvement in the business risk profile of SUIL post
the operationalization of the second unit of the company in last
quarter of 2014-15 and substantial scale up of operations in first
quarter of 2015-16.

The rating continues to factor in the moderate scale of SUIL's
operations in the highly fragmented steel industry. These rating
weaknesses are partially offset by the extensive industry
experience of SUIL's promoters.
Outlook: Stable

CRISIL believes that SUIL will continue to benefit over the medium
term from its promoters extensive experience. The outlook may be
revised to 'Positive' if the scale up in company's operations is
larger than expected or if the profitability of the company
improves leading to better accruals and liquidity. Conversely, the
outlook may be revised to 'Negative' if SUIL's working capital
requirements increase or if the profitability and accruals of the
company deteriorate, leading to further weakening of its debt
protection metrics.

SUIL, based in Raipur (Chhattisgarh), was acquired by its current
promoters, Mr. Vinod Agrawal and Mr. Ashok Agrawal, in March 2002.
The promoters have experience of more than three decades in the
iron and steel industry. The company produces mild steel (MS) wire
rods, MS rounds, thermo-mechanically treated bars, and hard bright
(HB) wires. Its facilities have capacity of 41,000 tonnes per
annum (tpa) for HB wires and rolling capacity of 100,000 tpa.


SHYAMA AGRO: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB-'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Shyama Agro Foods
& Exports Pvt Ltd's (SAFEPL) Long-Term Issuer Rating to 'IND BB-'
from 'IND B'. The Outlook is Stable. The agency has also upgraded
SAFEPL's bank loan ratings as:

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
Fund-based working     25.80      Upgraded to 'IND BB-'/Stable
capital limits                    from 'IND B'

Long-term loans        44.00      Upgraded to 'IND BB-'/Stable
                                   from 'IND B'

KEY RATING DRIVERS

The upgrade reflects the timely completion of SAFEPL's roller
flour mill project within the projected cost.

The ratings are constrained by SAFEPL's limited track record as it
commenced its operations only in June 2015. The ratings also
factor in the founders' lack of prior experience in the flour mill
business.

The ratings continue to benefit from the plant's locational
advantage in terms of vicinity to the wheat growing region of
Bihar.

RATING SENSITIVITIES

Positive: The stabilisation of operations will lead to a positive
rating action.

Negative: Failure in the stabilisation of operations leading to
lower-than-expected capacity utilisation could result in a
negative rating action.

COMPANY PROFILE

SAFEPL was established in 2009 to set up a 120 tons per day roller
flour mill in Muzaffarpur, Bihar. SAFEPL is promoted by Mr Kesav
Nanda. The company is operating at 60% of its production capacity.

Mr Kesav Nanda, Mrs Jyoti Mala, Mr Shankar Prasad Sah and Smt
Urmila Kumari are the directors of the company.


SWE FASHIONS: CRISIL Cuts Rating on INR70MM Term Loan to B+
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
SWE Fashions Private Limited (SFPL) to 'CRISIL B+/Stable/CRISIL
A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       0.2        CRISIL A4 (Downgraded
                                   from 'CRISIL A4+')

   Cash Credit         50          CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Letter of Credit    10          CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Proposed Long Term   9.8        CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB-/Stable')

   Term Loan           70          CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The rating downgrade reflects deterioration in SFPL's business
risk profile and liquidity, driven by a decline in its operating
income and delay in commencement of commercial operations at its
upcoming unit resulting in cost overruns. SFPL's operating income
declined to INR226.8 million in 2014-15 (refers to financial year,
April 1 to March 31) from INR261.1 million in 2013-14. The decline
in operating income was primarily because of lower capacity
utilisation on account of unavailability of desired quality of
fabric by SFPL. The decline in operating income along with the
lower than expected profitability led to significantly lower cash
accruals for SFPL. SFPL's cash accruals declined to around INR0.9
million in 2014-15 from INR7.2 million in 2013-14. CRISIL believes
that timely commencement and stabilisation of operations from
SFPL's new unit would be a key driver for improving the company's
business risk profile and liquidity.

The ratings reflect SFPL's exposure to project implementation and
funding risks and its small scale of operations. The rating also
factors in SFPL's average financial risk profile, marked by modest
net worth and average debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of the
promoter in the ready-made garments industry and the company's
established relationships with key customers.
Outlook: Stable

CRISIL believes that SFPL will benefit over the medium term from
its established relationships with customers and its promoter's
extensive industry experience. The outlook may be revised to
'Positive' if the company substantially enhances its scale of
operations and improves its financial risk profile, particularly
liquidity, with seamless implementation of the ongoing capital
expenditure for its new manufacturing unit as scheduled along with
prudent working capital management. Conversely, the outlook may be
revised to 'Negative' if SFPL's financial risk profile,
particularly its liquidity, deteriorates, with lower cash
accruals, stretched working capital cycle, or a significant time
or cost overrun in project implementation.

SFPL was incorporated in October 2013. The company manufactures
jeans for various brands including Levi's, Mufti, Louis Philippe,
U.S. Polo, and Allen Solly. It also washes fabric for several
garment manufacturers. Its Bengaluru-based promoter-director, Mr.
S Princeton, oversees the company's daily operations. The promoter
began operations through a proprietorship firm, Snow White
Enterprises, which was acquired by SFPL in April 2014.


TRI SOLAR: CRISIL Assigns B Rating to INR250MM LT Loan
------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Tri Solar Private Limited (TSPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Proposed Long Term
   Bank Loan Facility    250       CRISIL B/Stable

The rating reflects the company's exposure to risks related to
implementation, stabilisation, and funding of its ongoing project,
which involves setting up of a solar power plant in Mahabubnagar
district (Telangana). These weaknesses are partially offset by the
benefits derived from the promoters' extensive experience in the
power industry and the low demand and technology risks in the
industry.
Outlook: Stable

CRISIL believes that TSPL's credit risk profile will remain
susceptible to the risk of time and cost overruns, sanction of a
term loan from the bank to complete the project, and to ability to
service its debt obligations in a timely manner. The outlook may
be revised to 'Positive' if the company's project is completed and
stabilised in a timely fashion and within the budgeted cost,
leading to healthy cash accruals and improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if there are delays in execution of the project or if TSPL's cash
accruals are low, leading to stretched liquidity.

Incorporated in 2015, TSPL is in the process of setting up a solar
power plant in Mahabubnagar, Telangana. The day-to-day operations
of the company will be managed by Dr. N R N Reddy.


TRIDENT TECHLABS: ICRA Assigns B+ Rating to INR11.50cr Loan
-----------------------------------------------------------
ICRA has assigned its long term rating of [ICRA] B+ to the
INR11.50 crore fund based bank facilities of Trident Techlabs Pvt
Ltd. ICRA has also assigned its short term rating of [ICRA] A4 to
the INR6.0 crore non fund based facilities of the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   SODH                  11.50        [ICRA]B+; assigned

   Buyers Credit          2.50        [ICRA]A4; assigned

   BG                     3.50        [ICRA]A4; assigned

ICRA's ratings are constrained by TTPL's high working capital
intensity, as reflected in its high NWC/OI, owing to high level of
receivables and inventory. The elongated working capital cycle has
also resulted in a stretched liquidity position, as reflected in
frequent overdrawals in the company's fund based limits. The
ratings are also constrained by the company's modest scale of
operations and its low net worth, high gearing and moderate return
indicators. However, the ratings favorably factor in the technical
expertise and experience of the promoters in the IT Industry and
the company's long standing relationships with its customers. The
ratings also factor in the company's diversified client base of
reputed clients and its plans to enter new geographies in the near
to medium term, which will provide increased revenue visibility.
Going forward, the company's ability to augment its scale of
operations in a profitable manner, while improving its liquidity
position, will be the key rating sensitivities.

Trident Techlabs Pvt Ltd (TTPL), incorporated in 2000, is promoted
by Mr. Sukesh Naithani and Mr. Praveen Kapoor. The company is
based in Delhi and has six branch offices across India. TTPL
develops software products and operates in three segments: pre-
packaged software for the education sector, pre-packaged software
for the defense sector and consultancy services for the power
sector.

Recent Results
The company reported a net profit of INR1.06 crore on an operating
income of INR40.96 crore in FY14, as against a net profit of
INR0.98 crore on an operating income of INR40.34 crore in FY13.
The company, on a provisional basis, reported an operating income
of INR41.54 crore in FY15.


VINAYAGA IMPEX: CRISIL Assigns B+ Rating to INR34MM Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Vinayaga Impex Pvt Ltd (VIPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Packing Credit          25         CRISIL A4
   Inland/Import
   Letter of Credit         2.5       CRISIL A4
   Cash Credit             34         CRISIL B+/Stable
   Export Bill
   Rediscounting           45         CRISIL A4
   Proposed Long Term
   Bank Loan Facility      13.9       CRISIL B+/Stable
   Term Loan                4.6       CRISIL B+/Stable
   Overdraft Facility      25         CRISIL B+/Stable

The ratings reflect VIPL's below-average financial risk profile
and working capital intensive nature of operations. These rating
weaknesses are partially offset by its promoters' extensive
experience in the textile business and established relationship
with customers.
Outlook: Stable

CRISIL believes VIPL will maintain its business risk profile over
the medium term backed by its promoters' extensive experience and
established relationship with its customers. The outlook may be
revised to 'Positive' in case the company improves its scale of
operations and profitability there by strengthening its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
in case its financial risk profile deteriorates owing to large
debt-funded capital expenditure or increase in working capital
requirements.

VIPL is a Delhi-based company, started in 2003 and is into the
manufacturing of garments and fabrics. The company is managed by
Mr. B M Arora, Mr. Arjun Dev, and Mr. Pradeep Nanda. It is based
in Ludhiana (Punjab).



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


BANK MANDIRI: Fitch Affirms 'bb+' Viability Rating
--------------------------------------------------
Fitch Ratings has affirmed the ratings on four Indonesian state-
owned banks -- PT Bank Mandiri (Persero) Tbk (Mandiri), PT Bank
Rakyat Indonesia (Persero) Tbk (BRI), PT Bank Negara Indonesia Tbk
(BNI) and PT Bank Tabungan Negara (Persero) Tbk (BTN). The rating
Outlooks are Stable. A full list of rating actions is provided at
the end of this commentary.

'AAA(idn)' National Long-Term Ratings denote the highest ratings
assigned by Fitch on its national rating scale for that country.
This rating is assigned to issuers or obligations with the lowest
expectation of default risk relative to all other issuers or
obligations in the same country.

'AA(idn)' National Long-Term Ratings denote expectations of very
low default risk relative to other issuers or obligations in the
same country. The default risk inherently differs only slightly
from that of the country's highest rated issuers or obligations.

'F1(idn)' National Short-Term Ratings indicate the strongest
capacity for timely payment of financial commitments relative to
other issuers or obligations in the same country. Under the
agency's National Rating scale, this rating is assigned to the
lowest default risk relative to others in the same country. Where
the liquidity profile is particularly strong, a "+" is added to
the assigned rating.

KEY RATING DRIVERS

IDRS, NATIONAL RATINGS, SUPPORT RATINGS AND SUPPORT RATING FLOORS
The state-owned banks' IDRs, National Ratings, Support Ratings
(SRs) and Support Rating Floors (SRFs) reflect the high
probability they would continue to receive state support in times
of need. This is based on the banks' systemic importance in the
Indonesian economy, their policy roles - especially in the case of
BTN - as well as the government's majority ownership in each of
them. The four banks together accounted for about 39% of system
assets at end-1H15. BNI's and BTN's National Long-Term Ratings are
lower than those of Mandiri and BRI to reflect Fitch's view of
their lower systemic importance.

VIABILITY RATINGS

The Viability Ratings (VRs) of Mandiri, BRI and BNI consider the
sub-investment grade operating environment for banks in Indonesia
that constrains the standalone credit profiles of major banks in
the country. Banks in Indonesia face cyclical challenges arising
from the continued weakness in global commodity markets and the
renewed market volatility surrounding China's economic slowdown.
Nevertheless, the banks' credit profiles, which have been enhanced
since the late 1980s through several cycles, are likely to allow
them to be resilient in the current cyclical downturn.

Mandiri's VR of 'bb+' reflects a profitability that is above its
peers', relatively stable asset quality and adequate
capitalisation. Credit costs will rise and pressure its
profitability in 2015-2016; but Fitch expects the level of
profitability and provision coverage to remain sufficient to
absorb potential credit losses.

BRI's VR of 'bb+' reflects a profitability that is better than
that of its peers and a strong capital position. Its asset quality
is likely to weaken, but remain manageable due to its strong
credit fundamentals, which are underpinned by its diversified
credit exposures. BRI's focus on micro businesses helps it to
generate strong margins.

BNI's VR of 'bb+' reflects satisfactory capitalisation and
profitability, which are counterbalanced by its weakened asset
quality. In Fitch's view, BNI's management execution is weaker
than that of Mandiri and BRI, which can be seen in the sharper
deterioration of its asset quality in 1H15. This was due largely
to weakening in the repayment ability of borrowers from the mining
sector. Fitch believes asset quality will continue to be under
pressure and negatively impact profitability. However, Fitch
expects Tier 1 capital to remain adequate as the bank manages down
its growth to preserve its capital.

Mandiri is the largest bank in Indonesia, and accounted for about
15% of system assets at end-1H15. BRI is the second-largest bank
with 14% of system assets. It has the most extensive distribution
network in Indonesia and a unchallenged franchise in rural micro-
lending. BNI is the fourth-largest bank with 7% of system assets.
BTN is the 10th-largest bank in Indonesia with 2.6% of system
assets and it focuses on mortgage lending.

SENIOR DEBT

The banks' rupiah and foreign-currency denominated senior bonds
and bond programmes are rated at the same levels as their IDRs and
their National Long-Term and Short-Term Ratings, in accordance
with Fitch's rating criteria.

RATING SENSITIVITIES

IDRS, NATIONAL RATINGS, SUPPORT RATINGS AND SUPPORT RATING FLOORS
Changes to Indonesia's sovereign rating (BBB-/Stable) may lead to
corresponding changes to the banks' ratings. Deterioration in the
state-owned banks' standalone financial profiles is unlikely to
impact their IDRs and National Rating unless the factors
underpinning state support also weaken. A change in the
government's ability and willingness to provide extraordinary
support would also affect these banks' IDRs, National Ratings, SRs
and SRFs.

VIABILITY RATINGS

Rating upside on the VRs may result from fundamental improvements
in the operating environment, including in the capital markets and
the economy, better corporate governance, and a more visible
improvement in their risk management culture. Rating downside may
result from significant asset-quality deterioration and weakened
loss-absorption buffers, particularly in a sharp protracted
downturn.

SENIOR DEBT

Any changes in the IDRs, National Long-Term and Short-Term Ratings
would affect the ratings on the banks' rupiah and foreign-currency
denominated senior bonds and bond programmes.

The full list of rating actions is as follows:

Mandiri:

-- Long-Term Foreign-Currency IDR affirmed at 'BBB-'; Outlook
    Stable
-- Long-Term Local-Currency IDR affirmed at 'BBB-'; Outlook
    Stable
-- Short-Term Foreign-Currency IDR affirmed at 'F3'
-- Support Rating Floor affirmed at 'BBB-'
-- Support Rating affirmed at '2'
-- Viability Rating affirmed at 'bb+'
-- National Long-Term Rating affirmed at 'AAA(idn)'; Outlook
    Stable
-- National Short-Term Rating affirmed at F1+(idn)'

BRI:

-- Long-Term Foreign-Currency IDR affirmed at 'BBB-'; Outlook
    Stable
-- Short-Term Foreign-Currency IDR affirmed at 'F3'
-- Support Rating Floor affirmed at 'BBB-'
-- Support Rating affirmed at '2'
-- Viability Rating affirmed at 'bb+'
-- National Long-Term Rating affirmed at 'AAA(idn)'; Outlook
    Stable
-- National Short-Term Rating affirmed at F1+(idn)
-- Senior unsecured bond affirmed at 'BBB-'
-- Medium-term notes affirmed at 'AAA(idn)' and 'F1+(idn)'

BNI:

-- Long-Term Foreign-Currency affirmed at 'BBB-'; Outlook Stable
-- Long-Term Local-Currency IDR affirmed at 'BBB-'; Outlook
    Stable
-- Short-Term Foreign-Currency IDR affirmed at 'F3'
-- Support Rating Floor affirmed at 'BBB-'
-- Support Rating affirmed at '2'
-- Viability Rating affirmed at 'bb+'
-- National Long-Term Rating affirmed at 'AA+(idn)'; Outlook
    Stable
-- National Short-Term Rating affirmed at F1+(idn)'
-- Senior unsecured bond affirmed at 'BBB-'

BTN

-- National Long-Term Rating affirmed at 'AA(idn)'; Outlook
    Stable
-- National Short-Term Rating affirmed at 'F1+(idn)'
-- Rupiah senior bond affirmed at 'AA(idn)'
-- Rupiah senior bond programme affirmed at 'AA(idn)'


INDOSAT TBK: 1H 2015 Results Support Moody's Ba1 Rating
-------------------------------------------------------
Moody's Investors Service says that PT Indosat Tbk's financial
performance for the first half of 2015 (1H 2015) is broadly in
line with expectations and supports its Ba1 rating and stable
outlook.

Reported revenue in 1H 2015 grew by 8.7 year-on-year (YoY) to
IDR12.6 trillion, driven by strong revenue growth in data and
value added services, which offset declines in voice and
interconnection revenue.

"Indosat's solid revenue growth, in particular from data services,
is supported by improved network quality following the completion
of its network modernization efforts," says Nidhi Dhruv, a Moody's
Assistant Vice President.

Following aggressive customer acquisition marketing campaigns in
recent quarters, Indosat's subscriber base grew by 24.7% YoY to
68.5 million from 54.9 million.  However, blended average revenue
per user declined 5% YoY to IDR25,300 from IDR26,600, and reported
EBITDA margins declined slightly to 42.5% in 1H 2015 from 43.3% in
1H 2014.

"We expect a continuing contraction in EBITDA margins as data
services contribute increasingly to total revenues, and data
pricing and usage remains sub-optimal.  Nonetheless, Indosat's
adjusted EBITDA margin (about 48% for last twelve months ended
June 2015) remains strong for its rating category and compares
favorably on a global basis," says Dhruv, also Moody's Lead
Analyst for Indosat.

Capex for 1H 2015 was IDR2.8 trillion, down 14.5% YoY, with
approximately 86% spent on modernizing the cellular network to
better support future data demand.  The decline in capex is due to
the company completing its network modernization program, having
rolled out 3G in the major cities in Indonesia.

However, capex on spectrum refarming and LTE roll-out will
continue to pressure free cash flow generation over the next 12
months.  Nonetheless, these investments are imperative for Indosat
to remain competitive, especially against its closest competitor,
PT XL Axiata Tbk (Ba1 stable).

Indosat's adjusted leverage-- as measured by adjusted debt to
EBITDA -- increased to about 3.1x as of 30 June 2015 from 2.7x as
of 31 December 2014 as the company pre-financed the early
redemption of its $650 million bond due July 2020.  Following
Indosat's redemption of the bonds on July 29, leverage has
declined and is expected to remain at around 2.7x-2.8x for the
remainder of 2015.

Indosat refinanced its $650 million bond, primarily through US
dollar revolver credit facilities worth $500 million, IDR700
billion (about $54 million) from its IDR3.1 trillion rupiah-
denominated bond issue in June 2015 and the remainder with
internal cash.  The US dollar revolvers have an average maturity
of about two to three years, and can be prepaid any time before
maturity.

"We expect Indosat's exposure to US dollar debt to decline
gradually over the next 12-18 months as the company plans to
ultimately refinance its $500 million revolvers through rupiah
bonds issued over three to four tranches, subject to market
conditions," adds Dhruv.

Although the bond redemption will shorten Indosat's debt maturity
profile to about 3.9 years from 4.5 years originally, Indosat will
have a well-laddered debt maturity profile with manageable
payments due each year that the company can fund through a
combination of internal cash flows and refinancing.

The maturity profile should further extend when Indosat refinances
the US dollar-denominated revolvers with rupiah-denominated bonds.

The principal methodology used in this rating was Global
Telecommunications Industry published in December 2010.

Indosat is a fully integrated telecommunications network and
services provider in Indonesia.  The company is the second-largest
cellular operator in the country, as well as its leading provider
of international call services.  It also provides multi-media,
data communications, and internet services.  Indosat is 65% owned
by Ooredoo Q.S.C. (previously known as Qatar Telecom, A2
negative).


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


ASAHI MUTUAL: Fitch Hikes Insurer Fin'l. Strength Rating to 'BB+'
-----------------------------------------------------------------
Fitch Ratings has upgraded Asahi Mutual Life Insurance Co.'s
(Asahi Life) Insurer Financial Strength (IFS) Rating to 'BB+' from
'BB'. The Outlook is Stable.

KEY RATING DRIVERS
The upgrade is based on Asahi Life's steadily improving capital
adequacy and financial leverage as well as its resilient insurance
underwriting, supported by the company's strategic focus on the
profitable third (health) sector.

Its statutory solvency margin ratio (SMR) rose to 667.7% at end-
March 2015 from 569.0% a year earlier, mainly due to its increased
unrealised gains on securities and its accumulated capitalisation
and reserves. Also, the company's financial leverage declined to
39.0% at end-March 2015 from 46.9% a year earlier, due to its
strengthened capitalisation.

Asahi Life changed its capital structure through redeeming
JPY120bn of its existing kikin (foundation funds), and raising
JPY80bn of new kikin and JPY40bn of subordinated debt on 3 August
2015. In Fitch's view, this refinancing plan is sufficient to
maintain the company's quantity and quality of capitalisation. The
company's capital-related metrics, such as SMR and financial
leverage, are not affected by this capital restructuring.

Nevertheless, Asahi Life's capital position is weak in comparison
with its peers' average SMR of more than 900%. In addition, Asahi
Life's negative spread burden of JPY64.9bn in the financial year
ended March 2015 (FYE15) (FYE14: JPY71.1bn) is large and continues
to offset gains from better-than-projected mortality and morbidity
rates. However, Fitch expects Asahi Life's negative spread burden
to shrink as a consequence of gradually declining average
guaranteed yields over the medium term.

The company's insurance underwriting business has been stable due
to its effective focus on the more profitable third sector. Its
core profit margin remained adequate at 6.8% in FYE15, compared
with 6.6% a year earlier. Annual premiums of in-force policies in
this segment increased by 2.4% in FYE15, partly due to effective
sales promotions via non-traditional channels. Fitch believes that
the company's efforts in marketing third-sector products via
several non-traditional channels, such as telephone marketing, are
likely to further enhance its strength in this segment.

RATING SENSITIVITIES
Key rating triggers for an upgrade include: a further
strengthening of capitalisation; and a decline in financial
leverage to below 35%, on a sustained basis. Growth in the
company's third-sector business and reduction in the surrender and
lapse rates of its death protection products would also be viewed
positively by Fitch.

Key rating triggers for a downgrade include: material erosion of
capitalisation, or increase in financial leverage to above 45%, or
significant deterioration in profitability, such as core profit
margin falling to below 5%, on a sustained basis.


TOSHIBA CORP: Probing 10 New Accounting Issues
----------------------------------------------
Bloomberg News reports that Toshiba Corp. has uncovered 10 new
cases of accounting problems, including at a U.S. unit, prompting
it to miss a regulator's deadline for submission of its fiscal
2014 earnings release.

According to the report, the industrial group obtained permission
from the securities regulator to postpone the report due Aug. 31
until Sept. 7.  Bloomberg recalls that President Masashi
Muromachi, who took charge after three of his predecessors left
following a July third-party report on accounting practices at the
company, had said he might quit if the new deadline was missed.

Bloomberg says the second delay of earnings, initially due in May,
comes after internal and external probes of the industrial group's
accounting led to the resignations and caused at least JPY145
billion in writedowns. Toshiba said Aug. 31 it discovered
irregularities in percent-of-completion accounting related to a
U.S. hydro-power unit's construction project, Bloomberg relays.

"One week delay is not such a big deal, but that's another week of
uncertainty," Bloomberg quotes Hideki Yasuda, an analyst at Ace
Research Institute in Tokyo, as saying. "They need to report as
soon as possible."

According to Bloomberg, Toshiba said in August it expected a net
loss for the past year without providing a specific number as
costs related to the scandal wiped out profit from its businesses,
which span nuclear reactors, computer memory chips and laptop
computers.  Bloomberg says the company has revamped its board,
apologized to investors and appointed a special committee to try
to win back trust and prevent further irregularities at the 140-
year-old pillar of Japan Inc.

The company has lost a quarter of its market value this year, the
report notes.

Bloomberg discloses that Toshiba on Aug. 18 forecast operating
income of JPY170 billion for the year ended March 2015 and pretax
profit of JPY140 billion. The company had scrapped its earnings
forecasts in May and announced an investigation of accounting
irregularities that was subsequently expanded to cover the entire
company, according to Bloomberg.

Bloomberg relates that the company, which has built up holdings in
more than 300 affiliates, partners and customers, has said it will
sell off some to raise cash.

Bloomberg reports that Toshiba will sell its stake in Topcon Corp.
and expects to book a gain of between JPY30 billion and JPY40
billion, it said separately on Aug. 31. The company has submitted
the financial results to its auditor, it said in a separate
statement cited by Bloomberg.

Muromachi also apologized to shareholders at a briefing on
Aug. 31 in Tokyo. Toshiba said Westinghouse was not the U.S. unit
being probed, the report adds.

Bloomberg recalls that Toshiba's third-party report released July
21 detailed practices that led to overstatement of profits,
linking them to former Presidents Hisao Tanaka, Norio Sasaki and
Atsutoshi Nishida. Mr. Muromachi's name wasn't mentioned.

The report adds that Toshiba also announced board changes this
month, increasing the number of independent directors to seven
from four. No charges have been filed against Toshiba or its
executives.

"The company has completely lost investor trust, since no one had
expected things to be this bad," the report quoets Yasuaki Kogure,
chief investment officer at SBI Asset Management Co, as saying.
"We still don't know whether the new management will change the
company and how, and what it will consider as an achievable profit
margin."

                     About Toshiba Corp.

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

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

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

The ratings outlook is stable.



===============
M O N G O L I A
===============


SOUTHGOBI RESOURCES: TSX Delisting Review Extended Until Sept. 30
-----------------------------------------------------------------
SouthGobi Resources Ltd. on Aug. 30 announced the confirmation of
the extension to the Toronto Stock Exchange delisting review until
September 30, 2015.

As announced by the Company on July 29, 2015, a meeting of the
Continued Listing Committee of TSX was scheduled on August 25,
2015 and their decision was expected no later than August 28,
2015.

On August 28, 2015 the Company received confirmation from the
Committee that it will schedule a review meeting on September 28,
2015 and will defer its delisting decision as to whether the
Company has met the listing requirements of the TSX until
September 30, 2015.

The Company believes the extension will provide sufficient time
for the implementation of the Proposed Funding Plan described in
the Management's Discussion and Analysis issued on August 13,
2015, which will allow it to meet its short term financing needs,
and that it will be compliant with the continued listing
requirements of the TSX; however, no assurance can be provided
that the Proposed Funding Plan will be successfully implemented or
to the outcome of the remedial delisting review when it occurs and
the Company's Common Shares may become subject to delisting from
the TSX.

If, at any time, the TSX becomes aware of additional negative
developments such that the continued trading or listing of the
Company's securities is contrary to the public interest, an
expedited review will be initiated.

For additional detail, please refer to the section "Liquidity and
Capital Resources" under the heading "TSX Financial Hardship
Exemption Application and Status of Listing on the TSX" in the
MD&A issued on August 13, 2015 and available on SEDAR at
www.sedar.com

                      About SouthGobi

SouthGobi, listed on the Toronto and Hong Kong stock exchanges, is
focused on exploration and development of its metallurgical and
thermal coal deposits in Mongolia's South Gobi Region.  It has a
100% shareholding in SouthGobi Sands LLC, a Mongolian registered
company that holds the mining and exploration licenses in Mongolia
and operates the flagship Ovoot Tolgoi coal mine.  Ovoot Tolgoi
produces and sells coal to customers in China.



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


HUBBARD MANAGEMENT: Investors Receive NZ$35.6MM Payout
------------------------------------------------------
Five years after being appointed, the Grant Thornton Statutory
Managers of the Hubbard Management Fund have resolved all matters
and have returned all investor capital along with a small surplus
pool as directed by the High Court.

The total of the 31 March 2010 investor statements prepared by Mr
Hubbard indicated that the investors were owed NZ$82.8 million.

The Grant Thornton Statutory Managers were appointed in June 2010
and their assessment was that the Fund had a value of NZ$47.7
million after allowing for impairments for traced assets and
security claims.

The Statutory Managers discovered that there were poor accounting
records and non-existent transactions that were recorded in the
accounting records and on the investors' statements. This poor
financial recording had continued over a long period of time
generating statements to investors that were not completely
supported by assets.

Additionally, shares reported as being owned by HMF were not
always held in the HMF nominee companies resulting in
complications trying to gain access to the investments.

The statutory managers had to follow an exhaustive and slow
process of reconstructing the financial records of every investor
back to the launch of the fund, to separately establish what
assets the Fund actually owned, unravel related party transactions
and loans, seek Court direction on the methodology to determine
what investors were entitled to, and take time to sell assets to
achieve the best possible result for the investors.

Providing forecasts of the outcome for investors during the
assignment was very difficult. There were fluctuating share values
and in addition the statutory managers had to investigate numerous
claims totalling many millions of dollars from investors and third
parties asserting security over HMF assets.

At one stage in the recovery process it appeared that there would
be a larger surplus pool, but once all claims were settled and
combined with adverse market movements, particularly in the lesser
quality assets that HMF had invested in, the amount available was
reduced.

The final amount received by Grant Thornton was NZ$55.0 million
which was achieved by making payments of NZ$9.9 million to meet
contractual capital calls on investments and to settle claims with
third parties holding valid security claims over HMF assets.

After allowing for costs, investors have received distributions of
NZ$35.6 million which repays all original capital invested into
the fund.

The Grant Thornton Statutory Managers, Graeme McGlinn, Trevor
Thornton and Richard Simpson have now applied to have the
statutory management appointment terminated.


PETE'S PUMP: Goes into Liquidation
----------------------------------
Jill Galloway at Stuff.co.nz reports that Pete's Pump and Dairy
Services went into liquidation on August 19.

According to the report, Simon Dalton from Gerry Rea Partners said
the Woodville company went into receivership owing NZ$235,000 and
the bulk of that -- NZ$221,000 -- to unsecured creditors.

Stuff.co.nz relates that Mr. Dalton said the business serviced the
dairy industry and the directors and shareholders Peter and
Kathleen Boulton said "that due to the downturn in the industry,
the company's trading revenues were insufficient to service the
debt."

The shareholders put the company into liquidation after receiving
professional advice, the report says.

Mr. Dalton's liquidators report on Pete's Pumps and Dairy Services
showed unsecured creditors included fuel, accountancy, electrical
companies and providers of goods to the business, Stuff.co.nz
relays.

He said all assets would be sold at an on-site auction within the
next few weeks, Stuff.co.nz adds.

"We will hold the auction on a Saturday and some farmers can then
come along. The landlord said we can go ahead," the report quotes
Mr. Dalton as saying.

He said the idea was to sell assets and pay back creditors,
Stuff.co.nz reports.



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



DOOSAN INFRACORE: Moody's to Retain B1 CFR on Shares Issuance
-------------------------------------------------------------
Moody's Investors Service says that Doosan Infracore
International, Inc. (DII)'s parent Doosan Infracore Bobcat
Holdings Co Ltd's (DIBH, unrated) convertible preferred shares
(CPS) issuance and capital reduction will have no impact on DII's
B1 corporate family rating and Ba3 rating on its $1.2 billion
senior secured term loan, or stable outlook.

"DIBH's issuance of the convertible preferred shares and capital
reduction will have no meaningful impact on its capital structure,
given that the size of the capital reduction is similar to the
proceeds from the share issuance," says Wan Hee Yoo, a Moody's
Vice President and Senior Analyst.

"The proceeds from the capital reduction will also strengthen
DIBH's parent Doosan Infracore Co., Ltd's (Doosan Infracore,
unrated) liquidity profile, which is credit positive for its other
subsidiary, DII," adds Yoo.

DII and Doosan Holdings Europe Limited (DHEL, unrated) are co-
borrowers for the majority of their debt, including the rated $1.2
billion senior secured term loan.  Given this structure, Moody's
analyzes DII based on DIBH's consolidated financials, which
effectively combines those of DII and DHEL.  DIBH is the parent
company of DII and DHEL.

According to DIBH's parent Doosan Infracore's recent public
filings, DIBH decided to issue KRW705 billion ($597 million) of
CPS to financial investors through a private placement.  Doosan
Infracore said that DIBH's CPS issuance is a pre-IPO transaction
in conjunction with its listing planned in the next few years.  At
the same time, DIBH announced its capital reduction of KRW675
billion ($572 million), which is slightly smaller than its CPS
proceeds.

The CPS includes call options for Doosan Infracore and the
investors' right to force Doosan Infracore to join the sale of
DIBH or the sale of DIBH's subsidiaries should the IPO of DIBH not
proceed within a certain period.  Overall, Moody's considers the
CPS as equity-like instrument for DIBH.  The newly issued CPS will
have a preferred dividend rate of 6.9% which is cumulative and
participatory.  Accordingly, the dividend payout of around $40
million per annum could weaken DIBH's free cash flow.

However, Moody's notes that DIBH's robust operating performance
will more than offset this impact and the covenants in the $1.2
billion term loan facilities limit the potential cash leakage to
its parent.

DIBH's reported operating profit grew about 68% year-on-year in 1H
2015, owing to a demand recovery for compact farm and construction
equipment in the North American market.

Driven by robust earnings and cash flow, DIBH reported net debt
declined to $1,366 million at end-June 2015 from $1,439 million at
end-2014.  Moody's expects its net debt to continue to decline
over the next 1-2 years driven by higher earnings and low capex
requirements.

Given the rating agency's expectation of higher earnings and
gradual debt reduction, Moody's expects DIBH's adjusted
debt/EBITDA to improve to about 3x over the next 12-18 months from
4.5x in 2014, absent material investments or shareholder
distributions.

While this level of leverage is strong for the company's B1
corporate family rating, the rating is constrained by the highly
cyclical nature of its business and Doosan Infracore's weaker
credit profile.

The principal methodology used in these ratings was Global
Manufacturing Companies published in July 2014.

Doosan Infracore International, Inc., with its Bobcat brand, is
the leading manufacturer of compact farm and construction
equipment in the North America.  Its affiliate, Doosan Holdings
Europe Limited, operates the compact construction equipment
business in the EMEA.  Both companies are collectively wholly
owned by Doosan Infracore Bobcat Holdings Co., Ltd and Doosan
Engine Co., Ltd (unrated), both of which in turn are part of the
Doosan Group.



                             *********

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
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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
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related conferences are encouraged.  Send announcements to
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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
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