TCRAP_Public/150903.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, September 3, 2015, Vol. 18, No. 174


                            Headlines


A U S T R A L I A

BBS ELECTRIX: In Liquidation; First Meeting Set Sept. 11
PIONEER FREIGHT: Expressions of Interest Sought For Claim
SUCCESS ALUMINIUM: Placed Into Voluntary Administration


C H I N A

CAR INC: Moody's Retains Ba1 CFR Following 1H 2015 Results
CHINA HONGQIAO: Fitch Affirms 'BB' Issuer Default Ratings
CHINA HONGQIAO: S&P Lowers CCR to 'BB-'; Outlook Stable
GEMDALE CORP: 1H 2015 Results Reflect Neg. Outlook, Moody's Says
JINGRUI HOLDINGS: Moody's Lowers CFR to B3; Outlook Negative


I N D I A

AANAV CONSTRUCTION: CRISIL Suspends B+ Rating on INR40MM Loan
ASTORIA AGRO: CRISIL Lowers Rating on INR250MM Term Loan to 'D'
BHARAT TOOL: ICRA Suspends B+ Rating on INR5.25cr LT Loan
BIGJO'S INDIA: CRISIL Suspends 'D' Rating on INR40MM Cash Loan
CH. VEERRAJU: CRISIL Suspends B- Rating on INR40MM Cash Loan

DAIRY ICE: CRISIL Assigns B- Rating to INR70MM LT Loan
DHANA LAXMI: ICRA Assigns 'B' Rating to INR5.0cr Cash Credit
DURGA PROJECTS: CRISIL Suspends B+ Rating on INR708MM LT Loan
G. R. MULTIFLEX: CRISIL Assigns B Rating to INR70MM Cash Loan
GANPATI INFRASTRUCTURE: Ind-Ra Assigns IND BB+ LT Issuer Rating

GOLD PLUS: CARE Ups Rating on INR353.79cr LT Loan From 'C'
GROVER METALLOYS: CRISIL Suspends B+ Rating on INR140MM Loan
GS DISTRIBUTORS: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
ICEWEAR CREATION: ICRA Reaffirms B+ Rating on INR0.70cr Term Loan
JIWAN TEXTILE: CRISIL Suspends 'B' Rating on INR47.5MM Cash Loan

JMD OILS: Ind-Ra Cuts Long-Term Issuer Rating to 'IND B'
KGS SUGAR: ICRA Suspends B+ Rating on INR253.73cr Term Loan
KHUSHI FOODS: CARE Lowers Rating on INR7.61cr LT Loan From B+
KLR INDUSTRIES: ICRA Assigns 'C' Rating to INR28.50cr Loan
KOTECHA STEEL: CARE Cuts Rating on INR5cr LT Loan to B+

KSHITIJ SYNERGY: CRISIL Suspends 'D' Rating on INR145MM Loan
LINCOLN INDUSTRIES: CRISIL Assigns B+ Rating to INR60MM Cash Loan
NAGESH ENTERPRISES: CARE Assigns B Rating to INR10cr LT Loan
OMEGA PREMISES: CRISIL Reaffirms 'B' Rating on INR443MM LT Loan
P. MANEKLAL: CARE Assigns 'B' Rating to INR5cr LT Loan

PALLAVA GRANITE: CRISIL Reaffirms D Rating on INR180MM Loan
PALLAVA GRANITE INDUSTRIES: CRISIL Ups INR60M Loan Rating to B-
PURE PETROCHEM: CRISIL Assigns B+ Rating to INR45MM Cash Loan
RAJ WATERSCAPE: CRISIL Reaffirms 'B-' Rating on INR250MM Loan
REDSTONE GRANITO: CRISIL Suspends B- Rating on INR300MM Loan

RISING OVERSEAS: CRISIL Suspends B+ Rating on INR50MM LT Loan
RITU LOGISTICS: CARE Reaffirms B+ Rating on INR12.23cr LT Loan
ROYAL TYRES: ICRA Assigns B+ Rating to INR6.03cr LT Loan
SARV INDIA: ICRA Assigns B+ Rating to INR6.50cr Term Loan
SHABINA FOODS: CRISIL Suspends D Rating on INR110MM Term Loan

SHIVA SPECIALITY: CARE Assigns C+ Rating to INR24cr LT Loan
SHRI ANNAPURNA: ICRA Assigns 'B' Rating to INR5.0cr Cash Loan
SHRINE ENGINEERING: CARE Reaffirms 'B' Rating on INR2cr LT Loan
SRI BALAJIS: CRISIL Suspends B Rating on INR50MM Cash Loan
STEEL FORGE: CARE Cuts Rating on INR6cr LT Loan to B+

SURYA AUTOMOBILES: ICRA Assigns B+ Rating to INR6.0cr LT Loan
TEXTREND LIFESTYLE: ICRA Reaffirms B- Rating on INR6.0cr Loan
ULTRA TRUST: CRISIL Reaffirms 'D' Rating on INR50MM Term Loan
UNITY STONE: CRISIL Assigns B+ Rating to INR48.5MM Cash Loan
VIPUL LIMITED: ICRA Assigns B+ Rating to INR32cr Loan

VITTHALRAO SHINDE: CRISIL Cuts Rating on INR400MM Loan to B+
WILSON PRINTCITY: CRISIL Ups Rating on INR85MM Term Loan to B
YOGINDERA WORSTED: CARE Assigns C+ Rating to INR20.75cr LT Loan
Z FASHIONS: CRISIL Assigns B+ Rating to INR50MM Cash Loan

* Indian Property Developers to Face Challenges, Moody's Says


I N D O N E S I A

MITRA PINASTHIKA: Fitch Affirms 'BB-' LT Issuer Default Rating
MODERNLAND REALTY: Fitch Affirms 'B' LT Issuer Default Rating


J A P A N

SHARP CORP: To Sell Two Headquarters, To Remain There as Tenant
SKYMARK AIRLINES: Rehabilitation Plan Finalised


M O N G O L I A

MONGOLIAN MINING: Moody's Lowers CFR to Ca; Outlook Negative


N E W  Z E A L A N D

VALIANT HOMES: Creditors Angry Over Developer's Spending Spree


S I N G A P O R E

STATS CHIPPAC: S&P Affirms 'BB' CCR & Revises Outlook to Negative


S O U T H  K O R E A

* KOREA: Default Risk Surges on China, Cross-Border Woes


T H A I L A N D

THAILAND: SME Asset Quality Likely to Deteriorate


                            - - - - -


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A U S T R A L I A
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BBS ELECTRIX: In Liquidation; First Meeting Set Sept. 11
--------------------------------------------------------
Timothy Clifton and Daniel Lopresti of Clifton Hall were appointed
as Joint and Several Liquidators of BBS Electrix Pty Ltd on Sept.
1, 2015.

A meeting of creditors will be held at 10:30 a.m. on Sept. 11,
2015 at Clifton Hall, Level 3, 431 King William Street, in
Adelaide.


PIONEER FREIGHT: Expressions of Interest Sought For Claim
---------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that expressions of
interest are sought for the purchase of AUD5.5 million claim in
the liquidation of Pioneer Freight Futures Company Limited.

The sale is under instructions from Ferrier Hodgson, the appointed
receivers of MAP Marine Limited, the report says.


SUCCESS ALUMINIUM: Placed Into Voluntary Administration
-------------------------------------------------------
Eloise Keating at SmartCompany reports that Success Aluminium has
collapsed into voluntary administration.  Administrators Jirsch
Sutherland was appointed to Success Aluminium on August 10, with
Sule Arnautovic, Amanda Young and Glenn Crisp appointed to manage
the administration, the report says.

According to SmartCompany, the appointment was made less than a
month after an application to wind-up the company was filed with
the Australian Securities and Investments Commission by a business
called OPAL (Macao Commercial Offshore) Limited, which is a
subsidiary of Chinese aluminium manufacturer PanAsialum Holdings.

While ASIC records show the application to wind up the company was
originally scheduled to be head in the Supreme Court of New South
Wales on August 19, court listings indicate a hearing about
Success Aluminium has been scheduled to be held in Sydney on
September 19, the report relates.

A spokesperson for Jirsch Sutherland told SmartCompany the company
was placed in voluntary administration as a result of "financial
difficulties" and the application to wind up the company was
adjourned by the court so the voluntary administration process can
proceed.

Meanwhile, expressions of interest in Success Aluminium from
potential buyers close on September 2, the report notes.

SmartCompany relates that in an advertisement that appeared in
national newspapers last week, administrators Jirsch Sutherland
listed the business' assets as including warehouse leases in four
states, accounts receivable, stock, motor vehicles, other plant,
equipment, fixtures and fittings, intellectual property and "all
other assets required to operate the business".

According to the report, the spokesperson for Jirsch Sutherland
said the administrators have so far received expressions of
interest from "a number of potential buyers".

Success Aluminium is a manufacturer and supplier of aluminium
products and systems with an estimated annual turnover of
AUD39.4 million, SmartCompany discloses.  The company has been
operating for more than 30 years and employs 34 staff across its
operations in New South Wales, Victoria, Western Australia and
Queensland.



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CAR INC: Moody's Retains Ba1 CFR Following 1H 2015 Results
----------------------------------------------------------
Moody's Investors Service says that CAR Inc.'s 1H 2015 results do
not affect its Ba1 corporate family and senior unsecured ratings
or the stable rating outlook, because Moody's expects the company
to manage further revenue growth and contain its debt leverage.

"CAR's 24% revenue growth in 1H 2015 fell below our expectation of
about 60% growth for the full year 2015," says Gerwin Ho, a
Moody's Vice President and Senior Analyst.

CAR's 24% year-on-year revenue growth in 1H 2015 reflects the
growth in its short-term and long-term rental revenues driven by
fleet growth, as well as its higher short-term rental utilization
rate.

Moody's expects CAR's revenue to grow about 60% year on year in
2015, and 55% to 60% year on year over the next 1-2 years, as the
company's growing fleet will support both its traditional self-
drive rental business and its 10%-owned chauffeured car services
provider, UCAR Technology Inc. (unrated).

"CAR's debt leverage was also high for its ratings in 1H 2015, but
we expect the company will contain any further rise in debt
leverage," says Ho who is also the Lead Analyst for CAR.

CAR's adjusted debt increased around 100% to about RMB7.7 billion
as of 30 June 2015 from end-2014, while its adjusted EBITDA grew
about 30% for the same period.

As a result, its adjusted debt/EBITDA rose to about 3.5x for the
12 months ended 30 June 2015 from 2.4x in 2014.  Such a level is
close to the rating downgrade trigger of 3.5x.

Nonetheless, Moody's expects CAR's revenue from new vehicles, a
more controlled fleet expansion and investments in UCAR will keep
its debt leverage level in the range of 3.0x-3.5x in the next two
years, which still positions it in the Ba1 rating category.

CAR has indicated it will manage its business growth and
investment in UCAR in a manner that ensures its debt leverage will
not exceed the threshold for its current ratings.

Moody's will also monitor CAR's onshore borrowings, which could
increase the subordination risk to offshore senior unsecured bond
holders.

On the other hand CAR's improved EBITDA margin is credit positive,
and Moody's expects CAR will sustain the improvement in the next
12-18 months.

CAR's adjusted EBITDA margin including sales of used vehicles
improved to about 50%-55% in the 12 months ended June 30, 2015,
from 46.7% in 2014, and its gross margin including sales of used
vehicles to 41.2% from 35.2% in 2014.  This reflects improvements
in its selling, general and administrative expenses as a result of
operating leverage.

CAR's liquidity position is adequate.  Its unrestricted cash of
RMB2.1 billion at end-June 2015 and proceeds from its USD300
million bond issuance in August 2015 were adequate to cover its
short-term debt of RMB2.4 billion as of 30 June 2015.

The principal methodology used in this rating was Equipment and
Transportation Rental Industry published in December 2014.

CAR Inc., founded in 2007 and headquartered in Beijing, provides
car rental services, including short-term rental, long-term rental
and leasing in China.  CAR listed on the Hong Kong Stock Exchange
in September 2014.

As of June 30, 2015, CAR had a total fleet of 84,719 company-owned
cars.  CAR commands a leadership position in terms of fleet size,
revenue and network coverage.  In the 12 months ended June 30,
2015, CAR reported net sales of RMB4.0 billion (USD641 million).

CAR's key shareholders include Legend Holdings (unrated; 29.0%);
the world's second-largest car rental company The Hertz
Corporation (B1 stable; 16.1%); its chairman, founder and CEO, Mr.
Charles Lu (14.7%); and private equity firm Warburg Pincus
(11.1%).

This publication does not announce a credit rating action.


CHINA HONGQIAO: Fitch Affirms 'BB' Issuer Default Ratings
---------------------------------------------------------
Fitch Ratings has affirmed aluminium producer China Hongqiao Group
Limited's (Hongqiao) Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDR) at 'BB'. The Outlook is Stable. Fitch has
also affirmed Hongqiao's senior unsecured rating at 'BB', and the
outstanding USD400m 7.625% senior unsecured notes due 2017 and
USD300m 6.875% senior unsecured notes due 2018 at 'BB'.

The affirmation reflects Hongqiao's large operating scale and its
ability to remain profitable amid weak aluminium prices. The
ratings are constrained by its high capex and a high degree of
customer concentration.

KEY RATING DRIVERS

Leading Aluminium Producer: Hongqiao's annual aluminium smelting
capacity increased to 4.54m tonnes in 1H15, up 45% yoy and
compared with just over 2m tonnes in 2012. With the company on
track to expand its capacity to 5m tonnes by end- 2015, it will
become the world's largest aluminium producer by capacity. The
utilisation rates at Hongqiao's aluminium smelters' have remained
above 95% - much higher than the global average of 80% and Chinese
average of 78% - despite the rapid expansion.

Fitch has raised the level at which it would consider negative
rating action for the company's funds flow of operations (FFO)-
adjusted net leverage to 3.0x from 2.5x. This is to reflect the
improvement in the company's business profile due to its expanded
scale.

Resilient Ability to Generate Profit: Hongqiao has continued to
generate strong EBITDAR margin over the years despite the fall in
aluminum prices. Its EBITDAR margin fell to 33.0% at end-June 2015
from 37.8% at end-2012, while its average selling price slid to
CNY11,050/tonne from CNY13,300/tonne. Hongqiao is able to stay
cost competitive due to its high level of self-sufficiency for the
key production inputs of alumina and electricity. It produced
about 100% of its alumina demand and 80% of its power needs as of
June 2015. Fitch expects Hongqiao's power self-sufficiency ratio
to reach 90% in 2017, which will enhance the company's cost
structure, but keep capex at an elevated level.

High Capex to Continue: Fitch expects Hongqiao's capex to remain
high in coming years as the company continues to increase its
captive power plant capacity and its capacities overseas, in
particular, its alumina facility in Indonesia to take advantage of
local bauxite resources. While this will further improve the
company's cost position through a higher level of vertical
integration, it will keep the company's funds flow from operations
(FFO)-adjusted net leverage at 2.5x-2.7x for 2015-16.

Geographical and Customer Concentration: Hongqiao's customer base
is concentrated in China's Shandong province and its top five
customers account for 62% of total sales, with the largest
customer making up 34% of total sales in 2014.

KEY ASSUMPTIONS

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

-- Aluminium capacity to reach 5m tonnes by end-2015 and no
    further significant expansion of aluminium capacity going
    forward
-- Average selling price to continue to trend down due to
    pressure on domestic aluminium prices
-- Estimated capex of CNY14bn for 2015 and CNY10bn for 2016

RATING SENSITIVITIES

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

-- Deterioration in Hongqiao's leading market position in
    Zouping and Shandong
-- FFO adjusted net leverage above 3.0x (2.98x at end-2014) on a
    sustained basis
-- EBITDAR/tonne below CNY3,000 (CNY3,883 at end-2014) on a
    sustained basis
-- Continuous bauxite supply disruption

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
-- FFO adjusted net leverage below 1.5x on a sustained basis
-- EBITDAR/tonne above CNY4,500 on a sustained basis
-- Securing a steady long-term bauxite supply


CHINA HONGQIAO: S&P Lowers CCR to 'BB-'; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on China-based aluminum producer
China Hongqiao Group Ltd. to 'BB-' from 'BB'.  The outlook is
stable.  At the same time, S&P lowered its long-term issue rating
on the company's senior unsecured notes to 'BB-' from 'BB'.  S&P
also lowered its Greater China regional scale rating on the
company and its notes to 'cnBB+' from 'cnBBB-'.

"We lowered the rating on Hongqiao because we expect the company's
cash flow leverage to deteriorate over the next 12-18 months due
to more aggressive capital spending than we previously expected,"
said Standard & Poor's credit analyst Jian Cheng.

Given the challenging industry conditions and the company's
higher-than-expected capital spending, S&P is lowering its
assessment of the company's financial risk profile to "aggressive"
from "significant".  S&P's assessment of the "fair" business risk
profile remains unchanged.

"We believe that Hongqiao's growth appetite is more aggressive
than we originally anticipated.  The company spent about Chinese
renminbi (RMB) 10 billion in the first half of 2015--the same as
our full-year expectation--to further expand its aluminum
facilities and captive power plants.  We believe that the pace of
Hongqiao's expansion is unlikely to slow down in the next 12-24
months despite the volatility in aluminum prices.  The company has
a capital spending commitment of about RMB25 billion as of
June 30, 2015.  We have revised up our capital spending assumption
in 2015 onwards to reflect the aggressive growth appetite," S&P
said.

"In our view, Hongqiao's large capital spending for captive power
plants and alumina production facilities in Indonesia may enhance
its overall cost position.  The spending could mitigate the
negative impact from sliding aluminum prices to some degree.  For
example, Hongqiao's gross margin fell only modestly to about 33%
in the first half of 2015, compared with around 34% in 2014, while
the average aluminum selling price fell about 4% during the
period," S&P noted.

"The stable outlook on Hongqiao for the next 12 months reflects
our view that increasing aluminum production volume and lower
production costs may lead to higher operating efficiency, which
may mitigate the negative impact from declining aluminum prices,"
said Mr. Cheng.

S&P may lower the rating if Hongqiao's capital expenditure is
larger than S&P's forecast and is mostly debt funded, and cash
flow leverage, such as the ratio of funds from operations (FFO) to
debt, drops to below 12% on sustainable basis.  S&P may also lower
the rating if its assessment of the company's liquidity becomes
"less than adequate" from "adequate."

S&P may upgrade Hongqiao if the company's FFO-to-debt ratio
recovers to above 20% over the next 12 months.  This could happen
if the company slows down its capital spending and management
shows a willingness to maintain the ratio at that level.  S&P
could also upgrade Hongqiao if an enhanced operating scale and
greater operating efficiency lead the company's business risk
profile to materially improve.


GEMDALE CORP: 1H 2015 Results Reflect Neg. Outlook, Moody's Says
----------------------------------------------------------------
Moody's Investors Service says that Gemdale Corporation's credit
metrics for 1H 2015 remained modest and continue to position it at
the weaker end of its Ba1 corporate family rating.

Gemdale's results for 1H 2015 are in line Moody's expectations,
and are reflected in the company's negative rating outlook.

"Gemdale's revenue/adjusted debt weakened moderately to 98% for
the 12 months ended 30 June 2015 from 107% in 2014 due to an 11%
decline in reported revenue to RMB8.1 billion and a slight
increase in borrowings in 1H 2015.  This leverage position is
considered weak for its Ba1 rating," says Kaven Tsang, a Moody's
Vice President and Senior Credit Officer.

The revenue decline was a result of an increase in the delivery of
mass market products in 1H 2015 and an increased use of joint
ventures (JVs).  Revenues in these JVs were not reported in
Gemdale's financial statements.

As the company increases its use of JVs, corporate transparency
will decrease.  On the other hand, the pressure on the company's
debt leverage might be reduced.

For example, Gemdale made 13 land acquisitions with a total gross
floor area of 2.48 million square meters in 1H 2015 and 11 of
these were acquired through joint ventures.  Its attributable
investment was RMB5.75 billion, versus its total investment of
RMB14 billion.

Its gross debt thus increased only mildly to RMB43.29 billion at
end-June 2015 from RMB40.96 billion at end-2014.

Gemdale has increased its investments in JVs in the last 1-2
years, but its exposure to JVs remains low.  At end-June 2015, the
company's investments in JVs and associates accounted for only
3.6% of its total assets.

Moody's will continue to monitor Gemdale's contributions as well
as its debt exposure to JVs, and will assess their implications on
the company's financial position.

On the other hand, Gemdale's EBIT/interest coverage remained
stable at 4x for the 12 months ended June 2015 as improvements in
profit margins and a reduction in funding costs have tempered the
impact of the revenue decline.

Gemdale's average borrowing cost also fell to 5.9% in 1H 2015 from
6.3% in 2014, owing to the rate cuts in China and the company's
issuance of low-cost medium term notes (MTNs) in the onshore debt
markets.

Moody's notes that the company issued two MTNs in April and August
this year and their coupon rates were 4.9% and 4.6%, respectively.

As a result, Moody's expects Gemdale's EBIT/interest coverage to
stay largely stable at 3.8x-4.0x over the next 12-18 months.

As for contracted sales, Gemdale's strong year-to-date performance
supports its Ba1 rating.

In the first seven months of 2015, Gemdale achieved 37.3% year-on-
year growth in contracted sales totaling RMB26.9 billion, which
included contracted sales from JVs.

This achievement outperformed the national average of 16.8% and to
some extent, supports the company's liquidity.

Gemdale's liquidity remains adequate.  Though its cash to short-
term debt dropped to 94% at end-June 2015 from 114% as of end-
2014, Moody's estimates that this ratio should improve to 107%
after the RMB2.5 billion MTN issuance in August.

The company's investments in short-term asset management products
-- with a maturity of no longer than three months -- totaled
around RMB1 billion at end-June 2015, and also supports its
liquidity.

Moreover, Gemdale's cash balance of RMB17.9 billion at end-June
2015 and projected operating cash flows are sufficient to cover
its short-term debt of RMB19.1 billion, as well as committed land
payments over the next 12 months.

The ratios above are calculated based on Moody's standard
adjustments and the definition stated in Moody's Homebuilding And
Property Development Industry published in April 2015.  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 debt does not
include adjustments for mortgage guarantees.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in April 2015.

Incorporated in China, Gemdale Corporation is one of the leading
developers in China's residential property sector.  It began its
property development business in Shenzhen in 1993 and has
progressively expanded its business to cover China's seven major
regions.  At end-June 2015, its land bank totaled around 26
million square meters in gross floor area.


JINGRUI HOLDINGS: Moody's Lowers CFR to B3; Outlook Negative
------------------------------------------------------------
Moody's Investors Service has downgraded Jingrui Holdings
Limited's corporate family rating to B3 from B2.

At the same time, Moody's has downgraded Jingrui's senior
unsecured rating to Caa1 from B3.

The ratings outlook is negative.

RATINGS RATIONALE

"The downgrade reflects Jingrui's deteriorating liquidity profile,
which will constrain the deployment of working capital and in turn
affect project deliveries.  Its operating profile will also remain
weak over the next 12-18 months due to low gross margins and weak
contracted sales", says Dylan Yeo, a Moody's Analyst and lead
analyst for Jingrui.

Despite its bond issuance in April 2015 -- for the purposes of
refinancing short-term debt -- the company's cash-to-short term
debt deteriorated to 61% at end-June 2015 from 87% at end-2014 due
to a lower cash balance and a high proportion of onshore loans due
in 1H 2016.

Jingrui's cash balance, including restricted cash, declined to
RMB3.7 billion at end-June 2015 from RMB4.4 billion at end-2014.

Moody's expects liquidity to remain very tight, in the absence of
other external sources of financing.

Moreover, liquidity could also deteriorate further, if contracted
sales remain slow for the rest of 2015 after the company achieved
only RMB3.2 billion of contracted sales in January-July, or 34% of
its full-year target of RMB9.5 billion.

Moody's notes that Jingrui plans to step up project launches in
the next few months, particularly in higher tier cities in the
Yangtze River Delta region, but it could face competitive
pressures, given that it will be the peak season for new project
launches.

Moody's is also concerned that its tight liquidity will limit its
ability to complete project deliveries and start new projects in
higher tier cities which are subject to longer construction
periods prior to sales launches.

Moody's notes that revenue recognition had improved slightly to
RMB1.7 billion in 2H 2015, but concerns remain over the company's
ability to achieve its full-year revenue target of about RMB8
billion.

Jingrui also recorded negative EBIT in 1H 2015 as the company's
gross margin fell significantly to 6.0% from 16.0% in 1H 2014,
pressured by weaker-margin sales in lower tier cities.

EBIT interest coverage will weaken materially below 1.0x for
FY2015 (2014: 1.0x), based on Jingrui's projected delivery plan in
the second half of the year, before recovering gradually towards
0.85-1.0x in 2016.

Moody's expects Jingrui's gross margin to improve marginally to 7%
for the full year of 2015.  Over the next 12-24 months, its gross
margin will rise to about 16% through higher margin sales in
Shanghai.  But, these levels remain low relative to other peers in
the B rating category.

The negative outlook reflects the consideration that Jingrui's
liquidity and credit profile will stay weak for the next 18- 24
months, while its margin will stay pressured by rising land costs
and oversupply.

Upward rating pressure is unlikely due to the negative outlook.

Nevertheless, the outlook could return to stable if Jingrui (1)
successfully executes its business plan and revenue recognition in
2015; (2) improves its liquidity position, including its access to
the debt capital market, such that cash to short-term debt rises
above 0.8x on a sustained basis; and (3) successfully deleverages,
such that revenue/debt stays above 65% and EBIT/interest improves
above 1.25x on a sustained basis.

Downward rating pressure could emerge if (1) Jingrui's liquidity
and operating cash flow generation weaken, due to lower-than-
expected growth in contracted sales, evidence of a reduced ability
to access the onshore bank market and/or debt capital market,
aggressive land acquisitions, or a further weakening in China's
(Aa3 stable) property sector; or (2) profit margins come under
further pressure, negatively affecting interest coverage and
financial flexibility; such that EBIT interest coverage falling
below 0.85-1.0x.

The ratios above are calculated based on Moody's standard
adjustments and the definition stated in Moody's Homebuilding And
Property Development Industry Methodology.  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 1993, Jingrui Holdings Limited is a property
developer based in Shanghai and principally focused on residential
projects in the Yangtze River Delta.  The company listed on the
Hong Kong Stock Exchange in October 2013.

At June 30, 2015, it had a land bank of 4.9 million square meters
in gross floor area across 15 cities in China, including Shanghai,
Tianjin and Chongqing, and cities in Zhejiang and Jiangsu
provinces.



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AANAV CONSTRUCTION: CRISIL Suspends B+ Rating on INR40MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Aanav Construction Co. (Aanav).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        25        CRISIL A4
   Cash Credit           40        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    15        CRISIL B+/Stable

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

Aanav, a proprietorship firm, was established by Mr. Manish
Sachdeva in 2001. The firm is a civil contractor undertaking power
projects and road construction near Delhi and the National Capital
Region. Its day-to-day operations are managed by Mr. Sachdeva.


ASTORIA AGRO: CRISIL Lowers Rating on INR250MM Term Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on long-term bank facility of
Astoria Agro and Allied Industries Pvt Ltd (Astoria Agro) to
'CRISIL D' from 'CRISIL C'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Rupee Term Loan       250       CRISIL D (Downgraded
                                   from 'CRISIL C')

The downgrade reflects instances of delay by the company in
servicing its term debt. The delays have been on account of weak
liquidity amid low profitability and high working capital
requirements.

Astoria Agro also has a below-average financial risk profile,
marked by high gearing, weak debt protection metrics and weak
liquidity, and its large working capital requirements. The rating
also reflects its exposure to risk related to adverse changes in
government regulations in the sugar industry. The company,
however, benefits from the promoter's experience in the sugar
industry.

Astoria Agro (formerly, Astoria Jewellery Pvt Ltd) was promoted by
Mr. Pramod Goenka in April 2010. The company operates a sugar
production plant with 2500 tonne crushing per day capacity that it
acquired in an auction from Maharashtra State Co-op Bank Ltd. The
plant is located in Nandurbar (Maharashtra) and was earlier owned
by Pushpadanteshwar Sahakari Sakhar Karkhana Ltd.


BHARAT TOOL: ICRA Suspends B+ Rating on INR5.25cr LT Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR5.25
crore long term fund based facilities and [ICRA]A4 rating assigned
to the INR1.00 crore short term non fund based facilities of
Bharat Tool Steel Syndicate. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Established in 1965 as a partnership firm, Bharat Tool Steel
Syndicate (BTSS) is engaged in the business of trading different
grades of steel alloys and non alloy bars. BTSS operates from
seven of its warehouses located within Rajkot city; having a total
operational space of about 32,000 square feet. The firm was set up
by Mr. Hasmukh Shah, and is currently operated by his son Mr.
Darshan Shah. The promoter has about two decades of experience in
the iron and steel alloys trading business.


BIGJO'S INDIA: CRISIL Suspends 'D' Rating on INR40MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bigjo's India Ltd (BIL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           40        CRISIL D
   Term Loan             20        CRISIL D

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

BIL, incorporated in 1984 by Mr. Sanjeev Kumar Jain and his two
sons Mr. Sameer Jain and Mr. Siddharth Jain, is a retailer of
ladies accessories, fashion jewellery and gift items through its
stores under the brand Miss Jo. The company has two retail
showrooms at Kamla Nagar and Ambience Mall, Vasant Kunj (both in
New Delhi).


CH. VEERRAJU: CRISIL Suspends B- Rating on INR40MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ch. Veerraju and B. Venkateswara Rao (CVBVR).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           40        CRISIL B-/Stable
   Letter of Credit      20        CRISIL A4

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

CVBVR, a partnership firm located at Rajahmundry (Andhra Pradesh),
was set up in 2008, by Mr. Cherukuri Veerraju along with Mr. B.
Venkateswara Rao. The firm is engaged in civil engineering works
primarily related to irrigation projects in Andhra Pradesh.


DAIRY ICE: CRISIL Assigns B- Rating to INR70MM LT Loan
------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Dairy Ice Cream and Frozen Foods Pvt Ltd (DIFF), and
has assigned its 'CRISIL B-/Stable' rating to these facilities.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           20        CRISIL B-/Stable (Assigned;
                                   Suspension Revoked)

   Long Term Loan        70        CRISIL B-/Stable (Assigned;
                                   Suspension Revoked)

The rating had earlier been suspended by CRISIL as per its rating
rationale dated June 26, 2014, as DIFF had not provided the
necessary information required for reviewing the rating. DIFF has
now shared the requisite information, thereby enabling CRISIL to
assign rating to the bank facilities.

The rating reflects DIFF's modest scale of operations,
geographical concentration in revenue profile, intense
competition, and seasonal nature of the business. These rating
weaknesses are partially offset by its promoter's extensive
industry experience, its established market position, and wide
distribution network.
Outlook: Stable

CRISIL believes that DIFF will benefit over the medium term from
its promoter's extensive industry experience and its established
brand. The outlook may be revised to 'Positive' in case of
significant improvement in revenue and profitability while
improving the capital structure. Conversely, the outlook may be
revised to 'Negative' if DIFF undertakes a large debt-funded
capital expenditure (capex) or its revenue and profitability
decline, adversely affecting its financial risk profile.

Incorporated in 1980, DIFF manufactures ice-creams under three
brands, Halka, Exotica and Diffy's. The company is promoted by Mr.
Ajay Kumar Vaddi.

On a provisional basis, DIFF reported profit after tax (PAT) of
INR0.6 million on operating income of INR67.2 million for 2014-15
(refers to financial year, April 1 to March 31) against PAT of
INR0.4 million on operating income of INR65.2 million for 2013-14.


DHANA LAXMI: ICRA Assigns 'B' Rating to INR5.0cr Cash Credit
------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the Rs 10.00
crore fund based limits of Dhana Laxmi Cotton Industries.

                         Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Cash Credit limits     5.00        [ICRA]B assigned
   Term Loan limits       2.60        [ICRA]B assigned
   Unallocated limits     2.40        [ICRA]B assigned

The assigned rating is constrained by small scale and limited
track record of operations of the firm in the ginning industry;
highly fragmented nature of the ginning industry coupled with
limited value addition in the production process resulting in
limited pricing power for all industry participants; and the
firm's weak financial profile as reflected by low operating
margins of 2.80%, high gearing at 4.14 times and low coverage
ratios with interest coverage at 1.59 times and NCA/Debt at 3.47%
for 8M FY 2015. Further, the rating is constrained by the
vulnerability of the firm's profitability to adverse fluctuations
in raw material prices which are subject to seasonal availability
of raw cotton and government regulations on minimum support price
(MSP) and risks arising from partnership nature of the firm. The
assigned rating however takes comfort the favorable location of
the ginning unit in Warangal, Telangana, giving it easy access to
high quality raw cotton and lowers the transportation costs.
Going forward, the ability of the company to increase the scale of
operations, improve its profitability while efficiently managing
its working capital cycle will be the key rating sensitivity from
credit perspective.

Dhana Laxmi Cotton Industries (DLCI) was founded in 2013 as a
partnership firm. It is located in Madhavaram village in the
Warangal district of Telangana and is involved in the ginning and
pressing of raw cotton kapas to produce cotton lint and seeds. The
promoters have been engaged in cotton ginning since 2006 through
another partnership firm in the name of Omkareshwara Cotton
Ginning Mill. DLCI firm has 18 gins and one pressing unit with a
capacity for producing 150 bales of lint per day.

Recent Results
For 8M FY 2015 (unaudited and provisional), the firm reported a
profit before tax of INR0.03 crore on an operating income of
INR28.63 crore, as against a profit after tax of INR0.02 crore on
an operating income of INR26.76 crore in FY 2014 (audited).


DURGA PROJECTS: CRISIL Suspends B+ Rating on INR708MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Durga Projects and Infrastructure Pvt Ltd (DPIPL; part of the
Durga group).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      708       CRISIL B+/Stable
   Working Capital
   Demand Loan              92       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
DPIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DPIPL is yet to
provide adequate information to enable CRISIL to assess DPIPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of DPIPL and Durga Hi-Rise Pvt Ltd
(DHRPL). This is because both these companies, together referred
to as the Durga group, are under the same management. Moreover,
both DPIPL and DHRPL have considerable operational and business
linkages with each other.

Set up in 2006 as a private limited company, DPIPL is involved in
commercial and residential real estate construction business in
Bengaluru and Patna. DHRPL, incorporated in 2009, is also a real
estate developer. The companies are part of the Durga group
promoted by Mr. Navneet Jhunjhunwala and his brothers Mr.
Navaratan Jhunjhunwala and Mr. Neeraj Jhunjhunwala.


G. R. MULTIFLEX: CRISIL Assigns B Rating to INR70MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of G. R. Multiflex Packaging Pvt Ltd (GRMPPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan            16.8       CRISIL B/Stable
   Cash Credit          70         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    3.2      CRISIL B/Stable

The rating reflects GRMPPL's small scale of operations, large
working capital requirements, and weak financial risk profile
marked by small networth, high gearing and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of the company's promoters in manufacturing
flexible packaging materials, and their established relationship
with customers and suppliers.
Outlook: Stable

CRISIL believes that GRMPPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters and established relationship with customers and
suppliers. The outlook may be revised to 'Positive' in case the
company's operating income and profitability improve
significantly, or if it diversifies its customer profile, leading
to a better business risk profile. Conversely, the outlook may be
revised to 'Negative' in case GRMPPL's working capital management
deteriorates or it undertakes any significant debt-funded capital
expenditure programme, leading to deterioration in liquidity.

Incorporated in 2002 and promoted by members of the Kolkata-based
Jaiswal family, GRMPPL manufactures flexible packaging materials
such as polyester laminated rolls, multilayer flexible films, oil
print films, water printed films, and bags and pouches. The
company's manufacturing facilities are located in Kolkata and its
day-to-day operations are managed by its promoter-director, Mr.
Rabindar Jaiswal.


GANPATI INFRASTRUCTURE: Ind-Ra Assigns IND BB+ LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ganpati
Infrastructure Development Company Limited (GIDCO) a Long-Term
Issuer Rating of 'IND BB+'.  The Outlook is Stable.  The agency
has also assigned GIDCO's INR130 million term loan a Long-term
'IND BB+' rating with Stable Outlook.

KEY RATING DRIVERS

The ratings reflect the time and cost overrun risk for GIDCO's
five on-going residential projects in Agra. Ganpati Classique is
85.00% completed (203 units sold), Ganpati Kings County 100.00%
(106 units sold), Ganpati Wonder City 80.00% (245 units sold),
Ganpati World 65.00% (220 units sold) and Ganpati Inspire is in
the initial stage.

The ratings benefit from the over-two-decade-long experience of
the promoter in residential and commercial real estate projects in
Agra and the establishment of Ganpati as a strong real estate
brand in and around Agra. Ganpati group has completed 15
residential and commercial projects in the last 15 years. The
ratings also benefit from the fact that around 65% of the four
existing projects have been already sold out.

RATING SENSITIVITIES
Negative: Time and cost overruns or cancellations of sold units
leading to stressed cash flow could lead to a negative rating
action.

Positive: An improvement in the sales along with the timely
receipt of advances from customers, leading to stronger cash flow
could lead to a positive rating action.

COMPANY PROFILE

Initially established as a partnership firm under the name Ganpati
Group of Industries in 2005, GIDCO was converted into a limited
company in 2012. GIDCO undertakes the construction of residential
and commercial real estate projects in Agra. Its registered office
is in Agra.


GOLD PLUS: CARE Ups Rating on INR353.79cr LT Loan From 'C'
----------------------------------------------------------
CARE revises/reaffirms the ratings assigned to the bank facilities
of Gold Plus Glass Industries Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    353.79      CARE B Revised from
                                            CARE C

   Short-term Bank Facilities    37.50      CARE A4 Reaffirmed

Rating Rationale

The revision in ratings assigned to the bank facilities of GPGIL
takes into account improved financial profile in FY15 (Audited,
refers to the period April 01 to March 31) due to significant
improvement in profitability margin. The ratings also take into
account the strength derived from the experienced promoters and
GPGIL's established position in the float glass manufacturing
industry. Further, ratings are constrained on account of energy
intensive operations and exposure to volatility in raw material
price cost coupled with highly competitive nature of the industry.
The ratings also consider the proposed capital expenditure plans
which is at an initial stage of development.

Going forward, the profitable scale-up of operations and
improvement in the overall gearing levels shall be the key rating
sensitivities.

Gold Plus Glass Industry Ltd (GPGIL), incorporated in December
2005 as a Public Limited company, commenced its full fledged
operations in January 2009 by setting-up a Float glass
manufacturing unit of 460 MT per day capacity at Roorkee
(Uttarakhand). The current product mix of the company comprises of
float glass, mirror glass, reflective glass and frosted
glass at the Roorkee unit and automotive toughened glass,
automotive laminated glass, insulating glass and printed glass
at Haryana and Himachal Pradesh units. The end-products are mainly
used by the construction and auto industry. The company has an
installed capacity of 1,67,900 MT at Roorkee unit, 4,80,340 sqm at
Sonepat unit and 1,79,712 sqm at Himachal Pradesh plant.

GPGIL achieved a total operating income of INR467 cr in FY15 (PY:
INR448 cr) with a PBILDT margin of 19.16% (PY: 10.93%) and PAT
margin of 3.19% (PY: Net losses of INR12 cr). As per provisional
results for Q1FY16, GPGIL reported operating income of INR115 cr
and PBILDT margin of 26.96% and PAT margin of 13.91%.


GROVER METALLOYS: CRISIL Suspends B+ Rating on INR140MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Grover Metalloys Limited (GML).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           60        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility   140        CRISIL B+/Stable

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

GML was incorporated in 2004 by Mr. Ravindra Grover and his nephew
Mr. Udayan Grover. The company is engaged in trading of various
minerals like rutile and illmenite. Besides, the company is also
engaged in trading of ferro alloys. GML has its office in Mumbai.


GS DISTRIBUTORS: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned GS Distributors
Limited (GSDL) a Long-Term Issuer Rating of 'IND BB-'. The Outlook
is Stable. Ind-Ra has also assigned GSDL's bank loans the
following ratings:

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
Fund-based working     190       Long-Term 'IND BB-'/Stable
capital limit                    and Short-Term 'IND A4+'
Working capital
term loan               40       Long-Term 'IND BB-'/Stable

KEY RATING DRIVERS

The ratings reflect GSDL's weak credit metrics in FY15 with gross
interest coverage (operating EBITDA/gross interest expense) of
1.18x (FY14: 1.12x) and financial leverage (total adjusted net
debt/operating EBITDA) of 7.64x (5.23x). The ratings also reflect
the company's low operating profit of 2.19% in FY15 (FY14: 2.57%),
inherent to the trading nature of business.

The ratings also factor in GSDL's tight liquidity position as
indicated by its 98.74% average working capital utilisation during
the seven months ended August 2015.

However, the ratings are supported by the over two-decade-long
experience of GSDL's founders in the trading business.

RATING SENSITIVITIES

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

Negative: Any decline in the operating profitability leading to
further deterioration in the credit metrics will be negative for
the ratings.

COMPANY PROFILE

GSDL was set up by Mr. Gurpreet Singh Rekhi in 1997 and is a
closely held public limited company. The company trades FMCG
goods, sanitary goods and telecommunication vouchers/coupons in
Punjab, Haryana and Himachal Pradesh.


ICEWEAR CREATION: ICRA Reaffirms B+ Rating on INR0.70cr Term Loan
-----------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ outstanding
on the INR0.70 crore (revised from INR0.63 crore) term loan
facilities of Icewear Creation. ICRA has also re-affirmed the
short-term rating of [ICRA]A4 outstanding on the INR16.80 crore
(revised from INR15.80 crore) fund based facilities.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans             0.70       [ICRA]B+/reaffirmed
   Short term fund
   based facilities      16.80       [ICRA]A4/reaffirmed

The rating reaffirmation factors in promoter's experience and
established presence in the ready-made garments industry and
Icewear Creation's long-standing business relationship with
Primark, which is expected to support the business volumes over
the medium term. Driven by healthy off-take from its principal
customer, the firm has witnessed healthy growth in scale of
operations over the last two fiscals (FY 2013-14 and 2014-15). But
the operating margin has reduced drastically during FY15 to 1.2%
against 6.0% the previous fiscal, due to high input costs and
other manufacturing overheads.

The ratings are, also constrained by Icewear's leveraged capital
structure, with gearing of 2.4 times as of 31st March 2015, due to
high working-capital borrowings to fund its receivables, which
were high leading to few instances of overutilization in its bank
limits. The coverage indicators were also stretched with interest
coverage at 0.5 times and net cash accruals to total debt at 5.2%
in FY15. Further, the firm has modest scale of operations which
restrict scale economy benefits and limited bargaining power on
account of high client concentration as ~64% of the sales revenues
being derived from Primark. Nevertheless, the tract record of
repeat orders from its major customer and large scale operations
across the globe and reputation of Primark mitigates the
concentration risk to an extent. Going forward, the firm's ability
to diversify its product profile and customer base, thereby
enhancing its operational scale and while improving its margins
and working capital management, would remain as key rating
sensibilities.

Set-up as a partnership firm in 2004 by Mr. Chandrasamy and his
wife, Icewear Creation is engaged in manufacturing of knitted
garments (mainly kidswear and ladies wear). The firm has three
manufacturing units in Tirupur and has combined production
capacity of ~7 lakh pieces per month. The firm has been designated
as "one star export" house by Ministry of Commerce and Industry
and mainly caters to large international retailers, with Primark
being the largest customer. The Firm also has a windmill of 225 KW
capacity.

Apart from Icewear Creations, the promoters have business interest
in two other firms -- Knitcare and Ellora Fashions, which are
engaged in fabric processing (compacting, washing and packing) on
job work basis.

Recent Results
The firm reported a net profit of INR1.8 crore on an operating
income of INR79.1 crore during 2013-14 as against a net profit of
INR0.5 crore on an operating income of INR40.0 crore during 2012-
13.


JIWAN TEXTILE: CRISIL Suspends 'B' Rating on INR47.5MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Jiwan Textile (JT).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           47.5      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    27.5      CRISIL B/Stable
   Term Loan              5.0      CRISIL B/Stable

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

Established in 2010 and based in New Delhi, JT manufactures
polyester partially oriented yarn (POY). The firm's manufacturing
unit is in Haridwar (Uttarakhand). It is owned and managed by Mr.
Deepak Goyal and his family members.


JMD OILS: Ind-Ra Cuts Long-Term Issuer Rating to 'IND B'
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded JMD Oils
Private Limited's (JMDO) Long-Term Issuer Rating to 'IND B' from
'IND BB+'.  The Outlook is Negative.  Ind-Ra has also taken the
following rating actions on JMDO's bank facilities:

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
Term loans              75       Downgraded to 'IND B'/Negative
                                  from 'IND BB+'
Fund-based limits    2,800       Downgraded to 'IND B'/Negative/
                                  'IND A4' from 'IND BB+'/
                                  'IND A4+'
Non-fund-based       5,190       Downgraded to 'IND B'/Negative/
Limits                           'IND A4' from 'IND BB+'/
                                  'IND A4+

KEY RATING DRIVERS

The downgrade reflects JMDO's continued stressed liquidity
position since our last review in September 2014. The Negative
Outlook reflects Ind-Ra's expectations that the liquidity will not
improve in the near term.

The credit profile of the company has also remained weak and
deteriorated over FY13-FY14. Net leverage ratio (adjusted net
debt/ operating EBITDA) increased to 4.99x in FY14 (FY13: 3.69x)
and interest coverage (operating EBITDA/ gross interest expense)
reduced to 1.0x (1.37x) with a decline in the operating margins to
4.1% (5%) and an increase in debt to INR4,255m ( INR3,355m).  The
profitability margins declined primarily because of an increase in
the procurement cost of raw materials as the company was not able
to avail cash discounts.

JMDO imports almost 90% of its raw material requirements, exposing
itself to the risk of foreign exchange fluctuations. The company
operates in the highly fragmented and commoditised Indian edible
oil industry. In addition, competition from unorganised segments
results in inherently low profitability margins. The company is
also exposed to regulatory changes by the government.

A further rating action may be taken after a detailed review.

RATING SENSITIVITIES

Positive: The current rating Outlook is Negative. As a result,
Ind-Ra's sensitivities do not currently anticipate developments
with a material likelihood, individually or collectively, leading
to a rating upgrade. However, an improvement in the revenue and
profitability along with the liquidity position could lead to the
Outlook being revised back to Stable.

Negative: A negative rating action could result from a further
tightening of the liquidity.

COMPANY PROFILE

Incorporated in 1995, JMDO manufactures edible oils mainly palm
oil and soya oil. It is privately held by the JMD group. The
company has a refining unit in Gujarat. It sells its products
under its own brands including Vital, Lite, Sainik and Diamond.
In FY14, JMDO reported revenue of INR 20,901m (FY13: INR 17,968m)
and net profit of INR2m (INR195m).


KGS SUGAR: ICRA Suspends B+ Rating on INR253.73cr Term Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ reaffirmed for
INR253.73 crore term loan and INR227.64 crore cash credit
facilities of KGS Sugar & Infra Corporation Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

KGS is setting up a 4500 tonnes crush per day (TCD) sugar plant
integrated with co-generation unit of 14 megawatt (MW) and sugar
refining unit of 400 tonnes per day (TPD). The plant is located in
Niphad Taluka of Nashik district in Maharashtra.


KHUSHI FOODS: CARE Lowers Rating on INR7.61cr LT Loan From B+
-------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Khushi Foods
Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     7.61       CARE BB- Revised from
                                            CARE B+

Rating Rationale
The rating revision of Khushi Foods Limited (KFL) takes into
account increase in its scale of operations and cash accruals
during FY15 (provisional; refers to the period April 1 to
March 31) along with the improvement in capital structure and
debt coverage indicators.

The rating, however, continues to remain constrained on account of
modest scale of operations with low net-worth base, leveraged
capital structure, low profitability, moderate liquidity coupled
with working capital intensive nature of business as well as
presence in the fragmented food processing industry.

The rating continues to derive strength from the experience of the
promoters, well-established operations and private equity
agreement with Bennett Coleman Co. Ltd. (BCCL).

KFL's ability to increase its scale of operation, improve its
profitability and capital structure while efficiently managing its
working capital requirements remain the key rating sensitivities.

KFL earlier known as Khushi Foods Pvt. Ltd. (changed from
December 23, 2011) was incorporated on March 5, 2008 by Mr
Rajendra Sharma and Mr Jagdish Sharma. KFL's processing unit is
located at Mahua, Bhavnagar spread over 464.51 sq.mtrs with an
installed capacity of 3,200 metric tonne per annum (MTPA). KFL is
engaged in the business of dehydration of vegetables and processes
instant ready to cook products. KFL has developed ready to cook
products such as garlic magic and pizza magic which face less
competition in the market. KFL also exports its products to
various countries such as Nepal, Russia, Bulgaria and Poland which
amounts to almost 20% of its total sales for last two years. KFL
is awarded Star K-Kosher and Hazard Analysis and Critical Control
Points (HACCP) certifications. KFL is a member of Agricultural and
Processed Food Products Export Development Authority (APEDA) and
Spices Board of India.

During FY15 (provisional), KFL earned a net profit of INR0.63
crore on a total operating income (TOI) of INR41.58 crore as
against a net profit of INR0.17 crore on a TOI of INR34.33 crore
during FY14.


KLR INDUSTRIES: ICRA Assigns 'C' Rating to INR28.50cr Loan
----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]C to the INR28.50
crore fund based limits of KLR Industries Limited. ICRA has also
assigned a short-term rating of [ICRA]A4 to the INR12.50 crore
non-fund based limits of KLRIL.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits       28.50       [ICRA]C assigned
   Non Fund Based Limits   12.50       [ICRA]A4 assigned

The assigned ratings are constrained by the stretched liquidity
position of the company owing to high inventory levels as well as
delayed receivables from public sector clients of both domestic
and international markets; significant share of export sales to
African markets leading to to geopolitical risks; and competitive
industry characterized by a large number of small firms resulting
in thin operating margins. The ratings are further constrained by
the seasonality of its business which is vulnerable to climate
changes; lack of formal hedging mechanism exposing profitability
to volatility in the forex market; and drop in sales over the last
three years owing to political instability in undivided Andhra
Pradesh and weak domestic macro-economic factors.

The assigned ratings, however, factor in the promoter's experience
of nearly three decades in the water borewell drilling industry;
and favorable demand for water rigs given the prevailing water
crisis that exists domestically across urban India.

Going forward, the ability of the company to effectively manage
its working capital requirements and improve its profitability and
debt coverage metrics remain the key credit rating drivers.

KLR Industries Limited (KLRIL) was initially established as a
small unit -- KLR Universal -- by Mr. K. Laxma Reddy in 1985. KLR
Universal was engaged in manufacturing button bits, a tool used in
water well drilling applications, before being incorporated as KLR
Industries Limited in January 2002. The company has a
manufacturing facility at Cherlapally, Hyderabad. KLRIL is engaged
in the business of manufacturing drilling equipments such as
drilling rigs, hammers, and bits, for the application of water
wells, mining, piling, geological survey, construction, etc.

Recent Results
As per the provisional results for FY2015, the company reported
profit after tax of INR0.07 crore on turnover of Rs 78.38 crore as
against profit after tax of Rs 0.05 crore on turnover of INR100.09
crore during FY2014.


KOTECHA STEEL: CARE Cuts Rating on INR5cr LT Loan to B+
-------------------------------------------------------
CARE revises/reaffirms the ratings assigned to bank facilities of
Kotecha Steel Forge Private Limited.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long term/ Short-term       5        CARE B+/CARE A4 [Long-
   Bank Facilities                      term facilities revised
                                        from CARE BB-, Short-
                                        term facilities
                                        reaffirmed


   Short term Bank             0.95     CARE A4 Reaffirmed
   Facilities

Rating Rationale
The revision in the long-term rating assigned to the bank
facilities of Kotecha Steel Forge Private Limited (KSFPL) was
primarily on account of the deterioration in financial risk
profile during FY15 (refers to the period April 1 to March 31)
marked by decline in its scale of operations along with
deterioration in its capital structure and debt coverage
indicators and elongation of operating cycle.

The ratings continue to remain constrained on account of the
modest scale of operations, low net-worth base, high overall
gearing, working capital intensive nature of operations, presence
in a highly fragmented and competitive industry and susceptibility
of margins to volatility in prices of traded products and foreign
exchange rates.

However, the ratings derive strength from the long experience of
the promoters in trading and export of steel cast and forged
products, established network in the international market having
accreditation from the government as '1 Star Export House',
moderate liquidity position and easy availability of raw materials
through group companies.

The ability of KSFPL to increase its scale of operations, improve
profitability along with improvement in its capital structure
along with efficient working capital management remain the key
rating sensitivities.

Rajkot-based KSFPL, a part of RGK Group of Industries, was
incorporated by its key promoter Mr Ramnik Kotecha in April
2007 to enter into trading and export of steel casting products
such as diesel engine, pump sets, agriculture machineries,
construction equipment etc. Presently KSFPL is managed by four
promoters viz. Mr Ramnik Kotecha, Mr Bhavesh Pabari, Mr Samir
Kotecha and Mrs Kiran Kotecha. KSFPL is a government recognized '1
Star Export House' with an ISO 9002:2001 certification. KSFPL
books almost 80-95% of total revenue from export sale primarily to
regions like Yemen, Uganda, USA and Kenya etc.

The other group companies of RGK Group of Industries viz. Ganga R.
K. Industries Pvt. Ltd (GRKIPL), Steel Forge and Cast Industries
(SFCI, rated CARE B+/CARE A4) and Kusum Casting Pvt. Ltd (KCPL)
are also engaged in a similar line of business with similar
product portfolio. While GRKIPL is engaged in manufacturing and
export of graded casting and ductile iron casting, SFCI is engaged
in manufacturing and export of steel casting equipment and
machineries and KCPL is engaged in manufacturing casting parts for
domestic companies.

During FY15 (Provisional), KSFPL reported a total operating income
(TOI) of INR18.74 crore with a PBT of INR0.45 crore as against TOI
of INR25.71 crore with a PBT of INR0.52 crore during FY14.


KSHITIJ SYNERGY: CRISIL Suspends 'D' Rating on INR145MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kshitij Synergy Corp Pvt Ltd (KSCPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             145       CRISIL D

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

Incorporated in 2012-2013 (refers to financial year, April 1 to
March 31), KSCPL has set up a 2.5 megawatts solar photovoltaics
(PV) plant in Bikaner (Rajasthan) to generate power under the
Rajasthan Solar Energy Policy, 2011 issued by the government of
Rajasthan. The company commenced operations in January 15, 2014.
The day-to-day operations of the company are managed by Mr. Snehal
Thummar and Mr. Nilesh Pambhar.


LINCOLN INDUSTRIES: CRISIL Assigns B+ Rating to INR60MM Cash Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Lincoln Industries Ltd (LIL).

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

The rating reflects LIL's modest scale of operations and low
profitability. The rating also factors in the susceptibility of
LIL's operating margin to intense competition and to the regulated
nature of the cotton industry. These rating weaknesses are
partially offset by the extensive industry experience of LIL's
promoters and the company's established and reputed clientele
base.
Outlook: Stable

CRISIL believes that LIL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a substantial and
sustained increase in the company's revenue and accruals along
with better working capital management. Conversely, the outlook
may be revised to 'Negative' if LIL's revenue and cash accruals
are lower than expected, or if its working capital cycle is
stretched, or it undertakes a large debt-funded capital
expenditure programme, leading to deterioration in its financial
risk profile.

LIL, established in February 1983, gins cotton and manufactures
oil and oil cakes from cotton seeds. The company also trades in
cotton and cotton seeds. Mr. Praveen Chand Dhandhania, Mr. Shyam
Sunder Bhageria, Mr. Sushil Kumar Sureka, Mrs. Rinku Dhandhania,
and Mr. Sushovan Saharoy are the company's directors. Its
operations are, however, primarily managed by Mr. Dhandhania and
Mr. Bhageria.


NAGESH ENTERPRISES: CARE Assigns B Rating to INR10cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Nagesh
Enterprises.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      10        CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Nagesh Enterprises
(NE) is constrained by small scale of operations, thin &
fluctuating profit margin, working capital-intensive nature of
operations and leveraged capital structure. The rating is
further constrained by exposure of operations to vagaries of
monsoon and highly competitive & fragmented nature of rice
processing industry.

The rating, however, derives strength from more than two decades
of industry experience with promoters, established procurement
network and advanced stage of project completion with expected
commissioning of the project by Q4FY16.

Going forward, the firm's ability to commission the new rice
processing mill without any time or cost overruns and improvement
in its liquidity position are the key rating sensitivities.

Nagesh Enterprises (NE) was incorporated in the year 1992 as a
sole propertiorship firm by Mr. S. Anil. The entity was
reconstituted as a partnership firm with effect from April 1, 2015
with Mr. Supreeth and Mr. Sumanth (sons of Mr. S Anil) being the
other two partners. The firm is engaged in trading and processing
of rice. The firm procures rice from suppliers based in Raichur,
Kurnool, and Trichur in Karnataka. The processing of rice is done
through cleaning machines which facilitates removing stones from
rice, polishing, whitening, grading and sorting.

The firm is expected to commission its new mill in the current
fiscal, which is expected to focus primarily on exports. The firm
has achieved PAT of INR0.24 crore on a total operating income of
INR29.30 crores in FY15 compared with a PAT of INR0.35 crore on a
total operation income of INR25.46 crores in FY14.


OMEGA PREMISES: CRISIL Reaffirms 'B' Rating on INR443MM LT Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Omega Premises
Private Limited (Omega) continues to reflect Omega's exposure to
execution and offtake risks associated with its residential and
commercial projects. This rating weakness is partially offset by
its promoters' extensive experience in the real estate business
and its established market position in Pune (Maharashtra).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Lease Rental
   Discounting Loan       7         CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   443        CRISIL B/Stable (Reaffirmed)

   Long Term Loan        50        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Omega will continue to benefit over the
medium term from its promoters' extensive experience and project
execution capabilities in the real estate sector. The outlook may
be revised to 'Positive' in case of substantial bookings,
realizations, and customer advances, leading to sizeable cash
inflows. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in liquidity either because of delays in
receipt of customer advances, or time or cost overrun in projects.

Omega is a part of the Suhas Mantri group, which was set up in the
early 1990s. The company undertakes commercial and residential
real estate projects, mainly in Pune.


P. MANEKLAL: CARE Assigns 'B' Rating to INR5cr LT Loan
------------------------------------------------------
CARE assigns 'CARE B' rating to bank facilities of P. Maneklal
Soni & Co.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
  Long-term Bank Facilities        5        CARE B Assigned

In case of partnership/proprietary concerns, the rating assigned
by CARE is based on the capital deployed by the
partners/proprietor and the financial strength of the firm at
present. The rating may undergo change in case of withdrawal of
the capital or the unsecured loans brought in by the
partners/proprietor in addition to the financial performance and
other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of P. Maneklal Soni &
Co. (PMSC) is primarily constrained on account of weak financial
risk profile marked by thin profitability and a highly leveraged
capital structure. The rating is further constrained due to
presence of PMSC in a highly competitive and fragmented gems
&jewellery (G&J) industry and risk associated with gold price
fluctuation.

The rating, however, derives strength from long track record of
partners in the G&J industry.

The ability of PMSC to improve its profit margin and capital
structure in a highly fragmented G&J industry would be the
key rating sensitivities.

Dahod-based (Gujarat) PMSC was incorporated on September 23, 1995,
as a partnership firm between Mr Narendra M Soni and Mr Pravin N
Soni. The firm is engaged in wholesale trading and manufacturing
of gold jewellery. Furthermore, PMSC is also engaged into
retailing of gold jewellery through its sole retail outlet at
Dahod and specializes in antique jewellery designing and
manufacturing.

Based on FY14 (refers to the period April 1 to March 31) audited
results, PMSC reported a total operating income (TOI) of INR37.20
crore (INR19.11 crore in FY13) with a PAT of INR0.11 crore
(INR0.06 crore in FY13). Furthermore, as per FY15 provisional
results, PMSC reported a TOI of INR288.82 crore with a PAT of
INR0.30 crore.


PALLAVA GRANITE: CRISIL Reaffirms D Rating on INR180MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Pallava Granite
Industries India Private Limited (PGIPL; part of the Pallava
group) continue to reflect instances of delay by PGIPL in
servicing its term debt obligations; the delays have been caused
by the company's weak liquidity driven by its working capital
intensive operations.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bill Discounting      60        CRISIL D (Reaffirmed)

   Export Packing
   Credit               180        CRISIL D (Reaffirmed)

   Letter of Credit      50        CRISIL D (Reaffirmed)

   Packing Credit        34        CRISIL D (Reaffirmed)

   Term Loan             76        CRISIL D (Reaffirmed)

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PGIPL, Pallava Granite Industries
Chennai Private Limited (PGICPL), and PallavaRED Granite Pvt Ltd
(PGPL). 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, 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.


PALLAVA GRANITE INDUSTRIES: CRISIL Ups INR60M Loan Rating to B-
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Pallava Granite Industries Chennai Pvt Ltd (PGICPL; part of the
Pallava group) to 'CRISIL B-/Stable' from 'CRISIL C'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        10        CRISIL B-/Stable (Upgraded
                                   from 'CRISIL C')

   Export Packing        60        CRISIL B-/Stable (Upgraded
   Credit                          from 'CRISIL C')

   Letter of Credit      10        CRISIL B-/Stable (Upgraded
                                   from 'CRISIL C')

The rating upgrade reflects improvement in the Pallava group's
liquidity owing to strong fund support from its promoters to fund
a portion of its working capital requirements. The promoters have
extended interest-free unsecured loans of around INR60 million
during 2014-15 (refers to financial year, April 1 to March 31).
This has resulted in complete repayment of term loans and low
dependence on external debt to fund incremental working capital
requirements. Steady accruals, along with the absence of repayment
obligations or capital expenditure plans, are likely to support
the company's liquidity over the medium term.

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of PGICPL, Pallava Granite Industries
India Pvt Ltd (PGIPL), and PallavaRED Granite Pvt Ltd (PGPL). 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.
Outlook: Stable

CRISIL believes that the Pallava group will continue to benefit
over the medium term from the extensive industry experience of its
promoters and their need-based fund support. The outlook may be
revised to 'Positive' in case of significant improvement in the
group's scale of operations and working capital management,
leading to a better business risk profile.  Conversely, the
outlook may be revised to 'Negative' if the Pallava group's
financial risk profile, especially its liquidity, deteriorates,
most likely because of a sharp decline in its revenue or margins
or a substantial increase in its working capital requirements.

The Pallava group 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, 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.


PURE PETROCHEM: CRISIL Assigns B+ Rating to INR45MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Pure Petrochem India Pvt Ltd (PPIPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             35        CRISIL B+/Stable
   Cash Credit           45        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    20        CRISIL B+/Stable

The rating reflects the company's modest scale of operations,
susceptibility of its operating margin to volatility in raw
material prices, and below-average financial risk profile, marked
by a weak capital structure and subdued debt protection metrics.
These weaknesses are partially offset by the promoters' extensive
experience in the lubricants manufacturing industry and their
funding support.
Outlook: Stable

CRISIL believes that PPIPL will continue to benefit from the
extensive industry experience of the promoters and their funding
support over the medium term. The outlook may be revised to
'Positive' if the company achieves significant and sustained
improvement in its revenue and margins, while improving its
capital structure. Conversely, the outlook may be revised to
'Negative' if PPIPL registers a significant decline in its revenue
or margins, stretch in its working capital cycle, or undertakes a
large debt-funded capital expenditure programme, resulting in
weakening of its financial risk profile.

PPIPL was set up in 1989 as a proprietary concern by
Mr.Padmakumar. In 2003, it was converted into a private limited
company with the current name. The company manufactures of all
types of lubricants and grease for diverse industries.


RAJ WATERSCAPE: CRISIL Reaffirms 'B-' Rating on INR250MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Raj Waterscape
Properties Private Limited (RWPPL) continue to reflect RWPPL's
exposure to risks related to completion and saleability of its
projects and its exposure to intense competition in the
residential real estate segment.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           250       CRISIL B-/Stable (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
RWPPL benefits from its promoters' extensive entrepreneurial
experience.
Outlook: Stable

CRISIL believes that RWPPL will continue to benefit over the
medium term from its promoters' extensive entrepreneurial
experience. The outlook may be revised to 'Positive' if the
company realizes substantial cash inflows, leading to improvement
in its liquidity. Conversely, the outlook may be revised to
'Negative' in case of delays in project execution, or slow
bookings, or large debt-funded project, impacting the company's
financial risk profile.

Set up in 2005, RWPPL is engaged in residential real estate
development. Its day-to-day operations are managed by Mr. George B
Cherian.


REDSTONE GRANITO: CRISIL Suspends B- Rating on INR300MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Redstone Granito Pvt Ltd (RGPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        35        CRISIL A4
   Cash Credit          200        CRISIL B-/Stable
   Letter of Credit      25        CRISIL A4
   Proposed Long Term
   Bank Loan Facility    90        CRISIL B-/Stable
   Term Loan            300        CRISIL B-/Stable

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

Incorporated in 2011, RGPL is promoted by Mr. Vishalkumar
Raiyanai, Mr. Nileshkumar Bhalodia, Mr Rameshkumar Ranipa, Mr
Manojkumar Patel, Mr Shamjibhai Raiyani, Mr Hiteshkumar Bhalodia,
Mr Arvind Bhimari, Mr Pankaj Kasundra, Mr Magan Kasundra and Mr
Mukesh Santoki. The company manufactures double charged vitrified
floor tiles and is based in Rajkot (Gujarat).


RISING OVERSEAS: CRISIL Suspends B+ Rating on INR50MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Rising Overseas (RO).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           20        CRISIL B+/Stable
   Packing Credit        30        CRISIL A4
   Proposed Long Term
   Bank Loan Facility    50        CRISIL B+/Stable

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

RO was established in 2013 as a proprietorship firm by Mr. Satbir
Singh Yadav and is headquartered in Dwarka (New Delhi). The firm
primarily trades in various types of grey fabrics in the domestic
market; it also exports ready-made garments.


RITU LOGISTICS: CARE Reaffirms B+ Rating on INR12.23cr LT Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of Ritu
Logistics.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     12.23      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Ritu Logistics (RLT)
continues to remain constrained on account of its financial
risk profile marked by low PAT margin, leveraged capital
structure, moderate liquidity position, its presence in the
competitive transportation and logistics business with customer
concentration risk and the partnership nature of constitution.

The rating, however, continues to derive strength from the
experienced partners with established presence of Ritu Group
in the transportation business and its reputed clientele base.
The ability of the firm to increase its scale of operations with
improvement in profitability and solvency position remain the key
rating sensitivities.

Jodhpur-based (Rajasthan) RLT was formed as a partnership concern
by Ritu Group in June, 2012. Ritu group is engaged in the
transportation services since 1991 and has about 457
carriers/tankers as on July 31, 2015 running in the
transportation of oil, lubricants, bitumen & emulsion and
commercial vehicles. RLT was promoted with an objective to
provide logistic services to commercial vehicle manufacturers i.e.
Truck on Truck (TOT) services and have fleets of 161
vehicles/carriers as on March 31, 2015. In August, 2012, RLT has
signed a two years agreement with Ashok Leyland Limited (ALL,
Rated CARE AA-/ CARE A1+, engaged in the manufacturing of
commercial vehicles) for transportation of vehicles manufactured
by ALL from its manufacturing unit to various depots and
distributors located in all over India. The agreement has been
renewed in December 2014 and is valid till December 31, 2016. RLT
has a presence all over India through its branch offices at Delhi,
Mumbai, Pune, Mangalore, Pantnagar, Hazira, Jamnagar, Kandala,
Jaipur, Rajkot, Baroda, Nagpur, Ajmer and Beawar.

During FY15 (refers to the period April 1 to March 31), RLT has
reported a total operating income of INR45.39 crore (FY14:
INR41.67 crore) and PAT of INR0.12 crore (FY14: INR0.66 crore).


ROYAL TYRES: ICRA Assigns B+ Rating to INR6.03cr LT Loan
--------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR6.03
crore fund based facilities of Royal Tyres Pvt Ltd. ICRA has
assigned a short-term rating of [ICRA]A4 to the INR0.80 crore fund
based facility of RTPL. ICRA has also assigned a short-term rating
of [ICRA]A4 to the INR0.30 crore non-fund based facilities of
RTPL. ICRA has also assigned the long term/short-term rating of
[ICRA]B+/[ICRA]A4 to the INR2.87 crore proposed facilities of
RTPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term Fund
   Based Facilities        6.03       [ICRA]B+ assigned

   Short Term Fund
   Based Facility          0.80       [ICRA]A4 assigned

   Short Term Non-
   fund Based Facilities   0.30       [ICRA]A4 assigned

   Long Term/Short Term
   Proposed facility       2.87       [ICRA]B+/[ICRA]A4 assigned

The assigned ratings take into account the extensive experience of
the promoters in the business of rubber compounding and
manufacture of solid tyres spanning over four decades. The rating
also takes into account the recently completed capital expansion
which will significantly increase the production capacity;
further, the process improvements undertaken in the new
manufacturing facility is expected to aid in improving the
production cost structure and thereby enable shoring up the
operating margins of the company going forward. The ratings also
take into consideration the diversified client base spanning
several industries and geographical locations reducing the
sectoral and geographical concentration risks to an extent.
However, the ratings remain constrained by the company's modest
scale of operations with restricted operational & financial
flexibility. ICRA also takes note of the stretched capital
structure and deteriorated coverage indicator resulting from the
large recently completed debt funded capital expenditure and the
moderate working capital intensity of the firm with significant
inventory holdings as well as receivables from customers. In
addition, the ratings take into account the inherent cyclicality
in the company's customer industries and the susceptibility of its
order book to the same as witnessed by the decline in revenues
over the past three years. Further, the ratings also factor in the
company's susceptibility to adverse fluctuation in input
commodities including natural and synthetic rubber and other
rubber chemicals, given that the input costs constitute a sizable
portion of the company's cost structure.

Royal Tyres was founded in 1972 as M/s Royal Rubber & Plastic
products by Mr. M Mani, and was later incorporated in 1992. The
firm was engaged in Rubber compounding (mixing) during the initial
years. Subsequently, the company started supplying rubber products
to leading automobile companies like the Leyland group. In 1985,
the company ventured to solid tyre manufacturing, mainly press on
tyres (metal to rubber bonded). In the following 4-5 years, the
company started developing other variants like solid cushion
tyres, etc. The Managing Director of the company Mr. M. Mani has a
vast experience spanning over 35 years in the rubber compounding
and manufacture of Rubber Moulded products & Solid tyres. He is
assisted by Executive Director, Mr. Sendil Kumaran, a former
customs officer and a foreign trade professional, with a strong
grounding in commercial functions and international sales &
marketing.


SARV INDIA: ICRA Assigns B+ Rating to INR6.50cr Term Loan
---------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR10.00
crore bank facilities of Sarv India Home Furnishing (SIHF).

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long term Fund
   based-CC Limit           2.10        [ICRA]B+; Assigned

   Long term Fund
   based-Term Loan          6.50        [ICRA]B+; Assigned

   Long term Unallocated    1.40        [ICRA]B+; Assigned

ICRA's rating is constrained on account of SIHF's limited track
record of operations in the intensely competitive textile
industry, which is likely to exert pressure on the firm's margins
during its initial stage of operations and the seasonal nature of
the business, with most of the sales concentrated between July-
January. ICRA also takes note of the susceptibility of the firm's
profitability to adverse movements in raw material prices (i.e.
polyester yarn). The firm's liquidity is likely to remain under
pressure due to high interest payments on the borrowings and
scheduled debt repayments. ICRA also takes note of the partnership
constitution of the firm which exposes it to risks such as
dissolution and withdrawal of capital. However, ICRA's rating
favourably factors in the extensive experience of the partners in
the trading of mink blankets and their established relationships
with distributors and traders. Further, ICRA takes note of the
location advantage the firm enjoys due to its easy access to
polyester yarn and customers, as Panipat is the hub for home
textiles. The capacity utilisation of the firm is expected to see
a quick ramp up as SIHF has commenced operations just before the
start of the peak season.

Going forward, the firm's ability to ramp up its scale of
operations along with efficient working capital management will be
the key rating sensitivities.

SIHF was incorporated in January 2015 and commenced manufacturing
of mink blankets in its factory in Panipat, Haryana, from July
2015. The firm's partners include Mr. Sandeep Kumar and Mr. Arvind
Kumar, who have been engaged in the trading of mink blankets for
the past three decades.


SHABINA FOODS: CRISIL Suspends D Rating on INR110MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shabina Foods (SF).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Foreign Bill Purchase    30        CRISIL D
   Inland Guarantees        10.6      CRISIL D
   Packing Credit           75        CRISIL D
   Term Loan               110        CRISIL D

The suspension of ratings is on account of non-cooperation by SF
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SF is yet to
provide adequate information to enable CRISIL to assess SF's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

SF was established as a partnership firm in 2011 by the Veraval
(Gujarat)-based Safi family. The firm is engaged in export of
processed seafood.


SHIVA SPECIALITY: CARE Assigns C+ Rating to INR24cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE C+' and 'CARE A4' ratings to the bank
facilities of Shiva Speciality Yarns Limited (formerly known as
Punjab Cotspin Ltd.)

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      24        CARE C+ Assigned
   Short term Bank Facilities      1        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of the Shiva
Speciality Yarns Limited (SSYL) are constrained by its weak
financial risk profile marked by declining income, losses at the
net level and weak solvency position. The ratings are also
constrained by the working capital intensive nature of operations
and high competition in the industry. The ratings, however, derive
strength from the past experience of the promoters with long track
record of operations, established dealer network and diversified
revenue mix.

Going forward, the ability of the company to profitably scale up
its operations, improve the profitability margins and manage the
working capital requirements efficiently, will remain the key
rating sensitivities.

Shiva Speciality Yarns Limited (SSYL), formerly known as Punjab
Cotspin Ltd. was originally promoted by the Singla family in 2005
at Bhatinda, Punjab. In November 2007, the company was acquired by
Shiva Group. SSYL manufactures dyed polyester spun yarn and
blended spun yarn with an installed capacity of 11,725 MTPA as on
March 31, 2015. Almost all the raw material required is procured
from the group companies. The Company primarily purchases its
entire requirement of Polyester Staple Fibre (PSF) from Shiva
Texfab Limited (STL). It also procures acrylic staple fibre from
Yogindera Worsted Limited (YWL) (rated CARE C+/CARE A4).

On account of liquidity constraints, the debt of the company was
restructured in FY15 (refers to the period April 1 to March 31).
Post restructuring of the debt, the fund based working capital
limits of the company were reduced from INR44 crore to INR40 crore
and INR4 crore, carved out of the cash credit limit was
restructured into working capital term loan.

The repayment schedule of the existing term loans was also
elongated post restructuring of the debt. YWL registered a total
operating income of INR125.9 crore during FY15 (Provisional) with
net losses of INR6.99 crore as against a total operating income of
INR164.42 crore with PAT of INR0.11 crore in FY14.


SHRI ANNAPURNA: ICRA Assigns 'B' Rating to INR5.0cr Cash Loan
-------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR6.00
crore fund based limits of Shri Annapurna Rice Mills.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             1.00        [ICRA]B; assigned
   Cash Credit           5.00        [ICRA]B; assigned

ICRA's ratings are constrained by the firm's modest scale of
operations, which coupled with the high competitive intensity in
the industry and low value additive nature of the business has
resulted in subdued profitability margins in the past. The ratings
also take into account the firm's elevated gearing and modest
coverage indicators due to substantial debt funding of its large
working capital requirements and low profitability. The ratings
also factor in the agro climatic risks which can affect the
availability of paddy in adverse weather conditions. ICRA also
takes note of the partnership constitution of the firm which
exposes it to risks of dissolution, withdrawal of capital etc.
However, the ratings favorably take into account the extensive
experience of the promoters in the rice industry along with their
strong relationships with various customers and suppliers. ICRA
also factors in the proximity of the manufacturing facility to
major rice growing areas, which results in easy availability of
paddy.

Going forward, a sustained improvement in SARM's revenues,
profitability and improvement in its coverage indicators will be
the key rating sensitivities.

Incorporated in 1983, SARM has been promoted by Mr. Raj Kumar
Agarwal and his wife Mrs. Mamta Agarwal. The firm is involved in
milling, sorting, and grading of primarily non basmati rice of
different varieties and also undertakes trading. The firm sells
processed and semi processed rice in the domestic market. The
promoters of the firm are well experienced and have past
experience in the rice industry. Its plant is located in Kashipur
road, Rudrapur, Uttarakhand and has a milling capacity of 8 Metric
Tonnes Per Hour (MTPH) and a sorting capacity of 4 MTPH.

Recent Results
SARM reported a net profit of INR0.01 crore on an operating income
of INR14.26 crore for the year ended March 31, 2014, as against a
net profit of INR0.01 crore on an operating income of INR8.69
crore for the previous year. The firm reported, on a provisional
basis, an operating income of INR16.50 crore for FY15.


SHRINE ENGINEERING: CARE Reaffirms 'B' Rating on INR2cr LT Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Shrine Engineering Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     2.00       CARE B Reaffirmed
   Short-term Bank Facilities    3.50       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Shrine Engineering
Private Limited (SEPL) continue to remain constrained primarily on
account of modest scale of operations and modest order book
position in the highly competitive and fragmented nature of the
construction industry.

The ratings, however, continue to derive benefit from the vast
experience of the promoters and its association with reputed
clientele. The ratings also factors in the improvement in
profitability and capital structure coupled with improvement in
debt coverage indicators albeit decline in total operating income
(TOI) during FY15 (refers to the period April 1 to March 31).

The ability of SEPL to increase its scale of operations with
strengthening of order book along with improvement in its
liquidity and solvency position are the key rating sensitivities.

SEPL was initially established as a partnership firm in 2006 under
the name Shrine Enterprise promoted by Mr Piyush Modhwadia and Ms
Priyanka Modhwadia. Subsequently in 2007, it was converted into a
private limited company. SEPL is engaged into the civil
construction, earth work and drainage construction. SEPL also
provided logistics services. SEPL was earlier also engaged in
transportation business with a fleet of 90 cars. However, during
FY13 and FY14 SEPL has sold all its cars. SEPL is registered as a
class 'A' contractor with Road & Building Department of Gujarat
(on the scale of AA to E-2, AA being highest) and secures all the
contracts through open bidding.

As per the provisional results of FY15, SEPL reported profit after
tax (PAT) of INR0.94 crore on a total operating income (TOI) of
INR30.61 crore as against PAT of INR1.01 crore on a TOI of
INR37.36 crore during FY14. As per the provisional results for
4MFY16, SEPL registered a TOI of INR 6.99 crore.


SRI BALAJIS: CRISIL Suspends B Rating on INR50MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri BalajiS Ginning and Pressing Factory (SBGPF).

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

   Proposed Long Term    38.5      CRISIL B/Stable
   Bank Loan Facility

   Term Loan             11.5      CRISIL B/Stable

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

Set up in 2011, SBGPF is involved in cotton ginning and pressing.
The firm is based out of Raichur, Karnataka. The day-to-day
operations of the firm are managed by Mr. Jayapal Bellam.


STEEL FORGE: CARE Cuts Rating on INR6cr LT Loan to B+
-----------------------------------------------------
CARE revises/reaffirms the ratings assigned to bank facilities of
Steel Forge and Cast Industries.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long term/Short-term      6         CARE B+/CARE A4 [Long-
   Bank Facilities                     term facilities revised
                                       from CARE BB-, Short-
                                       term facilities
                                       reaffirmed]
Rating Rationale
The revision in the long-term rating assigned to the bank
facilities of Steel Forge and Cast industries (SFCI) was primarily
on account of the deterioration in financial risk profile in FY15
(Provisional; refers to the period April 1 to March 31) marked by
lower cash accruals and deterioration in debt coverage indicators.

The ratings continue to remain constrained on account of its
modest scale of operations, weak liquidity position as well as
leveraged capital structure along with weak debt coverage
indicators, customer concentration risk, partnership nature of
constitution, exposure to volatility in raw material prices and
foreign exchange rate and its presence in the highly
competitive and fragmented casting industry.

However, the ratings derive strength from the wide experience of
the promoters in trading and export of steel cast and
forged products and strong presence in international markets
through group entities. The ratings also take cognisance of
the increase in its scale of operation for FY5 (Provisional).
The ability of SFCI to increase its scale of operations, improve
profitability and capital structure along with efficient
management of working capital needs remain the key rating
sensitivities.

Rajkot-based (Gujarat) SFCI, a part of the RGK group of
Industries, was incorporated by its key promoter, Mr Ramnik
Kotecha in April 2010 to enter into manufacturing of steel casting
products such as agriculture diesel engine, pump sets,
agriculture machineries, cast iron parts, etc. Presently, SFCI is
managed by two partners, viz, Mr Ramnik Kotecha and Mrs
Kiran Kotecha, having profit and loss sharing ratio of 40% and
60%, respectively. The manufacturing facility of SFCI is
located at Surendranagar district. It started its operations from
April 2013 with total installed capacity of 500 ton per
annum.

During FY15 (Provisional), SFCI reported a total operating income
of INR16.10 crore with a PBILDT of INR1.75 crore as
against TOI of INR12.02 crore with a PBILDT of INR1.76 crore
during FY14.


SURYA AUTOMOBILES: ICRA Assigns B+ Rating to INR6.0cr LT Loan
-------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the Rs 6.00
crore fund-based bank facilities of Surya Automobiles Private
Limited (SAPL).

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term- fund
   based                 6.00       [ICRA]B+; Assigned

ICRA's rating is constrained on account of the intense competition
SAPL faces from the dealers of other OEMs like Honda Motorcycles
and Scooters Limited, Bajaj, TVS, etc and the pressure to pass on
discounts to end customers, as witnessed in FY15. The rating also
factors in the 11% decline in SAPL's revenues in FY15 over the
previous year which is expected to continue in FY16 as well.
Further, the rating also takes into consideration the inherent
cyclicality in the automobile industry. The rating also factors in
the company's moderate financial profile marked by relatively high
gearing owing to recent capital expenditure on construction of new
showroom as well as the company's large working capital
requirements. The company's thin profit margins have also led to
modest coverage indicators. The rating is, however, supported by
the extensive experience of the promoters in the two-wheeler
dealership business and SAPL's established position as an
authorized dealer of Hero MotoCorp Limited (HML), the market
leader in the two-wheeler segment in India.

Going forward, the ability of the company to improve its margins
on a sustainable basis and improve its debt coverage indicators
will be the key rating sensitivities.

SAPL was incorporated by the Saneja family in 1998. Mr Bharat
Saneja, Mr Prithiviraj Saneja and Mr Sumit Saneja are the
directors of the company. Apart from the HML dealership at Sri
Ganganagar, Rajasthan through SAPL, the promoters have HML
dealerships in Abohar (Punjab) and Jaipur (Rajasthan), through
other entities.

Recent Results
On a provisional basis, SAPL registered a profit after tax (PAT)
of INR0.1 crore on an operating income (OI) of INR95.8 crore in
FY15, as against a PAT of INR0.40 crore on an OI of INR106.7 crore
in the previous year.


TEXTREND LIFESTYLE: ICRA Reaffirms B- Rating on INR6.0cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B- to the
INR6.00 crore cash credit facilities of Textrend Lifestyle Private
Limited (TLPL).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash
   Credit                6.00         [ICRA]B-

The Rating reaffirmation takes into account the weak financial
risk profile of Textrend Lifestyle Private Limited (TLPL) as
reflected by low profitability, stretched capital structure, weak
coverage indicators and the stressed liquidity position of the
company. ICRA also takes a note of the low value additive trading
nature of business as well as the high competitive intensity of
industry. This restricts the company's profit margins and limits
ability to pass on the raw material price fluctuations.
However, the assigned rating favorably factors in the significant
experience of the promoters in the industry as well as well
reputed customers base of the company.

Tex Trend was established as a partnership firm in May 2009 by
three partners and got converted to private limited company in
November 2011. The company is engaged in the trade of linen,
cotton shirting and TR (Polyester Rayon) suiting. Mr. Rakesh
Agarwal, Mr. Pramod Agarwal and Mr. Suryakant Shah are the key
directors with more than two decades of experience in textile
industry.


ULTRA TRUST: CRISIL Reaffirms 'D' Rating on INR50MM Term Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Ultra Trust
(UT) continues to reflect instances of delay by UT in servicing
its debt; the delays have been caused by UT's weak liquidity.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             50        CRISIL D (Reaffirmed)

The rating reflects UT's has a modest scale of operations,
geographical concentration in the trust's revenue profile, and its
susceptibility to regulatory changes and to intense competition in
the education sector. However, the trust benefits from the
extensive entrepreneurial experience of its trustees in the
education sector.
About the Trust

UT, located in Madurai (Tamil Nadu), was set up in 1981 by
Professor K R Arumugam. It offers undergraduate, post-graduate,
and diploma courses in pharmacy, nursing, physiotherapy, and
engineering.

In 2013-14 (refers to financial year, April 1 to March 31), UT
reported a net surplus (excess of income over expenditure) of
INR37.6 million on income of INR274.0 million, against a net
surplus of INR28.8 million on income of INR219.7 million in 2012-
13.


UNITY STONE: CRISIL Assigns B+ Rating to INR48.5MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Unity Stone Crushers Pvt Ltd (USCPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          48.5       CRISIL B+/Stable

The rating reflects USCPL's modest scale of operations in the
highly fragmented stone crushing industry, moderation in operating
margin due to intense competition, and working-capital-intensive
operations owing to inventory holding due to seasonal supply of
raw material. These rating weaknesses are partially offset by the
company's proximity to River Nadaun, Uttar Pradesh and its above-
average financial risk profile, marked by moderate gearing and
debt protection metrics.
Outlook: Stable

CRISIL believes that USCPL will continue to benefit over the
medium term from its proximity to River Nadaun. The outlook may be
revised to 'Positive' in case the company's scale of operations
and cash accruals increase substantially. Conversely, the outlook
may be revised to 'Negative' if USCPL's revenue and profitability
decline, or its working capital cycle stretches, or if the company
undertakes any major debt funded capital expenditure programme,
leading to weakening of its financial risk profile.

Incorporated in 2009, USCPL is engaged in stone crushing
activities in Phulaiya, District Pilibhit (Uttar Pradesh). The
company has a total stone crushing capacity of 2000 tonnes per
day.


VIPUL LIMITED: ICRA Assigns B+ Rating to INR32cr Loan
-----------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to the INR32.0
crore Non-Convertible Debentures (NCD) Programme of Vipul Limited.
ICRA also has a rating of [ICRA]B+ for INR70.0 crore long term
debt programme & INR30 crore fund based limits, INR45.12 crore
non-fund based limits and INR4.88 crore unallocated limits of
Vipul.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Non-Convertible
   Debentures            32.00        [ICRA]B+ (Assigned)

The rating continues to factor in weakening of Vipul's financial
profile marked by declining sales and profits and consequently its
debt coverage indicators. The sales declined from INR270 crore in
FY14 to INR234 crore in FY15. Over the same period the net profits
declined from INR3.17 crore to a loss of INR6.58 crore resulting
in a decline of interest coverage and NCA/Total Debt from 1.02
times and 3% respectively at the end of FY14 to 0.53 times and -2%
at the end of FY15. In addition, Vipul has significant land
payments and debt repayments in the near to medium term which may
lead to liquidity constraints in absence of any new launches given
that majority of its projects are at completion stage and the
committed receivables remain modest. ICRA has taken cognizance of
the order passed by Hon'ble Supreme Court in favour of Vipul
pertaining to a land parcel located in Sector 53, Gurgaon. Vipul
has plans to launch a luxury group housing project on this land
parcel; which however remains at nascent stage of planning with
major approvals pending. Ability to launch the project in a timely
manner coupled with the market response to it will remain a
critical credit monitorable. These risks apart, ICRA notes the
continued reliance of the company on short term loans and believes
inability to achieve adequate bookings and maintain collections
will expose the company to refinancing risk. Moreover, the rating
continues to factor in the exposure to market risk for the unsold
area (~1.12 mn sq.ft), risk of which is further accentuated in the
backdrop of real estate slowdown given that a large part of the
cost is expected to be funded from customer advances.

The rating, however, continues to draw comfort from the
satisfactory pace of execution of Vipul's on-going projects, which
is adequately supported by collections from customers over the
same period. In addition, the rating continues to factor in
Vipul's established track record in NCR as well as its experienced
management, and low approval risk for its on-going projects.
Further, the rating also draws comfort from Vipul's moderate
geographical concentration risk with presence across four cities
(Gurgaon, Ludhiana, Bhubaneswar and Faridabad).

Going forward, ability to launch new projects in a timely manner
and market response thereof coupled with its ability to maintain
healthy bookings in its on-going projects as well as timely
customer collections and project execution; and change in debt
profile towards long term debt coupled with reduction in debt will
be amongst the key rating sensitivity factors.

Vipul Limited (Vipul), formerly known as Vipul Infrastructure
Developers limited, has completed various residential and
commercial projects in the National Capital Region (NCR),
Bhubaneswar, Ludhiana and Dharuhera region. The company was
incorporated in 1991 and is listed on Bombay Stock Exchange and
Madras Stock Exchange. Further the shares of the company are also
permitted to trade on National Stock Exchange. Vipul is promoted
by Mr. Punit Beriwala, who has 25 years of experience in the
Indian Real Estate. Mr. Beriwala is ably supported by his
qualified and experienced staff in the decision making. Vipul has
already delivered about six million square feet (sq. ft) and is
presently working on an area of about ten million sq. ft through
its various projects which include integrated township, villas,
independent floors and apartments.


VITTHALRAO SHINDE: CRISIL Cuts Rating on INR400MM Loan to B+
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Vitthalrao Shinde Sahakari Sakhar Karkhana Ltd (VSSSKL) to 'CRISIL
B+/Stable' from 'CRISIL BB-/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Working Capital       400       CRISIL B+/Stable (Downgraded
   Demand Loan                     from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL's belief that VSSSKL's
financial risk profile, particularly liquidity, will remain
constrained by continuing pressure on sugar realisations (vis-a-
vis high sugarcane prices) and the company's large debt
obligations.

The rating reflects VSSSKL's weak financial risk profile, marked
by leveraged capital structure, and weak debt protection measures
and liquidity because of large working capital requirements and
debt obligations. The rating also factors in the prevailing low
sugar realisations and the company's susceptibility to cyclicality
and regulatory framework in the sugar industry. These rating
strengths are partially offset by the extensive experience of
VSSSKL's promoters in the sugar industry, and its integrated
plant.
Outlook: Stable

CRISIL believes that VSSSKL's financial risk profile, particularly
liquidity, will remain constrained by large working capital
requirements and debt obligations. The outlook may be revised to
'Positive' in case of sharp improvement in liquidity, mostly
through infusion of capital or sharp and sustainable increase in
sugar prices. Conversely, the outlook may be revised to 'Negative'
if VSSSKL undertakes a large debt-funded capital expenditure
programme or if its cash accruals decline significantly, resulting
in deterioration in financial risk profile, especially liquidity.

VSSSKL, a cooperative institution, was formed in 2001 by Mr.
Babanrao Shinde. VSSSKL has a sugar plant with crushing capacity
of 8500 tonnes per day, a 60-megawatt power cogeneration plant,
and a distillery with capacity of 60 kilolitres per day.


WILSON PRINTCITY: CRISIL Ups Rating on INR85MM Term Loan to B
-------------------------------------------------------------
CRISIL has upgraded ratings to the bank facilities of Wilson
Printcity Private Limited (WPPL) to 'CRISIL B/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           35        CRISIL B/Stable (Upgraded
                                   from 'CRISIL D')

   Term Loan             85        CRISIL B/Stable (Upgraded
                                   from 'CRISIL D')

The ratings reflect the experience of WPPL's promoters in the
industry and establish relationships with its clients. These
rating strengths are partially offset by WPPL's large working
capital requirements and small scale of operations in a fragmented
industry.
Outlook: Stable

CRISIL believes that WPPL will continue to benefit over the medium
term from its promoters' experience and its moderate debt
protection metrics. The outlook may be revised to 'Positive' if
the company reports strong accruals while also improving its
working capital management. Conversely, the outlook may be revised
to 'Negative' if decline in accruals, any large debt funded
capital expenditure, or increase in working capital requirements
weakens its financial risk profile.

Incorporated in 1995, Wilson is promoted by the Ahmedabad-based
Dave family. The company has been engaged in the printing
business. The company has its printing press facility in Sanand,
Ahmedabad.


YOGINDERA WORSTED: CARE Assigns C+ Rating to INR20.75cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE C+' and 'CARE A4' ratings to the bank
facilities of Yogindera Worsted Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     20.75      CARE C+ Assigned
   Short term Bank Facilities     4.25      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of the Yogindera
Worsted Limited (YWL) are constrained by its weak financial
risk profile marked by declining income, losses at the net level
and weak solvency position. The ratings are further constrained by
working capital intensive nature of operations and high
competition in the industry from both organized and unorganized
players. The ratings, however, derive strength from the past
experience of the promoters with long track record of operations,
established dealer network and diversified revenue mix.

Going forward, the ability of the company to profitably scale up
its operations, improve the profitability margins and manage the
working capital requirements efficiently, will remain the key
rating sensitivities.

YWL was set up in 1997 by Mr Ajay Kumar Gupta and his family
members, along with Punjab State Industries Development
Corporation (PSIDC) Ltd., for the manufacturing of pre-dyed woolen
worsted/acrowool yarn with an installed capacity of 950 MTPA. YWL
was acquired by Shiva Group in February, 2007 from the Gupta
family. YWL is engaged in manufacturing of varieties of yarns viz.
dyed and raw white worsted woolen yarn, acro-woolen yarn, acrylic
yarn, polyester yarn, fancy yarn, hand knitting yarn, m‚lange yarn
and space dyed/printed yarns, etc, which are used in manufacturing
pullovers, apparels, undergarments, Terry Towels, Denims, Medical
Fabrics, Furnishing Fabrics and Industrial Fabrics. The installed
capacity of the company stood at around 11,464 MTPA, as on March
31, 2015. The  manufacturing facilities of the company are located
in Barnala, Punjab.

The debt of the company was restructured in FY15 (refers to the
period April 1 to March 31) due to liquidity constraints faced by
the company. Post the restructuring of debt, the fund based
working capital limits of the company were reduced from INR27.5
crore to INR20.6 crore and INR6.9 crore, carved out of the cash
credit limit was restructured into working capital term loan.
Repayment of the same is scheduled to begin from January 2017.
Post restructuring of debt, the repayment schedule of the
previously sanctioned term loan was also elongated.

YWL registered a total operating income of INR142.81 crore during
FY15 (Provisional) with net losses of INR0.23 crore as against a
total operating income of INR303.53 crore with PAT of INR0.47
crore in FY14.


Z FASHIONS: CRISIL Assigns B+ Rating to INR50MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Z Fashions (ZF).

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


The rating reflects ZF's small scale of operations and geographic
and customer concentration in revenue profile. These rating
weaknesses are partially offset by the promoters' extensive
industry experience and established relationships with key
customers.
Outlook: Stable

CRISIL believes that ZF will continue to benefit over the medium
term from the promoters' extensive experience and established
customer relations. The outlook may be revised to 'Positive' if
substantial and sustainable improvement in scale of operations and
profitability leads to considerably stronger accruals and capital
structure. Conversely, the outlook may be revised to 'Negative' if
decline in revenue, profitability or working capital management
results in stretched liquidity; or if any large capital
expenditure resulting weakens the financial risk profile.

Set up as a proprietorship concern in 2002 by Mr. Jinu V, ZF is
the sole Indian manufacturer of readymade garments for Canada-
based brands, Horse and Ride, Boston Bug, and Ferry & Tail. ZF is
based in Tirupur (Tamil Nadu).


* Indian Property Developers to Face Challenges, Moody's Says
-------------------------------------------------------------
Moody's Investors Service says that India's largest property
developers will continue to face a challenging operating
environment over the next 12 months -- including weak cash flows,
flat sales and stagnant prices.

"At the same time, despite the difficulties, we expect solid
economic growth in India in 2014-15 to provide some support to
housing sales, while the likely gradual easing of lending rates
will also boost investor confidence and investment activity," says
Vikas Halan, a Moody's Vice President and Senior Credit Officer.

"Cuts in interest rates by the Reserve Bank of India, if passed on
by the banks, will filter down to the property market, reducing
the cost of borrowing for developers as well as buyers, and
supporting demand," says Halan.

"But high home prices and declines in savings rates will outweigh
these factors, particularly in Mumbai and Delhi, while more
generally, the property market in India exhibits a notable degree
of variation in terms of affordability," adds Halan.

Halan was speaking on the release of a new Moody's report on the
property market in India, titled "Cash Flows to Remain Weak Amid
Flat Sales and High Costs".

With the challenges in the operating environment, developers such
as Indiabulls Real Estate Limited (B1 stable), Lodha Developers
Private Limited (Ba3 negative), Unitech Limited (unrated), DLF
Limited (unrated) and Oberoi Realty Limited (unrated) will
experience relatively more pressure on sales and cash flow because
they operate in Delhi and Mumbai, areas where prices are the
highest.

In contrast, developers in relatively affordable markets like
Bengaluru, such as Brigade Enterprises Limited (unrated), Prestige
Estate Projects Limited (unrated) and Sobha Developers Limited
(unrated), should fare better, owing to stable demand for housing.

Moody's also notes that the ability of developers to execute
projects across markets has been challenged in the past 2-3 fiscal
years owing to delayed approvals and stretched liquidity.  Such
delays have slowed the flow of payments from homebuyers and
reduced investor demand for new projects by locking up their
capital and decreasing their expected returns.

Furthermore, the slow pace of off-take due to subdued demand has
resulted in a significant increase in unsold inventory across
markets, preventing developers from raising prices and resulting
in lower sales volumes as well as depressed cash flows.

But, rather than reducing prices outright to drive sales volumes,
developers will likely continue to modify their products and offer
promotions.

On the other hand, consumer confidence will get a boost from the
Real Estate (Regulations and Development) Bill, which seeks to set
up a regulatory authority and introduce guidelines for commercial
and residential development.  Developers, however, face stricter
terms over the receipt and use of cash advances, which will
further weigh on cash flows.

Moody's believes that the bill promotes transparency,
accountability as well as discipline in the industry, which is
positive for buyers.



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


MITRA PINASTHIKA: Fitch Affirms 'BB-' LT Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed PT Mitra Pinasthika Mustika Tbk's (MPM)
Long-Term Issuer Default Rating at 'BB-' with a Stable Outlook.
The agency has also affirmed the motorcycle distributor's senior
unsecured rating at 'BB-' and its USD200m 6.75% senior notes due
2019 issued by MPM Global Pte. Ltd at
'BB-'.

KEY RATING DRIVERS

Pressure on Volume and Earnings: Weak economic conditions have put
pressure on MPM's overall revenue and earnings over the past 12
months. MPM reported a 7.1% drop in volume sales of two-wheeled
vehicles in 1H15, although this was less severe than the 24% fall
in overall sales in domestic market. Profitability, particularly
in MPM's financial services segment, narrowed, due to the economic
slowdown, tougher competition and higher cost of funding. Profit
margins were also negatively impacted by the opening of six new
Nissan/Datsun car dealerships in the past year. Fitch expects that
it will take one to two years before the new car business starts
to contribute positive operating cash flows to the group.

Weak Performance at MPM Finance: Asset quality at PT Mitra
Pinasthika Mustika Finance (MPM Finance, (A-(idn)/Stable), which
provides car and motorcycle financing, has been deteriorating,
which put pressure on profitability. Its net profit declined by
69% yoy in 1H15 due to higher credit costs and higher funding
costs. Nonetheless, MPM Finance has a comfortable capital base
after a large equity injection by Japan-based JACCS Co Ltd in
2014. That makes it unlikely that MPM would need to provide
additional equity to MPM Finance.

Scalable Capex, Moderate Leverage: Fitch believes MPM's financial
profile is still consistent with its rating despite the
challenging environment. Its net debt/EBITDA excluding the
financial services segment was about 1.8x (annualised) in 1H15.
The company conserved cash by scaling back its capex for this year
and next year. The bulk of capex planned in 2016-18 is for
expanding its fleet of vehicles for rental under MPM Rent. The
company adopts a conservative approach to expansion by securing
contracts prior to acquiring new vehicles. This provides the
company with flexibility and reduces execution risk.

Leading Motorcycle Distributor: MPM's ratings are supported by its
strong position in the distribution of Honda motorcycles in East
Java, and its roughly 20% share of the domestic motorcycle oil
lubricants market by sales. MPM holds the master distributor
licence for Honda motorcycles in East Java and East Nusa Tenggara.
Honda is the leading brand for motorcycles in Indonesia,
accounting for 78% of all motorcycles sold in East Java and 67%
nationally in 1H15. MPM's business concentration in East Java is
mitigated by the diverse activities in the regional economy, which
makes it more resilient compared with other regions.

Good Relationship with AHM: MPM benefits from a strong long-term
relationship with Astra Honda Motor (AHM), which is the producer
of Honda motorcycles in Indonesia. Fitch believes MPM's long,
solid track record and its extensive networks give it bargaining
power in negotiations to maintain its exclusive distributorship
rights in East Java and East Nusa Tenggara. Fitch believes MPM can
continue to use Honda's good brand awareness in Indonesia, high
resale value, and attractive models to maintain its market share.

Healthy Liquidity: Excluding MPM Finance and MPM Insurance, MPM
had cash of IDR932bn and unutilised banking lines of IDR631bn at
end-1H15, more than sufficient to cover its revolving short-term
bank loan of IDR204bn, borrowings due in one year of IDR134bn, and
swings in working capital throughout the year.

Benefits from Express Acquisition: MPM, its parent - PT Saratoga
Investama Sedaya Tbk - and Golden Valley Advisors Inc, are
planning to acquire 51% of taxi company PT Express Transindo Utama
Tbk (Express, A(idn)/Stable). Fitch expects the acquisition to
increase MPM's net leverage excluding the financial services
segment by about 0.3x-0.4x to around 2.9x by end-2015, depending
on the final investment in Express. The investment in Express will
give MPM opportunities to supply vehicles and lubricant oil to
Express' 11,000 regular taxis.

KEY ASSUMPTIONS

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

-- Sales of two-wheel vehicles to fall 7% in 2015, rise 3% in
    2016 and climb 6% a year in 2017-18
-- MPM Rent's fleet size of about 14,000 in 2015 and 10% growth
    afterwards
-- Capex of about IDR900bn in 2015-16 and about IDR1trn in 2017-
    18
-- Investment in shares of Express in 2015

RATING SENSITIVITIES

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

-- Increase in net debt/EBITDA excluding finance subsidiaries to
    more than 2.5x on a sustained basis
-- Significant deterioration in the performance of the financial
    services subsidiaries on a sustained basis

No positive rating action is expected in the next 24 months,
unless there is significant increase in scale without any
deterioration in its financial profile.


MODERNLAND REALTY: Fitch Affirms 'B' LT Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has affirmed PT Modernland Realty Tbk's (Modernland)
Long-Term Issuer Default Rating at 'B' with a Stable Outlook. The
agency has also affirmed Modernland's senior unsecured rating and
rating on its outstanding notes at 'B' with a Recovery Rating of
'RR4'. The notes are issued by wholly owned subsidiaries
Modernland Overseas Pte Ltd and Marquee Land Pte Ltd and
guaranteed by Modernland and certain subsidiaries.

The company's core businesses are in developing industrial estates
and residential townships in Cikande Tangerang and East Jakarta,
respectively.

KEY RATING DRIVERS

Sufficient Presales Despite Challenges: The affirmation of
Modernland's rating is supported by sufficient presales, despite
challenging economic conditions and weak sentiment for residential
and industrial properties. Modernland booked 141 ha of industrial
land sales in Cikande in 1H15, and has another 34 ha in the
pipeline for 3Q15. This, and the USD45.4m in cash flow from the
sale of land to PT Aeon Mall Indonesia, are sufficient to meet
Modernland's debt servicing needs and fund land- banking activity.

Volatile Cash Flows, Low Development Risk: Modernland's exposure
to industrial land sales leads to more volatile cash flows
compared with that of peers in the residential segment. Although
residential sales account for a larger share of its cash flows,
industrial estate development will remain an important contributor
to Modernland's cash flows. Modernland's low development risk in
the industrial sector is an important mitigant for its volatile
cash flows.

The company has a good 20-year track record in developing
industrial estates, and it has built strong relationships with
tenants. Its flagship Cikande industrial estate has a very low
average land cost compared with the current average selling price
of IDR1.3m/ sqm, and Modernland has enough land to continue
developing there for more than five years. Fitch also believes
Modernland can build on its success in Cikande and use a similar
business model for its future developments.

Limited Residential Track Record: Fitch estimates the residential
segment will account for more than 50% of Modernland's presales
over the medium term, driven by sales at Jakarta Garden City (JGC)
and the upcoming project in Bekasi. The company's track record in
developing large-scale integrated residential projects, however,
is limited relative to other rated developers. The JGC project has
yet to reach optimum scale, with the success of the project
hinging on the completion of the Aeon mall and the opening of a
new access road. Both components are on track for completion - the
new road is due to open in September 2015 and and the Aeon mall
will be completed in 2017.

Strong One-off Land Sales: Modernland sold 110 ha of industrial
land in Cikande to Charoen Pokphand in 2014 and another 94.5 ha in
2015. The two transactions were worth IDR1.2trn (USD84m) in total,
and company expects to receive the final cash instalment in 18
months. This transaction, combined with one-off land sales to Aeon
at JGC worth USD45.4m provides high cash flow visibility for at
least the next 12 months. Fitch believes this mitigates the risk
of slower cash collection from land sales to PT Alam Sutera Realty
Tbk (ASRI, B+/ Stable).

ASRI Land Sales Delayed: Cash collection from land sales to ASRI
has been slower than expected. The rating case assumes collection
will be stretched by around one year to 2017. ASRI's pre-sales for
the project was much lower than estimated, which affected its
capex and land acquisitions. Nevertheless ASRI remains committed
to finalise the acquisition, because of the plot's strategic
location near ASRI's flagship project at Alam Sutera Serpong and
the attractive acquisition price at IDR2m/sqm compared with the
current average selling price of IDR15m.

Well-Laddered Debt Maturity: Modernland has no significant debt
maturity until 2019 when its USD191m notes are due. It has
refinanced 61.6% of its 2016 notes (USD92m) with the proceeds of
the 2019 notes, and used the balance to refinance existing bank
loans. Modernland is also a repeat issuer in the local capital
market; it most recently issued IDR750bn of notes in July 2015 to
refinance IDR250bn of notes due in December 2015 and to accelerate
land acquisition in Bekasi.

FX Risk Manageable: Modernland has hedged the entire outstanding
amount of US dollar bonds at various upper strike prices, the
highest of which is at IDR15,000 to USD1. While the company is
still exposed to FX risks, we believe risk is manageable. This is
because only USD58m will mature in 12 months, while USD45.4m from
the land sales to Aeon will become available. Modernland wide
profit margins are also sufficient to absorb short-term currency
volatility.

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

-- 50%-75% discount to management's pre-sales target
-- Average selling price to increase 10% yoy
-- ASRI land sales are delayed by one year
-- Aeon mall development progresses as planned
-- Bekasi land acquisition is executed as planned

RATING SENSITIVITIES
Positive: No positive rating action is expected in the medium term
due to the company's small development scale, currency mismatches
and limited recurring income

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

-- Presales/ gross debt sustained at less than 40% (2015F: 60%)



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


SHARP CORP: To Sell Two Headquarters, To Remain There as Tenant
---------------------------------------------------------------
The Japan Times reports that Sharp Corp. is in talks to sell one
of its two head office buildings in Osaka's Abeno Ward to
furniture retail chain operator Nitori Holdings Co., sources close
to the matter said on September 2.

According to the report, sources said the struggling electronics
maker aims to conclude a contract with Nitori in September to sell
the five-story, 13,000-sq. meter building housing the company's
general affairs department.

It plans to sell the other building to the Nippon Telegraph and
Telephone Corp. group's NTT Urban Development Corp. for about
JPY10 billion, the report says. The five-story, 11,000-sq.-meter
building houses the company's struggling liquid crystal display
and solar battery businesses, the report notes.

The Japan Times relates that sources said Sharp will continue to
rent the buildings for the time being but is likely to move to
other locations.

Sharp expects to post a group net loss of around JPY180 billion
for the business year ending next March 31, remaining deep in the
red for a second straight year, the report adds.

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

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

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


SKYMARK AIRLINES: Rehabilitation Plan Finalised
-----------------------------------------------
CAPA reports that Skymark Airlines said that the carrier's
rehabilitation was finalised on Aug. 31, 2015.

According to the plan, the carrier will reduce its capital by 100%
as well as hold an extraordinary meeting to elect its board
members on Sept. 29, 2015, CAPA relates.

CAPA says the carrier also aims to implement the basic repayment
to creditors on Nov. 30, 2015.

Under the carrier's new management structure, Nobuo Sayama has
been elected as executive chairman and Masahiko Ichie will be
president and CEO, adds CAPA.

Skymark Airlines is a Japanese low-cost carrier based in Tokyo.
The carrier, which commenced operations in 1998, operates domestic
service from its base at Tokyo International Airport.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 30, 2015, Bloomberg News said Skymark Airlines Inc., Japan's
third-largest carrier, filed for bankruptcy protection after
running short of cash, highlighting the failure of growth plans
that climaxed in the ill-fated purchase of six Airbus Group NV
A380 superjumbos.

Skymark said it filed at the Tokyo District Court with
JPY71 billion ($603 million) in liabilities.  President Shinichi
Nishikubo is standing down and Chief Financial Officer
Masakazu Arimori is taking on the role, Bloomberg related.

Skymark was delisted from the Tokyo Stock Exchange in March.

The TCR-AP, citing Bloomberg News, reported on Aug. 6, 201, that
Skymark Airlines's creditors approved a rehabilitation plan
backed by ANA Holdings Inc. and rejected one that relied on Delta
Air Lines Inc., finalizing a path back from bankruptcy for Japan's
third-largest airline.



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


MONGOLIAN MINING: Moody's Lowers CFR to Ca; Outlook Negative
------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family and
senior unsecured bond ratings of Mongolian Mining Corporation
(MMC) to Ca from Caa2.

The ratings outlook is negative.

RATINGS RATIONALE

"The downgrade reflects the risk of high probability of default by
MMC as its cash holdings and operating cash flow are inadequate to
address its near-term payment obligations", says Dylan Yeo,
Moody's lead analyst for MMC.

MMC's cash balance drastically declined to $70 million at end-June
2015 from $253 million at end-December 2014.

The prolonged oversupply situation in the coking coal market has
caused coking coal prices to slide significantly during 2015.  At
end-August, the Queensland benchmark coking coal price fell to $83
per tonne from more than $110 per tonne at the start of 2015.

MMC has little scope to reduce its cost base after implementing
various cost cuts over the last 18 months and reducing its
production to a contractually required minimum.

As a result the company reported an operating loss before tax of
$86 million in 1H 2015.  It does not have positive cash flow to
service its debt payments under the current weak coal price
environment.

At the same time MMC has limited ability to raise alternative
liquidity.  The company tapped the equity market for a rights
issuance in 2014 and divested most of its non-core assets in the
last few years.

It has $43 million of receivables from the Government of Mongolia
(B2 negative) with respect to the termination of a concession
agreement on railway infrastructure in 2012.  Receipt of these
funds is still under negotiation with the government.

Moody's estimates that the company's internal cash resources will
be inadequate to meet payment obligations which include (1)
interest payments of $32 million in the next six months; and (2)
loan amortization of $30 million in the next six months.

In addition, $69 million of promissory notes due to shareholders
is coming due in September 2015.  Moody's, however, noted that the
shareholders had historically extended the maturity of the
promissory notes.

"The downgrade also reflects the lower expected recovery to the
senior unsecured bond holders," says Yeo.

MMC's cash holdings declined by $183 million in 1H 2015, and its
total debt declined by $59 million.  In addition, the operating
loss in 1H 2015 eroded the company's equity by $100 million.

This financial deterioration has reduced the likely recovery for
the senior unsecured bond holders.

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

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

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

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.

Mongolian Mining Corporation (MMC) is the largest privately owned
coal mining company in Mongolia.  Established in 2005, it listed
on the Hong Kong Stock Exchange in October 2010.  It has two coal
mines located in the Gobi Desert.  The Ukhaa Khudag mine, which
produced 4.6 million tonnes of coking coal in 2014, and the Baruu
Naran mine, which was acquired in 2011.



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


VALIANT HOMES: Creditors Angry Over Developer's Spending Spree
--------------------------------------------------------------
Maria Slade at Stuff.co.nz reports that a failed property
developer gave his fiancee a diamond engagement ring while staying
at a NZ$1,500-a-night Italian hotel only months before his company
collapsed owing millions of dollars.

Hamish Clarke has 'disappeared' since his company Valiant Homes
went into liquidation in March, owing around NZ$6 million to
investors, suppliers, tradies and the tax man, according to the
report.

In May last year, when creditors said his business was facing
financial difficulty, Mr. Clarke and his partner Petra Fuerst
celebrated their engagement at the exclusive Hotel Danieli in
Venice, where suites cost up to NZ$1,574 per night, the report
recalls.

Ms. Fuerst posted pictures on Facebook of herself sporting a large
diamond ring, and friends congratulated the beaming couple.

Stuff.co.nz says the news has angered out-of-pocket
subcontractors.

"He's spending up large, living the dream. At that same point in
time none of us were getting paid," the report quotes builder
Hunia Rangi, who is owed NZ$65,000 and spent a further NZ$40,000
on lawyers' fees chasing the debt, as saying.

Stuff.co.nz relates that angry creditors said they haven't been
able to contact Mr. Clarke since he put Valiant Homes Ltd into
liquidation on March 4, with reports of his whereabouts coming in
from Australia to Sweden to Dubai.

When Valiant Homes' lender, owed NZ$3.2 million, called in the
receivers the day after the liquidation it found Valiant's offices
empty with no sign of the company's records or computer servers,
Stuff.co.nz recalls.

Stuff.co.nz relates that another lender, Craig Weise of Quadriga
Acquisitions which provided funding for a group of Valiant
developments, said Quadriga was owed a "significant" amount. "When
the chips fall we'll be the largest aggrieved party," he said.

He confirmed Mr. Clarke had been involved in a new company, Kimble
Contracting, set up the day before Valiant collapsed, the report
relays.

With the liquidation the developments were left half completed,
and "a bunch of Valiant staff who knew the projects were working
at Kimble", so Quadriga hired the firm, Mr. Weise, as cited by
Stuff.co.nz, said.

Stuff.co.nz adds that receiver Chris McCullagh of PKF Corporate
Recovery also hasn't been able to speak to Mr. Clarke, aside from
an initial conversation in which he denied all knowledge of the
company records or servers.

Unsecured creditors of Valiant Homes including dozens of
tradespeople are owed NZ$1.4 million, the receiver estimates.



=================
S I N G A P O R E
=================


STATS CHIPPAC: S&P Affirms 'BB' CCR & Revises Outlook to Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised the
outlook on STATS ChipPAC Ltd. to negative from stable.  In line
with the outlook revision, S&P lowered its long-term ASEAN
regional scale rating on the company to 'axBB+' from 'axBBB-'.  At
the same time, S&P affirmed the 'BB' long-term corporate credit
rating on STATS ChipPAC and S&P's 'BB' issue rating on the
company's outstanding senior unsecured notes.  STATS ChipPAC is a
Singapore-based semiconductor company.

"We revised the outlook to reflect our view that STATS ChipPAC
will find it more difficult than we previously anticipated to
improve its key financial ratios over the next 12 months, given
the weaker industry environment," said Standard & Poor's credit
analyst Katsuyuki Nakai.  "In addition, we believe that the pro
forma credit profile of China-based Jiangsu Changjiang Electronics
Technology Co. Ltd. (JCET) following its acquisition of STATS
ChipPAC could be weaker than we previously expected and remain
under downward pressure."

S&P's view is based on the slowdown in the outsourced
semiconductor assembly and test (OSAT) industry, the weakening
performance of STATS ChipPAC, and the structure of the acquisition
funding.

S&P attributes a large decline in STATS ChipPAC's revenue during
April-June 2015 to a slowdown in global demand for mobile phones
and personal computers, and excess capacity in the industry, which
is limiting outsourcing demand for OSAT players.  Given the
uncertain global macroeconomic outlook, S&P believes industry
demand could remain weak over the next few quarters.  S&P expects
STATS ChipPAC's capital expenditure in 2015 to decline 50%, which
will likely support the company's financial metrics to some
extent.  However, S&P believes it will prove challenging for STATS
ChipPAC to improve and sustain its ratio of funds from operations
(FFO) to debt above 30% and reduce the ratio of debt to EBITDA to
below 3x in the next 12 months.

JCET's acquisition offer has become unconditional after the carve-
out of STATS ChipPac's Taiwan subsidiaries and its issuance of
US$200 million in perpetual securities in August 2015.  STATS
ChipPAC's EBITDA would represent about 60% of the new group on a
pro-forma basis.  Given this weighting and the similarity of the
two companies' mainstay businesses, our base case is that STATS
ChipPAC's stand-alone credit profile of 'bb' would be neither
lifted nor lowered because of future group dynamics.

In addition, S&P believes the company's business operations after
the acquisition and the degree to which JCET will integrate STATS
ChipPAC will become important rating drivers.  The transaction
will more than double JCET's size and increase its international
exposure to 60%.

The acquisition will also trigger a change-of-control put option
for existing bondholders of STATS ChipPAC's outstanding notes,
which total US$811.2 million.  S&P believes that STATS ChipPAC has
minimized the potential refinancing risk arising from the
acquisition through a bridge refinancing facility and other cash
proceeds from perpetual securities issuance and repayment of
intercompany loans.

"The negative outlook reflects our view that a prolonged weakness
in demand for the OSAT business over the next one to two quarters
could mean a remote prospect of recovery for STAT ChipPAC's
financial performance," said Mr. Nakai.

Given the stagnant industry outlook, the company may find it
difficult to improve its core financial metrics toward 30% for the
ratio of FFO to debt and 3.0x for the ratio of debt to EBITDA
within 12 months.  S&P considers these levels to commensurate with
the current ratings.  The post-acquisition costs, and the scope
and speed of synergies, remain uncertain to date.  The outlook
also reflects S&P's view that JCET's post acquisition group credit
profile will be under downward pressure.

S&P may lower the rating if STATS ChipPAC's financial performance
in the coming one to two quarters makes it unlikely that the ratio
of FFO to debt will recover to about 30% and the ratio of debt to
EBITDA to below 3x within 12 months.  This could happen if the
company's revenue and earnings do not recover due to continued
pressure on volumes or a major customer loss; or, in a less likely
scenario, the company decides to spend aggressively for business
expansion.  Rating pressure could also arise if: (1) there are any
hiccups in business operations in the post-acquisition process;
(2) the financial risk profile of JCET group after the transaction
closes is not commensurate with S&P's expectations for STATS
ChipPAC on a stand-alone basis; or (3) refinancing issues hurt the
company's liquidity.

S&P could revise the outlook to stable if, post acquisition, the
ratio of FFO to debt looks likely to be above 30%, the ratio of
debt to EBITDA below 3x, and the liquidity balance for the group
appears adequate on an ongoing basis.  In addition to recovering
demand and earnings potential, this would necessitate smooth
business operations after the acquisition, in S&P's view.



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


* KOREA: Default Risk Surges on China, Cross-Border Woes
--------------------------------------------------------
The Chosun Ilbo reports that a volatile Chinese stock market and
mounting tensions between North and South Korea have sent the
credit default swap premium to the highest level in two years and
three months.

The report says the CDS premium is the interest rate for a credit
default swap derivative that compensates for losses if the country
or company that issued bonds goes bankrupt. The higher the
premium, the higher the perceived risk of the corresponding
country going bankrupt, says the Chosun Ilbo.

The Chosun Ilbo, citing industry data provider Market on
August 23, discloses that the CDS premium on Korean five-year
forex stabilization bonds rose eight basis points to 76 as of
August 21.

That was the highest since May 2013 when then Fed chief Ben
Bernanke hinted at cutting back on U.S. quantitative easing,
dealing a blow to financial markets around the world, the report
states.

The Chosun Ilbo says Korea's CDS premium stood at 46 basis points
in May.

According to the report, the government believes Korea's CDS
premium may well keep rising as volatility in the Chinese stock
market is compounded by the North Korean threat.

The report relates that the CDS premiums of other emerging
economies are also climbing. China's premium reached 106.90 on
August 21, the highest in a year, while Malaysia's hit 183.79, the
highest since October 2011.

Indonesia's hit 233.44, up more than 100 basis points since early
March, Brazil's 323.11, the highest since March 2009, and Russia's
405.85, the highest since this March, the report adds.



===============
T H A I L A N D
===============


THAILAND: SME Asset Quality Likely to Deteriorate
-------------------------------------------------
Fitch Ratings believes that Thai banks' exposure to the SME
segment is increasingly becoming the main source of downside risk
to asset quality, and is likely to contribute to higher NPLs over
the next 12-18 months. Nevertheless, larger and more diversified
banks should be relatively well-positioned to cope with these
risks without significant ratings pressure.

SMEs account for the largest segment of Thai bank loans, at about
39% of total loans as of end-June 2015 (compared with exposure of
30% to large corporates and 31% to consumers). SME loan growth has
been strong, particularly during 2011-2013, with average annual
growth of about 14%. This was driven by expanded lending to
smaller SMEs with relatively weaker credit profiles, due to
intensifying competition and the prospect for wider margins.
Nevertheless, SME loan growth has slowed markedly to 3.4% in 2014
and 3.7% in 1H15 as the banks have become more cautious in line
with the weak economy.

The operating environment still appears unfavourable, with
relatively low economic growth, volatile financial markets, and
muted business sentiment. Furthermore, high leverage in the
economy (with private-sector leverage at 150% of GDP as of end-
March 2015) means that debt repayment ability can quickly
deteriorate if conditions worsen further.

Asset quality for SMEs has remained mostly intact. There was only
a moderate increase in the NPL ratio for SME loans in 1H15 to 3.4%
from 3.1% at end-2014, while "special mention" loans (which are
delinquencies not yet classified as NPLs) were flat at 2.4%. Fitch
believes that asset-quality risks may be masked in the short term
by debt restructuring and the authorities' initiatives to support
the SME segment (such as low-interest policy loans and the credit
guarantee scheme). However, asset quality could deteriorate more
sharply if economic conditions weaken and as supportive measures
start to lapse.

The size and diversity of the segment means that SME clients'
credit profiles vary significantly for each bank and across the
sector. Fitch expects larger banks with well-established
franchises to be in a better position to compete for stronger and
larger SME clients, and would therefore be less exposed to asset-
quality risks. These larger banks also tend to have more
diversified revenues and loan books, and a stronger loss-
absorption capacity in general.

The Thai banking sector as a whole has reasonable buffers, in term
of reserves and capitalisation, which should enable it to cope
with a normal cyclical economic downturn. The average loan-loss
reserve coverage ratio for the sector remained strong at about
136% at end-June 2015, while the average Tier 1 capital ratio was
at 14%. In addition, SMEs loans are generally well-collateralised,
and some smaller banks also use partial guarantees from the state-
owned Thai Credit Guarantee Corporation to mitigate the risks.


                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***