TCRAP_Public/150909.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

         Wednesday, September 9, 2015, Vol. 18, No. 178


                            Headlines


A U S T R A L I A

BOON BROS: First Creditors' Meeting Set For Sept. 16
EMECO HOLDINGS: Fitch Cuts Long-Term Issuer Default Rating to B-
GOLDIE MARKETING: First Creditors' Meeting Set For Sept. 17
KING SECURITY: First Creditors' Meeting Set For Sept. 16
REDZED TRUST 2015-1: S&P Puts Prelim. B Rating on Class F Notes

SEACHANGE CALOUNDRA: Goes into Liquidation
VILAE PTY: First Creditors' Meeting Set For Sept. 17


C H I N A

CENTRAL CHINA: S&P Revises Outlook to Negative, Affirms 'BB-' CCR
CHINA: Threat of Further Outflows as Headwinds Batter Country
YANZHOU COAL: 1H 2015 Results is Credit Negative, Moody's Says


I N D I A

AASTHA DEVELOPERS: CRISIL Suspends B Rating on INR200MM Cash Loan
AATHI VELAN: CRISIL Reaffirms B+ Rating on INR65MM Cash Loan
ADDI ALLOYS: ICRA Reaffirms C+ Rating on INR10cr Fund Based Loan
AGRAWAL GRAPHITE: ICRA Cuts Rating on INR6cr Term Loan to B-
AKSHAR SKYWARDS: CRISIL Suspends B+ Rating on INR200MM LT Loan

ALLIED ICD: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
ASSOCIATED MANUFACTURING: CRISIL Reaffirms B+ INR55MM Loan Rating
BARDIA JEWELLERS: ICRA Suspends B+ Rating on INR7.5cr Loan
BHAGWATI LUMBERS: CRISIL Suspends B+ Rating on INR30MM Cash Loan
C.K. INDUSTRIES: ICRA Reaffirms B+ Rating on INR13cr Cash Loan

CHANDRIKA DAIRY: CRISIL Suspends 'D' Rating on INR130MM Loan
CHAUDHARY NURSING: CRISIL Suspends B- Rating on INR96.5MM Loan
DEX AGRO: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
DINESH SOAPS: CRISIL Suspends B+ Rating on INR2.5MM Cash Loan
EAGLE EXTRUSION: ICRA Reaffirms 'B' Rating on INR6.20cr LT Loan

GARG ISPAT: CRISIL Reaffirms B Rating on INR70MM Cash Loan
GENESIS POWERONICS: CRISIL Suspends B- Rating on INR59.9MM Loan
GOLCONDA TEXTILES: CRISIL Reaffirms D Rating on INR110MM Loan
GURU NANAK: CRISIL Reaffirms 'B' Rating on INR100MM Cash Loan
HARSO STEELS: CRISIL Suspends B+ Rating on INR150MM Cash Loan

INDUS PAPER: ICRA Suspends 'B' Rating on INR10.83cr Loan
ISKCON METALS: CRISIL Suspends 'B' Rating on INR80MM Cash Loan
JAYANTI BOARDS: ICRA Assigns 'B+' Rating to INR2.0cr Loan
K.S. COMMODITIES: Ind-Ra Hikes LT Issuer Rating to 'IND BB-'
KMK EVENT: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating

MANGAL CHAND: CRISIL Suspends B+ Rating on INR75MM Cash Loan
MANJEET PLASTIC: CRISIL Suspends B Rating on INR36MM LT Loan
MANMEET ALLOYS: ICRA Reaffirms B- Rating on INR15cr Loan
MEENA ADVERTISERS: ICRA Assigns B+ Rating to INR8cr LT Loan
MODERN METAALICS: ICRA Assigns B+ Rating to INR3.50cr Cash Loan

NATIONAL CENTRE: ICRA Suspends B+ Rating on INR6.14cr Term Loan
NIRMAL INTERNATIONAL: CRISIL Suspends B Rating on INR5.5MM Loan
NIRMAN ENGICONS: ICRA Suspends B+ Rating on INR3.50cr Loan
PLAZMA TECHNOLOGIES: Ind-Ra Suspends 'IND BB-' LT Issuer Rating
RAJINDRA PRASAD: CRISIL Suspends B- Rating on INR7.5MM Loan

RAJVIR INDUSTRIES: ICRA Suspends 'D' Rating on INR56.03cr Loan
REAL GROWTH: ICRA Reaffirms B+ Rating on INR17.50cr Loan
RENNY STRIPS: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
RNB INTERNATIONAL: ICRA Reaffirms B+ Rating on INR11cr LT Loan
SELF STORE: CRISIL Suspends B+ Rating on INR100MM Cash Loan

SHAKTI BHOG: ICRA Suspends 'D' Rating on INR2,850cr Bank Loan
SHREE GAJANAN: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
SHREE KANKESHWARI: CRISIL Reaffirms B+ Rating on INR200MM Loan
SHREE SIDDHIVINAYAKA: CRISIL Reaffirms C Rating on INR75MM Loan
SPICA PROJECTS: Ind-Ra Hikes Long-Term Issuer Rating to 'IND B+'

SRI GAJPATI: CRISIL Reaffirms B Rating on INR35MM Term Loan
SRI RAJA: Ind-Ra Hikes LT Issuer Rating to 'IND BB+'
SUNRISE FOAM: CRISIL Reaffirms B+ Rating on INR72MM Cash Loan
SUPER SPINNING: ICRA Suspends B+ Rating on INR49.67cr Term Loan
SUPREME INFRAPROJECTS: Ind-Ra Cuts Term Loan Rating to LT 'IND D'

SUPREME KOPARGAON: Ind-Ra Cuts INR1,750MM Loan Rating to 'IND D'
TULSI COLD: ICRA Assigns 'B' Rating to INR3.95cr Term Loan
UNIVERSAL STEEL: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
VENKHATASRINIVASA INFRACON: CRISIL Rates INR4MM LT Loan at B+
VIBFAST PIGMENTS: Ind-Ra Hikes Long-Term Issuer Rating to IND BB-

VIBFAST PIGMENTS PRIVATE: Ind-Ra Ups LT Issuer Rating to IND BB-
VIRAJ DISTRIBUTORS: CRISIL Suspends B Rating on INR50MM Cash Loan
VISHWAS TUBES: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
WELCAST PRODUCTS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
ZF ELECTRONICS: Ind-Ra Cuts Long-Term Issuer Rating to 'IND D'


N E W  Z E A L A N D

ROSS ASSET: Clawbacks Could Take Years, Liquidators Warn


S I N G A P O R E

OIL AND GAS: In Creditors' Voluntary Liquidation


                            - - - - -


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


BOON BROS: First Creditors' Meeting Set For Sept. 16
----------------------------------------------------
Cameron Shaw & Richard Albarran of Hall Chadwick Chartered
Accountants were appointed as administrators Boon Bros Pty Limited
on Sept. 4, 2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick Chartered Accountants, Level 11, 16 St Georges
Terrace, in Perth, on Sept. 16, 2015, at 9:00 a.m.


EMECO HOLDINGS: Fitch Cuts Long-Term Issuer Default Rating to B-
-----------------------------------------------------------------
Fitch Ratings has downgraded Australia-based mining services
company Emeco Holdings Limited's (Emeco) Long-Term Issuer Default
Rating (IDR) to 'B-' from 'B+'. The Outlook is Negative. The
agency has also downgraded the rating on the USD335m 9.875% senior
secured notes due in 2019 to 'B-' from 'BB-', and assigned a
Recovery Rating of 'RR4'. The notes are issued by Emeco Pty Ltd,
are secured against the assets of Emeco group, and guaranteed by
Emeco and some of its subsidiaries.

KEY RATING DRIVERS

Weak Medium-Term Environment: The downgrade reflects deterioration
in Emeco's profitability and cash flow generation, such that its
credit metrics are no longer consistent with a 'B+' profile. The
prolonged weakness in global commodity markets has led to a rapid
decline in revenue and shrunk Emeco's operating scale. Fitch
expects Emeco's leverage to remain high at above 6x over the short
to medium term.

The agency expects the current environment to persist over the
medium term as mining companies are likely to remain focused on
cutting costs, which will negatively impact service providers such
as Emeco. The Negative Outlook reflects the potential for Emeco's
credit profile to deteriorate if commodity prices weaken further
or remain weak for longer over the next 24 months.

Liquidity Not Immediate Concern: At FYE15 Emeco had a cash balance
of AUD27m, and committed undrawn credit facilities of AUD66m.
These levels appear sufficient to meet maintenance capex for FY16,
provided that Emeco's operating cash flows do not deteriorate
further. The company's earliest debt maturity is in 2019, when the
USD335m 9.875% notes mature. Emeco has no maintenance covenants on
its debt, until it draws down on more than 50% of its AUD75m
asset-backed loan (FYE15: 12% pledged against bank-guarantees), at
which point the company is required to maintain an EBITDA interest
cover of 1.25x and leverage (net debt/tangible assets net of cash)
of under 65%.

Cash Flows to Remain Under Pressure: Emeco's funds flow from
operations (FFO) fixed-charge cover ratio weakened to 0.7x in FY15
from 1.8x in FY14. However FFO fixed charge cover improved to 1.2x
in 2HFY15 driven by higher utilisation rates, particularly in New
South Wales and in Chile. The company expects to cut a further
AUD14m in costs in FY16, and will not incur a further AUD14m of
one-off fleet mobilisation costs that were recognised in FY15. The
company's ability to sustain these improvements is largely
dependent on the trajectory of global commodity prices. Key near-
term risks include Emeco's high exposure to the Canadian oil sands
industry (27% share in FY15 revenue) and coal markets in Australia
(27% of FY15 revenue), amid weak fundamentals.

Challenge to Diversify: Fitch notes that Emeco may find it
difficult to meaningfully diversify away from oil sands despite
its best efforts, or to otherwise seek profitable opportunities
for its idle fleet in the current market. Nevertheless, the agency
expects Emeco's FFO fixed charge cover to remain around 1.2x over
the next 12 months, provided that commodity markets do not
deteriorate much more. The agency's base case is for fundamentals
in most commodity markets to improve in the next 24 months.
However price volatility may persist in the near term.

Lower Recovery on Bond: The downgrade of the rating on the USD335m
bond follows the downgrade of Emeco's Long-Term IDR, and also
reflects an increase in prior ranking debt. The latter is due to
Emeco securing a new AUD75m asset-backed loan in FY15 that ranks
ahead of the bond during a default. The lower bond rating also
reflects the sharp decline in the AUD/USD exchange rate since the
bond was sold in March 2014, which places a heavier burden on
Emeco in Australian dollar terms.

KEY ASSUMPTIONS

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

-- Revenue to fall by 8% in FY16 because of continued stress,
    particularly in Canada and Western Australia, followed by low
    single-digit growth overall thereafter.
-- EBITDA margin to remain at around 24%-26%.
-- Maintenance capex of AUD35m-AUD40m
-- No dividends to be paid over the next 24 months

RATING SENSITIVITIES

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

-- Further contract losses and / or renegotiations in rental
    rates that lead to weaker cash flows, resulting in Emeco's
    inability to maintain FFO fixed charge cover around 1x
-- A material weakening in liquidity, due to continued prolonged
    pressure in key commodity markets

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

-- Stronger fundamentals across key commodity markets that would
    support Emeco's ability to comfortably maintain FFO fixed
    charge cover at over 1.3x
-- Maintaining long-term leverage (adjusted debt net of cash /
    EBITDAR) at less than 5.5x


GOLDIE MARKETING: First Creditors' Meeting Set For Sept. 17
-----------------------------------------------------------
Jonathan Paul McLeod of McLeod & Partners was appointed as
administrator of Goldie Marketing Pty Ltd on Sept. 7, 2015.

A first meeting of the creditors of the Company will be held at
McLeod & Partners, Hermes Building, Level 1, 215 Elizabeth Street,
in Brisbane, on Sept. 17, 2015, at 10:00 a.m.


KING SECURITY: First Creditors' Meeting Set For Sept. 16
--------------------------------------------------------
Mitchell Ball of BPS Recovery was appointed as administrator of
King Security Group Pty Ltd on Sept. 4, 2015.

A first meeting of the creditors of the Company will be held at
BPS Recovery, Level 18, 201 Kent Street, in Sydney, on
Sept. 16, 2015, at 11:00 a.m.


REDZED TRUST 2015-1: S&P Puts Prelim. B Rating on Class F Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to seven of the eight classes of residential mortgage-
backed securities (RMBS) to be issued by Perpetual Trustee Co.
Ltd. as trustee of the RedZed Trust in respect of Series 2015-1.
RedZed Trust in respect of Series 2015-1 is a securitization of
subprime residential mortgages originated by RedZed Lending
Solutions Pty Ltd.

The preliminary ratings reflect:

   -- S&P's view of the credit risk of the underlying collateral
      portfolio, including the fact that this is a closed
      portfolio, which means no further loans will be assigned to
      the trust after the closing date.

   -- S&P's view that the credit support is sufficient to
      withstand the stresses it applies.  This credit support
      comprises note subordination for each class of rated note.

   -- The availability of a retention amount, amortization
      amount, and yield enhancement reserve, which will all be
      funded by excess spread, but at various stages of the
      transaction's term.  They will have separate functions and
      timeframes, including reducing the balance of senior notes,
      reducing the balance of the most subordinated rated notes,
      and paying senior expenses and interest shortfalls on the
      class A1 and class A2 notes.

   -- The extraordinary expense reserve of A$150,000, funded from
      day one and available to meet extraordinary expenses.  The
      reserve will be topped up via excess spread if drawn.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including a liquidity
      facility equal to 2.5% of the outstanding balance of the
      notes, and principal draws, are sufficient under S&P's
      stress assumptions to ensure timely payment of interest.

   -- The condition that a minimum margin will be maintained on
      the mortgage assets.

The issuer has not informed Standard & Poor's (Australia) Pty
Limited whether the issuer is publically disclosing all relevant
information about the structured finance instruments the subject
of this rating report or whether relevant information remains non-
public.

REGULATORY DISCLOSURES

Please refer to the initial rating report for any additional
regulatory disclosures that may apply to a transaction.

PRELIMINARY RATINGS ASSIGNED

Class    Rating      Amount (mil. A$)
A-1      AAA (sf)    120.00
A-2      AAA (sf)     37.6
B        AA (sf)      11.8
C        A (sf)       11.2
D        BBB (sf)      7.8
E        BB (sf)       5.0
F        B (sf)        3.8
G        NR            2.8
NR--Not rated.


SEACHANGE CALOUNDRA: Goes into Liquidation
------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Seachange
Caloundra Pty Ltd has entered liquidation reportedly owing
creditors around AUD850,000.  Glen Oldham of Oldhams Advisory was
appointed liquidator of the company on Aug. 16, 2015, the report
says.

The construction company owes money to 115 unsecured creditors
when it entered liquidation, Dissolve.com.au relates. Reports said
that the business' license has been suspended 6 times in 7 years,
according to Dissolve.com.au.


VILAE PTY: First Creditors' Meeting Set For Sept. 17
----------------------------------------------------
Ezio Senatore and Neil Cussen of Deloitte were appointed as
administrators of Vilae Pty Limited, on Sept. 7, 2015.

A first meeting of the creditors of the Company will be held at
Deloitte, Level 1, 9 Sydney Avenue, in Barton, on Sept. 17, 2015,
at 11:00 a.m.


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C H I N A
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CENTRAL CHINA: S&P Revises Outlook to Negative, Affirms 'BB-' CCR
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
rating outlook on China-based property developer Central China
Real Estate Ltd. (CCRE) to negative from stable.  At the same
time, S&P affirmed its 'BB-' long-term corporate credit rating on
CCRE and its outstanding senior unsecured notes.  As a result of
the outlook revision, S&P lowered its long-term Greater China
regional scale rating on CCRE and its notes to 'cnBB' from
'cnBB+'.

S&P revised the outlook on CCRE to negative from stable to reflect
S&P's expectation that the company's leverage is likely to
deteriorate in 2015, given pricing pressure in lower-tier cities
and the company's destocking strategy.  S&P anticipates the
company's leverage will moderately improve in 2016 since it will
have more projects from Zhengzhou to recognize.  At the same time,
CCRE will continue to control its balance sheet by reducing land
acquisitions, in S&P's view.

S&P estimates that CCRE's EBITDA margin will decline notably in
2015 and may gradually recover in 2016.  The fall in margin is due
to price cuts in its completed inventories and the pricing
pressure in lower-tier cities because of oversupply.  In S&P's
view, the pressure will remain in the next six to 12 months.  S&P
anticipates the margin will moderately improve in 2016 as CCRE has
more projects in Zhengzhou to recognize.  Still, the margin, in
the long run, is facing downward pressure due to increasing
competition in Henan and rising land and construction costs.
CCRE's low-cost sizeable land reserves could partially offset
these factors.

S&P also forecasts that CCRE's debt will grow moderately in the
next two years.  S&P notices that the company has reduced its land
acquisition budget for 2015 to Chinese renminbi (RMB) 2.5 billion,
about half of what it spent in 2014.  Nevertheless, the spending
on construction is likely to increase since CCRE intends to
accelerate the development of its land reserves.  As at
June 30, 2015, CCRE had debt of RMB16.3 billion, from RMB13.4
billion as of end of 2014.  Standard & Poor's included debt
guarantees to jointly controlled entities (JCEs) to derive the
total debt amount.

S&P continues to view the credit risk of CCRE's JCE projects as
manageable, given that many of these projects are in Zhengzhou and
have had satisfactory sales performance so far.  CCRE's JCE
partners include some local developers and the Bridge Trust Co.
Ltd.  CCRE recently bought back a 40% holding in the company that
develops the Zhengzhou Tianzhu project from the Bridge Trust.  In
S&P's view, doing so may increase its debt in 2015, since the
company will consolidate the financial performance of the project
company after the transaction.  However, CCRE will only reflect
the revenue and margin of the Tianzhu project in 2016, when S&P
expects the project to be delivered.  The Tianzhu project had
accumulated sales of RMB2.15 billion in 2013 and 2014.

The current ratings also reflect CCRE's long operating record and
established market position in Henan, some project diversification
with over 60 projects under development, average profitability,
and stable sales growth.  The company's high geographic
concentration in the province offset these factors.

The negative outlook reflects S&P's view that CCRE's leverage will
further deteriorate in 2015, before a potential moderate recovery
in 2016.  Still, S&P believes that CCRE will maintain its leading
positon in Henan and generate stable sales performance in the next
12 months.

S&P could lower the rating if CCRE's leverage materially deviates
from its base case over the next 12 months.  This is likely to
happen if margin continues to fall or the company's debt-funded
expansion is more aggressive than S&P expects.  A debt-to-EBITDA
ratio at above 6.5x by year end in 2015 would indicate such
weaknesses.

S&P could revise the outlook to stable if CCRE shows meaningful
improvement in its leverage due to a recovery in margin and that
the company controls its capital expenditure, such that its debt
to EBITDA recovers and stays below 5.5x in the next 12 months.


CHINA: Threat of Further Outflows as Headwinds Batter Country
-------------------------------------------------------------
The Financial Times reports that after a summer of turmoil in the
stock and foreign exchange markets, China's financial and business
communities are on edge.  Capital outflows and a slowing economy
are adding to the unease, the FT says.

The FT says the US Federal Reserve's impending interest rate rise
adds another headwind for investors and companies to contend with.

The report relates that the People's Bank of China's decision in
mid-August to let the renminbi depreciate caught the market by
surprise, but among the most plausible theories to explain the
move is that it was designed to pre-empt the Fed's move.

Downward pressure on the renminbi had been building for months,
the report says. If the PBoC had waited until after the Fed raised
rates to loosen its grip on the renminbi and allow depreciation,
the drop would probably have been more disorderly and larger than
the 3% fall that actually occurred, the FT relays.

"Things are complicated now. I don't think the market is focused
mainly on the Fed, but it's just one more thing to worry about,"
the FT quotes a foreign exchange trader at a mid-sized bank in
Shanghai as saying.


YANZHOU COAL: 1H 2015 Results is Credit Negative, Moody's Says
--------------------------------------------------------------
Moody's Investors Service says that Yanzhou Coal Mining Co. Ltd.'s
rising debt leverage in 1H 2015 is credit negative but it has been
factored in the negative rating outlook of its Ba2 corporate
family rating and the Ba2 senior unsecured debt rating of Yancoal
Int'l Resources Development Co., Ltd and Yancoal International
Trading Co., Limited.

"Yanzhou Coal's debt leverage in 1H 2015 was high for its
standalone credit strength," says Dylan Yeo, a Moody's Analyst and
also the Lead Analyst for Yanzhou Coal.

Yanzhou Coal's higher debt leverage in 1H 2015 was due to an
increase in its gross debt to raise liquidity to fund its
operations, and for capital expenditures.

The company's total adjusted debt rose by RMB6 billion in 1H 2015,
of which, RMB4 billion was from the issuance of perpetual
securities in April 2015.  As a result, its debt -- as measured by
net debt/EBITDA -- rose to 8.0x in the 12 months ended June 2015
from 6.2x in 2014.  This level is high for its standalone credit
strength.

Moody's will closely monitor the company's credit profile.

Over the next 12-18 months, Yanzhou Coal's Ba2 corporate family
rating could come under downward pressure, if the company's
financial profile is unlikely to improve, such that its net
adjusted debt/EBITDA falls below 5x and EBIT/interest exceeds 2x.

Moody's notes that Yanzhou Coal's cost cutting measures led to a
slowing of the company' EBITDA decline in 1H 2015, even as its
revenue fell significantly during the same period, driven by
volume and price declines.

Yanzhou Coal's revenue in 1H 2015 fell by 41% year-on-year to
RMB18.1 billion, due to a marginal cut in production to 32.0 MT
from 33.7 MT, and a reduction in the trading volume of third-party
coal to 11.0 MT from 25.7 MT.

The revenue decline was also because of a 24% fall in the
company's average selling price to RMB383 per tonne from RMB505
per tonne in the same period.

Nonetheless, the company's EBITDA fell only slightly to
RMB3.5 billion in 1H 2015 from RMB3.7 billion in 1H 2014, because
the lower revenue was offset by an overall increase in its EBITDA
margin to 19.6% from 11.8%.

The improved EBITDA margin was achieved through lower volumes of
third-party coal trading -- which is associated with thin margins
-- and cost cutting measures such as labor cost cuts and greater
efficiency in internal controls.

On its cost cutting measures in particular, Yanzhou Coal's average
cost of sales per tonne -- excluding third-party purchases -- fell
by 16% between 1H 2014 and 1H 2015.

Looking ahead, Moody's expects that Yanzhou Coal will face three
main challenges: 1) lower thermal coal prices; the level of which
could fall by another 1%-5% over the next 12 months, 2) the
funding of profitable arms of its business, such as its methanol
operations and Moorlarben mine in Australia, and 3) a possible
further weakening of the RMB.

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

Yanzhou Coal Mining Co. Ltd. was listed in Shanghai, Hong Kong and
New York in 1998.  It is 56.52%-owned by the Yankuang Group, a
state-owned enterprise that is wholly owned by the Shandong
Provincial State-Owned Assets Supervision and Administration
Commission.

At Dec. 31, 2014, the company owned and operated 20 coal mines
across China and Australia.  It also owned abundant coal
resources, including in China's Shandong and Shanxi provinces, and
the Inner Mongolia Autonomous Region, as well as in the Australian
states of Queensland, New South Wales and Western Australia.


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I N D I A
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AASTHA DEVELOPERS: CRISIL Suspends B Rating on INR200MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Aastha
Developers (AD).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Cash
   Credit Limit             200       CRISIL B/Stable

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

AD, established in 2010 as a partnership firm, is a real estate
developer headquartered in Surat.  The firm is currently
implementing a residential real estate project, 'Shree Shyam
Bungalows', at Sarsana district in Surat. The project comprising
289 bungalows has been launched in 2014 and is expected to be
completed by 2018. The current partners of the firm are - Mr.
Manharbhai Patel, Mr. Rameshbhai Patel, and Mr. Pareshbhai Patel.


AATHI VELAN: CRISIL Reaffirms B+ Rating on INR65MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Aathi Velan
Mills (AVM) continues to reflect the firm's modest scale of
operations in the intensely competitive and fragmented textile
industry, and its below-average financial risk profile, marked by
a modest net worth and weak debt protection metrics. These rating
weaknesses are partially offset by the promoter's extensive
experience in the textile industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           65        CRISIL B+/Stable (Reaffirmed)

   Proposed Working
   Capital Facility      15        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes AVM will continue to benefit, over the medium
term, from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the firm reports a
sustainable increase in its revenue and profitability, thereby
strengthening its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if AVM generates low cash accruals or
undertakes any large debt-funded capital expenditure programme,
resulting in deterioration in the financial risk profile.

Established in 2006 as a proprietorship firm, AVM manufactures
cotton yarn. The firm is based in Coimbatore (Tamil Nadu) and is
promoted by Mr. P Gopalaswamy.


ADDI ALLOYS: ICRA Reaffirms C+ Rating on INR10cr Fund Based Loan
----------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]C+ on the INR10
crore fund based limits of Addi Alloys Private Limited. ICRA has
also reaffirmed its short term rating of [ICRA]A4 on the company's
INR4 crore non-fund based limits.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund based limit       10.00       [ICRA]C+; reaffirmed
   Non fund based limit    4.00       [ICRA]A4; reaffirmed

ICRA's rating continues to factors in AAPL's modest scale of
operations as well as its low profit margins. Moreover, AAPL's
profits and cash flows are vulnerable to fluctuations in prices of
raw materials as well as cyclicality in the steel sector. The
ratings are also constrained by AAPL's stretched liquidity
position as reflected in frequent overdrawals of fund based
limits. The rating also takes into account the company's weak
financial profile characterized by high gearing and modest debt
coverage indicators. However, the rating derives comfort from the
long experience of the promoters in the steel industry and their
established relationships with key customers.

Going forward, the ability of the company to improve its liquidity
position and increase its scale of operations in a profitable
manner while maintaining optimal working capital intensity will be
the key rating sensitivities.

AAPL was established in 1990 and manufactures ingots using scrap
as major raw material. The manufacturing facility of the company
is located at Ludhiana (Punjab) and has an installed capacity of
18,000 tonnes per annum.

The company reported a profit after tax (PAT) of INR0.67 crore on
an operating income of INR55.64 crore in FY2015, as against a net
loss of INR2.85 crore on an operating income of INR49.21 crore in
the previous year.


AGRAWAL GRAPHITE: ICRA Cuts Rating on INR6cr Term Loan to B-
------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR6 crore term loan and INR3 crore fund based bank limits of
Agrawal Graphite & Carbon Products Private Limited from [ICRA]B to
[ICRA]B-. ICRA has reaffirmed the short term rating of [ICRA]A4
assigned to INR2.5 crore non fund based bank limits of AGCPL.

                       Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Term Loan               6       [ICRA]B- downgraded
   Working Capital         3       [ICRA]B- downgraded
   Non Fund Based limits   2.5     [ICRA]A4 reaffirmed

The ratings take into account the intense competition in the CPC
industry which has adversely impacted AGCPL's realisation, which
in turn has kept the profitability and cash accruals low relative
to debt servicing obligations. The ratings take note of the
limited experience of promoters in the CPC industry and exposure
to fluctuations in the demand and prices for CPC, which are
directly linked to the demand and prices for steel. The price of
raw petroleum coke, a major raw material, is also linked to the
volatile crude prices resulting in fluctuating input costs. ICRA
notes that the unfavourable financial profile characterized by
high cash losses and aggressive capital structure has adversely
impacted the financial profile of the company. Moreover, the low
capacity utilization has adversely impacted the return on capital
employed. ICRA expects RoCE to remain subdued atleast over the
near term, notwithstanding the ramp up in the production levels in
the last two months witnessed by AGCPL. The working capital
intensity of the business remains high and is likely to exert
pressure on the liquidity position of the company.

The ratings take into account the favorable demand outlook of CPC
on account of proposed steel capacity expansion over the medium
term and repeat orders from established players which reflect
acceptable product quality. In ICRA's opinion, the ability of the
company to scale up its operations and improve its profitability
while managing its working capital requirements efficiently would
be key rating sensitivities going forward.

Incorporated in 2009, AGCPL is engaged in manufacturing of
Calcined Petroleum Coke (CPC), with its manufacturing facility
located in Sambalpur, Odisha. The unit has an installed capacity
of 15000 MTPA.

Recent Results
AGCPL reported a net loss of INR1.34 crore (provisional) in 2014-
15 on an operating income of INR4.79 crore (provisional) during
the 10MFY15.


AKSHAR SKYWARDS: CRISIL Suspends B+ Rating on INR200MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Akshar Skywards Constructions (ASC).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      200        CRISIL B+/Stable

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

ASC was set up in 2010 as a partnership firm and is engaged in
real estate development. The partners of the firm are Mr.
Bachubhai Arethiya, Mr.Kanji Arethiya, Mr. Khimji Arethiya, Mr.
Kishor Mujat, Mr.Himanshu Thakker, Mr. Rohan Nahata and Mr.Rahul
Nahata. Currently the company is undertaking a 4 towers G+12
residential real estate project named 'Altorios' at Hadapsar
(Pune).


ALLIED ICD: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Allied ICD
Services Ltd (AISL) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable. The agency has also assigned the following
ratings to AISL's bank loans:

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
Long-term loans           19.2       'IND B+'/Stable

Fund-based working        30.0       'IND B+'/Stable
capital limits

Non-fund-based            6.84       'IND A4'
working capital
limits

KEY RATING DRIVERS

The ratings reflect AISL's small scale of operations and moderate
credit profile. According to the provisional financials for FY15,
revenue was INR250 million (FY14: INR206 million), EBITDA interest
coverage (EBITDA/interest coverage) was 6.3x (3.2x) and net
leverage (net debt/ EBITDA) was 1.1x (2.5x).

Moreover, AISL's liquidity position is tight with average working
capital use of 98.5% during the 12 months ended July 2015.
The ratings are supported by AISL's high operating EBITDA margins
of 25.8% in FY15 (FY14: 19.6%). The ratings are also supported by
over a decade long experience of AISL's founders in inland
container depot (ICD) service segment.

RATING SENSITIVITIES

Positive: An improvement the overall credit profile will be
positive for the ratings.

Negative: Detoriation in the liquidity profile will be negative
for the ratings.

COMPANY PROFILE

Incorporated in 2006, AISL is a closely held public limited
company. It is engaged in the ICD business located in Durgapur,
West Bengal and is also involved in clearing and forwarding,
warehousing and multimodal transportation of cargo.
AISL is managed by three of its directors, Pramod Kumar
Srivastava, Rupa Srivastava and Divya Srivastava.


ASSOCIATED MANUFACTURING: CRISIL Reaffirms B+ INR55MM Loan Rating
-----------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Associated
Manufacturing LLP (formerly Associated Manufacturing Company, AML)
continue to reflect its below-average financial risk profile,
marked by average small net worth, high gearing, and subdued debt
protection metrics.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            55        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       20        CRISIL A4 (Reaffirmed)

The ratings also factor in the firm's small scale of operations
and the susceptibility of its operating margin to volatility in
raw material prices. These rating weaknesses are partially offset
by the extensive experience of AML's management in the automotive
components industry, and its established relationships with
customers.
Outlook: Stable

CRISIL believes that AML will continue to benefit over the medium
term from the extensive industry experience of its management, and
its established relationships with vendors that enable it to avail
of extended credit. The outlook may be revised to 'Positive' in
case of substantial improvement in the firm's liquidity, most
likely through better working capital management or infusion of
sizable capital by the promoters. Conversely, the outlook may be
revised to 'Negative' in case of an unanticipated withdrawal of
capital by AML's partners or significant delays in realisation of
receivables, leading to deterioration in its liquidity.

Associated Manufacturing LLP, is manufacturing of precision sheet
metal components for wide range of applications. Established in
1979, AMLLP is an ISO/TS 16949 certified organization with state-
of-the-art facility spread over 100,000 Sq. Ft. at Chakan, Pune.

AML is Limited Liability Partnership of Shah Family of Pune
(Maharashtra). AML is catering to various Original Equipment
Manufacturers (OEM) and Tier 1 customers. The firm manufactures
various types of sheet metal based components for braking systems,
seating systems, radiators, clutches as well as pulleys & other
aluminum components among others. AML supplies to OEM companies in
the automotive industry such as General Motors India Pvt. Ltd.,
Force Motors Ltd., MAN Trucks India Pvt. Ltd. as well as to Tier-1
players such as Bosch Chassis Systems India Ltd., Tata Toyo
Radiator Ltd. (rated 'CRISIL AA-/Stable/CRISIL A1+'), Johnson
Controls Automotive Ltd., Tata Autocomp Systems Ltd. (CRISIL AA-
/Stable/CRISIL A1+), Faurecia Automotive Seating India Pvt. Ltd.,
Fukoku India Pvt. Ltd., Jaya Hind Industries Ltd. and Knorr-Bremse
Systems for Commercial Vehicles India Pvt. Ltd.


BARDIA JEWELLERS: ICRA Suspends B+ Rating on INR7.5cr Loan
---------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR7.50 crore fund based facilities of Bardia Jewellers
Private Limited. ICRA has also suspended the short term rating of
[ICRA]A4 to the INR0.50 crore fund based facility of BJPL. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
Company.


BHAGWATI LUMBERS: CRISIL Suspends B+ Rating on INR30MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bhagwati Lumbers Pvt Ltd (BLPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             30         CRISIL B+/Stable
   Letter of Credit       130         CRISIL A4
   Proposed Cash Credit
   Limit                    2         CRISIL B+/Stable
   Proposed Letter of
   Credit                  20         CRISIL A4

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

BLPL, incorporated in 2007, is owned and managed by Mr. Sanjeev
Bansal and his brothers, Mr. Praven Bansal and Mr. Mukseh Bansal.
The company processes, and trades in, timber logs. BLPL has a
timber processing plant in Gandhidham (Gujarat). It also has
branch offices at Karnal (Punjab) and New Delhi to cater to
customers in North India.


C.K. INDUSTRIES: ICRA Reaffirms B+ Rating on INR13cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR13.00 crore cash credit facility and the INR1.95 crore standby
line of credit of C.K. Industries.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit Facility     13.00      [ICRA]B+ reaffirmed
   Standby Line of Credit    1.95      [ICRA]B+ reaffirmed

The reaffirmation of rating takes into account CKI's modest size
of operations and weak financial profile characterized by low
profitability levels, owing to the limited value addition in the
business and the highly competitive and fragmented industry
structure; its low return indicators, stretched capital structure
and weak debt coverage indicators. The rating also continues to
remain constrained by the vulnerability of the firm's
profitability to raw material prices which are subject to
seasonality, and crop harvest; and the regulatory risks with
regard to MSP fixed by GoI and restrictions on cotton exports.
Further, ICRA notes that CKI is a partnership firm and any
withdrawals from the capital account could impact the net worth
and thereby the gearing levels; this remains a key rating
sensitivity.

The rating, however, continues to favourably factor in the
experience of the firm's promoters in the cotton ginning industry,
the advantage the firm enjoys by virtue of its location in the
cotton producing belt of Saurashtra (Gujarat), and the favourable
demand outlook for cotton and cottonseeds in the medium term.

Established in 1997, C.K. Industries (CKI) is engaged in the
business of ginning and pressing of raw cotton into cotton seeds
and fully pressed cotton bales having a production capacity of
28.9 tonnes per day (TPD) of cotton bales and 49.7 TPD of cotton
seeds. The firm is also engaged in crushing of cotton seeds to
obtain cotton seed oil and cotton oil cake having an capacity of
extracting ~52 tonnes of oil per day. The plant is located at
Kuvadava- Rajkot in the Saurashtra region of Gujarat. The firm is
promoted by Mr. Arvind Kakadia along with his relatives. The
promoters have about a decade of experience in the cotton ginning
business.

Recent Results

For the year ended March 31, 2015 (provisional financials), C. K.
Industries reported an operating income of INR61.54 crore and
profit after tax of INR1.04 crore as against an operating income
of INR53.40 crore and profit after tax of INR0.99 crore for the
year ended March 31, 2014.


CHANDRIKA DAIRY: CRISIL Suspends 'D' Rating on INR130MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Chandrika Dairy Industries Pvt Ltd (CDPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            5        CRISIL D
   Cash Credit             130        CRISIL D
   Proposed Cash
   Credit Limit             23        CRISIL D
   Proposed Long Term
   Bank Loan Facility       24.5      CRISIL D
   Rupee Term Loan          37.5      CRISIL D

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

CDPL was established as a proprietorship firm, Chandrika Dudh
Ghar, in 1962, which was reconstituted as a private limited
company with the present name in 2008. Based in Mehsana (Gujarat),
the company is managed by Mr. Kishanchandra Chandasingha Rao and
his son, Mr. Jayprakash Kishanchandra Rao. CDPL is mainly engaged
in production of pasteurised milk and concentrates on
institutional sales. The company also produces curd, butter,
buttermilk, milk based sweets and others, which are marketed under
the Chandrika brand.


CHAUDHARY NURSING: CRISIL Suspends B- Rating on INR96.5MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Chaudhary Nursing Home Pvt Ltd (CNHPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Overdraft Facility      47.5       CRISIL A4
   Term Loan               96.5       CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by
CNHPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, CNHPL is yet to
provide adequate information to enable CRISIL to assess CNHPL'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 1988, CNHPL operates a 150-bed multi-speciality
hospital, Vinayak Hospital, in Noida (Uttar Pradesh). The hospital
provides services such as general surgery, laboratory testing,
radiology and imaging, physiotherapy, rehabilitation, and
treatments in obstetrics and gynaecology, orthopaedics, and
dermatology. It is presently operating at about 70 per cent
occupancy levels.


DEX AGRO: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Dex Agro
Sweeteners Private Limited (DASPL) a Long-Term Issuer Rating of
'IND B' with Outlook Stable. The agency has also assigned DASPL's
bank loans the following ratings:

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
Fund-based limit       10.10      Long-term 'IND B'; Outlook
                                   Stable and Short-term 'IND A4'
Term loan                46.30    Long-term 'IND B'; Outlook
                                   Stable

KEY RATING DRIVERS

The ratings reflect DASPL's short operational track record as it
started its business operations only in February 2015. According
to the provisional financials for FY15, revenue was INR27.44m,
interest coverage was 3.07x and net leverage was 27.81x.

However, the ratings are supported by the promoters' experience of
over 15 years in the sugar industry and the company's comfortable
liquidity position as evident from its average working capital
utilisation of 54% during the six months ended July 2015.

RATING SENSITIVITIES

Negative: Inability to increase the scale and improve the credit
metrics will be negative for the ratings.

Positive: The stabilisation of operations leading to a substantial
increase in the scale and a sustained improvement in the credit
metrics will be positive for the ratings.

COMPANY PROFILE

DASPL was incorporated in November 2013. It has an 11,100mtpa
plant in Uttarakhand for manufacturing sweeteners, vegetable
extracts and cattle feed.


DINESH SOAPS: CRISIL Suspends B+ Rating on INR2.5MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Dinesh Soaps and Detergents (DSD).


                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              2.5       CRISIL B+/Stable
   Letter of Credit       450.0       CRISIL A4

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

DSD is a partnership firm that trades in crude palm oil. Though
the firm was primarily set up to manufacture soaps and detergents,
since 2009-10 (refers to financial year, April 1 to March 31),
more than 95 per cent of its revenue has been from trading
activity. DSD hedges around 15 per cent of its forex exposure. The
promoters have also set up Dinesh Oils Ltd and Swadisht Oils Pvt
Ltd (rated 'CRISIL BB+/Stable/CRISIL A4+'), which refine and trade
in edible oils.


EAGLE EXTRUSION: ICRA Reaffirms 'B' Rating on INR6.20cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B for INR6.20
crores term loans and INR4.00 crores fund based facilities of
Eagle Extrusion Private Limited. ICRA has also reaffirmed the
short-term rating of [ICRA]A4 to the INR0.46 crores non-fund based
limits of EEPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Loan        6.20        [ICRA]B; Reaffirmed

   Long Term Fund
   Based Limits          4.00        [ICRA]B; Reaffirmed

   Short Term Non-
   Fund Based Limits     0.46        [ICRA]A4; Reaffirmed

The reaffirmation of ratings takes into account the small scale of
operations of the company, its highly leveraged capital structure
and the stretched liquidity position, as reflected by the high
working capital bank limit utilisations and low cash flow from
operations. The ratings are further constrained by the
susceptibility of the company's profitability and cash flows to
the volatility in prices of the raw materials and forex
fluctuations and the intensive competitive pressures due to the
highly fragmented nature of the industry.

The ratings, however, draw comfort from the long track record of
the promoters in the field of manufacturing aluminium based
products, the well diversified product portfolio and the
established dealer network employed by the company.

Eagle Extrusion Private Limited (EEPL) was incorporated in the
year 2008 and is engaged in the manufacturing of aluminium
profiles and sections, and other industrial products. The company
has its manufacturing unit located in Surat, Gujarat which has a
total capacity of 2,000 MTPA. The main raw materials used in the
manufacturing process are aluminium scraps and ingots which are
melted in a gas fired furnace in order to manufacture aluminium
billets which are further extruded to profiles & sections of
different dimensions depending upon the requirements of the
customers. The product portfolio of the company is comprised of
window frames and sections, pharmaceutical components, embroidery
pipes, heat sinks, electrical panels, irrigation pipes, green
house structure, hardware items, door closure, electric motors,
bus doors and windows, foot rests and carriers. The company's
products are sold to both dealers engaged in the building
construction space, as well as institutional clients,
predominantly in the textile and pharmaceutical industries.

Recent Results
In FY 2015 provisional results, the company reported a net loss of
INR0.65 crore on an operating income of INR27.43 crore. During FY
2014, the company had reported a net profit of INR0.02 crore on an
operating income of INR26.95 crore.


GARG ISPAT: CRISIL Reaffirms B Rating on INR70MM Cash Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Garg Ispat Udyog Ltd
(GIUL) continue to reflect GIUL's fluctuating operating
profitability and revenue, and modest financial risk profile. 3

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           70       CRISIL B/Stable (Reaffirmed)

   Letter of Credit      30       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    20      CRISIL B/Stable (Reaffirmed)

The ratings also factor in the company's modest scale of
operations and exposure to intense competition. These rating
weaknesses are mitigated by the promoters' extensive experience in
the steel manufacturing industry.

Outlook: Stable

CRISIL believes that GIUL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
improves its operating profitability, thus enhancing its debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if GIUL's financial risk profile deteriorates because
of decline in profitability or sizeable debt-funded capital
expenditure.

GIUL was established in 1987 by the Gupta family. The key
promoters are Mr. J D Gupta and Mr. Manish Gupta. GIUL
manufactures steel and iron tubes, pipes, mild steel electric
resistance welding black and galvanised pipes, steel tubes and
pipes, scaffolding and galvanised iron pipes, jet pumps, and drum
cables at its unit in Bhiwadi (Rajasthan).


GENESIS POWERONICS: CRISIL Suspends B- Rating on INR59.9MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Genesis Poweronics India Pvt Ltd (GPIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              40        CRISIL B-/Stable
   Term Loan                59.9      CRISIL B-/Stable

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

GPIPL was incorporated in 2002, promoted by Mr. Venkata Chary, for
selling selling diesel generator sets in Andhra Pradesh. The
company is currently the authorised original equipment assembler
and dealer for ALL engine-powered silent diesel generator sets in
Andhra Pradesh, Odisha, and Chhattisgarh. It has also undertaken
the dealership of Doosan engine-powered generator sets, and the
manufacture of control panels and acoustic enclosures for these.


GOLCONDA TEXTILES: CRISIL Reaffirms D Rating on INR110MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Golconda Textiles Pvt
Ltd (GTPL) continue to reflect instances of delay by GTPL in
servicing its debt repayment; the delays have been caused by the
company's weak liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           5.5       CRISIL D (Reaffirmed)

   Cash Credit            110.0       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       4.5       CRISIL D (Reaffirmed)

   Term Loan               40.0       CRISIL D (Reaffirmed)

GTPL also has a below-average financial risk profile, marked by a
highly leveraged capital structure; it has large working capital
requirements. Moreover, the company's profitability is susceptible
to volatility in raw material prices. However, GTPL benefits from
its promoter's extensive experience in the cotton spinning
industry.

GTPL was set up by Mr. Mahmood Alam Khan in 1995. The company
manufactures combed and carded cotton yarn. Its manufacturing
facility is in Vikarabad (Andhra Pradesh).


GURU NANAK: CRISIL Reaffirms 'B' Rating on INR100MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Guru Nanak Rice
& Gen. Mills (GNRGM) reflect its weak financial risk profile,
marked by high gearing, small net worth and average debt
protection metrics. The rating also factors in the firm's small
scale of operations in the highly fragmented rice industry.

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

   Proposed Long Term
   Bank Loan Facility       22.5     CRISIL B/Stable (Reaffirmed)

   Term Loan                10       CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of GNRGM's promoters, and its efficient
working capital management, leading to adequate liquidity.
Outlook: Stable

CRISIL believes that GNRGM will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the capital structure and financial risk
profile improves driven by increasing net cash accruals or
infusion of funds by partners. Conversely, the outlook may be
revised to 'Negative' if the firm's financial risk profile,
particularly its liquidity, weakens further on account of decline
in revenue or profitability.

Set up in 1981 as a proprietorship concern by Mr. Bihari Lal Garg,
GNRGM was reconstituted as a partnership firm in 2011, and is
currently managed by Mr. Pradeep Kumar and Mr. Purshottam Dass.
GNRGM mainly mills and sells basmati and non-basmati rice in the
domestic open market to exporters.

GNRGM reported a profit after tax (PAT) of INR0.05 million on net
sales of INR514.4 million for 2014-15, against a PAT of INR0.04
million on net sales of INR464.5 million for 2013-14.


HARSO STEELS: CRISIL Suspends B+ Rating on INR150MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Harso Steels Pvt Ltd (HSPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             150        CRISIL B+/Stable
   Letter of Credit        100        CRISIL A4

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

HSPL, incorporated in 1986 and promoted by the late Mr. Harbans
Lal Bansal, manufactures mild steel black pipes, steel structural
tubes, PVC (olyvinyl chloride) pipes, and PPR (polypropylene
random co-polymer pipe) fittings. HSPL is managed by Mr. Rakesh
Bansal (son of Mr. Harbans Lal Bansal).


INDUS PAPER: ICRA Suspends 'B' Rating on INR10.83cr Loan
--------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR10.83 crore
fund based facilities and [ICRA]A4 rating assigned to the INR4.00
crore, short term non-fund based facilities of Indus Paper Boards
Pvt. Ltd. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Indus Paper Boards Private Limited (IPBPL) was incorporated in
July 1990 by the technocrats belonging to the field of paper
manufacturing. It commenced its operation with the production of
tissue paper in the year 1994-95 from its plant located at Nagpur.
As the demand was low, the company also produced lower GSM poster
paper which was used for packaging. With healthy demand growth for
the tissue papers, the company has been only producing tissue
papers since last few years.


ISKCON METALS: CRISIL Suspends 'B' Rating on INR80MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Iskcon
Metals (IM).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           4         CRISIL A4
   Cash Credit             80         CRISIL B/Stable
   Term Loan               56.7       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by IM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, IM is yet to
provide adequate information to enable CRISIL to assess IM'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 2013, IM is promoted by Mehsana (Gujarat)-based
Mr. Amrutbhai Purshottamdas Patel and his family members. The firm
manufactures mild steel angles, channels, and beams. IM commenced
commercial operations in November 2013.


JAYANTI BOARDS: ICRA Assigns 'B+' Rating to INR2.0cr Loan
---------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to INR2.00 crore1
fund based facilities of Jayanti Boards Limited. ICRA has also
assigned ratings of [ICRA]B+/[ICRA]A4 to INR8.00 crore unallocated
limits of JBL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limits     2.00       [ICRA]B+ assigned
   Unallocated limits    8.00       [ICRA]B+/[ICRA]A4 assigned

The assigned ratings are constrained by JBL's small scale of
operations in straw board manufacturing which coupled with
fragmented and high competitive nature of industry with the
presence of a large number of manufacturers results in thin
operating margins; moderate capacity utilization on account of
subdued demand from end users and exposure of profitability to
volatility in raw material prices which has led to net losses in
FY2013& FY2014.

The ratings are further constrained by low value added nature of
the business and high working capital intensity of 34% in FY2015
on account of high debtors and inventory levels. The ratings
however, positively factors in long experience of the promoters in
paper industry; established presence of the company in the straw
board manufacturing industry and presence of manufacturing
facility in the agricultural belt of Andhra Pradesh resulting in
easy access to raw materials. The ratings also positively factors
in comfortable capital structure as reflected in low gearing of
0.49 times in FY2015, debt protection metrics with interest
coverage ratio of 2.57 times and NCA/total debt of 22% in FY2015.
ICRA also notes that the company plans to venture into
manufacturing of gold jewellery business leading to increased
scale of operation given the experience of promoters in gold and
diamond jewellery business.

Going forward, company's ability to improve its profitability in
the straw board manufacturing business while funding of increased
working capital requirements upon venturing into jewellery
manufacturing would be key rating sensitivities from credit
perspective.

Incorporated in 1994, Jayanti Boards Limited is into the
manufacturing of straw boards. JBL manufactures various types of
straw boards like pasted straw boards and straw board reels. The
final product is used in the fire cracker industry, note book
industry, textile processing industry and core pipe industry. JBL
has its manufacturing facility at Mandapaka village, Tanuku
Mandal, Andhra Pradesh with an installed capacity of 9000MT per
annum. Company plans to venture into manufacturing of gold and
diamond jewellery business from FY2016.

Recent Results
JBL has recorded an operating income of INR9.41 crore and net
losses of INR0.42 crore in FY2014 as against an operating income
of INR9.02 crore and a net profit of INR0.02 crore in FY2015.


K.S. COMMODITIES: Ind-Ra Hikes LT Issuer Rating to 'IND BB-'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded K.S. Commodities
Private Limited's (KSCPL) Long-Term Issuer Rating to 'IND BB-'
from 'IND B+'. The Outlook is Stable. Ind-Ra has also taken the
following rating actions on KSCPL's bank facilities:

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
Fund-based facility       300        Upgraded to 'IND BB-
                                      '/Stable and 'IND A4+'
                                      from 'IND B+' and 'IND A4'

Non-fund-based              60       Upgraded to 'IND BB-
Facility                             '/Stable and 'IND A4+' from
                                      'IND B+' and 'IND A4'

KEY RATING DRIVERS

The upgrade reflects an improvement in KSCPL's coverage ratio and
its comfortable liquidity position. EBITDA gross interest coverage
improved to 2.25x in FY15 from 1.64x in FY14 Liquidity is
comfortable as evident from the company's around 45% utilisation
of the working capital limits during the 12 months ended July
2015.

The ratings also factor in KSCPL's moderate scale of operations
with revenue of INR1,433.46 million in FY15 (FY14: INR2,041.58
million). Profitability is weak due to the agricultural commodity
trading nature of the business (FY15: 1.37%, FY14: 1.48%).
Financial leverage deteriorated to 10.19x in FY15 from 3.92x in
FY14 due to a fall in operating EBITDA to INR19.67 million from
INR30.20 million and an increase in the overall debt to INR223.18
million from INR159.67 million.

The ratings benefit from over two-decade-long experience of
KSCPL's promoter in the agro commodity trading business. The
ratings are further supported by the company's strong relationship
with its clients.

RATING SENSITIVITIES

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

Positive: A significant improvement in the scale of operations
while maintaining operating profitability leading to an
improvement in the credit metrics will be positive for the
ratings.

COMPANY PROFILE

KSCPL is a private limited company incorporated in 1998 with
registered office in New Delhi. It procures and markets various
agricultural commodities. The product portfolio consists of sugar,
grains, pulses, feed meals and oilseeds.


KMK EVENT: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned KMK Event
Management Limited (KMK) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable. KMK's bank facilities have also been
assigned ratings as follows:

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
Fund-based working         20        'IND BB+'/Stable
capital limits

Non-fund-based
working capital            33        'IND A4+'
limits
KEY RATING DRIVERS

The ratings reflect KMK's small scale of operations with net
revenue of INR285m, according to the provisional financials for
FY15.

The ratings, however, are supported by KMK's strong credit metrics
as reflected in its interest coverage of 9.1x in FY15 (FY14: 6.9x)
and negative net leverage of 0.1x (0.6x) due to excess cash
compared with the total debt.  Operating EBITDA margins were
stable ranging between 9.5% and 10.7% over FY12-FY15.
The rating also considers over a decade-long experience of the
promoters in the event management and catering business.

RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations
along with the maintenance of current credit profile will be
positive for the ratings.

Negative: Deterioration in the overall credit profile will be
negative for the ratings.

COMPANY PROFILE

Incorporated in 2006, KMK is a closely held company, engaged in
providing institutional and bulk catering (operating in the name
of IHSS) and corporate events and weddings (operating in the name
of KMK EVENTS AND CELEBRATIONS). It has its head office located in
Hyderabad, Telangana and it operates in all metros such as Delhi,
Bangalore, Chennai and most of the cities in the states of
Telangana and Andhra Pradesh.

It is promoted by Koneru Murali Krishna and Koneru Sudha Sai.


MANGAL CHAND: CRISIL Suspends B+ Rating on INR75MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Mangal Chand Pawan Kumar (MCPK).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              75        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       20        CRISIL B+/Stable

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

MCPK, established as a partnership firm in 1970 by the late Mr.
Mangal Chand Agarwal, trades in sugar in West Bengal. The firm is
managed by his sons, Mr. Kailash Agarwal and Mr. Shiv Agarwal.


MANJEET PLASTIC: CRISIL Suspends B Rating on INR36MM LT Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Manjeet Plastic Industries (MPI).

                      Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          14        CRISIL B/Stable
   Letter of Credit      5        CRISIL A4
   Proposed Long Term
   Bank Loan Facility   36        CRISIL B/Stable

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

MPI was set up in 1980 as a proprietorship firm by Mr. Manjeet
Kapoor. The firm manufactures footwear, primarily slippers, and
has a manufacturing facility in Bahadurgarh (Haryana). Its
operations are actively managed by the proprietor's son, Mr. Nitin
Kapoor.


MANMEET ALLOYS: ICRA Reaffirms B- Rating on INR15cr Loan
--------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B- on the
INR15.00 crore fund based limits of Manmeet Alloys Private
Limited.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund based facilities     15.00      [ICRA]B-; reaffirmed

ICRA's rating continues to factors in MAPL's modest scale of
operations as well as its low profit margins. Moreover, MAPL's
profits and cash flows are vulnerable to fluctuations in prices of
raw materials as well as cyclicality in the steel sector. The
ratings are also constrained by MAPL's stretched liquidity
position as reflected in frequent overdrawals of fund based
limits. The rating also takes into account the company's weak
financial profile characterized by high gearing and modest debt
coverage indicators. However, the rating derives comfort from the
long experience of the promoters in the steel industry and their
established relationships with key customers.

Going forward, the ability of the company to improve its liquidity
position and increase its scale of operations in a profitable
manner while maintaining optimal working capital intensity will be
the key rating sensitivities.

MAPL was established in 2005 and manufactures steel rounds using
ingots and billets as major raw materials. The manufacturing
facility of the company is located at Ludhiana (Punjab) and has an
installed capacity of 20,000 tonnes per annum.

Recent results
The company, reported a profit after tax (PAT) of INR0.32 crore on
an operating income of INR66.93 crore in FY2015, as against a PAT
of INR0.07 crore on an operating income of INR54.79 crore in the
previous year.


MEENA ADVERTISERS: ICRA Assigns B+ Rating to INR8cr LT Loan
-----------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the INR8.0
crore long-term fund based bank facility and the INR2.0 crore
long-term unallocated facility of Meena Advertisers.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long-term fund
   based bank facility     8.00        [ICRA]B+ assigned

   Long-term un-
   allocated facility      2.00        [ICRA]B+ assigned

The assigned rating considers the longstanding experience of the
promoter in the Out of Home (OOH) advertising space, with a focus
on transit media. The rating also factors in the favorable demand
outlook for transit media advertising. Further, the entity has its
advertising spaces in key transit locations in Mumbai suburban
railway stations and Jaipur and Mangalore airports, which provides
revenue visibility for the medium term. However, the entity
receives more than 50% of its revenues from Mumbai location; this
exposes the entity to risks related to high asset concentration,
as any reduction in contracted space is likely to adversely affect
the operating income and profitability as witnessed in 2014-15.

The rating is also constrained by the high working capital
intensity in the business, as the entity pays for the
advertisement space in advance and collects rental after extending
a three to four month credit period, which resulted in increase in
working capital borrowings during 2014-15, consequently the
gearing levels also increased as on March 31, 2015. However, the
promoter has infused capital for INR1.18 crore during 2015-16;
this is likely to support the working capital requirement.

ICRA also notes that the industry's revenues are dependent on the
broader economic environment and outlook, as corporate and
government advertising budgets are closely linked to the business
and fiscal performance. Further, the short term nature of the
entity's contracts with its customers against its long term
contracts for advertisement spaces makes its margins vulnerable to
any reduction in occupancy levels, however the entity's
advertising locations are located in key transit space, this
coupled with its relationship with renowned clientele partly
mitigates the risk of reduction in occupancy levels. Going
forward, the entity's revenue and margins are likely to increase
in the medium-term owing to addition of new locations and increase
in advertising spaces contracted, however, in the near-term the
improvement in credit profile will be contingent upon early ramp
up of operations in the new locations.

Incorporated in 1980, Meena Advertisers is engaged in providing
advertisement spaces in airports and railway stations. Based in
Chennai, the entity has its marketing offices in Mumbai, Jaipur,
Mangalore and New Delhi. Meena Ads is a proprietorship firm,
promoted by Mr. V Krishnamurthy.

Recent results
Meena Ads reported a net loss of INR1.7 crore on an operating
income of INR11.2 crore during 2014-15 (according to unaudited
results), against a net profit of INR2.1 crore on an operating
income of INR16.2 crore during 2013-14.


MODERN METAALICS: ICRA Assigns B+ Rating to INR3.50cr Cash Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR2.10
crore* fund based term loan limits and to the INR3.50 crore fund
based cash credit limits of Modern Metaalics Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Term
   Loan (TL) Limits      2.10       [ICRA]B+ assigned

   Fund Based Cash
   Credit (CC) Limits    3.50       [ICRA]B+ assigned

The assigned rating takes into account the modest operating scale
and the leveraged capital structure of the company which is likely
to remain leveraged in the near term owing to the debt funded
capex undertaken by the company in the recent past. Nevertheless,
the capex undertaken is likely to augment the production capacity
and improve the operating scale in the near term. The rating is
constrained by the vulnerability of profitability to fluctuations
in crude-oil linked prices of raw materials as well as pricing
pressures due to presence in the intensely competitive,
unorganized and fragmented textile business and the inherent
cyclicality.

The rating, however, favourably factors in the experience of the
promoters in the textile (especially jari) business which has been
instrumental in building relationship on the customers and
suppliers' front and the location advantages due to presence in
the textile hub of Surat providing easy accessibility to raw
material sources as well as proximity to downstream processing
units. The rating also draws comfort from the subsidy and
incentives in the form of the Technology Upgradation Fund Scheme
(TUFS) which will lower the interest burden.

Incorporated in June 2011, Modern Metaalics Private Limited (MMPL)
is engaged in the manufacturing and trading of Jari products
namely Jari Kasab, Jari Badla as well as German embroidery
threads, polyester film etc. The company's sales, administrative
and registered office is in Pandesara G.I.D.C, Surat and its
production unit is in Surat, Gujarat.


Recent results
MMPL has reported a profit before tax of INR0.21 crore on an
operating income of INR19.67 crore for the year ending March 31,
2015 (provisional).


NATIONAL CENTRE: ICRA Suspends B+ Rating on INR6.14cr Term Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR6.14
crore term loan and INR2.66 crore unallocated bank limits of
National Centre for Development of Technical Education. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


NIRMAL INTERNATIONAL: CRISIL Suspends B Rating on INR5.5MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Nirmal International (Nirmal).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bill Discounting        40        CRISIL A4
   Cash Credit              5        CRISIL B/Stable
   Packing Credit          25        CRISIL A4
   Rupee Term Loan          5.5      CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
Nirmal with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Nirmal is yet to
provide adequate information to enable CRISIL to assess Nirmal'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 1998, Nirmal is a proprietorship firm, manufacturing
handmade and machine-made carpets, bath mats, rugs, and cushion
covers. The firm derives almost 90 per cent of its total revenues
from exports to Europe, South Africa, and the Middle East. The
firm has a manufacturing unit in Panipat (Haryana).


NIRMAN ENGICONS: ICRA Suspends B+ Rating on INR3.50cr Loan
----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR2.56 crore term loan, INR3.50 crore fund based facilities
of Nirman Engicons Private Limited (NEPL). ICRA has also suspended
the short term rating of [ICRA]A4 to the INR3.50 crore bank
guarantee facility of NEPL. The long term/short term ratings for
INR2.44 crore of unallocated facilities have also been suspended.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
Company.


PLAZMA TECHNOLOGIES: Ind-Ra Suspends 'IND BB-' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Plazma
Technologies Pvt. Ltd.'s 'IND BB-' Long-Term Issuer Rating with a
Stable Outlook to the suspended category. This rating will now
appear as 'IND BB-(suspended)' on the agency's website. A full
list of rating actions is at the end of this commentary.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for Plazma Technologies.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

Plazma Technologies' ratings:

-- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
    from 'IND BB-'

-- INR20 million fund-based cash credit limits: migrated to 'IND
    BB-(suspended)' from 'IND BB-'

-- INR12.5 million fund-based limits working capital loan
    limits: migrated to 'IND BB-(suspended)' from 'IND BB-'

-- INR15 million non-fund-based letter of credit: migrated to
    'IND A4+(suspended)' from 'IND A4+'

-- INR15 million non-fund-based bank guarantee: migrated to 'IND
    A4+(suspended)' from 'IND A4+'


RAJINDRA PRASAD: CRISIL Suspends B- Rating on INR7.5MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Rajindra Prasad Parmod Kumar Jain (RPK).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Letter of Credit         70        CRISIL A4
   Overdraft Facility        7.5      CRISIL B-/Stable

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

RPK was set up as a proprietorship firm by Mr. Rajindra Prasad
Jain in 1990. Until December 2009, the firm was in the business of
trading in timber logs. In January 2010, it started processing
timber logs. RPK has nine timber sawmills in Gandhidham (Gujarat)
and New Delhi, where timber logs (imported) are sawed and sold.


RAJVIR INDUSTRIES: ICRA Suspends 'D' Rating on INR56.03cr Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR56.03
crore term loans and INR53.0 Crore long term fund based facilities
and also the [ICRA]D rating assigned to INR9.6 Crore short term
fund based facilities and INR16.4 Crore short term non fund based
facilities of Rajvir Industries Limited.


REAL GROWTH: ICRA Reaffirms B+ Rating on INR17.50cr Loan
--------------------------------------------------------
ICRA has reaffirmed its [ICRA]B+ rating on the INR17.50 crore
(previously rated INR21 crore) fund based limits and INR3.50 crore
(previously rated Nil) proposed limits of Real Growth Commercial
Enterprises Limited.

                             Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based facilities    17.50       [ICRA]B+; reaffirmed

   Unallocated (Proposed
   Limits)                   3.50       [ICRA]B+; reaffirmed

ICRA's rating continues to take into account RGCEL's presence in a
highly competitive industry characterized by the presence of a
large number of organized and unorganized players, which has
resulted in a decline in the company's operating income over the
past three years. The rating also factors in the company's high
working capital intensity with NWC/OI of 34% for FY15, due to high
level of receivables. This has resulted in high gearing levels,
which coupled with the company's modest profitability, has
resulted in thin coverage indicators. However, the rating draws
comfort from the extensive experience of the promoters in the
business, and the low raw material price risk to which the company
is exposed, due to low inventory levels maintained by the company
and order backed procurement followed by the company.
Going forward, the ability of the company to manage its working
capital cycle optimally and register a sustained improvement in
profitability will be the key rating sensitivities.

RGCEL was incorporated in 1995 under the name KRS Financials Pvt
Ltd. In 2001, it was taken over by the RG Group and its name was
changed to Rajesh Projects & Finance Limited, which was
subsequently changed to its current name in January, 2011. The
company was involved in the development of commercial offices-cum-
shopping complexes till 2007. It commenced trading of stainless
steel sheets of various dimensions in January 2010 in Bhiwadi
(Rajasthan). The company's stock is listed on the regional stock
exchanges of Delhi, Jaipur and Ahmedabad.

Recent Results
During FY15, the company reported a profit after tax (PAT) of
INR0.73 crore on an Operating Income (OI) of INR153.97 crore, as
against a PAT of INR2.18 crore on an OI of INR170.43 crore in
FY14.


RENNY STRIPS: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Renny Strips Pvt
Ltd (RS) a Long-Term Issuer Rating of 'IND BB+'. The Outlook is
Stable. RS' bank facilities have also been assigned ratings as
follows:

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
Fund-based limits         120        'IND BB+'/Stable
Non-fund-based limits      50        'IND A4+'

KEY RATING DRIVERS

The ratings reflect RS' moderate scale of operations as well as
credit profile. In FY15, revenue was INR1,011m, EBITDA margins
were 3.1%, net financial leverage (net debt/EBITDA) was 3.0x and
EBITDA interest coverage (EBITDA/gross interest) was 1.6x.
The ratings benefit from the two-decade-long operational
experience of RS' founders in the steel manufacturing business.

RATING SENSITIVITIES

Positive: A substantial rise in the revenue along with an
improvement in the credit metrics will be positive for the
ratings.

Negative: Deterioration in the overall credit metrics could lead
to a negative rating action.

COMPANY PROFILE

RS was incorporated in 1996 with Binny Gupta and Chetna Gupta as
its founder directors. The company has a fully automatic rolling
mill unit at Kohara Macchiwara Road, Ludhiana where it
manufactures mild steel wire, coil & rods which are used in
automobile and cycle industries. The company started merchant
export business in FY15.


RNB INTERNATIONAL: ICRA Reaffirms B+ Rating on INR11cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR11.0 crore bank facilities of RNB International Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-Term Fund
   Based Facilities      11.00        [ICRA]B+; reaffirmed

ICRA's rating continues to be constrained by RNB's high dependence
on order based research business and the vulnerability of its
profitability to uncertainty in order book owing to the impact of
economic cycles, elections etc. Further, ICRA notes that majority
of RNB's capital is deployed towards investments in the group
companies, which have been funded through bank borrowings.
Notwithstanding the above concerns, the rating continues to derive
comfort from the experience of the promoters in market research
and wool trading and the company's established relationships with
clients in the high margin, albeit small scale market research
segment.

Going forward, the ability of the company to manage its liquidity
position, improve its profitability and recover advances extended
to group entities will be the key rating sensitivities.

RNB was incorporated in 2003 and is engaged in various businesses
including -- market research, wool trading, publication and
construction contracts. While the company is engaged in market
research since inception, it entered the wool trading business in
FY12, earlier this was being carried out in other group companies.
In the publication business, the company undertakes publication
and marketing of books, while the construction work is largely
done for group companies. The market research business accounts
for the bulk of the operating profits of the company, while the
contribution from wool trading, publication and construction work
contracts remains modest.


SELF STORE: CRISIL Suspends B+ Rating on INR100MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Self Store (part of the PSB group).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           100       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      3       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by Self
Store with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Self Store is
yet to provide adequate information to enable CRISIL to assess
Self Store'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 its rating, CRISIL has combined the business and
financial risk profiles of PSBMC and Self Store. This is because
the two entities, together referred to as the PSB group, are in
the same line of business, have common ownership, and are expected
to support each other in a financial exigency. At an operational
level, the entities share a common infrastructure with common
procurement, finance, and management teams.

Set up in 2007 by Mr. Pritpal Singh and his son Mr. Parminder
Singh, PSBMC manufactures and exports a range of sportswear. Self
Store, set up in 2005, is also engaged in the manufacture and
marketing of sportswear, but is focused on sales in the domestic
market. The group's manufacturing facilities are in Ludhiana
(Punjab).


SHAKTI BHOG: ICRA Suspends 'D' Rating on INR2,850cr Bank Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]D rating outstanding for INR2850.0
crore bank facilities of Shakti Bhog Foods Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company


SHREE GAJANAN: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Shree Gajanan
Agro Mills Pvt Ltd's (GAPL) 'IND BB-' Long-Term Issuer Rating with
a Stable Outlook.

The bank loan ratings have been withdrawn as GAPL's operations
have been taken over by Shree Gajanan Industries (SGI; 'IND BB-
'/Stable). GAPL's bank facilities have also been taken over by SGI
as part of the merger and therefore Ind-Ra has withdrawn the
company's bank loan ratings. Consequently, the agency has also
withdrawn the company's Long-Term Issuer Rating. Ind-Ra will no
longer provide ratings or analytical coverage for GAPL.
GAPL's ratings are as below:

-- Long-Term Issuer Rating: 'IND BB-'; rating withdrawn
-- INR250 million fund-based working capital limits: 'IND BB-
    '/'IND A4+'; ratings withdrawn
-- INR3.4 million long-term loans: 'IND BB-'; rating withdrawn


SHREE KANKESHWARI: CRISIL Reaffirms B+ Rating on INR200MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Shree
Kankeshwari Agro Pvt Ltd (SKAPL) continues to reflect SKAPL's
below-average financial risk profile, impacted by large working-
capital requirements, small scale of operations in the highly
fragmented industry, and significant debt-funded capital
expenditure (capex).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           200       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of SKAPL's promoter.
Outlook: Stable

CRISIL believes that SKAPL will continue to benefit from its
promoter's extensive experience in the rice milling business, over
the medium term. The outlook may be revised to 'Positive' if the
company's capital structure improves driven by healthy cash
accruals supported by substantial increase in revenue and
profitability. Conversely, the outlook may be revised to
'Negative' if SKAPL's financial risk profile weakens, owing to
increase in working capital requirements or a large debt-funded
capex.

SKAPL mills and processes non-basmati rice and its by-products.
The company is undertaking a capex to increase its capacity.

SKAPL, on a provisional basis, reported profit after tax (PAT) of
INR3.7 million on net sales of INR800.9 million in 2014-15 as
against PAT of INR5 million on net sales of INR767.5 million in
2013-14.


SHREE SIDDHIVINAYAKA: CRISIL Reaffirms C Rating on INR75MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shree
Siddhivinayaka Agro Extractions Private Limited continues to
reflect instances of delay by SSEAPL in servicing its term debt
(not rated by CRISIL); the delays are caused by the company's weak
liquidity.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              75       CRISIL C (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       50       CRISIL C (Reaffirmed)

SSAEPL has a weak financial risk profile marked by its small net
worth, high gearing, and weak debt protection metrics. The company
has modest scale of operations in the intensely competitive edible
oil industry, and its profitability margins are susceptible to
volatility in raw material prices. However, the company benefits
from the extensive experience of its promoters in the edible oil
industry.

SSAEPL was established in 1988 as a private limited company by Mr.
Purshottam Pallod and his family members. The company is engaged
in processing of soya bean seeds to produce soya-bean oil, and
soya-bean de-oiled cakes. The company's plant is located in
Zaheerabad, Andhra Pradesh.


SPICA PROJECTS: Ind-Ra Hikes Long-Term Issuer Rating to 'IND B+'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Spica Projects &
Infrastructure Pvt. Ltd.'s (SPIPL) Long-Term Issuer Rating to 'IND
B+' from 'IND B-' with a Stable Outlook. The agency has also taken
the following rating actions on SPIPL's bank facilities:

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
Fund-based working        48.7      Upgraded to 'IND B+'/Stable
capital limits                      from 'IND B-'

Non-fund-based working   150.0      Upgraded to 'IND B+'/Stable
capital limits                      from  'IND B-'and affirmed
                                     at 'IND A4'

Non-fund-based working    50.0      Assigned 'IND A4'
capital limit

KEY RATING DRIVERS
The upgrade reflects an improvement in SPIPL's scale of operations
as well as interest coverage. According to the provisional results
for FY15, revenue increased to INR590m (FY14: INR133m) and EBITDA
interest coverage (operating EBITDA/gross interest expense) to
2.73x (1.38x).

The ratings also factor in the company's strong order book of
INR1,087.42m at end-July 2015. The ratings continued to be
supported by the company's promoters' over 30 years of experience
in executing construction contracts for the Jharkhand government.
The ratings are, however, constrained by the company's tight
liquidity positon as reflected by its near-full working capital
limit utilisation during the 12 months ended July 2015.The ratings
are also constrained by SPIPL's high geographical concentration
risk as almost all of its contracts are executed in and around
Jharkhand. The ratings also factor deterioration in SPIPL's net
financial leverage (total Ind-Ra adjusted net debt/operating
EBITDAR) to 2.31x in FY15 from 1.63x in FY14.

RATING SENSITIVITIES

Positive: A substantial improvement in the scale operations along
with maintaining the credit metrics will be positive for the
ratings.

Negative: Deterioration in the overall credit metrics and the
liquidity profile could be negative for the ratings.

COMPANY PROFILE

Incorporated in 1997, SPIPL was previously a proprietorship entity
called Santosh Kumar Singh. It was changed into a private limited
company under its current name in 2012. It executes construction
contracts of roads and bridges for the Jharkhand government.
SPIPL is managed by Santosh Kr. Singh, Anima Singh, Surya Prakash
Singh and Chandra Prakash Singh.


SRI GAJPATI: CRISIL Reaffirms B Rating on INR35MM Term Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri Gajpati
Food Pvt Ltd (SGFPL) continues to reflect SGFPL's modest scale of
operations in the flour milling industry and the company's weak
financial risk profile. These rating weakness are partially offset
by the extensive industry experience of SGFPL's promoters.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit              25      CRISIL B/Stable (Reaffirmed)
   Term Loan                35      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SGFPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' in case of an
increase in the company's scale of operations and accruals along
with efficient working capital management, leading to an improved
financial risk profile. Conversely, the outlook may be revised to
'Negative' if SGFPL's net cash accruals are low and its working
capital cycle is significantly stretched, resulting in
deterioration in its financial risk profile, especially its
liquidity.

SGFPL, incorporated in 2009, has set-up a flour mill in Dhanbad
(Jharkhand), which has commenced operations in May, 2015. The
company is promoted by the Jaluka and Agarwal families, both based
in Dhanbad. The day-to-day operations of the company are managed
by Mr. Ashok Jaluka and Rajesh Jaluka.


SRI RAJA: Ind-Ra Hikes LT Issuer Rating to 'IND BB+'
----------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Sri Raja
Rajeswari Constructions (India) Private Limited's (SRRCPL) Long-
Term Issuer Rating to 'IND BB+' from 'IND BB'. The Outlook is
Stable. Rating actions on SRRCPL's bank loans are as follows:

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
Fund-based working         200       Upgraded to 'IND BB+'/
capital limit                        Stable from 'IND BB' and
                                      affirmed at 'IND A4+'

Non-fund-based limit       170       Affirmed 'IND A4+'

Proposed non-fund-         130       Assigned 'Provisional
based Limit                          IND A4+'

Proposed fund-based       200       'Provisional IND BB'
working capital                      /'Provisional IND A4+'
limit                                ratings withdrawn; as the
                                      company did not proceed
                                      with the instrument as
                                      envisaged

Proposed non-fund-        160       'Provisional IND A4+';
based Limit                          rating withdrawn as the
                                      company did not proceed
                                      with the instrument as
                                      envisaged

KEY RATING DRIVERS

The upgrade reflects SRRCPL's strong order book worth INR5.8bn at
end-March 2015 (3.8x of FY15 provisional revenue) and a further
improvement in its healthy credit metrics due to lower interest
expenses which resulted from a decline in total debt. The interest
expense was INR58.3 in FY15 (FY14: INR78.7) and debt stood at
INR359.2m (INR477.6). In FY15, interest coverage (EBITDA/interest
expenses) improved to 3.7x (3.1x) and net leverage (net
debt/EBITDA) to 1.6x (1.9x). EBITDA margins have been comfortable
in the range of 13%-16% in the five years ended FY15. The ratings
are supported by the presence of an escalation clause in SRRCPL's
contracts, safeguarding its margins from input price volatility.

The ratings continue to be constrained by SRRCPL's tight liquidity
condition due to its inherent working capital intensity. The
company almost fully used its cash credit account in the 12 months
ended August 2015. Moreover, it continues to face high customer
concentration, with three clients constituting almost 83.7% (FY14:
99%) of the pending order book. The ratings also consider the
year-on-year fall in SRRCPL's revenue to INR1,518.5m in FY15
(FY14: INR1,805.1m) due to the slower execution of two of its
major projects. However, work execution increased 15.2% yoy to
INR60.14m in 1QFY16.

The ratings are supported by SRRCPL's around eight-year-long
customer relationships, which have enabled it to obtain repeat
orders. Also, its founders' experience of over two decades in the
construction industry continues to benefit the ratings.
The easing of liquidity and further revenue growth in FY16 and
FY17 are contingent upon the company's ability to tie-up working
capital funds on time.

RATING SENSITIVITIES:

Positive:  A sustained improvement in the liquidity along with a
reduction in concentration risks while maintaining the
profitability and credit metrics will be positive for the ratings.
Negative: Further deterioration in the liquidity and/or sustained
deterioration in the credit profile could lead to a negative
rating action.

COMPANY PROFILE

SRRCPL was incorporated in 1993 as a proprietorship firm. It was
reconstituted as a partnership firm in 2007 and as a private
limited company on 25 March 2014. It is a closely held company
owned and managed by R. Muthaiah. It is registered as a special
class contractor with the Andhra Pradesh and Telangana
governments.


SUNRISE FOAM: CRISIL Reaffirms B+ Rating on INR72MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sunrise Foam
Product Pvt Ltd (SFPPL) continues to reflect SFPPL's below-average
financial risk profile, marked by high gearing and weak debt
protection metrics.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            72       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      2.7     CRISIL B+/Stable (Reaffirmed)

   Term Loan               7.8     CRISIL B+/Stable (Reaffirmed)

The rating also factors in the company's working-capital-intensive
and small scale of operations in the intensely competitive
polyurethane (PU) industry. These rating weaknesses are partially
offset by the extensive industry experience of SFPPL's promoters.
Outlook: Stable

CRISIL believes that SFPPL 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 significant
increase in the company's scale of operations and profitability,
leading to higher cash accruals and hence to an improved financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if its working capital management weakens, or it undertakes a
large debt-funded capital expenditure programme, leading to
deterioration in its financial risk profile.

Update:
SFPPL, on a provisional basis, reported operating revenue of
INR353.73 million for 2014-15 (refers to financial year, April 1
to March 31) as against INR370.63 million for 2013-14, a marginal
decline of around 5 per cent. Its operating margin remained stable
and in line with past trends at 4.95 per cent in 2014-15. CRISIL
believes that the margin will be remain at a similar level over
the medium term.

SFPPL's financial risk profile remains weak, marked by a small net
worth of INR39 million and high gearing of around 1.7 times, as on
March 31, 2015. Its debt protection metrics too were weak, with
interest coverage ratio of 1.44 times in 2014-15.

The company's liquidity is average. Its cash accruals are expected
to be low at INR5 million to INR6 million per annum, but adequate
to meet annual term debt obligations of less than INR3 million,
over the medium term. Its cash credit limit of INR72 million was
highly utilised at an average of around 99 per cent during 2014-
15. CRISIL believes that SFPPL's liquidity will remain average
over the medium term owing to low profitability and working-
capital-intensive operations.

SFPPL, incorporated in 2009, is promoted by Mr. Sunil Gupta and
Mr. Akhil Mittal. The company manufactures PU flexible foam, PU
flexible mattresses, PU flexible cushions, and foam products. It
commenced operations from 2009-10 at its manufacturing facilities
at Bahadurgarh (Haryana).


SUPER SPINNING: ICRA Suspends B+ Rating on INR49.67cr Term Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR49.67
crore term loans and INR110.35 Crore fund based facilities of
Super Spinning Mills Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the Company.


SUPREME INFRAPROJECTS: Ind-Ra Cuts Term Loan Rating to LT 'IND D'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Supreme
Infraprojects Private Ltd's (SIPL) INR646.90 million senior
project term loan to Long-term 'IND D' from 'IND BB+'. The Outlook
was Stable.

KEY RATING DRIVERS

The downgrade reflects SIPL's delays in the servicing of interest
on the bank loans, as reported in the audited financial statements
shared with Ind-Ra for FY15 (year end March).

RATING SENSITIVITIES

Timely debt servicing for three consecutive months will be
positive for the ratings.

PROJECT PROFILE

SIPL is a special purpose company set up by Supreme Infrastructure
India Ltd ('IND BB'/Negative) to complete the construction of,
operate and maintain, the 55.77km state highway connecting Patiala
and Malerkotla under a re-assigned concession from Public Works
Department, the government of Punjab. The project commenced
operations on June 25, 2012.


SUPREME KOPARGAON: Ind-Ra Cuts INR1,750MM Loan Rating to 'IND D'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Supreme
Kopargaon Ahmednagar Tollways Private Ltd.'s (SKATPL) INR1,750
million (INR1,450 million outstanding on 30 April 2014) senior
project term loan to Long-term 'IND D' from 'IND BB+'. The Outlook
was Stable.

KEY RATING DRIVERS

The downgrade reflects SKATPL's delays in the servicing of
interest on the bank loans, as reported in the financial
statements shared with Ind-Ra for FY15 (year end March).
RATING SENSITIVITIES

Timely debt servicing for three consecutive months will be
positive for the ratings.

PROJECT PROFILE

SKATPL was set up by Supreme Infra BOT Private Ltd (a 100%
subsidiary of SIIL) to complete the construction of, and operate
and maintain, the 55km stretch of state highway (SH-10) connecting
Kopargaon and Ahmednagar. The project is a re-assigned concession
from Public Works Department, the government of Maharashtra. It
commenced operations on September 24, 2011.


TULSI COLD: ICRA Assigns 'B' Rating to INR3.95cr Term Loan
----------------------------------------------------------
Rating of [ICRA]B has been assigned to the INR6.10 crore fund
based facilities of Tulsi Cold Storage.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           0.20       [ICRA]B; assigned
   Term Loan             3.95       [ICRA]B; assigned
   Pledge Loan           1.95       [ICRA]B; assigned

The rating reflects the stretched liquidity position of the firm
owing to high interest costs on term loans and working capital
borrowings in FY15. Further the rating is constrained by TCS' weak
financial profile characterized by net losses, high gearing levels
and stretched working capital indicators on account of advances
extended to the farmers. The rating is also constrained given the
small size and limited track record of operations and exposure of
profitability to any significant fall in potato prices. ICRA also
notes that TCS is a partnership firm and any significant
withdrawals from the capital account could adversely impact its
net worth and thereby the capital structure.

The rating, however, favourably considers the experience of
partners in potato trading and their association with other cold
storage firms; and the favourable location of the unit in
Deesa/Vijapur (Gujarat), an area with high output of potato.

Incorporated in 2013, Tulsi Cold Storage (TCS) is engaged in
providing cold storage facility to potato farmers and traders on a
rental basis and commenced commercial operations from April 2014.
The facility of the firm is located near Vijapur, Gujarat having
storage capacity of ~150,000 bags each weighing 50 Kg (~7500 MT of
potatoes). The firm is promoted by Mitulbhai Patel and other
partners who have longstanding experience in potato farming and
trading business.


UNIVERSAL STEEL: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Universal Steel
(Universal) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is
Stable. The agency also assigned Universal's INR50m fund-based
working capital facilities Long-term 'IND BB-' with a Stable
Outlook and Short-term 'IND A4+' ratings.

KEY RATING DRIVERS

The ratings reflect Universal's small scale of operations and
moderate credit metrics. Unaudited FY15 financials indicate
revenue of INR330m (FY14: INR268m), net leverage of 5.2x (6.5x)
and interest coverage of 2.1x (1.9x). The ratings also factor in
the company's tight liquidity position with the fund-based
facilities being utilised at an average of 93.1% over the 12 month
period ended July 2015.

The ratings are supported by the promoters' decade-long experience
in the steel trading business.

RATING SENSITIVITIES

Positive: Increased scale of operations along with a sustained
improvement in the credit metrics will lead to a positive rating
action.

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

COMPANY PROFILE

Set up in 1996, Universal is a Mumbai-based company, trading scrap
plant and machinery, iron steel, electronic goods, demolish of
buildings and industrial suppliers.


VENKHATASRINIVASA INFRACON: CRISIL Rates INR4MM LT Loan at B+
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of VenkhataSrinivasa Infracon Pvt Ltd (VSIPL).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Long Term Loan           4        CRISIL B+/Stable
   Overdraft Facility      60        CRISIL A4

The ratings reflect VSIPL's modest scale and working-capital-
intensive operations in the fragmented civil construction
industry. These rating weaknesses are partially offset by the
benefits derived from the extensive experience of VSIPL's
promoters in the civil construction industry, and its moderate
financial risk profile albeit constrained by small size of net
worth.

Outlook: Stable

CRISIL believes that VSIPL will continue to benefit over the
medium term from the promoters' extensive experience in the civil
construction industry. The outlook may be revised to 'Positive' if
the company ramps up its scale of operations substantially, while
maintaining stable profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile, particularly liquidity, weakens, because
of decline in cash accruals, or large working capital requirements
or debt-funded capital expenditure.

Incorporated in 2011, VSIPL is a sub-contractor and undertakes
projects in the civil construction segment, primarily earthwork
excavations (in open area, tunnel area, etc). Based in
Visakhapatnam (Andhra Pradesh), VSIPL is promoted by Mr.
Siddareddy Udaya Sridhar Reddy, Mr. Mudi Vikranth Reddy and Mr.
Siddareddy Vijaya.

VSIPL , on a provisional basis, reported profit after tax (PAT) of
INR6 million on net sales of INR230 million for 2014-15 (refers to
financial year, April 1 to March 31) vis-a-vis PAT of INR5 million
on net sales of INR119 million for 2013-14.


VIBFAST PIGMENTS: Ind-Ra Hikes Long-Term Issuer Rating to IND BB-
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded M/s Vibfast
Pigments' (VP) Long-Term Issuer Rating to 'IND BB-' from 'IND B+'.
The Outlook is Stable.  The agency has also upgraded VP's INR98.2m
fund-based working capital limits to 'IND BB-'/Stable from 'IND
B+' and 'IND A4+' from 'IND A4'.

KEY RATING DRIVERS

The upgrade reflects an improvement in VP's revenue as well as
profitability in FY15 over FY13 levels, resulting in a substantial
improvement in its credit profile. The improvement was due to
higher capacity use and increased orders from customers. Unaudited
FY15 financials indicate revenue of INR376.9m (FY13: INR179.61m),
EBITDA margins of 3.9% (1.4%), interest coverage (operating
EBITDA/gross interest expense) of 3.4x (0.6x) and net leverage
(adjusted net debt/operating EBITDAR) of 5.1x (23.7x). The scale
of operations, however, remains small.

The rating continues to benefit from VP's two decades of
experience in dye and pigment manufacturing and its strong
relationships with customers. The ratings also reflect the
partnership nature of the business.

RATING SENSITIVITIES

Positive: A substantial increase in the revenue and operating
profitability leading to an improvement in the credit profile
could result in a positive rating action.

Negative: A decline in the operating profitability resulting in
sustained deterioration in the credit profile could lead to a
negative rating action.

COMPANY PROFILE

Incorporated in 1995, VP is an export-oriented partnership entity
headed by Amit Banthia. The firm manufactures and exports a
variety of dyes and pigments to European and Asian countries.


VIBFAST PIGMENTS PRIVATE: Ind-Ra Ups LT Issuer Rating to IND BB-
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Vibfast Pigments
Private Limited's (VPPL) Long-Term Issuer Rating to 'IND BB-' from
'IND B+'. The Outlook is Stable.  Rating actions on VP's bank
facilities are as follows:

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
Fund-based working        93.5       Upgraded to 'IND BB-
capital limits                       '/Stable from 'IND B+'
                                      and 'IND A4+' from 'IND A4'

Non-fund-based            11.0       Upgraded to 'IND A4+' from
working capital                      'IND A4'
limits

KEY RATING DRIVERS
The upgrade reflects an improvement in VPPL's credit profile in
FY15 over FY13 levels due to an increase in EBITDA margins and
revenue on the back of improved product mix and higher capacity
utilisation. Unaudited FY15 financials indicate net leverage
(adjusted net debt/operating EBITDAR) of 4.6x (FY13: 7.5x),
interest coverage (operating EBITDA/gross interest expense) of
2.8x (2.3x), EBITDA margins of 4.2% (3.3%) and revenue of INR394m
(INR242m). The scale of operations, however, remains small.
The ratings continue to draw strength from VPPL's two decades of
experience in dye & pigment manufacturing and strong relationships
with its customers.

RATING SENSITIVITIES

Positive: A substantial increase in the revenue while maintaining
the operating profitability leading to an improvement in the
credit profile could result in a positive rating action.
Negative: A decline in the operating profitability resulting in
sustained deterioration in the credit profile could lead to a
negative rating action.

COMPANY PROFILE

Incorporated in 1993, VPPL (erstwhile Vibgyor Chemtex)
manufactures, supplies and exports a wide assortment of dyes and
pigments. Headed by Amit Banthia, the company exports pigments to
European and Asian countries, accounting for around 85% of total
sales.


VIRAJ DISTRIBUTORS: CRISIL Suspends B Rating on INR50MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Viraj Distributors Private Limited (VDPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           90        CRISIL A4
   Cash Credit              50        CRISIL B/Stable

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

VDPL, based in Lucknow (Uttar Pradesh) was established in 1997 by
Mrs. Alka Das and Mr. R K Agarwal. The company is an authorized
dealer of VIPL and operates a showroom and service station in
Lucknow.


VISHWAS TUBES: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vishwas Tubes
India Limited (VTIL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable. The agency has also assigned VTIL's INR220m
fund-based working capital limit Long-Term 'IND BB-'/Stable and
Short-Term 'IND A4+' ratings.

KEY RATING DRIVERS

The ratings factors in VTIL's weak credit metrics with interest
coverage (operating EBITDA/gross interest expense) of 1.59x in
FY15 (provisional; FY14: 1.45x) and financial leverage (total
adjusted net debt/operating EBITDAR) of 15.70x (15.29x). The
liquidity position of the company is tight as evident from its
almost-full utilisation of the fund-based working capital
facilities during the six months ended July 2015. The scale of
operations is small with revenue of INR694.69m in FY15 (FY14:
INR671.04m).

The ratings are, however, supported by around 50 years of
experience of the promoter in the iron & steel industry and VTIL's
established track record of over one and a half decades in the
industry.

RATING SENSITIVITIES

Negative: A decline in the credit metrics and/or deterioration in
the liquidity profile will be negative for the ratings.
Positive: Substantial growth in the top-line along with improved
credit metrics will lead to a positive rating action.

COMPANY PROFILE

VTIL was incorporated in September 1997. It manufactures
galvanized steel tubes, galvanized steel pipes, welded black
pipes/tubes and MS tubes & pipes.


WELCAST PRODUCTS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Welcast Products
Pvt. Ltd. (WPPL) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable. The agency has also assigned WPPL's INR170m
fund-based limits a Short-term 'IND A4' rating.

KEY RATING DRIVERS

The ratings reflect WPPL's small scale of operations with revenue
of INR169m, according to the provisional financials for FY15. The
ratings are constrained by WPPL's moderate credit profile with net
financial leverage of 4.4x in FY15 (FY14: 7.7x) and interest
coverage of 1.4x (1.4x).

The ratings, however, benefit from over a decade-long experience
of WPPL's promoter in the iron and steel industry.

RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations
along with an improvement in the overall credit metrics will be
positive for the ratings.

Negative: Sustained deterioration in the credit profile will be
negative for the ratings.

COMPANY PROFILE

WPPL was incorporated in 1997. The company manufactures iron
casting, manhole cover, lamp post, brackets, lamp bases,
fountains, basins. The company is promoted by Mr. Ramesh Kumar
Kejriwal. The company's manufacturing facilities are situated in
Fuleswar, about 40km from Kolkata (West Bengal).


ZF ELECTRONICS: Ind-Ra Cuts Long-Term Issuer Rating to 'IND D'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded ZF Electronics
TVS (India) Pvt Ltd's (ZFTVS) Long-Term Issuer Rating to 'IND D'
from 'IND BBB'. The Outlook was Stable. Simultaneously, Ind-Ra has
reassigned ZFTVS a Long-Term Issuer Rating of 'IND B' with a
Stable Outlook. Rating actions on ZFTVS' bank loans are as
follows:

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
Fund-based working       70      Downgraded to 'IND D'
capital limits                   IND BBB'/Stable/'IND A3+'
                                  from 'and reassigned 'IND
                                  B'/Stable/'IND A4'
Non-fund based             8      Downgraded to 'IND D'
working capital                   from 'IND A3+' and
limits                            reassigned 'IND A4'

KEY RATING DRIVERS

The downgrade reflects ZFTVS' delays in servicing term loan
obligations between December 2014 and May 2015 due to operational
issues and cash flow mismatach following a steep decline in its
top -line and EBITDA margins.

The reassignment of the ratings reflects the improvement in the
company's liquidity position and the resultant satisfactory
servicing of debt obligations over the three months ended August
2015. ZFTVS' liquidity position is likely to improve further with
the release of INR40m of the committed working capital credit line
before end-September 2015. This is likely to meet the additional
working capital requirements of the company due to the expected
growth in the top-line over the next 12 months.

The ratings reflect the high credit risk due to the deterioration
in ZFTVS' business and credit profile. In FY15, ZF Electronic
Systems Pleasant Prairie LLC USA, which held 50% of the equity of
ZFTVS, transferred all its holdings to another associate namely ZF
India Pvt Ltd (ZFIL). It also terminated its business contract
after identifying a local supplier for the components, which
resulted in a 27% yoy decline in the top-line of ZFTVS in FY15.

The company earned about INR95m in FY15 from this customer as
against INR276m in FY14. Consequently, operating EBITDA margins
declined sharply to negative 1% in FY15 (FY14: 11.6%) and interest
coverage declined to negative 0.2x (15.7x). Also, neither of the
50% joint venture partners, ZFIL or TVS Srichakra Investments
Limited (a 100% subsidiary of TVS Srichakra Limited 'IND AA-
'/Stable),  supported the company to ensure timely payment of its
debts.

The reassignment of ratings further reflects the completion of
capex in FY15 and Ind-Ra's expectation that the company will be
able to ramp up operations in the new capacity leading to an
improvement in the credit profile. In FY17, the first full year of
operations for the new capacity, the company's net leverage is
likely to improve to 5.5x (FY15: negative 63.6x; FY14: 0.8x). The
off-take risk for the new products is largely mitigated as the
company has entered into a firm agreement with potential
customers. The company's operating profitability is likely to
improve with higher capacity use but is unlikely to reach the pre-
FY15 levels of 11%-12%.

RATING SENSITIVITIES

Positive: The successful ramp up of operations in the new capacity
leading to a significant improvement in the scale of operations
and operating profitability could lead to a positive rating
action.

Negative: Delays in the stabilisation of new capacity and/or
inability to increase capacity use resulting in a further decline
in the operating profitability and/or a tight liquidity position
could lead to a negative rating action.

COMPANY PROFILE

ZFTVS manufactures electromechanical switches, sensors, solenoids,
and electronic components at its facility in Madurai. The company
was originally a JV between TVS Srichakra and Cherry Corporation
(a major player in switches in the US); the latter was acquired by
the ZF Group in 2008. ZFIL and TVS Srichakra Investments Limited
hold a 50% stake each in the company.



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


ROSS ASSET: Clawbacks Could Take Years, Liquidators Warn
--------------------------------------------------------
Hamish Rutherford at Stuff.co.nz reports that the cost of clawing
back money from clients who profited from New Zealand's largest
ponzi scheme has risen to close to NZ$500,000, with the liquidator
warning the process may run for years.

Stuff.co.nz relates that on September 8 PwC partner John Fisk
released an update on the liquidation of Ross Asset Management and
associated companies, a former Wellington fund manager which could
be New Zealand's largest ever ponzi scheme.

Hundreds of customers believed Wellington-based Ross was managing
more than $400 million on their behalf, however the company
collapsed in 2012 with investigators finding only a few million
dollars in assets, according to the report. Founder David Ross was
later jailed for 10 years and 10 months for his part in the fraud.

Although the company was placed in liquidation almost three years
ago, a series of legal claims against those who withdrew money
from the scheme is only just beginning, the report says.

According to Stuff.co.nz, PwC has written to 23 customers who
withdrew money from Ross prior to its collapse, seeking their
agreement to a standstill, to protect the claim by the liquidators
which may otherwise lapse under the six year time limit under the
provisions of the Limitation Act.

Stuff.co.nz relates that Mr. Fisk's latest update to creditors
revealed that liquidators had spent $183,205 on clawing back
money, while the liquidators' solicitors had racked up a bill of
$300,000.

The latest moves to protect claims follows a recent case where
Wellington lawyer and Ross Asset Management investor Hamish
McIntosh, was ordered to pay back the fictitious profits of more
than $450,000 which he withdrew before it failed, the report
relays.

Another two test cases were originally scheduled to begin in the
High Court in Wellington on Monday, however those cases have been
adjourned until the Court of Appeal has heard an appeal by
McIntosh on his decision, as well as PwC's cross appeal, says
Stuff.co.nz.

Even once that case is heard, PwC faces the prospect of taking
legal action against each one of the clients, the report relays.
The number of clients involved in the action could increase if the
liquidators' appeal -- that McIntosh should have to pay back both
fictitious profits and principal repayments -- is successful, says
Stuff.co.nz.

Mr. Fisk has said if successful, PwC may seek to recover money
from around 200 former clients, the report adds.

                         About Ross Asset

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership);
   -- Mercury Asset Management Limited (In Receivership);
   -- Dagger Nominees Limited (In Receivership);
   -- Ross Investment Management Limited (In Receivership);
   -- Ross Unit Trust Management Limited (In Receivership); and
   -- United Asset Management Limited (In Receivership).



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


OIL AND GAS: In Creditors' Voluntary Liquidation
------------------------------------------------
Lee Hong Liang at Seatrade reports that Singapore's BH Global said
its subsidiary Oil & Gas Solutions (OGS) has initiated creditors'
voluntary liquidation proceedings on September 4, and was hit by a
lawsuit from its creditors.

"OGS has suffered losses arising from the effects of the fall in
global oil prices and is unable to pay its debts. In view of the
uncertainty the oil and gas industry is facing, the directors of
OGS have decided to liquidate OGS," the report quotes BH Global as
saying in a statement.

BDO LLP has been appointed as the liquidator of OGS, says
Seatrade.

The report relates that Singapore-listed BH Global said the
liquidation of OGS is expected to have a material impact on the
group's earnings for the financial period ended Dec. 31, 2015.

Meanwhile, a writ of summons has been filed against OGS in the
High Court of Singapore by Sindex Refrigeration and Sindex
Refrigeration (Shanghai) Co, served to OGS's lawyers on
August 31, the report relates.

According to the report, the plaintiffs claim against OGS for the
sum of SGD663,811.26 ($466,142) as well as warehousing charges at
the rate of SGD3,250 per month, in relation to the engineering,
design, fabrication, supply and delivery by the plaintiffs of
certain heating, ventilating and air conditioning (HVAC) equipment
and associated materials and parts.

The report adds that BH Global said it has sought legal advice and
will be working with the liquidator of OGS to "defend its position
vigorously."

"It is anticipated that the liquidator of OGS may also pursue a
counterclaim against the plaintiffs," the company, as cited by
Seatrade, said.

Oil & Gas Solutions (OGS) was engaged in engineering design,
project management and procurement services to the oil and gas
industry.


                             *********

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 ***