TCRAP_Public/150911.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

          Friday, September 11, 2015, Vol. 18, No. 180


                            Headlines


A U S T R A L I A

BELDAVALY PTY: First Creditors' Meeting Set For Sept. 18
BOSDELL PTY: First Creditors' Meeting Set For Sept. 17
KINGS SECURITY: Placed Into Administration
MEDGATE ADMINISTRATION: First Creditors' Meeting Set For Sept. 18
PLUTON RESOURCES: General Nice Taps Pitcher Partners as Receivers

* High LTV Ratios: Drivers of AU Mortgage Defaults, Moody's Says


C H I N A

CHINA: Capital Flight Now the Big Concern For Slowing Country
CHINA: Oil Default Wave Seen Spreading to China, Bloomberg Says
SUNAC CHINA: Moody's Retains B1 CFR Over Partnership With Yurun
SUNAC CHINA: CEO Steps Down But Holds Onto Chairman Role
YURUN HOLDING: Sunac Rides to Rescue Cash-Strained Sausage Maker


I N D I A

AEGAN BATTERIES: ICRA Suspends B+/A4 Rating on INR68.5cr Loan
AMRAPALI INFRASTRUCTURE: ICRA Cuts Rating on INR103cr Loan to D
ANOD PLASMA: ICRA Assigns 'B' Rating to INR3.60cr Term Loan
BABA JHARESHWAR: CRISIL Suspends B Rating on INR56.3MM Loan
BASANT CITY: ICRA Ups Rating on INR10cr Term Loan to B+

BIRBHUM OILS: CRISIL Suspends B+ Rating on INR61.5MM Term Loan
CAIRO INTERNATIONAL: ICRA Reaffirms B Rating on INR9.27cr LT Loan
DUTTA ENGINEERING: CRISIL Suspends B- Rating on INR35MM Loan
ENVIRO PLASTECH: CRISIL Suspends B- Rating on INR63.2MM Loan
FERROMET STEELS: ICRA Cuts Rating on INR25cr LT Loan to 'D'

G B ENGINEERING: ICRA Reaffirms B- Rating on INR24cr LT Loan
GMR OSE: ICRA Lowers Rating on INR1,080cr Loan to D
GOPAL SWEETS: Ind-Ra Assigns BB+ Long-Term Issuer Rating
HARIWANSH PACKAGING: CRISIL Reaffirms B+ Rating on INR72.5MM Loan
HYDROMATIK: ICRA Ups Rating on INR6.62cr Term Loan to B+

JANMANI INTERNATIONAL: CRISIL Suspends D Rating on INR118MM Loan
KARAN DEVELOPMENT: ICRA Assigns 'B' Rating to INR10cr Loan
KHUSHI EXIM: CRISIL Suspends B+ Rating on INR140MM Cash Loan
KING REFINERIES: Ind-Ra Assigns B+ Long-Term Issuer Rating
KISHAN AGRO: CRISIL Suspends B+ Rating on INR55MM Cash Loan

KOLKATA MARINE: CRISIL Assigns B+ Rating to INR40MM Loan
LASA CERA: ICRA Assigns B+ Rating to INR6.24cr Term Loan
M.S ENGINEERING: CRISIL Suspends 'D' Rating on INR54.4MM Loan
NAGPUR ASHOK: CRISIL Suspends B Rating on INR97MM Term Loan
PNG TEXTILES: ICRA Assigns 'B' Rating to INR5.0cr Loan

RATHI STEEL: ICRA Withdraws B/A4 Rating on INR419.26cr Bank Loan
ROYAL SUITINGS: ICRA Assigns B+ Rating to INR8.90cr Cash Loan
S.S. CONSTRUCTION: ICRA Revises Rating on INR4.8cr Loan to B-
SCC PROJECTS: CRISIL Suspends 'C' Rating on INR450MM LT Loan
SHARPLINE MACHINERY: ICRA Withdraws B/A4 Rating on INR7cr Loan

SHIVALIK POLYADD: ICRA Suspends B+ Rating on INR9.0cr Cash Loan
SHRIDHAR CASTINGS: ICRA Suspends D Rating on INR7.5cr Loan
SOUTH INDIAN: CRISIL Suspends B+ Rating on INR10MM Loan
SP APPARELS: ICRA Ups Rating on INR115cr Loan From D
SRI KRISHNA: ICRA Assigns B+ Rating to INR8.0cr LT Loan

SUNDARAM STEELS: CRISIL Suspends B+ Rating on INR30MM Loan
SURESH EXPORTS: CRISIL Suspends B- Rating on INR100MM LT Loan
TRIVENI ENTERPRISES: ICRA Assigns B+ Rating to INR6.0cr LT Loan
UNISOURCE PAPERS: ICRA Reaffirms 'D' Rating on INR5.0cr LOC
UNIVERSAL CONVERTERS: CRISIL Suspends B Rating on INR69MM Loan

YEDESHWARI AGRO: ICRA Reaffirms B+ Rating on INR62cr Term Loan


J A P A N

TOSHIBA CORP: Moody's Affirms 'Ba1' Subordinated Debt Rating


N E W  Z E A L A N D

BULLOCK CONSTRUCTION: Subcontractors Call For Tighter Controls
SOLID ENERGY: Administrators Support Board's Proposed DOCA


X X X X X X X X

* Moody's Lowers Asia Growth Forecasts on Slowing Exports
* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


BELDAVALY PTY: First Creditors' Meeting Set For Sept. 18
--------------------------------------------------------
James Koutsoukos and David Coyne of BRI Ferrier were appointed as
administrators of Beldavaly Pty Ltd, trading as Seville Timber and
Hardware, on Sept. 8, 2015.

A first meeting of the creditors of the Company will be held at
Level 16, 530 Collins Street, in Melbourne, on Sept. 18, 2015, at
11:00 a.m.


BOSDELL PTY: First Creditors' Meeting Set For Sept. 17
------------------------------------------------------
Richard Albarran and Brent Kijurina of Hall Chadwick were
appointed as administrators of Bosdell Pty Limited on Sept. 7,
2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick Chartered Accountants, Level 40, 2 Park Street, in
Sydney, on Sept. 17, 2015, at 11:00 a.m.


KINGS SECURITY: Placed Into Administration
------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Kings Security
Group Pty Ltd, a security group based in Sydney, has been placed
into administration. Mitchell Ball of BPS Recovery has been
appointed administrator of the company, the report says.

Dissolve.com.au relates that the administrator cited that his
appointment is related to a liquidation application filed by the
Australian Taxation Office against Kings Security Group. He added
that a deed of company arrangement will be proposed by the
company's directors to guarantee the best returns for its
creditors and results for workers, the report relays.


MEDGATE ADMINISTRATION: First Creditors' Meeting Set For Sept. 18
-----------------------------------------------------------------
Domenic Calabretta of Mackay Goodwin was appointed as
administrator of Medgate Administration Pty Ltd on Sept. 8, 2015.

A first meeting of the creditors of the Company will be held at
Mackay Goodwin, Exchange House, Suite 2, Level 8, 10 Bridge
Street, in Sydney, on Sept. 18, 2015, at 11:00 a.m.


PLUTON RESOURCES: General Nice Taps Pitcher Partners as Receivers
-----------------------------------------------------------------
Tess Ingram at The Sydney Morning Herald reports that Pluton
Resources Limited said that major shareholder and senior secured
creditor General Nice Resources had appointed Pitcher Partners as
receivers and managers of the Company.  The Company appointed EY
as administrators, the report states.

The Morning Herald relates that to revive the Company, GNR, which
holds a 37.7% stake in the Company, has proposed a
recapitalization and restructuring plan, under which GNR will pump
about AUD28 million into the Company by way of a three-year
convertible loan in return for 150 million three-year options
exercisable at one cent and first right of refusal of any iron ore
produced at Cockatoo not already sold under existing agreements.

The Company's creditors would be required to enter into a deed of
company arrangement, The Morning Herald notes.

The Company, according to The Morning Herald, said that its board
and "other key stakeholders" had accepted the proposal and that
the receivers and administrators would start to work with
stakeholders on its implementation.

"In this scenario, it is likely that there will be no return for
shareholders or the company's unsecured creditors," the report
quoted the Company as saying.

                       About Pluton Resources

Pluton Resources Limited (ASX:PLV) --
http://www.plutonresources.com/-- is engaged the exploration and
production of mineral assets within Australia. The Company's
interests focus on Cockatoo Island and Irvine Island-two of the
three islands that make up the Kimberley Iron Ore Hub (KIOH) in
Yampi Sound, Western Australia, as well as four tenements in
Collier Bay. The Irvine Island Project is situated immediately
adjacent to Pluton's Cockatoo Island hematite mining operation and
is located approximately 140 kilometers north of Derby in Yampi
Sound, located off the northern Kimberley coast of Western
Australia. The Cockatoo Island operation is located approximately
140 kilometers north of Derby in Yampi Sound, located off the
northern Kimberley coast of Western Australia.


* High LTV Ratios: Drivers of AU Mortgage Defaults, Moody's Says
----------------------------------------------------------------
Moody's Investors Service says that mortgages with high loan-to-
value (LTV) ratios continue to be the primary drivers of
Australian mortgage defaults through all economic environments.

Mortgages used for investment purposes and those with interest-
only repayments will remain key drivers of future Australian
mortgage defaults, despite the strong performance of such loans in
the current prolonged low interest rates environment.

"Although the default rate of investor and interest only (IO)
loans is currently lower than that of owner-occupied principal and
interest ("benchmark") loans -- a reversal of what is in fact the
long-term trend -- their performance remains more volatile and
dependent on interest rate levels than owner-occupier principal &
interest loan performance," says John Paul Truijens, a Moody's
Assistant Vice President and Analyst.

"Investor and IO loans will therefore continue to act as default
drivers in residential mortgage backed (RMBS) pools over the
longer term, despite their current outstanding performance," adds
Truijens.

Moody's conclusions were contained in a just-released report on
the Australian RMBS sector, titled, "Low Interest Rates Mask Key
Mortgage Default Drivers".

Moody's view is based on a study of loans backing RMBS in
Australia dating back to 2006 and an observation of the drivers of
mortgage performance during different economic environments.

The key findings of the report include:

* LTV ratios are the primary driver of Australian mortgage default
rates through all economic conditions and during periods of both
lower and higher interest rates.

* Investor and IO loans are outperforming benchmark loans in the
current prolonged low interest rate environment, a reversal of the
historical trend. However, Moody's view is that investor and IO
loans remain riskier and will be a key driver of future mortgage
defaults.

* The outperformance of IO and investor loans in the current
interest rate environment is masking growing risk in the mortgage
market as the volume of origination of these riskier loans has
grown significantly over the last few years.

Moody's notes that investor and IO loans only started
outperforming benchmark loans in 2012, and their performance
continued to improve into 2014. Moreover, this outperformance is
even more dramatic in the case of interest-only investor loans.

This better performance by investor loans coincided with the
significant interest rate cuts that the Reserve Bank of Australia
(RBA) began implementing towards the end of 2011 and through 2014.

The report also notes that recent regulatory developments aimed at
improving underwriting standards and reducing the volume of
investor and IO loans will help mitigate the risks in this sector
of the mortgage market.

Nevertheless, the large volume of investor and IO loans
underwritten over the last couple of years prior to this
regulatory intervention will remain riskier and in the absence of
any further significant house price appreciation are expected to
perform worse than those loans originated post the regulatory
changes.



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C H I N A
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CHINA: Capital Flight Now the Big Concern For Slowing Country
-------------------------------------------------------------
The Financial Times reports that it is hard to know what
represents prudent diversification and what constitutes capital
flight on the part of Chinese groups and wealthy travellers.  But
for those who track capital outflows from China, the distinction
does not much matter, the report says.

In the four quarters to the end of June, such outflows, (which do
not include debt repayment) have totalled more than $500 billion,
FT relates citing data from Citigroup. China's mountain of foreign
reserves, once around $4 trillion, are now down to less than $3.7
trillion and are expected to drop further to $3.3 trillion by the
end of the year, Citi calculates.

Not long ago, it seems that the world was awash in cheap dollars.
Many of those cheap dollars could be traced to the generous
monetary policies of the Federal Reserve, FT relays. But many of
them also came from the mainland as Chinese recycled their dollar
earnings from the sale of exports abroad.

FT notes that Chinese capital flowed into everything from farms in
Africa to ports in Sri Lanka and Pakistan, to dairies in New
Zealand, energy firms in Canada and Treasuries in the US.

More recently China started undertaking massive new, and expensive
initiatives including the Asian Infrastructure Investment Bank,
the New Development Bank, its Silk Route projects and a
recapitalisation of the two policy banks that help recycle its
reserves, the report relates. Suddenly, though, the question has
shifted from what China will do with all the capital that flowed
in and its arguably excessive reserves to whether it has enough
money and adequate reserves at all, adds FT.


CHINA: Oil Default Wave Seen Spreading to China, Bloomberg Says
---------------------------------------------------------------
Lianting Tu at Bloomberg News reports that the wave of defaults
and debt restructuring hurting oil bonds around the world looks
set to reach China.

Notes of oil services firms are the nation's worst performers this
quarter with a 5.9% slide amid record industry debt and slumping
crude prices, Bloomberg relates citing a Bank of America Merrill
Lynch index of foreign-currency notes. Bloomberg says explorers
have lost 1.4%. Some private-sector companies have dropped to
distressed levels with the 2019 notes of Honghua Group Ltd. at
38.8 cents on the dollar and Anton Oilfield Services Group's 2018
paper at 43.8 cents, Bloomberg relays.

According to Bloomberg, China's quest to secure resources for the
world's second-biggest economy has sparked a fourfold expansion in
petroleum industry debt in the past decade to CNY1.3 trillion
($205 billion). Crude's 13.5% slide this year is adding to stress
on energy firms' finances, the report notes. Standard & Poor's
said oil and gas companies account for 28% of all corporate
defaults globally this year, and that they are among the most
vulnerable to failures in coming months, says Bloomberg.

"We see the possibility of a default scenario for private Chinese
oil companies in the next year or so given their stretched
liquidity," Bloomberg quotes Annisa Lee, credit analyst at Nomura
Holdings Inc., as saying. "Some of them will run into trouble if
banks don't roll over their loans. They could resort to debt
exchanges to cut coupon costs as well as to extend maturities."

Obligations at Chinese oil and gas companies have shot up to 29
percent of assets from 19%, data compiled by Bloomberg show. The
situation is especially tough for private firms because they have
less access to funding than state-owned peers, said Sandra Chow, a
high-yield bond analyst in Singapore at CreditSights Inc.,
Bloomberg adds.


SUNAC CHINA: Moody's Retains B1 CFR Over Partnership With Yurun
---------------------------------------------------------------
Moody's Investors Service says that Sunac China Holdings Limited's
B1 corporate family rating and B2 senior unsecured debt ratings
are not immediately affected by its strategic cooperation with
Yurun Holdings Group Company Limited (unrated), or by the
restructuring of its management team.

The ratings outlook remains stable.

On September 8, 2015, Sunac announced that it entered into a
strategic cooperation agreement with the Yurun Group, a
diversified enterprise group principally engaged in the food, real
estate, commerce, logistics, tourism, finance, and building
development businesses.

"No details on the strategic partnership have been revealed," says
Franco Leung, a Moody's Vice President and Senior Analyst. "We
will monitor the size of Sunac's capital investment in the
partnership, including any capital outlay required for Yurun Group
creditors."

Leung also says that while Sunac will divert a certain amount of
management resources to the partnership, the extent to which
management will be distracted away from the company's core
business operations is unclear.

Moody's notes that Sunac's two recent failed acquisition attempts
distracted management's attention away from its core business
operations. Specifically, Sunac terminated the agreement to
purchase a controlling stake in the troubled property developer,
Kaisa Group Holdings Ltd in May 2015, after aborting an attempt to
acquire a 24.3% stake in Greentown China Holdings Limited (B1
stable) in 2014.

On September 7, 2015, Sunac announced that its founder, Mr. Sun
Hongbin, resigned as chief executive officer (CEO), but will
remain as chairman. Mr. Wang Mengde has been appointed the new
CEO, and will relinquish his position as the executive president.
Mr. Huang Shuping will leave his current position as chief
financial officer and will take over as executive president, while
Ms. Cao Hongling has taken up the role of chief financial officer.

"The management restructuring will unlikely impact materially the
company's day-to-day operations, or its business strategy and the
execution of its business plan, because the company will retain
key personnel in its existing management team," adds Leung.

Moody's also believes that Mr. Sun's resignation as CEO will not
impact significantly Sunac's access to bank loans and refinancing,
because Mr. Sun will retain his position as chairman.

Moody's says Sunac's existing management team demonstrates a good
track record of managing the company through various business
cycles, since the company was established in 2007.

At the same time, the appointment of Ms. Cao will not result in a
material change in the company's financial management strategy.
Ms. Cao joined the company in 2007 and has served as the manager
and general manager of its financial management center. She has
more than 15 years of experience in financial management.

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


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

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

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


SUNAC CHINA: CEO Steps Down But Holds Onto Chairman Role
--------------------------------------------------------
Don Weinland at South China Morning Post reports that the storied
leader of property developer Sunac China Holdings announced his
resignation as chief executive on Sept. 7, the company said in a
stock filing.

According to the report, Sun Hongbin stepped down from the top
spot but will remain chairman of the board and several other
roles.  Wang Mengde, the former executive president, has been
appointed to the chief executive position, the report says.

Mr. Sun has been hailed somewhat of a corporate hero in China for
his comebacks from adversity, SCMP notes.

SCMP relates that early in his career at computer giant Lenovo, he
was touted as one of the most promising business stars in China
and was put in charge of the corporate development department of
the firm.

However, he was found guilty of embezzling CNY130,000 (HK$160,000)
and sentenced to five years in prison, the report states.  After
he was released in March 1994, he appealed against his conviction,
and in 2003 a judicial review found him innocent of the charge.

Mr. Sun stepped down as chief executive of Sunac so that he could
"devote more of his time as the chairman of the board", according
to the filing, SCMP relays.

The report notes that Sunac China reported a 2% decline in its
core profit to CNY1 billion for the six months ended June. Revenue
fell by 40% year on year to CNY5.44 billion, primarily due to the
slow growth of property sales because of fewer deliveries in
existing projects, the report relates.

Earlier this year, the company proposed a multibillion-yuan
takeover of another Chinese developer, Kaisa Group Holdings, but
the plan was derailed because of Kaisa's refusal to agree on a
debt-restructuring deal.

Mr. Sun said at the time that Sunac would continue working with
Kaisa, likely through project-based partnerships in Guangzhou and
Shenzhen.

                         About Sunac China

Sunac China Holdings Limited is a residential and commercial
property developer, with ongoing or completed projects
in China's main regions of Beijing, Tianjin, Shanghai, Chongqing
and Hangzhou.  The company develops a wide range of properties,
including high-rise and mid-rise residences, detached villas,
townhouses, retail properties, offices and car parks.

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

As reported by the Troubled Company Reporter-Asia Pacific on
Sept. 3, 2015, Moody's Investors Service said Sunac China Holdings
Limited's weak 1H 2015 results are in line with expectations and
have no impact on its B1 corporate family rating and B2 senior
unsecured ratings.  The ratings outlook is stable.


YURUN HOLDING: Sunac Rides to Rescue Cash-Strained Sausage Maker
----------------------------------------------------------------
South China Morning Post reports that Sunac China Holdings
announced an exclusive strategic partnership agreement with
troubled private food conglomerate Yurun Holding Group late on
September 8 in what investors saw shades of the developer's failed
attempt to take over rival Kaisa Group Holdings.

Both Yurun and Kaisa are cash-strapped, with their controlling
shareholders embroiled in the government's anti-graft crackdown,
the report says.  According to SCMP, Yurun chairman Zhu Yicai has
been under house arrest since March 23. He and his wife ranked
26th on the mainland's 2014 Hurun rich list, with CNY31.5 billion
(HK$38.3 billion) of wealth from a business empire spanning
everything from sausage to property and finance.

What worries investors is the possibility of yet another failure
by Sunac, says SCMP. That was how the deal with Kaisa ended up in
May after Sunac moved its full team to Shenzhen, where Kaisa is
based and Sunac has no presence, and kept them there for months to
work out a rescue plan for Kaisa, the report relates.

"Sunac comes to the rescue when these firms are in trouble, but
whether it can share the benefits when they are revived is
uncertain," the report quotes Edison Bian, the head of China
property research at UOB Kay Hian, as saying.  He was also
concerned about Sunac's ability to further expand in its core
market of first-tier cities, Mr. Bian added.

Apart from the agreement with Yurun, on which Sunac provided no
details, it said both sides were working on ways to resolve the
food conglomerate's debts, according to SCMP.

Nanjing-based Yurun Holding Group has its food business listed in
Hong Kong, which reported a first-half net loss of HK$724 million.
Its commercial retail property operation is listed in Shanghai.



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AEGAN BATTERIES: ICRA Suspends B+/A4 Rating on INR68.5cr Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+ and [ICRA]A4 ratings assigned to
the INR68.5 crore bank facilities of Aegan Batteries Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


AMRAPALI INFRASTRUCTURE: ICRA Cuts Rating on INR103cr Loan to D
---------------------------------------------------------------
ICRA has revised the rating assigned to the INR188.0 crore bank
facilities of Amrapali Infrastructure Pvt Ltd from [ICRA]B+ to
[ICRA]D.

                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Fund based limits        50.0     [ICRA]D; Revised
   Term loans              103.0     [ICRA]D; Revised
   Non fund based limits    35.0     [ICRA]D; Revised

The rating revision factors in the delays in debt servicing by
AIPL owing to stretched liquidity condition of the company.
Despite generation of healthy cash accruals in FY15, cash flow
mismatches, resulting from significant incremental advances to
group companies and suppliers, led to stretched liquidity
condition of the company as reflected by almost full utilization
of working capital limits. ICRA notes that the capacity
utilization for new precast plant remained low in first complete
year of its operation due to initial stabilization issues and
delays in acquiring technical manpower required to operate the
facility. The growth in revenues was led by significant increase
in trading income and equipment hiring. While off take risk
remains limited for pre cast division given that AIPL will be
largely supplying its products to ongoing real estate projects of
the Amrapali group, the demand for AIPL's products will remain
exposed to the pace of progress on these projects and real estate
development by the group in the long term. ICRA also takes note of
significant advances extended by AIPL to group companies, which
limits its financial. Going forward, company's ability to service
its debt obligation in a timely manner, retrieve the inter group
advances and achieve the expected operating metrics for precast
plant will be a key rating sensitivity.

Amrapali Infrastructure Pvt Ltd (AIPL) is part of the Amrapali
group of companies that is present in real estate development
primarily in National Capital Region (NCR). The company was
incorporated in 2007 and was carrying out business of equipment
leasing, trading sales and engineering consulting for real estate
projects. Over 2012 and 2013, the company has set up a
manufacturing facility for precast panels and precast hollow core
slabs at Greater Noida, Uttar Pradesh. The facility which has an
installed capacity of 4.8 mn sq ft of hollow core slabs and 2.84
mn sq ft of flat panels, will serve as a raw material feeder to
the group's ongoing residential projects. The facility was
completed in Dec 2013 and started commercial production in April
2014.

Recent results

As per provisional numbers, AIPL has recorded an operating income
and PAT of INR399.92 crore and INR5.63 crore respectively for
FY2015 as against an operating income and a loss of INR215.68
crore and INR8.02 crore respectively reported for FY2014.


ANOD PLASMA: ICRA Assigns 'B' Rating to INR3.60cr Term Loan
-----------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR5.60
crore bank limits of Anod Plasma Spray Ltd.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit            2.00      [ICRA]B; Assigned
   Term Loan              3.60      [ICRA]B; Assigned

ICRA's rating is constrained by APSL's modest scale of operations
and the weak bargaining power of the company relative to its
customers owing to their larger size. The rating also takes into
account the company's high working capital intensity of operations
due to high levels of receivables and inventories, and the
company's tight liquidity position as reflected in the near full
utilisation of working capital limits. The rating also factors in
the vulnerability of the company's profitability to adverse
variations in foreign exchange rates, as a proportion of the raw
material requirement is sourced through imports. The rating,
however, takes comfort from the extensive experience of the
promoters and the company's reputed customer profile comprising
large corporates.

Going forward, the ability of the company to ramp up its scale of
operations while optimally managing its working capital cycle will
be the key rating sensitivities.

APSL was incorporated in 1988 by Mr. Pradeep Kumar Tandon and his
family members and is primarily engaged in refurbishment and
coating of turbines along with manufacturing printing cylinders,
aluminium collapsible tubes and railway parts. The manufacturing
facility of the company is located in Kanpur, Uttar Pradesh.

Recent Results
As per provisional 2014-15 financials, APSL reported a net profit
of INR0.48 crore on an operating income of INR12.42 crore, as
against a net profit of INR0.52 crore on an operating income of
INR13.14 crore in the previous year.


BABA JHARESHWAR: CRISIL Suspends B Rating on INR56.3MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Baba Jhareshwar Multipurpos Himghar Private Limited (BJMHPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           1.5       CRISIL A4
   Cash Credit             56.3       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      38.6       CRISIL B/Stable
   Term Loan               45         CRISIL B/Stable
   Working Capital Loan     8.6       CRISIL A4

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

Baba Jhareshwar Multipurpos Himghar Private Limited (BJMHPL) was
incorporated in 2012 by Mr. Monojit Mal and his family members.
The company has cold storage facilities in Medinipur, West Bengal
for the potato traders and farmers of West Bengal.


BASANT CITY: ICRA Ups Rating on INR10cr Term Loan to B+
-------------------------------------------------------
ICRA has upgraded the long term rating assigned to INR10 crore
bank facilities of Basant City Centre Mall Private Limited from
[ICRA]B to [ICRA]B+.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             10.00        [ICRA]B+ (upgraded from
                                      [ICRA]B)

The rating upgrade takes into account satisfactory construction
progress and receipt of all major approvals including no objection
certificate from various authorities like from Fire Force
Department, Airport Authority of India, Pollution Board,
Electricity & Water Department, and Environment Department for the
company's upcoming real estate project - Basant Hiralkh which also
entitles the company to apply for the final plan approval of B+G+8
floors to HDMP (Hubli Dharwar Mahanagra Palike). The rating
continues to take support from the past track record of the
promoters in the development of software parks, hotels and
hospitals and the established brand name of the Basant Group in
North Karnataka. The rating also takes comfort from the favourable
location of the company's upcoming real estate project - Basant
Hiralkh - in Court Circle on Traveller's Bunglow Road, which is
one of the prominent localities of Hubli (Karnataka).

The rating is, however, constrained by BCMPL's exposure to
significant marketing risk as the company is yet to start bookings
for the project. The rating continues to take into account the
execution risk as Basant Hiralkh is the first high rise
development by the promoter and size of the project is
significantly larger than the ones executed in the past. The
rating also factors in the funding risk faced by the company with
no bookings and only partial debt been tied-up; moreover as
significant part of the project cost is expected to be met through
customer advances, funding at advanced stages would be contingent
upon company's ability to tie up sale agreements as well as
maintain healthy collection efficiency.

Basant City Centre Mall Private Limited (BCMPL) is a private
limited company promoted by Mr. Basantkumar Patil and his
associates to carry on the business of construction and
development of residential and commercial properties. The company
was incorporated on in 2006 with its registered office at
Bangalore. The firm is being managed by Mr. Patil who has
developed several other projects including software parks, hotels
and a hospital in Bangalore. He also runs three hotels in
Bangalore and Hubli and a charitable trust in Bijapur. He has
served as the president of Karnatka Film Producers Association for
the period 2001-05.

The company is currently developing a residential cum commercial
project, "Basant Hiralkh" at Court Circle, Traveller's Bunglow
Road, Hubli. The project has residential and commercial structures
consisting of two towers of eight floors each. The project is
being executed in JDA mode whereby the company has 100% share in
residential area and 43% share in commercial area. The total
project cost is INR120 crore which is to be funded through bank
loans to the tune of INR50 crore, INR25 crore through promoter
contribution and balance INR45 crore through customer advances.


BIRBHUM OILS: CRISIL Suspends B+ Rating on INR61.5MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Birbhum Oils Industries Pvt Ltd (BOIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             25.7       CRISIL B+/Stable
   Term Loan               61.5       CRISIL B+/Stable

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

BOIPL was set up in 2009 by the Chhajer family, which is based at
Birhumpur in Kolkata (West Bengal). The company commenced
operations in January 2011; it is currently involved in the
extraction and refining of rice bran oil.


CAIRO INTERNATIONAL: ICRA Reaffirms B Rating on INR9.27cr LT Loan
-----------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B and short-term
rating of [ICRA]A4 on the INR21.35 crore fund-based bank
facilities of Cairo International.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term-Fund
   Based Limits         9.27         [ICRA]B; Reaffirmed

   Long/Short Term
   Fund Bases Limits   12.08         [ICRA]B/[ICRA]A4;Reaffirmed

ICRA's rating continues to take into account the highly
competitive nature of the business on account of the fragmented
nature of the industry, which limits CINT's pricing power. This,
combined with the high proportion of trade sales (>25%) in the
revenue mix, translates into low operating profit margins. The
rating also factors in the firm's high working capital intensity
due to high receivables and inventory levels, which has resulted
in high dependence on bank borrowings. The rating is constrained
by the firm's moderate financial profile characterized by a
leveraged capital structure and weak coverage indicators. Although
the firm's working capital intensity moderated in FY15, it
continues to be high, resulting in a stretched liquidity position,
as also reflected in full utilization of the bank limits. Further,
ICRA notes that the partnership constitution of the firm exposes
it to risks of withdrawal of capital and dissolution. The rating,
however, continues to derive comfort from the significant
experience of the partners, of over two decades, in the garment
industry and their active involvement in the business operations
and healthy growth in sales, leveraging on the firm's established
sales and distribution network.

Going forward, the firm's ability to optimally manage its working
capital cycle and strengthen its coverage indicators by improving
its profit margins will be the key rating sensitivities.

Formed in December 2003 by Mr. Lalit Agarwal and his wife Mrs.
Rekha Agarwal, CINT is a partnership firm engaged in manufacturing
readymade garments such as shirts, trousers and T-shirts, mostly
for men. In addition, the firm is also engaged in trading in woven
fabric. The readymade garments are sold in the domestic market,
mostly under the firm's brands - Dash and Cairo; while the exports
sales include garments manufactured for international brands as
well. The firm's key export markets are Saudi Arabia and United
Arab Emirates. The firm's manufacturing unit located in Mundka,
Delhi has a capacity to manufacture 7 lakh garment pieces per
annum.

Recent results

The firm, on a provisional basis, reported an Operating Income
(OI) of INR63.1 crore and a net profit of INR0.8 crore for FY15,
as against an OI of INR55.1 crore and a net profit of INR0.4 crore
for the previous year.


DUTTA ENGINEERING: CRISIL Suspends B- Rating on INR35MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Dutta Engineering Works (Dutta).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           20       CRISIL A4
   Cash Credit              35       CRISIL B-/Stable
   Letter of Credit         30       CRISIL A4
   Long Term Loan            4.2     CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility       10.8     CRISIL B-/Stable
   Standby Line of Credit   10       CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by
Dutta with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Dutta is yet to
provide adequate information to enable CRISIL to assess Dutta'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 as a proprietorship in 1996, Dutta was reconstituted as a
partnership firm by Mr. B K Dutta and his family on January 1,
2010. The firm undertakes fabrication, erection, and procurement
of steel and steel components for industries such as steel,
cement, and power. It has two fabrication units in Bhilai
(Chhattisgarh). Its operations are managed by Mr. B K Dutta and
his family.


ENVIRO PLASTECH: CRISIL Suspends B- Rating on INR63.2MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Enviro Plastech Pvt Ltd (EPPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              35        CRISIL B-/Stable
   Letter of Credit         20        CRISIL A4
   Proposed Long Term
   Bank Loan Facility       24.8      CRISIL B-/Stable
   Term Loan                63.2      CRISIL B-/Stable

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

EPPL was established in 2009 by Mr. Vishal Patel. The company
manufactures polyethyelene terephthalate (PET) flakes, PET sheets,
and PET straps from waste PET bottles as well as virgin PET.


FERROMET STEELS: ICRA Cuts Rating on INR25cr LT Loan to 'D'
-----------------------------------------------------------
ICRA has revised the long-term rating of [ICRA]B+ outstanding on
the INR25.00 crore1 fund based facility, INR3.55 crore term loan
and INR0.50 crore non fund based facility of Ferromet Steels
Private Limited to [ICRA]D.  ICRA has also revised the short-term
rating of [ICRA]A4 outstanding on the INR4.00 crore short-term
facilities of FSPL to [ICRA]D.


                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term fund        25.00       [ICRA]D; Revised from
   based facility                    [ICRA]B+

   Long term loans        3.55       [ICRA]D; Revised from
                                     [ICRA]B+

   Long term non fund     0.50       [ICRA]D; Revised from
   based facility                    [ICRA]B+

   Short term non fund    4.00       [ICRA]D; Revised from
   based facility                    [ICRA]A4

   Short term fund        (4.00)     [ICRA]D; Revised from
   based (sub-limit)                 [ICRA]A4
   facility

The revised ratings reflect the delays witnessed in meeting the
debt servicing obligations of the company owing to tight liquidity
conditions arising from continued losses incurred during the past
two financial years. The ratings are further constrained by the
stretched capital structure of the company with negative net worth
and stretched coverage metrics; high working capital intensity due
to inventory pileup; and stiff competition prevailing in the
highly fragmented ferrous metals industry which exposes the
company to restricted pricing flexibility and thin profit margins.
ICRA however takes note of the established track record of the
promoters who have considerable experience in steel industry.

Ferromet Steels Private Limited (FSPL) is engaged in the
manufacturing of structural steel products such as Mild Steel (MS)
Flat, MS Angle, MS Round, MS Square, MS Channels. The company
started its manufacturing operations with a capacity of 19,200 TPA
in 2008 and later added additional capacity by setting up another
rolling mill with a capacity of 21,600 TPA, which commenced
operations during April 2012 (total installed capacity of 40,800
TPA). Apart from manufacturing structural steels, FSPL also
engages in trading of structural steels to cater to customer
orders, which are not produced in house. FSPL was initially
incorporated under the name of S. R. M. C. Exports Limited in the
year 1995 and was subsequently renamed in 2008. FSPL is promoted
and managed by Mr. Manmohan Mittal and Mr. Ashok Kumar Goel,
current directors of the company.

Recent results
FSPL reported a net loss of INR17.2 crore on an operating income
of INR35.9 crore during 2014-15, against a net loss of INR9.4
crore on an operating income of INR111.1 crore during the previous
fiscal year.


G B ENGINEERING: ICRA Reaffirms B- Rating on INR24cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the Rs 24.00
crore fund based working capital facilities of G B Engineering
Enterprises Private Limited (GBEEPL) at [ICRA]B-. ICRA has also
reaffirmed the short term rating assigned to the Rs 22.62 crore
non-fund based bank limits of GBEEPL at [ICRA]A4.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits          24.00        [ICRA]B- Reaffirmed


   Short Term Fund
   Based Limits           5.00        [ICRA]A4 Reaffirmed

   Non Fund Based
   Limits                22.62        [ICRA]A4 Reaffirmed

The rating reaffirmation takes into account the modest financial
profile of GBEEPL which continues to be impacted by the high
working capital intensity, arising from high inventory holdings on
the back of long manufacturing lead time and deferment of off-take
by customers. The resultant tight liquidity position has been
further exacerbated by the debt servicing obligations of GBEEPL's
JV Company on behalf of whom GEEPL has extended a corporate
guarantee for the bank borrowings. Moreover, due to the nascent
stage of operations of GBEEPL's JV company with continued losses
incurred by the JV since its inception and significant debt
repayment obligations arising over the near to medium terms may
necessitate additional funding support from GBEEPL. The ratings
also consider GBEEPL's exposure to raw material price volatility
as most of the supply contracts are of fixed price in nature; and
the high utilization of fund based working capital credit
facilities.

Nonetheless, the ratings favourably consider the extensive
experience of the promoters in the industry and the established
track record of GBEEPL in the boiler pressure components segment,
with diversified customer base comprising reputed boiler
manufacturers from whom the company has been consistently
receiving repeat orders. As on June 2015, GBEEPL had a modest
order book of ~Rs 36 crore, which provides visibility on revenues
over the near term.

G B Engineering Enterprises Private Limited is engaged in the
fabrication of high pressure application parts for heavy boilers,
pressure vessels, heat exchangers, etc. The company commenced
operations in 1980 as a fabricator of structural engineering parts
to Bharat Heavy Electricals Limited (BHEL), Trichy, and has
diversified into pressure parts for boilers over a period of time.
The company specialises in the manufacture of critical pressure
parts and components. GBEEPL has an established customer base that
includes various established domestic and overseas boiler
manufacturers. GBEEPL is an ISO 9001 certified and American
Society for Mechanical Engineers (ASME) Code authorised company.

GBEEPL was promoted in 1980 by Mr. B. Pattabhiraman and his
associates, and was re-constituted as a private limited company in
1987. In 2005-06, GBEEPL became part of the Resurgent Group of
companies, with its entire shares being transferred to the group's
holding company, Resurgent Investments Private Limited (RIPL).
During 2011-12, RIPL divested its entire stake in favour of the
original promoters of GBEEPL.

GBEEPL has also formed two joint venture companies, the details of
which are given below.

Ansaldocaldaie - GB Engineering Private Limited (ACB-GB) is a
50:50 JV with Ansaldo Caldaie Boilers India Private Limited (ACB
India). This company will manufacture boiler parts for orders
undertaken by ACB India. It was formed by hiving of the Pudukudy
factory of GBEEPL, as consideration for which the latter received
Rs 40 crore in cash and Rs 20 crore of equity shares in ACB-GB.
ACB-GB has commenced operations from FY 2011-12 and reported net
losses of INR3.7 crore in FY 2013-14.

SBS and GB Saline Water Specialists Private Limited is a 50:50 JV
with SWS Saline Water Specialists, an Italian company. This
company provides technical and engineering solutions in the water
desalination space. It currently has limited operations and has an
authorized share capital of Rs 50 lakhs.

For FY 2015, as per unaudited provisional results, the company has
reported an operating income of INR62.4 crore and Profit After Tax
(PAT) of INR0.3 crore.


GMR OSE: ICRA Lowers Rating on INR1,080cr Loan to D
---------------------------------------------------
ICRA has revised the rating assigned to the INR1080.0 crore term
loans of GMR OSE Hungund Hospet Highways Private Limited from
[ICRA]BB+ to [ICRA]D. Also, ICRA has reassigned the rating for the
INR47.3 crore Non-Fund based facilities of GOHHHPL from [ICRA]BBB
(SO) with a stable outlook to [ICRA]D.

                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Fund Based Facilities     1,080.0     [ICRA]D (Revised)
   Non-Fund Based
   Facilities                   47.3     [ICRA]D (Reassigned)

The rating revision for fund based limits of GOHHHPL primarily
takes into account the delays in debt servicing by the company.
ICRA notes that owing to the inadequate toll collections for the
SPV due to weak traffic, it has delayed on the interest servicing.
The rating reassignment for Non fund based limits of GOHHHPL takes
into account the stressed liquidity position of its guarantor, GMR
Infrastructure Limited (GIL) as evidenced by the delays in its
debt servicing. The ratings continues to be constrained by
concentration of project's revenues on the iron-ore carrying
trucks thus exposing its earnings to the cyclicality in steel
industry, its exposure to interest rate risk given that the
interest on the loans would be reset every year post the COD and
inherent risks in BOT projects such as political acceptability of
rate hikes linked to WPI, likelihood of toll leakages and
potential competition from alternate routes.

GMR OSE Hungund Hospet Highways Private Limited (GOHPL) is a
Special Purpose Vehicle (SPV) promoted jointly by GMR Group (GMR
Infrastructure Limited {GIL} -- 26%, GMR Highways Private Limited
-- 25%) and Oriental Structural Engineers Private Limited (OSE-
49%) for the four/six-laning of Hungund-Hospet stretch on the
Mangalore-Solapur section of National Highway 13 in Karnataka. The
Project Highway, with a total length of 98,4 kilometers (kms), has
been constructed under the Design-Build-Finance-Operate-Transfer
(DBFOT) toll basis. The total cost incurred on the project is ~Rs.
1650 crore. GIL is a subsidiary of GMR Holdings Private Limited
(the ultimate holding company of GMR Group) and all the
infrastructure assets of the group are consolidated under it. GMR
Highways limited is a wholly-owned subsidiary company of GIL and
is the holding company of various highway projects being developed
by GMR group. OSE is a Delhi-based construction company having
expertise in construction of rigid and flexible pavements for
roads/highways and airfields, including bridges, flyovers,
embankment with reinforced earth and earthwork. It has executed
pavement works, both rigid and flexible, at 39 airfields and more
than 1000 kms of city roads and national/state highways in India
and abroad.


The project was awarded by the National Highway Authority of India
(NHAI) to the consortium of GIL -- OSE on the basis of lowest
positive grant of INR340.92 crore quoted by it, with a concession
period of 19 years starting from September 2010. The total project
cost was INR1650.92 crore, which was funded by promoter's equity
of INR230 crore, grant from NHAI of INR340.92 crore, and INR1080
crore of senior debt -- translating into a debt-equity ratio of
around 1.89:1. The Concession Agreement (CA) provided by NHAI
required GOHPL to initiate and complete 4/6-laning of the Project
Road within 30 months (construction period). GOHPL achieved
partial commercial operation of the project in November 2012 and
started operations on two toll plazas. However, due to delays in
handing over the required land parcels by NHAI to GOHPL the
project implementation was delayed. Post completion of land
acquisition in Jan 2014, the project was completed in April 2014
with company commencing operations at last toll plaza on May 14,
2014.


GOPAL SWEETS: Ind-Ra Assigns BB+ Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Gopal Sweets
Private Limited a Long-Term Issuer Rating of 'IND BB+'.  The
Outlook is Stable.  The agency has also assigned GSPL's bank loans
these ratings:

                         Amount
   Facilities        (INR Million)     Ratings
   ----------        -------------     -------
  Fund-based working       50          Long-Term 'IND BB+';
   capital limit                       Outlook Stable and
                                       Short-Term 'IND A4+'

  Term loan               200          Long-Term 'IND BB+';
                                       Outlook Stable

KEY RATING DRIVERS

The ratings are constrained by GSPL's small scale of operations
with top-line of INR594.76 mil., according to the provisional
financials for FY15.  The ratings are also constrained by the
seasonal nature of the company's business and high geographical
concentration risk as it has outlets in Punjab and Haryana only.
The ratings are also constrained by the intense competition
GSPLfaces from bigger, organized food industry players including
McDonalds, Domino's, Pizza Hut and KFC.

The ratings are further constrained by GSPL's tight liquidity
position with around 98.39% average working capital utilization
over the six months ended July 2015.

However, the ratings benefit by the two-decade-long experience of
GSPL's promoters in the food and beverage industry.  The ratings
are also supported by the company's strong market position in the
packaged foods (sweets and namkeen) industry on the back of the
established presence of its strong brand Gopal and its well-
entrenched distribution network across northern India.

The ratings are further supported by the company's healthy EBITDA
margins of 10.65% in FY15 (FY14: 11.03%) along with strong credit
metrics with net financial leverage (total adjusted net
debt/operating EBITDA) of 5.05x (3.94x) and gross interest
coverage (operating EBITDA/gross interest expense) of 6.79x
(10.33x).

RATING SENSITIVITIES

Positive:  A significant improvement in the top-line while
maintaining the credit metrics could be positive for the ratings.
Negative: Any further decline in the revenue along with
deterioration in the profitability leading to overall
deterioration in the credit profile could be negative for the
ratings.

COMPANY PROFILE

GSPL was incorporated in 1989.  It owns and operates restaurants
in Punjab and Haryana, offering traditional Indian sweets and
snacks and bakery products.  The company was established by
Mr. Hari Gopal Singh as a proprietorship firm Gopal Sweets in
Patiala.  In 2009, the proprietorship firm was converted into a
private limited company.  The company is now owned and managed by
Singh's sons.

The company has an established distribution network across Punjab
and Haryana.  The business is operated through nine outlets across
Punjab and Haryana.


HARIWANSH PACKAGING: CRISIL Reaffirms B+ Rating on INR72.5MM Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Hariwansh
Packaging Private Limited (HPPL) continues to reflect HPPL's
average financial risk profile marked by high gearing and average
debt protection metrics, and its modest scale of operations in the
intensely competitive packaging industx`ry. These rating
weaknesses are partially offset by the extensive industry
experience of HPPL's promoters and its established relationships
with customers.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           52.5       CRISIL B+/Stable (Reaffirmed)
   Term Loan             72.5       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that HPPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company generates
substantial cash accruals or if its promoters infuse significant
equity, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of a
significant decline in HPPL's cash accruals, or deterioration in
its working capital cycle, or any large debt-funded capital
expenditure (capex), weakening its financial risk profile.

Update
HPPL's business performance in terms of revenue, margins, net cash
accruals, and working capital cycle has been in line with CRISIL's
estimation for 2014-15 (refers to financial year, April 1 to March
31). The operations at the new plant has now been stabilised; the
plant is currently producing 700 to 800 tonnes per month and is
operating at 50 per cent capacity utilisation. CRISIL expects HPPL
to register a revenue growth of 10 to 15 per cent, while
maintaining a healthy operating margin of 12 to 16 per cent, per
annum over the medium term, backed by incremental demand from
existing customers coupled with increased utilisation of the
recently enhanced capacities.

HPPL has working-capital-intensive operations, reflected in its
gross current assets (GCAs) of 228 days as on March 31, 2015, due
to high inventory holding period. The company maintains an
inventory of about 120 days, constituting 60 days for raw
materials and another 30 to 45 days for finished goods. CRISIL
expects the company's operations to remain working capital
intensive, with GCAs of 200 to 225 days, due to high inventory
holding period, over the medium term.

HPPL's liquidity remained stretched, with high bank line
utilisation of above 90 per cent in 2014-15; however, the company
is expected to generate sufficient accruals to meet annual
repayments of INR15.6 million over the medium term.

HPPL's financial risk profile improved in 2014-15 but remained
weak, with gearing of 6.7 times as on March 31, 2015 (8.6 times a
year earlier). Further, with high interest outgo, debt protection
metrics remained average with interest coverage at 1.7 times for
2014-15. In the absence of any capex plan, the financial risk
profile is expected to improve over the medium term. However, high
levels of external borrowings will continue to constrain the
company's financial risk profile.

For 2014-15, HPPL reported a net profit of INR4.1 million on net
sales of INR311.3 million, against a net profit of INR2.1 million
on net sales of INR182.4 million for 2013-14.

HPPL manufactures corrugated boxes used in industries such as
fast-moving consumer goods, explosives, and textiles. It is
promoted by Mr. Vijay Murarka, who has experience of about 30
years in the business. The company's facilities are in Nagpur
(Maharashtra).


HYDROMATIK: ICRA Ups Rating on INR6.62cr Term Loan to B+
--------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR6.62
crore term loans and INR2.00 (revised from 3.50) crore cash credit
facility of Hydromatik from [ICRA]B to [ICRA]B+. ICRA has also
reaffirmed the short term rating at [ICRA]A4 assigned to the
INR2.00 (revised from 0.50) crore short term fund based facility.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term scale-      6.62        [ICRA]B+; Upgraded
   Term loans                        from [ICRA]B

   Long-term scale-      2.00        [ICRA]B+; Upgraded
   Cash Credit                       from [ICRA]B

   Short-term scale-
   Fund based            2.00        [ICRA]A4 Reaffirmed

The revision in the long term rating takes into account the
elongation of long-term debt maturity profile with revised debt
repayment obligations upto FY 2021-22 as against FY 2018-19
earlier, thus reducing the pressure on the company's cash flows in
the short to medium term. The rating also takes into account the
firm's revenue growth with higher export sales, the healthy
operating profitability and improvement in the gearing and
coverage indicators. The ratings continue to derive comfort from
the extensive experience of the partners in the hydraulic tube
fitting business and the established relationship of the entity
with reputed customers.

The ratings are, however, constrained by Hydromatik's small scale
of operations in a highly competitive and fragmented industry
limiting operational and financial flexibility to an extent, the
stretched liquidity profile with high working capital intensity
and the moderate capital structure and coverage indicators,
notwithstanding the improvement witnessed in FY2014-15. The
ratings are also constrained by the susceptibility of the earnings
to raw material price fluctuations with most of its contracts
being fixed price in nature and the risks inherent in partnership
firms including the risk of capital withdrawal, among others.
Going forward, the firm's ability to scale up its operations while
maintaining its profitability and better working capital
management would remain key rating sensitivities.

Hydromatik is a partnership firm which was setup in 1999 and is
engaged in the design, engineering and manufacturing of hydraulic
tube fittings. The company is involved in the manufacturing of
pipe fittings of DIN 2353 safety specifications which are used in
Machine Tool Manufacturing, Automobile Industries, Chemical
Industries, Ship Building, Mining and Steel Plants, etc.

Recent Results
The firm reported a net profit of INR0.55 crore on an operating
income of INR17.12 crore in FY 2014-15 (as per the provisional
results) as against a net profit of INR0.76 crore on an operating
income of INR15.21 crore in FY 2013-14.


JANMANI INTERNATIONAL: CRISIL Suspends D Rating on INR118MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Janmani International Pvt Ltd (JIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Letter of Credit        76.2       CRISIL D
   Letter of Credit       118.0       CRISIL D

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

JIPL (formerly, Merrill Impex Pvt Ltd), incorporated in 2000,
trades in products such as coking coal, coke, and steel. The
company is managed by Mr. Balkaran Bhullar. Its registered office
is in Kolkata (West Bengal).


KARAN DEVELOPMENT: ICRA Assigns 'B' Rating to INR10cr Loan
----------------------------------------------------------
ICRA has assigned an [ICRA]B rating to the INR8.0 crore Fund Based
bank limits of Karan Development Services Private Limited. ICRA
has also assigned a short term rating of [ICRA]A4 to the INR90.0
crore non fund based limits of KDSPL.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Facilities     10.0      [ICRA]B (Assigned)
   Non-Fund Based
   Facilities                88.0      [ICRA]A4 (Assigned)

The ratings factor in the established track record of KDSPL's
promoters in the construction of canal systems in Madhya Pradesh
and successful completion of earlier projects in the region by the
promoters. The ratings are however constrained by KDSPL's small
scale of operations which results in low economies of scale and
its weak financial profile as reflected by weak profitability,
high gearing and average return indicators. The company is also
exposed to client concentration risk and high region concentration
risk as all the on-going projects are being executed for Narmada
valley Development Authority (NVDA) in Madhya Pradesh. Further,
the on-going projects have witnessed significant delays in the
past which also exposes them to execution risks. Going forward,
KDSPL's ability to secure new orders, improve the pace of
execution of its current order book and improve profitability and
capital structure will be amongst the key rating sensitivity
factors.

KDSPL was formed in 1989 by Mr. Karan Singh (Managing Director of
the Company) for executing civil work like earthwork, construction
of bridges & roads etc. The Company is registered with Central
Railway in "A- class" category and in "A-5" category with
Irrigation Department, NVDA Bhopal and M.P. PWD Department. Until
1998, KDSPL was involved in laying of railway tracks in Madhya
Pradesh and subsequently began executing projects awarded by
Narmada Valley Development Authority (NVDA) and Water Resource
Department (WRD) of Madhya Pradesh for construction of canal
systems. The company has successfully executed around 15 canal
work projects for NVDA and WRD since 1999.

Recent Results: In FY2014, the company reported a net loss of
INR13.39 crore on an operating income of INR29.22 crore.


KHUSHI EXIM: CRISIL Suspends B+ Rating on INR140MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Khushi Exim Private Limited (KEPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              140       CRISIL B+/Stable

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

KEPL was established in 2003 by Mr. Hiralal Jalan and his son, Mr.
Vikash Jalan in Kolkata, West Bengal. KEPL is engaged in wholesale
and retail of gold jewellery, silver articles and diamond- and
kundan-studded jewellery. It sells to retail showrooms in Raipur,
Nagpur, Indore, Jamshedpur, Ranchi and a few other locations. It
also has two retail outlets in Kolkata, West Bengal; one for
silver articles, which was started in October 2011 and second for
gold jewellery and diamond- and kundan- studded jewellery, which
was started in June 2012.


KING REFINERIES: Ind-Ra Assigns B+ Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned King Refineries
Pvt Ltd (KRPL) a Long-Term Issuer Rating of 'IND B+'.  The Outlook
is Stable.  The agency has also assigned these ratings to KRPL's
bank loans:

                          Amount
   Facilities          (INR Million)     Ratings
   ----------          -------------     -------
  Fund-based working       30.00         'IND B+'/Stable
   capital limits

  Non-fund-based working   40.00         'IND A4'
   capital limit

KEY RATING DRIVERS

KRPL's ratings reflect its small scale of operations and moderate
credit profile.  In FY14, revenue was INR166 mil., interest
coverage was 2.7x, net financial leverage was 3.2x and EBITDA
margins were 3.6%.  The credit metrics are likely to have
deteriorated with an increase in short term debt during FY15.
Provisional FY15 numbers indicate revenue of INR250 mil.

The ratings are, however, supported by more than two-decade-long
experience of KRPL's founder in the edible oil industry.

RATING SENSITIVITIES

Positive: An increase in the scale of operations along with an
improvement in the credit profile will lead to a positive rating
action.

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

COMPANY PROFILE

KRPL was incorporated in 1994 in Gobi, Erode District, Tamil Nadu.
The company is into the business of refining edible oils namely
sunflower oil and groundnut oil.  The oils are marketed under the
brand names Pilot, Marshall and Deepak.

S.A Arumugam is the managing director of the company. N Shanmugam,
M Venkatachalam, S Sekar, S Moorthy, S Karthikeyan and S.A
Boopathy are the other directors of the company.


KISHAN AGRO: CRISIL Suspends B+ Rating on INR55MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kishan
Agro Product (KAP).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           1.5       CRISIL A4
   Cash Credit             55         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      29.9       CRISIL B+/Stable
   Term Loan                3.6       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by KAP
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KAP is yet to
provide adequate information to enable CRISIL to assess KAP'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 2005, KAP undertakes rice milling at its facility in
Burdwan (West Bengal). Its day-to-day operations are handled by
Mr. Abbas Ali, Mr. Noor Mohammad, and Mr. Sanjoy Prasad.


KOLKATA MARINE: CRISIL Assigns B+ Rating to INR40MM Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Kolkata Marine Products Pvt Ltd (KMPPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Short Term
   Bank Loan Facility        30        CRISIL A4
   Cash Credit               10        CRISIL B+/Stable
   Export Packing Credit     40        CRISIL B+/Stable

The ratings reflect KMPPL's moderate scale of operations in the
highly fragmented seafood industry and susceptibility of its
operating margin to volatility in raw material prices and foreign
exchange rates. These strengths are partially offset by the
extensive experience of the promoters in the seafood business and
the company's average financial risk profile, marked by
comfortable gearing and debt protection metrics.
Outlook: Stable

CRISIL believes that KMPPL will continue to benefit over the
medium term from its promoters' extensive experience in the
seafood export industry. The outlook may be revised to 'Positive'
if the company posts higher-than-expected accruals driven by
increase in its scale of operations or improvement in
profitability. Conversely, the outlook may be revised to
'Negative' if KMPPL registers deterioration in its liquidity on
account of lengthening of its working capital cycle, or low
accruals, or large debt-funded capital expenditure.

Incorporated in 2007, KMPPL is engaged in the processing and sale
of fish. The company is managed by Mr. MD Safiullah and Mr. Anwar
Ali and has its registered office in Kolkata.


LASA CERA: ICRA Assigns B+ Rating to INR6.24cr Term Loan
--------------------------------------------------------
The long-term rating of [ICRA]B+ has been assigned to the INR4.00
crore cash credit facility and INR6.24 crore term loans facility
of Lasa Cera Private Limited. ICRA has also assigned the short
term rating of [ICRA]A4 to the INR3.00 crore non-fund based
facility of LCPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.00        [ICRA]B+ assigned
   Term Loan             6.24        [ICRA]B+ assigned
   Bank Guarantee        3.00        [ICRA]A4 assigned

The assigned ratings are constrained by the start up nature of the
company and the high competitive intensity in the tile
manufacturing industry with the presence of large established
organized tile manufacturers as well as unorganized players in
Morbi (Gujarat) resulting in limited pricing flexibility. The
ratings are further constrained by the vulnerability of the
company's profitability to the cyclicality inherent in the real
estate industry, which is the main consuming sector; and to the
adverse fluctuations in prices of raw materials and natural gas,
which is the major fuel. The ratings also take into account the
possible stress on the entity's financial profile given the debt
funded nature of the project and debt repayments scheduled in the
near term.

The ratings, however, positively factor in the longstanding
experience of the promoters in the ceramic industry and the
location advantage enjoyed by the company by virtue of its
location in Morbi (Gujarat), which is ceramic hub leading to easy
availability of raw material and manpower.

Incorporated in April 2014 by the Manvar family, Lasa Cera Private
Limited is engaged in manufacturing of digital wall tiles in size
of 18''x 12''at its manufacturing facility located at Morbi,
Gujarat. The company has a total installed capacity of producing
around 9,000 boxes per day (~35,000 MTPA). It commenced commercial
production from first week of July 2015. The promoters have
longstanding experience in ceramic industry on account of their
association with Anil Ceramics and Silicon Ceramics, both entities
engaged in manufacturing of crockery and ceramic tiles
respectively based out of Morbi.


M.S ENGINEERING: CRISIL Suspends 'D' Rating on INR54.4MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
M.S Engineering (MSE).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           15        CRISIL D
   Cash Credit              54.4      CRISIL D

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

MSE was formed as a partnership concern in 1984, with Mr.
Debabrata Das and Mr. Satyabrata Das as partners. The firm
undertakes construction and maintenance of roads made of bitumen.
It has executed several projects under the Pradhan Mantri Gram
Sadak Yojana scheme. The firm's operations are concentrated in
West Bengal.


NAGPUR ASHOK: CRISIL Suspends B Rating on INR97MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of The
Nagpur Ashok (TNA).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               3        CRISIL B/Stable
   Term Loan                97        CRISIL B/Stable

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

TNA was set up in 2010 as a proprietorship concern by Mr. Sanjay
Gupta. The firm currently runs a 29-room three-star hotel in
Nagpur (Maharashtra). The hotel commenced commercial operations in
March 2011.


PNG TEXTILES: ICRA Assigns 'B' Rating to INR5.0cr Loan
------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B to the INR3.0
crore fund based facility of PNG Textiles Private Limited. ICRA
has also assigned its [ICRA]B rating to the Rs 5.0 crore
unallocated limits of the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based-Cash
   Credit                 3.0         [ICRA]B; assigned
   Unallocated            5.0         [ICRA]B; assigned

ICRA's rating is constrained by the intense competition in the
garments exports industry, which has resulted in PTPL's thin
profitability and stagnant operating income. The rating also takes
into account the company's modest scale of operations and its low
net worth. Reliance on bank borrowings for funding the working
capital requirements, combined with its low net worth has resulted
in high gearing and high TOL/TNW*. The rating also factors in the
company's weak coverage indicators as reflected in elevated
TD/OPBDITA and weak NCA/TD. The rating, however, positively
considers the extensive experience of the company's promoters in
garment exports and its marketing set up in Netherlands.

Going forward, the company's ability to ramp up its scale of
operations while sustaining margins and maintaining optimal
working capital intensity, will be the key rating sensitivities.

PTPL was incorporated in 2011 by taking over the partnership
business of Mr Daljit Singh Rana and his family. Mr Rana has
extensive experience in the Netherlands garment industry. PTPL
manufactures and exports readymade garments for kids and women to
various European markets. PTPLs' manufacturing facility is located
at Gurgaon (Haryana) and has an installed capacity of 60,000
pieces per annum.

Recent Results
PTPL reported a Profit After Tax (PAT) of Rs 0.31 crore on an
Operating Income (OI) of Rs 15.67 crore in 2014-15 (as per
provisional results), as against a PAT of Rs 0.19 crore on an OI
of Rs 16.17 crore in 2013-14.


RATHI STEEL: ICRA Withdraws B/A4 Rating on INR419.26cr Bank Loan
----------------------------------------------------------------
ICRA has withdrawn the suspended ratings of [ICRA]B and [ICRA]A4
assigned to INR419.26 crore bank lines of Rathi Steel and Power
Limited. As per ICRA's policy on withdrawals, ICRA can withdraw
the rating in case the rating remains suspended for more than
three years.


ROYAL SUITINGS: ICRA Assigns B+ Rating to INR8.90cr Cash Loan
-------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR8.90
crore fund-based bank facilities of Royal Suitings Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term- Cash
   Credit                8.90         [ICRA]B+; Assigned

ICRA's rating takes into account RSPL's modest scale of operations
and limited pricing power because of the high competitive
intensity on account of the fragmented nature of the weaving
industry. The rating also takes into account the rising labour and
power costs which will keep the company's operating profit margins
under pressure. The weak profitability coupled with high
dependence on debt on account of working capital intensive nature
of operations, have resulted in weak coverage indicators. The
rating however derives comfort from the long standing experience
of the promoters, RSPL's track record of healthy capacity
utilization and favourable location of the weaving facilities,
which ensures easy access to raw material and skilled labour. ICRA
also notes that the company doesn't have any long term debt
repayments all its borrowing comprises of working capital loans
and interest free unsecured loans from the promoters.

Going forward, RSPL's ability to achieve improved profitability
metrics while operating at satisfactory capacity utilization
levels and attain optimal working capital intensity will be the
key rating sensitivities.

RSPL manufactures woven fabrics for suitings and is managed by Mr.
R.P. Jain and Mrs. Savita Jain, who have more than two decades of
experience in the textile industry. The company has 40 looms
installed at its weaving facility in Bhilwara, Rajasthan, and has
a production capacity of about 30 lakh meters of fabric per annum.
RSPL sells its products under the brand name 'Osoline Sulz.

Recent results
On a provisional basis, RSPL registered a profit after tax (PAT)
of INR0.2 crore on an operating income (OI) of INR35.3 crore in
FY15, as against a PAT of INR0.1 crore on an OI of INR36.9 crore
in the previous year.


S.S. CONSTRUCTION: ICRA Revises Rating on INR4.8cr Loan to B-
-------------------------------------------------------------
ICRA has revised its rating on the INR4.8 crore fund based
facilities, INR2.0 crore non fund based facilities and INR1.2
crore unallocated bank limits of S.S. Construction (SSC) to
[ICRA]B- from [ICRA]B.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limit       4.8       [ICRA]B-; Revised
   Non Fund Based Limit   2.0       [ICRA]B-; Revised
   Unallocated            1.2       [ICRA]B-; Revised

The revision in rating is driven by SSC's stretched liquidity
position due to high working capital requirements leading to
frequent overutilization of limits. Further, the rating takes into
account the volatility in the firm's operating income, as was seen
in FY14, owing to weak order book movement, and modest revenue
visibility. The rating also factors in the firm's modest operating
scale and substantial geographic and client concentration risks,
as well as the firm's weak capital structure due to frequent
withdrawals by the proprietor. The rating however derives comfort
from the experience of the promoters of SSC, who have been in the
construction business for the more than ten years and the firm's
healthy operating margins.

Going forward, the ability of the firm to maintain a healthy order
inflow, efficiently managing its working capital cycle and
liquidity, and improve its capital structure will be the key
rating sensitivities.

SSC is a proprietorship firm based in Ghaziabad, Uttar Pradesh and
was set up in 2007. The firm is promoted by Mr. Ravi Chaudhary.
SSC undertakes civil construction work for state and central
government agencies. It is registered as an 'A' class contractor
with UP State Power Utilities, UPSIDC Ltd, Kanpur, Ghaziabad
Development Authority, Hapur Pilkhuwa Development Authority,
Kanpur Development Authority, Bulandshahr Development Authority
etc. The company has worked in various town of UP including
Ghaziabad, Kanpur, Moradabad, Noida, Agra, Meerut, Bulandshahr,
Hapur, Bareilly etc.

Financial Results

For FY14, the firm reported a net profit of INR0.4 crore on an
operating income of INR2.0 crore, as compared to a net profit of
INR0.5 crore on an operating income of INR5.4 crore for the
previous year. The firm reported, on a provisional basis, an
operating income of INR8.55 crore for FY15.


SCC PROJECTS: CRISIL Suspends 'C' Rating on INR450MM LT Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
SCC Projects Pvt Ltd (SCCPPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           280       CRISIL A4
   Cash Credit              150       CRISIL C
   Proposed Long Term
   Bank Loan Facility       450       CRISIL C

The suspension of ratings is on account of non-cooperation by
SCCPPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SCCPPL is yet to
provide adequate information to enable CRISIL to assess SCCPPL'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 1989, SCCPPL undertakes bitumen (asphalt) and
concrete road construction projects. The company is based at
Indore (Madhya Pradesh); it primarily undertakes road construction
work in the state, either awarded through government bodies or
sub-contracted by large private contractors.


SHARPLINE MACHINERY: ICRA Withdraws B/A4 Rating on INR7cr Loan
--------------------------------------------------------------
ICRA has withdrawn the [ICRA]B/[ICRA]A4 ratings outstanding on the
INR7.00 crore bank facilities of Sharpline Machinery Private
Limited as the rated bank limits have reduced to INR1.00 crore.
The ratings were under notice of withdrawal and are withdrawn as
the period of notice of withdrawal is complete.


SHIVALIK POLYADD: ICRA Suspends B+ Rating on INR9.0cr Cash Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ and short term
rating of [ICRA]A4 assigned to the INR9.13 crore bank facilities
of Shivalik Polyadd Industries Private Limited The suspension
follows ICRAs inability to carry out a rating surveillance due to
non cooperation from the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term- Cash
   Credit Limit          9.00        [ICRA]B+; suspended

   Long Term- Term
   Loan Limit            0.13        [ICRA]B+; suspended

   Short Term- Inland/
   Import LC/Buyers
   Credit               (4.00)       [ICRA]A4; suspended

Incorporated in 2005 as a proprietorship firm under the name
"Shivalik Polyresin (renamed as "Shivalik Industries"), later in
2008 the company got converted into private limited as "Shivalik
Polyadd Industries Private Limited". SPIPL is engaged in
manufacturing of reprocessed/recycled plastic granules since 2010,
before which it was mainly engaged into manufacturing of
masterbatches.  Its plant has an installed capacity to produce
6000 metric tons plastic granules per year and is located at
Kalol, Gujarat.


SHRIDHAR CASTINGS: ICRA Suspends D Rating on INR7.5cr Loan
----------------------------------------------------------
ICRA has suspended [ICRA]D rating, assigned to the INR7.50 crore
fund based bank facilities of Shridhar Castings Private Limited.
ICRA has also suspended [ICRA]D rating, assigned to the INR2.50
crore short term non-fund based facilities of the company. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SOUTH INDIAN: CRISIL Suspends B+ Rating on INR10MM Loan
------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
South Indian Timbers (SIT).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              10        CRISIL B+/Stable
   Letter of Credit         45        CRISIL A4

The suspension of ratings is on account of non-cooperation by SIT
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SIT is yet to
provide adequate information to enable CRISIL to assess SIT'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 2008 and based in Bengaluru, SIT is a proprietorship
firm promoted by Mr. Zameer Ahmedkhan. The firm trades in timber
and operates one saw mill.


SP APPARELS: ICRA Ups Rating on INR115cr Loan From D
----------------------------------------------------
ICRA has upgraded the long-term rating outstanding on the Rs 48.3
crore (revised from INR44.5 crore) term loans and the INR20.0
crore fund based facilities of SP Apparels Limited to [ICRA]BB
from [ICRA]D. The outlook on the long-term rating is stable. ICRA
has also upgraded the short-term rating outstanding on the
INR115.0 crore fund based facilities of SPAL to [ICRA]A4 from
[ICRA]D.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term: term      48.3      Upgraded to [ICRA]BB
   loan facilities                from [ICRA]D; Outlook: Stable

   Long-term: fund      20.0      Upgraded to [ICRA]BB
   based facilities               from [ICRA]D; Outlook: Stable

   Short-term: fund    115.0      Upgraded to [ICRA]A4
   based facilities               from [ICRA]D

The ratings upgrade considers the improvement in financial profile
of the company during FY 2014-15 marked by healthy increase in
operating profits and cash flows leading to regularization of debt
servicing by SPAL in the recent months. Aided by steady demand for
ready-made garments from its customers, the company's operating
income grew by 7% while the operating and net profit margins
expanded by 110 bps and 210 bps respectively during 2014-15.
Improved cash accruals led to timely servicing of debt repayments
which coupled with lower utilisation of working capital loans
supported the improvement in liquidity position and debt coverage
metrics of the company. The ratings also factor in the company's
established market position in the export of children's garments
(knit-wear; which accounts for bulk portion of its revenues),
promoter's long-standing experience in the textile industry, their
established relationships with reputed clientele and the fairly
integrated nature of operations with presence across the garment
value chain which supports the operating efficiencies.

The ratings are however constrained by the stretched working
capital intensity, low current ratio and moderate concentration
risks with ~67% of revenues derived from top four customers,
although the proportion has declined in recent fiscals with
improving sales from newly added customers. The company is also
exposed to the intense competitive pressures in the readymade
garments industry (both domestic as well as international
players), which restricts the company's pricing flexibility to a
certain extent. Going forward, ability of the company to sustain
its growth momentum and improve its operating profitability in
view of the high competitive intensity in the domestic market will
remain key credit monitorables.

Promoted as a partnership firm by Mr. P. Sundararajan in 1989 and
incorporated in November 2005 as a public limited company, SPAL is
engaged in spinning, processing (dyeing), garmenting (sewing),
printing and embroidery of 100% cotton garments. SPAL has its
manufacturing facilities located in and around Coimbatore
(knitting, processing, garmenting, and printing and embroidery
facilities) and Salem (spinning facility) in Tamil Nadu. The
company caters primarily for exports to renowned brands/ marketers
in the European Union (EU). SPAL entered the domestic retail
market in 2006-07 by acquiring a 70 per cent equity stake in
Crocodile Products Private Limited, the Indian arm of the
Singapore-based Crocodile International Private Limited (which
markets the menswear brand, Crocodile).


SRI KRISHNA: ICRA Assigns B+ Rating to INR8.0cr LT Loan
-------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR8.00
crore1 fund based facilities (Working Capital Term Loan) of
Sri Krishna Nagai Maligai (Madurai) Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term: Fund
   based facilities      8.00         [ICRA]B+/assigned

The assigned rating takes into account the experience of promoters
in the jewellery retail business for nearly three decades and the
established presence of the Company in one of the prominent
locations in Tamil Nadu which lend support to its brand equity.
The rating also factors in the efforts taken by the management to
widen its geographic presence by opening new showrooms which is
expected to mitigate the risks associated with single location
outlets to an extent. The rating is, however, constrained by the
high working capital intensity driven by the high inventory
holdings which has led to increased dependence on borrowings to
fund the working capital requirements. This in turn has resulted
in a stretched capital structure (with a gearing of 1.1 times as
on March 31, 2015) and coverage indicators. The rating also
factors in the relatively small scale of operations which limits
the company's financial flexibility and the intense competitive
pressure prevalent in the highly fragmented jewellery retail
industry. While the entry of large regional and corporate
retailers in the region is expected to further intensify the
competition thereby leading to pricing pressures, ICRA takes
comfort from the long-term favourable demand prospects for the
domestic jewellery industry. Going forward, the company's ability
to improve its revenues and profit margins while efficiently
manage its working capital cycle will be critical to improving the
overall credit profile.

Sri Krishna Nagai Maligai (Madurai) Private Limited is a Madurai
based company established by Mr. Selvam, Mr. Jeegadeshan, Mr.
Manivasagam and Mr. Sivashankar in 1990. The Company is engaged in
the manufacturing and selling of gold, silver, diamond and
platinum jewellery through its retail showroom located in Madurai
and Melur. The Company has two showrooms in Madurai of 6,000 sq.
ft. and 1,200 sq. ft., respectively and a small showroom in Melur
of 100 sq. ft. The Company also trades jewellery procured from
merchants based out of Chennai, Coimbatore, Mumbai and Hyderabad.
The Company's gold requirements are met through melted gold
obtained from exchange of old jewellery from customers and bullion
dealers. The Company procures gold from bullion dealers in Chennai
and Coimbatore and outsources the jewellery manufacturing to local
goldsmiths.

Recent Results
According to the unaudited financials for 2014-15, the Company
reported a PAT of INR1.0 crore on an operating income of INR29.1
crore. For the financial year 2013-14, the Company reported a net
profit of INR0.8 crore on an operating income of INR27.3 crore.


SUNDARAM STEELS: CRISIL Suspends B+ Rating on INR30MM Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sundaram Steels (Sundaram).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              30        CRISIL B+/Stable
   Term Loan                25        CRISIL B+/Stable

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

Sundaram, a partnership firm, was set up in 2009-10 at Bhavsor
(Gujarat) by members of the Patel family. It manufactures mild
steel square bars, flat bars, angle bars, channel bars, and
section bars of various sizes. The firm commenced commercial
operations in February 2011.


SURESH EXPORTS: CRISIL Suspends B- Rating on INR100MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Suresh Exports.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bill Purchase-Disc.
   Facility                 25        CRISIL A4

   Cash Credit               5        CRISIL B-/Stable

   Packing Credit           60        CRISIL A4

   Proposed Long Term
   Bank Loan Facility      100        CRISIL B-/Stable

   Term Loan                10        CRISIL B-/Stable

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

Established in 1991 by the Wadhwani family of Maharashtra, Suresh
Exports processes spices such as chilli, coriander seeds, and
turmeric, and pulses, which it sells in the export as well as
domestic markets. The firm has two processing units, one in Guntur
(Andhra Pradesh) and the other in Nagpur (Maharashtra).


TRIVENI ENTERPRISES: ICRA Assigns B+ Rating to INR6.0cr LT Loan
---------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR6.00
crore long-term fund-based limits of Triveni Enterprises.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long-term, Fund-based      6.00       [ICRA]B+; Assigned

The assigned rating is constrained by the limited value additive
nature of the firm's trading operations and highly fragmented
nature of industry which exerts pressure on its profitability.
ICRA also notes the firm's stressed capital structure
characterised by high gearing and subdued debt coverage metrics.
The rating also takes note of the vulnerability of profitability
to the commodity price fluctuations and the firm's low bargaining
with the suppliers owing to its smaller size. The rating is
further constrained by the stretched liquidity as evident from the
high utilisation of working capital limits and significant debt
obligations in near to medium term due to the debt funded capital
expenditure plans of the firm. The rating also takes into the
account the partnership status of the firm which results in risk
of capital withdrawal by the partners.

The rating, however, favourably considers the extensive experience
of Triveni's partners, its established track record spanning over
four decades and its diversified clientele spread across various
industries. The rating also considers the reputed supplier base
such as Steel Authority of India, Posco etc. and the long
established relationship of the firm with them.

Triveni Enterprises was established by late Mr. O. P. Agarwal in
1968 to engage in the trading of iron and steel products.
Currently, the firm is owned and managed by his wife Mrs. Suchita
Agarwal and his son Mr. Ashirwad Agarwal. The firm buys and sells
products ranging from angles, beams, channels, squares, rounds,
flats, plates, sheets etc which are extensively used in
construction, automobile and engineering segment. The firm also
provides various services like slitting, cutting, de-coiling and
straightening at its warehousing facility located at Bangalore
(Karnataka). The firm is ISO 9001:2008 certified.

Recent Results For FY 2014-15, Triveni provisionally reported a
net profit of INR1.96 crore on an operating income of INR307.20
crore, as against a net profit of INR2.04 crore on an operating
income of INR252.90 crore in FY 2013-14.


UNISOURCE PAPERS: ICRA Reaffirms 'D' Rating on INR5.0cr LOC
-----------------------------------------------------------
ICRA has reaffirmed the rating of [ICRA]D for the INR3.05 crore
(reduced from INR3.33) of fund based facilities and INR5.00 crore
of non-fund based facilities of Unisource Papers Private Limited.
ICRA has also reaffirmed [ICRA]D rating to the unallocated amount
of INR0.28 crore (enhanced from nil) of the company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based-Cash
   Credit                1.50       [ICRA]D reaffirmed

   Term Loans            1.55       [ICRA]D reaffirmed

   Non-fund based-
   Letter of Credit      5.00       [ICRA]D reaffirmed

   Unallocated Amount    0.28       [ICRA]D reaffirmed

The rating reaffirmation continues to take into account, Unisource
Papers Private Limited's (UPPL) stressed liquidity profile as
evident from full utilization of working capital borrowings and
weak financial profile as reflected from subdued profit margins
resulting in weak coverage indicators. The rating also takes into
account the eroded net worth of the company, thereby increasing
the company's reliance on external borrowings and stretched
creditors, which could lead to Letter of Credit devolvement in
case of any delay in receivables. Further, the impending debt
repayment is further expected to exert pressure on the liquidity
of the company. Besides, the rating also takes into account the
fragmented nature of the industry with low entry barriers and the
vulnerability of margins to raw material prices and foreign
exchange fluctuations.

The ratings, however, also take into consideration the promoter's
long track record in the business of trading and paper processing
and expected improvement in turnover of the company following job-
work orders from ITC Limited.

The company's ability to improve its profitability, while getting
regular orders from ITC Limited and service its debt and interest
obligations timely will remain the key rating sensitivity.

Incorporated in 2005, UPPL was promoted by Mr. Aurora and is
engaged in the business of paper trading and also executes job-
work orders for paper manufacturers and printing agencies. The
company imports high quality virgin kraft paper, processes it and
caters to the Indian packaging industry. The company has two
rented facilities located in Pune and Talegaon with an installed
capacity of 2200 metric tonne/month and 2500 metric tonne/month
respectively. Talegaon unit exclusively executes job work orders
for ITC Limited. The company has a registered office in Mumbai.

Recent Results
UPPPL recorded a net loss of INR1.00 crore on an operating income
of INR24.30 crore for the year ending March 31, 2015
(Provisional).


UNIVERSAL CONVERTERS: CRISIL Suspends B Rating on INR69MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Universal Converters Pvt Ltd (UPL; part of the Universal group).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               69       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by UPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, UPL is yet to
provide adequate information to enable CRISIL to assess UPL'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 UPL and its group entity Universal
Coatings Pvt Ltd (UCPL), together referred to as the Universal
group. This is because these entities are managed by the same
promoters, are into the same lines of business and have cash flow
fungibility.

Incorporated in 1990, UPL and UCPL manufactures polyester twist
wrappers for the confectionary industry. The group is promoted by
Mr. Pratap Reddy and Mrs. Anita Reddy.


YEDESHWARI AGRO: ICRA Reaffirms B+ Rating on INR62cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ for INR62.00
crore (reduced from INR63.00 crore) term loan facility and INR1.00
crore (enhanced from nil) unallocated amount of Yedeshwari Agro
Products Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term, Fund
   Based- Term Loan     62.00       [ICRA]B+ Reaffirmed

   Long Term
   Unallocated           1.00       [ICRA]B+ Reaffirmed

The rating reaffirmation takes into account improved crushing
levels in SY15 with stabilization of operations and healthy
operating margins of ~19% in FY15 supported by inventory gain.
Forward integrated sugar plant with co-generation unit provides an
additional source of revenue and some cushion against the
cyclicality in sugar business.


The rating also takes into consideration location advantage with
mill located in cane surplus region and Government support
extended in the form of raw sugar export subsidy and interest free
loans to repay cane arrear which is expected to benefit sugar
industry to some extent in near term.

The rating however remains constrained by the stretched financial
profile marked by leveraged capital structure with high gearing
and high working capital intensity prevalent in the sugar
industry. The company has high level of debt repayments in FY16,
leading to refinancing risk in case of shortfall in accruals from
business operations. Further, the fall in sugar prices in current
fiscal is expected to result in decline in operating margins for
the company, thus affecting the cash accruals. The rating also
takes into account competition from nearby sugar factory which can
put pressure on cane pricing and managing the cane costs will
remain crucial for maintaining adequate profitability. Further,
the rating continues to factor in regulatory risks in the industry
regarding cane pricing, export regulations and agro climatic risks
inherent in the industry. Going forward, ensuring adequate
crushing period, managing the cane cost and maintaining adequate
inventory levels will be critical in meeting debt repayment
obligations.

YAPL was incorporated in 2007 and is involved in manufacturing of
sugar and its allied products. The company has 3500 TCD (tonnes
crush per day) sugar plant integrated with co-generation unit of
10 MW (mega watt). The plant is located at Anandgaon, Tehsil Kej,
in Beed district of Maharashtra.

Recent Results
During FY15, YAPL reported operating income of INR116.03 crore,
OPBITA of INR21.59 crore and PAT of INR0.15 crore.



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


TOSHIBA CORP: Moody's Affirms 'Ba1' Subordinated Debt Rating
------------------------------------------------------------
Moody's Japan K.K. has affirmed Toshiba Corporation's Baa2 issuer
and senior unsecured debt ratings as well as its Ba1 subordinated
debt rating and P-2 commercial paper rating.

The ratings outlook is stable.

The ratings affirmation follows Toshiba's announcement of its
results for the fiscal year ended March 31, 2015 (FYE3/2015) and
the restatement on September 7 of its results for FYE3/2009
through 3Q FYE3/2015.

RATINGS RATIONALE

"The affirmation of the ratings and stable outlook reflect our
view that despite the revisions in the past results and its
trailing financial metrics that are very weak for the ratings, we
expect Toshiba's financial metrics, including leverage, to
strengthen in the short term to levels appropriate for its
ratings," says Motoki Yanase, a Moody's Vice President and Senior
Analyst.

"In addition, we expect the company's recently announced corporate
governance initiatives to address systemic issues that might
otherwise have led to a ratings downgrade," adds Yanase.

"Nevertheless, we recognize that Toshiba still faces material
challenges within its operating environment due to the inherent
volatility of some of its major product sectors, such as
semiconductors. In addition, the thorough implementation of its
announced measures on corporate governance will be key and remains
a potential area for further disappointment, should it fail to do
so," says Yanase.

Toshiba's adjusted EBITA margin and adjusted debt/EBITDA ratio
worsened to 4.2% and 5.0x, respectively, for FYE3/2015 from 5.9%
and 4.3x a year ago, based on the revised figures. Moody's notes
that before the revision, its EBITA margin was 6.4% and its
debt/EBITDA ratio was 3.7x for FYE3/2014.

However, Moody's expects these metrics will recover in FYE3/2016
since the numbers will no longer include the impact of asset
write-downs recorded at electronic devices & components business
and energy & infrastructure business in FYE3/2015. Moody's also
expect that Toshiba's operations will be supported by the
relatively solid performance of these businesses over the next 6-
12 months.

Retained cash flow to net debt changed only modestly to 15.2% for
FYE3/2015 -- slightly better than 14.5% a year ago -- after the
revision, but still a deterioration from 15.6% in March 2014
before the revision.

Debt/capitalization was 60.5% in March 2015, an improvement from
61.6% a year ago, based on the revised figures, but a moderate
deterioration from 57.2% in March 2014 before the revision.

On September 7, Toshiba released an audited financial statement
for FYE3/2015 and revised its financial statement for FYE3/2009
through 3QFYE3/2015, but the timing showed a significant delay
from the original schedule. The company reported JPY170.4 billion
in operating profit for FYE3/2015, in line with its estimate on
August 18. However, the figure is also about 52% of its forecast
of JPY330 billion, as announced in 2014.

This profit gap includes an impairment loss of JPY126.9 billion
relating to its South Texas Project, a nuclear generation plant,
and semiconductor and home appliances businesses. The gap also
includes an additional JPY48.1 billion relating to the company's
exit from a part of its personal computer and television business
as well as lawsuit fees. After including tax expenses, Toshiba
recorded JPY37.8 billion in net losses.

Before releasing its audited report, the company announced its new
corporate governance framework on August 18, which included the
reduction of the board's size to 11 with 7 outside directors; a
commitment to name an outside director as a chairman; and the
appointment of independent outside directors for key board
committee positions, including audit committee that will be
comprised only by independent outsiders.

In addition, on September 7, Toshiba announced "preventive
measures", which include revising the budgeting process to a
bottom-up approach from the previous top-down approach. The
measures also involve taking each division's finance team out of
that division's control and placing it under the direct control of
the corporate CFO; and reforming the company's business process to
achieve appropriate accounting treatment.

The ratings affirmation also reflects Moody's view that the
numerous changes in Toshiba's corporate governance framework -- as
announced by the company as remedial initiatives -- can improve
the surveillance of its management and help eliminate excessive
management pressure. This pressure contributed in large part to
previous inappropriate accounting practices.

However, Moody's expects that it will take time for the new
management framework to become an integral part of the company's
corporate culture. Accordingly, the ratings affirmation is based
on our assumption of the proper and complete implementation of
such measures. Should this not be the case, then it is likely that
the rating and/or outlook would face immediate downward pressure.

Toshiba's Baa2 ratings reflect the company's relatively high level
of leverage -- in view of the significant earnings contribution
from its volatile semiconductor business -- but which is partly
mitigated by the stable operations of the company's energy &
infrastructure business.

Moody's also expects that the company will maintain its
competitiveness in the NAND flash memory business based on its
technological capabilities and low manufacturing costs. Unlike
other semiconductor memory products -- such as DRAM -- NAND flash
memory has a relatively stable market structure; that is, it is a
duopoly controlled by Toshiba and Samsung Electronics Co., Ltd.
(A1 stable), a situation which helps Toshiba achieve strong
profits during upcycles.

Downward rating pressure could emerge if earnings weaken, possibly
from a fall in revenues, resulting in turn from the adverse
effects of the accounting problems on Toshiba's reputation; or,
for example, from a significant deterioration in the semiconductor
business beyond our expectations, such that its reported operating
profit margin drops below 3% and/or adjusted debt/EBITDA
deteriorates to beyond 4.5x, on an ongoing or future projected
basis. Moreover, if the revised corporate governance structure
fails to function properly, leading to an additional deterioration
in financial results or metrics, then immediate negative rating
pressure is likely.

In the context of Toshiba's recent announcements and the execution
risk surrounding its corporate governance structure, upward rating
pressure is unlikely over the short and medium term. Beyond this
point, positive rating pressure could emerge if Toshiba is able to
increase and stabilize its overall profitability by further
enhancing the competitiveness of its business segments, such that
its reported operating profit margin exceeds 4.0%, and/or adjusted
debt/EBITDA falls below 3.5x, both on sustained multi-year basis.

Toshiba's ratings also incorporate a two-notch uplift, given that
it is one of the largest companies in Japan with about 200,000
employees and occupies a significant position in the economy and
society. It maintains stable relationships with its main banks.

The principal methodology used in these ratings was Global
Manufacturing Companies (Japanese) published in August 2014.

Toshiba Corporation, headquartered in Tokyo and founded in 1875,
is one of the largest integrated electronics companies in Japan.
Its businesses range from electronic devices and digital products
to home appliances and electric power generating facilities.



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


BULLOCK CONSTRUCTION: Subcontractors Call For Tighter Controls
--------------------------------------------------------------
Martin Van Beynen at Stuff.co.nz reports that subcontractors said
more controls are needed to stop building companies going bust and
then carrying on business under a new entity.

Stuff.co.nz relates that Christchurch tradesmen Scott Blanchard
and Stuart Yardley have recently been stung by separate companies
that went broke and then carried on business under another
company.

According to the report, Mr. Blanchard is owed money by Bullock
Construction Ltd which went into voluntary liquidation on
August 26. Creditors are owed more than NZ$1.4 million and the
company has entered an agreement to sell its assets to a related
company, the report discloses.

Stuff.co.nz says the agreement is conditional on approval by a
secured creditor.  The report relates that liquidator Andrew
Oorschot of Ashton Wheelans, said he would also need to approve
the sale.

Bullock owes IRD $295,000, comprising $120,000 GST and $175,000
PAYE, and its workers are owed wages and holiday pay of $20,000.

Mr. Oorschot's report said Bullock's director Richard Neill has
been "unable to determine the cause of these trading losses as the
company had previously been profitable," Stuff.co.nz relays.

In July, Mr. Neill activated another company registered in 2010,
the report recalls. It was called Bullock Building Company Ltd and
changed its name to RN Build on July 28. It is now trading with
Neill and his wife as both directors and shareholders.

Meanwhile, Mr. Yardley is a creditor of Christchurch building
company, Alawin Builders Ltd, which went into voluntary
liquidation on August 19 and appointed Christchurch accountant
Murray Allott liquidator, Stuff.co.nz discloses.

Mr. Allott's first report said the company owes about $800,000 to
trade creditors, IRD and in unsecured loans and advances, the
report relays.

Stuff.co.nz relates that Alawin's director Kevin Alan Mason helped
form another company, Alawin Builders 2015 Ltd, in June. The
company changed its name to Clearview Homes Ltd on August 14,
Stuff.co.nz discloses citing Companies Office records.

According to the report, Mr. Mason resigned as director of
Clearview in August and Terence Vernon Etwell, who was discharged
from bankruptcy on July 16, 2013, is the only remaining director.

Mr. Mason also ditched his shareholding in Clearview last month
and all shares are now owned by Mr. Etwell, Stuff.co.nz notes.

Alawin Homes still has a listed phone number but callers are told
they have reached Clearview Homes, the report adds.


SOLID ENERGY: Administrators Support Board's Proposed DOCA
----------------------------------------------------------
The Administrators of Solid Energy New Zealand Limited and its
subsidiaries have issued their report to the Solid Energy Group's
1,500 creditors on Sept. 10, 2015.

The report, which provides a high-level analysis of the company's
position and considers the final version of the Solid Energy
Board's proposal, supports the Solid Energy Group entering into a
Deed of Company Arrangement (DOCA) with its creditors.

As advised at the start of the Voluntary Administration process,
there were two real outcomes for Solid Energy:

1. Deed of Company Arrangement executed with the aim of allowing
    an orderly realisation of the Solid Energy Group's assets

2. Liquidation.

The Administrators are required to issue a report to creditors 5
working days before the Watershed Meeting, analysing the options
and producing an opinion for creditors.  This enables them to make
a fully informed decision -- whether or not to vote for the DOCA -
- when they vote on the future of the company on
September 17.

"We have been working with the Solid Energy Board and management
to ensure the best possible outcome for all creditors via the
voluntary administration process," said the Administrator, Brendon
Gibson of KordaMentha.

"The DOCA is in our opinion the preferred option.  It enables a
progressive sell-down of the assets over the next two and a half
years.  In our opinion, on balance the DOCA provides the best
return for all creditors."

The key results of the Administrators' analysis are:

* An estimate that the return to all creditors will be
   15 - 20 cents in the dollar for liquidation.

* If the DOCA is supported, trade creditors and employees will
   receive 100 cents in the dollar.  Rehabilitation costs will
   be covered by the Crown subject to a cap minimising the risk
   to Councils.  Other creditors, including the Bank group and
   Bondholders, are expected to receive 35 - 40 cents in the
   dollar.

Mr Gibson said the key reasons for the material difference in
return are the forecast improved return from an orderly
realisation of the assets and the decrease in liability claims
from parties as a result of DOCA negotiations.

"We are advised, subject to finalisation of some minor matters,
that the Banks and TSB as the largest Note Holder have agreed to
support the proposal which is encouraging for the vote on 17
September," said Mr Gibson.

Solid Energy Acting Chairman, Andy Coupe, said he was delighted
but not surprised that the Administrators supported the DOCA.  He
said that Solid Energy management and the Board had been working
tirelessly to further its proposal.  "We are pleased at the
support we have received in negotiating our proposal."

Mr. Coupe said the company would be ensuring employees fully
understood the detail of the report.

                         About Solid Energy

Solid Energy New Zealand Ltd is New Zealand's largest coal mining
company and an investor in research and commercialisation of
sustainable forms of energy that use coal, coal seam gas, biomass,
biodiesel and solar. Solid Energy's core mining business
includes hard coking coal, primarily for export to steel mills
throughout Asia, and thermal coal for the Huntly power station
and other domestic customers in the steel, dairy and cement
industries.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 13, 2015, the Board of Solid Energy New Zealand Limited
(SENZ) has placed the company and all associated companies into
voluntary administration, a process which allows the company to
continue trading while creditors consider the best way forward.

KordaMentha partners, Brendon Gibson and Grant Graham have been
appointed Administrators.



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


* Moody's Lowers Asia Growth Forecasts on Slowing Exports
---------------------------------------------------------
Moody's Investors Service has adjusted downwards its GDP growth
forecasts for many Asia Pacific (APAC) sovereigns, noting that
subdued global growth, exacerbated by weaker demand from China,
leads APAC growth lower.

Nevertheless, APAC sovereign credit profiles are resilient to
lower growth, because most other APAC sovereign credit indicators,
such as government debt and balance of payments ratios, remain in
line with Moody's assumptions, and within the range for each
sovereign's peer group.

Moody's conclusions are contained in its just-released report
titled "Asia Pacific Sovereigns: Credit Profiles Resilient to
Slowing Exports, Subdued Domestic Demand".

The report describes the adjustments to each rated Asian
sovereign's growth forecast, as well as the reasons behind Moody's
lower growth expectations. It highlights that weak demand from
China (Aa3 stable) has dampened the overall export outlook for the
region, while softer commodity prices weigh on some sovereigns'
export revenues, growth and fiscal balances.

Moody's report says that domestic demand in most APAC countries is
unlikely to offset the effect of slower global growth, partly
because an anticipated investment boost from government
infrastructure spending has not materialized in some cases.

In addition, households are saving more of their income gains from
lower energy costs than previously expected, despite monetary
easing by central banks in the region. Market volatility and
political risk are also weighing on confidence.

Nonetheless, Moody's sees most APAC sovereign credit profiles as
resilient to the ongoing slowdown in global growth. The report
points out that growth in Asia is slowing from high levels, and is
on average still stronger than most other regions.

The risk of deflation at this point is minimal, while lower oil
prices have supported current account and fiscal positions in many
Asian countries; offsetting the risks from slower growth and
external financial volatility.

In addition, government debt-to-GDP levels are largely moderate in
much of Asia -- except in India (Baa3 positive), Japan (A1
stable), Pakistan (B3 stable) and Sri Lanka (B1 stable) --
offering some space for fiscal stimulus.

On capital account volatility, Moody's expects that the pressures
on exchange rates and reserves in many Asian countries will
continue, as international markets respond to slower emerging
market growth, and potential US Federal Reserve action.

Nevertheless, the negative sovereign credit implications of such
pressures are limited by currency flexibility, and reserve levels
that are significantly higher in Asia than during the late
nineties.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                         Total     Shareholders
                                        Assets           Equity
  Company                Ticker        (US$MM)          (US$MM)
  -------                ------         ------     ------------

AUSTRALIA


ACONEX LTD                ACX          -152.68        -128.58
ATLANTIC LTD              ATI          -644.51        -623.62
AUSTRALIAN ZI-PP          AZCCA         -67.98         -82.58
AUSTRALIAN ZIRC           AZC           -67.98         -82.58
AXXIS TECHNOLOGY          AYG            -2.18          -2.75
BIRON APPAREL LT          BIC            -2.22           2.43
BLUESTONE GLOBAL          BUE            -2.40         -16.73
BRIDGE GLOBAL CA          BGC          -121.51        -127.89
BULLETPROOF GROU          BPF            -2.99          -1.44
CLARITY OSS LTD           CYO           -15.57          -4.00
IPH LTD                   IPH            -7.54           5.47
LOVISA HOLDINGS           LOV            -3.43          -6.28
MBD CORP LTD              MBD            -0.20          -4.50
MIRABELA NICKEL           MBN           -71.38          28.39
NORSEMAN GOLD PL          NGX           -43.40         -39.99
OPUS GROUP LTD            OPG            -8.99         -47.37
QUICKSTEP HLDGS           QHL            -0.89          -0.48
RIVERCITY MOTORW          RCY          -809.13         133.92
RUBICOR GROUP LT          RUB            -0.82          -2.88
RUTILA RESOURCES          RTA            -3.90         -34.11
SPHERE MINERALS           SPH           -64.95        -119.39
STERLING PLANTAT          SBI           -15.46           9.69
STONE RESOURCES           SHK           -15.07         -27.87
STRAITS RESOURCE          SRQ           -13.26        -117.91
SUBZERO GROUP LT          SZG           -21.29         -27.50


CHINA

ANHUI GUOTONG-A           600444         -8.81         -40.54
CHINA ESSENCE GR          CESS         -112.12        -150.89
CLOUD LIVE TEC-A          2306          -18.55         -17.03
GREENS HOLDINGS           1318          -37.88         -90.12
HAINAN PEARL R-A          505            -6.09         -22.11
HAINAN PEARL-B            200505         -6.09         -22.11
HARMONICARE MEDI          1509          -16.03         -50.69
HEILONGJIAN HE-A          600179        -10.64        -124.94
LUOYANG GLASS-A           600876         -6.35         -41.30
LUOYANG GLASS-H           1108           -6.35         -41.30
MCC MEILI PAPE-A          815           -37.48         -53.01
NANNING CHEMIC-A          600301        -34.92         -65.09
SHAANXI QINLIN-A          600217        -43.83        -203.72
SHANG BROAD-A             600608         -2.86          -8.94
SHENZ CENTURY-A           33            -29.59          -3.22
SICHUAN CHEMIC-A          155          -151.08        -259.59
SONGLIAO AUTO -A          600715         -7.49         -11.29
WUHAN BOILER-B            200770       -233.10        -360.47
XIAKE COLOR-A             2015         -108.33        -100.27
YUNNAN JINGGU -A          600265         -0.62         -26.90
ZHONGCHANG MAR-A          600242         -7.16        -185.93
ZHUHAI BOYUAN -A          600656        -61.76         -78.17


HONG KONG

CHINA HEALTHCARE          673           -17.33         -17.69
CHINA OCEAN SHIP          651          -100.37        -161.16
CNC HOLDINGS              8356          -10.22         -26.60
FULLSHARE                 607           -50.49          92.76
GR PROPERTIES LT          108           -52.36         -66.29
GRANDE HLDG               186          -302.44        -402.82
HARMONIC STR              33             -3.22          -3.66
KING STONE ENERG          663          -174.59        -409.06
MASCOTTE HLDGS            136            -3.57           1.18
MONGOLIA ENERGY           276          -417.76        -167.83
SIBERIAN MINING           1142         -253.46         -17.46
TAI SHING INTERN          8103           -6.00         -12.06
TITAN PETROCHEMI          1192         -996.20        -999.60


INDONESIA

APAC CITRA CENT           MYTX          -21.62         -63.32
ARGO PANTES               ARGO          -21.70         -42.12
ARPENI PRATAMA            APOL         -335.63        -140.80
ASIA PACIFIC              POLY         -908.37        -947.71
BAKRIE & BROTHER          BNBR         -185.61        -505.10
BAKRIE TELECOM            BTEL         -415.68        -496.20
BENTOEL INTL INV          RMBA         -135.11         235.56
BERAU COAL ENERG          BRAU          -29.46        -446.96
BERLIAN LAJU TAN          BLTA       -1,172.59        -101.87
BERLIAN LAJU TAN          BLTA       -1,172.59        -101.87
BORNEO LUMBUNG            BORN         -541.61      -1,321.62
BUKAKA TEKNIK UT          BUKK          -94.65        -108.57
BUMI RESOURCES            BUMI         -733.04      -4,451.78
ICTSI JASA PRIMA          KARW          -10.31         -59.21
JAKARTA KYOEI ST          JKSW          -33.58           7.28
MERCK SHARP DOHM          SCPI           -1.76          51.96
RENUKA COALINDO           SQMI           -0.30          -8.09
SUMALINDO LESTAR          SULI          -29.48          -7.17
TRUBA ALAM ENG            TRUB          -34.67          18.62
UNITEX TBK                UNTX          -17.25         -25.95


INDIA

3I INFOTECH LTD           III           -55.29        -119.10
3I INFOTECH -SLB          III/S         -55.29        -119.10
ABHISHEK CORPORA          ABSC          -25.51         -65.30
AGRO DUTCH INDUS          ADF           -22.81         -94.45
ALPS INDUS LTD            ALPI          -41.70           0.63
ARTSON ENGR               ART           -10.64          -7.75
ASHAPURA MINECHE          ASMN          -16.64         -75.41
ASHIMA LTD                ASHM          -48.94          -7.52
ATV PROJECTS              ATV           -43.93         -11.18
BELLARY STEELS            BSAL         -108.50        -122.30
BENZO PETRO INTL          BPI            -1.05          -4.44
BHAGHEERATHA ENG          BGEL          -28.20         -20.86
BHARATI SHIPYARD          BHSL          -17.76         103.37
BINANI INDUS LTD          BZL          -156.35        -175.27
BLUE BIRD INDIA           BIRD          -59.13         -63.79
CELEBRITY FASHIO          CFLI           -8.26          -1.86
CHESLIND TEXTILE          CTX            -0.03          -1.72
CLASSIC DIAMONDS          CLD            -6.84          -0.71
COMPUTERSKILL             CPS            -7.56          -4.82
DCM FINANCIAL SE          DCMFS          -9.46           0.00
DFL INFRASTRUCTU          DLFI           -6.49           0.00
DIGJAM LTD                DGJM          -22.59          19.31
DISH TV INDIA             DITV          -50.29        -407.67
DISH TV INDI-SLB          DITV/S        -50.29        -407.67
DUNCANS INDUS             DAI          -227.05         -65.57
ELECTROTHERM IND          ELT           -96.22        -343.53
ENSO SECUTRACK            ENSO           -0.46          -3.36
EURO CERAMICS             EUCL           -6.83         -18.00
EURO MULTIVISION          EURO           -9.95         -38.45
FERT & CHEM TRAV          FCT          -137.49        -127.69
GANESH BENZOPLST          GBP           -15.48           0.50
GANGOTRI TEXTILE          GNTX          -14.22         -55.33
GLODYNE TECHNO            GLOT          -25.55        -116.90
GOKAK TEXTILES L          GTEX           -5.00          -8.91
GOLDEN TOBACCO            GTO           -18.24         -37.82
GSL INDIA LTD             GSL           -42.42         -18.13
GSL NOVA PETROCH          GSLN           -1.31         -14.38
GTL LTD                   GTS           -10.69        -517.10
GTL LTD-SLB               GTS/S         -10.69        -517.10
GUJARAT STATE FI          GSF          -304.68           0.00
GUPTA SYNTHETICS          GUSYN          -6.34         -21.94
HARYANA STEEL             HYSA           -5.91          -2.56
HEALTHFORE TECHN          HTEC          -46.64         -56.14
HINDUSTAN ORGAN           HOC           -51.76         -48.36
HINDUSTAN PHOTO           HPHT       -1,832.65      -1,825.53
HIRAN ORGOCHEM            HO             -4.59         -10.83
HMT LTD                   HMT          -454.42        -263.58
ICDS                      ICDS           -6.17           0.00
INDAGE RESTAURAN          IRL            -2.35           2.06
INDOSOLAR LTD             ISLR          -15.57         -89.02
INTEGRAT FINANCE          IFC           -51.32           0.00
JAYBHARAT TEXTIL          JTRE          -34.90         -14.52
JCT ELECTRONICS           JCTE          -76.70         -46.60
JENSON & NIC LTD          JN            -71.70         -67.33
JET AIRWAYS IND           JETIN      -1,015.07      -1,545.08
JET AIRWAYS -SLB          JETIN/S    -1,015.07      -1,545.08
JINDAL STAINLESS          JDSL         -102.07        -327.53
JOG ENGINEERING           VMJ            -5.28          41.82
JSL INDS LTD-SLB          JDSL/S       -102.07        -327.53
KALYANPUR CEMENT          KCEM          -42.66         -36.34
KERALA AYURVEDA           KERL           -1.69           3.16
KIDUJA INDIA              KDJ            -3.43           0.00
KINGFISHER AIR            KAIR       -2,371.26      -1,458.63
KINGFISHER A-SLB          KAIR/S     -2,371.26      -1,458.63
KITPLY INDS LTD           KIT           -58.78         -50.64
KLG SYSTEL LTD            KLGS          -27.37         -24.37
KSL AND INDUSTRI          KSLRI         -77.80         -50.14
LML LTD                   LML           -78.18         -93.19
MADHUCON PROJECT          MDHPJ         -21.03        -327.01
MADRAS FERTILIZE          MDF           -54.99         -55.32
MAHA RASHTRA APE          MHAC          -12.96           0.00
MALWA COTTON              MCSM          -24.79         -12.80
MAWANA SUGAR              MWNS          -32.88         -93.78
MEP INFRASTRUCTU          MIDL          -25.27         -47.15
MODERN DAIRIES            MRD            -3.81           1.12
MOSER BAER INDIA          MBI          -165.63        -243.86
MOSER BAER -SLB           MBI/S        -165.63        -243.86
MPL PLASTICS LTD          MPLP          -51.22         -35.46
MTZ POLYFILMS LT          TBE            -2.57         -11.39
MURLI INDUSTRIES          MRLI          -38.30           1.71
MYSORE PAPER              MSPM           -8.12         -20.84
NATL STAND INDI           NTSD           -0.73          -2.33
NAVCOM INDUS LTD          NOP            -3.53          -6.88
NICCO CORP LTD            NICC           -4.91         -25.09
NICCO UCO ALLIAN          NICU          -83.90           0.00
NK INDUS LTD              NKI            -7.71          -9.17
NRC LTD                   NTRY          -52.44        -102.19
NUCHEM LTD                NUC            -1.60           1.17
PANCHMAHAL STEEL          PMS            -0.33           6.39
PARAMOUNT COMM            PRMC           -0.52           8.11
PARASRAMPUR SYN           PPS          -307.14        -303.86
PAREKH PLATINUM           PKPL          -88.85         -78.16
PIONEER DISTILLE          PND            -5.62         -12.47
PREMIER INDS LTD          PRMI           -6.09          -3.53
PRIYADARSHINI SP          PYSM           -2.28         -16.30
QUADRANT TELEVEN          QDTV         -214.97        -182.24
QUINTEGRA SOLUTI          QSL           -17.45         -32.70
RADHA MADHAV COR          RMCL          -20.64         -26.34
RAMSARUP INDUSTR          RAMI          -89.28        -506.46
RATHI ISPAT LTD           RTIS           -3.93          14.53
RELIANCE MED-SLB          RMW/S        -144.47        -115.99
RENOWNED AUTO PR          RAP            -1.25          -5.73
RMG ALLOY STEEL           RMG           -12.99         -17.72
ROYAL CUSHION             RCVP          -75.18         -18.75
SAAG RR INFRA LT          SAAG           -4.93          -8.33
SADHANA NITRO             SNC            -0.58          -6.84
SANATHNAGAR ENTE          SNEL           -6.78          -9.36
SANCIA GLOBAL IN          SGIL          -30.47           5.01
SBEC SUGAR LTD            SBECS          -5.61         -32.85
SERVALAK PAP LTD          SLPL           -7.63          -0.32
SHAH ALLOYS LTD           SA            -81.60        -119.39
SHALIMAR WIRES            SWRI          -24.28         -24.97
SHAMKEN COTSYN            SHC            -6.17           0.21
SHAMKEN MULTIFAB          SHM           -13.26           2.41
SHAMKEN SPINNERS          SSP           -16.76         -11.04
SHREE GANESH FOR          SGFO           -2.89           3.56
SHREE KRISHNA             SHKP           -0.92          -2.07
SHREE RAMA MULTI          SRMT           -4.49          -3.53
SHREE RENUKA SUG          SHRS         -375.69        -853.38
SHREE RENUKA-SLB          SHRS/S       -375.69        -853.38
SIDDHARTHA TUBES          SDT           -15.37          -5.65
SIMBHAOLI SUGARS          SBSM          -54.47        -131.82
SPICEJET LTD              SJET         -202.94        -307.41
SQL STAR INTL             SQL            -3.28           2.93
STATE TRADING CO          STC          -392.74        -389.59
STELCO STRIPS             STLS           -5.73         -15.44
STI INDIA LTD             STIB           -2.13          -0.75
STL GLOBAL LTD            SHGL           -5.62          -3.45
STORE ONE RETAIL          SORI          -59.09          -4.75
SURYA PHARMA              SUPH           -9.97        -150.85
SUZLON ENERG-SLB          SUEL/S     -1,164.00        -396.86
SUZLON ENERGY             SUEL       -1,164.00        -396.86
TAMILNADU JAI             TNJB           -1.00           0.01
TATA TELESERVICE          TTLS         -138.25        -650.97
TATA TELE-SLB             TTLS/S       -138.25        -650.97
TIMEX GROUP IND           TIMX           -2.27          -4.18
TIMEX GROUP-PREF          TIMXP          -2.27          -4.18
TODAYS WRITING            TWPL          -25.67         -24.95
TRIUMPH INTL              OXIF          -14.18           0.00
TRIVENI GLASS             TRSG          -10.45          -4.26
TUTICORIN ALKALI          TACF          -22.86         -25.82
UNIFLEX CABLES            UFCZ           -7.49         -21.97
UNIWORTH LTD              WW           -151.14         -90.59
UNIWORTH TEXTILE          FBW           -35.03         -18.03
USHA INDIA LTD            USHA          -54.51         -39.42
VANASTHALI TEXT           VTI            -5.80          -5.42
VENUS SUGAR LTD           VS             -1.08          -2.77
VISA STEEL LTD            VISA          -16.29        -179.73
WANBURY LTD               WANB           -3.91         -43.15
WEBSOL ENERGY SY          WESL          -31.30         -56.52
ZYLOG SYSTEMS             ZSL           -29.22         -79.00


JAPAN

ETA ELEC INDUS            6891           -1.89         -16.86
FUJITA CORPORAT           3370           -0.48          -1.29
GOYO FOODS INDUS          2230           -1.81           0.02
LCA HOLDINGS COR          4798           -2.59         -16.35
MAG NET HOLDINGS          8073           -0.68          -0.39
MATSUYA CO LTD            7452           -0.76         -34.08
MEGANESUPER               3318           -8.10          19.39
OPTROM INC                7824           -4.50         -12.55
PIXELA CORP               6731           -0.41           1.46
SANBIO CO LTD             4592           -0.74           7.47


KOREA

L ENERGY CO LTD           60900         -24.75         -18.17
NAMKWANG ENGINEE          1260          -60.31         -29.00
NEXOLON CO LTD            110570       -331.58        -655.16
STX ENGINE CO LT          77970         -38.82          72.63
TEC & CO                  8900          -16.61         -72.17
ULTRA CONSTR-PFD          4325          -71.68        -124.06


MALAYSIA

DING HE MINING            705           -38.57         -74.46
HAISAN RESOURCES          HRB           -19.67         -28.76
HIGH-5 CONGLOMER          HIGH          -65.83         -91.61
LION CORP BHD             LION         -194.79        -638.49
OCTAGON CONSOL            OCTG          -54.28         -61.30
PERWAJA HOLDINGS          PERH         -284.67        -443.27


NEW ZEALAND

PULSE ENERGY LTD          PLE            -4.52          -4.95


PHILIPPINES

CYBER BAY CORP            CYBR          -28.97         -28.98
DFNN INC                  DFNN           -1.88          -2.21
FILSYN CORP A             FYN           -11.69         -31.43
FILSYN CORP. B            FYNB          -11.69         -31.43
GOTESCO LAND-A            GO            -19.21         -24.00
GOTESCO LAND-B            GOB           -19.21         -24.00
METRO GLOBAL HOL          MGH           -15.77          -8.07
PICOP RESOURCES           PCP           -23.33         -77.51
STENIEL MFG               STN           -11.96           5.02
UNIWIDE HOLDINGS          UW            -57.19         -82.73


SINGAPORE

CHINA GREAT LAND          CGL           -21.26         -21.41
GOLDEN ENERGY &           GER           -96.89        -127.03
GPS ALLIANCE HOL          GPS            -0.40          -3.58
HL GLOBAL 1               HLGE1          -0.62          19.10
HL GLOBAL ENTERP          HLGE           -0.62          19.10
JASPER INVESTMEN          JASP           -9.27        -177.65
OCEANUS GROUP LT          OCNUS         -19.84         -88.78
SCIGEN LTD-CUFS           SIE           -55.42          -6.68
SINOPIPE HLDS             SPIP          -84.26        -127.65


THAILAND

ASCON CONSTR-NVD          ASCON-R        -3.37         -19.16
ASCON CONSTRUCT           ASCON          -3.37         -19.16
ASCON CONSTRU-FO          ASCON/F        -3.37         -19.16
BANGKOK RUBBER            BRC          -114.37        -132.70
BANGKOK RUBBER-F          BRC/F        -114.37        -132.70
BANGKOK RUB-NVDR          BRC-R        -114.37        -132.70
BIG CAMERA COP-F          BIG/F         -13.03         -16.70
BIG CAMERA CORP           BIG           -13.03         -16.70
BIG CAMERA -NVDR          BIG-R         -13.03         -16.70
CIRCUIT ELEC PCL          CIRKIT        -78.88          -0.84
CIRCUIT ELEC-FRN          CIRKIT/F      -78.88          -0.84
CIRCUIT ELE-NVDR          CIRKIT-R      -78.88          -0.84
ITV PCL-NVDR              ITV-R        -121.94        -121.94
K-TECH CONSTRUCT          KTECH/F       -46.47         -67.93
KTECH CONSTRUCTI          KTECH         -46.47         -67.93
K-TECH CONTRU-R           KTECH-R       -46.47         -67.93
KUANG PEI SAN             POMPUI         -8.59           4.01
KUANG PEI SAN-F           POMPUI/F       -8.59           4.01
KUANG PEI-NVDR            POMPUI-R       -8.59           4.01
PATKOL PCL                PK            -30.64         -52.32
PATKOL PCL-FORGN          PK/F          -30.64         -52.32
PATKOL PCL-NVDR           PK-R          -30.64         -52.32
PROFESSIONAL WAS          PRO            -1.68         -10.02
PROFESSIONAL-F            PRO/F          -1.68         -10.02
PROFESSIONAL-N            PRO-R          -1.68         -10.02
SHUN THAI RUBBER          STHAI          -6.13         -11.34
SHUN THAI RUBB-F          STHAI/F        -6.13         -11.34
SHUN THAI RUBB-N          STHAI-R        -6.13         -11.34
TONGKAH HARBOU-F          THL/F         -11.69         -33.35
TONGKAH HARBOUR           THL           -11.69         -33.35
TONGKAH HAR-NVDR          THL-R         -11.69         -33.35
TRANG SEAFOOD             TRS            -5.99          -2.62
TRANG SEAFOOD-F           TRS/F          -5.99          -2.62
TRANG SFD-NVDR            TRS-R          -5.99          -2.62
TT&T PCL                  TTNT         -762.30        -134.18
TT&T PCL-NVDR             TTNT-R       -762.30        -134.18
TT&T PUBLIC CO-F          TTNT/F       -762.30        -134.18


TAIWAN

BEHAVIOR TECH CO          2341S          -2.57           6.66
BEHAVIOR TECH-EC          2341O          -2.57           6.66
HELIX TECH-EC             2479T         -24.12         -44.94
HELIX TECH-EC IS          2479U         -24.12         -44.94
HELIX TECHNOL-EC          2479S         -24.12         -44.94
POWERCHIP SEM-EC          5346S        -296.10        -799.71
PRO MOS TECH-EC           5387R      -1,610.74      -1,616.41
TAIWAN KOL-E CRT          1606U        -147.14        -294.85
TAIWAN KOLIN-EN           1606V        -147.14        -294.85
TAIWAN KOLIN-ENT          1606W        -147.14        -294.85



                             *********

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

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

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


                            *********


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

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

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

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

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



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