TCRAP_Public/150918.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 18, 2015, Vol. 18, No. 185


                            Headlines


A U S T R A L I A

ALL TRANSPORT: First Creditors' Meeting Set For Sept. 25
ATM REMOVALS: First Creditors' Meeting Set For September 25
AVESTRA ASSET: ASIC Seeks Court Orders to Wind Up Firm
D. & S. INVESTMENTS: First Creditors' Meeting Set For Sept. 28
ENVENT PTY: First Creditors' Meeting Set For September 25

HBO EMTB: First Creditors' Meeting Set For September 25
KIMBERLEY DIAMONDS: Former Executive Chairman Arrested
REDZED TRUST 2015-1: S&P Assigns B Rating to Class F Notes


I N D I A

A.S. BETGERI: CRISIL Reaffirms B+ Rating on INR30MM Cash Loan
AGRICULTURAL PRODUCE: ICRA Suspends D Rating on INR97cr Loan
APM INFRASTRUCTURE: ICRA Reaffirms B Rating on INR8.5cr Cash Loan
ATITHYA INN: Ind-Ra Assigns 'BB' LT Issuer Rating; Outlook Stable
BARAKA OVERSEAS: ICRA Assigns B+ Rating to INR10cr Credit Loan

BHARAT HATCHERIES: CRISIL Ups Rating on INR52.5MM Loan to B+
CREATIVE EDUCATIONAL: CRISIL Ups Rating on INR90MM Loan to B
DHARMLOK INDUSTRIES: ICRA Reaffirms B Rating on INR4.7cr Loan
DHARTI SPINNING: ICRA Reaffirms B+ Rating on INR33.05cr Term Loan
DWARIKA INDUSTRIES: Ind-Ra Assigns 'B+' LT Issuer Rating

ECI ENGINEERING: Ind-Ra Withdraws 'D' LT Issuer Rating
GMR ENERGY: ICRA Cuts Rating on INR319.55cr Term Loan to D
GMR POWER: ICRA Lowers Rating on INR73cr Loan to D
HARIOM PULSES: ICRA Assigns 'B' Rating to INR6.19cr LT Loan
INFRA MOVES: CRISIL Reaffirms B+ Rating on INR100MM Loan

ITFT CONSULTANCY: CRISIL Reaffirms B+ Rating on INR37.6MM Loan
JAI MAAKALI: CRISIL Cuts Rating on INR95MM Cash Loan to D
JOSHI COTEX: CRISIL Assigns B+ Rating to INR60MM Cash Loan
JOYS STEEL: ICRA Suspends B+ Rating on INR8cr LT Loan
KANDUKURI INDUSTRIES: ICRA Assigns B+ Rating to INR15.3cr Loan

KAVAN COTTON: ICRA Reaffirms B+ Rating on INR40cr Cash Loan
KLENZAIDS CONTAMINATION: CRISIL Cuts Rating on INR110M Loan to B+
LAILA SUGARS: CRISIL Reaffirms B Rating on INR1.3BB Cash Loan
MAHALAXMI SEAMLESS: ICRA Suspends B- Rating on INR4cr LT Loan
MC MEDICAL: CRISIL Reaffirms B Rating on INR95MM LT Loan

MOONLIGHT MARBLES: ICRA Reaffirms B- Rating on INR12.54cr Loan
PHARMCHEM: Ind-Ra Assigns 'B+' LT Issuer Rating; Outlook Stable
PLATINUM FABRICS: CRISIL Cuts Rating on INR205.6MM LT Loan to B
PUSHPDEEP INFRASTRUCTURE: Ind-Ra Ups LT Issuer Rating to 'BB+'
PV KNIT: ICRA Assigns B+ Rating to INR7.50cr LT Loan

RAAJMAHAL DEVELOPERS: CRISIL Assigns B+ Rating to INR370MM Loan
RADHA MADHAV: CRISIL Suspends D Rating on INR65.2MM Term Loan
SAHARA GROUP: US Court Rejects Plea For Attachment of Hotels
SENTHIL ENERGY: ICRA Reassigns Rating on INR13.36cr Loan to B
SHANMUKHA COTTON: CRISIL Assigns B Rating to INR50MM Loan

SHARDASHREE ISPAT: CRISIL Ups Rating on INR330MM Loan to B+
SHREE PRABHU: CRISIL Ups Rating on INR65MM Term Loan to B+
SHRI KRISHNA: ICRA Suspends B+ Rating on INR12cr Cash Credit
SRI VANGALAMMAN: CRISIL Assigns B- Rating to INR100MM LT Loan
SULOCHANA AGRO: CRISIL Reaffirms B Rating on INR67.5MM Loan

SYNTHIKO FOILS: ICRA Suspends B+ Rating on INR2.5cr Loan
TRADITIONAL GALLERY: ICRA Suspends B+/A4 INR10.43cr Loan Rating
TRIVENI SMELTERS: ICRA Reaffirms B+ Rating on INR7.5cr Loan
VISHWAS BUILDCON: ICRA Assigns B+ Rating to INR23cr Term Loan
VSB PAPER: CRISIL Suspends D Rating on INR90.9MM LT Loan

VSK LABORATORIES: ICRA Assigns 'B' Rating to INR17cr Loan
WELCOME TILES: ICRA Ups Rating on INR7cr Term Loan to B+


N E W  Z E A L A N D

IDENTITY: Fails to Find Buyer; Will Shut Down Remaining Stores
SOLID ENERGY: Creditors Vote For DOCA At Watershed Meeting
SOUTH CANTERBURY: Legal Action Decision Expected Before Christmas


X X X X X X X X

* Asia's Trade Recession Deepens, FT Reports
* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


ALL TRANSPORT: First Creditors' Meeting Set For Sept. 25
--------------------------------------------------------
Hillary Elizabeth Orr of Hillary Orr Chartered Accountants was
appointed as administrator of All Transport Services Limited on
Sept. 15, 2015.

A first meeting of the creditors of the Company will be held at
Ground Floor, 190 Flinders Street, in Adelaide, on Sept. 25, 2015,
at 10:00 a.m.


ATM REMOVALS: First Creditors' Meeting Set For September 25
-----------------------------------------------------------
Chad Robert Rapsey -- chadr@rapseygriffiths.com.au -- of Rapsey
Griffiths was appointed as administrator of ATM Removals Pty
Limited on Sept. 15, 2015.

A first meeting of the creditors of the Company will be held at
Level 5, 55 - 57 Hunter Street, in Newcastle, New South Wales, on
Sept. 25, 2015, at 10:00 a.m.


AVESTRA ASSET: ASIC Seeks Court Orders to Wind Up Firm
------------------------------------------------------
Australian Securities and Investments Commission has commenced
proceedings in the Federal Court of Australia against Avestra
Asset Management Ltd, the holder of an Australian financial
services licence and responsible entity or trustee of a number of
managed investment schemes. Avestra's schemes are managed funds
which invest in shares and other financial products.  ASIC
understands the schemes comprise approximately AUD18.5 million
under management.

ASIC alleges that Avestra has persistently contravened its duties
in relation to a number of the schemes, including to:

   * act in the best interests of scheme members;
   * exercise the required degree of care and diligence; and
   * do all things necessary to ensure that the financial
     services provided under its licence are provided
     efficiently, honestly and fairly.

Among other things, ASIC alleges that Avestra borrowed money on an
unsecured basis from the property of its schemes, and invested
scheme property in entities and offshore funds connected to its
directors without proper due diligence or regard for the interests
of members.

ASIC is seeking interim orders to appoint provisional liquidators
or receivers to take control of Avestra's assets and report on,
among other things, any suspected contraventions of the law, any
losses suffered by scheme members, and whether the schemes ought
to continue in operation (under a new responsible entity) or
whether they should also be wound up.

ASIC is seeking final orders that Avestra be wound up on a just
and equitable basis.

The first hearing of the matter is listed for Sept. 17, 2015.
Background

On Aug. 10, 2015, ASIC issued an interim stop order in relation to
a defective Product Disclosure Statement for one of Avestra's
registered schemes, the Valensworth Fund. A final stop order was
made by consent on Aug. 31, 2015.

On Dec. 16, 2014, Avestra was convicted and fined for breaching
takeover laws, in relation to shares acquired by Avestra on behalf
of various schemes.

At the first return date on Sept. 17, 2015, the Federal Court
ordered that ASIC's application for interim relief be set down for
hearing on Oct. 27, 2015 at 10:15 a.m.


D. & S. INVESTMENTS: First Creditors' Meeting Set For Sept. 28
--------------------------------------------------------------
Nicholas Crouch & John McInerney of Crouch Amirbeaggi were
appointed as administrators of D. & S. Investments Pty. Ltd.,
trading as Bakers Dozen, on Sept. 16, 2015.

A first meeting of the creditors of the Company will be held at
Launceston RSL, 313 Wellington St, in South Launceston, Tasmania,
on Sept. 28, 2015, at 11:00 a.m.


ENVENT PTY: First Creditors' Meeting Set For September 25
---------------------------------------------------------
Jamieson Louttit of Jamieson Louttit & Associates was appointed as
administrator of Envent Pty Limited on Sept. 16, 2015.

A first meeting of the creditors of the Company will be held at
Jamieson Louttit & Associates, Penfold House, Suite 73, Level 15,
88 Pitt Street, in Sydney, on Sept. 25, 2015, at 9:00 a.m.


HBO EMTB: First Creditors' Meeting Set For September 25
-------------------------------------------------------
Gavin Moss and Nick Combis of Vincents Chartered Accountants were
appointed as administrators of HBO EMTB Services Company Pty
Limited on Sept. 15, 2015.

A first meeting of the creditors of the Company will be held at
Vincents Chartered Accountants, Level 19, MLC Centre, 19-29 Martin
Place, in Sydney, on Sept. 25, 2015, at 11:00 a.m.


KIMBERLEY DIAMONDS: Former Executive Chairman Arrested
------------------------------------------------------
As a result of an Australian Securities and Investments Commission
investigation, the former chief executive and executive chairman
of Kimberley Diamonds Limited on Sept. 16 was charged with
offences under the Corporations Act for allegedly issuing false
information to the market.

Appearing in Sydney's Central Local Court via video link,
Alexandre Alexander was charged with four offences relating to
false and misleading statements made by Kimberley Diamonds to the
Australian Securities Exchange (ASX) between October 2013 and
March 2014.

It is alleged the statements, which related to the company's
future earnings forecasts, and which were authorised by Mr
Alexander, were false and misleading because they failed to
disclose the fact that they assumed that they would obtain a 30%
increase in the price that Kimberley Diamonds would receive in the
last quarter of the 2014 financial year, for its rare yellow
diamonds.

Mr Alexander's court appearance follows his arrest by officers
from the Australian Federal Police (AFP) at Sydney airport early
morning on Sept. 16. Mr Alexander was returning from overseas.

Mr Alexander applied for and was granted bail subject to strict
travel restrictions, including a condition he surrender his
passport to ASIC.

The matter was adjourned and will return to Sydney's Downing
Centre Local Court on Nov. 10, 2015.

The Commonwealth Director of Public Prosecutions is prosecuting
this matter.

Each charge carries a maximum penalty of five years jail and/or a
AUD34,000 fine.

ASX-listed Kimberley Diamonds is an Australian-based diamond
exploration and mining company with assets in Australia, Botswana
and Spain. Its main diamond producing mine located in Ellendale,
in Western Australia, was the world's leading source of rare
yellow diamonds. The diamonds mined at Ellendale were sold by
Kimberley Diamonds to Laurelton Diamonds Inc, a subsidiary of
Tiffany & Co.

Between March 2013 and May 2014 Kimberley Diamonds was in
negotiations with Tiffany & Co that were aimed at increasing the
price that Kimberley Diamonds would be paid for its diamonds.

On May 12, 2014, Kimberley Diamonds announced to the market that
price increase negotiations with Tiffany & Co had failed and,
consequently, the company's earnings forecast for the last quarter
of the 2014 financial year was revised down from AUD7.5 million to
AUD1.5 million. The price of Kimberley Diamonds' shares fell by
41.5% following the announcement.

On July 1, 2015, Kimberley Diamonds announced that Kimberley
Diamonds Company Pty Ltd, a wholly owned subsidiary of Kimberley
Diamonds, and the owners of the diamond mine at Ellendale, had
been placed into voluntary administration.


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

The ratings reflect:

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

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

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

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

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

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

RATINGS ASSIGNED

Class    Rating      Amount (mil. A$)
A-1      AAA (sf)    150.00
A-2      AAA (sf)     47.00
B        AA (sf)      14.75
C        A (sf)       14.00
D        BBB (sf)      9.75
E        BB (sf)       6.25
F        B (sf)        4.75
G        NR            3.50
NR--Not rated.



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


A.S. BETGERI: CRISIL Reaffirms B+ Rating on INR30MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of A.S. Betgeri (ASB)
continues to reflect ASB's modest scale of operations, large
working-capital requirements, and susceptibility to risks related
to intense competition in the civil construction industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         50        CRISIL A4 (Reaffirmed)
    Cash Credit           30        CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by above-average
financial risk profile albeit constrained by small net worth, and
the extensive experience of the promoters' in the civil
construction industry.
Outlook: Stable

CRISIL believes that ASB will continue to benefit over the medium
term from its experienced management. The outlook may be revised
to 'Positive' if the firm diversifies and improves its scale of
operations and profitability on a sustainable basis, leading to
improvement in its business and financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case its
financial risk profile deteriorates owing to reduced revenue and
margins, or if the firm undertakes a large debt-funded capital
expenditure programme, or if there is a delay in receipt of bills
from various principals.

Update
ASB has reported revenues of INR140 million for 2014-15 (refers to
financial year, April 1 to March 31) as compared to INR128 million
in 2013-14. ASB had reported stable operating profitability of
around 8 per cent in 2014-15. CRISIL believes that ASB's annual
revenue will be in the range of INR130 million to INR170 million
over the medium term owing to the order book of INR85 million.

The financial risk profile is marked by modest net worth, moderate
gearing and above-average debt protection metrics. The net worth
was at INR25 million as on March 31, 2015 which is expected to
remain at the same level over the medium term. The firm's gearing
was moderate at 1.23 times as on March 2015; owing to absence of
debt-funded capex, the gearing will remain at the same level. The
firm has above-average debt-protection metrics with net cash
accruals to total debt and interest coverage ratios of 0.11 times
and 3.13 times, respectively, for 2014-15. The debt protection
metrics will remain at the same level over the medium term owing
to sustained scale of operations and moderate gearing.

The firm's liquidity is marked by adequate cash accruals against
nil term debt obligations, but high bank limit utilisation at 97
per cent for the 12 months ended June 2015. The firm is expected
to generate cash accruals of INR4 million in 2015-16.

Set up in 1995 by Mr. A S Betgeri as a proprietorship firm, ASB
undertakes civil construction works of buildings primarily for the
Karnataka Public Works Department.


AGRICULTURAL PRODUCE: ICRA Suspends D Rating on INR97cr Loan
------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR97.00 crore
term loans of The Agricultural Produce Market Committee (Rajkot).
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             97.00        [ICRA]D suspended

The Agriculture Produce Market Committee (APMC), Rajkot is an
elected body under the Gujarat APMC Act, 1963 which has been
implemented in Gujarat for regulation of marketing of agricultural
produce for development of existing markets and for establishment
of new market yards. APMC provides a market place for trading of
various agricultural commodities produced in the nearby region. It
also provides shops and store areas on lease to traders who carry
out the trading activity in the marketing yard. The major
commodities being traded in market yards of APMC, Rajkot are food
grains, pulses, oil seeds, cotton, fruits and vegetables.


APM INFRASTRUCTURE: ICRA Reaffirms B Rating on INR8.5cr Cash Loan
-----------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B on the INR8.50
crore cash credit facilities of APM Infrastructure Private Limited
(AIPL). ICRA has also reaffirmed its short term rating of [ICRA]A4
(pronounced ICRA A four) on the INR7.00 crore short-term non-fund
based facility of the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            8.50        [ICRA]B; reaffirmed
   Bank Guarantee         7.00        [ICRA]A4; reaffirmed

ICRA's ratings continue to factor in the long standing experience
of AIPL's promoters in the logistics business, being a part of
Agarwal Group, as well as the company's diversified business
profile mitigating the risk of slowdown in a specific segment.
Increased contribution to the overall revenues by the higher
margin export cargo handling business (which accounted for more
than 50% of the company's revenues in FY15) has led to an
improvement in the company's operating profit margins in FY15,
with OPBDITA margins increasing to 7.5% in FY15 from 3.7% in
FY14.The ratings are however constrained by the company's
declining scale of operations, impacted by the reduced scale of
the construction and maintenance segment and the company's
stretched liquidity position on account of funds blocked with NTPC
Ltd and Bharat Heavy Electricals Ltd (BHEL). The ratings also
factor in the company's modest coverage indicators, with weak
interest coverage and DSCR. The company continued to have
significant investments in a group company - DRS Warehousing
(North) Private Limited, returns on which are likely to accrue
only over the long term.

Going forward AIPL's ability to ramp up its scale of operations,
reduce its level of receivables and improve its liquidity position
will be the key rating sensitivities.

AIPL is engaged in construction, management and renovation of
warehouses and buildings. The company also undertakes installation
of special metal roofing systems in warehouses and buildings and
acts as a sub-contractor for export cargo handling services. The
company is a part of the Agarwal Movers Group, which consists of a
number of companies engaged primarily in the logistics sector,
with the leading companies being Agarwal Packers & Movers, DRS
Logistics Private Limited and DRS Warehousing (North) Private
Limited.

Recent results
The company, on a provisional basis, reported an operating income
(OI) of INR29.8 crore and a Profit After Tax (PAT) of INR0.6
crore, as compared to an OI of INR32.1 crore and a PAT of INR1.0
crore in the previous year.


ATITHYA INN: Ind-Ra Assigns 'BB' LT Issuer Rating; Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Atithya Inn
Private Limited (AIPL) a Long-Term Issuer Rating of 'IND BB' with
Stable Outlook.  The agency has also assigned AIPL's bank
facilities these ratings:

   Facilities           Amount           Ratings
   ----------         ----------         -------
  Term loan            USD17.35 mil.     'IND BB'/Stable
                   equivalent to around
                   INR1,028.5 mil.)

  Fund-based working    INR60 mil.       'IND BB'/Stable
   capital

KEY RATING DRIVERS

The ratings are constrained by AIPL's small size of operations and
weak credit profile as the company's hotel Novotel in Ahmedabad
completed its first full year of operations in FY15.  According to
the provisional financials for FY15, AIPL reported revenue of
INR304m, EBITDA margins of 25.1%, interest coverage of 0.84x and
net leverage of 13.6x.  Ind-Ra expects the credit metrics to
remain weak till the operations stabilize and occupancy improves
(around 60% in FY15).

The company is exposed to refinancing risk as repayments on term
debt will commence from 4QFY16.  Although operational cash flow is
likely to be positive FY16 onwards, it is likely to be
insufficient to meet the entire repayment obligations due over the
next three years.  Ind-Ra estimates such shortfall to be to the
tune of INR250 mil.-INR280 mil. in the next three years (25%-28%
of the outstanding term debt).  As term debt is US dollar
denominated and partially hedged, in case the Indian rupee
depreciates more than the levels factored in the mark to market
losses, it could further pressurize the cash flow.

The ratings factor in the benefits AIPL receives due to its
association with the global brand Novotel.  Ind-Ra expects the
hotel to ramp up its operations in two-to-three years.  Also, the
addition of one more restaurant is likely to provide a fillip to
FY16 revenue.  The management is also likely to either lease out
the commercial space or convert it to additional 40 rooms by FY17.
The hotel's locational advantage in terms of proximity to the
upcoming business district - Satellite Cross Road - in Ahmedabad
could also add to revenue visibility.

The ratings benefit from the continued support extended by the
promoters to AIPL during both construction and ramp-up phases.
Ind-Ra expects the promoter support to continue for meeting the
shortfall in repayments obligations, given the group's recent
focus on the hospitality business.

The ratings also benefit from the experienced and resourceful
promoters with an established track record of over three decades
in the real estate business spread across the commercial,
residential, malls and entertainment segments.

RATING SENSITIVITIES

Negative:  Deterioration in operating profitability leading to a
sustained weakening in the coverage metrics could lead to a
negative rating action.

Positive: A positive rating action could result from:

   -- The stabilization of operations resulting in an improvement
      in the operating profitability and a sustained improvement
      in the coverage metrics

   -- Continuation of the promoter support for timely servicing
      of debt

COMPANY PROFILE

AIPL is a JV between Kanakia Hotels and Resorts Private Limited
and Nupur SA Investments LLC.

Kanakia Hotels and Resorts is the hospitality arm of Kanakia
Group.  Nupur SA Investments LLC has been established by SUN
Apollo India Real Estate Fund LLC.  AIPL is the second hotel
project of the Kanakia Group.

The hotel started its operations in November 2013 with 184 keys
and is operated by Novotel (Accor Group).  It is a business hotel
located at Satellite cross road, Ahmedabad.  The hotel consists of
a food & beverages area, a banquet, meeting rooms, a fitness room
and a spa.


BARAKA OVERSEAS: ICRA Assigns B+ Rating to INR10cr Credit Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ rating to
INR18.00 crore fund based limits of Baraka Overseas Traders).

                           Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Packing Credit Loan     10.00        [ICRA]B+ assigned

   Foreign documentary
   bills purchase           8.00        [ICRA]B+ assigned

The rating favorably factors in the long track record of the
promoters in the sea food processing and trading business. The
rating also considers the easy availability of marine fish as the
firm is located in west coast region of India.

The rating, however, is constrained by BOT's small scale of
operations and modest financial risk profile characterized by thin
profitability due to the trading nature of its business resulting
in weak coverage and debt protection indicators. Further, the
ratings are constrained by the high working capital intensity of
the firm on account of high debtors and inventory days leading to
stretched cash flows. ICRA also notes the inherent risks present
in the seafood industry such as susceptibility to diseases,
climate changes and government regulations. The rating is also
constrained by client concentration risks, with about 90% of the
revenue dependent on the top 3 customers. However, the risk is
mitigated on account of long relationship with the clients.

Founded in the year 1979 as a partnership firm, Baraka Overseas
Traders (BOT) is engaged in the processing and exporting of fish.
The firm's plant is located in Ullal, Mangalore district of
Karnataka. The installed production capacity of the BOT is 300
tons per day.

Recent Results
The company reported an operating income of INR39.08 crore and net
profit of INR0.13 crore for the financial year 2014-2015* as
against an operating income of INR40.91 crore and net profit of
INR0.05 crore for the financial year 2013-14.


BHARAT HATCHERIES: CRISIL Ups Rating on INR52.5MM Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Bharat Hatcheries (Bharat; a part of the Bharat group) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           52.5       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Term Loan             47.5       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects improvement in Bharat group's business risk
and financial flexibility. The business risk profile improvement
was led by healthy top line growth of around 25 per cent to
INR523.8 million during 2014-15 (refers to financial year,
April 1 to March 31) from INR418.4 million the year before
primarily due to the healthy demand. Group's working capital
requirement though high was also better than previous year with
gross current assets at 146 days as on March 31, 2015, against
previous year's 195 days. The financial flexibility of the group
also improved on back of funding support from promoters in form of
unsecured loans which increased to INR46.9 million in 2014-15 from
INR16.6 million in 2011-12.

The rating reflects the Bharat group's modest scale of operations
in the highly competitive poultry industry and its highly
leveraged capital structure. These weaknesses are partially offset
by the extensive industry experience of the firm's partners.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Bharat and Vijay Breeding Farm and
Hatcheries (VBFH). This is because the firms together referred to
as the Bharat group, have a common management, operate in a
similar line of business, and have significant operational
linkages and fungible funds. Besides, the credit facilities of
both firms have a common collateral security.
Outlook: Stable

CRISIL believes that the Bharat group will continue to benefit
over the medium term from its partners' extensive experience in
the poultry industry and its established relationships with
customers and suppliers. The outlook may be revised to 'Positive'
if the group increases its scale of operations substantially while
improving its profitability and capital structure. Conversely, the
outlook may be revised to 'Negative' if its revenue or
profitability declines or it undertakes a large debt-funded
capital expenditure programme, resulting in weakening of its
financial risk profile.

Bharat is a partnership firm set up in 2002 by Haryana-based Mr.
Rajvir Singh Jaglan and his family. The firm is engaged in the
business of poultry breeding and hatching. It has day-old-chick
(DOC) breeder farms at Panipat (Haryana). Mr. Rajvir Singh Jaglan,
his brother Mr. Jasvir Singh Jaglan, his daughter Ms. Sophia
Jaglan, and his son-in-law Mr. Siddharth Jaglan are the partners
of the firm.

VBFH was set up as a proprietorship firm in 1996 by Mr. Rajvir
Singh Jaglan. It is also engaged in the business of poultry
breeding and hatching. It has DOC breeder farms at Panipat.


CREATIVE EDUCATIONAL: CRISIL Ups Rating on INR90MM Loan to B
------------------------------------------------------------
CRISIL has upgraded its rating on long-term bank facilities of
Creative Educational Society (CES) to 'CRISIL B/Stable' from
'CRISIL B-/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan           90        CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Overdraft Facility       10        CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

The rating upgrade reflects improvement in CES's business risk
profile driven by sustained increase in revenues owing to increase
in student intake aided by increase in course offerings and
healthy occupancy levels. The rating upgrade also reflect
improvement in CES's financial risk profile supported by
continuous infusion of funds by the promoters' in the form of
unsecured loans to meet the incremental working capital
requirements.

CRISIL rating continues to reflect CES's stretched receivables,
exposure to intense competition, and susceptibility to changes in
regulation in the education sector. These rating weaknesses are
partially offset by CES's above average financial risk profile,
marked by healthy debt protection metrics and capital structure
and its established regional market position.
Outlook: Stable

CRISIL believes that CES will continue to benefit from its
established regional market position and moderate operating
profitability. The outlook may be revised to 'Positive' in case of
a sustainable improvement in the realization of CES' receivables
and if the society increases its scale of operations
substantially, most likely by increasing the number of courses it
offers or by increase in intake. Conversely, the outlook may be
revised to 'Negative' if the society undertakes any large debt-
funded capital expenditure programme resulting in deterioration in
financial risk profile or faces any adverse regulatory change,
resulting in significant decline in its student intake or its cash
accruals.

Established in 2005, CES runs two colleges offering undergraduate
courses in engineering and pharmacy and post graduate courses in
pharmacy. The day-to-day operations of the society are managed by
its Chairman ' Mr. S. Rama Subbha Reddy.

CES reported a surplus of around INR6.1 million on an operating
income of around INR114.2 million for 2014-15 (refers to the
financial year, April 1 to March 31) against a surplus of around
INR4.8 million on an operating income of around INR98.1 million
for 2013-14.


DHARMLOK INDUSTRIES: ICRA Reaffirms B Rating on INR4.7cr Loan
-------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the INR4.70
crore (enhanced from INR4.36 crore) fund based limits of Dharmlok
Industries. ICRA has also reaffirmed its short term rating of
[ICRA]A4 on the INR5.00 crore fund based limits of the firm.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits-
   Long Term              4.70       [ICRA]B; Reaffirmed

   Fund Based Limits-
   Short Term             5.00       [ICRA]A4; Reaffirmed

ICRA's ratings continue to take into account Dharmlok Industries'
small scale of operations and the firm's thin margins due to the
high intensity of competition in the industry, on account of the
presence of small to medium sized players. The ratings also factor
in the firm's high working capital intensity due to high inventory
levels. The firm's reliance on bank borrowings for funding the
working capital requirements has resulted in high gearing level of
6.29 times, as on March 31, 2015. The ratings are also constrained
by agro climatic risks which can affect the availability of agro
products in adverse weather conditions. However, the ratings
derive comfort from the long standing experience of the promoters
in the industry and their strong relationships with several
customers and suppliers. ICRA also takes note of the proximity of
the mill to a major agricultural area which results in easy
availability of raw materials.

Going forward the ability of the firm to bring about a sustained
improvement in its profitability and optimally manage its working
capital cycle will be the key rating sensitivities.

Dharmlok Industries was incorporated in 1992 as a proprietorship
concern, with Mr Mohanlal Batra as the proprietor. The firm is
engaged in the business of trading and processing of pulses,
grains, poha, and murmura. Rahar Dall is the main product of the
firm having a significant share in the revenues. The firm's
manufacturing unit is located in Katni, Madhya Pradesh and has a
capacity of 30,000 Metric Tonnes per annum.

Recent Results
The firm reported, on a provisional basis, a profit after tax
(PAT) of INR0.59 crore on an operating income of INR63.27 crore in
FY 2014-15 as compared to a PAT of INR0.44 crore on an operating
income of INR59.47 crore in the previous year.


DHARTI SPINNING: ICRA Reaffirms B+ Rating on INR33.05cr Term Loan
-----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to INR33.05 crore (reduced
from INR36.52 crore) fund-based term loan facility and INR5.00
crore cash credit facility of Dharti Spinning Mills Private
Limited.  A rating of [ICRA]A4 has also been reaffirmed to the
INR2.06 crore short term non fund based bank guarantee facility of
DSMPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             33.05        [ICRA]B+ reaffirmed
   Cash Credit            5.00        [ICRA]B+ reaffirmed
   Bank Guarantee         2.06        [ICRA]A4 reaffirmed

The rating reaffirmation takes into account the long experience of
promoters in the cotton industry; close proximity to raw material
sources as the company is located in the major cotton growing belt
of India; and fiscal benefits in terms of interest subsidy and
subsidized power tariffs and refund of VAT resulting in relatively
comfortable margins.

However, the ratings continue to be constrained by the limited
track record of operations and the highly competitive business
environment given the fragmented nature of cotton industry thus
limiting the company's ability to fully pass on the increase in
raw material prices and vulnerability of profitability to
unexpected movement in cotton prices which are in turn subject to
seasonality and crop harvest. ICRA further notes the debt funded
capital expenditure undertaken by the company and high working
capital intensity of operations is expected to keep the capital
structure and credit metrics stretched in near term.

Dharti Spinning Mill Private Limited (DSMPL) was incorporated in
November 2012 by Mr. Dharmendra Jotaniya alongwith other
directors. The company is into the business of cotton yarn
spinning with its unit located in Morbi, Gujarat having installed
capacity of manufacturing 3315 MTPA of 30s combed hosiery yarn by
utilizing 16416 spindles.

Recent Results
For the year ended March 31, 2015, Dharti Spinning Mills Private
Limited achieved an operating income of INR47.20 crore and profit
before tax of INR2.14 crore as per the provisional financials.


DWARIKA INDUSTRIES: Ind-Ra Assigns 'B+' LT Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Dwarika
Industries Limited (DIPL) a Long-Term Issuer Rating of 'IND B+'.
The Outlook is Stable.  Ind-Ra has also assigned DIL's bank loans
these ratings:

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        -----------     -------
  Fund-based working      15         'IND B+'/Outlook Stable
   capital limits

  Term loan               36.9       'IND B+'/Outlook Stable

KEY RATING DRIVERS

The ratings reflect the company's short operational track record
as it started commercial operations as recently as February 2015.
The ratings are also constrained by DIPL's small scale of
operations, as reflected in its installed capacity of 80,000
quintal per annum, and weak liquidity reflected in its almost-full
working capital use over the five months ended July 2015.

However, the ratings derive support by over two decades of
experience of its founders in the same product line.

RATING SENSITIVITIES

Positive: The stabilization of operations leading to an
improvement in the revenue will be positive for the ratings.

Negative: Further deterioration in the liquidity will be negative
for the ratings.

COMPANY PROFILE

Incorporated in 2012, DIPL has a cold storage and also has an ice
manufacturing unit.  The company is managed by Mr Yadav and has
its registered office in Lucknow.


ECI ENGINEERING: Ind-Ra Withdraws 'D' LT Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn ECI Engineering
& Construction Company Limited's (EIC) Long-Term Issuer Rating of
'IND D(suspended)'.

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

Ind-Ra suspended ECI's ratings on Feb. 23, 2015.

ECI's ratings:

   -- Long-Term Issuer Rating: 'IND D(suspended)'; rating
      withdrawn

   -- INR3,380 mil. fund-based working capital limits: Long-
      term/Short-term 'IND D(suspended)'; ratings withdrawn

   -- INR13.75 bil. non-fund-based working capital limits: Long-
      term/Short-term 'IND D(suspended)'; ratings withdrawn


GMR ENERGY: ICRA Cuts Rating on INR319.55cr Term Loan to D
----------------------------------------------------------
ICRA has revised the rating assigned to the INR319.55 crore term
loan programme of GMR Energy Limited to [ICRA] D from [ICRA] BB
earlier. ICRA has also revised the rating assigned to the
INR1019.86 crore non fund based limits to [ICRA]D from [ICRA] A4+
earlier.

The rating revision is on account of recent delays in debt
servicing by GMR Energy due to continued deterioration in its
liquidity position. GMR Energy's own 235 MW gas-based power plant
has not been operational during 2013-14 and 2014-15 due to non-
availability of gas. Further, the company's major subsidiaries are
in advanced stages of commissioning large thermal power plants
which are beset by various issues including cost overruns,
inadequate fuel supply arrangements, unfavourable offtake
arrangements and inadequate evacuation arrangements. Debt and
inflows from the parent GMR Infrastructure Limited are the primary
sources of funds for GMR Energy. Given the strained funds position
of the GMR Group, inflows from GMR Infrastructure Limited are not
timely resulting in delayed debt servicing by GMR Energy.

GMR Energy was originally incorporated as Tanir Bavi Power Company
Limited (TBPCL) and promoted by foreign investors in October 1996.
Subsequent to TBCPL's acquisition by GMR Infrastructure Limited
(GIL), the name of the company was changed to GMR Energy Limited
in 2003. GMR Energy earlier owned and operated a barge-mounted,
naphtha based combined cycle plant of capacity 235 MW near
Mangalore in the state of Karnataka. The plant commenced
commissioning in June 2001 and sold electricity to two of the
Karnataka State electricity distribution companies namely
Bangalore Electricity Supply Company Ltd and Mangalore Electricity
Supply Company Ltd as per the terms of a PPA which expired in June
2008. Since the expiry of the PPA, GMR Energy has been operating
the plant on merchant mode. During FY11, GMR Energy converted the
plant to gas based operations at a cost of approx. INR605 crore
and the plant was relocated to Kakinada in Andhra Pradesh. GMR
Energy and its subsidiaries have a total installed capacity of
2500 MW of power generation across seven plants. Three of the
subsidiaries are currently executing power projects with total
installed capacity of 2318 MW.


GMR POWER: ICRA Lowers Rating on INR73cr Loan to D
--------------------------------------------------
ICRA has revised the rating assigned to the INR73 crore fund based
limits and the INR250 crore term loan programme of GMR Power
Corporation Limited to [ICRA]D from [ICRA]BB+ earlier. ICRA has
also revised the rating assigned to the INR328.75 crore non fund
based limits of GMR Power to [ICRA]D from [ICRA]A4+ earlier.

The rating revision is on account of recent delays in debt
servicing by GMR Power following the expiry of the term of its
Power Purchase Agreement (PPA) with Tamil Nadu Generation and
Distribution Corporation Limited (TANGEDCO) in February 2015. The
PPA expired in February 2014 and was mutually extended by TANGEDCO
and GMR Power for one year till February 2015, subject to the
approval of Tamil Nadu Electricity Regulatory Commission (TNERC).
However in its order in February 2015, TNERC has not approved the
excess cost of power purchase from GMR Power, beyond the date of
expiry of its PPA (February 2014) over and above the actual rate
of realization of TANGEDCO by sale of power, resulting in strained
liquidity for GMR Power. While the TNERC order allows GMR Power to
appeal against the order in Appellate Tribunal for Electricity
(APTEL), however pending the final outcome, power off-take and
corresponding revenues of GMR Power remain uncertain in near-term.

GMR Power (51% held by GMR Energy Ltd) owns and operates a liquid
fuel (LSHS) based power plant of capacity of 200 MW at Basin
Bridge, in Chennai, in the state of Tamil Nadu. GMR Power
commenced operations in February 1999 and has been selling
electricity to TNEB as per a PPA which expired in February 2014.
Subsequently the PPA, which was mutually extended by TANGEDCO and
GMR Power for a period of one year till February 2015, has been
disapproved by TNERC. During 2013-14, GMR Power recorded an
operating income of INR1032.27 crore and profit after tax of
INR94.14 crore as against an operating income of INR796.57 crore
and INR91.03 crore respectively.


HARIOM PULSES: ICRA Assigns 'B' Rating to INR6.19cr LT Loan
-----------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B on the INR6.19
crore (enhanced from INR4.32 crore) fund based limits of Hariom
Pulses. ICRA has also assigned the long term rating of [ICRA]B on
the INR0.13 crore (enhanced from INR0.00 crore) unallocated limits
of the Hariom Pulses. ICRA also has rating of [ICRA]A4 outstanding
on the INR3.00 crore non fund based limits of Hariom Pulses.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based-Long
   Term                  6.19       [ICRA]B; assigned/outstanding

   Unallocated- Long
   Term                  0.13       [ICRA]B; assigned/outstanding

   Fund Based- Short
   Term                  3.00       [ICRA]A4; outstanding

ICRA's ratings continue to be constrained by Hariom Pulses' modest
scale of operations which limits economies of scale, the highly
competitive nature of the industry in which the firm operates, due
to low entry barriers, and exposure to agro climatic risks, which
can affect the availability of agro products in adverse weather
conditions. The ratings also take into account the firm's weak
profitability metrics due to fluctuations in the price of raw
materials and its limited flexibility to pass on the increase in
raw material prices to its customers.

The firm has a highly leveraged capital structure and weak
coverage ratios due to substantial debt funding of the working
capital requirements and thin profitability. The ratings however,
favorably take into account the extensive experience of the
promoters and their strong relationships with various customers
and suppliers. The ratings also factor in the favorable location
of the firm's manufacturing unit, in proximity of major
cultivation areas for pulses, which results in easy availability
of raw material.

Going forward, the ability of the firm to ramp up its scale of
operations, attain a sustained improvement in profitability and
attain an optimal working capital cycle will be the key rating
sensitivities.

The firm was established in 2002 as a partnership concern with Mr.
Omprakash Multani and Mr. Harish Kumar Multani as partners in
equal ratio. The firm is engaged in trading and processing of
grains. Rahar dal is the main product of the firm, having
significant share in revenues. The firm's manufacturing facility
is located at Industrial Estate, Katni, Madhya Pradesh with a
capacity of 28,000 Metric Tonnes (MT) per annum.

Recent Results
The firm reported a net profit of INR0.69 crore on an operating
income of INR69.12 crore for 2014-15, as against a net profit of
INR0.28 crore on an operating income of INR56.05 crore for the
previous year.


INFRA MOVES: CRISIL Reaffirms B+ Rating on INR100MM Loan
--------------------------------------------------------
CRISIL's ratings on the bank facilities of Infra Moves Pvt Ltd
(IMPL) continue to reflect IMPL's exposure to risks related to its
nascent stage of operations, to intense competition in the
automobile dealership industry, and to volatility in demand from
end-user segments.

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

   Corporate Loan          16       CRISIL B+/Stable (Reaffirmed)

   Inventory Funding
   Facility               100       CRISIL B+/Stable (Reaffirmed)

   Term Loan               44       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by its promoter's
extensive industry experience and its moderate financial risk
profile marked by improving net worth and comfortable debt
protection measures, but constrained by deteriorating gearing.
Outlook: Stable

CRISIL believes IMPL will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook may
be revised to 'Positive' if the company's sales volumes and
operating margin improve substantially, most likely due to higher
profitability from its Volvo spare parts business, or in case of
large equity infusion. Conversely, the outlook may be revised to
'Negative' in case of low revenue or large debt-funded capital
expenditure, leading to deterioration in financial risk profile.

Established in July 2010, IMPL is an authorised dealer for VE
Commercial Vehicles Ltd's Eicher brand of trucks. The company also
operates a Volvo spare parts dealership. Its day-to-day operations
are managed by promoter Mr. Rajiv Sabhlok.


ITFT CONSULTANCY: CRISIL Reaffirms B+ Rating on INR37.6MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of ITFT Consultancy
Private Limited (ITFT) continue to reflect its average scale of
operations and vulnerability to regulatory risks in the education
sector. These rating weaknesses are partially offset by ITFT's
above-average financial risk profile, marked by low gearing and
comfortable debt-protection metrics, and the promoters' extensive
industry experience.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Overdraft Facility      80       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      37.6     CRISIL B+/Stable (Reaffirmed)

   Term Loan               19.1     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ITFT will continue to benefit over the medium
term from its promoters' extensive experience and the healthy
demand prospects in the education sector. The outlook may be
revised to 'Positive' if ITFT reports substantially stronger cash
accruals, backed by ramp-up in fee collections and number of
students.  Conversely, the outlook may be revised to 'Negative' if
decline in student intake, delay in receivables from the
government, or any large debt funded capital expenditure weakens
the financial risk profile, particularly liquidity.

Update
ITFT's fee receipts increased to INR349 million in 2014-15 (refers
to financial year, April 1 to March 31) from INR269 million in
2013-14, driven by addition in number of students and skill-based
government projects. The operating margin (10.0 per cent in 2014-
15, down from 11.9 per cent in 2013-14) remains susceptible to
student intake, fee and salary revisions, and regulatory expenses.
The fee receipts are expected to grow at a moderate 12 to 15 per
cent while the operating margin are expected within range of 8 to
10 per cent over the medium term.

The financial risk profile is above average, with gearing of
around 0.50 times, interest coverage of above 2 times, and modest
net worth of around INR90 million as on March 31, 2015. The
company follows a conservative financial policy. The outstanding
term debt of INR19.1 million as on March 31, 2015 may be
liquidated in 2015-16. The capex of around INR200 million to
construct an academic bloc in the Chandigarh campus in the near
term is likely to be funded by term loan and internal accruals.
CRISIL expects the financial profile to remain inline over medium
term.

The liquidity is just about adequate, with cash accruals expected
at INR20 million, against maturing debt of INR19 million in 2015-
16. Although the average utilisation on the overdraft facility was
47 per cent in the 12 months through May 2015, there have been
instances when the facility was fully utilised between November
and January each academic year. Timeliness in fee receipts from
government agencies/departments, usually received between August
and February, remains a key rating sensitivity factor.

Set up in 1994 as a society, ITFT was reconstituted as a private
limited company in 2006. It is promoted by Mr. Gulshan Sharma and
his son, Mr. Aman Sharma. The company offers graduation and post-
graduation courses which are approved by the Punjab Technical
University at its campus based in Chandigarh and 8 distance
learning centres in Northern India. It also provides skill-based
short-term courses for the state governments, including Aajeevika
Skill Development Programme (ASDP) with Government of Sikkim and
Rashtriya Uchchatar Shiksha Abhiyan (RUSA) with Ministry of Human
Resources in Punjab.


JAI MAAKALI: CRISIL Cuts Rating on INR95MM Cash Loan to D
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Jai Maakali Poultry Farms (JM Farms; part of the Jai Maakali
group) to 'CRISIL D' from 'CRISIL BB-/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              95        CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

   Long Term Loan           30        CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

The rating downgrade reflects instances of delay by the Jai
Maakali group in servicing its debt. The delays have been caused
by the firm's weak liquidity.

The group's profitability is susceptible to volatility in raw
material prices. Also, it faces intense competition and is exposed
to risks, such as outbreak of epidemics, inherent in the poultry
industry. However, it benefits from its promoters' extensive
industry experience.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of JM Farms and Jai Maakali Poultry
Products Pvt Ltd (JMP). This is because the two entities, together
referred to as the Jai Maakali group, have common promoters, are
in the same line of business, and have operational linkages and
financial fungibility.

JM Farms, established in 1993 and based in Andhra Pradesh, is
promoted by Mr. Kumar Pappu Singh and his family. JM Farms
produces commercial eggs and sells its entire output to JMP. JMP
trades in commercial eggs.


JOSHI COTEX: CRISIL Assigns B+ Rating to INR60MM Cash Loan
----------------------------------------------------------
CRISIL has revoked the suspension of its ratings and assigned its
'CRISIL B+/Stable' ratings to the bank facilities of Joshi Cotex
(JC).

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

   Term Loan                20        CRISIL B+/Stable (Assigned;
                                       Suspension Revoked)

The ratings were previously 'Suspended' by CRISIL vide the Rating
Rationale dated May 28, 2015, since Joshi Cotex had not provided
necessary information required to maintain a valid rating. Joshi
Cotex has now shared the requisite information, enabling CRISIL to
assign ratings to the bank facilities.

The ratings reflect the small scale of JC's operations in the
highly fragmented cotton ginning industry, and susceptibility to
adverse regulatory changes. These rating weaknesses are partially
offset by the extensive experience of JC's partners in the cotton
industry, and its moderate financial risk profile driven by
moderate gearing.
Outlook: Stable

CRISIL believes that Joshi Cotex (JC) will continue to benefit
over the medium term from its promoters' industry experience. The
outlook may be revised to 'Positive' if the firm increases its
scale of operations significantly while also improving its debt
protection metrics and/or in case of equity infusion substantially
improving its capital structure. Conversely, the outlook may be
revised to 'Negative' if the firm's working capital borrowings are
more than expected or if it undertakes larger-than-expected debt-
funded capital expenditure programme, leading to material
deterioration of its financial risk profile.

Joshi was incorporated in 2007 by Mr. Vikas Joshi and family
members. The firm is engaged in the ginning and pressing of raw
cotton (kapas) to make cotton bales. The firm sells the cotton
bales to various traders and the cotton seed is sold to various
oil mills in the vicinity of the plant. The firm has its
manufacturing facility located at Aurangabad, Maharastra with a
capacity of 20,000 cotton bales per annum. The firm is in process
of setting up a seed crushing plant with an expected crushing
capacity of 1 lakh quintal per annum.


JOYS STEEL: ICRA Suspends B+ Rating on INR8cr LT Loan
-----------------------------------------------------
ICRA has suspended [ICRA]B+ rating, assigned to the INR8.00 crore
long term fund based bank facilities of Joys Steel Impex. ICRA has
also suspended [ICRA]A4 rating, assigned to the INR7.00 crore
short term non-fund based bank 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.


KANDUKURI INDUSTRIES: ICRA Assigns B+ Rating to INR15.3cr Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to INR15.30 crore
(enhanced from 8.80 crore) fund based limits and INR4.70 crore
(enhanced from 0.20 crore) unallocated limits of Kandukuri
Industries Private Limited. ICRA has also assigned a short term
rating of [ICRA]A4 to INR5.00 crore (enhanced from 1.00 crore) non
fund based limits of KIPL.

                        Amount
   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   Fund Based Limits      15.30     [ICRA]B+ assigned/outstanding

   Non Fund Based Limits   5.00     [ICRA]A4 assigned/outstanding

   Unallocated Limits      4.70     [ICRA]B+ assigned/outstanding

The assigned ratings take into account the company's moderate
scale of operation of each division in a highly competitive
textile and construction industry limiting the financial
flexibility. The ratings are constrained by susceptibility of
margins to fluctuations in volatile raw material price
fluctuations in RMG division and high overheads leading to
pressure on margins of KIPL. The ratings are further constrained
by stretched liquidity position on account of working capital
intensive nature of business as reflected by high utilisation of
fund based facilities. The ratings also take into account low
unexecuted order book to operating income ratio of 1.02 times as
on March 31, 2015 for construction division reflecting limited
revenue visibility in the long-term.

The ratings however, positively factor in long track record of
promoters in textile industry resulting into established
relationships with the customers and raw material suppliers. The
ratings also favourably factor in diversified revenue base of the
company with its presence in four segments and location advantage
of the textile unit due to its presence in major cotton growing
areas of Andhra Pradesh providing easy access for cotton yarn
procurement.

Kandukuri Industries Private Limited (KIPL) was incorporated by
Mr. K V Satyanarayana in 1995. The company operates four divisions
weaving division and readymade garments (RMG) division involved in
manufacture and sales of men's garments, healthcare division,
operating a 50 bed hospital, and construction division, where KIPL
executes projects for canal and college buildings. The weaving
division accounts for 51%, RMG for 28.74%, construction for 14.28%
& hospital for 5.94% of revenue contribution.

Mr.K V Satyanaryana is the Chairman & Managing Director of
Kandukuri Industries Private Limited. He has 45 years experience
in the textile industry. He started with a small retail shop in
1968 and started manufacture of Readymade Garments in 1994 and
entered into weaving in 2006.

Recent Results
As per provisional financials of FY15, KIPL reported an operating
income of INR51.56 crore with an operating profit of INR7.11 crore
against an operating income of INR49.87 crore with an operating
profit of INR6.69 crore in FY2014.


KAVAN COTTON: ICRA Reaffirms B+ Rating on INR40cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ for the
INR40.00 crore fund based cash credit facility and INR1.50 crore
term loan facility of Kavan Cotton Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             1.50         [ICRA]B+ reaffirmed
   Cash Credit          40.00         [ICRA]B+ reaffirmed

The reaffirmation of rating factors in KCPL's weak financial
profile characterized by leveraged capital structure leading to
weak debt protection indicators and thin margins on account of
limited value addition in the business operations. The rating also
incorporates susceptibility of the cotton prices to seasonality
and regulatory risks which together with the highly competitive
industry environment further exerts pressure on margins.
The rating, however, positively factors in the long experience of
the promoters in cotton industry as well as the advantages arising
from the company's proximity to the raw material sources which
ensure regular availability of cotton and strong demand for cotton
seed oil.

Kavan Cotton Private Limited was incorporated in 2008 by Mr.
Chandreshkumar Maganbhai Patel and Mr. Nileshkumar Navalbhai
Chhatrara, directors, along with 5 other shareholders. Mr.
Popatbhai R Bhalara, director along with 3 other shareholders,
have acquired the company and started to manage its operation from
1st April 2011. The present directors have more than a decade of
experience in cotton industry. Kavan Cotton Private Limited is
engaged in the business of cotton ginning, pressing and crushing
activities with 40 ginning machines, 1 pressing machine and 9
expellers for producing FP (fully pressed) bales and cottonseed
oil with an intake capacity of 42,240 MT per annum of raw cotton
and 12,720 MT per annum of cottonseeds. Apart from production, the
company is also involved in trading activities in cotton bales
cottonseeds, cottonseed oil and oil cakes.

Recent Results
For the year ended 31st March 2015, Kavan Cotton Private Limited
has reported (as per provisional financial statement) an operating
income of INR284.97 crore and profit before depreciation and after
tax of INR1.08 crore.


KLENZAIDS CONTAMINATION: CRISIL Cuts Rating on INR110M Loan to B+
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Klenzaids Contamination Controls Pvt Ltd (KCCPL) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        100        CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Cash Credit           110        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Letter of Credit       20        CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

The rating downgrade reflects CRISIL's belief that KCCPL's
liquidity is  expected deteriorate over the medium term because of
large working capital requirements, mainly driven by long overdue
receivables. The working capital requirements have remained high
over the past two years as reflected in gross current assets
(GCAs) of 373 days as on March 31, 2015, against 359 days a year
earlier. Debtors of around INR230 million are overdue for more
than six months, out of which INR130 million, pertaining to
National Institute of Virology, Pune (Maharashtra), are pending
since 2011-12 (refers to financial year, April 1 to March 31). The
increasing working capital requirements have been funded by
stretching creditors, which were at 226 days as on March 31, 2015.
KCCPL and Bosch Packaging Technology (BPT) have signed an
agreement on November 28, 2014, for starting a joint venture that
will help KCCPL to venture into new markets for innovative filling
technology. CRISIL believes that the company's liquidity will
remain weak over the medium term because of its large working
capital requirements.

The ratings reflect KCCPL's modest scale of operations and large
working capital requirements. These rating weaknesses are
partially offset by a moderate financial risk profile, with low
gearing, a moderate net worth, and comfortable debt protection
metrics. The ratings also factor in the promoters' extensive
experience in manufacturing machines largely used in
pharmaceutical companies.

Outlook: Stable

CRISIL believes that KCCPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its newly formed collaboration with BPT. The outlook may be
revised to 'Positive' if there is substantial reduction in working
capital requirements, particularly in the receivables cycle,
resulting in considerable improvement in liquidity, while the
scale of operations and profitability are sustained. Conversely,
the outlook may be revised to 'Negative' in case of lower-than-
expected profitability, or a further stretch in the working
capital cycle, resulting in deterioration in the financial risk
profile, especially liquidity.

KCCPL was set up in 1978 by Mr. Chandru Shahani. The company is
currently managed by his son, Mr. Hamish Shahani. It manufactures
clean room equipment, pharmaceutical machinery, and accessories.
It also delivers regulatory-compliant turnkey 'design-build'
projects. These include clean-room equipment, biological-chemical
containment facilities and laboratories, and micro environs and
laboratories for active ingredients and formulations; these are
used in the pharmaceutical, life-science, defence, electronics,
aerospace, food, healthcare, and cosmetic sectors. The
manufacturing facilities are at Umbergaon (South Gujarat).


LAILA SUGARS: CRISIL Reaffirms B Rating on INR1.3BB Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Laila Sugars
Pvt. Ltd (LSPL) continues to reflect LSPL's below-average
financial risk profile, marked by high gearing and weak debt
protection metrics.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            1300       CRISIL B/Stable (Reaffirmed)
   Long Term Loan          165       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      235       CRISIL B/Stable (Reaffirmed)

The rating also factors in the company's exposure to risks related
to the adverse impact of changes in government regulations, and to
cyclical demand in the sugar industry. These rating weaknesses are
partially offset by LSPL's moderate business risk profile
supported by the promoter's extensive experience in the sugar
industry.

Outlook: Stable

CRISIL believes that LSPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is a sustained
improvement in its working capital management, or there is a
substantial improvement in its capital structure on the back of
sizeable equity infusion by the company's promoters. Conversely,
the outlook may be revised to 'Negative' if there is a steep
decline in LSPL's profitability margins, or significant
deterioration in its capital structure caused most likely by large
debt-funded capital expenditure or a stretch in its working
capital cycle.

Incorporated in Vijayawada (Andhra Pradesh) in 2009, LSPL
manufactures sugar and its by-products: molasses, bagasse, and
press mud. It is a part of the Laila group of companies having
diverse business interests, including sugar, paper,
nutraceuticals, herbals, and educational institutions.


MAHALAXMI SEAMLESS: ICRA Suspends B- Rating on INR4cr LT Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]B- rating, assigned to the INR4.00 crore
long term fund based bank facilities of Mahalaxmi Seamless Limited
(MSL). ICRA has also suspended [ICRA]A4 rating, assigned to the
INR12.00 crore non-fund based bank facilities of MSL. Further,
[ICRA]B-/[ICRA]A4 ratings assigned to the INR3.35 crore proposed
bank facilities of the company have also been suspended. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


MC MEDICAL: CRISIL Reaffirms B Rating on INR95MM LT Loan
--------------------------------------------------------
CRISIL's rating on the long-term bank facilities of MC Medical
Services Private Limited (MCMS) continues to reflect MCMS's
nascent stages in the multi-specialty hospital segment and its
susceptibility to risks related to the stabilisation of the
operations and it's below average financial risk profile marked by
weak capital structure. These rating weaknesses are partially
offset by the extensive experience of MCMS's promoters in the
healthcare industry.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20        CRISIL B/Stable (Reaffirmed)

   Long Term Loan          95        CRISIL B/Stable (Reaffirmed)

   Working Capital
   Term Loan               10        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MCMS will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if MCMS reports significant
and sustained improvement in revenue and cash accruals, leading to
improvement in financial risk profile. Conversely, the outlook may
be revised to 'Negative' in case of lower than expected cash
accruals, or stretch in its working capital cycle, weakening its
financial risk profile.

MCMS was incorporated in 2009 in Coimbatore (Tamil Nadu) by Dr. K
Chockalingam and Dr. K Madeswaran. The company is operating a
multi-specialty hospital in Coimbatore (Tamil Nadu).

MCMS, provisionally, reported a profit after tax (PAT) of INR3.0
million on net sales of INR39.3 million for 2014-15; it had
reported a net losses of INR6.1 million on net sales of INR26.5
million for 2013-14.


MOONLIGHT MARBLES: ICRA Reaffirms B- Rating on INR12.54cr Loan
--------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B- on the
INR12.54 crore long term fund based limits of Moonlight Marbles
Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term Fund
   based limits          12.54        [ICRA]B-; reaffirmed

The rating reaffirmation takes into account the 8% year-on-year
growth in MMPL's Operating Income (OI) in FY15. This has, however,
been accompanied by some erosion in its operating profit margins,
with the company's overall profitability being supported by non-
operating income in FY15.

ICRA's rating continues to take into account the intensely
competitive and low value additive nature of the marble processing
industry, which results in thin profitability. The rating also
takes into account the company's modest scale of operations and
high working capital intensity due to high inventory levels. The
rating also factors in the company's weak financial profile as
reflected in its high gearing levels and moderate coverage
indicators. Nevertheless, the rating derives comfort from the long
experience of the promoters in the marble processing business,
their established relationships with customers and satisfactory
demand outlook for marble products in India.

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

MMPL was established in 1990 and is engaged in processing of
marbles. The manufacturing facility of the company is located at
Rajasamand, Rajasthan. The company mainly sells its products in
India with some exports to countries in Europe and the Middle
East.

Recent results

The company, reported a Profit after Tax (PAT) of INR0.18 crore on
an OI of INR27.16 crore in FY14, as against a PAT of INR0.45 crore
on an OI of INR24.80 crore in the previous year. The company, on a
provisional basis, reported an OI of INR29.35 crore for FY15.


PHARMCHEM: Ind-Ra Assigns 'B+' LT Issuer Rating; Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Pharmchem (PHCM)
a Long-Term Issuer Rating of 'IND B+'.  The Outlook is Stable.
The agency has also assigned PHCM's bank loans these ratings:

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        -----------     -------
  Term loan               3.0        Long-Term 'IND B+'/Stable

  Fund-based working     50          Long-Term 'IND B+'/Stable
   capital limit                     and Short-Term 'IND A4'

  Non-fund-based         99          Short Term 'IND A4'
   limits

  Proposed term loan     30          Long-Term 'Provisional
                                     IND B+'/Stable

KEY RATING DRIVERS

The ratings reflect PHCM's weak credit metrics along with its
small scale of operations.  According to the provisional
financials for FY15, interest coverage (operating EBITDA/gross
interest expense) was 1.61x (FY14: 1.25x), financial leverage
(total Ind-Ra adjusted debt/operating EBITDAR) was 3.44x (3.84x)
and revenue was INR306.17 mil. (INR367.08 mil.)  The ratings
further reflect PHCM's weak EBITDA margins of 3.89% in FY15 (FY14:
3.13%).  The ratings are also constrained by the partnership
structure of the organization.

The ratings are supported from PHMC's comfortable liquidity as
reflected in its 45.79% average utilization of the working capital
facilities during the 12 months ended September 2015 and more than
three decades of its partners' experience in the pharmaceutical
industry.

RATING SENSITIVITIES

Negative: A dip in the operating margins leading to weaker credit
metrics will be negative for the ratings.

Positive: Substantial growth in the revenue while sustaining the
credit metrics will be positive for the ratings.

ENTITY PROFILE

Established in 1973, Pharmchem manufactures macrolides, vitamins,
anti-infective, etc. at its state-of-the-art production facility
in Delhi.  It is managed by Mr. Lalit Kumar Jain who holds a 60%
share in the firm.  The firm also has TCL and JAS-ANZ
certification in place.


PLATINUM FABRICS: CRISIL Cuts Rating on INR205.6MM LT Loan to B
---------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Platinum Fabrics Pvt Ltd (PFPL) to 'CRISIL B/Stable' from
'CRISIL B+/Stable' while reaffirming the short-term rating at
'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          12.5       CRISIL A4 (Reaffirmed)

   Corporate Loan          96         CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Proposed Long Term     205.6       CRISIL B/Stable (Downgraded
   Bank Loan Facility                 from 'CRISIL B+/Stable'

The downgrade reflects CRISIL's belief that PFPL's financial risk
profile, particularly liquidity, will remain constrained over the
medium term. With subdued demand, the company's revenue declined
24 per cent year-on-year to INR440 million in 2014-15 (refers to
financial year, April 1 to March 31), coupled with a decline in
profitability. With insufficient cash accruals to meet term debt
obligations in 2014-15; the company continues to depend on
promoter's infusion of funds. PFPL utilised bank limits
extensively, at an average of over 90 per cent for 2014-15.
However, PFPL has added new customers from April 2015 and has
started receiving orders from them.

The ratings continue to reflect the susceptibility of PFPL's
profitability to volatility in raw material prices and exposure to
intense competition in the textile industry. These rating
weaknesses are partially offset by its promoters' extensive
industry experience.
Outlook: Stable

CRISIL believes that PFPL will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if it achieves substantial increase in
revenue and profitability, leading to higher cash accrual.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile weakens, most likely driven by
large debt-funded capital expenditure or stretch in the working
capital cycle.

PFPL was set up in 2005 as DK Apparels Industries Pvt Ltd by
brothers Mr. Dilip Karania, Mr. Praful Karania, and Mr. Khirish
Karania. The company got its current name in December 2009. PFPL
manufactures cotton fabric from grey and dyed cotton yarn. Its
manufacturing unit is in Silvassa.

PFPL, on a provisional basis, reported a net loss of about INR17
million on net sales of INR439.9 million for 2014-15, against
profit after tax of INR17 million on net sales of INR577.9 million
for 2013-14.


PUSHPDEEP INFRASTRUCTURE: Ind-Ra Ups LT Issuer Rating to 'BB+'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Pushpdeep
Infrastructure Private Limited's (PIPL) Long-Term Issuer Rating to
'IND BB+' from 'IND BB'.  The Outlook is Stable.  The agency has
also taken these rating actions on PIPL's bank facilities:

                       Amount
   Facilities         (INR Mn)        Ratings
   ----------        -----------      -------
  Fund-based limits       50          Upgraded to Long-Term
                                      'IND BB+'/Stable from
                                      'IND BB' and affirmed
                                      at Short-Term 'IND A4+'

  Non-fund-based         150          Affirmed at Short-Term
   bank guarantee     (increased      'IND A4+'
                      from INR50 mil.)

  Proposed fund-          30          Long-Term 'Provisional
  based limits                        IND BB' and Short-Term
                                      'Provisional IND A4+';
                                      ratings withdrawn

KEY RATING DRIVERS

The upgrade reflects the improvement in PIPL's scale of operations
as well as profitability.  In FY15, the company's top-line
increased 17.85% yoy to INR447.54 mil. and EBITDA margins
increased to 6.32% (FY14: 5.42%).  The ratings are further
supported by the improvement in the company's order book position
to INR1,209 mil. for FY16 (FY15: INR516 mil.) providing revenue
visibility of 2.7x (1.36x).

Even though PIPL's credit metrics deteriorated in FY15, they
remained comfortable with interest coverage ratio of 10.94x (FY14:
22.64x) and leverage ratio of 1.05x (0.67x).

Ind-Ra expects the credit metrics to remain comfortable due to
company's low reliance on external borrowings.  PIPL's liquidity
also remained comfortable in FY15, as evident from 78.42% average
cash credit utilization during the 12 months ended August 2015.

RATING SENSITIVITIES

Negative: A significant decline in the revenue due to the lack of
work orders leading to weak credit metrics will be negative for
the ratings.

Positive: A significant improvement in the revenue while
maintaining or improving the credit profile will be positive for
the ratings.

COMPANY PROFILE

PIPL was incorporated on Aug. 27, 2010, and is engaged in the
business of civil construction works.  The company has its
registered office in Ghaziabad (Uttar Pradesh).


PV KNIT: ICRA Assigns B+ Rating to INR7.50cr LT Loan
----------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR7.50
crore fund based facilities, INR0.09 crore of term loans and
INR3.58 crore unallocated facilities of PV Knit Fashions. ICRA has
also assigned a short-term rating of [ICRA]A4 to the INR0.15 crore
short term non fund based facilities of the firm.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term-Fund
   based facilities       7.50        [ICRA]B+/assigned

   Long term - Term
   Loan                   0.09        [ICRA]B+/assigned

   Long term - Un-
   allocated              3.58        [ICRA]B+/assigned

   Short term - Non
   fund based facilities  0.15        [ICRA]A4/assigned

The assigned ratings take into consideration the significant
experience of the promoter in the textile industry and the
integrated nature of operations along with its sister concerns PMV
Dyeing and NM Bleaching having in-house facilities for knitting,
dyeing, printing, bleaching and garment manufacturing. The ratings
also take into account the long-standing relationship with KGS
Sourcing Limited (through which it procures orders from overseas
customers) and the favorable outlook for the domestic readymade
garments industry over the medium term. The ratings are, however,
constrained by the largely stagnant revenue growth witnessed over
the past four fiscals on account of a challenging operating
environment. Also, the firm's debt metrics remain stretched with
gearing standing at 1.3 times and interest coverage at 1.6 times
as on March 31, 2015. The ratings are further constrained by the
high working capital intensity due to financial support extended
to its sister concerns. Given the small scale of operations in a
highly fragmented industry structure, the firm's financial
flexibility and bargaining power are limited. With the debt-funded
capital expenditure of INR2.6 crore planned for the current
fiscal, the firm's ability to scale up its operations and improve
its profit margins while efficiently managing its working capital
cycle will be critical to generate strong cash flows and thereby
meet the debt servicing obligations in a comfortable manner.

PV Knit Fashions, incorporated in the year 1989 by Mr. Ramasamy,
is engaged in manufacturing and export of garments, primarily to
European markets. The firm manufactures knitted garments like T-
shirts, polo shirts, sweatshirts, nightwear, pyjamas, shorts,
skirts, trousers etc. It has in-house facilities for knitting,
printing, embroidering, cutting, stitching, and packaging, and
outsources dyeing and bleaching to sister concerns. PVKF has 10
knitting machines with a capacity to produce 1,600 kg of fabric
per day and 250 sewing units to manufacture upto 10,000 pieces of
garments (basic style) per day. The firm is a government
recognized one star trading house and is ISO 9001:2000 and SA 8000
certified.

Recent Results
The firm reported a net profit of INR0.3 crore on an operating
income of INR22.0 crore during 2013-14 as against a net profit of
INR0.6 crore on an operating income of INR20.8 crore during 2012-
13. For financial year 2014-15 as per unaudited results, the firm
has achieved revenues of INR19.7 crore and PBT of INR0.4 crore.


RAAJMAHAL DEVELOPERS: CRISIL Assigns B+ Rating to INR370MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Raajmahal Developers (RMD).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                370       CRISIL B+/Stable

The rating reflects susceptibility of RMD's operating performance
to timely execution of the project and flow of customer advances
from current and future bookings, and sensitivity of the project
to cyclicality in the real estate sector. These rating weaknesses
are partially offset by the partners' extensive experience in the
real estate business, established brand name in Surat market and
comfortable maturity profile of debt availed for completion of the
project.
Outlook: Stable

CRISIL believes that RMD will continue to benefit over the medium
term from its promoter's extensive experience and its established
presence in the market. The outlook may be revised to 'Positive'
if the company generates higher-than expected cash flows from
operations resulting from accelerated execution of its project and
improved inflow of advances. Conversely, the outlook may be
revised to 'Negative' if RMD's cash flows from operations are
significantly below expectations, either due to the projects
getting delayed or subdued response to its projects or lower-than-
envisaged flow of advances, impacting its debt servicing ability.

Established in 2013, RMD is engaged in the construction of real
estate projects both residential and commercial. The firm is based
out of Surat and managed by Mr. Ramesh Gupta, Mr. Ramanuj Bhattar
and Mr. Akhil Bhattar.


RADHA MADHAV: CRISIL Suspends D Rating on INR65.2MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
information availability risk as a key factor in its rating
process as outlined in its criteria Radha Madhav Industries Pvt
Ltd (RMIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          2.5        CRISIL D
   Cash Credit            47.5        CRISIL D
   Letter of Credit       12.5        CRISIL D
   Term Loan              65.2        CRISIL D

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

Incorporated in 2003, RMIPL manufactures sponge iron. The plant
was initially located in Nayapara in Bilaspur (Chhattisgarh), but
due to its proximity to the state High Court and the pollution
restrictions, the management is in the process of shifting the
plant to Khasra in Bilaspur.


SAHARA GROUP: US Court Rejects Plea For Attachment of Hotels
------------------------------------------------------------
The Hindu Business Line reports that a US court has rejected a
plea seeking to attach Sahara group's Plaza and Dream Downtown
hotels in India.

According to the report, Hong Kong-based JTS Trading had
approached the court seeking the attachment as part of its $350-
million lawsuit against the UAE-based Trinity White City Ventures,
Sahara group, and Swiss banking giant UBS over a deal that went
sour.

While hearings will continue on the lawsuit, the Supreme Court of
the State of New York has ordered that "the application of
plaintiff JTS Trading Ltd for a pre-judgement order of attachment
is denied," the report relays.

Hindu Business Line relates that Sahara, along with the two
others, has been dragged into the lawsuit filed by JTS Trading,
which claims that it had proposed to partner Trinity and arrange
loans from UBS to acquire Sahara's three overseas hotels --
Grosvenor House in London and the two in the US.

JTS has alleged that Trinity cut it off from the estimated
$1.5-billion deal for direct negotiations with Sahara, says Hindu
Business Line.

It accused Sahara and UBS of having "aided and abetted" the UAE
firm in breaching its "fiduciary duties" under their agreement.
JTS also filed an application before the court seeking a 'pre-
judgement order of attachment' of Sahara group's interest in the
two hotels in the US, according to the report.

Hindu Business Line notes that seeking an immediate rejection of
the attachment plea, Sahara submitted before the court that the
"plaintiff is attempting to attach property that falls outside of
the jurisdiction of this Court" and the assets did not belong to
the parties of the case.

The report relates that the group also told court that it was
wrongly dragged into the dispute between two entities JTS and
Trinity over "a potential business relationship gone sour".

After looking into the oral and written submissions of JTS and
Sahara in the matter, the court has now said in an order dated
September 14 that "JTS fails to establish entitlement to attach
assets of the non-parties," the report relays.

"JTS' only claim in support of attaching non-party interests is
that it is entitled to pierce the corporate veil to reach these
assets," the court order, as cited by Hindu Business Line, said
while adding that JTS, however, failed to establish an entitlement
to pierce the corporate veil.

In its application, JTS had argued that Sahara India owns the
Plaza and Dream Downtown hotels through a "convoluted chain of
wholly-owned and dominated alter-ego subsidiaries" and the group
intended to sell these properties and repatriate the funds to
India to use the money for securing release of the group's chief
Subrata Roy from jail, the report relays.

Sahara group however argued that JTS was seeking attachment of
properties of 'non-parties' to the case against whom it had made
no complaints. Among others, JTS has filed the case against Aamby
Mauritius (an entity from the Sahara group) and Sahara India
Pariwar, adds Hindu Business Line.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 15, 2013, The Economic Times said the Securities & Exchange
Board of India (Sebi) on Feb. 13, 2013, seized bank accounts and
properties of two Sahara Group companies and its promoter, Subrata
Roy.  The move comes following the group's failure to refund
INR24,000 crore to investors as directed by the Supreme Court.

Sahara Group operates businesses ranging from finance, housing,
manufacturing and the media.  Sahara also sponsors the Indian
hockey team and owns a stake in Formula One racing team, Force
India.


SENTHIL ENERGY: ICRA Reassigns Rating on INR13.36cr Loan to B
-------------------------------------------------------------
ICRA has revised the long-term rating for INR14.46 crore term loan
facilities (revised from INR20.00 crore) and INR5.54 Cr proposed
long term facilities of Senthil Energy Private Limited from
[ICRA]BB to [ICRA]D and simultaneously reassigned the rating to
[ICRA]B.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Term loans            6.64      Revised from [ICRA]BB (Stable)
                                   to [ICRA]D and simultaneously
                                   reassigned to [ICRA]B

   Unallocated          13.36      Revised from [ICRA]BB (Stable)
                                   to [ICRA]D and simultaneously
                                   reassigned to [ICRA]B

The revised rating takes into account the delays witnessed in debt
servicing obligations during the month of March 2015 owing to
liquidity pressures arising from lower than estimated off take
from group captive costumers; however the company has been regular
in meeting its financial obligations thereafter. The rating
factors in the reasonable operational track record of the acquired
wind assets as well as the agreements entered by the company for
sale of power to third parties in addition to the group captive
scheme, thereby reducing the off-take risk to an extent.
Nevertheless, the rating is constrained by the highly leveraged
capital structure and weak coverage metrics. However, significant
portion of debt is comprised of interest-free unsecured loans from
promoters, which provides comfort to an extent. ICRA also notes
that sales realisations and profitability of the company are
dependent on wind speed, which affects PLFs and electricity
generation, and are also exposed to adverse regulatory changes.

SEPL is primarily engaged in wind power generation with wind
assets in Tamil Nadu and Karnataka regions. Incorporated in
February 2013, the Company has so far acquired windmills with
aggregate capacity of 25.45 MW. The Company is promoted by the
Senthil Group of companies, which is engaged in the businesses of
manufacturing paper boards, steel, ready mix concrete and paver
blocks, fruit pulp and jams, trading of building materials and
construction.

Recent results
SEPL reported a net profit of INR0.7 crore on an operating income
of INR7.7 crore during 2014-15, as per unaudited results against a
net profit of INR0.9 crore on an operating income of INR6.6 crore
during 2013-14.


SHANMUKHA COTTON: CRISIL Assigns B Rating to INR50MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shanmukha Cotton Products (SCP).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   SME Credit              2.5        CRISIL B/Stable
   Cash Credit            50          CRISIL B/Stable
   Proposed Cash
   Credit Limit           12.5        CRISIL B/Stable

The rating reflects SCP's small scale of operations in the
intensely competitive and highly fragmented cotton trading
industry, and its below-average financial risk profile, marked by
high total outside liabilities to tangible net worth (TOLTNW)
ratio and weak debt protection metrics. These rating weaknesses
are partially offset by the extensive experience of SCP's partners
in the cotton trading industry.
Outlook: Stable

CRISIL believes that SCP will benefit from its promoter's
extensive industry experience over the medium term. The outlook
may be revised to 'Positive' if SCP reports more-than-expected
revenues and profitability resulting in better cash accruals, or
there is significant capital infusion resulting in improved its
capital structure. Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected revenues or
profitability, or if the firm undertakes additional debt-funded
capital expenditure (capex) over and above expected, leading to
deterioration in its financial risk profile.

Established in 2000, SCP is engaged in ginning and pressing of raw
cotton into cotton bales. The firm is based out of Guntur in
Andhra Pradesh and promoted by Mrs. Mannava Padma and her family.
The day to day operations of the firm are managed by Mr. Raja Rao.


SHARDASHREE ISPAT: CRISIL Ups Rating on INR330MM Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Shardashree Ispat Ltd (SSIL) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', while reaffirming its rating on the company's short-
term facility at 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           30        CRISIL A4 (Reaffirmed)

   Cash Credit              82.5      CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Proposed Long Term        7.5      CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B/Stable')

   Term Loan               330        CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The rating upgrade reflects the improvement in SSIL's credit
profile, particularly its liquidity, on account of a significant
increase in its scale of operations along with fund support from
promoters. The company's revenue for 2014-15 (refers to financial
year, April 1 to March 31) increasing by over 30 per cent year-on-
year to INR545.7 million, supported by healthy demand.
Furthermore, its operating profitability for the year has remained
healthy at 32.8 per cent, in line with past trends. Backed by
improving scale and stable profitability, SSIL generated cash
accruals of INR97 million, against repayments of INR59.2 million,
in 2014-15.

Moreover, the promoters have supported SSIL's working capital and
capital expenditure requirements through continual funding in the
form of equity infusion and unsecured loans; the promoters infused
equity of INR10 million in 2013-14. The improvement in scale of
operation along with equity infusion has led to a decline in
gearing to 1.04 times as on March 31, 2015, from 3.48 times as on
March 31, 2013. The debt protection metrics have also improved
with interest coverage ratio of 2.7 times and net cash accruals to
total debt ratio of 0.30 times for 2014-15. The company's working
capital requirements have remained stable with gross current
assets of 139 days as on March 31, 2015.

The ratings continue to reflect SSIL's average financial
flexibility, constrained by large debt repayments, and customer
concentration in its revenue profile. These rating weaknesses are
partially offset by the company's healthy operating profitability
and its promoters' extensive experience in the steel industry.
Outlook: Stable

CRISIL believes that SSIL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a substantial
increase in the company's cash accruals or diversification in its
customer base. Conversely, the outlook may be revised to
'Negative' if SSIL's liquidity deteriorates, most likely due to
large debt-funded capital expenditure, or high working capital
requirements, or low cash accruals.
SSIL was established in 2006 by the Maheshwari, Sarda, and Daga
families at Nagpur (Maharashtra). The company manufactures thermo-
mechanically-treated (TMT) bars largely for Tata Steel Limited and
Monnet Steel & Energy Ltd, wherein the raw material is provided by
the key principal. The promoter families have been in the steel
manufacturing industry for over 30 years.

SSIL, on a provisional basis, reported a profit after tax (PAT) of
INR53 million on net sales of INR545.7 million for 2014-15,
against profit after tax of INR27.2 million on net sales of INR422
million for 2013-14.


SHREE PRABHU: CRISIL Ups Rating on INR65MM Term Loan to B+
----------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facilities
of Shree Prabhu Petrochemicals Pvt Ltd (SPPPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'; the rating on the company's
short-term bank facility has been reaffirmed at 'CRISIL A4'.

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

   Letter of Credit         20        CRISIL A4 (Reaffirmed)

   Term Loan                65        CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The rating upgrade reflects improvement in SPPPL's financial risk
profile, backed by equity infusion and conversion of unsecured
loans into equity. The net worth, therefore, improved to about
INR86.1 million as on March 31, 2015 from the negative a year ago,
resulting in improvement in capital structure. The ratings also
reflect stabilisation in operations, with turnover more than
doubling to around INR265.0 million in 2014-15 (refers to
financial year, April 1 to March 31) from INR125 million the
previous year. Operating margin was healthy at 16 per cent in
2014-15, supported by decline in raw material prices. However the
liquidity continues to be stretched, with bank lines remaining
almost fully utilised over the 12 months through June 2015, on
account of significant ramp-up and working capital intensity in
operations.

The ratings also reflect SPPPL's exposure to risks relating to
intense competition, and small scale of, and working capital
intensity in, operations in the plastic industry. These rating
weaknesses are partially offset by the extensive experience of
SPPPL's promoters in the industry.
Outlook: Stable

CRISIL believes that SPPPL will continue to benefit over the
medium term from its promoter's extensive experience in the
plastic industry. The outlook may be revised to 'Positive' if
significant and sustainable growth in revenue and profitability
results in sizeable net cash accruals. Conversely, the outlook may
be revised to 'Negative' if a substantial decline in accruals,
stretch in working capital cycle, or any large capital expenditure
considerably weakens the financial risk profile, particularly
liquidity.

SPPPL, incorporated in June, 2012, is promoted by Mr. Somnath
Sakre and Mr. Kachrulal Karva. It manufactures three-layer water
tankers of sizes ranging from 100 to 5000 litres. Mr. Sakre also
manages the business operations. The promoters have experience of
over two decades in the plastic industry, through group entities.
The registered office is at Aurangabad, Maharashtra.


SHRI KRISHNA: ICRA Suspends B+ Rating on INR12cr Cash Credit
------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR12.00 crore
fund based facility of Shri Krishna Jute Traders. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash
   Credit                12.00        [ICRA]B+ suspended

Established in 1966, by Mr. Premji Ruparel, Shri Krishna Jute
Traders is engaged in trading of sugar and jute in the domestic
market. Shri Dutt Polytextiles engaged in export of sugar and its
by-products and Shri Dutt India Private Limited engaged in the
trading of sugar in domestic as well as overseas market are the
associate concerns of SKJT.


SRI VANGALAMMAN: CRISIL Assigns B- Rating to INR100MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Sri Vangalamman Farms India Pvt Ltd (SVFIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              35        CRISIL B-/Stable
   Long Term Loan          100        CRISIL B-/Stable

The rating reflects SVFIPL's small scale of operations in the
fragmented poultry industry, its low operating margins and its
weak financial risk profile marked by weak debt protection metrics
and net worth. These rating weaknesses are partially offset by the
benefits derived from the extensive experience of SVFIPL's
promoters in the poultry industry.
Outlook: Stable

CRISIL believes that SVFIPL will continue to benefit over the
medium term from promoter's extensive experience in the poultry
industry. The outlook may be revised to 'Positive' if the company
completes ongoing capacity addition within stipulated time and
cost resulting in larger scale of operations, while sustaining
profitability levels. Conversely, the outlook may be revised to
'Negative' if SVFIPL's profitability is significantly low or there
are delays or cost overrun in ongoing capex, resulting in
deterioration in financial risk profile.

Established in 2006 and based in Namakkal (Tamil Nadu), SVFIPL is
engaged in the poultry business and produces eggs. The company is
promoted by Mr. K Jayaprakash.


SULOCHANA AGRO: CRISIL Reaffirms B Rating on INR67.5MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sulochana Agro
and Infratech Pvt Ltd (SAIPL) continues to reflect SAIPL's modest
scale of operations in the intensely competitive edible oils
industry and its working-capital-intensive operations.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            67.5       CRISIL B/Stable (Reaffirmed)

   Long Term Bank
   Facility               28         CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     54.5       CRISIL B/Stable (Reaffirmed)

The rating also factors in SAIPL's below-average financial risk
profile marked by modest net worth, high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive industry experience of SAIPL's promoters.
Outlook: Stable

CRISIL believes SAIPL will continue to benefit over the medium
term from the promoters' extensive industry experience and its
established customer relationships. The outlook may be revised to
'Positive' if there is substantial and sustained increase in its
scale of operations, while maintaining its profitability margins,
or there is sustained improvement in its working capital cycle.
Conversely, the outlook may be revised to 'Negative' if
profitability margins decline steeply or a significant
deterioration in its capital structure caused most likely because
of a stretch in its working capital cycle.

Incorporated in 2006, SAIPL manufactures rice bran oil and de-
oiled rice bran, which are used as animal feed. Its processing
facilities are in Nalgonda (Telangana). The company is managed by
Mr. T Mahender Reddy.


SYNTHIKO FOILS: ICRA Suspends B+ Rating on INR2.5cr Loan
--------------------------------------------------------
ICRA has suspended [ICRA]B+ rating, assigned to the INR0.45 crore
term loans and INR2.50 crore fund-based working capital facilities
of Synthiko Foils Limited (SFL). ICRA has also suspended [ICRA]A4
rating, assigned to the INR3.50 crore non-fund based bank
facilities of SFL. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


TRADITIONAL GALLERY: ICRA Suspends B+/A4 INR10.43cr Loan Rating
---------------------------------------------------------------
ICRA has suspended the [ICRA]B+/[ICRA]A4 ratings assigned to the
INR10.43 crore bank limits of Traditional Gallery Private Limited
(TGPL). The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Incorporated in 2002, Traditional Gallery Private Limited (TGPL)
is engaged in the manufacture and export of readymade ladies
garments like skirts, dresses, tops etc. The company's 95% woven
and 5% knitted products are exported; mainly to Japan and Spain.
The company has a manufacturing facility in Jaipur, which has over
700 sewing machines, with a total capacity of 4500 pieces/day.


TRIVENI SMELTERS: ICRA Reaffirms B+ Rating on INR7.5cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR2.84 crore term loan and INR7.50 crore cash credit
facilities of Triveni Smelters Private Limited. ICRA has also
reaffirmed the short term rating of [ICRA]A4 assigned to the
INR3.50 crore non-fund based bank facility of TSPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit
   (Term Loan)           2.84         [ICRA]B+ reaffirmed

   Fund Based Limit
   (Cash Credit)         7.50         [ICRA]B+ reaffirmed

   Non Fund Based
   Limit (Letter of
   Credit)               3.50         [ICRA]A4 reaffirmed

The reaffirmation of the ratings take into account TSPL's weak
financial profile characterized by thin margin and weak coverage
indicators. Besides, the top-line of the company witnessed a de-
growth of around 12% in 2014-15 over the previous fiscal mainly
due to the shift in product manufacturing from mild steel (MS)
ingots to MS billets, which has adversely affected its operations
for few months. The ratings continue to be impacted by the ongoing
weakness and cyclicality inherent in the steel industry, which are
likely to keep the company's margins and cash flows under
pressure, and the highly competitive business environment coupled
with lack of vertical integration in its operations that keep
margins under check. While assigning the ratings, ICRA also takes
note of the concentrated customer profile of the company with
nearly 45% of the company's revenue is derived from its top three
customers in 2014-15. The ratings, however, derive comfort from
the experience of the promoters in the steel industry and
favourable location of the manufacturing unit with close proximity
to key raw materials as well as customer's base.

Incorporated in 2009, TSPL is promoted by the Sharaf family who
has been associated with similar business line for more than a
decade through other group entities. Presently, TSPL is primarily
engaged in manufacturing of MS billets with an installed capacity
36,900 TPA (tonne per annum). Earlier, the company was involved in
manufacturing of MS ingots only, which was shifted into
manufacturing of MS billet in December 2014. The manufacturing
facility of the company is located in Fatwah, Bihar.

Recent Results
During 2014-15, TSPL reported a net profit of INR0.87 crore on an
operating income of INR98.50 crore, as compared to a net profit of
INR0.92 crore on an operating income of INR111.56 crore during
2013-14.


VISHWAS BUILDCON: ICRA Assigns B+ Rating to INR23cr Term Loan
-------------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR23.00 Crore fund
based facility of Vishwas Buildcon.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long term fund based-
   Term Loan               23.00         [ICRA]B+ assigned

The assigned rating is constrained by the residual execution risks
associated with the ongoing real estate project as well as the
significant market risk and re-financing risk given the low level
of bookings achieved till date and limited cushion available
between the date of completion and the commencement of loan
repayment. Hence, the timely achievability of sales and collection
of advances remains critical. The rating is further constrained by
the firm's exposure to sectoral and regional concentration risks
arising from focus on residential projects in Surat which is
augmented due to intense competition in the Surat real estate
segment, along with ongoing slowdown in the real estate sector pan
India.

The assigned rating, however, favourably consider the long
experience of the promoters of Vishwas Buildcon (VB) in real
estate development and the low regulatory risk associated with the
project.

Established in the year 2014 as a partnership firm, M/s Vishwas
Buildcon is engaged in construction of residential apartments. The
firm is based out of Surat, Gujarat and is currently focusing on
the execution of residential projects in Surat. The firm launched
its first residential cum commercial project named "Opera Royal
Phase I" at Kholwad, Surat. The partners of the firm have executed
several projects in the past under different partnership concerns.
The firm has four group concerns viz. Vishwas Corporation, Vishwas
Builders (rated [ICRA]B+) , Anjani Infra and Vishwas Hi-tech Infra
Project Private Limited.


VSB PAPER: CRISIL Suspends D Rating on INR90.9MM LT Loan
--------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
VSB Paper Products (VSB).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              40        CRISIL D
   Long Term Loan           90.9      CRISIL D

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

VSB, based in Tamil Nadu, was established as a proprietorship firm
in 2008 by Mr. S B Gunasekar, whose wife, Mrs. A Neela, is the
proprietor. The firm commenced operations in August 2010. VSB
manufactures kraft paper, used as a key ingredient to manufacture
corrugated boxes.


VSK LABORATORIES: ICRA Assigns 'B' Rating to INR17cr Loan
---------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to INR17.00
crore (enhanced from INR10.00 crore) fund based facilities and
INR6.00 crore unallocated facilities of VSK Laboratories Private
Limited. ICRA has [ICRA]B rating outstanding on the INR10.00 crore
fund based facilities of VSK Laboratories Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based            17.00       [ICRA]B assigned/outstanding
   Unallocated            6.00       [ICRA]B assigned

The credit strengths and concerns of VSK Laboratories Private
Limited remain the same as highlighted in ICRA's Rationale issued
in July'2015 available at the following link:

                     http://bit.ly/1F5BXaY

VSK Laboratories Private Limited (VSKPL) was incorporated in the
year 2006, with the objective of manufacturing Active
Pharmaceutical ingredients (API's). The company is currently
setting up an API manufacturing facility in the Chotuppal mandal
of Nalgonda district in Telangana. The total capacity of the plant
for manufacturing the proposed API's is 384 tonnes per annum.

The total cost of the project is estimated at INR26.35 crore
funded by term loan of INR17.00 crore and remaining INR9.35 crore
as promoter contribution. VSK plans to manufacture 9 API's in the
anti-hypertension, anti-retro viral, anti-histamine therapeutic
segments. The commercial production is expected to start from
December 2015.


WELCOME TILES: ICRA Ups Rating on INR7cr Term Loan to B+
--------------------------------------------------------
ICRA has upgraded the long term rating of [ICRA]B to [ICRA]B+
for the INR4.00 crore fund based cash credit facility and the
INR7.00 crore term loan facility of Welcome Tiles Private Limited.
ICRA has also reaffirmed the [ICRA]A4 rating to INR1.35 crore
short term non fund based facilities of WTPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            4.00        Upgraded to [ICRA]B+
                                      from [ICRA]B

   Term Loan              7.00        Upgraded to [ICRA]B+
                                      from [ICRA]B

   Bank Guarantee         1.35        [ICRA]A4; Reaffirmed

The ratings revision takes into account the stabilization achieved
in its first full year of operations as also reflected in moderate
capacity utilization levels supported by improved operating
margins. The ratings also favorably take into account the long
experience of the key promoters of Welcome Tiles Private Limited
(WTPL) in the ceramic industry and established brand visibility of
its group concerns. The ratings also continues to factor in the
location advantage enjoyed by WTPL, giving it easy access to raw
material and presence in digitally printed segment which is
expected to result in better realizations.

The ratings however remain constrained by WTPL moderate scale of
operations with financial profile characterized by low
profitability, high gearing level and modest weak debt protection
metrics as well as single product portfolio (wall tiles) which
restricts sales prospects to large distributors and institutional
players as they prefer to deal with producers having entire
ceramic tile product range. ICRA takes note of the dependence of
operations and cash flows on the performance of real estate
industry which is the main consuming sector, intense competition
with presence of large established organized tile manufacturers
and unorganized players and vulnerability of profitability to raw
material and other input cost.

Welcome Tiles Private Limited (WTPL) was incorporated in January
2013 as a private limited company and is engage in the
manufacturing of digitally printed ceramic glazed wall tiles. The
manufacturing unit of the company is located in Morbi, Gujarat,
with an installed capacity of 25,988 MTPA. The commercial
production started from October 2013.The Company is promoted and
managed by Mr. Jayantibhai Fultariya, Mr. Nilesh Saradava along
with other family members and relatives.

Recent Results
For the year ended 31st March, 2015, the company reported an
operating income of INR21.08 crore and profit after tax (PAT) of
INR0.08 crore as per audited results.



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


IDENTITY: Fails to Find Buyer; Will Shut Down Remaining Stores
---------------------------------------------------------------
Hamish Fletcher at NZ Herald reports that women's clothing chain
Identity is shutting down after failing to find a buyer for the
business.

NZ Herald quoted receiver William Black as saying, "While several
expressions of interest were received, regrettably a purchaser for
the business and assets of the Company could not be found and the
receivers are proceeding to progressively close the business
operations down."

NZ Herald relates that nine of the Company's 16 stores have
already closed, while the remaining stores will continue to trade
until the stock can be sold.

The Company had "suffered from the current difficult trading
conditions in the retail apparel industry," NZ Herald states,
citing Mr. Black and Kare Johnston, another receiver.

"It is unlikely that surplus funds will be available from the
receivership for unsecured creditors," the report quoted Mr. Black
as saying.

Identity was established in 1985. Identity has seven stores in
Auckland, one in Palmerston North, Wellington, Tauranga, Dunedin
and Christchurch as well as a couple of stores in Hamilton.

It is operated by Winters Fashions, a company directed by David,
Martyn and Pauline Winter.

As reported by the Troubled Company Reporter-Asia on July 21,
2015, Cliff Sanderson at Dissolve.com.au reported that the Company
was placed into receivership.


SOLID ENERGY: Creditors Vote For DOCA At Watershed Meeting
----------------------------------------------------------
Creditors of the Solid Energy Group on September 17 approved a
Deed of Company Arrangement (DOCA) with the Group.

The Watershed Meeting was the final step in a Voluntary
Administration process which began on Aug. 13. 2015.

Administrator Brendon Gibson said the result cleared the path for
the Group to move on with the process of realising its assets,
under the full control of its Board of Directors.

"The DOCA process enables a progressive sell-down of Solid
Energy's assets over the next two and a half years and provides
for day-to-day trade creditors and employees to be paid in full,"
he said. "Debt owed to other creditors, including the Bank group
and Bondholders, will be restructured into a two-and-a-half year
facility."

Mr Gibson said control of Solid Energy will return to the Board
imminently; as soon as minor procedural conditions are fulfilled.
"Payments to trade creditors will be disbursed within five-to-
seven working days and the payroll for staff continues
uninterrupted."

Solid Energy Acting Chairman, Andy Coupe, said he was very pleased
that the DOCA had been adopted.

"We are grateful for the support we have received in negotiating
our proposal. We acknowledge the Group still faces challenges but
we are pleased the path is now clear to move on with the process
and get payments to creditors under way".

Mr Gibson said that following the Administrators' report to
creditors being issued, the Administrators received a request from
an offshore third party to adjourn the Watershed Meeting for 90
days so that party (which is not a creditor of Solid Energy Group)
can ascertain whether they wish to acquire the assets of the Solid
Energy Group. The request was made within a non-binding outline
proposal for an alternative means of realisation of the assets of
the Solid Energy Group.

Mr Gibson said, "It is not unusual to receive such an approach in
an administration, but it is unusual after the formal
administrators' report has been issued. This approach has not
changed the process. The Watershed Meeting has proceeded as
planned. The meeting was advised of the approach made to us and
this matter was dealt with within the meeting."

                         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.


SOUTH CANTERBURY: Legal Action Decision Expected Before Christmas
-----------------------------------------------------------------
Richard Meadows at Stuff.co.nz reports that a team investigating
possible legal action against South Canterbury Finance (SCF) has
made "considerable progress", with a decision expected before
Christmas.

Earlier this year, Kapiti financial adviser Chris Lee held a
roadshow across New Zealand rallying investors to the cause, the
report recalls.

SCF was placed in receivership in August 2010. While depositors
were covered by the NZ$1.7 billion taxpayer bailout, those holding
NZ$120 million worth of preferential shares were not, the report
notes.

Stuff.co.nz says a legal team led by Queens Counsel Chris Gudsell
is investigating whether there is a case to file a claim against
SCF on their behalf.

Shareholders have now contributed more than NZ$200,000 to fund the
investigation, double the initial target, the report notes.

According to the report, Michael Connor, who is on the action
group's committee, said the legal team had made considerable
progress.

With over 4,000 pages of documents scrutinised, breaches of
continuous disclosure obligations had been identified and
investigated, the report says.

Stuff.co.nz relates that Mr. Connor said the investigation was
about 90% complete.

The report says the final phase involved getting an expert witness
to evaluate the size and amount of each disclosure breach, and how
it had affected the preferential shareholders.

Stuff.co.nz relates that the legal team would then be able to
finalise the size of the proposed action -- if any -- and present
its conclusions to the committee.

"We certainly will have a steer this year," the report quotes
Mr. Connor as saying.

Roughly a quarter of the 4,000 affected shareholders have
contributed to the legal costs so far, but Connor said more would
be welcome, Stuff.co.nz says.

"We will be asking people who haven't contributed to reconsider
contributing."

If a claim arises, it will be covered by litigation funders, with
no further contributions required, the report states.

If the group ultimately wins a cases, the action group intends to
give those who have contributed priority over any settlement cash,
adds Stuff.co.nz.

                 About South Canterbury Finance

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- was engaged in the
provision of financial services.  The Company's principal
activities were borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advanced funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government repaid South Canterbury's 35,000
depositors and stockholders NZ$1.6 billion under the Crown
retail deposit guarantee scheme.



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


* Asia's Trade Recession Deepens, FT Reports
--------------------------------------------
The Financial Times reports that Asia's "trade recession" appears
to have worsened in August with -- India, China, South Korea and
Indonesia all posting sharp declines -- as a vicious circle of
weakening currencies and faltering demand hits exports across the
region, analysts said.

Asia, led by China, has long been the world's most dynamic trading
region. But exports this year have posted their worst performance
since the 2008-09 financial crisis, falling 7.7% in July to
register a ninth consecutive month of year on year falls in US
dollar terms, FT relates citing data compiled by Capital
Economics, a research company.

Figures for August released so far show a deepening of this trend,
FT says.  According to the report, India announced this week a
20.6% fall in exports in August from a year earlier, while South
Korea suffered a 14.9% slide, Indonesia a 12.3% deterioration and
China a decline of 6.1%.

In each of these countries, apart from India, imports fell by a
bigger margin than exports in August, says FT.

FT notes that the deepening trade recession suggests a further leg
down in a vicious circle of cause and effect that is afflicting
emerging markets the world over, not just in Asia. Weakening
currencies are failing to boost exports but nevertheless driving
down demand for imports, thus reducing aggregate demand and
worsening disinflationary trends, FT states.

An FT study of 107 emerging market countries showed that a weaker
currency did not lead to any rise in export volumes but did
depress import volumes by an average of 0.5% for every 1% a
currency depreciated against the US dollar.

"We had been expecting a smooth transition in global growth
drivers away from the slowing Chinese economy and towards the US
household sector over 2015-16," wrote Glenn Maguire, chief
economist for South Asia, Asean and Pacific for ANZ Research, FT
relays. "Alas, it was not to be."

He said the region's "deep trade recession" was prompting the
research group to make significant downward revisions to its 2015-
17 GDP growth forecasts, according to FT.

The report relates that Mr Maguire said several factors were
behind the region's weak trade performance, including
"structurally lower potential growth rates among major economies,
unfavourable demographic trends and under-investment in capacity".

In addition to these factors, Mr Maguire said, a fundamental
weakening in the trade multiplier was also in play. "This is a
remarkable out-turn relative to Asia's strong historical trade
performance," he added, FT relays.


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

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

AUSTRALIA


ACONEX LTD                ACX            36.38       -152.68
ANTARES ENERGY L          AZZ            29.96        -10.07
ATLANTIC LTD              ATI            43.89       -644.51
AUSTRALIAN ZI-PP          AZCCA          15.08        -67.98
AUSTRALIAN ZIRC           AZC            15.08        -67.98
AXXIS TECHNOLOGY          AYG            11.57         -2.18
BIRON APPAREL LT          BIC            19.71         -2.22
BRIDGE GLOBAL CA          BGC            19.38       -121.51
BULLETPROOF GROU          BPF            11.11         -2.99
CLARITY OSS LTD           CYO            13.99        -15.57
IDM INTERNATIONA          IDM            15.39        -45.99
IPH LTD                   IPH            22.71         -7.54
LOVISA HOLDINGS           LOV            19.02         -3.43
MIRABELA NICKEL           MBN           126.31        -71.38
OPUS GROUP LTD            OPG            63.26         -8.99
QUICKSTEP HLDGS           QHL            24.77         -0.89
REVA MEDICAL-CDI          RVA            30.20        -26.45
RIVERCITY MOTORW          RCY           386.88       -809.13
RUBICOR GROUP LT          RUB            25.91         -0.82
SPHERE MINERALS           SPH           108.81        -64.95
STERLING PLANTAT          SBI            49.63        -15.46
STONE RESOURCES           SHK            18.10        -15.07
STRAITS RESOURCE          SRQ           152.89        -13.26
SUBZERO GROUP LT          SZG            21.92        -21.29
UNILIFE CORP-CDI          UNS            94.13        -17.91


CHINA

ANHUI GUOTONG-A           600444         72.29         -9.50
CHINA ESSENCE GR          CESS           47.03       -112.12
CLOUD LIVE TEC-A          2306          150.41        -18.55
GREENS HOLDINGS           1318          111.01        -37.88
HAINAN PEARL R-A          505           256.20        -14.11
HAINAN PEARL-B            200505        256.20        -14.11
HARMONICARE MEDI          1509           61.99        -16.03
HEILONGJIAN HE-A          600179        228.34        -10.64
HEILONGJIANG K-A          711           115.26        -41.50
HUASU HOLDINGS-A          509            89.73         -1.49
LIFETECH SCI              1302          107.67         -6.04
LUOYANG GLASS-A           600876        192.02        -25.53
LUOYANG GLASS-H           1108          192.02        -25.53
MCC MEILI PAPE-A          815           236.33        -51.35
NANNING CHEMIC-A          600301        220.89        -34.92
SHAANXI QINLIN-A          600217        322.06        -43.83
SHANG BROAD-A             600608         30.52         -2.86
SHENZ CENTURY-A           33             67.25        -30.36
SICHUAN CHEMIC-A          155           202.17       -161.37
SONGLIAO AUTO -A          600715         42.28         -7.96
YUNNAN JINGGU -A          600265         68.70         -0.62
ZHONGCHANG MAR-A          600242        341.47         -7.16
ZHUHAI BOYUAN -A          600656         19.25        -63.78


HONG KONG

C BILLION RES             274            31.45        -36.31
CHINA OCEAN SHIP          651           254.43        -66.27
CODE AGRICULTURE          8376           44.07        -15.46
CODE AGRICULTURE          8153           44.07        -15.46
DINGYI GP INV             508            66.18        -27.64
EPICUREAN AND CO          8213           33.86         -0.57
FOREBASE INTL HD          2310           52.23         -2.61
GRANDE HLDG               186           174.15       -334.11
HARMONIC STR              33             29.11         -3.22
MASCOTTE HLDGS            136            16.18         -3.57
MONGOLIA ENERGY           276           142.55       -417.76
PAN ASIA MINING           8173           58.21        -80.62
SHUN CHEONG HLDG          650            58.59        -13.55
SIBERIAN MINING           1142           80.89       -311.96
SINO RESOURCES G          223            51.68         -7.75
TITAN PETROCHEMI          1192          471.37       -996.20


INDONESIA

APAC CITRA CENT           MYTX          151.12        -29.26
ARGO PANTES               ARGO          145.87        -24.95
ARPENI PRATAMA            APOL          143.91       -335.39
ASIA PACIFIC              POLY          276.40       -906.32
BAKRIE & BROTHER          BNBR          831.09       -185.61
BAKRIE TELECOM            BTEL          465.15       -470.96
BENTOEL INTL INV          RMBA          792.92       -169.49
BERAU COAL ENERG          BRAU        1,773.45        -41.89
BERLIAN LAJU TAN          BLTA          687.81     -1,172.59
BERLIAN LAJU TAN          BLTA          687.81     -1,172.59
BORNEO LUMBUNG            BORN        1,050.10       -541.61
BUKAKA TEKNIK UT          BUKK           77.18        -94.65
BUMI RESOURCES            BUMI        4,389.25     -1,303.56
ICTSI JASA PRIMA          KARW           51.59        -10.31
JAKARTA KYOEI ST          JKSW           19.90        -32.15
MATAHARI DEPT             LPPF          308.17         -3.33
MERCK SHARP DOHM          SCPI          142.40         -0.06
RENUKA COALINDO           SQMI           15.53         -0.21
SUMALINDO LESTAR          SULI           68.25        -30.38
TRUBA ALAM ENG            TRUB          189.94        -25.86
UNITEX TBK                UNTX           20.24        -17.38


INDIA

3I INFOTECH LTD           III           426.15        -55.29
3I INFOTECH -SLB          III/S         426.15        -55.29
ABHISHEK CORPORA          ABSC           53.66        -25.51
AGRO DUTCH INDUS          ADF            85.09        -22.81
ALPS INDUS LTD            ALPI          201.29        -41.70
ARTSON ENGR               ART            11.64        -10.64
ASHAPURA MINECHE          ASMN          182.29        -23.14
ASHIMA LTD                ASHM           63.23        -48.94
ATV PROJECTS              ATV            48.47        -43.93
BELLARY STEELS            BSAL          451.68       -108.50
BENZO PETRO INTL          BPI            26.77         -1.05
BHAGHEERATHA ENG          BGEL           22.65        -28.20
BHARATI SHIPYARD          BHSL        1,428.69        -17.76
BINANI INDUS LTD          BZL         1,062.85       -156.35
BLUE BIRD INDIA           BIRD          122.02        -59.13
CELEBRITY FASHIO          CFLI           24.96         -8.26
CLASSIC DIAMONDS          CLD            66.26         -6.84
COMPUTERSKILL             CPS            14.90         -7.56
DCM FINANCIAL SE          DCMFS          18.46         -9.46
DFL INFRASTRUCTU          DLFI           42.74         -6.49
DIGJAM LTD                DGJM           99.41        -22.59
DISH TV INDIA             DITV          508.16        -50.29
DISH TV INDI-SLB          DITV/S        508.16        -50.29
DUNCANS INDUS             DAI           122.76       -227.05
ELECTROTHERM IND          ELT           501.15        -96.22
ENSO SECUTRACK            ENSO           15.57         -0.46
EURO CERAMICS             EUCL          110.62         -6.83
EURO MULTIVISION          EURO           36.94         -9.95
FERT & CHEM TRAV          FCT           261.76       -137.49
GANESH BENZOPLST          GBP            44.05        -15.48
GANGOTRI TEXTILE          GNTX           54.67        -14.22
GLODYNE TECHNO            GLOT          105.34        -25.55
GOKAK TEXTILES L          GTEX           48.71         -5.00
GOLDEN TOBACCO            GTO            97.40        -18.24
GSL INDIA LTD             GSL            29.86        -42.42
GSL NOVA PETROCH          GSLN           16.53         -1.31
GTL LTD                   GTS         1,074.45        -10.69
GTL LTD-SLB               GTS/S       1,074.45        -10.69
GUJARAT STATE FI          GSF            15.26       -304.68
GUPTA SYNTHETICS          GUSYN          44.18         -6.34
HARYANA STEEL             HYSA           10.83         -5.91
HEALTHFORE TECHN          HTEC           14.74        -46.64
HINDUSTAN ORGAN           HOC            57.24        -51.76
HINDUSTAN PHOTO           HPHT           49.58     -1,832.65
HIRAN ORGOCHEM            HO             14.56         -4.59
HMT LTD                   HMT           106.62       -454.42
ICDS                      ICDS           13.30         -6.17
INDAGE RESTAURAN          IRL            15.11         -2.35
INDOSOLAR LTD             ISLR          180.52        -15.57
INTEGRAT FINANCE          IFC            49.83        -51.32
JAYBHARAT TEXTIL          JTRE           57.80        -34.90
JCT ELECTRONICS           JCTE           80.08        -76.70
JENSON & NIC LTD          JN             16.49        -71.70
JET AIRWAYS IND           JETIN       2,743.94     -1,015.07
JET AIRWAYS -SLB          JETIN/S     2,743.94     -1,015.07
JINDAL STAINLESS          JDSL        2,534.40       -102.07
JOG ENGINEERING           VMJ            45.90         -5.28
JSL INDS LTD-SLB          JDSL/S      2,534.40       -102.07
KALYANPUR CEMENT          KCEM           23.39        -42.66
KERALA AYURVEDA           KERL           13.97         -1.69
KIDUJA INDIA              KDJ            11.16         -3.43
KINGFISHER AIR            KAIR          515.93     -2,371.26
KINGFISHER A-SLB          KAIR/S        515.93     -2,371.26
KIRLOSKAR ELEC            KECL           68.29        -24.51
KITPLY INDS LTD           KIT            14.77        -58.78
KLG SYSTEL LTD            KLGS           40.64        -27.37
KSL AND INDUSTRI          KSLRI         181.07        -77.80
LML LTD                   LML            43.95        -78.18
MADHUCON PROJECT          MDHPJ       1,316.88        -21.03
MADRAS FERTILIZE          MDF           217.55        -54.99
MAHA RASHTRA APE          MHAC           14.49        -12.96
MALWA COTTON              MCSM           44.14        -24.79
MAWANA SUGAR              MWNS          142.07        -32.88
MEP INFRASTRUCTU          MIDL          579.40        -25.27
MODERN DAIRIES            MRD            38.61         -3.81
MOSER BAER INDIA          MBI           727.13       -165.63
MOSER BAER -SLB           MBI/S         727.13       -165.63
MPL PLASTICS LTD          MPLP           17.67        -51.22
MTZ POLYFILMS LT          TBE            31.94         -2.57
MURLI INDUSTRIES          MRLI          262.39        -38.30
MYSORE PAPER              MSPM           87.99         -8.12
NATL STAND INDI           NTSD           22.09         -0.73
NAVCOM INDUS LTD          NOP            10.19         -3.53
NICCO CORP LTD            NICC           71.84         -4.91
NICCO UCO ALLIAN          NICU           23.25        -83.90
NK INDUS LTD              NKI           141.35         -7.71
NRC LTD                   NTRY           55.11        -52.44
NUCHEM LTD                NUC            24.72         -1.60
PANCHMAHAL STEEL          PMS            51.02         -0.33
PARAMOUNT COMM            PRMC          124.96         -0.52
PARASRAMPUR SYN           PPS            99.06       -307.14
PAREKH PLATINUM           PKPL           61.08        -88.85
PIONEER DISTILLE          PND            53.74         -5.62
PREMIER INDS LTD          PRMI           11.61         -6.09
PRIYADARSHINI SP          PYSM           20.80         -2.28
QUADRANT TELEVEN          QDTV          100.50       -214.97
QUINTEGRA SOLUTI          QSL            16.76        -17.45
RADHA MADHAV COR          RMCL           11.23        -20.64
RAMSARUP INDUSTR          RAMI          433.89        -89.28
RATHI ISPAT LTD           RTIS           44.56         -3.93
RELIANCE MED-SLB          RMW/S         279.61       -144.47
RENOWNED AUTO PR          RAP            14.12         -1.25
RMG ALLOY STEEL           RMG            66.61        -12.99
ROYAL CUSHION             RCVP           14.70        -75.18
SAAG RR INFRA LT          SAAG           12.54         -4.93
SADHANA NITRO             SNC            16.74         -0.58
SANATHNAGAR ENTE          SNEL           49.23         -6.78
SANCIA GLOBAL IN          SGIL           53.12        -30.47
SBEC SUGAR LTD            SBECS          92.44         -5.61
SERVALAK PAP LTD          SLPL           61.57         -7.63
SHAH ALLOYS LTD           SA            168.13        -81.60
SHALIMAR WIRES            SWRI           21.39        -24.28
SHAMKEN COTSYN            SHC            23.13         -6.17
SHAMKEN MULTIFAB          SHM            60.55        -13.26
SHAMKEN SPINNERS          SSP            42.18        -16.76
SHREE GANESH FOR          SGFO           44.50         -2.89
SHREE KRISHNA             SHKP           14.62         -0.92
SHREE RAMA MULTI          SRMT           38.90         -4.49
SHREE RENUKA SUG          SHRS        1,760.05       -375.70
SHREE RENUKA-SLB          SHRS/S      1,760.05       -375.70
SIDDHARTHA TUBES          SDT            44.95        -15.37
SIMBHAOLI SUGARS          SBSM          268.76        -54.47
SPICEJET LTD              SJET          418.33       -202.94
SQL STAR INTL             SQL            10.58         -3.28
STATE TRADING CO          STC           556.35       -392.74
STELCO STRIPS             STLS           11.65         -5.73
STI INDIA LTD             STIB           21.69         -2.13
STL GLOBAL LTD            SHGL           30.73         -5.62
STORE ONE RETAIL          SORI           15.48        -59.09
SURYA PHARMA              SUPH          370.28         -9.97
SUZLON ENERG-SLB          SUEL/S      3,487.70     -1,164.00
SUZLON ENERGY             SUEL        3,487.70     -1,164.00
TAMILNADU JAI             TNJB           17.07         -1.00
TATA TELESERVICE          TTLS          969.32       -476.35
TATA TELE-SLB             TTLS/S        969.32       -476.35
TIMEX GROUP IND           TIMX           18.85         -2.27
TIMEX GROUP-PREF          TIMXP          18.85         -2.27
TODAYS WRITING            TWPL           18.58        -25.67
TRIUMPH INTL              OXIF           58.46        -14.18
TRIVENI GLASS             TRSG           19.71        -10.45
TUTICORIN ALKALI          TACF           17.17        -22.86
UNIFLEX CABLES            UFCZ           47.46         -7.49
UNIWORTH LTD              WW            149.50       -151.14
UNIWORTH TEXTILE          FBW            22.54        -35.03
USHA INDIA LTD            USHA           12.06        -54.51
VANASTHALI TEXT           VTI            14.59         -5.80
VENUS SUGAR LTD           VS             11.06         -1.08
VISA STEEL LTD            VISA          635.26        -16.29
WANBURY LTD               WANB          141.86         -3.91
WEBSOL ENERGY SY          WESL           94.28        -31.30
ZYLOG SYSTEMS             ZSL           185.00        -29.22


JAPAN

FUJITA CORPORAT           3370           33.65         -0.36
GOYO FOODS INDUS          2230           12.52         -1.22
MAG NET HOLDINGS          8073           12.55         -0.96
MEGANESUPER               3318           90.10         -5.99
OPTROM INC                7824           15.14         -0.41
SANBIO CO LTD             4592           14.95         -0.74
SJI INC                   2315           68.13         -9.76
YAMANE MEDICAL C          2144           31.46         -0.44


KOREA

NAMKWANG ENGINEE          1260          480.79        -60.31
NEXOLON CO LTD            110570        516.02       -331.58
PACIFIC BIO               60900          14.06        -24.75
STX ENGINE CO LT          77970         909.39        -38.82
TEC & CO                  8900          139.98        -16.61

MALAYSIA


DING HE MINING            705            38.13        -38.57
GCCP RESOURCES L          GCCP           13.51         -8.83
HAISAN RESOURCES          HRB            20.72        -19.67
HIGH-5 CONGLOMER          HIGH           29.86        -65.83
LION CORP BHD             LION        1,002.81       -194.79
OCTAGON CONSOL            OCTG           13.95        -54.28
PERWAJA HOLDINGS          PERH          359.50       -284.67


PHILIPPINES

CYBER BAY CORP            CYBR           13.78        -28.97
FILSYN CORP A             FYN            23.11        -11.69
FILSYN CORP. B            FYNB           23.11        -11.69
GOTESCO LAND-A            GO             21.76        -19.21
GOTESCO LAND-B            GOB            21.76        -19.21
METRO GLOBAL HOL          MGH            40.90        -15.77
PICOP RESOURCES           PCP           105.66        -23.33
STENIEL MFG               STN            21.07        -11.96
UNIWIDE HOLDINGS          UW             50.36        -57.19


SINGAPORE

CHINA GREAT LAND          CGL            12.97        -21.26
GOLDEN ENERGY &           GER            35.51        -96.89
GPS ALLIANCE HOL          GPS            15.38         -0.40
HL GLOBAL 1               HLGE1          56.87         -0.62
HL GLOBAL ENTERP          HLGE           56.87         -0.62
OCEANUS GROUP LT          OCNUS          72.28        -19.84
SCIGEN LTD-CUFS           SIE            32.16        -58.58
SINOPIPE HLDS             SPIP          157.81        -84.26


THAILAND

ASCON CONSTR-NVD          ASCON-R        28.19        -30.02
ASCON CONSTRUCT           ASCON          28.19        -30.02
ASCON CONSTRU-FO          ASCON/F        28.19        -30.02
BANGKOK RUBBER            BRC            77.91       -114.37
BANGKOK RUBBER-F          BRC/F          77.91       -114.37
BANGKOK RUB-NVDR          BRC-R          77.91       -114.37
BIG CAMERA COP-F          BIG/F          19.86        -13.03
BIG CAMERA CORP           BIG            19.86        -13.03
BIG CAMERA -NVDR          BIG-R          19.86        -13.03
CIRCUIT ELEC PCL          CIRKIT         10.92        -78.88
CIRCUIT ELEC-FRN          CIRKIT/F       10.92        -78.88
CIRCUIT ELE-NVDR          CIRKIT-R       10.92        -78.88
ITV PCL-NVDR              ITV-R          36.02       -121.94
K-TECH CONSTRUCT          KTECH/F        38.87        -46.47
KTECH CONSTRUCTI          KTECH          38.87        -46.47
K-TECH CONTRU-R           KTECH-R        38.87        -46.47
KUANG PEI SAN             POMPUI         24.06         -8.59
KUANG PEI SAN-F           POMPUI/F       24.06         -8.59
KUANG PEI-NVDR            POMPUI-R       24.06         -8.59
PATKOL PCL                PK             52.89        -30.64
PATKOL PCL-FORGN          PK/F           52.89        -30.64
PATKOL PCL-NVDR           PK-R           52.89        -30.64
PROFESSIONAL WAS          PRO            10.77         -1.51
PROFESSIONAL-F            PRO/F          10.77         -1.51
PROFESSIONAL-N            PRO-R          10.77         -1.51
SAHAVIRIYA STE-F          SSI/F       2,170.57        -29.32
SAHAVIRIYA-NVDR           SSI-R       2,170.57        -29.32
SAHAVIRYA STEEL           SSI         2,170.57        -29.32
TONGKAH HARBOU-F          THL/F          58.85        -11.69
TONGKAH HARBOUR           THL            58.85        -11.69
TONGKAH HAR-NVDR          THL-R          58.85        -11.69
TRANG SEAFOOD             TRS            11.33         -5.99
TRANG SEAFOOD-F           TRS/F          11.33         -5.99
TRANG SFD-NVDR            TRS-R          11.33         -5.99
TT&T PCL                  TTNT          156.26       -762.30
TT&T PCL-NVDR             TTNT-R        156.26       -762.30
TT&T PUBLIC CO-F          TTNT/F        156.26       -762.30


TAIWAN

BEHAVIOR TECH CO          2341S          34.54         -2.57
BEHAVIOR TECH-EC          2341O          34.54         -2.57
HELIX TECH-EC             2479T          23.39        -24.12
HELIX TECH-EC IS          2479U          23.39        -24.12
HELIX TECHNOL-EC          2479S          23.39        -24.12
JHL BIOTECH INC           6540           69.08        -18.10
POWERCHIP SEM-EC          5346S       1,761.34       -296.10
PRO MOS TECH-EC           5387R         470.68     -1,610.74
TAIWAN KOL-E CRT          1606U         507.21       -147.14
TAIWAN KOLIN-EN           1606V         507.21       -147.14
TAIWAN KOLIN-ENT          1606W         507.21       -147.14



                             *********

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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