TCRAP_Public/150923.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Wednesday, September 23, 2015, Vol. 18, No. 188


                            Headlines


A U S T R A L I A

CRITICAL VISIONS: First Creditors' Meeting Set For Sept. 29
GOLD COAST: First Creditors' Meeting Set For Sept. 28
NEALL AND JENNIFER: First Creditors' Meeting Set For Sept. 29
PAID INTERNATIONAL: ASIC Suspends Payday Lender's Credit Licence
WEALTHSURE PTY: First Creditors' Meeting Set For Oct. 2

WENDY'S SUPA: Creditors to Get Between 14-20 Cents in the Dollar
TARLETON & PETERS: In Administration; Sale Process Starts
* Competition to Pressure Australian Mutuals, Moody's Says


C H I N A

DTS8 COFFEE: Incurs $78,800 Net Loss in First Quarter
OSSEN INNOVATION: Receives NASDAQ Listing Non-Compliance Notice
* Life Insurers' Outlook Stable Despite Stock Market Volatility
* China P&C Insurers' Outlook Stable, Moody's Says


I N D I A

ADVANCE LAMINATES: CRISIL Reaffirms B+ Rating on INR65MM Loan
AJAY POLYMERS: ICRA Suspends B+/A4 Rating on INR20cr Loan
AMAR GINNING: CRISIL Reaffirms B+ Rating on INR67.5MM Loan
ARPIT PROJECTS: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
ARUNA FINANCE: ICRA Suspends B Rating on INR16cr Bank Loan

ASHISH EXPORTS: ICRA Assigns B+/A4 Rating to INR15cr Loan
ASIAN PRE-LAM: CRISIL Ups Rating on INR170MM Loan to B
AWADH OILS: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
BABA SAW: CRISIL Reaffirms 'B' Rating on INR30MM Cash Loan
BATLIBOI LIMITED: Ind-Ra Affirms 'IND B+' Long-Term Issuer Rating

BHAGWAN AUTO: CRISIL Assigns B+ Rating to INR36.6MM Term Loan
DELITE CABLES: ICRA Assigns 'C' Rating to INR4cr Cash Credit
DEVA INTERIORS: CRISIL Assigns B+ Rating to INR75MM Cash Loan
DHARTI SPINNING: ICRA Reaffirms B+ Rating on INR33.05cr Loan
EXODUS FUTURA: Ind-Ra Assigns 'IND D' Long-Term Issuer Rating

GOBIND INDUSTRIES: ICRA Suspends B+ Rating on INR18cr Loan
LAKHANI & DESAI: ICRA Assigns B+ Rating to INR39cr LT Loan
MOUNT INFRA: ICRA Assigns B Rating to INR5.0cr Loan
NAKODA AGRO: CRISIL Reaffirms B+ Rating on INR40MM Loan
NINE GLOBE: ICRA Reaffirms 'D' Rating on INR13.75cr LT Loan

PAC BIO: ICRA Lowers Rating on INR5.68cr Term Loan to 'D'
PERFECTO ELECTRICALS: ICRA Suspends B+/A4 Rating on INR5cr Loan
POWER ENGINEERING: ICRA Suspends 'C' Rating on INR17cr Loan
RAYAT & BAHRA: ICRA Reaffirms 'D' Rating on INR55.25cr Loan
RAYAT EDUCATIONAL: ICRA Reaffirms 'D' Rating on INR20cr Loan

SAROJ PRINTS: CRISIL Assigns B Rating to INR50MM Term Loan
SATYAM ISPAT: CRISIL Cuts Rating on INR209MM Cash Loan to C
SAWAN ENGINEERS: CRISIL Ups Rating on INR105MM Cash Loan to B+
SHESHRAO WANKHEDE: Ind-Ra Affirms IND B+ Long-Term Issuer Rating
SHREE NARMADA: ICRA Suspends D Rating on INR40cr Loan

SHREE SALASAR: CRISIL Assigns B- Rating to INR126MM Term Loan
SIDDHARTH CREATIONS: ICRA Suspends 'B' Rating on INR5cr Loan
SIDHESHWAR MOTORS: ICRA Suspends B- Rating on INR21.5cr Loan
SONALAC PAINTS: CRISIL Assigns B+ Rating to INR65MM Cash Loan
SRI VISHNU: Ind-Ra Affirms 'IND D' Long-Term Issuer Rating

STEELWAYS ENTERPRISES: CRISIL Cuts Rating on INR70MM Loan to D
SUDALAGUNTA SUGARS: CRISIL Reaffirms B+ Rating on INR569.8MM Loan
SUMIT PRAGATI: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
SUR IRON: ICRA Suspends B+ Rating on INR3.5cr Loan
SURYODAY COTEX: CRISIL Reaffirms B Rating on INR44.2MM Loan

SVG GRANITES: Ind-Ra Upgrades Long-Term Issuer Rating to IND B
WHITE BRICKS: CRISIL Reaffirms B+ Rating on INR145MM Term Loan
YAMIR PACKAGING: CRISIL Ups Rating on INR63.7MM Loan to B+


I N D O N E S I A

XL AXIATA: Pays Off US$100 Million Debt to Save Bottom Line


S O U T H  K O R E A

CAFFE BENE: Expansion Faces Uphill Battle in China



                            - - - - -


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


CRITICAL VISIONS: First Creditors' Meeting Set For Sept. 29
-----------------------------------------------------------
Gavin Moss of Vincents Chartered Accountants was appointed as
administrators of Critical Visions Pty. Ltd. on Sept. 17, 2015.

A first meeting of the creditors of the Company will be held at
the boardroom of Servcorp, Level 2, 710 Collins Street, in
Docklands, Victoria, on Sept. 29, 2015, at 12:00 p.m.


GOLD COAST: First Creditors' Meeting Set For Sept. 28
-----------------------------------------------------
Jason Bettles & Raj Khatri of Worrells were appointed as
administrators of Gold Coast Language Schools Pty Ltd on Sept. 17,
2015.

A first meeting of the creditors of the Company will be held at
Worrells, Level 5, HQ@Robina, 58 Riverwalk Avenue, in Robina,
Queensland, on Sept. 28, 2015, at 2:30 p.m.


NEALL AND JENNIFER: First Creditors' Meeting Set For Sept. 29
-------------------------------------------------------------
Terrence John Rose and Darren John Vardy of SV Partners were
appointed as administrators of Neall and Jennifer Scott Pty Ltd on
Sept. 17, 2015.

A first meeting of the creditors of the Company will be held at
SV Partners, 138 Mary Street, in Brisbane, Queensland, on Sept.
29, 2015, at 10:30 a.m.


PAID INTERNATIONAL: ASIC Suspends Payday Lender's Credit Licence
----------------------------------------------------------------
Australian Securities and Investments Commission has suspended the
Australian credit licence of payday lender PAID International Ltd
(PAID).

The company's licence has been suspended until April 7, 2016,
because it ceased to engage in credit activities and is insolvent.

An external administrator was appointed to PAID in January 2015
and the company entered into a deed of company arrangement (DOCA)
-- a binding arrangement between the company and its creditors -
in March 2015.

In October 2014, as part of an enforceable undertaking (EU)
accepted by ASIC, the company agreed to refund customers who were
charged excessive loan fees.

The DOCA provides the eligible customers under the EU to receive
their refund. The Deed Administrator has since admitted a total
amount of AUD913,946 of claims in relation to the 6650 consumers
owed a refund under the EU and anticipates a total dividend of 45
cents in the dollar to be distributed to unsecured creditors
including the eligible consumers under the EU.

As at the end of June 2015, AUD239,308 has been refunded.

ASIC has also cancelled the Australian credit licence of Leadfish
Pty Ltd, a lead generation company and subsidiary of PAID.


WEALTHSURE PTY: First Creditors' Meeting Set For Oct. 2
-------------------------------------------------------
George Aubrey Lopez & Evan Robert Verge of Melsom Robson Chartered
Accountants were appointed as administrators of Wealthsure Pty Ltd
on Sept. 21, 2015.

A first meeting of the creditors of the Company will be held at
Melsom Robson Chartered Accountants, 143 Edward Street, in Perth
on Oct. 2, 2015, at 11:30 a.m.


WENDY'S SUPA: Creditors to Get Between 14-20 Cents in the Dollar
----------------------------------------------------------------
Eloise Keating at SmartCompany reports that creditors of Wendy's
Supa Sundaes are expected to receive between 14 and 20 cents in
the dollar, as administrators Ferrier Hodgson proceed with a Deed
of Company Arrangement (DOCA) approved at the start of the month.

Wendy's Supa Sundaes, the former master franchisor of the ice
cream and hot dog chain, entered voluntary administration at the
start of July and at least four Wendy's outlets have shut during
the voluntary administration process, the report says.

According to the report, the current franchisor of the Wendy's
chain, Supatreats Australia, proposed a DOCA for Wendy's Supa
Sundaes in mid-August and creditors voted in favour of the deal on
September 1.

Under the DOCA, Supatreats will provide AUD700,000 in a pool of
funds to pay employee entitlements and debts owed to the company's
creditors, which will be added to between AUD75,000 and AUD117,000
in voluntary administration funds, SmartCompany relates.

The report says Supatreats will pay AUD200,000 into the fund by
September 22, with another AUD300,000 to be paid in monthly
payments of AUD12,500 over three years.  Another payment of
AUD200,000 will be paid in instalments over the course of the
third year.

While former employees of the business can expect to receive the
full sum AUD21,000 owed them, unsecured creditors will receive a
much lower amount, says SmartCompany.

SmartCompany says Ferrier Hodgson estimates the return to
unsecured creditors will receive between 14.1 and 20.6 cents in
the dollar for combined debts estimated to be in the range of
between AUD634,000 and AUD721,000.

The report notes that the dividends received by the creditors will
depend on the total number of claims. Ferrier Hodgson currently
puts the number of unsecured creditors between 3,500 and 4,500.
However, the return to unsecured creditors under the DOCA is
estimated to be higher than if Wendy's Supa Sundaes was
liquidated.

In that scenario, Ferrier Hodgson estimates a much higher number
of unsecured creditors, between 8,400 and 9,400, would receive at
best 3.9 cents in the dollar and at worst, nothing, the report
adds.

                        About Wendy's Supa

Wendy's Supa Sundaes was founded in South Australia in 1979.

Martin Lewis and Tim Mableson were appointed Voluntary
Administrators of the Company on July 2, 2015.

Prior to the appointment, the Company ceased to be licensed to use
the Wendy's intellectual property, including its branding, and
therefore the Company ceased to carry on the business as the
franchisor pursuant to the various Franchise Agreements.
Accordingly, the Company has no ability to provide the franchisees
with access to the Wendy's intellectual property.

The current licensee of the Wendy's brand is Supatreats Australia
Pty Ltd.



TARLETON & PETERS: In Administration; Sale Process Starts
---------------------------------------------------------
Renee Thompson at SmartCompany reports that a Sydney-based retail
chain of more than 30 butcher stores has collapsed, owing
creditors about AUD17 million and leaving workers with uncertain
futures.

Tarleton & Peters, which trades as Peters Meats, went into
administration on September 2, SmartCompany discloses.

According to the report, Trent Hancock of Moore Stephens Sydney
has been appointed as administrator of the company and earlier
this week began advertising for urgent expressions of interest for
the purchase of the business and associated assets.

The first meeting of creditors was in Sydney on September 14,
SmartCompany discloses.

Mr. Hancock told SmartCompany Peters Meats owed secured creditors
AUD13 million and trade creditors about AUD4 million.

"Other creditors are also being assessed," SmartCompany quotes Mr.
Hancock as saying.

SmartCompany relates that Mr. Hancock said the focus is now on
trying to sell about 20 of the 32 businesses in the chain, with
the focus on keeping Peters Meats trading while the sale is
underway.

About 10 of the stores had to close after it had been determined
they were unsustainable and "impossible to trade on", Mr. Hancock
told SmartCompany.

"We're trying to get a sale on the remaining stores in the group,"
SmartCompany quotes Mr. Hancock as saying. "We identified very
quickly the best and worst of the traders; we're trying to strike
the right mix of stores that come back to profitability."

According to SmartCompany, Mr. Hancock said creditors had agreed
it might be appropriate to go to court in order to get a second
meeting date extended "so we can finish off the sale process".

Mr. Hancock said while Moore Stephens is still undertake
investigations as to why the butcher chain collapsed it seemed the
Peters Meats sustained losses as a result of high prices for meat
cuts, the report relays.

Peters Meats has 32 retail stores across Sydney.


* Competition to Pressure Australian Mutuals, Moody's Says
----------------------------------------------------------
Moody's Investors Service says that slowing economic growth and
increasing competition will pressure the growth and profitability
of Australia's mutual financial institutions over the next 12-18
months, and will continue to drive industry consolidation.

Nevertheless, the stable outlook on the sector reflects that
mutuals' unique model provides them with the flexibility to forego
growth to conserve capital when operating conditions are volatile
-- supporting their healthy balance sheets.

Moody's conclusions were contained in its just-released report on
the Australian mutual sector, entitled "Australia's Mutual
Financial Institutions: Rising Competition to Challenge Growth".
The industry outlook indicates Moody's forward-looking assessment
of fundamental credit conditions that will affect the
creditworthiness of the industry over the next 12-18 months.

Slowing economic growth, weakening labor market conditions and
rising house prices are key risks to Australia's residential
mortgage market, which is a key lending focus for the mutual
sector, says Moody's.

"On a fundamental level, mutuals are facing increasing competition
in their core franchise of home mortgage lending from Australia's
four major banks, whose large economies of scale and superior
access to wholesale funding put them at a competitive advantage,"
says Daniel Yu, a Moody's Vice President and Senior Analyst.

Specifically, the proliferation of online and third-party banking
channels, as well as the use of multi-brand strategies by the
major banks, directly threaten mutuals' traditional relevance and
appeal as community-based niche players.

Moody's says the increased competition, along with rising IT,
compliance and regulatory costs, are challenging mutuals'
profitability.  This pressure on profitability is exacerbated by
the Reserve Bank of Australia's (RBA) monetary easing, which has
lowered mutuals' loan rates more than their deposit rates, given
that deposits include transaction accounts that earn almost zero
interest.

However, these pressures are moderated by the absence of a
shareholder structure, enabling management to fully reinvest
profits back into the business.  Moody's views this as a key
support for the mutual sector's credit profile, as it provides
mutuals with the flexibility to forego growth in order to converse
capital when operating conditions turn volatile.

Nevertheless, the structural challenges faced by mutuals have been
the driving force behind ongoing consolidation within the sector,
which has been shrinking by an average of eight entities per year
over the past 10 years.

"While most mutuals will continue to generate sufficient capital
internally to maintain their existing capital levels, those with
weaker franchises or a smaller scale will be affected by price
competition and higher operating costs -- factors that will likely
continue the sector's long-standing consolidation trend into
2016," adds Yu.

The asset quality of mutuals remains strong and is a key strength
for the sector.  That said, rising house prices, particularly in
Sydney, present a rising tail risk for the Australian housing
market, which is a key exposure for mutuals.  Furthermore, in line
with trends in the commercial banking sector, mutual lending to
housing investors has increased, which Moody's views as a negative
development for the mutual sector's asset risk profile.



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DTS8 COFFEE: Incurs $78,800 Net Loss in First Quarter
-----------------------------------------------------
DTS8 Coffee Company, Ltd. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $78,829 on $99,051 of sales for the three months ended July 31,
2015, compared to a net loss of $233,789 on $88,063 of sales for
the same period during the prior year.

As of July 31, 2015, the Company had $177,127 in total assets,
$986,905 in total liabilities, all current, and a total
stockholders' deficit of $809,778.

                            Going Concern

"We have incurred material recurring losses from operations. As of
July 31, 2015, we had an accumulated deficit, limited cash and
unprofitable operations. These factors, among others, indicate
that we may be unable to continue as a going concern for a
reasonable period of time. Our financial statements do not include
any adjustments relating to the recoverability and classification
of recorded asset amounts or the amounts and classification of
liabilities that may be necessary should we be unable to continue
as a going concern. Our continuation as a going concern is
contingent upon our ability to obtain additional financing and to
generate revenue and cash flow to meet our obligations on a timely
basis. Any failure to generate revenue and profits will raise
substantial doubt about our ability to continue as a going
concern.

We plan to retain any cash we earn in order to develop our
business," the Company states in the report.

A full-text copy of the Form 10-Q is available for free at:
http://is.gd/K3R4Tm

                        About DTS8 Coffee

DTS8 Coffee Company, Ltd. (previously Berkeley Coffee & Tea, Inc.)
was incorporated in the State of Nevada on March 27, 2009.

Effective Jan. 22, 2013, the Company changed its name from
Berkeley Coffee & Tea, Inc., to DTS8 Coffee Company, Ltd. On
April 30, 2012, the Company acquired 100 percent of the issued and
outstanding capital stock of DTS8 Holdings Co., Ltd., a
corporation organized and existing since June 2008 under the laws
of Hong Kong and which owns DTS8 Coffee (Shanghai) Co., Ltd.
DTS8 Holdings, through its subsidiary DTS8 Coffee, is a gourmet
coffee roasting company established in June 2008. DTS8 Coffee's
office and roasting factory is located in Shanghai, China. DTS8
Coffee is in the business of roasting, marketing and selling
gourmet roasted coffee to its customers in Shanghai, and other
parts of China. It sells gourmet roasted coffee under the "DTS8
Coffee" label through distribution channels that reach consumers
at restaurants, multi-location coffee shops, and offices.
DTS8 Coffee reported a net loss of $3.8 million on $369,000 of
sales for the year ended April 30, 2015, compared to a net loss of
$2.3 million on $310,000 of sales for the year ended April 30,
2014.

MaloneBailey, LLP, Houston, Texas, issued a "going concern"
qualification on the consolidated financial statements for the
year ended April 30, 2015, citing that the Company has suffered
recurring losses from operations, which raises substantial doubt
about its ability to continue as a going concern.


OSSEN INNOVATION: Receives NASDAQ Listing Non-Compliance Notice
---------------------------------------------------------------
Ossen Innovation Co., Ltd., a China-based manufacturer of an array
of plain surface, rare earth and zinc coated pre-stressed steel
materials, on Sept. 21 disclosed that on September 17, 2015 the
Company received a letter from the NASDAQ Stock Market stating
that for the previous 30 consecutive business days, the closing
bid price of the Company's stock was below the minimum bid price
of $1.00 per share for continued listing on the NASDAQ Capital
Market pursuant to NASDAQ Marketplace Rule 5550(a)(2).

The NASDAQ letter has no immediate effect on the listing of the
Company's shares.

In accordance with NASDAQ Marketplace Rule 5810(c)(3)(A), the
Company has been provided with a period of 180 calendar days, or
until March 15, 2016, to regain compliance with the Minimum Bid
Price Rule. If at any time during this 180-day period the closing
bid price of the Company's American Depositary Shares is at least
$1.00 for a minimum of ten consecutive days, NASDAQ will provide
written confirmation of compliance and matter will be closed.
The Company intends to evaluate available options to resolve the
deficiency and regain compliance with the Minimum Bid Price Rule.

                   About Ossen Innovation Co.

Ossen Innovation Co., Ltd. manufactures and sells a wide variety
of plain surface pre-stressed steel materials and rare earth
coated and zinc coated pre-stressed steel materials. The Company's
products are mainly used in the construction of bridges, as well
as in highways and other infrastructure projects. Ossen has two
manufacturing facilities located in Maanshan, Anhui Province, and
Jiujiang, Jiangxi Province.


* Life Insurers' Outlook Stable Despite Stock Market Volatility
---------------------------------------------------------------
Moody's Investors Service says that China's (Aa3 stable) life
insurance sector faces a deteriorating investment environment in
the coming 12-18 months, mitigated by improving underwriting
profitability and multiple regulatory safeguards.

"Our outlook for the sector takes into account the likely scenario
that the equity market will remain highly volatile for a
significant part of the next 12-18 months, on the back of
lingering economic uncertainty, low liquidity and reduced margin
financing activity," says Sally Yim, a Moody's Vice President and
Senior Credit Officer.

"This scenario would imply immediate negative impact on life
insurers, as their financials are highly dependent on stock market
performance," adds Yim.  "Should the recent market correction
stabilize at current levels or extend further, insurers will see a
reversal in the improving trend in their earnings and
capitalization of the past year."

Moody's conclusions were contained in its just-released report,
entitled "Industry Outlook - Chinese Life Insurance: Stable
Outlook, but Negative Headwinds Prevalent".  The industry outlook
indicates Moody's forward-looking assessment of fundamental credit
conditions that will affect the creditworthiness of the life
insurance industry over the next 12-18 months.

Moody's report highlights that the heightened uncertainty and
volatility in the investment environment reflects not only the
current downside risks in China's economy, but also the
administrative measures Chinese authorities have put in place in
an attempt to stabilize market sentiment.

Some of these measures have encouraged insurers to increase their
stock purchases, further increasing their exposure to potential
further stock market volatility.

However, Moody's assessment also takes into account several
positive developments that will help the industry weather the
current headwinds and maintain its credit standing.

Specifically, demand for insurance products is supported by an
increasingly risk-averse public that is moving away from the
equity market, and by the current low interest rate environment.

The industry should also reap the benefits of a strengthening
agency force, following increased investment in training and
compensation structures.  This should help diversify insurers'
product mix towards more stable and lucrative protection-type
products.

Moody's expects life premium growth of around 15%-20% over the
outlook period, similar to the 18.4% recorded in 2014, mainly from
stronger sales on long-term savings and protection-type products.

Further, while the industry's solvency margin will likely retreat
from a high average of 275.4% for major life insurers in mid-2015,
owing to the stock market correction, it will remain above the
150% "Adequate II" level stipulated by the China Insurance
Regulatory Commission (CIRC).

Moody's also views the parallel implementation of China's Risk-
Oriented Solvency System (C-ROSS) since February 2015 as a
positive development that will incentivize insurers to manage
their capital according to risk.

Nevertheless, the recent sharp correction in equity prices has
shifted the government's policy priority towards the promotion of
market stability.  This, in Moody's view, has added uncertainty to
the timeline for full C-ROSS implementation.

Subscribers can access the report here:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1007381

Moody's offers complimentary access to its new topic page, China
   -- Reform and Rebalancing, a centralized source for Moody's
research related to key credit issues in China as the country's
rebalancing story unfolds.  This report is part of Moody's ongoing
coverage on this theme.


* China P&C Insurers' Outlook Stable, Moody's Says
--------------------------------------------------
Moody's Investors Service says that its stable outlook on China's
property & casualty (P&C) sector reflects its view that insurers
will remain adequately capitalized to support business growth and
meet regulatory requirements in the coming 12-18 months.

"However, China's (Aa3 stable) economic slowdown and ongoing price
liberalization will increase underwriting challenges in the
sector's core motor business," says Stella Ng, a Moody's Assistant
Vice President and Analyst.

"Along with the implementation of China's new solvency regime,
these developments will lead the more established players to seek
growth in non-motor lines, and weaker players to consider
consolidation," adds Ng.

Moody's conclusions were contained in its annual outlook report on
China's P&C insurance sector, entitled "Chinese Property &
Casualty Insurance: Stable Outlook; But Increasing Challenges from
Motor Pricing Liberalization".  The industry outlook indicates
Moody's forward-looking assessment of fundamental credit
conditions that will affect the creditworthiness of the P&C
insurance industry over the next 12-18 months.

Moody's expects total P&C premium growth to slow from the 16.4%
pace registered in 2014, driven by slowing motor vehicle sales and
price falls due to motor insurance pricing liberalization.

Motor lines accounted for 75% of total premium income in 2014, and
preliminary reports point to a considerable drop in premium rates
in the six provinces/cities under the pilot scheme for price
liberalization since June 2015.

Moody's expects these weaker underwriting prospects for the
segment will accelerate insurers' expansion into non-motor lines.

At the same time, the full implementation of China's "Solvency II"
regime -- China's Risk Oriented Solvency Regime (C-ROSS), will
emphasize pricing discipline, and should improve the industry's
capital and risk management.

Under the new regime, insurers will face a capital surcharge based
on the combined ratios for their motor insurance businesses, which
Moody's expects will discourage predatory pricing.

Moody's expects these two key industry trends -- price
liberalization and the implementation of C-ROSS -- will
significantly raise operating and compliance pressure for smaller
players.

These smaller players generally lack the resources and scale to
improve their core motor underwriting profitability and expand
into non-motor lines.  In addition, the tougher capital
requirements on investments under C-ROSS are disadvantageous to
these players, who tend to invest in higher-risk assets to keep
their product pricing competitive.

As a result, Moody's expects more players to explore consolidation
as a means to achieve growth.

Moody's report further highlights that unlike life insurers, P&C
insurers have limited exposure to the stock market, and thus are
not immediately affected by the sharp correction in China's stock
markets over the past three months.

At the same time, the steep drop in the stock markets has
refocused authorities' attention on market stability, and has
added uncertainty to the timeline for full implementation of C-
ROSS.

Subscribers can access the report here:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1008040

Moody's offers complimentary access to its new topic page, China
  -- Reform and Rebalancing, a centralized source for Moody's
research related to key credit issues in China as the country's
rebalancing story unfolds.  This report is part of Moody's ongoing
coverage on this theme.



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ADVANCE LAMINATES: CRISIL Reaffirms B+ Rating on INR65MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating to the bank
loan facilities of Advance Laminates Pvt Ltd (ALPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           65        CRISIL B+/Stable (Reaffirmed)
   Term Loan             20        CRISIL B+/Stable (Reaffirmed)

The rating reflects ALPL's working-capital-intensive operations,
average financial risk profile with a moderate gearing, and modest
scale of operations. These rating weaknesses are partially offset
by the promoters' extensive experience in the laminates industry.

Outlook: Stable

CRISIL believes that ALPL 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 significant
improvement in the scale of operations and profitability or
working capital management, resulting in a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of a slowdown in revenue, decline in profitability,
deterioration in the capital structure or debt protection metrics,
or a further stretch in the working capital cycle.

ALPL was incorporated in 2005. It manufactures laminates at its
facility at Rajkot (Gujarat). Mr. Pranjivanbhai Patel, the
director, looks after the company's day-to-day operations.


AJAY POLYMERS: ICRA Suspends B+/A4 Rating on INR20cr Loan
---------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ and short-term
rating of [ICRA]A4 assigned to the INR20 crore bank facilities of
Ajay Polymers. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


AMAR GINNING: CRISIL Reaffirms B+ Rating on INR67.5MM Loan
----------------------------------------------------------
CRISIL's rating on Amar Ginning Factory (AG) continue to reflect
its modest scale of operations in the highly competitive cotton
industry, large working capital requirements, and weak financial
risk profile marked by high gearing and average debt protection
metrics.

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

These rating weaknesses are partially offset by the extensive
industry experience of AG's promoters and proximity of its
manufacturing facilities to raw material and labour sources.
Outlook: Stable

CRISIL believes AG will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company significantly improves its
scale of operations, operating margin and cash accruals, leading
to better financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of low accruals because of reduced
profitability, or the firm undertakes any substantial debt-funded
expansion programme or its working capital management weakens,
significantly constraining its financial risk profile.

Update
For the year 2014-15 (refers to financial year, April 1 to
March 31), AG's turnover declined to INR445 million against INR554
million a year earlier. The turnover declined due to intense
competition and moderation in cotton prices during the year 2014-
15. Over the medium term, CRISIL expects the firm to maintain it's
the turnover growth in the range of 10 to 12 per cent, although
the turnover growth continues to be is susceptible to the economic
scenario and government policies. In the year 2014-15, AG's
profitability at operating level continued to be low at 1.5 per
cent. Due to fragmentation and intense competition in the
industry, the players have limited pricing/bargaining power
leading to lower margins. Over the medium term, CRISIL believes
that the fragmented nature of industry will restrict the firm's
bargaining power thus leading to similar level of low operating
margins range bound at 1.7 to 1.9 per cent. In the year 2014-15,
the firm's working capital requirements were stable with gross
current assets (GCA) days at 57 days supported by lower inventory
holdings and moderate debtors. Over the medium term, CRISIL
expects AG's GCA days in the range of 55 to 60 days; however the
overall working capital requirements are expected to rise with its
scale of operations. As of March 31, 2015 the gearing of the firm
decreased year-on-year to  around 2.0 times on account of decrease
in its working capital debt to the tune of INR7 million coupled
with low networth of INR26 million due to modest accruals. Over
the medium term, the gearing is expected to ease up and be close
to 1.8 to 2.0 times on account of modest incremental debt to
service its working capital requirements vs. modest accruals. Over
the medium term, the financial risk profile is expected to be
constrained by its moderate gearing and below avg. debt protection
metrics. CRISIL believes that the firm's liquidity is supported by
no term debt repayment obligations, no plans of major capex over
the medium term and moderate working capital requirements.

AG was established as a partnership firm in 1999. The operations
are managed by the Patel family, who has over 10 years of
experience in the cotton industry. The firm in processes raw
cotton to produce cotton bales and crushing of cotton seed to
produce cotton seed oil and cotton seed oil cake.

For 2014-15 (refers to financial year, April 1 to March 31), AG
has estimated a profit after tax (PAT) of INR2.1 million on net
sales of INR445 million, against a PAT of INR2.1 million on net
sales of INR553.0 million for 2013-14.


ARPIT PROJECTS: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Arpit Projects
Limited (APL) a Long-Term Issuer Rating of 'IND BB'. The Outlook
is Stable. The agency has also assigned APL's INR1,490m term loan
a Long-Term 'IND BB' rating with Stable Outlook.

KEY RATING DRIVERS

The ratings reflect APL's no prior management track record in the
hospitality sector. Also, it is present in the highly competitive
National Capital Region hospitality market. Moreover, the volatile
nature of the hospitality industry could adversely impact the
initial operational parameters of the project. However, the
company has mitigated the operational risk by tying up with
Country Inns & Suites By Carlson, which has over two-decade-long
experience in the hospitality sector and operates 480 hotels
globally, for branding, marketing and operational activities of
the property. This provides the company access to the brand's
global clientele and lowers the initial operational risk.
The ratings also factor in the large amount of term loan availed
by the company for purchasing the hotel from Gurgaon Recreational
Park Limited.

However, the ratings are supported by the promoter's around two-
decade-long diversified experience. The ratings benefit from APL's
connectivity and locational advantage in Gurgaon, Haryana - a hub
for industrial, commercial, IT/ITeS activities in the National
Capital Region.

RATING SENSITIVITIES

Negative: Lower-than-expected occupancy levels impacting the cash
flow will be negative for the ratings.
Positive: The successful stabilisation of operations while
achieving the projected revenue will be positive for the ratings.

COMPANY PROFILE

APL was incorporated in 1995 and plans to provide hospitality
services for which it is acquiring Country Inn and Suites By
Carlson, Gurgaon Udyog Vihar from Gurgaon Recreational Park.
Country Inn and Suites By Carlson, Gurgaon Udyog Vihar is an
iconic hotel, located 7km from the New Delhi airport. Also, it is
16km away from Qutub Minar and 24km away from the New Delhi
railway station. Its proximity to the large shopping hubs and
corporate towers will make it a preferred destination for
travellers, for business or for leisure.

The hotel has a meeting space of up to 10000 sq ft. There are
various onsite dining options, sprawling outdoor swimming pool,
business centre with internet access, spa and a fitness centre.


ARUNA FINANCE: ICRA Suspends B Rating on INR16cr Bank Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR16.00
crore long term bank facilities of Aruna Finance Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Bank Loans            16.00        [ICRA]B; Suspended

Aruna Finance Limited (AFL) was incorporated as a partnership firm
'Aruna Finance' in 1979 and was engaged in the financing of
commercial vehicles. In 1995, Aruna Finance was converted into a
private company 'Aruna Leasing & Finance Private Limited' and
diversified into financing tractors. In the year 2002, the company
was converted into a public limited company 'Aruna Leasing &
Finance Limited', registered as a deposit taking NBFC with RBI and
further diversified into financing of three wheelers. ALFL
subsequently surrendered the license to accept public deposits in
2006 as the promoters did not have any plans to utilize the
facility. In FY13 the company started extending gold loans and the
name was subsequently changed the name to 'Aruna Finance Limited'.
Mr. B.Y. Narayana Rao, the promoter of the company, has been in
the finance business for more than 3 decades.


ASHISH EXPORTS: ICRA Assigns B+/A4 Rating to INR15cr Loan
---------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ and short term
rating of [ICRA]A4 to the INR15.0 crore fund based bank limits of
Ashish Exports.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits      15.0       [ICRA]B+/[ICRA]A4; assigned

ICRA's ratings are constrained by Ashish Exports' modest scale of
operations and the high competitive intensity in the industry
which limits its profitability. The ratings are further
constrained by demand risk for natural menthol due to presence of
synthetic alternatives and the vulnerability of the firm's
profitability to adverse fluctuations in foreign exchange rates
and raw material prices. The ratings also take into account the
firm's weak financial risk profile as characterized by a leveraged
capital structure and weak coverage indicators. While assigning
the ratings, ICRA has also taken note of the proprietorship
constitution of the firm which exposes it to risks in terms of
continuity and potential capital withdrawals. The ratings,
however, derive comfort from the extensive experience, of almost
two decades, of the promoters in the menthol industry, AE's
location advantages due to proximity to raw material sources and
the export incentives given by the Indian Government which aid
profitability.

Going forward; the ability of the firm to increase its scale of
operations in a profitable manner, while managing its working
capital requirements efficiently will be the key rating
sensitivities.

Ashish Exports was established as a proprietorship concern in 1999
by Mr. Ankur Agarwal and is involved in manufacturing and
processing menthol oil and allied products. Its manufacturing
facility is located at Chandausi in Uttar Pradesh.

Recent Results
In FY2015, Ashish Exports generated a Profit After Tax (PAT) of
INR0.23 crore on an operating income of INR44.5 crore, as against
a PAT of INR0.23 crore on an operating income of INR40.9 crore in
the previous year.


ASIAN PRE-LAM: CRISIL Ups Rating on INR170MM Loan to B
------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Asian Pre-Lam Industries Pvt Ltd (APIPL) to 'CRISIL B/Stable' from
'CRISIL B-/Stable', while reaffirming the rating on the short-term
bank facility at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Letter of Credit      170       CRISIL B/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Proposed Long Term     22.7     CRISIL B/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B-/Stable')

   Proposed Short Term
   Bank Loan Facility     10.0     CRISIL A4 (Reaffirmed)

   Term Loan              47.3     CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

The upgrade reflects CRISIL's belief that APIPL's liquidity will
continue to improve over the medium term backed by higher
profitability. The improved profitability has led to moderate net
cash accrual, sufficient to meet its debt obligations. It reported
an operating margin of 10.3 per cent for 2014-15 (refers to
financial year, April 1 to March 31) as against 7.1 per cent a
year ago mainly on account of better fixed cost absorption. Also,
the promoters continue to support operations by extending
unsecured loans; unsecured loans of around INR86 million were
outstanding as on March 31, 2015.

The ratings reflect APIPL's weak financial risk profile because of
a negative net worth and below-average debt protection metrics,
and early stage of operations. These rating weaknesses are
partially offset by the promoters' extensive experience in the
plywood & laminates industry.
Outlook: Stable

CRISIL believes APIPL will continue to benefit from the promoters
extensive industry experience. The outlook may be revised to
'Positive' in case of an improvement in the net worth and
liquidity through either a substantial equity infusion or higher-
than-expected accretion to reserves. Conversely, the outlook may
be revised to 'Negative' if it undertakes any debt-funded capital
expenditure, which will further constrain its financial risk
profile.

APIPL was set up by the Mumbai-based Pankhawala and Amravatiwala
families in 2011, to manufacture board laminates. It has its
manufacturing facility in Maharashtra.


AWADH OILS: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Awadh Oils Pvt
Ltd (AOPL) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is
Stable. The agency has also assigned AOPL's INR102.2m fund-based
working capital limit a Long-term 'IND BB-' rating with Stable
Outlook.

KEY RATING DRIVERS

The ratings reflect AOPL's moderate scale of operations and weak
credit profile. In FY14, revenue was INR722m, EBITDA margins were
1.5%, gross interest coverage was 1.6x and net leverage (net
debt/EBITDA) was 8.5x. According to the provisional financials for
FY15, revenue was INR900m.

The liquidity is moderate with the average utilisation of the
fund-based limits being around 92% over the 12 months ended July
2015.

The ratings though benefit from its founders' experience of over
four decades in the edible oil industry.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

AOPL was incorporated in 1997 by Mr. Rajendra Ji Goyal and Vipin
Ji Goyal and primarily manufactures mustard oils and mustard cake.
The company has an installed capacity of 5,400mt edible oil and
10,000mt cake per annum. AOPL also trades in rice bran oil,
mustard oil other edible oils. The company caters to the markets
in Chattisgarh, Orissa, Assam, Bihar, West Bengal, Uttar Pradesh
and other North-eastern regions of the country and sells its
products under the brand names Agri Drop and Active Heart.


BABA SAW: CRISIL Reaffirms 'B' Rating on INR30MM Cash Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Baba Saw Mill (Baba)
continue to reflect the firm's modest scale of operations,
working-capital-intensive nature of operations and vulnerability
of profitability margins to foreign exchange rate fluctuations.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             30        CRISIL B/Stable (Reaffirmed)
   Letter of Credit        70        CRISIL A4 (Reaffirmed)

The ratings is further constrained by the firm's moderate
financial risk profile, marked by modest net worth, moderate total
outside liabilities to tangible net worth (TOLTNW) ratio, and
subdued debt protection metrics. These rating weaknesses are
partially offset by the extensive business experience of Baba's
proprietor.
Outlook: Stable

CRISIL believes that Baba will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if there is significant and
sustained improvement in the firm's revenue and profitability,
while improving its financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of significant
decline in the firm's revenue or profitability margins or
significant stretch in the working capital cycle or large debt-
funded capital expenditure resulting in weakening of its financial
risk profile.

Baba, a proprietorship firm of Mr. Praful Ramjibhai Jharu formed
in December 2011, is engaged in the processing of timber logs. The
firm commenced commercial operations from February 2012. It
currently undertakes the processing of pine wood and plans to
expand its processing facility for processing of teak wood, sal
wood, and hard wood. The firm's timber log processing facility is
at Padana (Kutch, Gujarat).

For the year 2014-15 (on a provisional basis), the firm estimated
profit after tax (PAT) at around INR1.0 million with operating
income of around INR125 million against PAT of INR9 million with
operating income of INR93 million in 2013-14.


BATLIBOI LIMITED: Ind-Ra Affirms 'IND B+' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Batliboi Limited's
Outlook to Negative from Stable while affirming its Long-Term
Issuer Rating at 'IND B+'. The agency has also taken the following
rating actions on the company's bank loans:

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
Term loans             6.11       Affirmed at 'IND B+'/Negative
Fund-based limits    186          Affirmed at 'IND B+'/Negative
Non-fund-based       541.5        Affirmed at 'IND A4'
Limits

KEY RATING DRIVERS

The Negative Outlook reflects deterioration in Batliboi's
financials during FY15 led by weak demand and the consequent fall
in the sales volume of machine tools and the operating profits. In
FY15, the company reported an EBIDTA loss of INR13m (FY14: profit
of INR114m) along with a 0.5% yoy fall in revenue to INR2,657m.

The company's working capital cycle lengthened to 44 days in FY15
(FY14: 37 days) due to a fall in creditor days.  With the EBITDA
loss, the company's liquidity remained stretched in FY15. Batliboi
managed debt servicing by raising promoter unsecured debt in FY15.
According to unaudited 1QFY16 results, Batliboi's consolidated
EBIDTA stood at INR25.3m and EBITDA interest coverage at 1.2x.
The rating continues to benefit from Batliboi's over 12 decades of
track record and its strong market share in manufacturing machine
tools and textile machineries. About 50% of its overall revenue is
contributed by niche products enjoying a strong market position.

RATING SENSITIVITIES

Positive: An increase in the operating margins resulting in a
sustained improvement in the credit metrics and liquidity could
result in the Outlook being revised to Stable.

Negative: A substantial fall in the scale of operations, sustained
low operating profits and continued liquidity pressure will be
negative for the ratings.

COMPANY PROFILE

Established in 1892, Batliboi manufactures machine tools and
textile air engineering machinery. The company has two
subsidiaries in Canada - ASEA Air Engineering in France and
Quickmill Inc.

Batliboi is a public limited capital goods company and was
acquired in 1916 by Bhogilal family. Mr. Nirmal Bhogilal is the
managing director and chairman of the company. On March 2015, the
company was 81.64% held by promoters and rest by public.


BHAGWAN AUTO: CRISIL Assigns B+ Rating to INR36.6MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Bhagwan Auto Products (BAP).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               36.6       CRISIL B+/Stable
   Cash Credit             25.0       CRISIL B+/Stable
   Proposed Fund-Based
   Bank Limits             36.6       CRISIL B+/Stable

The rating reflects BAP's small scale of operations, exposure to
client concentration risk, and modest financial risk profile
marked by average debt protection indicators. These rating
weaknesses are partially offset by the extensive experience of
BAP's partners in the automotive components industry and the
firm's limited working capital requirements.
Outlook: Stable

CRISIL believes that BAP will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if BAP reports substantial cash
accruals, backed by improvement in scale of operations and in
working capital management. Conversely, the outlook may be revised
to 'Negative' if BAP's financial risk profile deteriorates on
account of decline in revenue and profitability, or in case of
large debt-funded capital expenditure, or if the firm's liquidity
weakens significantly because of increase in working capital
requirements.

Set up in 2005 in Rohtak (Haryana), BAP manufactures automotive
components such as engine components, steering components, and
fasteners, primarily for two-wheelers. The firm is a part of the
Rohtas group, which manufactures automotive components. BAP's
daily operations are managed by Mr. Sumit Bansal. The firm has two
manufacturing units, one each in Rohtak and Manesar (Haryana).


DELITE CABLES: ICRA Assigns 'C' Rating to INR4cr Cash Credit
------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]C to the INR4.00
crore cash credit facility of Delite Cables Private Limited. The
short-term rating of [ICRA]A4 has also been assigned to the
INR4.50 crore non-fund based bank guarantee facility of DCPL.
Also, ratings of [ICRA]C/[ICRA]A4 have been assigned to the
INR3.50 crore unallocated limits of the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.00        [ICRA]C assigned
   Bank Guarantee        4.50        [ICRA]A4 assigned
   Long term/short
   term unallocated      3.50        [ICRA]C/[ICRA]A4 assigned

The assigned ratings are constrained by the stretched liquidity
position of the company as reflected by delays in interest
payments resulting from prolonged work schedule of the ongoing
project. The ratings are further constrained by DCPL's small scale
of operations with complete diminution in the operating income
during FY14 and weak financial profile as characterized by
leveraged capital structure, stretched debt protection metrics and
high working capital intensity of operations. The ratings also
take into account the vulnerability of company's profitability to
the volatility in raw material prices in the absence of price
escalation clause.

The rating, however, favourably takes into account the past
experience of promoters in the cable industry and ongoing project
with the Gujarat State Government arm, PGVCL, thus mitigating the
credit risk to some extent.

Delite Cables Private Limited (DCPL) was incorporated in 2004 and
is engaged in manufacturing low tension power and control cables
and aerial bundled cables at its facility located at Vadodara in
Gujarat. Besides this, DCPL is also an EPC (Erection, procurement
and commissioning) contractor and has completed projects in Sasan
Gir, Junagadh and Rajkot regions of Gujarat. Presently, the
company is undertaking a turnkey project for Paschim Gujarat Vij
Company Limited (PGVCL) which involves supply, laying and
commissioning of cross-linked polyethylene (XLPE) submarine cables
for electrification of Shiyal Bet island near Pipavav Port in
Gujarat. The company is managed by Mr. Pankaj Panchal and Mr.
Mitul Panchal who have past experience of about a decade in the
cable industry.


DEVA INTERIORS: CRISIL Assigns B+ Rating to INR75MM Cash Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Deva Interiors Pvt Ltd (DIPL) and assigned its
'CRISIL B+/Stable/CRISIL A4' ratings to the facilities. CRISIL
had, on July 17, 2014, suspended the ratings as DIPL had not
provided the necessary information required to maintain a valid
rating. The company has now shared the requisite information,
enabling CRISIL to assign ratings to the facilities.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        35        CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Cash Credit           75        CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

The ratings reflect DIPL's modest scale of operations in an
intensely competitive industry. The ratings also factor in the
company's below-average financial risk profile because of high
gearing and subdued debt protection metrics. These rating
weaknesses are partially offset by the promoters' extensive
experience in the civil construction and interior decoration
industry.
Outlook: Stable

CRISIL believes that DIPL will continue to benefit over the medium
term from the industry experience of its promoters. The outlook
may be revised to 'Positive' in case of substantial cash accrual,
leading to improvement in the financial risk profile. Conversely,
the outlook may be revised to 'Negative' if the revenue or
profitability is low, or the working capital management
deteriorates, resulting in weakening of the company's liquidity.

Established in 1995 by Mr. R P Singh, Chennai-based DIPL designs
interiors of office spaces, commercial real estate ventures,
showrooms, and residential spaces. The company has executed
various projects in different locations including Chennai, Mumbai,
Bhubaneswar, Bengaluru, Bhopal, and Hyderabad.

DIPL reported, on a provisional basis, profit after tax (PAT) of
INR9.7 million on revenue of INR270 million for 2014-15 (refers to
financial year, April 1 to March 31) against PAT of INR9.7 million
on revenue of INR275 million for 2013-14.


DHARTI SPINNING: ICRA Reaffirms B+ Rating on INR33.05cr 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.


EXODUS FUTURA: Ind-Ra Assigns 'IND D' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Exodus Futura
Knit Private Limited (EFKPL) a Long-Term Issuer Rating of 'IND D'.
The agency has also assigned the following ratings to EFKPL's bank
loans:

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
Long-term loans        73         Long Term 'IND D'
Fund-based working     86         Long Term 'IND D'
capital limits
Non-fund-based
working capital
limits                  5         Short Term 'IND D'

KEY RATING DRIVERS

The ratings reflect EFKPL's delays in debt servicing for the six
months ended August 2015 due to tight liquidity.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 2000, EFKPL is a private limited company with its
registered office and plant located in Kolkata, West Bengal. The
company manufactures garments under its brand, Hegen. EFKPL is
managed by Anil Bagaria and Rohit Lohia.

According to FY15 provisional financials, EFKPL has earned revenue
of INR256.68 million.


GOBIND INDUSTRIES: ICRA Suspends B+ Rating on INR18cr Loan
----------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR18.0 crores
fund bases bank facilities of Gobind Industries Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance absence of requisite information from the company.


LAKHANI & DESAI: ICRA Assigns B+ Rating to INR39cr LT Loan
----------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the INR39.00
crore term loan facility of Lakhani & Desai Developers. ICRA has
also assigned the long-term rating of [ICRA]B+ to the INR1.00
crore unallocated amount.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits-TL       39.00        [ICRA]B+; assigned

   Unallocated Amount     1.00        [ICRA]B+; assigned

The rating assigned to Lakhani & Desai Developers (LDD) is
constrained by execution risks for the residential project under
implementation as well as significant marketing risks associated
with them given the increasing competition within the real estate
industry in Surat. The rating is further constrained by the firm's
exposure to funding risks, with partial debt facility yet to be
sanctioned and low booking status. The rating is also constrained
by the exposure to the cyclicality inherent in the real estate
sector and vulnerability of its profitability to adverse
fluctuations in the cement and steel prices, although the same is
mitigated to an extent by efficient cost estimation to accommodate
raw material price movements.

The rating, however, favorably considers the long experience of
promoters in the real estate industry and favorable location of
the project with proximity to public amenities and other
successfully executed projects of the promoters.

Lakhani & Desai Developers (LDD) is a partnership firm
incorporated in 2010 and is engaged in construction of residential
projects in Surat (Gujarat). The firm is promoted by seven
partners, five of whom are active partners and have had extensive
experience in the field of real estate construction in Surat and
adjoining areas. The group has experience of around 40 years in
the real estate construction business in Gujarat. LDD has an on-
going residential project 'The Atlantis' which consist of 5 towers
of 13 storey each and is expected to be completed by January 2017.


MOUNT INFRA: ICRA Assigns B Rating to INR5.0cr Loan
---------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR5.00
crore fund based bank facility and INR2.00 crore non-fund based
bank facility of Mount Infra Project.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-Term Fund
   Based Limit (CC)      5.00         [ICRA]B Assigned

   Long-Term Non
   Fund Based Limit
   (BG)                  2.00          [ICRA]B Assigned

The assigned rating is constrained by the modest order book
position resulting in limited revenue visibility, weak financial
profile characterized by low profitability and an adverse capital
structure coupled with small scale of operations and partnership
nature of entity which exposes the firm to risk of capital
withdrawals. The rating is also constrained by the high client and
geographic concentration risks on account of a single order
outstanding received from Municipal Corporation of Greater Mumbai
(MCGM), and the intense competition in the highly fragmented
construction industry in Mumbai owing to presence of large number
of organized as well as unorganized players. The assigned rating,
however, favourably factors in the long standing experience of the
promoters in the construction industry in Mumbai.

Mount Infra Project is a Mumbai based partnership firm with having
two partners -- Mr. Jeemit Shah and Mr. Rohit Shah. Incorporated
in 2007, Mount Infra Project is involved in civil construction
works which includes construction and repairs of buildings,
bridges, concrete and asphalt roads, drainage system, etc. for
local bodies like Municipal Corporation of Greater Mumbai, Kalyan
Dombivli Municipal Corporation, Mira Bhayander Municipal
Corporation, Thane Municipal Corporation, etc. The firm is a AA
class registered contractor with the Public Works Department. The
firm is a part of the Jekin Group which is involved in similar
operations since 1990.

For the full year FY14, the firm reported a profit after tax of
INR0.56 crore on a topline of INR7.89 crore, as compared to a
profit after tax of INR1.00 crore on a topline of INR12.76 crore
during the previous year.


NAKODA AGRO: CRISIL Reaffirms B+ Rating on INR40MM Loan
-------------------------------------------------------
CRISIL's ratings on the bank facilities of Nakoda Agro Tech
(NAT)'s continues to reflect expected below-average financial risk
profile marked by modest net worth, high gearing, and weak debt
protection metrics; the rating also factors in the firm's modest
scale of operations in the intensely fragmented cotton ginning and
pressing industry. These rating weaknesses are partially offset by
NAT's partners' extensive industry experience and their funding
support.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           40        CRISIL B+/Stable (Reaffirmed)
   Term Loan             21.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NAT will benefit over the medium term from
the extensive industry experience of its partners and their
funding support. The outlook may be revised to 'Positive' in case
of stabilisation of its debt-funded capital expenditure leading to
healthy ramp-up in its operations, along with better-than-expected
cash accruals. Conversely, the outlook may be revised to
'Negative' in case of unanticipated delays in commissioning of its
enhanced capacities or lower-than-expected cash accruals or
larger-than-expected working capital requirements, which may exert
pressure on the firm's liquidity.

NAT is a partnership firm set up by Mr. Mahipal Jain and his
family members in 2013-14 (refers to financial year, April 1 to
March 31). The firm is currently setting up a cotton ginning and
pressing unit in Khetia (Madhya Pradesh), and is expected to
commence operations in November 2014.


NINE GLOBE: ICRA Reaffirms 'D' Rating on INR13.75cr LT Loan
-----------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]D assigned to
the INR13.75 crore fund based bank facilities of Nine Globe
Industries Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits          13.75        [ICRA]D re-affirmed

The rating re-affirmation factors in the continuation of delays in
servicing of debt obligations due to stretched liquidity arising
from delayed collection of receivables.

Incorporated in 2008, Nine Globe Industries Private Limited
(NGIPL) is a closely held company promoted by Mr. Virendra Mehta.
Mr. Mehta along with his sons, Mr. Ashish Mehta and Mr. Pranav
Mehta, are engaged in the trading of various commodities like
fashion fabric, cut and polished diamonds, agricultural products
like wheat and rice, metal products like stainless steel patta,
heavy metal scrap, cast iron, copper, brass etc. The company also
proposes to undertake construction of a housing project in
Jodhpur, Rajasthan, under the affordable housing scheme with the
Government of Rajasthan.

For the financial year 2014, the company reported an operating
income of INR97.36 crore and a profit after tax of INR0.42 crore
as against an operating income of INR94.99 crore and a profit
after tax of INR0.40 crore during the previous financial year.


PAC BIO: ICRA Lowers Rating on INR5.68cr Term Loan to 'D'
---------------------------------------------------------
ICRA has revised the long term rating assigned to the INR13.36
crore fund based bank facilities of PAC Bio Fungbact Private
Limited from [ICRA]B+ to [ICRA]D. The rating revision takes into
account the irregularity in debt servicing over the last few
months.


                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long term fund based     5.00      [ICRA]D Revised from
   Limit-Cash Credit                  [ICRA]B+

   Long term fund based     5.68      [ICRA]D Revised from
   Limit - Term Loans                 [ICRA]B+

   Unallocated limit        2.68      [ICRA]D Revised from
                                      [ICRA]B+

The rating also continues to factor in the small scale of
operations of the company and its exposure to intense competition,
from manufacturers of chemical fertilizers due to their large
scale presence and easy availability, which exerts pricing
pressures. The company is also vulnerable to agro-climatic risks
by virtue of being a bio-unit. The high inventory holding period
of the company has also adversely impacted its liquidity, thereby
increasing the working capital intensity of the business and
hence, dependence on external borrowings.

PAC Bio Fungbact Private Limited (PBFPL) was established as a
private limited company in 2010 and is engaged in the manufacture
and sale of bio-pesticides viz., bio-fungicides and bio-
nematicides under the brand name "FUNGBACT". Apart from this PBFPL
is also engaged in the production of chemical micronutrients. .The
company has its head office and manufacturing facility in Surat
(Gujarat).


PERFECTO ELECTRICALS: ICRA Suspends B+/A4 Rating on INR5cr Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]B+ and [ICRA]A4 rating assigned to INR5
crore non fund based limit of Perfecto Electricals. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


POWER ENGINEERING: ICRA Suspends 'C' Rating on INR17cr Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]C assigned to the
INR17 crore fund based banking facilities and the short term
rating of [ICRA]A4 assigned to the INR33 crores including both
fund based and non fund based bank facilities of Power Engineering
(India) Pvt Ltd. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Power Engineering (I) Private Limited (PEIPL), promoted by Mr.
Atul Pai Kane, was incorporated on November 6, 1996 and is engaged
in the manufacturing of diesel and gas based generators. The
company acquires various fabricated components like Acoustic
Enclosures, Base Frames, Control Panels etc. from its' wholly
owned subsidiaries while bought-out items like diesel engines,
alternators and batteries are procured from the respective
manufacturers. The company's manufacturing facility is based in
Goa.


RAYAT & BAHRA: ICRA Reaffirms 'D' Rating on INR55.25cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]D for the
INR55.25 crore (reduced from INR68 crore earlier) fund-based bank
facilities, INR10.00 crore non-fund based bank facilities and
INR12.75 crore (increased from nil earlier) proposed bank
facilities of Rayat & Bahra Group of Institutes: An Educational
and Charitable Society (RBGI). The rating suspension done in April
2015 stands revoked.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based bank       55.25        [ICRA]D reaffirmed
   facilities                         (suspension revoked)

   Non-fund based        10.00        [ICRA]D reaffirmed
   bank facilities                    (suspension revoked)

   Proposed bank         12.75        [ICRA]D reaffirmed
   Facilities                         (suspension revoked)

The rating reaffirmation reflects continued delays in debt-
servicing by the society on account of its stretched liquidity
position. The group has been undertaking sizeable capital
expenditure over the past few years, which together with
fungibility of cash flows between group entities as well as
inadequacy of long-term funds vis-a-vis funding requirements and
consequent reliance on short-term sources of finance (such as bank
overdraft limits) continues to keep the group's liquidity position
stretched. Further, the group often faces cash flow mismatches
owing to lumpy nature of fee receipts (which are collected on a
half-yearly basis) vis-a-vis monthly interest payment obligations;
though the debt repayments are scheduled annually in the month of
October.

While reaffirming the rating, ICRA has taken a note of the
established presence of Rayat-Bahra group in the Punjab region,
where the group caters to over 30,000 students through more than
30 higher educational institutes and varied course offerings.
Further, ICRA has also taken a note of the society's comfortable
financial profile characterised by healthy operating surplus
margins, comfortable debt coverage metrics and ability to generate
healthy cash accruals vis-a-vis debt repayment obligations.
Nevertheless, these strengths are largely offset by the concerns
mentioned above.

In ICRA's view, the scale of capital expenditure undertaken at the
group level and adequacy and timeliness of long-term funding
availed to fund the same as well the quantum of funding support
extended to group societies will be the key determinants of RBGI's
liquidity profile and will thus remain the key rating
sensitivities going forward.

Operational since 2005, RBGI is a part of Punjab based Rayat-Bahra
Group. RBGI currently operates 12 colleges through its 2 campuses
located at Mohali and Hoshiarpur. While the Mohali campus became
operational in 2005, the Hoshiarpur campus came into existence in
2008. The society through these 2 campuses offers various courses
like engineering and technology, pharmacy, law, nursing,
management and senior secondary education courses. Student
strength for the society for AY15-16 is estimated at 10,800
students (~7,000 in Mohali campus and ~3,800 in Hoshiarpur
campuses).

Recent results
As per provisional estimates, RBGI reported a net surplus of INR11
crore on revenue receipts of INR68.5 crore in FY15 as against a
net surplus of INR11 crore on an operating income of INR68.4 crore
in FY14.


RAYAT EDUCATIONAL: ICRA Reaffirms 'D' Rating on INR20cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]D for the INR20
crore fund based bank facilities of Rayat Educational and Research
Trust (RERT). The rating suspension done in April 2015 stands
revoked.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based bank       20.00      [ICRA]D reaffirmed;
   facilities                        suspension revoked

The rating reaffirmation reflects delays in debt-servicing by the
trust on account of its stretched liquidity position. The group
has been undertaking sizeable capital expenditure over the past
few years, which together with fungibility of cash flows between
group entities as well as inadequacy of long-term funds vis-a-vis
funding requirements and consequent reliance on short-term sources
of finance (such as bank overdraft limits) continues to keep the
group's liquidity position stretched. Further, the group often
faces cash flow mismatches owing to lumpy nature of fee receipts
(which are collected on a half-yearly basis) vis-a-vis monthly
interest payment obligations; though the debt repayments are
scheduled annually in the month of October.

While reaffirming the rating, ICRA has taken a note of the
established presence of Rayat-Bahra group in the Punjab region,
where the group caters to over 30,000 students through more than
30 higher educational institutes and varied course offerings.
Further, ICRA has also taken a note of the society's comfortable
financial profile characterised by healthy operating surplus
margins, comfortable debt coverage metrics and ability to generate
healthy cash accruals vis-a-vis debt repayment obligations.
Nevertheless, these strengths are largely offset by the concerns
mentioned above.

In ICRA's view, the scale of capital expenditure undertaken at the
group level and adequacy and timeliness of long-term funding
availed to fund the same as well the quantum of funding support
extended to group societies will be the key determinants of RERT's
liquidity profile and will thus remain the key rating
sensitivities going forward.

Operational since 2001, RERT currently operates 7 colleges in its
campus located at Ropar and offers various degree and diploma
courses like engineering and technology, management and pharmacy.
Additionally the trust also runs the sole K-12 school in the
Rayat-Bahra group portfolio (operating K-12 in the school as well
as senior secondary classes in school wing of its Engineering
Institute). RERT's student strength for AY14-15 was ~7,700
students.

Recent results
As per provisional estimates, RERT reported a net surplus of
INR3.20 crore on revenue receipts of INR33.87 crore in FY15 as
against a net surplus of INR4.86 crore on an operating income of
INR33.29 crore in FY14.


SAROJ PRINTS: CRISIL Assigns B Rating to INR50MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Saroj Prints (Chennai) Pvt Ltd (SPPL).

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

The rating reflects SPPL's below-average financial risk profile
marked by weak capital structure, modest scale of and working
capital intensive, operations in the highly fragmented box
manufacturing industry. These rating weaknesses are partially
offset by the promoters' extensive industry experience.
Outlook: Stable

CRISIL believes SPPL will continue to benefit over the medium term
from promoters' extensive experience in the packaging industry.
The outlook may be revised to 'Positive' if the company's scale of
operations and profitability improve substantially, while
improving the financial risk profile. Conversely, the outlook may
be revised to 'Negative' if revenue and operating margin are lower
than expected, or if the company undertakes larger than expected
debt funded capital expenditure programme or if the liquidity
weakens because of stretch in working capital cycle leading to
deterioration in financial risk profile.

SPPL, promoted by Mr. Ratan Chand Daga in 1978 as a propreitory
concern and subsequently converted into a private limited company,
manufactures carton box for various industries.


SATYAM ISPAT: CRISIL Cuts Rating on INR209MM Cash Loan to C
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Satyam Ispat (North East) Ltd (SINEL) to 'CRISIL C' from
'CRISIL B-/Stable' and reaffirmed its rating on the short-term
facilities at 'CRISIL A4'.

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

   Cash Credit           209        CRISIL C (Downgraded from
                                    'CRISIL B-/Stable')

   Letter of Credit       95        CRISIL A4 (Reaffirmed)

   Proposed Term Loan     92        CRISIL C (Downgraded from
                                    'CRISIL B-/Stable')

   Working Capital       139        CRISIL C (Downgraded from
   Term Loan                        'CRISIL B-/Stable')

The downgrade reflects instances of delay by SINEL in servicing
its term loan (not rated by CRISIL), driven by weak liquidity on
account of low profitability, tightly matched cash accrual and
debt obligation, and weak working capital management.

SINEL has large working capital requirements and limited pricing
flexibility because of intense competition in the steel industry.
The company, however, benefits from semi-integrated operations.

SINEL, incorporated in 2005, is a part of Satyam Group of
Industries. It commenced commercial operations in April 2007 and
manufactures thermo-mechanically treated (TMT) bars and mild steel
billets, which it sells under Satyam Super TMT brand. The company
has a semi-integrated plant in Assam, with capacity to manufacture
TMT and mild steel billets.

SINEL reported profit after tax (PAT) of INR2.8 million on net
sales of INR897 million for 2014-15 (refers to financial year,
April 1 to March 31), against PAT of INR3.7 million on net sales
of INR903.2 million for 2013-14.


SAWAN ENGINEERS: CRISIL Ups Rating on INR105MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sawan Engineers Pvt Ltd (SEPL) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', while reaffirming its rating on the company's short-
term facilities at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        65        CRISIL A4 (Reaffirmed)

   Cash Credit          105        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Inland/Import
   Letter of Credit      50        CRISIL A4 (Reaffirmed)

   Term Loan             40        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that SEPL's business
risk profile will improve while its financial risk profile will
remain moderate, over the medium term. The company's turnover, on
a provisional basis, increased by 40 per cent to INR529.1 million
in 2014-15 (refers to financial year, April 1 to March 31), from
INR376.7 million in 2013-14 driven by a higher number of tenders
executed, introduction of new products and better capacity
utilisation. Meanwhile, its operating profitability declined
marginally to around 18.9 per cent from 20.3 per cent over this
period. However, the margin is still healthy and is expected to
remain at this level over the medium term backed by the company's
strong technical capabilities, and its sound product mix coupled
with focus on niche product lines, where competition is lower.
SEPL's financial risk profile has remained moderate, with a
moderate capital structure and adequate debt protection metrics.
The company's gearing is expected at 1.4 times and its net worth
at over INR190 million, as on March 31, 2016. SEPL is expected to
generate sufficient cash accruals of around INR51.8 million
against repayment obligation of around INR36.1 million in 2015-16,
in the absence of any debt-funded capital expenditure.

The ratings reflect SEPL's large working capital requirements,
modest scale of operations, and exposure to risks inherent in
tender-based contracts. These rating weaknesses are partially
offset by the extensive experience of SEPL's promoter in the pipe
fittings industry and the company's healthy operating margin.
Outlook: Stable

CRISIL believes that SEPL will continue to benefit over the medium
term from its promoter's extensive industry experience and its
healthy operating profitability. The outlook may be revised to
'Positive' in case of a sustainable improvement in the company's
liquidity, backed by prudent inventory management or sizeable
growth in its accruals. Conversely, the outlook may be revised to
'Negative' if SEPL's revenue or profitability are significantly
lower than expected, or if its working capital cycle is stretched
further, resulting in weakening of its financial risk profile,
especially its liquidity.

SEPL, based in the Vadodara district of Gujarat, was set up in
2007, with Mr. J C Jagwani as its managing director. In 2010, the
company took over the operations of Sawan Engineers, which was
established as a proprietorship firm in 1991 by Mr. Jagwani. SEPL
manufactures pipe fittings, which are used in the oil and gas,
petrochemical, power, fertiliser, and other industries. It caters
to various customers located across India and also in the United
Arab Emirates.


SHESHRAO WANKHEDE: Ind-Ra Affirms IND B+ Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Br. Sheshrao
Wankhede Shetkari Sahakari Soot Girni Limited's (BSWSSSGL) Long-
Term Issuer Rating at 'IND B+' with a Stable Outlook. Rating
action on BSWSSSGL's bank loans are as follows:

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
Bank loans              67.9      Affirmed at 'IND B+'/Stable
Fund-based limits      100.0      Affirmed at 'IND B+'/Stable
Proposed fund-based    100.0      Assigned Final 'IND B+'/Stable
Limits

KEY RATING DRIVERS

The affirmation reflects BSWSSSGL's ability to post a 9.8% yoy
increase in the revenue to INR1,225.20 million and a 3.53% yoy
fall in the debt level to INR691.79m with timely debt servicing
based on the provisional FY15 numbers.

The ratings benefit from the significant improvement in BSWSSSGL's
operating effectiveness in FY15, as it was the second full year of
operations after the addition of a new spindle capacity. The
ratings also benefit from the financial support extended by the
government of Maharashtra (INR417.75m equity contribution out of
total subscribed equity capital of INR504m on 31 March 2015) and
National Co Operative Development Corporation (unsecured loan of
INR336.27m on 31 March 2015) to BSWSSSGL.

BSWSSSGL's long track record of operations and strong customer
base and low level of geographical and customer concentration
further benefit the ratings.

However, the ratings are constrained by the decline in BSWSSSGL's
profit after tax to INR25.43m in FY15 (FY14: INR9.58m; FY13:
INR45.69m) despite an increase in the operating margins to 10.36%
(5.84%; 8.6%) with better control over operating expenses. The
decline in profit after tax was due to the increase in interest
expenses.

Also, BSWSSGL's debt/current balance before interest, depreciation
and lease rentals (CBBIDR) was high at 5.65x in FY15 despite
declining from 9.20x in FY14 (FY13: 7.55x). Net leverage (net
debt/operating EBITDA) was also high at 5.64x in FY15 (FY14:
9.19x).

Debt service coverage ratio was below unity at 0.86x in FY15
(FY14: 0.71x; FY13: 3.13x) despite an increase in CBBIDR to
INR122.43m (INR105.67m; INR77.93m) mainly due to an increase in
the total debt serviced to INR141.80m (INR109.24m: INR33.80m).
The ratings are further constrained by the volatile nature of the
raw cotton prices due to seasonal availability, limited product
differentiation as BSWSSSGL manufactures 100% cotton yarn which is
essentially commoditised in nature and small scale of operations.

RATING SENSITIVITIES

Positive: A significant and sustained improvement in the operating
margins will lead to a positive rating action.
Negative: A significant decline in the operating margins or
stretched liquidity conditions will lead to a negative rating
action.

COMPANY PROFILE

Established in 1989 and operational since 2004, BSWSSSGL is a
cooperative entity registered under Cooperative Societies Act of
Maharashtra. It manufactures 100% cotton yarn. The firm was set up
by Dattatraya Meghe and a group of cotton farmers/other
cooperative societies.


SHREE NARMADA: ICRA Suspends D Rating on INR40cr Loan
-----------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR40.00 crore fund based and non-fund based bank facilities of
Shree Narmada Architectural Systems Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


SHREE SALASAR: CRISIL Assigns B- Rating to INR126MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Shree Salasar Industries Pvt Ltd (SSIPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             126       CRISIL B-/Stable
   Cash Credit            50       CRISIL B-/Stable
   Proposed Short Term
   Bank Loan Facility      1.7     CRISIL A4

The rating reflects SSIPL's average financial risk profile, its
exposure to intense competition in the ferrosilicon industry, and
working-capital-intensive operations. The rating also reflects
stretched liquidity of the company. These weaknesses are partially
offset by the extensive industry experience of the promoters.
Outlook: Stable

CRISIL believes that SSIPL will benefit from the extensive
experience of the promoters. The outlook may be revised to
'Positive' if the company reports a substantial and sustained
increase in operating income and accrual along with improved
working capital management and stabilisation of the operations
from the enhanced capacity. Conversely, the outlook may be revised
to 'Negative' if SSIPL reports lower operating income and accrual
or undertakes large debt-funded capital expenditure or the working
capital cycle deteriorates further leading to weakening of the
financial risk profile, particularly liquidity.

SSIPL, incorporated in September 2013, manufactures ferrosilicon.
It has a manufacturing capacity of 8800 tonnes per annum. The
company took over the operations of Shree Salasar Industries (a
partnership firm set up in 2008) with effect from September 10,
2013. The company's manufacturing facility is located in
Naharlagun (Arunachal Pradesh).


SIDDHARTH CREATIONS: ICRA Suspends 'B' Rating on INR5cr Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B rating, assigned to the INR5.00 crore
fund-based working capital facilities of Siddharth Creations. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SIDHESHWAR MOTORS: ICRA Suspends B- Rating on INR21.5cr Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B- rating assigned to the INR21.5 crores
fund bases bank facilities of Sidheshwar Motors Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance absence of requisite information from the company.


SONALAC PAINTS: CRISIL Assigns B+ Rating to INR65MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Sonalac Paints and Coatings Ltd (SPCL). The rating
reflects the firm's large working capital requirements and weak
financial risk profile because of high gearing. These weaknesses
are partially offset by its promoters' extensive experience in the
paint industry and high growth in scale of operations due to
addition of big customers.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             65         CRISIL B+/Stable
   Term Loan                3.5       CRISIL B+/Stable

Outlook: Stable

CRISIL believes SPCL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of significant increase in
revenue leading to higher profitability and better financial risk
profile, particularly liquidity. Conversely, the outlook may be
revised to 'Negative' in case of decline in profitability
resulting in low accrual, stretched working capital cycle, or a
large debt-funded capital expenditure.

Incorporated in 1988 by Mr. R S Garg, SPCL manufactures various
dry and liquid decorative paints such as wall putty, cement paint,
plastic emulsion, acrylic distemper, cement primer, and
strainers'. SPCL's headquarter is in Chandigarh (Punjab) and
manufacturing facility in Jammu & Kashmir. SPCL has an installed
capacity of around 25,000 tonnes per year.


SRI VISHNU: Ind-Ra Affirms 'IND D' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sri Vishnu
Granites Limited's (SVGL) Long-Term Issuer Rating at 'IND D'. The
agency has also affirmed SVGL's bank loans as follows:

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
Long-term loans        17.4       Affirmed at long-term
                                   'IND D'
Fund-based working
capital limits         64         Affirmed at long-term
                                   'IND D'
Non-fund-based
working capital
limits                  6         Affirmed at short-term
                                   'IND D'


KEY RATING DRIVERS

The affirmation reflects SVGL's delays in debt servicing for the
12 months ended August 2015 due to tight liquidity.

RATING SENSITIVITIES

Timely debt servicing and the use of working capital facilities
within the sanctioned limits for three consecutive months will be
positive for the ratings.

COMPANY PROFILE

SVGL was incorporated in 1994 as a private limited company and was
later converted into a limited company. Its registered office is
situated in Secunderabad, Andhra Pradesh. The nature of business
of the company is processing rough granite blocks and deriving
granite slabs in various dimensions and exporting them. The
company is promoted by Kishan Agarwal, Kiran Agarwal and Naman
Agarwal.


STEELWAYS ENTERPRISES: CRISIL Cuts Rating on INR70MM Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Steelways Enterprises (SE) to 'CRISIL D' from 'CRISIL
B/Stable'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            70      CRISIL D (Downgraded from
                                  'CRISIL B/Stable')

   Proposed Long Term     30      CRISIL D (Downgraded from
   Bank Loan Facility             'CRISIL B/Stable')

The downgrade reflects overdrawals of more than 30 days in the
fund based limit of the firm; the same has been on account of weak
liquidity driven by stretched payments from customers because of
slowdown in the tool and alloy steels industry, reflected in
receivables of over 250 days as on March 31, 2015. CRISIL believes
that SE's liquidity will remain weak over the medium term driven
by working-capital-intensive operations.

SE also has large working capital requirements and small scale of
operations, and is vulnerable to industry downturns. However, the
firm benefits from its promoter's extensive industry experience.

SE was set up in 1983 as a partnership firm by Delhi-based Sharma
family. After a family separation, SE was reconstituted as a
proprietorship firm owned by Mr. B N Sharma. SE trades in tool
steels and alloy steels, such as cold work tool steel, plastic
mould steel, stainless steel, high-speed steel, and die block
steel, in the National Capital Region, Punjab, and Uttar Pradesh.
Mr. B N Sharma and his son Mr. Pawan Sharma actively manage the
firm's day-to-day operations.


SUDALAGUNTA SUGARS: CRISIL Reaffirms B+ Rating on INR569.8MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sudalagunta Sugars Ltd
(SSL) continue to reflect its large working capital requirements,
the susceptibility of its operating margin to sugar prices and to
regulations of the sugar industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bill Discounting      18.5      CRISIL B+/Stable (Reaffirmed)
   Cash Credit          569.8      CRISIL B+/Stable (Reaffirmed)
   Letter of credit &
   Bank Guarantee       112.8      CRISIL A4 (Reaffirmed)
   Long Term Loan        36.5      CRISIL B+/Stable (Reaffirmed)
   Warehouse Receipts   250        CRISIL B+/Stable (Reaffirmed)
   Working Capital
   Demand Loan           55.2      CRISIL B+/Stable (Reaffirmed)

The ratings also reflect exposure to risks related to on-going
distillery project. These weaknesses are partially offset by SSL's
established regional presence in the sugar industry aided by its
promoters' extensive industry experience and linkages.
Outlook: Stable

CRISIL believes SSL will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if significantly high revenue and
profitability with improved working capital cycle enhances the
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the financial risk profile weakens, most likely
because of significantly low revenue and profitability, or any
time or cost overrun in the project.

SSL was incorporated in 1994 by Mr. S Jayaram Chowdary. The
company manufactures white sugar, which it sells to dealers in the
domestic market, and exports to the Gulf countries and to
Singapore.

In 2013-14 (refers to financial year, April 1 to March 31), SSL
reported a profit after tax (PAT) of INR209.2 million on net sales
of INR4.82 billion, against a PAT of INR35.8 million on net sales
of INR1.56 billion in 2012-13.


SUMIT PRAGATI: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sumit Pragati
Shelters LLP (SPSL) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable. The agency has also assigned SPSL's INR275m
long-term loan a long-term 'IND BB+' rating with Stable Outlook.

KEY RATING DRIVERS

The ratings reflect SPSL's high reliance on customer advances to
fund its on-going projects. While the company has proposed to
bring in INR600m in the form of equity shares and unsecured loans
and tied up INR275m as debt, the remaining INR927.4m (51% of total
cost) is being funded through customer advances. Any delay in
milestone payments by apartment buyers will lead to stressed cash
flow.

The ratings are supported by SPSL's comfortable sales track
record. The entity sold 406 units in Sumit Greendale (B-2) and 228
units in Sumit Greendale NX by end-August 2015 which is equal to
around 74% of the total units in the both the projects.

The ratings are also supported by the strategic location of the
projects close to major corporate offices, schools and eateries
and also to the global city township project in Virar. The ratings
also benefit from the strong track record of one of SPSL's
partners, Sumit Woods Pvt. Ltd. in the real estate sector with an
experience of executing several residential and commercial
projects in and around Mumbai and Goa.

RATING SENSITIVITIES

Positive: Timely project completion along with the substantial
sale of housing units leading to strong cash flow visibility will
be positive for the ratings.

Negative: Any delay or cost overrun in the project leading to
stressed cash flow will be negative for the ratings.

COMPANY PROFILE

Incorporated in 2012, SPSL is a limited liability partnership firm
formed by two entities, Sumit Woods Private Limited and Pragati
Civil Solutions Private Limited. SPSL is constructing Sumit
Greendale NX (A-5) Project and Sumit Greendale (B-2) Project in
Virar, District Palghar. The total cost was estimated at
INR1,816.1m and the projects are likely to be completed by March
2016.


SUR IRON: ICRA Suspends B+ Rating on INR3.5cr Loan
--------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to INR3.50 crore fund
based limit and INR4.40 crore non fund based limits of Sur Iron &
Steel Company Pvt. Ltd. ICRA has also suspended [ICRA]A4 rating
assigned to INR1 crore non fund based limit of SISCO. The rating
of [ICRA]B+ and [ICRA]A4 assigned to the INR3.60 crore proposed
limits of SISCO has 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.


SURYODAY COTEX: CRISIL Reaffirms B Rating on INR44.2MM Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' ratings to the bank
loan facilities of Suryoday Cotex Private Limited (SCPL).

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

   Proposed Long Term
   Bank Loan Facility    44.2      CRISIL B/Stable (Reaffirmed)

   Term Loan             15.8      CRISIL B/Stable (Reaffirmed)

The ratings reflect SCPL's working-capital-intensive operations,
average financial risk profile with a moderate gearing, and modest
scale of operations. These rating weaknesses are partially offset
by the promoters' extensive experience in the cotton ginning and
pressing industry.
Outlook: Stable

CRISIL believes that SCPL 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 significant
improvement in the scale of operations and profitability or
working capital management, resulting in a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of a slowdown in revenue, decline in profitability,
deterioration in the capital structure or debt protection metrics,
or a further stretch in the working capital cycle.

Incorporated in 2013, SCPL is promoted by the Rajkot (Gujarat)-
based Gida family. Its key promoter, Mr. Jaydeepbhai Gida, has
experience of about a decade in the cotton industry.


SVG GRANITES: Ind-Ra Upgrades Long-Term Issuer Rating to IND B
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded SVG Granites
Limited's (SVGGL) Long-Term Issuer Rating to 'IND B' from 'IND D'.
The Outlook is Stable. The agency has also upgraded SVGGL's
following bank loans:

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
Long-term loans          3.8        'IND D'; rating
                                      withdrawn as the loans
                                      have been closed

Fund-based working     110.0         Upgraded to 'IND B'/
capital limits                       Stable from 'IND D'

Non-fund-based          32.5         Upgraded to 'IND A4'
working capital                      from 'IND D'
limits

KEY RATING DRIVERS

The upgrade reflects SVGGL's improved liquidity profile as it
closed its term loan of INR30.0m in February 2015.
The ratings continue to be supported by over a decade long
experience of SVGGL's promoters in the granite processing
business.

The ratings continue to be constrained by SVGGL's small scale of
operations with total revenue of INR274m in FY15 (provisional).
Also, credit metrics remain moderate with interest coverage of
2.1x in FY15 (FY14: 2.4x) and net leverage of 3.2x (2.8x).
The ratings are further constrained by SVGGL's tight liquidity
position as reflected in its over 100% use of the working capital
borrowings during the 12 months ended August 2015.

RATING SENSITIVITIES

Positive: Any improvements in the liquidity profile will lead to a
positive rating action.

Negative: Deterioration in the liquidity profile will lead to a
negative rating action.

COMPANY PROFILE

SVGGL was incorporated in October 2005 as a private limited
company and was converted into a limited company in 2007. SVGGL's
registered office is in Secunderabad, Andhra Pradesh. The company
processes rough granites blocks to derive granite slabs of various
dimensions and exports the same. The company is headed by Kishan
Agarwal, Kiran Agarwal and Naman Agarwal.


WHITE BRICKS: CRISIL Reaffirms B+ Rating on INR145MM Term Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of White Bricks Builtech
Pvt Ltd (WBBPL) continues to reflect the WBBPL's nascent stage of
operations and susceptibility of operations to stabilization risk.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           40        CRISIL B+/Stable (Reaffirmed)
   Term Loan            145        CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by its promoters'
established relationship with prospective customers mitigating the
offtake risk, and healthy demand for its product, autoclaved
aerated concrete (AAC) blocks.
Outlook: Stable

CRISIL believes t WBBPL will maintain its credit profile over the
medium term on the back of its promoters' established relationship
with its prospective customers. The outlook may be revised to
'Positive' in case of substantial improvement in WBBPL's scale of
operations and profitability, leading to healthy cash accruals, or
improvement in its capital structure supported by capital infusion
by promoters leading to better financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of delay in
stabilisation of the manufacturing facilities resulting in low
cash accruals, lengthening of working capital cycle, or large
debt-funded capital expenditure, leading to weak liquidity.

WBBPL, incorporated in August 2013, is promoted by Mr. Dharmendra
Yadav, Mr. Abhay Ram Singh Yadav and Mrs. Neelam Yadav. The
company is setting up two AAC blocks manufacturing units with a
capacity of 150,000 cubic metre each in Aligarh and Kanpur (both
in Uttar Pradesh). The first unit at Aligarh is currently
conducting trial runs, while the second unit is under
implementation stage and is expected to start operations by
January 2015.


YAMIR PACKAGING: CRISIL Ups Rating on INR63.7MM Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Yamir
Packaging Private Limited (YPPL) to 'CRISIL B+/Stable' from
'CRISIL B-/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            40       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Proposed Long Term     17.1     CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B-/Stable')

   Term Loan              36.7     CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Working Capital        63.7     CRISIL B+/Stable (Upgraded
   Term Loan                       from 'CRISIL B-/Stable')

The upgrade reflects CRISIL's belief that YPPL's liquidity will
improve over the medium term following a change in lenders, which
has eased the repayment schedule. It is likely to have accrual of
INR48-Rs.50 million in 2015-16 (refers to financial year, April 1
to March 31), sufficient to service its maturing debt of INR11.42
million for the year. CRISIL believes YPPL will maintain a
moderate capital structure with gearing of less than 2 times over
the medium term, in the absence of debt-funded capital
expenditure.

The rating reflects YPPL's average financial risk profile, because
of average gearing and debt protection metrics and a modest net
worth. The rating also factors in its small scale of operations in
a fragmented industry. These rating weaknesses are partially
offset by the promoters' extensive experience in the packaging
industry.
Outlook: Stable

CRISIL believes YPPL will continue to benefit over the medium term
from its established relationships with reputable customers.
CRISIL, however, also believes YPPL's financial risk profile will
remain average because of moderate gearing and average debt
protection metrics, over the same period. The outlook may be
revised to 'Positive' if better-than-expected sales and operating
margin lead to higher cash accruals and a stronger capital
structure. Conversely, the outlook may be revised to 'Negative' if
the liquidity is further constrained by an increase in its working
capital requirement, or by lower-than-expected sales because of
continued pressure on demand.

Incorporated in 2000, YPPL manufactures cartons that are used in
the food, pharmaceutical, and consumer goods industries; its
facility is in Bharuch (Gujarat).


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


XL AXIATA: Pays Off US$100 Million Debt to Save Bottom Line
-----------------------------------------------------------
Anggi M. Lubis at The Jakarta Post reports that XL Axiata paid up
an unhedged US$100 million of loans to lender United Overseas Bank
(UOB) nearly two years ahead of its due, according to a statement
published by the company, to cushion its bottom line from impacts
of the volatile currency.

Indonesia's second biggest cell phone provider announced on the
Indonesia Stock Exchange (IDX) website that the company had paid
the loans on September 18, while the debt was supposed to mature
on March 2017, the report relates.

According to the report, XL president director Dian Siswarini said
that unfavorable global economic conditions had impacted the
company's financial performance, especially due to the presence of
unhedged loans among its liabilities that had made the company
record losses on foreign exchange (forex) every quarter.

The company's losses on forex ballooned from IDR250.74 billion in
the first half of last year to IDR1.4 trillion in the
corresponding period this year, the Jakarta Post discloses.

"Due to that reason, we decided to precipitate payments for our
foreign denominated bonds in the hope that our financial report
would improve in the future," the report quotes Dian as saying.

In the first half of 2015, XL recognized a total of IDR850.89
billion in losses mainly due to the weakening of the rupiah,
doubled from IDR444.81 billion it recorded in the first half of
last year, according to the report.

According to the report, the company's lower profit year-on-
year(yoy) from the same period last year stemmed from a larger
forex impact and because of the impact of the Axis Telekom
Indonesia acquisition and integration which was completed late in
the first-quarter of 2014 amid higher operational costs and
ballooning debts to fund the acquisition.

The company secured the loan in March 2014, prior to acquiring
Axis Telekom Indonesia, the report says.

The Jakarta Post recalls that the firm pocketed a US$500 million
loan from Axiata Group Berhard's shareholders and the remaining
$365 million from three other banking institutions, namely UOB,
the Bank of Tokyo Mitsubishi and DBS Bank.

The Axiata Group is a Malaysian telecommunications firm that holds
a 66.5 percent stake in XL, while the public holds the remaining
33.5 percent.

                        About XL Axiata

XL Axiata is one of the largest cellular providers in Indonesia in
terms of revenues. As of 31 December 2014, XL had 59.6 million
subscribers. It owns a nationwide cellular network covering all
major cities in Java, Bali and Sumatra, as well as populated
centers in Sulawesi and Kalimantan.

XL is 66.5%-owned by Axiata Group Berhad (Baa2 stable). Axiata is
in turn 59.2%-owned by Khazanah Nasional Berhad. and related
entities of Government of Malaysia (A3 positive). The UAE-based
Emirates Telecommunications Corp (Aa3 stable) holds 4.2% of XL's
shares and the public holds the remaining shares.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 11, 2015, Moody's Investors Service says that PT XL Axiata
Tbk's ("XL") full-year results for 2014 are broadly in line with
expectations and support XL's Ba1 corporate family rating and
stable outlook, despite its elevated leverage.



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


CAFFE BENE: Expansion Faces Uphill Battle in China
--------------------------------------------------
Park Han-na at The Korea Herald reports that the homegrown coffee
chain Caffe Bene's aggressive expansion plans in China face an
uphill battle due to operational woes and losses as its domestic
business struggles with mounting debt.

According to the report, the coffee chain, which rolled out its
plan to launch 1,000 cafes across China by the end of 2015,
suspended its expansion after the company's delayed payment to
Chinese workers sparked controversies. It has some 580 stores in
China, falling far short of its initial plan, the report says.

"We are currently working with our partners to normalize the
business in China. Expansion would be the second thing to consider
after a settlement," the report quotes a Caffe Bene spokesman as
saying.

The Korea Herald relates that the coffee chain made inroads into
the Chinese market in 2012 by launching a joint venture with a
local partner.

This month, Chinese media outlets reported that the loss-making
company has been delaying payments to franchisees and interior
constructors, the report says.

The report says Caffe Bene also reportedly delayed disbursing
wages amounting to nearly CNY10 million ($1.6 million) for some
160 employees in Beijing in May.

"We are going through a trial-and-error stage and expect better
results next year," the spokesman, as cited by Korea Herald, said.

The report notes that the joint venture posted net losses of
KRW240 million ($204,000), while Caffe Bene in Korea reported net
losses of KRW7.49 billion last year.

The Korea Herald says some have speculated that Caffe Bene is
mulling the disposal of the Chinese unit to pay off its mounting
debt. But the spokesman denied the rumor, the report relates.

As of the end of June, the coffee chain's debt-to-equity ratio sat
at 2,636 percent, five times higher than the 519 percent in 2012.

Business in Korea is even worse, the report notes. Over the past
four years, one in seven Caffe Bene franchisees have closed down
due to tough competition, according to the report.

The Korea Herald relates that the 7-year-old brand had mushroomed
on seemingly every corner of Korean streets. It has 928 cafes in
Korea, up from 670 in 2011, although it has been posting losses
since 2013, the report says.

In 2014, Caffe Bene's founder and chief executive officer Kim Sun-
kwon said he aspired to have 10,000 outlets around the world by
2020, adds Korea Herald.


                             *********

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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