TCRAP_Public/150925.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Friday, September 25, 2015, Vol. 18, No. 190


                            Headlines


A U S T R A L I A

AQUAPEAK PTY: First Creditors' Meeting Set For October 2
CHAPPO'S TRANSPORT: First Creditors' Meeting Set For Sept. 30
MT VEHICLE: First Creditors' Meeting Set For October 1
MURCOLBAR HOLDINGS: Receivers Put Business Up For Sale
NUFARM LIMITED: Moody's Says FY 2015 Results No Impact on Ba3 CFR

TERMITE RESOURCES: IMX Faces Legal Claim Over Firm's Liquidation


C H I N A

CHINA CERAMICS: Receives Nasdaq Listing Non-Compliance Notice
* Chinese Non-Property Cos. Revenue Under Pressure Through 2016


I N D I A

ABC COTSPIN: CRISIL Cuts Rating on INR1.86BB Packing Loan to D
ALIN CASHEWS: CRISIL Assigns B- Rating to INR40MM Cash Loan
AMSAT INDUSTRIES: CARE Assigns 'B' Rating to INR8.50cr Loan
AMTEK AUTO: Bond Payment Default Complicates Things
ASIAN BEVERAGE: CRISIL Assigns B Rating to INR169MM Term Loan

BHAWANI INDUSTRIES: ICRA Cuts Rating on INR198.3cr Loan to D
BOGEASHAVARA POLYMERS: CRISIL Cuts Rating on INR195MM Loan to D
CHOOSY FASHIONS: CRISIL Assigns B Rating to INR100MM Cash Loan
CREATIVE THERMOLITE: ICRA Reaffirms 'B' Rating on INR54cr Loan
DAKSHIN FOUNDRY: CRISIL Reaffirms B+ Rating on INR95MM Loan

FREIGHTCAN GLOBAL: CRISIL Reaffirms B+ Rating on INR50MM Loan
GOVINDAM BRJ: ICRA Assigns B+ Rating to INR5.0cr LT Loan
HINDOK EXPORTS: CRISIL Reaffirms B+ Rating on INR47.5MM Loan
IMPACT ENTERPRISES: CARE Assigns B+ Rating to INR4.8cr LT Loan
INDERA ETHNIC: ICRA Reaffirms B Rating on INR4.97cr Cash Loan

K. VENKATA: ICRA Reaffirms 'B+' Rating on INR5.5cr LT Loan
KHANNA POLYWEAVE: ICRA Suspends 'B' Rating on INR6cr Loan
KHEDUT DECOR: ICRA Assigns B+ Rating on INR5.0cr Cash Credit
KHUDIRAM COLD: CRISIL Assigns B Rating to INR49MM LT Loan
L&T CHENNAI: ICRA Lowers Rating on INR475cr Term Loan to D

LALITHA METALS: CARE Assigns B- Rating to INR7.93cr LT Loan
LATA EXPORTS: CARE Revises Rating on INR7.5cr LT Loan to B+
M. ILAIAH: CRISIL Ups Rating on INR10MM Bank Loan to 'B-'
MAHADEV PROFILES: CRISIL Cuts Rating on INR75MM Cash Loan to D
MONDAL COLD: ICRA Reaffirms B+ Rating on INR0.35cr Loan

MONDAL ICE: ICRA Reaffirms B+ Rating on INR0.18cr Term Loan
NAGARJUNA FERTILIZERS: CARE Cuts Rating on INR1,481.5cr Loan to D
NARSINGH ISPAT: CARE Downgrades Rating on INR7cr Loan to 'D'
NARSINGH ISPAT LTD: CARE Lowers Rating on INR72cr LT Loan to 'D'
NOWOTEK TEXTILES: ICRA Upgrades Rating on INR14.50cr Loan to B+

PARAMOUNT BLANKETS: CRISIL Assigns 'C' Rating to INR97.5MM Loan
PARAMOUNT COMMUNICATIONS: ICRA Suspends D INR354.2cr Loan Rating
RADHE ENTERPRISE: CARE Reaffirms B+ Rating on INR6cr LT Loan
REAL GROW: CARE Assigns B+ Rating to INR29.8cr LT Loan
SRI KAILASANADHA: CRISIL Reaffirms B Rating on INR100MM Loan

SRI KRISHNA: CRISIL Reaffirms B+ Rating on INR125MM Cash Loan
SRISHTI INFRASTRUCTURE: ICRA Assigns B+ Rating to INR3.5cr Loan
SUNTON CERAMICS: CRISIL Reaffirms B+ Rating on INR60.4MM Loan
SUPER HI-TECH: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
V.D. MOTORS: CARE Assigns B+ Rating to INR18cr LT Loan

V.K. GUPTA: CRISIL Reaffirms B- Rating on INR45MM Cash Loan


I N D O N E S I A

BERAU COAL: Caribbean Court Loan Dispute Clouds Debt Workout


S O U T H  K O R E A

KUMHO INDUSTRIAL: Creditors Near Deal on Stake Sale


X X X X X X X X

FIJI: Moody's Assigns Provisional B1 Rating to US$ Bond Offering


                            - - - - -


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


AQUAPEAK PTY: First Creditors' Meeting Set For October 2
--------------------------------------------------------
Steven Gladman of Hall Chadwick was appointed as administrator of
Aquapeak Pty Limited on Sept. 23, 2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Level 40, 2 Park Street, in Sydney, on Oct. 2,
2015, at 10:00 a.m.


CHAPPO'S TRANSPORT: First Creditors' Meeting Set For Sept. 30
-------------------------------------------------------------
Christopher John Palmer of O'Brien Palmer was appointed as
administrator of Chappo's Transport Holdings Pty Ltd on Sept. 21,
2015.

A first meeting of the creditors of the Company will be held at
Level 14, 9 Hunter Street, in Sydney, on Sept. 30, 2015, at
10:00 a.m.


MT VEHICLE: First Creditors' Meeting Set For October 1
------------------------------------------------------
Christopher John Palmer of O'Brien Palmer was appointed as
administrator of MT Vehicle Hire Pty Limited on Sept. 22, 2015.

A first meeting of the creditors of the Company will be held at
Level 14, 9 Hunter Street, in Sydney, on Oct. 1, 2015, at
11:00 a.m.


MURCOLBAR HOLDINGS: Receivers Put Business Up For Sale
------------------------------------------------------
SmartCompany reports that buyers are being sought for MJ & CM West
Transport Services, a Western Australian business which has been
operating for over 20 years.

Advertisements were placed in major newspapers advertising the
business for sale on September 23 by Rob Kirman and Jason Preston
of McGrath Nicol, the receivers and managers of the transport
company, the report says.

Murcolbar Holdings, which trades as West Transport Services,
specialises in transport, crane trucks and logistics and has
operations in Perth, Port Hedland and Karratha. It was turning
over more than $12 million a year before collapsing into
administration in December last year.

West Transport Services has around 30 employees who are all still
employed by the business.

Mr. Kirman told SmartCompany there's been a lot of interest in
West Transport Services already with seven enquiries from only one
day of advertising.

"It's been business as usual since the company went into
receivership last Wednesday and we've had excellent support from
the suppliers, customers and employees," SmartCompany quotes Mr.
Kirman as saying.  "It's a longstanding business so it's pleasing
to be able to sell it as a going concern."

According to the report, Mr. Kirman said the receivers are in the
process of preparing an information memorandum and other
information to provide to parties. "West Transport Services
suffered from a definite reduction in revenue and increased
competition in the sector."

Kirman says West Transport Services' debt levels were just not
sustainable.

"It had strong earnings but couldn't service the level of debt the
business was carrying," he says, notes the report.


NUFARM LIMITED: Moody's Says FY 2015 Results No Impact on Ba3 CFR
-----------------------------------------------------------------
Moody's Investors Service says Nufarm Limited's results for the
fiscal year ended July 31, 2015 (FY2015) were in line with
expectations and have no immediate impact on its Ba3 corporate
family rating (CFR) or on the B1 senior unsecured rating of Nufarm
Australia Ltd.

The outlook on all ratings is stable.

"Nufarm's FY2015 year results showed an improving operating
performance, despite the challenging market conditions," says
Saranga Ranasinghe, a Moody's Analyst.

"The improvements in its underlying margins reflect the
considerable progress Nufarm has made in implementing cost savings
and restructuring initiatives, as well as its increased focus on
higher-margin products, and disciplined selling policies to
achieve margin-accretive sales growth," adds Ranasinghe.

The crop protection segment saw an improved performance across all
geographic regions except Asia, with underlying EBIT up to $251
million in FY2015 from $202 million in FY2014. In particular, the
underlying EBIT margins of its Australia and New Zealand
operations improved to 9.1% in FY2015 from 5.6% in FY2014.

Nufarm also made further progress on working capital management,
and reduced average net working capital/sales to 41.9% in FY2015
from 47.7% in FY2014. The company plans to further reduce the
ratio to 40% in FY2016.

Moody's expects Nufarm to continue to maintain credit metrics
appropriate for its current rating level. But despite the
improvement in average net working capital/sales and lower average
net debt throughout the year, the negative impact of currency
translation resulted in a higher level of adjusted debt at end-
July 2015.

Consequently, Nufarm's adjusted debt/EBITDA weakened to around
4.0x in FY2015 from 3.7x in FY2014. Nevertheless, the ratio
remains appropriate for its current Ba3 rating.

Moody's expects further improvements in working capital management
which, along with cost savings and improving earnings from a
greater contribution of higher margin products, will support the
company's credit metrics in the next 12-18 months.

WHAT COULD CHANGE THE RATINGS

The ratings could be upgraded if there is a sustained improvement
across Nufarm's businesses, including in the earnings and cashflow
generation of its Australian operations. Financial metrics that
Moody's would consider for an upgrade include adjusted debt/EBITDA
below 3.5x.

The ratings could come under negative pressure if operating
conditions deteriorate beyond Moody's current expectations. This
could include a deterioration in Nufarm's Australian operations or
lower-than-expected growth from South America.

Downward rating pressure could also emerge if the company is
unable to sustain and improve its countermeasures, in particular
with regard to its effective working capital management.

The rating and/or outlook could be downgraded if adjusted
debt/EBITDA rises above 4.5x-5.0x on a sustained basis. In
addition, the ratings could be downgraded if the company breaches
any of the financial covenants in its debt facilities.

Nufarm is a crop protection company which manufactures and sells a
range of crop protection products including herbicides,
insecticides and fungicides.

This publication does not announce a credit rating action. For any
credit ratings referenced in this publication, please see the
ratings tab on the issuer/entity page on www.moodys.com for the
most updated credit rating action information and rating history.


TERMITE RESOURCES: IMX Faces Legal Claim Over Firm's Liquidation
----------------------------------------------------------------
Miningweekly.com reports that the share price of ASX-listed IMX
Resources tumbled nearly 30% on Sept. 21 after the company
announced that it was facing a potential AUD75-million claim
regarding the liquidation of its joint venture (JV) company
Termite Resources.

Termite, which operated the Cairn Hill iron-ore mine, in South
Australia, was placed under administration in June 2014, owing to
the falling iron-ore price, according to Miningweekly.com.

The report notes that the decision was taken in September 2014 to
place the company into liquidation.  IMX reported that both the
company and its CEO Phil Hoskins had received a letter of demand
from the Termite liquidators providing notice of a potential
claim, alleging that Termite should not have repaid loans to its
parent company Outback Iron until the life-of-mine obligations
under mining and logistics contracts were provisioned for, the
report notes.

Outback Iron is 51% held by IMX and 49% by Taifeng Yuanchuang
International Development Company, notes Miningweekly.com.

Taifeng had not been named in the claim. The claim had been
quantified at AUD75-million, comprising the AUD46-million repaid
by Termite to Outback plus interest, the report discloses.  IMX
said the claim ignored the fact that the JV loans were repaid well
before the appointment of administrators to Termite, when iron-ore
prices still significantly exceeded the cost of production and
sale, the report relays.

Further, at the time of the appointment of the administrators,
Termite had available to it cash reserves, stockpiled and
unprocessed ore and the value of the tenement itself to pay
creditors, the report notes.

IMX said there was little merit in the claim against both IMX and
Hoskins, but added that the claim would be discussed with the
Termite liquidators and, if needed, IMX would "vigorously" defend
itself against the claim, the report relates.   The Termite
directors and officers were expected to be insured against any
claims, the report adds.



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CHINA CERAMICS: Receives Nasdaq Listing Non-Compliance Notice
-------------------------------------------------------------
China Ceramics Co., Ltd., a Chinese manufacturer of ceramic tiles
used for exterior siding and for interior flooring and design in
residential and commercial buildings, on Sept. 22 disclosed that
on September 21, 2015, it received a written notice from the
Listing Qualifications department of The Nasdaq Stock Market
indicating that the Company is not in compliance with the minimum
bid price requirement of $1.00 set forth in Nasdaq Listing Rule
5450(a)(1) for continued listing on the Nasdaq Global Market.

The Nasdaq Listing Rules require listed securities to maintain a
minimum bid price of $1.00 per share and, based upon the closing
bid price for the 30 consecutive days ended September 17, 2015,
the Company did not meet this requirement. China Ceramics has been
provided a 180 day period in which to regain compliance.
During this period, the closing bid price of the Company's
ordinary shares must be at least $1.00 for a minimum of ten
consecutive business days to regain compliance. In addition,
following the initial 180 day period, China Ceramics may be
eligible for an additional 180 day period to regain compliance
after review by the Nasdaq Staff.

The notification letter has no effect on the listing of the
Company's ordinary shares at this time and the shares will
continue to trade on the Nasdaq Global Market under the ticker
"CCCL".

                  About China Ceramics Co., Ltd.

China Ceramics Co., Ltd. -- http://www.cceramics.com/-- is a
manufacturer of ceramic tiles in China. The Company's ceramic
tiles are used for exterior siding, interior flooring, and design
in residential and commercial buildings. China Ceramics' products,
sold under the "Hengda" or "HD", "Hengdeli" or "HDL", the "TOERTO"
and "WULIQIAO" brands, and the "Pottery Capital of Tang Dynasty"
brands, are available in over 2,000 style, color and size
combinations and are distributed through a network of exclusive
distributors as well as directly to large property developers.


* Chinese Non-Property Cos. Revenue Under Pressure Through 2016
---------------------------------------------------------------
Moody's Investors Service says that the financial results of
Chinese non-property companies for the first half of the fiscal
year ended 31 December 2015, suggest that revenue growth will
remain under pressure through 2016, and leverage will stay
elevated for many of the companies over the same period.

"Revenues will decline for most department store operators and
food and beverage manufacturers in 2015, and stabilize in 2016,"
says Lina Choi, a Moody's Vice President and Senior Analyst.

"Continued weak crude oil prices will pressure revenue growth for
exploration and production, and oilfield services companies in
2015 and 2016," adds Choi.  "But construction companies should see
continued growth, owing in part to the strong order backlog on
hand from their overseas and infrastructure projects."

Moody's analysis is contained in its just-released report titled
"Non-Property Companies - China: Revenue Growth Will Remain
Constrained Through 2016," and is co-authored by Choi, as well as
Chenyi Lu, Jiming Zou and Gerwin Ho. Lu, Zou and Ho are also vice
presidents and senior analysts at Moody's.

Moody's report explains that steel and cement manufacturers will
see their revenues fall by 15%-20% for all of 2015, and their
profitability profiles will deteriorate, against the backdrop of
weak demand and product price declines.

As for auto companies, such companies should see revenue growth,
against the backdrop of a moderate increase in domestic vehicles
sales.

On leverage, Moody's report says that debt levels will rise for
steel and cement manufacturers and department store operators.
Most construction companies will see their debt levels improve but
stay elevated in 2016, against the backdrop of earnings growth and
debt management.

Leverage trends will vary among oilfield services and auto-related
companies.

Moody's report also says the stable outlooks on most ratings for
non-property companies in China reflect the companies' ability to
maintain their credit quality and ratings.

However, Moody's expects further downside risk for department
store operators -- owing to structural changes in their business
models and the associated execution risks -- and for oilfield
services companies because of weak crude oil prices.

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.



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ABC COTSPIN: CRISIL Cuts Rating on INR1.86BB Packing Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
ABC Cotspin Private Limited (ABC) to 'CRISIL D/CRISIL D' from
'CRISIL BBB-/Negative/CRISIL A3'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bill Discounting         250      CRISIL D (Downgraded from
                                     'CRISIL BBB-/Negative')

   Packing Credit           590      CRISIL D (Downgraded from
                                     'CRISIL BBB-/Negative')

   Proposed Packing
   Credit                  1860      CRISIL D (Downgraded from
                                     'CRISIL BBB-/Negative')

The downgrade in the ratings reflect delays in realization of
Bills discounted, backed by LC, for export of cotton predominantly
to Chinese buyers.

ABC, incorporated in 2006 by Mr. Ashish Jobanputra and his family
members, primarily trades in cotton bales. The company generates
over 90 per cent of its revenue from the export market. It also
operates a ginning unit in Botad (Gujarat) commissioned in
November 2011. It is based in Ahmedabad (Gujarat).

ABC provisionally reported a profit after tax (PAT) of INR17
million on an operating income of INR18.4 billion for 2014-15,
against a PAT of INR97 million on an operating income of INR19
billion for 2013-14.


ALIN CASHEWS: CRISIL Assigns B- Rating to INR40MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Alin Cashews (AC).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Packing Credit           40        CRISIL A4
   Cash Credit              40        CRISIL B-/Stable
   Foreign Bill Purchase    10        CRISIL A4

The ratings reflect AC's modest scale of operations in the
intensely competitive cashew industry, and below-average financial
risk profile because of a modest net worth and high total outside
liabilities to tangible net worth ratio. These rating weaknesses
are partially offset by the extensive industry experience of the
firm's promoters.

Outlook: Stable

CRISIL believes that AC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a considerable
increase in revenue and profitability, leading to higher cash
accruals and 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
weakens, or if there is large, debt-funded capital expenditure,
leading to weakening of the financial risk profile, particularly
liquidity.

Set up as a partnership firm in 2006, AC processes raw cashew nuts
and sells cashew kernels. It currently operates seven facilities
in Kollam (Kerala), with an installed capacity of processing
around 10 tonnes per day of cashew kernels. The operations are
managed by the firm's partners, Mr. A Shihanshah and Mrs. Shiny
Shihanshah.

AC, on a provisional basis, reported a profit after tax (PAT) of
INR2.7 million on net sales of INR457.3 million for 2014-15
(refers to financial year, April 1 to March 31); it had reported a
PAT of INR0.6 million on net sales of INR314.8 million for 2013-
14.


AMSAT INDUSTRIES: CARE Assigns 'B' Rating to INR8.50cr Loan
-----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Amsat Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     8.50       CARE B Assigned
   Short-term Bank Facilities    0.50       CARE A4 Assigned

Rating Rationale

The ratings assigned to Amsat Industries Private Limited (AIP) are
primarily constrained by its short track record & small scale of
operations coupled with low net worth base, leveraged capital
structure and weak debt service coverage indicators. The ratings
are further constrained by the raw material price fluctuation risk
and intense competition in the industry due to low entry barriers.
The ratings, however, draw comfort from experienced promoters and
growing scale of operations.

Going forward, the ability of the company to increase the scale of
operations while registering improvement in its profitability
margins and capital structure shall be the key rating
sensitivities.

AIP was incorporated by Mr Kuldip Singh Dalal and Ms Cornolia
Dalal in 2009; however, the company started its commercial
production in 2012. AIP is engaged in the manufacturing of heat
sink and metal cabin at its manufacturing facility located at
Jhajhar, Haryana. The company procures its key raw material i.e.
aluminium and iron sheet from various mills such as Tata Steel
Limited (rated 'CARE AA+'), Hindalco Industries Limited (rated
'CARE AA+') as well as from local suppliers. The company caters to
the demand of customers located in domestic market. The sale of
AIP remains fully order backed with products manufactured as per
customer's specifications and requirements.

K. N. Interplast Private Limited (KNI) is an associate concern
engaged in similar industry, ie, manufacturing of heat sinks.
The manufacturing unit is located at Bahadurgarh, Haryana.

For FY15 (refers to the period April 1 to March 31), AIP achieved
a total operating income (TOI) of INR14.13 crore with net loss of
INR0.63 crore (based on unaudited results) as against TOI of
INR11.26 crore with net loss of INR0.03 crore for FY14.


AMTEK AUTO: Bond Payment Default Complicates Things
---------------------------------------------------
Business Standard reports that after its bond payment default,
Amtek Auto is likely to find it difficult to get more funding from
lenders.

According to the report, loans given earlier to the Delhi-based
automobile components maker are now classified as Special Mention
Account-2, where interest and/or principal are due since 60 days.
A loan is classified as non-performing if not serviced for at
least 90 days. Banks have to necessarily form a joint lenders
forum for loans more than 60 days due, and have been advised by
the banking regulator to take corrective action to stop it from
becoming a non-performing asset, Business Standard notes.

The report says banks have extended loans worth INR7,000 crore to
Amtek. "We'd almost decided to provide additional credit lines, so
that the company could service its loans. However, now that it has
defaulted on bond payments, we have to think twice," the report
quotes a top official from a public sector bank with exposure to
Amtek as saying.

Business Standard relates that sources said banks were earlier
willing to extend loans of INR2,000 crore to Amtek, which could
have enabled the company to service its loans for the next two
years.  According to the report, the bond default has complicated
the matter, as at least two public sector banks were subscribers
to the bonds. Issued in 2010, these carried a coupon of 10.25%. It
defaulted on INR800 crore bond repayment, due on September 20.

"The banks which subscribed to the bonds were part of the
consortium which has extended loans. It will be difficult for
these banks to extend any further loan to an account which has
defaulted on payment," another banker said, Business Standard
relays.

Amtek reported a 'temporary cash flow mismatch' last month, the
report says. Its rating was then cut four notches in one stroke.
The stock has plunged 70% since mid-August. Two debt funds of
JPMorgan Chase that bought Amtek debt restricted redemptions after
a string of investors demanded their money back, the report adds.

According to the report, banks have asked it to sell stake in
companies (mostly abroad) where it has a minority stake.  Business
Standard relates that apart from raising cash to repay debt, the
management also faces an inquiry by the Securities and Exchange
Board of India, following complaints from bond holders of Castek,
a subsidiary company, of price manipulation to trigger the
conversion of a $200-million foreign currency convertible bond
into equity.

The promoters have infused INR75 crore into Amtek. They also plan
to raise $1 billion by selling equity in foreign businesses and
some non-core businesses and industrial assets in India, the
report adds.

Based in India, Amtek Auto Limited (BOM:520077) --
http://www.amtek.com/aal.php -- engages in automotive components
manufacturing and commercial sales. The Company is engaged in
forging, grey and ductile iron casting, gravity and high pressure
aluminum die casting and machining and sub-assembly. It has a
product portfolio with a range of engineered components, including
flywheel ring gears, machining, forging, casting aluminum and
casting iron. The Company supplies components for passenger cars,
light and heavy commercial vehicles, 2/3 wheelers, light weight
commercial vehicles and heavy weight commercial vehicles. The
Company has facilities across India, the United Kingdom, Germany,
Brazil, Italy, Mexico, Hungary and the United States. The Company
also manufactures components for non-auto sectors, such as the
railways, specialty vehicles, aerospace, agricultural and heavy
earth moving equipment.


ASIAN BEVERAGE: CRISIL Assigns B Rating to INR169MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Asian Beverage Private Limited (ABPL).

                              Amount
   Facilities               (INR Mln)     Ratings
   ----------               ---------     -------
   Working Capital Facility      1        CRISIL B/Stable
   Cash Credit                  40        CRISIL B/Stable
   Cash Term Loan              169        CRISIL B/Stable

The rating reflects ABPL's below-average financial risk profile,
marked by high gearing and modest net worth, and exposure to
implementation-related risks associated with its ongoing project.
These rating weaknesses are partially offset by the extensive
entrepreneurial experience of ABPL's promoters.
Outlook: Stable

CRISIL believes that ABPL will benefit over the medium term from
the extensive entrepreneurial experience of its promoters. The
outlook may be revised to 'Positive' if the company ramps up its
scale of operations and generates sizeable revenue and
profitability, resulting in an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case ABPL faces any delay in commencing commercial operations,
leading to considerably low revenue and profitability, or
undertakes substantially large, debt-funded capital expenditure
programme, resulting in deterioration in its financial risk
profile.

Based in Chennai, Asian Beverage Private Limited (ABPL) was set up
in 2013 to manufacture of fruit based and carbonated soft drinks.
The company is promoted by Mr. G. Vijay Kumar Surana, Mr.
P.Sohanlal, Mr. S.Arihanth, Mr. Vimal Kumar Roshan and Mr. Dilip
Chand Chordia.


BHAWANI INDUSTRIES: ICRA Cuts Rating on INR198.3cr Loan to D
------------------------------------------------------------
ICRA has revised the long-term rating assigned to INR198.30 crore
fund-based limits and term loans of Bhawani Industries Limited
(BIL) from [ICRA]B to [ICRA]D. ICRA has also revised the short-
term rating assigned to INR61.70 crore non-fund-based limits of
BIL from [ICRA]A4 to [ICRA]D.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based Limits         198.3      [ICRA]D (Downgraded)
   Non-fund Based Limits      61.7      [ICRA]D (Downgraded)

The rating action takes into account delays in servicing of debt
obligations by the company on account of stretched liquidity
position resulting from general slowdown in metals sector, the
worsening of its working capital cycle and under-utilisation of
its large debt-funded capital expansion. Further, a restructuring
package was approved by BIL's lenders in FY14, as part of which
significant additional facilities were sanctioned to help cope
with losses on import of steel scrap on account of depreciation of
Indian National Rupee (INR), cost overruns in its capital
expansion programme, and delay in receiving payments from its
clients. The large additional debt sanctioned as part of the
restructuring package has piled up the pressure on company, due to
longer-than-expected slowdown in the sector. Going forward,
regularisation of debt servicing and improvement in liquidity &
operational profile will be the key rating sensitivities.

Bhawani Industries Limited (BIL), established in 1999, is engaged
in manufacturing of steel Billets, HR strips and steel pipes.
BIL's operations are located in Mandi Gobindgarh (Punjab), where
it has a manufacturing capacity of 96,000 metric ton (MT) of steel
billets/ingots/castings, 40,000 MT of flats/bars/angles and 15,000
MT of pipes.

Recent Results
In FY2014, as per the provisional financial statements, BIL
reported sales of INR335 crore. In FY2013, BIL reported a net loss
of INR13.82 crore and operating income of INR511.63 crore, against
last year's net profit of INR0.12 crore and operating income of
INR450 crore.


BOGEASHAVARA POLYMERS: CRISIL Cuts Rating on INR195MM Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Bogeashavara Polymers Private Limited (BPPL) to 'CRISIL D' from
'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan         195       CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Proposed Cash           36       CRISIL D (Downgraded from
   Credit Limit                     'CRISIL B/Stable')

The rating downgrade reflects instances of delay by BPPL in
servicing its debt. The delays have been caused by the weakening
in the company's liquidity arising from a stretch in its working
capital cycle.

BPPL has a below-average financial risk profile, marked by small
net worth, high gearing and weak debt protection measures. BPPL
has large working capital requirements, and is exposed to intense
competition in polypropylene woven sacks industry. However, the
company benefits from its promoters' extensive industry
experience.

BPPL was set up in 2013 by Mr. Mr.Balaji Reddy and his family
members. The company manufactures polypropylene woven sacks, which
are used for packaging in various industries. Its manufacturing
unit is located in Hyderabad (Telangana).


CHOOSY FASHIONS: CRISIL Assigns B Rating to INR100MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' ratings to the long term
bank facilities of Choosy Fashions (CF).

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

The ratings reflect CF's small scale of operations in the textile
trading business and large working capital requirements. The
rating also factors in CF's weak financial risk profile marked by
modest net worth, high total outside liabilities to tangible net
worth ratio and weak interest coverage ratio. These rating
weaknesses are partially offset by its promoter's extensive
experience in the textile business.
Outlook: Stable

CRISIL believes CF will continue to benefit over the medium term
from its promoter's extensive industry experience.  The outlook
may be revised to 'Positive' if the cash accrual improves backed
by improvement in scale of operations and profitability and
prudent working capital management, leading to moderate debt
protection metrics and liquidity. Conversely, the outlook may be
revised to 'Negative' if CF's financial risk profile deteriorates
on account of further decline in revenue and profitability or
large debt-funded capital expenditure, or the liquidity weakens
significantly due to increase in working capital requirements.

CF was established in 1985 as a proprietorship firm by Mr. Daljit
Singh Chadha. The Mumbai-based firm trades in men and ladies
garments. It also has a retail showroom in Goregaon (East) with an
area of 2000 square feet.


CREATIVE THERMOLITE: ICRA Reaffirms 'B' Rating on INR54cr Loan
--------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the INR54.0
crore (enhanced from INR30.0 crore) non-fund based limits of
Creative Thermolite Power Pvt. Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Non Fund based
   limits                54.0         [ICRA]B; Reaffirmed

ICRA's rating continues to factor in the high project execution
risk, typical of any greenfield project, to which CTPPL is exposed
and little progress made since December 2012 in obtaining various
clearances (environmental, pollution, water etc) required for
commencing construction of the project. Moreover, the rating
factors in the delays in obtaining coal blocks for the project and
counterparty credit risks arising out of weak financial health of
the power distribution utilities in Uttar Pradesh. Nevertheless,
ICRA positively factors in the Memorandum of Understanding (MoU)
signed by the company with Uttar Pradesh Power Corporation Limited
(UPPCL) and the fact that the land acquisition for the project has
started.

Going forward, the ability of the company to secure the necessary
clearances and approvals and execute the project, as per the
revised timelines will be the key rating sensitivities.

The company is a Special Purpose Vehicle (SPV) formed by Intos INC
(proprietorship firm), Infinite Computer Solution (India) Limited
and Eldeco Housing and Industries Limited. The SPV has been formed
to undertake the development of a 600 Mega Watt (MW) (2X300 MW)
Thermal Power Plant (TPP) in Chitrakoot, Uttar Pradesh. The
company had entered into a MoU with the Government of Uttar
Pradesh (GoUP) in October 2010 and had provided a Bank Guarantee
(BG) in favour of UPPCL in 2010, specifying that the project
construction would commence within 2 years (i.e. by December
2012). However, because of the delays in obtaining coal block and
non-receipt of clearances, the company has applied for further
renewal of the BG by 18 months (till December, 2016).


DAKSHIN FOUNDRY: CRISIL Reaffirms B+ Rating on INR95MM Loan
-----------------------------------------------------------
CRISIL's rating on the long term bank facilities of Dakshin
Foundry Pvt Ltd (DFPL) continues to reflect DFPL's below-average
financial risk profile, marked by a weak capital structure, its
small scale of operations, and susceptibility to intense
competition in the castings segment.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            80      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     95      CRISIL B+/Stable (Reaffirmed)

   Term Loan              45      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the company's
established market position in the specialised castings business
and the financial support it receives from its promoters.

Outlook: Stable

CRISIL believes that DFPL will maintain a stable credit risk
profile over the medium term, backed by support from the promoters
and established relationships with key customers. The outlook may
be revised to 'Positive' if there is significant and substantial
increase in the company's revenues or significant improvement in
its working capital management. Conversely, the outlook may be
revised to 'Negative' in case of substantial decline in the cash
accruals impacting its liquidity or if the company undertakes a
larger-than-expected, debt-funded capital expenditure programme,
thereby weakening its financial risk profile.

Based in Bengaluru, DFPL was set up by Mr. Alok Bhartia in 2004 to
manufacture specialised castings, including grey iron, and
spheroidal graphite iron castings. The company is a part of the
Bhartia group, which has interests in jute, engineering, and real
estate.


FREIGHTCAN GLOBAL: CRISIL Reaffirms B+ Rating on INR50MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Freightcan Global Logistics Pvt Ltd
(FGLPL).

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Overdraft Facility      50       CRISIL B+/Stable (Reaffirmed)

The rating reflects FGLPL's modest scale of operations in the
highly fragmented and intensely competitive logistics industry and
its average financial risk profile. These rating weaknesses are
partially offset by the extensive industry experience of the
company's promoters and its established relationships with
customers.

Outlook: Stable

CRISIL believes that FGLPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the company
reports a significant improvement in its scale of operations and
profitability while maintaining or improving its working capital
cycle. Conversely, the outlook may be revised to 'Negative' if
FGLPL's cash accruals are lower than expected, its working capital
management deteriorates, or it undertakes a substantial debt-
funded capital expenditure programme, leading to weakening of its
financial risk profile.

Incorporated in 2004 and based in Chennai (Tamil Nadu), FGLPL
provides logistics services. The company's operations are managed
by its director, Mr. Arun Nair.

FGLPL, provisionally, reported a profit after tax (PAT) of INR6.9
million on a total income of INR497.1 million for 2014-15 (refers
to financial year, April 1 to March 31), against a PAT of INR1.7
million on an operating income of INR302.5 million for 2013-14.


GOVINDAM BRJ: ICRA Assigns B+ Rating to INR5.0cr LT Loan
--------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR5.0
crore fund based bank facility and INR5.0 crore non fund based
bank facility of Govindam BRJ Infra Projects Private Limited.

                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long-term Fund Based
   Facility-Cash Credit       5.00       [ICRA]B+; Assigned

   Long-term Fund Based
   Facility- Bank Guarantee   5.00       [ICRA]B+ ; Assigned

ICRA's rating takes into account the small scale of operations of
the company in an intensely competitive road construction business
characterized by presence of well established as well as smaller
regional players in the industry and the high client and
geographical concentration given that majority of revenues is
contributed by orders from Public Works Department (PWD) and
Rajasthan State Agriculture Marketing Board (RSAMB) in Rajasthan.
The profitability of the company, limited by competitive nature of
business, is vulnerable to fluctuations in raw material prices as
majority of the orders do not have prices escalation clause.
However, the rating positively factors in the experience of the
promoters in construction business through associate concern
Laxminath Infrastructure Private Limited' the healthy growth in
the revenues over the last two years and the moderate pending
order book of ~INR23 crore as on March 2015 which implies revenue
visibility over the medium term. Going forward, the ability of the
company to scale up the operations, improve the profitability, and
reduce its client and geographical concentration while maintaining
sufficient liquidity will be the key rating sensitivities.

GBIP was established in December 2012 and is promoted by Mr.
Shankar Lal Sharma and Mr. Suresh kumar Sharma. The company is an
AA class registered contractors and executes road construction
orders awarded by PWD and RSAMB across various districts of
Rajasthan.

Recent Results
GBIP reported, on a provisional, an operating income of INR20.66
crore and a profit after tax of INR0.64 crore in 2014-15, as
against an operating income of INR8.27 crore and a profit after
tax of INR0.17 crore in the previous year.


HINDOK EXPORTS: CRISIL Reaffirms B+ Rating on INR47.5MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Hindok Exports
Ltd (HEL) continues to reflect HEL's weak financial risk profile,
because of high total outside liabilities to tangible net worth
ratio, modest debt protection metrics, and modest scale of
operations in the highly fragmented textile industry. These rating
weaknesses are partially offset by its promoter's extensive
experience in the textile industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            47.5      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     42.5      CRISIL B+/Stable (Reaffirmed)
   Term Loan              10        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that HEL will continue to benefit over the medium
term from its promoter's extensive experience in the textile
industry. The outlook may be revised to 'Positive' if the company
accrues significantly higher cash or improves its working capital
management or capital structure. Conversely, the outlook may be
revised to 'Negative' if HEL's liquidity deteriorates owing to
substantially low cash accruals, or large working capital
requirements, or significant debt-funded capital expenditure.

Update
HEL had revenue of INR320 million in 2014-15 (refers to financial
year, April 1 to March 31), as against INR220 million in 2013-14,
a growth of 45 per cent year-on-year. Increase in revenue was on
account of increase in export of steel. The revenue is expected to
improve to INR330 to INR350 million over the medium term. The
company's operating margin declined to 3.5 per cent in 2014-15
from 4.5 per cent 2013-14 on account of increase in low-margin
trading business, i.e. export of steel. Margins are expected to
remain at similar range over the medium term. The operations are
moderately working capital intensive marked by gross current
assets of 106 days driven by debtors of 63 days as on March 31,
2015. Owing to the moderately working capital intensive
operations, the bank limits remained utilised at an average 86 per
cent over the 12 months ended February 2015. The company is
expected to accrual cash of INR3.3 million in 2015-16 against debt
obligations of INR 2.0 million.

The financial risk profile has been weak because of high gearing
of 2.40 times as on March 31, 2015 on account of high dependence
on external debt to fund its working capital requirements, and
small net worth. Gearing is expected to remain high over the
medium term. The company's interest coverage and net cash accruals
to total debt (NCATD) ratios were at 1.52 times and 0.05 times,
respectively, for 2014-15. The interest coverage and NCATD ratios
are expected to remain weak over the medium term. The company does
not have any debt-funded capex plans over the medium term.

HEL, incorporated in 2002, is promoted by Mr Aditya Kapoor. The
company manufactures yarn and trades in yarn, knitted cloth and
steel machinery. It is based in Ludhiana (Punjab).

HEL reported profit after tax (PAT) of INR1.8 million on net sales
of INR320 million for 2014-15 (refers to financial year, April 1
to March 31) against PAT of INR0.8 million on net sales of INR220
million for 2013-14.


IMPACT ENTERPRISES: CARE Assigns B+ Rating to INR4.8cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' AND 'CARE A4' ratings to the bank
facilities of Impact Enterprises Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      4.80      CARE B+ Assigned
   Short-term Bank Facilities     0.90      CARE A 4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Impact Enterprises
Private Limited (IEP) are primarily constrained by its fluctuating
scale of operations with low net worth base, working capital
intensive nature of operations and weak financial risk profile
characterised by low profitability margins and weak solvency
position. The ratings are further constrained by IEP's presence in
a highly fragmented industry characterized by intense competition.
The ratings, however, derive strength from the experienced
promoters and the company's long association with the suppliers.

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

Impact Enterprises Private Limited (IEP) was incorporated in
October, 1982 and is currently being managed by MrSudharshan
Singla, Mr Sudhir Singla, Ms Rekha Singla and Ms Kiran Singla. IEP
is engaged in the trading of household products and building
material like kitchen appliances, sanitary ware, tiles, PVC pipes,
water tanks, cement etc at its three outlets located in Panchkula,
Solan and Parwanoo. The company is the authorized dealer of Cera
Sanitary Limited, IFB Industries Limited, Somany Ceramics Limited,
Varmora Granito Private Limited, Ultra Tech Cement Ltd and BPL
Sanitary pipes and supplies majorly to various wholesalers,
retailers and builders located in Punjab, Himachal Pradesh and
Haryana.

For FY14 (refers to the period April 1 to March 31), IEP achieved
a total operating income of INR24.63 crore with PBILDT and PAT of
INR1.15 crore and INR0.19 crore, respectively, as against the
total operating income of INR19.60 crore with PBILDT and PAT of
INR1.05 crore and INR0.12 crore, respectively, for FY13.
Furthermore, in FY15 (as per the unaudited results), IEP achieved
a total operating income of INR36.73 crore.


INDERA ETHNIC: ICRA Reaffirms B Rating on INR4.97cr Cash Loan
-------------------------------------------------------------
ICRA has re-affirmed the [ICRA]B rating to the INR4.97 crore* cash
credit and INR0.42 crore (reduced from INR0.77 crore earlier) term
loan facilities of Indera Ethnic & Designs Private Limited. ICRA
has also assigned [ICRA]B rating to an untied limit of INR0.35
crore of IEDPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limit-
   Cash Credit           4.97        [ICRA]B re-affirmed

   Fund Based Limit-
   Term Loan             0.42        [ICRA]B re-affirmed

   Fund Based Limit-
   Untied Limit          0.35        [ICRA]B assigned

The re-affirmation of the rating takes into account the
competitive intensity in the apparel retailing industry, which
keeps profitability and revenue growth of the players including
IEDPL under check, the company's small scale of current operations
and lack of geographical diversification, as it operates only in
Rourkela, Odisha. The rating is also constrained by the weak
financial profile of the company characterized by nominal profits
and cash accruals, which along with a leveraged capital structure
leads to depressed coverage indicators, and high working capital
intensity of operations on account of significant inventory
holding, although improved to an extent in the last fiscal,
adversely impacting liquidity. This also led to consistent high
utilization of the working capital limit by IEDPL, implying its
limited financial flexibility.

The rating, however, derives comfort from the experience of the
promoters and established position of the company in the apparel
retailing business in Rourkela, and the favourable long term
demand outlook of the apparel industry.

Incorporated in 2005, IEDPL is engaged in the apparel retailing
business in Rourkela, Odisha. The company's promoters have an
experience of around two decades in the apparel retailing
business. The company runs three showrooms under the name 'Inderas
Lifestyle', offering outfits for men, women and kids along with
other accessories. It deals in both branded and non-branded ready-
made apparels and also provides tailoring services.

Recent Results
In 2014-15, the company reported a net profit of INR0.18 crore
(provisional) on an operating income of INR15.00 crore
(provisional), as compared to a net profit of INR0.22 crore on an
operating income of INR13.25 crore in 2013-14.


K. VENKATA: ICRA Reaffirms 'B+' Rating on INR5.5cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
INR5.50 crore fund based limits and short term rating of [ICRA]A4
assigned to INR0.25 crore fund based limits of K. Venkata Ramana
Murthy & Others.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   LT-fund based          5.50       [ICRA]B+ re-affirmed
   ST- fund based         0.25       [ICRA]A4 re-affirmed

The reaffirmation of the ratings continues to be constrained by
KVRMO's weak financial profile characterized by low profitability
indicators, high gearing and modest coverage indicators, small
scale of operations in the intensely competitive rice milling
industry restricting operating margins and risks arising from
partnership nature of the firm. The rating is further constrained
agro climatic risks, which can affect the availability of the
paddy in adverse weather conditions. ICRA also notes that change
in government policy on levy rice also has adversely affected the
firm's revenues. The rating is however supported by the long track
record of the promoters in the rice mill business, ease in paddy
procurement due to proximity of the plant in major paddy
cultivating region of the country, and favorable demand prospects
of the industry with India being the second largest producer and
consumer of rice internationally augurs well for the firm.
Going forward, the firm's ability to increase its scale of
operation and improve its profitability while managing its working
capital requirements will be key rating sensitivities from credit
perspective.

Founded in 1985 as a partnership firm, K. Venkata Ramana Murthy &
Others (KVRMO) is engaged in the milling of paddy and produces raw
rice. KVMRO has taken the production facility of Sri Ratna Rice
Mill on lease, which was founded in 1984 as a proprietorship
concern with K.V. Ramana Murthy as proprietor. Since 1985, the
mill has been leased to K.Venkata Ramana Murthy & Others at a
lease rental of INR3.00 lakh per annum (revised from INR1.50 lakh
per annum in April 2013). The lease term is renewed every 5 years.
The rice mill is located at Pithapuram village of East Godavari
district, Andhra Pradesh with milling capacity of 8 tons per hour.

Recent Results
KVRMO has reported an operating income of INR27.29 crore and net
profit of INR0.06 crore respectively in FY2014 as against an
operating income and net profit of INR27.84 crore and INR0.11
crore in FY2015 (provisional and unaudited).


KHANNA POLYWEAVE: ICRA Suspends 'B' Rating on INR6cr Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR6.0 crore cash credit limits, INR8.0 crore term loans
limits of Khanna Polyweave Pvt. Ltd. ICRA has also suspended the
long term/ short term rating of [ICRA]B/[ICRA]A4 assigned to the
INR0.10 crore of unallocated bank limits of the company. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


KHEDUT DECOR: ICRA Assigns B+ Rating on INR5.0cr Cash Credit
------------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR5.00 crore fund
based cash credit facilities of Khedut Decor Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash
   Credit                5.00         [ICRA]B+; Assigned

The assigned ratings take into account the company's weak
financial profile characterized by thin margins owing to trading
nature of business as well as stretched capital structure and
modest coverage indicators (debt-equity ratio of 3.80 times and
Total Debt/OPBDITA of 8.66 times in FY 2014-15). ICRA also notes
that though the company faces limited competition within the same
brand due to exclusive distribution rights, however competition
faced from other established brands like dabur, Baidyanath etc for
ayurvedic medicines and from large organized players in FMCG
segment. ICRA also factors in the company's critical dependence on
the performance of the Patanjali products.

The assigned ratings, however, consider the sole distribution
rights to sale Patanjali Ayurvedic Ltd and Divya Pharmacy products
in 12 out of 33 districts of Gujarat as well as strong growth in
revenue during FY15 on account of diversification into
distributorship business.

Khedut Decor Pvt Ltd. (KDPL) was incorporated in 1997. The company
is promoted and managed primarily by Mr. Laxman Hirpara and Mr.
Nilesh Hirpara. The company was initially engaged into trading of
multiple products like various electronic appliances, home
appliances, kitchen appliances, FMCG goods, etc of varied brands.
From June 2014, in order to expand its scale of operations; the
company diversified its business and was awarded as the authorised
distributor for "Patanjali products". The company has entered into
Super Distributor Agreement with "Patanjali Ayurved Limited" for
FMCG goods and with "Divya Pharmacy" for ayurvedic medicine for 12
districts in Gujarat region. The registered office of the company
is located in Gondal.

Recent Results
During FY15 as per unaudited provisional results, the company
reported operating income of INR32.14 crroe and profit after tax
(PAT) of INR0.09 crore.


KHUDIRAM COLD: CRISIL Assigns B Rating to INR49MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Khudiram Cold Storage Pvt Ltd (KCSPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Working Capital Loan     9.7       CRISIL B/Stable
   Long Term Loan          49.0       CRISIL B/Stable
   Bank Guarantee           1.0       CRISIL A4
   Cash Credit             36.9       CRISIL B/Stable

The ratings reflects KCSPL's weak financial risk profile because
of small net worth and high gearing; the ratings also factor in
the company's susceptibility to adverse regulatory changes and
intense competition in West Bengal's cold storage industry. These
weaknesses are partially offset by the extensive industry
experience of KCSPL's promoters.
Outlook: Stable

CRISIL believes KCSPL will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if substantial increase in cash accrual or
capital infusion by promoters improves the overall financial risk
profile, particularly liquidity. Conversely, the outlook may be
revised to 'Negative' if liquidity is pressurised due to delays in
loan repayments by farmers, or considerably low cash accrual, or
significant debt-funded capital expenditure.

KCSPL was incorporated in 2004 to provide cold storage facility to
the potato farmers and traders. The company commenced commercial
operations in 2006. KCSPL is owned by the Midnapore (West Bengal)-
based Manna family having extensive experience of a decade in cold
storage industry and over two decades in potato trading.


L&T CHENNAI: ICRA Lowers Rating on INR475cr Term Loan to D
----------------------------------------------------------
ICRA has revised the long term rating to the INR475.0 crore term
loans of L&T Chennai Tada Tollway Limited from [ICRA]BBB- with a
Stable outlook to [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans           475.00        [ICRA]D; downgraded

The rating revision follows from the recent delays in debt
servicing following the dispute with the Authority, NHAI, with
regards to termination of the concession; the company has served
termination notice to NHAI due to land acquisition related issues
and the matter is pending before the Delhi High Court. The land
acquisition on the stretch has been long delayed with Right of Way
(RoW) for the initial 10 km stretch (23% of overall length) still
unavailable. Though the company had earlier undertaken that the
remaining project works would be completed once the RoW is
provided by NHAI, lack of clarity on escalation has severely
constrained the future viability of the project considering that
the project was bid based on 2009 prices. Pending the High Court
decision, the company has ceased to service the debt since there
are no operational cash flows (company continues to collect toll
on behalf of NHAI) and due to cessation of shortfall support (non-
contractual) from the sponsor- L&T IDPL.

L&T Chennai-Tada Tollway Limited (L&T-CTTL) is an SPV incorporated
in March 2008 for implementing the Chennai-Tada Toll road project.
L&T-CTTL is subsidiary of L&T Infrastructure Development Projects
Limited. The project scope includes widening the 43.4 km (from Km
11.00 to Km 54.40) long four-lane highway on NH 5 from Chennai to
Tada in Tamil Nadu to six-lane. The project is a part of Golden
Quadrilateral project, under National Highway Development
Programme (NHDP) Phase V, which involves six-laning of selected
high density corridors of national highways. The route is a part
of NH-5 corridor that connects Chennai and Kolkata.

The project was awarded by NHAI on Design Build Finance Operate
(DBFO) basis with a concession period of 15 years commencing from
April 2009. The scheduled commercial operation date of the project
was October 2011; however, the project execution has been
significantly delayed owing to problems in land acquisitions
(which is under the scope of NHAI). The overall project cost for
the project currently stands at INR903 crore which is to be funded
through a mixture of equity, bank debt, mezzanine debt from the
promoters and toll collections during construction.


LALITHA METALS: CARE Assigns B- Rating to INR7.93cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B-' and 'CARE A4' rating to the bank facilities
of Lalitha Metals.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.93      CARE B- Assigned
   Short term Bank Facilities     0.15      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Lalitha Metals are
constrained by its small scale of operations, weak financial risk
profile during FY14 (refers to the period April 1 to March 31)
marked by net loss and stressed debt protection metrics, working
capital intensive nature of business, customer concentration risk,
constitution as a partnership concern with inherent risk of
withdrawal of capital, highly fragmented and competitive nature of
the industry and susceptibility of profit margins to fluctuation
in raw material prices.

The ratings, however, derive comfort from experience of the
partners for more than three decades and long operational
track record of the firm.

The ability of the company to scale up its operations, increase
profit margins in a competitive environment and simultaneously
improve its capital structure are the key rating sensitivities.

Lalitha Metals (LM) was incorporated in 1976 by Mr A Krishna
Balaji and Mr A V K Chowdary. The firm is engaged in the
business of manufacturing of Spheroidal Graphite Iron (SG Iron)
castings which include cast iron and non-ferrous castings,
valves, pipe fittings and manhole covers.

LM's facilities are located across 79,200 sq. yards out of which
plant and machinery occupies 28,000 sq. ft and the rest of
the area would be used to store rawmaterial and finished goods
inventory.

During FY14, LM has reported net loss of INR0.38 crore on a total
operating income of INR0.55 crore as against net loss of INR0.01
crore on a total operating income of INR0.09 crore in FY13.


LATA EXPORTS: CARE Revises Rating on INR7.5cr LT Loan to B+
-----------------------------------------------------------
CARE revises the LT rating and reaffirms the st rating assigned to
the bank facilities of Lata Exports Apparels Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.50      CARE B+ Revised from
                                            CARE B

   Short-term Bank Facilities     6.75      CARE A4 Reaffirmed

Rating Rationale

The revision in the long term rating assigned to the bank
facilities of Lata Exports Apparels Private Limited (LEAPL) takes
into account the growth in scale of operations and improvement in
the capital structure.

The rating continues to derive strength from experience of the
promoters in the textile industry and their demonstrated
financial support.

The ratings continue to be constrained by its relatively modest
scale of operations, low profitability margins, leveraged
capital structure, weak debt coverage indicators and working
capital intensive nature of operations. The rating further
continues to be constrained by its presence in a highly
competitive and fragmented industry, volatility of raw material
prices along with foreign exchange fluctuation risk.
Ability of LEAPL to increase its scale of operations with
improvement in profitability margins amidst intense competition
coupled with efficient management of working capital cycle are the
key rating sensitivities.

Incorporated in 1996 by the Karthikeyan family, Lata Exports
Apparels Private Limited (LEAPL) is engaged into manufacturing of
ready-made garments and uniforms for men, women and children. It
exports its products to USA, UK, Germany, Mexico and Australia
(contributing around 80% to total income) and domestically to
retailers and wholesalers (contributing about 10% to total
income). Furthermore, LEAPL undertakes job work of garment
manufacturing for other entities and brands such as Being Human,
Kamadgiri Fashions Limited and Ashima Limited (contributing about
10% to the total income during FY15 - refers to the period
April 1 to March 31). LEAPL has its manufacturing facility at
Bhiwandi with an installed capacity of 75,000 pieces per month
having capacity utilization of 80% during FY15.

During FY15 provisional, LEAPL reported total operating income of
INR22.24 crore (vis-a-vis INR17.52 crore in FY14) & PAT of INR0.18
crore (vis-a-vis net loss of INR0.01 crore in FY14). Furthermore,
the company achieved a turnover of INR4.72 crore during the period
of April 01, 2015 to August 31, 2015 and has an order book of USD
610670/- as on August 27, 2015 which will be executed by November
2015.


M. ILAIAH: CRISIL Ups Rating on INR10MM Bank Loan to 'B-'
---------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
M. Ilaiah and Company (MIAC) to 'CRISIL B-/Stable' from 'CRISIL
C'. The rating on the firm's short-term bank facilities have been
reaffirmed at 'CRISIL A4'


                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        75        CRISIL A4 (Reaffirmed)

   Long Term Loan         5        CRISIL B-/Stable (Upgraded
                                   from 'CRISIL C')

   Proposed Long Term    10        CRISIL B-/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL C')

The upgrade reflects timely servicing of debt by MIAC over the
last five months ended August 2015. CRISIL believes that MIAC will
continue to service its debt in a timely manner, with its cash
accruals expected to be sufficient to meet its maturing debt
repayment obligations

The ratings continue to reflect MIAC's small scale of operations
in the intensely competitive construction industry, its large
working capital requirements, and high degree of geographic
concentration in its revenue profile. These rating weaknesses are
partially offset by the extensive experience of the firm's
promoters in the construction industry.
Outlook: Stable

CRISIL believes that MIAC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a substantial and
sustained increase in the firm's scale of operations, while it
maintains its profitability margins, or sustained improvement in
its working capital management. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in MIAC's
profitability margins, or significant deterioration in its capital
structure caused most likely by large debt-funded capital
expenditure or a stretch in its working capital cycle.

MIAC was set up a proprietorship firm in 1995 by Mr. M.Ialahi, and
was converted into a partnership firm in 2008. The firm is engaged
in civil construction, and caters to government entities in Andhra
Pradesh and Telangana. The firm is based in Hyderabad (Telangana).


MAHADEV PROFILES: CRISIL Cuts Rating on INR75MM Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Mahadev Profiles Private Limited (MPPL) to 'CRISIL D' from
'CRISIL B+/Stable'

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          75        CRISIL D (Downgraded from
                                  'CRISIL B+/Stable')

   Long Term Loan       54        CRISIL D (Downgraded from
                                  'CRISIL B+/Stable')

   Proposed Long Term   11        CRISIL D (Downgraded from
   Bank Loan Facility             'CRISIL B+/Stable')

The rating downgrade reflects instances of delays in servicing its
debt. The delays have been caused by the weakening in the
company's liquidity.

MPPL has a weak financial risk profile, marked by small net worth,
high gearing, and weak debt protection measures. MPPL has large
working requirements, and is exposed to intense competition in the
pre-engineered buildings segment. However, the company benefits
from its promoters' extensive industry experience.

MPPL was set up in 2007 by Mr. G Mahadev Naidu and his family
members. The company designs and manufactures pre-cast and pre-
stressed concrete elements, such as blocks, beams, roofs, and
columns. It is based in Hyderabad, Telangana.


MONDAL COLD: ICRA Reaffirms B+ Rating on INR0.35cr Loan
-------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+  for the
INR0.35 crore* bank guarantee facility of Mondal Cold Storage.
ICRA has also reaffirmed the short term rating of [ICRA]A4 for the
INR12.07 crore cash credit and the INR2.62 crore (reduced from
INR2.75 crore) working capital loan facilities of MCS. ICRA has
assigned a long term rating of [ICRA]B+ and a short term rating of
[ICRA]A4 to the INR0.13 crore untied limit of MCS.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Bank Guarantee           0.35       [ICRA]B+ reaffirmed
   Cash Credit             12.07       [ICRA]A4 reaffirmed
   Working Capital Loan     2.62       [ICRA]A4 reaffirmed
   Untied  Limits           0.13       [ICRA]B+/[ICRA]A4 assigned

The reaffirmation of ratings takes into account MCS's small scale
of operations and weak financial profile as reflected by low
business returns and moderate coverage indicators. The ratings are
further constrained by the regulated nature of the industry,
making it difficult to pass on increase in operating costs, thus
exerting pressure on the profitability and MCS's exposure to agro-
climatic risks, with its business performance being entirely
dependent upon a single agro commodity, potato. The ratings
further incorporate the risks associated with the entity's status
as a partnership firm, including the risk of capital withdrawal by
the partners. The ratings, however, derive support from the
established track record of the firm in the cold storage business,
with an experience of around five decades, and locational
advantage of MCS by way of presence of its cold storage units in
West Bengal, a state with large potato production. The recent
increase in rental by the state Government is likely to provide
cushion to the profitability of the firm atleast over the near
term. The ratings also factor in the significant increase in the
supply of potatoes during the current year had restricted the firm
to advance loan to farmers, thereby minimising the risk of
delinquency, which in turn had kept the gearing and working
capital requirements low during March, 2015. In ICRA's opinion,
the ability of the firm to improve profitability while managing
its working capital requirements would remain key rating
sensitivities going forward.

MCS was established by Mr. Niranjan Mondal, as a sole proprietor,
to carry on the business of storage and preservation of seed and
table potatoes. The entity set up its first cold storage unit in
1967, at Amlagora, in the Paschim Midnapore district of West
Bengal. In 1999, the entity was converted into a partnership firm
by including Mr. Satyanarayan Mondal and Mr. Rajib Mondal (both
sons of Mr. Niranjan Mondal) as partners. MCS's second cold
storage unit was set up at Chatra, in the Bankura district of West
Bengal. Currently, MCS has an annual storage capacity of 68,000
tonnes.

Recent Results
During FY15, MCS reported a net profit of INR0.30 crore on an OI
of INR7.85 crore as against a net profit of INR0.28 crore and OI
of INR5.40 crore during FY14.


MONDAL ICE: ICRA Reaffirms B+ Rating on INR0.18cr Term Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ for the
INR0.18 crore (reduced from INR0.29 crore) term loan and the
INR0.05 crore bank guarantee facilities of Mondal Ice & Cold
Storage Private Limited. ICRA has also reaffirmed the short term
rating of [ICRA]A4 for the INR7.64 crore (reduced from INR7.85
crore) cash credit and the INR1.62 crore (enhanced from INR1.30
crore) working capital loan facilities of MICS.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan             0.18       [ICRA]B+ reaffirmed
   Bank Guarantee        0.05       [ICRA]B+ reaffirmed
   Cash Credit           7.64       [ICRA]A4 reaffirmed
   Working Capital
   Loan                  1.62       [ICRA]A4 reaffirmed

The reaffirmation of ratings takes into account MICS's small scale
of operations and weak financial profile as reflected by low
business returns and subdued coverage indicators. The ratings are
further constrained by the regulated nature of the industry,
making it difficult to pass on increase in operating costs, thus
exerting pressure on the profitability and MICS's exposure to
agro-climatic risks, with its business performance being entirely
dependent upon a single agro commodity, potato. The ratings,
however, derive support from the established track record of the
company in the cold storage business, with an experience of around
five decades of the promoters, and locational advantage of MICS by
way of presence of its cold storage units in West Bengal, a state
with large potato production. The recent increase in rental by the
State Government is likely to provide cushion to the profitability
of the company atleast over the near term. The ratings also factor
in the significant increase in the supply of potatoes during the
current year that had restricted the company to advance loan to
farmers, thereby minimising the risk of delinquency. Consequently,
the gearing and working capital requirements also remained low
during March, 2015. In ICRA's opinion, the ability of the company
to improve profitability while managing its working capital
requirements would remain key rating sensitivities going forward.

MICS set up its cold storage unit in Bishnupur, in the Bankura
district of West Bengal in 1985 as a partnership firm, to carry on
the business of storage and preservation of seed and table
potatoes. In 1999, the entity was converted into a private limited
company. Currently, MICS has an annual storage capacity of 36,000
tonnes.

Recent Results
During FY15, MICS reported a net profit of INR0.11 crore on an OI
of INR3.37 crore as against a net profit of INR0.15 crore and OI
of INR4.19 crore during FY14.


NAGARJUNA FERTILIZERS: CARE Cuts Rating on INR1,481.5cr Loan to D
-----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Nagarjuna Fertilizers and Chemicals Limited.

                                  Amount
   Facilities                  (INR crore)    Ratings
   ----------                  -----------    -------
   Long term Bank Facilities     1,481.50     CARE D Revised
                                              from CARE BB

   Short term Bank Facilities    1,700.11     CARE D Revised
                                              from CARE A4+

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Nagarjuna Fertilizers and Chemicals Limited (NFCL) factors in
delays in the debt-servicing on account of delay in reimbursement
of fertilizer subsidies by Government of India (GoI) and weak
operational & financial performance during FY15 (refers to the
period April 01 to March 31) thereby exerting pressure on the
liquidity position of the company.

NFCL, the flagship company of the Hyderabad-based Nagarjuna group
was promoted by Mr K V K Raju. NFCL, currently, operates two Urea
plants (capacity -1,810 MT per day each) at its facilities located
at Kakinada, Andhra Pradesh. While Plant-I operates entirely on
natural gas as the feedstock, Plant-II can use both natural gas
(NG) and naphtha. Besides manufacturing, NFCL is also involved in
trading of Urea (Government Pool Urea), Specialty Fertilizers and
Agri-inputs [viz, Muriate of Potash (MOP),
Di-ammonium Phosphate (DAP), NPK, etc. A small proportion of
NFCL's revenue comes from micro irrigation business and
manufacturing of PVC Pipes.

In FY15, NFCL reported loss of INR366.63 crore (net loss of
INR239.11 crore in FY14) on a total operating income of
INR2,537.21 crore (INR3,469.10 crore in FY14). In Q1FY15, NFCL
reported net loss of INR52.99 crore on total income of
INR603 crore.


NARSINGH ISPAT: CARE Downgrades Rating on INR7cr Loan to 'D'
------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Narsingh Ispat Udyog Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.00      'CARE D' Revised from
                                            'CARE BBB- (SO)'

   Short-term Bank Facilities     4.50      'CARE D' Revised from
                                            'CARE A3 (SO)'

Rating Rationale

The rating takes into account the deterioration in financial risk
profile of NIUPL in FY15, ongoing delays in debt servicing in
Narsingh Ispat Ltd (the guarantee provider) and the expected
delays in debt servicing of NIUPL in the near future.

Narsingh Ispat Udyog Pvt. Ltd (NIUPL) incorporated in March 2012
belongs to the Kolkata based Goyal group. The company had taken
over the business of Proprietorship firm Goyal Ispat Udyog with
effect from April 1, 2013. Currently the company is engaged in
trading of steel related items.

Due to continued subdued steel industry scenario, the financial
risk profile of NIUPL has deteriorated in FY15 and the company has
incurred losses of INR0.2 crore in FY15. Due to losses incurred
liquidity position of the company was tight with working capital
utilisation remaining high at around 100%.

Further, there are ongoing delays in debt servicing in Narsingh
Ispat Ltd, the guarantor (it has provided unconditional &
irrevocable guarantee for bank facilities availed by NIUPL).


NARSINGH ISPAT LTD: CARE Lowers Rating on INR72cr LT Loan to 'D'
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Narsingh Ispat Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    72.00       'CARE D' Revised from
                                            'CARE BBB-'

Rating Rationale

The rating takes into account the ongoing delays in debt servicing
amidst deteriorating financial position of the company and subdued
steel industry scenario.

Narsingh Ispat Limited (NIL) incorporated on Sept.30, 2004 by
Kolkata based Goyal Group. Commencing its operations from December
2004, NIL initially was engaged in trading of iron ore and
gradually the company forayed into manufacturing activities. In
March 2008, it commenced manufacturing of Pig Iron and currently
the company has two 65cu mtr blast furnace (total installed
capacities of 70,000 MTPA) along with backward integration of
sinter plant & waste recycling plant at Jharkhand. Trading sales
accounted for 80% during the last three years. The company had
undertaken a project for setting up a gas based captive power
plant of 3.6 MW (Rs.45.5 crore) & sinter plant for INR11.6 crore
at a debt equity ratio of 2.1:1 to be completed by Sep. 2015.

During FY15 the company incurred net loss of INR 12.70 crore on a
total operating income of INR143.4 crore. Due to liquidity issues,
the company delayed in the payment of interest on term loans &
instalment on term loans for the month of May & June 2015. Further
there were overdrawals in cash credit account. Also, there are
ongoing delays in debt servicing.


NOWOTEK TEXTILES: ICRA Upgrades Rating on INR14.50cr Loan to B+
---------------------------------------------------------------
ICRA has upgraded its long term rating on the INR10.0 crore fund
based limits of Nowotek Textiles Private Limited to [ICRA]B+ from
[ICRA]B and assigned its [ICRA]B+ rating to the INR4.50 crore
additional limits of the company. ICRA has also assigned its short
term rating of [ICRA]A4 to the company's INR1.50 crore non fund
based limits.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits     14.50       [ICRA]B+; upgraded
   Non-Fund based
   limit                  1.50       [ICRA]A4; assigned

ICRA's rating action takes into consideration the improvement in
NTPL's performance in FY15, as reflected in increase in scale of
operations as well as improvement in operating profit margin to
5.1% in from 0.8% in the previous year and satisfactory capacity
utilization levels attained by the company. The contribution
levels of the company increased significantly to INR19/Kg in FY15
from ~INR13/Kg in the previous year, resulting in higher margins.
However the cash accruals in FY15 were still inadequate to meet
the scheduled debt repayments, rendering the company dependent on
fund infusion by the promoters to meet its debt servicing
obligations.

The ratings continue to take into consideration the favorable
demand prospects for non woven fabric as the acceptability of the
product is increasing, as well as the demonstrated timely
financial support from the promoters. The ratings however,
continue to be constrained by the limited ability of the company
to pass on the increase in input costs on account of intense
competition due to fragmented nature of the industry, which is
characterized by low entry barriers in terms of capital investment
and technical know-how, leading to intense competition and
limiting the company's pricing power. Further, the debt levels of
the company are likely to increase as the company is almost
doubling its production capacity by incurring a capital
expenditure of INR6.0 crore, which is being financed in a debt-
equity ratio of 2.6:1.

Going forward, timely infusion of funds by the promoters in the
form of equity and unsecured loans to support debt repayment, the
ability of the company to maintain high capacity utilization
levels and successfully implement the expansion project and
generate adequate returns from the same will be the key rating
sensitivities.

NTPL (erstwhile Rasa Garments Private Limited) was incorporated in
June 2008 by the Gupta family to undertake manufacturing and
trading of textile items. The company has set up a plant for
manufacturing non-woven fabric in Greater Noida, Uttar Pradesh.
The plant has a production capacity of 3,500 tonnes per annum
(TPA) and commenced production in July 2013. The company plans to
double the capacity to 7000 TPA.


PARAMOUNT BLANKETS: CRISIL Assigns 'C' Rating to INR97.5MM Loan
---------------------------------------------------------------
CRISIL has assigned 'CRISIL C' rating to the long-term bank
facilities of Paramount Blankets Pvt Ltd (PBPL). The rating
reflects instances of delay by PBPL in repayment of its debt (not
rated by CRISIL). The delays were because of stretched liquidity,
driven by high working capital requirements.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility        5        CRISIL C

   Cash Credit              97.5      CRISIL C

   Long Term Loan            1.1      CRISIL C

The rating also reflects PBPL's below-average financial risk
profile because of high gearing and weak debt protection metrics.
These rating weaknesses are partially offset by the promoters'
extensive experience in the blanket industry.

PBPL was incorporated in 2004, promoted by Mr. Satbhushan Gupta.
The company manufactures polyester mink blankets, which it sells
in the domestic market. Its manufacturing unit is at Sonepat
(Haryana).

PBPL reported a net profit of INR7.4 million on net sales of
INR506.9 million for 2014-15 (refers to financial year, April 1 to
March 31), against a net profit of INR5.5 million on net sales of
INR332.1 million for 2013-14.


PARAMOUNT COMMUNICATIONS: ICRA Suspends D INR354.2cr Loan Rating
----------------------------------------------------------------
ICRA has suspended the [ICRA]D rating outstanding on the INR540.0
crore fund based and non fund based facilities of Paramount
Communications Limited.

                             Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Fund Based Facility        354.20      [ICRA]D; Suspended
   Non Fund Based Facility    185.80      [ICRA]D; Suspended

The suspension follows ICRA's inability to carry out a rating
surveillance due to non cooperation from the company.


RADHE ENTERPRISE: CARE Reaffirms B+ Rating on INR6cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Radhe Enterprise.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6         CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Radhe Enterprise
(RAE) continues to remain constrained on account of thin profit
margins, leveraged capital structure and weak debt coverage
indicators. The rating further continues to remain constrained on
account of working capital intensive nature of operations owing to
seasonality associated with the procurement of raw material,
susceptibility of profitability to cotton price fluctuation and
changes in the government policy, presence in the highly
fragmented industry with limited value addition and limited
financial flexibility owing to partnership nature of constitution.
The reaffirmation of rating factors in the decline in operating
income and elongation of working capital cycle during FY15 (refers
to the period April 1 toMarch 31).

The rating, however, continues to derive comfort from the vast
experience of the partners of RAE in the cotton industry
and established business operations of the firm.

RAE's ability to improve its scale of operations coupled with an
improvement in overall financial risk profile marked by
improvement in profit margins, capital structure and debt coverage
indicators along with better working capital management remain the
key rating sensitivities.

Rajkot-based (Gujarat) Radhe Enterprise (RAE) was established
during September 2003 as a partnership firm by eleven partners. Mr
Ashwinkumar M Jasani, Mrs Alkaben A Jasani, Mrs Nitaben P Jasani
and Mr Pravinkumar V Jasani look after all the day to day
activities of RAE. RAE is into the business of cotton ginning &
pressing of cotton bales and cotton seed and crushing of cotton
seeds. RAE has an installed capacity of 2560 metric tonnes per
annum (MTPA) for cotton bales, 4608 MTPA for cotton seed, 530 MTPA
for cotton seed oil and 3963 MTPA for cotton seed oil cake as on
March 31, 2015.

During FY15 (A), RAE reported a total operating income (TOI) of
INR25.21 crore and PAT of INR0.01 crore as against TOI of INR27.30
crore and PAT of INR0.01 crore during FY14 (A). As per Q1FY16
(Provisional) financials, RAE has reported a TOI of INR6.29 crore.


REAL GROW: CARE Assigns B+ Rating to INR29.8cr LT Loan
------------------------------------------------------
CARE assigns ratings of 'CARE B+/CARE A4' to the bank facilities
of Real Grow Exims India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     29.80      CARE B+ Assigned
   Short-term Bank Facilities     2.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to bank facilities of Real Grow Exims India
Private Limited are constrained by short track record of
operations, trading nature of business resulting in thin
profitability margins, low cash accruals, leveraged capital
structure, working capital intensive nature of operations and
intense competition in the industry. The ratings, however, are
underpinned by satisfactory experience of the promoters, and
moderate industry growth prospects. The ability of the company to
improve its business volume, strengthen the client base and
efficiently manage the working capital requirements are the key
rating sensitivities.

Incorporated inMay 2012, Real Grow Exims India Private Limited
(Real Grow) is promoted by Mr Goluguri Venkata Reddy, Mr Karri
Venkata Srinivasa Reddy and Mr G N V S Satyanarayana Reddy. The
company commenced its operations from June 2014 and is engaged in
trading of aqua feed for fish and prawns feeds inWest Godavari
district, Andhra Pradesh.  The promoters have long established
presence in the fish feed industry through several other group
companies viz. Reddy and Reddy Imports and Exports, Nutrient
Marine Foods limited (rated CARE BB/CARE A4) and Nexus Feeds Ltd.
(rated CARE BBB-/CARE A3) which are engaged in fish and prawns
feed/shrimp processing business.

During FY15 ((Provisional), refers to the period April 1 to
March 31), Real Grow achieved PBILDT of INR2.92 crore and PAT
of INR0.60 crore on a total operating income of INR93.64 crore.
As per the unaudited financials for 5MFY16, Real Grow has achieved
PBILDT of INR2.70 crore on a total operating income of INR54.85
crore.


SRI KAILASANADHA: CRISIL Reaffirms B Rating on INR100MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Sri Kailasanadha
Cotton Syndicate Pvt. Ltd (SKS) continues to reflect the company's
below-average financial risk profile, marked by small net worth,
high gearing, and weak debt protection metrics. The rating of the
company is also constrained on account of the susceptibility of
SKS's profitability margins to volatility in raw cotton prices,
large working capital requirements and its exposure to regulatory
changes and intense competition in the cotton ginning industry.
These rating weaknesses are partially offset by the extensive
industry experience of the promoters.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            100       CRISIL B/Stable (Reaffirmed)
   Proposed Cash
   Credit Limit            20       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SKS will continue to benefit over the medium
term from its promoters' extensive experience in the cotton-
ginning business. The outlook may be revised to 'Positive' if
there is substantial and sustained increase in the company's scale
of operations, while maintaining its profitability margins, or if
there is substantial improvement in its capital structure on the
back of equity infusion from its promoters. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
SKS's profitability margins, or significant deterioration in its
capital structure caused most likely because of large debt-funded
capital expenditure or a stretch in its working capital cycle.

Set up as a private limited company in 2004 by Mr. T Ramkalyan,
Ms. T. Vijaya Lakshmi and Mr. T Surya Raghvendra, SKS is engaged
in ginning and pressing of raw cotton. The company's ginning unit
is based in Guntur (Andhra Pradesh).


SRI KRISHNA: CRISIL Reaffirms B+ Rating on INR125MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri Krishna
Agro Industries (SKAI) continues to reflect SKAI's modest scale of
operations in the intensely competitive rice milling industry and
its large working capital requirements.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            125       CRISIL B+/Stable (Reaffirmed)
   Foreign Letter of
   Credit                  13       CRISIL B+/Stable (Reaffirmed)
   Long Term Loan          20.4     CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      21.6     CRISIL B+/Stable (Reaffirmed)

The rating also factors in the firm's susceptibility to changes in
paddy prices and government regulations, and below-average
financial risk profile marked by its modest net worth, high
gearing, and below average debt protection metrics. These rating
weaknesses are partially offset by its partners' extensive
industry experience.
Outlook: Stable

CRISIL believes SKAI will continue to benefit over the medium term
from its partners' industry experience. The outlook may be revised
to 'Positive' in case of substantial and sustained increase in the
firm's scale of operations, while maintaining its profitability,
or there is substantial increase in net worth because of sizeable
equity infusion by partners. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in profitability,
or significant deterioration in capital structure, caused most
likely by a stretch in working capital cycle.

Set up in 2001 as a partnership firm by Mr. V Ramulu and his
family members, SKAI mills and processes paddy into rice, and
generates by-products such as broken rice, bran, and husk. Its
milling unit is in Nizamabad (Telangana).


SRISHTI INFRASTRUCTURE: ICRA Assigns B+ Rating to INR3.5cr Loan
---------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA] B+ to the INR3.70
crore fund based bank facilities of Srishti Infrastructure Ltd
(SIL). ICRA has also assigned its short term rating of [ICRA] A4
to the INR7.30 crore non fund based facilities of the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   CC                    3.50         [ICRA]B+; assigned
   Unallocated           0.20         [ICRA]B+; assigned
   Non Fund-Based
   Limits BG             7.30         [ICRA]A4; assigned

ICRA's ratings are constrained by the company's exposure to
geographic, project and client concentration risks as the majority
of the projects executed by SIL in the past and orders in hand are
located in three districts of Punjab, namely Amritsar, Jalandhar
and Ludhiana; furthermore, the two largest projects contribute to
82% of the outstanding order book and are from the same client.
The ratings also take into account the high competitive intensity
at the project bidding stage, on account of the presence of a
large number of qualified civil contractors and the stretched
liquidity position of the company as reflected in the high
utilization of its working capital facilities. The ratings
however, favorably factor in the extensive experience of the
promoters, of over 15 years, in the construction sector and the
company's established relationships with reputed real estate
developers, which have translated into repeat orders in the past.
Furthermore, the company has a moderate order book which provides
healthy revenue visibility. The ratings also factor in the steady
growth in SIL's operating scale and its ability to maintain profit
margins. ICRA also takes note of the company's moderate financial
profile with moderate gearing and coverage indicators.
Going forward, the ability of company to increase its scale of
operations by winning new orders, while maintaining profitability,
and timely execution of the order book will be the key rating
sensitivities.

SIL incorporated in 1998, is a group company of Srishti
Constructions and is based in Jalandhar, Punjab. SIL undertakes
construction in diversified fields including group housing,
commercial buildings, institutional buildings and other
infrastructure projects.

Recent Results
The company reported a net profit of INR1.44 crore on an operating
income of INR44.25 crore in FY14 as against a net profit of
INR0.92 crore on an operating income of INR28.58 crore in FY13.
The company, on a provisional basis, reported an operating income
of INR37.70 crore in FY15.


SUNTON CERAMICS: CRISIL Reaffirms B+ Rating on INR60.4MM Loan
-------------------------------------------------------------
CRISIL's rating on the long term bank facilities of Sunton
Ceramics Pvt Ltd (SCPL) continues to reflect SCPL's modest scale
of operations in the highly competitive ceramics industry, and its
large working capital requirements. These rating weaknesses are
partially offset by the extensive industry experience of SCPL's
promoters and the proximity of its manufacturing facilities to raw
material and labour sources.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           30        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     9.6      CRISIL B+/Stable (Reaffirmed)
   Term Loan             60.4      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SCPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports higher
than expected accruals with significant increase in the revenues,
thereby improving its financial risk profile, including its
liquidity. Conversely, the outlook may be revised to 'Negative' in
case of low accruals because of reduced profitability, or
weakening of financial risk profile, most likely because of
stretch in working capital cycle or substantial debt-funded
capital expenditure.

Update
Revenue of the company stood at around INR193.5 million in 2014-15
(refers to financial year, April 1 to March 31) which was its
first full year of operations. Operating profitability of the
company was around 13.6% in 2014-15; it generated accruals of
INR14.4 million in 2014-15. The company has recorded revenues of
around INR80-90 million till the end of August'15 and CRISIL
expects the company to have a revenue growth of 8-10% over the
medium term, while largely sustaining its operating profitability.

Gearing of the company stood at around 1.69 times as on 31st
March'15 on the back of modest networth and debt-funded capex.
CRISIL expects the financial risk profile of the company to
improve over the medium term on the back of steady accretion to
reserves and no debt-funded capex plans in future. Debt-protection
metrics of the company are comfortable with interest coverage and
NCATD of 2.3 times and 0.18 times respectively in 2014-15.

The company has large working capital requirements, marked by a
GCA of around 169 days as on 31st March'15, on the back of
moderate inventory & debtor days. However, the liquidity profile
of the company is supported through credit availed from suppliers
and unsecured loans being brought-in by partners (amounting to
around INR15 million at the end of 2014-15) resulting in bank
limits being utilized at an average of around 93% over the 12
months ending March'15. CRISIL expects the company to generate
accruals of INR15.5 million in 2015-16 against a repayment
obligation of INR11 million during the same period.

SCPL, incorporated in 2013, is promoted by the Morbi (Gujarat)-
based Mr. Harjivanbhai Mahot, Mr. Kantilal Goriya, Mr. Ketanbhai
Aghara, Mr. Bharatbhai Raiyani, and Mr. Jagdishbhai Goriya. The
company manufactures wall tiles at its facilities in Morbi. It
commenced commercial operations in January 2014.

For 2014-15, the company reported a profit after tax (PAT) of 4.1
million on net sales of 193.5 million; the company reported net
losses of INR2.33 million on net sales of INR17 million in 2013-
14.


SUPER HI-TECH: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Super Hi-Tech Engineers
& Contractors (SHEC) continue to reflect the firm's modest scale
of operations in the intensely competitive construction industry,
a high degree of geographical and project concentration in its
order book, working-capital-intensive operations, and its small
net worth limiting its financial flexibility.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         45       CRISIL A4 (Reaffirmed)
   Cash Credit            50       CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by the extensive experience
of SHEC's promoters in the construction industry and the firm's
above-average financial risk profile, marked by low gearing and
robust debt protection metrics.
Outlook: Stable

CRISIL believes that SHEC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is substantial and
sustained improvement in the firm's profitability margin, while
registering healthy revenue growth, or there is a substantial
increase in its net worth on the back of sizeable capital addition
by its partners. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in SHEC's profitability
margin, or a significant deterioration in its capital structure
caused most likely because of a large, debt-funded capital
expenditure programme or a stretch in its working capital cycle.

SHEC was set up in 1997 as a partnership firm by Mr. Mohammed
Nazeeruddin and his sons, Mr. Mohammed Zaheeruddin, Mr. K M
Salahuddin, and Mr. Mohammed Nayeemuddin. The firm, based in
Hyderabad, undertakes construction of roads, primarily for
government undertakings.


V.D. MOTORS: CARE Assigns B+ Rating to INR18cr LT Loan
------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of V.D.
Motors Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      18        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of V.D. Motors Private
Limited (VMPL) is constrained on account of its thin profitability
margins, decline in the scale of operations in FY15 (refers to the
period April 1 to March 31) highly leveraged capital structure and
weak debt coverage indicators. The rating is further constrained
on account of its limited bargaining power with its principal
automobile manufacturer, working capital intensive nature of
operations and presence in a highly competitive industry.

The rating, however, derives strength from the long-standing
experience of the promoters in the business of automobile
dealership and long and established relationship with leading
Original Equipment Manufacturer (OEM), ie, Mahindra and
Mahindra (M &M).

The ability of the company to increase its scale of operations
alongwith improvement in its profitability as well improvement in
the solvency position and debt coverage indicators and efficient
working capital management are the key rating sensitivities.

VMPL was incorporated in 1998 by Mr Rajendra Singh Godara, and Mr
Vikas Godara. The company was awarded automobile dealership of
Mahindra & Mahindra Ltd. (M&M, rated 'CARE AAA/CARE A1+') in 1998
and at present is involved in the sale of passenger and commercial
vehicles of M&M. The company currently operates through three 3S
(Sales, service and spares) showrooms each at Sri Ganganagar,
Hanumangarh and Nohar apart from 1S (sales) offices each at
Anupgarh, Suratgarh and Bhadra within Rajasthan region.

The promoters have also promoted Sonak Automobile Pvt. Ltd. which
has dealership of Toyota vehicles in Sri Ganganagar, Rudrashree
Automobile Pvt. Ltd. which has dealership of Honda two-wheelers in
Sri Ganganagar, Shree Amba Bajaj which has dealership of Bajaj
two-wheelers in Sri Ganganagar and VD Autowheels Pvt. Ltd. which
has dealership of Honda twowheelers in Delhi.

During FY14, VMPL reported a total opearting income (TOI) of
INR102.63 crore (FY13: INR87.25 crore) with a PAT of INR0.22 crore
(FY13: INR0.19 crore). Furthermore, as per the provisional results
of FY15, VMPL reported a TOI of INR90.06 crore with PBT of INR0.37
crore.


V.K. GUPTA: CRISIL Reaffirms B- Rating on INR45MM Cash Loan
-----------------------------------------------------------
CRISIL's ratings continue to reflect V.K. Gupta and Associates
(VKG's) small scale of operations in the intensely competitive
civil construction industry.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         145       CRISIL A4 (Reaffirmed)
   Cash Credit             45       CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      10       CRISIL B-/Stable (Reaffirmed)

The ratings also factor in the firm's weak financial risk profile
marked by weak debt protection metrics and high gearing due to
working capital cycle. These rating weaknesses are partially
offset by the promoters' extensive industry experience.
Outlook: Stable

CRISIL believes that VKG will continue to benefit over the medium
term from the promoters' extensive experience in the civil
construction industry. The outlook may be revised to 'Positive' if
significant and sustained improvement in scale of operations and
profitability results in stronger liquidity. Conversely, the
outlook may be revised to 'Negative' if stretch in working capital
cycle, substantial capital withdrawals by the partners, or
increase in exposure to affiliate companies weakens the key credit
metrics.

VKG was set up as a partnership firm in 2000 by Mr. V K Gupta, his
wife Ms. Dimple Gupta, and their son Mr. Saksham Gupta. The firm
undertakes civil construction works, such as construction of
bridges, in Punjab, Haryana, Himachal Pradesh, and Uttarakhand.



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


BERAU COAL: Caribbean Court Loan Dispute Clouds Debt Workout
------------------------------------------------------------
David Yong and Christopher Langner at Bloomberg News report that a
legal dispute between PT Berau Coal Energy's parent and one of its
lenders is threatening to complicate the Indonesian coal miner's
debt restructuring.

Bloomberg relates that Austria's Raiffeisen Bank International AG
has begun court proceedings in the British Virgin Islands in a bid
to liquidate Asia Coal Energy Ventures Ltd., Berau Coal's 85%
owner, arguing that the investment vehicle reneged on a
$120 million loan-purchase signed in May.  ACE, 100% funded by
Indonesia's Sinarmas group, paid $50 million and withheld the rest
because some collateral for the facility is missing, Bloomberg
discloses citing ACE's court statements. The case was heard on
Sept. 16 and Justice Barry Leon reserved his decision, the report
says.

Bloomberg, citing independent research firm CreditSights Inc.,
relates that a decision in Raiffeisen Bank's favor threatens to
derail a debt restructuring that Berau Coal signed with a majority
of bondholders in July involving $950 million of notes.  Bloomberg
notes that Berau Coal failed to repay $450 million of U.S.
currency debentures that month in Indonesia's biggest default this
year. Sinarmas's ACE defeated British banking scion Nathaniel
Rothschild in July in a takeover battle for a U.K. company whose
main asset was Berau Coal, Bloomberg recalls.

"The legal dispute may make Berau bondholders more nervous about
Sinarmas' willingness to pay," Bloomberg quotes Sandra Chow, a
Singapore-based high-yield analyst at CreditSights, as saying.
"The Berau restructuring, which looked like it was proceeding to
plan a few months ago, now looks in jeopardy."

ACE paid Raiffeisen Bank $50 million earlier this year to acquire
soured loans whose collateral included, among other things, a
23.8% stake in London-based Asia Resource Minerals Plc, according
to a Sept. 8 affidavit filed by ACE's ultimate director Kin Chan
in response to a suit from the lender, Bloomberg relays. That was
a crucial part of Sinarmas's successful takeover. The other 15% of
Berau Coal's equity is owned by smaller shareholders, including
mutual funds and individuals, the report says.

                          About Berau Coal

PT Berau Coal Energy Tbk ("BCE"), a public company incorporated
under the laws of the Republic of Indonesia, is in the business of
the mining and export of thermal coal and is the fifth largest
coal producer in Indonesia in terms of production volume. The BCE
Group supplies coal domestically and internationally.  PT Berau
Coal ("Berau Coal") (which is beneficially owned as to 90% by BCE)
is the BCE Group's key operating asset. Berau Coal has licenses to
conduct coal mining activities in various concession areas in East
Kalimantan, Indonesia until April 26, 2025.

The most substantial shareholder of BCE, holding 84.7% of the
issued and paid up share capital, is Asia Resource Minerals plc
("ARMs"), a public company incorporated under the laws of England
and Wales.

BCE has an interest, either directly or otherwise, in a total of
18 entities incorporated in various jurisdictions.

As reported by the Troubled Company Reporter-Asia Pacific on
Sept. 15, 2015, Standard & Poor's Ratings Services affirmed and
withdrew its 'SD' long-term corporate credit rating and ASEAN
regional scale rating on Indonesian coal producer PT Berau Coal
Energy Tbk. (Berau Energy) because of a lack of sufficient
information to maintain the ratings.  S&P also affirmed and
withdrew the issue ratings on the outstanding notes that the
company issued or guarantees.  S&P is not able to ascertain
whether the company will pay interest on its US$500 million senior
notes due Sept. 13, 2015.

Standard & Poor's lowered its long-term corporate credit rating on
Berau Energy to 'SD' on July 9, 2015, following the company's
announcement that it had obtained a moratorium by a Singapore
court against legal and enforcement actions by holders of US$450
million notes due July 8, 2015, issued by Berau Capital Resources
Pte. Ltd., a subsidiary of Berau Energy.



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


KUMHO INDUSTRIAL: Creditors Near Deal on Stake Sale
---------------------------------------------------
Yonhap News Agency reports that Kumho Asiana Group and creditor
banks have nearly reached an agreement to resell a majority stake
in Kumho Industrial Co., the group's de facto holding company,
back to its chairman, a move that is expected to put an end to
Park's years-long efforts to restore the conglomerate to its
former size.

The news agency relates that the creditors led by the state-run
Korea Development Bank said it notified the company of the final
price of the stake sale, which was set at KRW722.8 billion
(US$607.7 million) in total.

They charged KRW41,213 per share for a 50% plus one share in Kumho
Industrial. The creditors hold a combined 57.7% stake in the
construction firm, Yonhap says.

According to the report, Group Chairman Park Sam-koo quickly
responded to the notice, saying that he will accept the price
offer and sign a deal with the creditors as soon as possible.

He did not give details on the timing of the contract, but he may
push the signing of the stake purchase contract to later this
week, Yonhap relates.  The signing was initially scheduled on
Sept. 30, Yonhap discloses.

If Park successfully completes the takeover of Kumho Industrial,
he will regain management control over South Korea's 25th largest
business group, including Asiana Airlines Inc., the second-largest
air carrier, for the first time in six years, says the report.

Since 2009, Kumho Industrial has been under a creditor-led workout
program following a liquidity crunch. Many of the group's
affiliates were sold in bundles to other investors, the report
notes.

Kumho Industrial owns a 30.08% stake in Asiana Airlines, who has a
100% stake in Kumho Terminal and 46% in local low-cost carrier Air
Busan Co., according to Yonhap.

Kumho Industrial Co., Ltd. is a Korea-based company principally
engaged in the construction business. The Company operates its
businesses through construction division, which involves in the
architectural construction, civil engineering, housing
construction, plant and environment engineering; real estate
leasing division, which involves in the leasing of hotels and
other properties, including residence, commercial properties,
offices and others; transportation division, which involves in the
high speed bus and air transportation, as well as other division,
which involves in the facility management services.



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


FIJI: Moody's Assigns Provisional B1 Rating to US$ Bond Offering
----------------------------------------------------------------
Moody's Investors Service has assigned a provisional rating of
(P)B1 to the Government of Fiji's announced U.S. dollar-
denominated bond offering.

Moody's expects to remove the provisional status of the rating
upon the closing of the proposed issuance and a review of its
final terms.

RATINGS RATIONALE

Fiji's B1 senior unsecured government bond and issuer ratings and
stable outlook are supported by the country's improved economic
growth performance in recent years and the positive impact of the
recent restoration of electoral democracy.  These strengths are
balanced against the country's small scale and narrow economic
base dependent on agriculture and tourism, as well as the recent
widening of fiscal deficits that could add to its moderately large
debt burden.

The peaceful transition in power following elections in 2014 has
bolstered confidence and investment.  This has helped to sustain
the longest streak of uninterrupted economic expansion in its
recent economic history.  The average growth rate of 5.0% since
2013 is much higher than the 1.3% annual rate recorded over the
previous decade between 2003 and 2012.  The elections have also
facilitated Fiji's re-engagement with both multilateral and
bilateral development partners, and financial and technical
assistance has resumed.

However, fiscal consolidation has paused in the past two years as
the government has recorded wider fiscal deficits.  Although the
government's debt metrics have improved due to strong nominal GDP
growth, it has increasingly tapped external sources to finance its
deficits.  This has led to an increase in the share of its debt
denominated in foreign currency, rendering the government more
susceptible to potential balance of payment shocks and exchange
rate volatility.

Nevertheless, risks to government liquidity are mitigated by the
presence of the Fiji National Provident Fund as a captive source
of domestic financing.  As of end-2014, the fund held about 60% of
the government's total outstanding local currency-denominated
debt.  The passage of key reforms in 2011 enhanced the fund's
actuarial sustainability and lowered contingent risks to the
government.

A positive rating action could be prompted by a reduction in the
government's debt burden, which continues to be weak relative to
similarly rated countries.  Conversely, a deterioration of
recently stabilized government debt metrics would be credit
negative.  An escalation of political risks, which would likely
lead to a return to weaker growth conditions or a reemergence of
BoP pressures, could also result in downward rating pressure.

This credit rating and any associated review or outlook has been
assigned on an anticipated/subsequent basis.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2013.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***