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        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

          Thursday, October 15, 2015, Vol. 18, No. 204


                            Headlines


A U S T R A L I A

EVEREST SPICE: First Creditors' Meeting Set For Oct. 21
FORTIETH TALFEB: Clifton Hall Appointed as Liquidator
MONCRIEFF FABRICATIONS: First Creditors' Meeting Set For Oct. 20


C H I N A

BAODING TIANWEI YINGLI: Defaults on Bond Payment Due Oct. 13
* Chinese Auto Loan Delinquencies Stable in Q2 2015, Moody's Says


I N D I A

A.R.C MILLS: CARE Reaffirms B+ Rating on INR7.80cr LT Loan
BADARPUR FARIDABAD: CARE Reaffirms D Rating on INR388.21cr Loan
BCC ESTATES: ICRA Suspends 'D' Rating on INR25cr Bank Loan
BHASKARA PADMA: ICRA Suspends B Rating on INR22cr Loan
BHATIA COKE: ICRA Upgrades Rating on INR204cr LT Loan to 'B'

DC WOVENSACK: ICRA Reaffirms B Rating on INR6.60cr Term Loan
GAUTHAM JAHNAVI: ICRA Suspends C+ Rating on INR9cr Loan
KAMLESH GREENCRETE: ICRA Assigns 'D' Rating to INR15cr LT Loan
KINGFISHER: Allegedly Diverted Part of Loans to Tax Havens
MAHESH AGRI: ICRA Lowers Rating on INR21cr Fund Based Loan to D

MAXIMO CERAMIC: CRISIL Reaffirms B+ Rating on INR49.2MM Term Loan
MEHRA MAC: ICRA Suspends B-/A4 Rating on INR10cr Bank Loan
MINAKSHI RURAL: ICRA Lowers Rating on INR5.10cr Term Loan to D
MK BUILDERS: CRISIL Assigns 'B' Rating to INR400MM LT Loan
MODERN AGRO: ICRA Reaffirms B+ Rating on INR7.50cr LT Loan

NARAYAN BUILDERS: ICRA Withdraws B Rating on INR85cr Loan
NEW LAKSHMI: CARE Reaffirms B+ Rating on INR17.50cr LT Loan
PARAM AGENCY: CRISIL Lowers Rating on INR130MM Cash Loan to D
PATNA BAKHTIYARPUR: Ind-Ra Suspends 'IND BB+' Bank Loans Rating
PRATIK HOSIERY: CRISIL Ups Rating on INR20MM Cash Loan to B-

RAJASTHAN IRON: ICRA Suspends B+ Rating on INR10.25cr Loan
RATNA COTTEX: CARE Assigns B Rating to INR6.25cr LT Loan
ROLAND CERAMIC: CRISIL Reaffirms B+ Rating on INR47.3MM Loan
SALSAN STEELS: CARE Revises Rating on INR19.40cr Loan to BB-
SAMRAT GEMS: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB-'

SARGAM METALS: ICRA Revises Rating on INR18.5cr Loan to 'B'
SHAKAMBARI FERRO: Ind-Ra Cuts Long-Term Issuer Rating to 'IND D'
SIDDHI COTTON: ICRA Reaffirms B+ Rating on INR12cr Cash Loan
SUNPAUL PROPERTIES: CARE Assigns B+ Rating to INR9cr LT Loan
SVR ELECTRICALS: ICRA Reaffirms B Rating on INR7cr Loan

SVR SPINNING: ICRA Suspends B Rating on INR17cr Fund Based Loan
U.S. INFRA: CRISIL Lowers Rating on INR150MM Project Loan to D
UMADUTT INDUSTRIES: Ind-Ra Cuts Long-Term Issuer Rating to IND D
UNICON ENGINEERS: ICRA Reaffirms 'B' Rating on INR8cr LT Loan
UTTORON ENGINEERING: ICRA Reaffirms B+ Rating on INR5cr Loan

VIJAY TRANSFORMERS: ICRA Reaffirms B- Rating on INR3.25cr Loan


M A L A Y S I A

1MALAYSIA: Critics Charged Over Financial Sabotage


N E W  Z E A L A N D

RENSHAW EDWARDS: Partner Sentenced for $347,000 Tax Fraud


P H I L I P P I N E S

LEGACY CONSOLIDATED: Trust Fund to be Part of Liquidation Process


S I N G A P O R E

IVY LEE: Fights Wind Up Application Over Unpaid Loan


S R I  L A N K A

BIMPUTH FINANCE: Fitch Assigns BB(lka) National Long-Term Rating


X X X X X X X X

* Moody's Says Oil & Gas Sector Pressured by Declining Oil Prices


                            - - - - -


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


EVEREST SPICE: First Creditors' Meeting Set For Oct. 21
-------------------------------------------------------
Christopher John Baskerville and Trent Andrew Devine of Jirsch
Sutherland were appointed as administrators of Everest Spice
Investments Pty Ltd on Oct. 9, 2015.

A first meeting of the creditors of the Company will be held at
Christie Conference Centre, Level 7, 320 Adelaide Street, in
Brisbane, Queensland, on Oct. 21, 2015, at 10:00 a.m.


FORTIETH TALFEB: Clifton Hall Appointed as Liquidator
-----------------------------------------------------
Simon Miller of Clifton Hall was appointed Official Liquidator of
Fortieth Talfeb Pty Ltd on Oct. 13, 2015, by Order of the Supreme
Court of South Australia.


MONCRIEFF FABRICATIONS: First Creditors' Meeting Set For Oct. 20
----------------------------------------------------------------
Simon Thorn of PKF was appointed as administrator of Moncrieff
Fabrications Labour Services Pty Ltd on Oct. 9, 2015.

A first meeting of the creditors of the Company will be held at
PKF, 755 Hunter Street, in Newcastle, on Oct. 20, 2015, at
11:00 a.m.



=========
C H I N A
=========


BAODING TIANWEI YINGLI: Defaults on Bond Payment Due Oct. 13
------------------------------------------------------------
Bloomberg News reports that defaults in China are expanding with a
solar component maker the latest company to miss a bond payment,
as the nation's debt market flashes danger signs like equities did
before their tumble began four months ago.

Baoding Tianwei Yingli New Energy Resources Co., whose majority
holder was until last year the world's biggest solar panel company
by shipments, failed to make a complete payment on a note due on
October 13, Bloomberg relates citing a statement by Baoding posted
in the China Foreign Exchange Trade System website. The firm paid
only CNY643 million ($101.4 million) of CNY1 billion of principal
due, while making full payment on
CNY57 million of interest, it said, Bloomberg relates.

According to the report, China International Capital Corp. said
slowing economic growth is adding to strains in China's
CNY42.2 trillion bond market, which now has had five defaults this
year including China National Erzhong Group.  Bloomberg relates
that Nanjing Yurun Foods Co. said on October 12 it's not sure if
it can repay a note due next week. With yields at five-year lows,
stretched valuations have prompted Industrial Securities Co. and
Huachuang Securities Co. to warn of a bubble, Bloomberg reports.

"We will see more bond defaults in the coming year as the economic
slowdown deepens," Bloomberg quotes Liu Dongliang, a senior
analyst at China Merchants Bank Co. in Shenzhen, as saying.

Tianwei Yingli sold the notes in question in 2010, and they now
carry a 5.7 percent coupon. It said last week it planned to sell
idle land to raise funds for repayment, but won't get that
transaction done in time, the report says.

The company said it "will accelerate the work process to monetize
assets in order to repay the bond as soon as possible."  The
manufacturer cited the overall situation of the solar sector, and
said it's "maintaining close communication with investors and
associated brokers," notes the report.

The impact from the default will likely be limited, as the market
was expecting it, according to China Merchants' Liu, Bloomberg
relays.

Still, red flags in China's bond market are fueling concern, the
report states.  According to Bloomberg, Nanjing Yurun said it's
unsure it will meet an Oct. 18 deadline to pay CNY1.37 billion in
principal and interest on notes after its director was put under
house arrest. That follows Kaisa Group Holdings Ltd., which became
the first Chinese developer to renege on a debt obligation in the
offshore bond market in April, after founder Kwok Ying Shing
resigned amid a corruption probe.

Bloomberg reports that Commerzbank AG puts the chance of a crash
in China's bond market by year-end at 20 percent, up from almost
zero in June. The slide in stocks that started at that time is one
reason corporate securities have done well even as defaults mount,
says Bloomberg.

Bloomberg says many investors who sold shares during the Shanghai
Composite Index's 36 percent drop from its June high have plowed
the proceeds into bonds. Yields on top-rated corporate notes due
in five years have dropped 84 basis points this year to 3.97
percent, contrasting with a surge in credit default swaps on
China's sovereign debt last month to more than a two-year high.

Tianwei Yingli had losses of CNY325 million in 2014, it said in a
statement Sept. 29, Bloomberg discloses.  Baoding Tianwei Group
Co., which became the first state-owned company to default when it
reneged on payments in April, has an indirect stake in Tianwei
Yingli, and both are located in the northern town of Baoding,
according to Bloomberg.

Baoding Tianwei Yingli New Energy Resources Co., Ltd. designs and
manufactures integrated photovoltaic products. Its products and
services include multicrystalline polysilicon ingots and wafers,
photovoltaic (PV) cells, PV modules, and PV systems.


* Chinese Auto Loan Delinquencies Stable in Q2 2015, Moody's Says
-----------------------------------------------------------------
Moody's Investors Service says that the delinquency rates for
Chinese auto loan asset-backed securities (ABS) remained stable in
Q2 2015 from Q1 2015, ending the uptrend in delinquencies that
began when the 2014 vintage transactions were issued last year.

"Overall delinquent amounts in Chinese auto ABS actually decreased
in Q2 2015, but due to the rapid decline in the outstanding
portfolio balances, delinquency ratios remained stable," says Kan
Leung, a Moody's Assistant Vice President and Analyst.

"Looking ahead, we expect a modest rise in delinquencies as
recently closed transactions begin to season," adds Leung.
"China's economic slowdown, a weaker employment market, and the
volatile equity markets will weigh on borrowers' repayment
capability."

Leung was speaking on Moody's fourth quarterly review of Chinese
Auto ABS, entitled "Chinese Auto ABS: Delinquencies Stable in Q2
2015, but Likely to Increase Slightly."

The 30-day+ and 60-day+ delinquency rates of Chinese auto loan ABS
issued in 2014 were 0.32% and 0.13%, respectively, as of the end
of Q2 2015, unchanged from the prior quarter.  At the same time,
31- to 60-day delinquencies declined just one basis point to 0.18%
from 0.19% the previous quarter.

But the inclusion of four transactions issued in 2015 in the
delinquency calculations resulted in a substantial decrease in
delinquency rates.  This is because newly issued transactions
typically have fewer delinquent loans, because only non-delinquent
loans are eligible for inclusion in closing portfolios.

Meanwhile, the cumulative default/loss and 90-day+ delinquency
ratio of the 2014 vintage increased to 0.30% at end-Q2 2015 (14
months after close) from 0.24% at end-Q1 2015.  Overall, the ratio
remains low, although slightly higher than that of the 2012
vintage, the last time auto loan ABS were issued in China prior to
2014.

A total of three transactions were issued in the second quarter.
Including the transaction that closed in February, the four
transactions issued so far this year were all repeat issuances by
originators with previous auto loan ABS experience.

The four transactions issued so far this year have larger and more
granular loan pools than previous transactions, and the aggregate
initial portfolio balance of CNY20.1 billion already exceeds that
of all eight transactions issued in 2014.

In the second half of 2015, Moody's expects more transactions with
larger and more granular portfolios to come to market.  First-time
originators will enter the market, and existing originators will
sponsor repeat issuances, says the rating agency.  In addition,
the total number of transactions issued in 2015 will exceed that
of 2014.

Moody's report covers Chinese auto loan ABS transactions issued on
the national interbank bond market.  As of Q2 2015, there were 12
transactions outstanding with an initial portfolio balance of
CNY36.1 billion.



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


A.R.C MILLS: CARE Reaffirms B+ Rating on INR7.80cr LT Loan
----------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of A.R.C
Mills Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
  Long term Bank Facilities      7.80       CARE B+ Reaffirmed

Rating Rationale
The rating of the bank facilities of A.R.C. Mills Private Limited
(ARC) continues to be constrained by the small scale of
operations, susceptibility of profitability to volatile raw
material prices, working capital intensive nature of operations
and weak gearing and coverage indicators. The rating derives
strength from the experience of the promoters in a similar line of
business.

Going forward, the ability of the firm to scale up its operations,
improve its profitability and capital structure will be the key
rating sensitivities.

ARC was originally part of Sri Karunambikai Mills Ltd. Coimbatore,
incorporated in 1957 by the late Mr A R Chennimali Gounder. As a
result of a family arrangement and court order in 1994, the
ownership of this unit vested with A.R.C. Mills Limited.
Subsequently, ARC was converted into a private limited company in
2002. The company is engaged in cotton yarn spinning with 15,176
spindles. The day-to-day operations are managed by Mr S
Sivaramalingam (grandson of Mr A R Chennimali Gounder) who has
more than two decades of experience in the textile industry.

ARC has achieved a PAT of INR0.01 crore on a total operating
income of INR28.39 crore in FY15 (Provisional) as compared
with a PAT of INR0.01 crore on a total operating income of
INR26.70 crore in FY14. For Q1FY16, the company has earned
sales of INR6.18 crore.


BADARPUR FARIDABAD: CARE Reaffirms D Rating on INR388.21cr Loan
---------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Badarpur
Faridabad Tollway Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    388.21      CARE D Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Badarpur Faridabad
Tollway Ltd (BFTL) has been reaffirmed owing to delays in
servicing of interest on term loan. The liquidity position of the
company is constrained due to significant traffic leakage
occurring on account of the non-tolling operating road traversing
below the project highway, which adversely affected toll revenue
of BFTL.

Any significant change in toll revenues and/or O&M expenses
impacting the cash-flows remain the rating sensitivities.

BFTL is a Special Purpose Vehicle (SPV) incorporated by Hindustan
Construction Company Limited (HCC) to undertake the construction
of an Elevated Six Lane Highway of 4.4 km [from 16.10 km to 20.50
km (including its approaches)] on the Delhi-Agra stretch on
National Highway (NH-2) on Design Build Finance Operate and
Transfer (DBFOT) pattern under National Highway Development
Programme (NHDP). The Concession Agreement was signed between
National Highways Authority of India (NHAI) and BFTL on September
04, 2008 for a concession period of 20 years including
construction period of two years. The highway has become
operational from November 2010 onwards vis-a-vis the scheduled
commercial operation date (COD) of December, 2010.

BFTL reported loss of INR37.90 crore on a total operating income
of INR22.08 crore for FY15 (refers to period April 1 to March 31)
as against net loss of INR60.38 crore against a total operating
income of INR21.05 crore in FY14.

Credit Risk Assessment

Delays in servicing of debt obligations
The liquidity position of the company is constrained on account of
significant traffic leakage occurring on account of the non-
tolling operating road traversing below the project highway. There
is delay in servicing of interest on term loan since May 2014
owing to subdued growth in toll collection on account of continued
traffic leakage.

Strategic location of the stretch, however affected due to traffic
leakage

The project stretch, an elevated carriageway, is centrally located
on the existing Delhi-Agra section of NH-2, a highly congested
route which passes through Delhi, Haryana, Uttar Pradesh, Bihar,
Jharkhand, and West Bengal. The project stretch has five important
junctions namely Badarpur Thermal Power Station, Mehrauli,
Jaitpur, Sarai Bypass and Sector 37 Road Junction. However, the
project is affected by an existing road traversing from below the
highway resulting in revenue leakage and impacting the revenue
generation capacity of the project. The toll revenue has increased
by 5.6% yo-y to INR39.00 crore in FY15 (refers to the period April
1 to March 31), albeit lower than envisaged.


BCC ESTATES: ICRA Suspends 'D' Rating on INR25cr Bank Loan
----------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR25.00 Crore
bank facilities of BCC Estates Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

BCC Estate Private Limited (BEPL) is promoted by Bhatia Group of
Indore, and owns three floors covering an area of about 40,000
square feet in Viraj Tower, which is located on Western Express
Highway, Andheri (East), Mumbai. Initially, two floors covering an
area of ~27,000 square feet were given on leave & license basis to
Religare Reality Limited (RRL) and Hyundai Merchant Marine Private
Limited (HMMPL). However, in March 2013, RRL had vacated the
premises, which continues to remain vacant; and thus, currently
only one floor is leased out to HMMPL.


BHASKARA PADMA: ICRA Suspends B Rating on INR22cr Loan
------------------------------------------------------
ICRA has suspended [ICRA]B assigned to INR22.00 crore fund based
facilities of Bhaskara Padma Rice Industry. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

Bhaskara Padma Rice Industry (BPRI) was setup in November 2009 and
is engaged in the milling of paddy and produces raw and boiled
rice. The firm has a milling unit at Someswaram in East Godavari
District of Andhra Pradesh. BPRI has installed milling capacity of
67,500 MTPA. The rice is sold under the brand name of Vijetha.


BHATIA COKE: ICRA Upgrades Rating on INR204cr LT Loan to 'B'
------------------------------------------------------------
ICRA has upgraded the long term rating to [ICRA] B from [ICRA] D
and the short term rating to [ICRA] A4 from [ICRA] D for INR300.00
Crore fund-based and non fund-based bank facilities of Bhatia Coke
& Energy Limited (BCEL).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund-
   Based                204.00       [ICRA]B (Upgraded)

   Long Term Non
   Fund-Based            31.00       [ICRA]B (Upgraded)

   Short Term Non
   Fund-Based            65.00       [ICRA]A4 (Upgraded)

The ratings upgrade factors in restructuring of the company's debt
obligations, whereby the debt servicing burden has eased
considerably. While the earlier repayment schedule was bulky
compared to level of profits and accruals in back drop of weak
capacity utilization, the repayment burden has declined
considerably as a moratorium period of two years has been provided
for the term loans, besides the change in residual repayment tenor
of term loans to about 8 years from about 3 years earlier. With
the easing of repayment burden, the debt servicing track record of
the company has been satisfactory since April 2015, with timely
servicing of debt.

Earlier, while easing of liquidity profile in FY14 subsequent to
equity infusion and shoring up of working capital with long term
debt had facilitated improved capacity utilization of 77% against
68% in FY13; the subsequent slowdown in order inflow due to
slowdown in domestic steel industry and cheaper imports of Coke
had driven considerable decline in capacity utilization as well as
profitability during FY15, thereby driving cash flow mismatches in
back drop of sizeable repayment burden.

As a result of above factors, the manufacturing capacity has not
been utilized at high levels on consistent basis for last three
years, which has been resulting in weak profitability. The
improvement in capacity utilization in-turn remains contingent on
the performance of the end user industry for Coke, i.e. steel
industry, which has been witnessing demand and pricing pressures.
The concentrated exposure to weak clientele also exposes the
company to risk of delay in realizing receivables as reflected in
overdue debtors of more than 6 months till FY14 and write-off of
about INR22 crore (6% of FY14 sales and 46% of FY14 closing
debtors) in FY15.

While assigning the rating, ICRA has also taken into account risks
arising from large contingent liabilities of BCEL on account of
corporate guarantees extended for loans availed by group entities,
which are under severe operational and financial stress. While
BCEL intends to not support the group entities, however,
historically, there have been significant inter-company
transactions within the group entities. Accordingly, any inter-
group transactions resulting in funding support to group entities
will be negative for the credit profile of the Company.
The ratings are however supported by favorable location of the
coke manufacturing plant near sea port, which eases the
flexibility to import coal; and nearness to the manufacturing
facilities of key customers. Further, ratings also favorably
factor in BCEL's enhanced cost competitiveness on account of
complimentary power generation using waste heat recovery and power
shortage in state of Tamil Nadu, thereby resulting in healthy
power sales realization.

Going forward, BCEL's ability to consistently achieve satisfactory
utilization of its capacities, and prudently manage working
capital cycle and exposure to volatility in raw material prices /
foreign exchange rates would determine its cash accruals and debt
servicing ability. These apart, any inter-group transactions
resulting in funding support to group entities will be negative
for the credit profile of the Company and thus will be key rating
sensitivities.

Bhatia Coke and Energy Limited (BCEL) is promoted by Bhatia Group
of Indore, and is engaged in business of coke manufacturing and
power production using waste heat recovery mechanism. BCEL was
incorporated in June 2008; however, it didn't undertake any
operations till business transfer agreement was signed with
erstwhile flagship company of Bhatia Group i.e. Bhatia
International Limited, which has been renamed to Asian Natural
Resources (India) Limited (ANRIL). As a part of Bhatia Group's
restructuring plans, coke manufacturing unit having capacity of
1,68,000 MTPA and 10MW power plant based on waste heat recovered
from coke oven plant were transferred to BCEL. The effective date
of transfer of business to BCEL was October 2009; however, actual
transfer happened in February 2011 after appraisal and approval of
bankers. During the interim period, ANRIL undertook business on
behalf of BCEL and transferred to it profit of about INR21 crore
earned from this business division during the period October 2009
to February 2011.

Subsequently in FY13, BCEL completed brown-field capacity
expansion program at its unit in Gummidipoondi, Tamil Nadu,
whereby coke manufacturing capacity was doubled to 3,40,000 MTPA
and power generation capacity was increased to about 22.5 MW.
In FY15, BCEL reported an Operating Income (OI) of INR345.0 crore
and net loss of INR20.8 crore against OI of INR366.3 crore and
Profit after Tax (PAT) of INR17.9 crore reported in FY14.


DC WOVENSACK: ICRA Reaffirms B Rating on INR6.60cr Term Loan
------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B for the
INR6.60 crore term loan facility and the INR3.25 crore cash credit
facility of DC Wovensack Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund-Based Limits:
   Term Loan              6.60       [ICRA]B/Re-affirmed

   Fund-Based Limits:
   Cash Credit            3.25       [ICRA]B/Re-affirmed

The rating re-affirmation continues to factor in the company's
nascent stage of operations with DWS reporting net loss in its
first operational year. The ratings also take into account the
debt funded nature of the project which has resulted in weak
capitalization and coverage indicators. The rating is further
constrained by high competitive pressures from conventional
plastic bag manufacturers, vulnerability of DWS's profitability to
adverse fluctuations in raw material prices, and the high working
capital intensity of operations.

The rating, however, favorably factors in the long experience of
the company's promoters in the woven fabric processing segment;
and the successful commissioning of the manufacturing plant
without any time and cost overruns.

DC Wovensack Private Limited (DWS) was incorporated in 2012, and
commenced operations from April 2014. The company, promoted by Mr.
Navalkumar Agarwal, has established a Polypropelene (PP) woven
fabric manufacturing unit at the Pipodara Village in Mangrol
district of Surat, Gujarat, with an annual installed capacity of
4,372.50 metric tons of woven fabric. Woven fabric is used to
produce woven sacks that are utilized as packaging material for
fertilizer, cement, food, sugar and chemical industries.

DWS reported a net loss of INR0.96 crore on an operating income of
INR10.64 crore in FY 2015.


GAUTHAM JAHNAVI: ICRA Suspends C+ Rating on INR9cr Loan
-------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]C+ assigned to
the INR3.0 crore fund based facilities and INR9.0 crore non-fund
based facilities of Gautham Jahnavi Constructions Private Limited.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund based facilities     3.00        [ICRA]C+ suspended
   Non-fund based
   facilities                9.00        [ICRA]C+ suspended

The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


KAMLESH GREENCRETE: ICRA Assigns 'D' Rating to INR15cr LT Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]D to the INR15.00
crore fund based facilities of Kamlesh Greencrete Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term, fund
   based facilities      15.00       [ICRA]D assigned

The assigned rating is constrained by the continued delays
witnessed in servicing the debt obligations of the company, owing
to tight liquidity position caused by lower than anticipated
sales, heavy losses incurred over the past few years and
significant interest and principal repayment obligations arising
out of the term loans taken for setting up the manufacturing
facility. The company has been witnessing lower than anticipated
demand for its Autoclaved Aerated Concrete (AAC) blocks in Tamil
Nadu, which has adversely impacted its revenues and profitability.
Competition from brick which is a close substitute is also high as
the brick industry is well established in the state of Tamil Nadu.
ICRA however, takes note of the extensive experience of promoters
in the construction industry and the positive long term demand
outlook for AAC blocks.

Kamlesh Greencrete Pvt. Ltd. (Kamlesh Greencrete/the company) was
established in 2011 with Mr. Mallikarjuna Rao Daggubati and
Kamlesh Daggubati as directors. The company was formed to
manufacture and supply Autoclaved Aerated Concrete, and has set up
a manufacturing facility was set-up in Gummidipoondi Taluk,
Thiruvallur District, Tamilnadu with a production capacity of
15,000 cubic meters per month which commenced operation in 2013.

For the 12 months ending March 2015, the company reported a net-
loss of INR4.80 crore on an operating income of INR5.71 crore
compared to net loss of INR2.83 crore on an operating income of
INR1.94 crore in FY 2014.


KINGFISHER: Allegedly Diverted Part of Loans to Tax Havens
----------------------------------------------------------
The Times of India reports that Kingfisher Airlines had allegedly
diverted a substantial chunk of INR4,000 crore in loans secured
from public sector banks to tax havens which has now come under
the scanner of the CBI that has expanded its probe in the matter.

Sources claimed the material recovered during searches on
October 10 indicated that the airlines, which stopped flights in
2012, has allegedly diverted part of loans taken from 11
nationalised banks, with total exposure of INR4,000 crore, to tax
haven countries for different purposes not specified in loan
applications, the report says.

TOI relates that sources claimed the agency will be expanding the
ambit of the probe from INR900 crore loan from IDBI bank to loans
received from 10 other public sectors banks as well which have
total additional exposure of INR3,100 crore to the company.

They said that the allegations of diverting the loan amount from
specified purposes to tax havens for different reasons will also
be probed by the agency.

The consortium of 17 banks had an outstanding of over INR7,000
crore on loans to Kingfisher with State Bank of India having the
highest exposure of INR1,600 crore, the report discloses.

The 10 public sector banks whose loans have come under the
scrutiny of CBI, besides IDBI, are UCO bank, Punjab National Bank,
State Bank of India, Vijaya Bank, Bank of Baroda, Corporation
Bank, Bank of India, United Bank of India, State Bank of Mysore
and Indian Overseas Bank, according to the report.

TOI says the banks will have to explain reasons for extending the
loan to the airlines, ignoring its own internal report which has
warned against such a move.

The sources remained tight lipped about the countries where such
transfers were made as they feel it might compromise the
information that they might be seeking through Letters Rogatory,
judicial requests, from these countries, the report notes.

"There was no need for the bank to take the exposure outside the
consortium when already other loans were getting stressed," a
senior CBI official, probing the matter, had earlier said, TOI
relays.

TOI notes that CBI has registered a case against Vijay Mallya,
Director of defunct Kingfisher Airlines, the company, A
Raghunathan, Chief Financial Officer of the Airlines, and unknown
officials of IDBI Bank in connection with alleged default of over
INR900 crore loan from the Bank.

It is alleged that the loan was sanctioned in violation of norms
regarding credit limits, the report says.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 15, 2014, Bloomberg News said Kingfisher has grounded planes
since October 2012.  The airline lost its operating license in
January last year after failing to convince authorities it
has enough funds to restart flights.

The airline defaulted on payments to lessors, creditors and
airports as losses widened amid rising fuel costs and competition.

According to Bloomberg News, Mr. Mirpuri said in an e-mail on
January 13 the airline continues its efforts to recapitalize and
restart services.

As reported in the TCR-AP on May 18, 2015, CRISIL's ratings on
bank loan facilities of Kingfisher Airlines Ltd (KFAL) continue to
reflect delays by KFAL in servicing its debt; the delays have been
caused by the company's weak liquidity and continued losses at the
operating level. Losses in the past seven years have resulted in a
complete erosion of KFAL's net worth, leading to its weak
financial risk profile. Presently, the company does not carry out
any commercial operations.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          8940       CRISIL D (Reaffirmed)

   Funded Interest
   Term Loan            2260       CRISIL D (Reaffirmed)


   Long Term Loan       5970       CRISIL D (Reaffirmed)

   Rupee Term Loan     35270       CRISIL D (Reaffirmed)

   Short Term Loan       390       CRISIL D (Reaffirmed)

   Working Capital
   Term Loan            2990       CRISIL D (Reaffirmed)


MAHESH AGRI: ICRA Lowers Rating on INR21cr Fund Based Loan to D
---------------------------------------------------------------
ICRA has downgraded the long term rating assigned to the INR24.05
crore fund-based & non-fund based bank facilities of Mahesh Agri
Exim Private Limtied from [ICRA]B to [ICRA]D.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Bank
   Limits EPC(Stocks)    21.00       [ICRA]D; Downgraded

   EBD/EBP/EBN            1.00       [ICRA]D; Downgraded

   Advances against      (9.00)      [ICRA]D; Downgraded
   Bills sent on
   Collection basis
  (Sublimits of EPC)

   Non Fund Based Bank    1.25       [ICRA]D; Downgraded
   Limits Bank Guarantee

   Forward Contract       0.80       [ICRA]D; Downgraded

The ratings downgrade takes into account the delays in meeting its
debt obligations.

Mahesh Agri Exim Private limited (MAEPL) was incorporated in 1997
by Mr. Hirji Thakker and Mr. Mahesh Thakker to carry out agri
commodity trading. MAEPL is primarily engaged in the trading of
oilseeds, chick peas, pulses, beans, cereals, oilseeds, spices,
grains, animal feed and bird feed.


MAXIMO CERAMIC: CRISIL Reaffirms B+ Rating on INR49.2MM Term Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Maximo Ceramic (Maximo)
continues to reflect the firm's modest scale of operations in the
highly competitive ceramics industry and working-capital-intensive
operations. These rating weaknesses are partially offset by the
extensive industry experience of the promoters and the proximity
of its manufacturing facilities to raw material and labour
resources.

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

   Proposed Long Term
   Bank Loan Facility     0.8     CRISIL B+/Stable (Reaffirmed)

   Term Loan             49.2     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Maximo will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' in case of an improvement in scale of
operations while profitability is maintained, leading to larger-
than-expected cash accrual, or if the working capital cycle
improves. Conversely, the outlook maybe revised to 'Negative' if
liquidity deteriorates driven by a decline in profitability, a
stretch in the working capital cycle, or substantial debt-funded
capital expenditure.

Update
Maximo's revenue grew by about 20 per cent to INR123 million in
2014-15 (refers to the financial year April 1 to March 31) from
INR102 million in the previous year, backed by increase in orders.
The operating profitability, however, reduced to about 9 per cent
from 11.4 per cent over this period, mainly on account of increase
in raw material prices and operating overheads. The firm's working
capital cycle remains stretched because of gross current assets of
over 200 days as on March 31, 2015, and high working capital limit
utilisation at an average of about 84 per cent over the past.

The financial risk profile remains moderate with gearing of about
1.03 times and net worth of about INR    46 million, as on
March 31, 2015. The interest coverage ratio was about 2.6 times in
2014-15.

Maximo, set up in 2011, is promoted by the Morbi (Gujarat)-based
Kasundra and Agarwal families. The firm manufactures digital
ceramic wall tiles at its facilities in Morbi.


MEHRA MAC: ICRA Suspends B-/A4 Rating on INR10cr Bank Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- and short term
rating of [ICRA]A4 assigned to INR10.00 crore bank facilities of
Mehra Mac Industries Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

Mehra Mac Industries Pvt Ltd (MMIPL) was incorporated in 2011 to
set up a copper wire-rod manufacturing unit with an installed
capacity of 1200 MTPA. The commercial production of the plant
started in Sept' 2012. The manufacturing unit of the company is
located at APIIC Automotive Park, Medak district and is promoted
by Mr. Suresh Mehra, who has been involved in trading and
manufacturing of copper wire products for over a decade. The
product profile includes copper wire rod with diameter in the
range of 8mm to 20 mm and bare copper wires of 2mm to 8 mm
diameter which finds application in electrical, fan industry,
relays & transformer industries.


MINAKSHI RURAL: ICRA Lowers Rating on INR5.10cr Term Loan to D
--------------------------------------------------------------
ICRA has revised the long term rating for the INR5.10 crore* term
loan facilities, INR0.60 crore fund based facilities and INR1.30
crore unallocated limit of Minakshi Rural Agri Business Private
Limited, from [ICRA]B- to [ICRA]D. ICRA has also revised the short
term rating assigned to INR1.30 crore unallocated limits from
[ICRA]A4 to [ICRA]D.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan             5.10       [ICRA]D downgraded from
                                    [ICRA]B-

   Fund based limits     0.60

   Unallocated limits    1.30       [ICRA]D/[ICRA]D downgraded
                                    from [ICRA]B-/[ICRA]A4

The revision in the rating considers the delays observed in timely
servicing of debt obligations by the company.

Incorporated in 2010, MRABL is promoted by Mr. Awadesh Gupta, Mr.
S. Bahadur Ray, Mr. Jaiswal and his friends. The company is
engaged in the business of providing cold storage facility to
farmers and traders on a rental basis. The multipurpose storage
unit is located in Begusarai, Bihar with an annual storage
capacity of 11,200 tonnes. The company is also engaged in trading
of agri commodities.


MK BUILDERS: CRISIL Assigns 'B' Rating to INR400MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of MK Builders and Developers (MKBD).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term
   Bank Loan Facility      400       CRISIL B/Stable

   Corporate Loan           50       CRISIL B/Stable

   Project Loan             30       CRISIL B/Stable

The rating reflects MKBD's susceptibility to risks related to the
completion and saleability of its ongoing real estate residential
projects in Vishakhapatnam (Andhra Pradesh), and to cyclicality in
the real estate industry. These weaknesses are partially offset by
the established regional presence of MKBD's partners, backed by
their extensive experience in the residential real estate
development segment.
Outlook: Stable

CRISIL believes MKBD will continue to benefit from its established
track record in the real estate industry in Vishakhapatnam, and
the extensive industry experience of its partners. The outlook may
be revised to 'Positive' if the firm reports earlier-than-expected
completion, and sale of its projects, thereby improving its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if there are delays in project completion, or in the
receipt of advances from customers, or if the firm undertakes a
large, debt-funded project, thereby weakening its financial risk
profile.

Established in 2002 as a partnership entity, MKBD constructs and
sells real estate projects in and around Vishakhapatnam. The firm
is promoted by Mr. M Rathniah and Mr. Ramakrishna Rao.


MODERN AGRO: ICRA Reaffirms B+ Rating on INR7.50cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR7.50 crore long term fund based limits of Modern Agro Mills.
                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   Based Limits           7.50       [ICRA]B+; (reaffirmed)

ICRA's rating continues to take into account Modern Agro Mills'
elevated gearing levels due to large working capital requirements,
which have been primarily funded by working capital borrowings and
unsecured loans. The firm's small scale of operations coupled with
the low value additive nature of the rice milling industry has
resulted in low profit margins. The low margins coupled with high
gearing have resulted in weak coverage indicators as reflected in
interest coverage of 1.47 times during FY 2014-15. The rating also
takes into account the high intensity of competition in the rice
milling industry and agro climatic risks, which can affect the
availability of paddy in adverse weather conditions. However, the
proximity of the mill to major rice growing areas results in easy
availability of paddy and mitigates this risk to a certain extent.
The ratings also derive comfort from the extensive experience of
the partners in the rice industry and their strong relationships
with their customers and suppliers.

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

Modern Agro Mills was established in 2008 as a partnership firm by
Mr. Nishant Malik and his family members. The firm is engaged in
trading and milling of basmati and non basmati rice. The firm's
milling unit is located in Karnal, Haryana and has an installed
capacity of 8 tonnes per hour.

Recent Results
Modern Agro Mills reported a net profit of INR0.19 crore on an
operating income of INR29.42 crore in FY 2014-15, as compared to a
net profit of INR0.20 crore on an operating income of INR31.65
crore in the previous year.


NARAYAN BUILDERS: ICRA Withdraws B Rating on INR85cr Loan
---------------------------------------------------------
ICRA has withdrawn the [ICRA] B rating assigned to the INR85 crore
Term Loans of Narayan Builders And Developers. The rating has been
withdrawn at the request of the company as there is no amount
outstanding against the rated instrument.

Established in 2006, NBD is a partnership firm engaged in the
development and construction of housing projects. The firm is
currently executing its maiden high-rise housing project - Urbana
Jewels near Madrampura, Sanganer road in Jaipur (Rajasthan) on a
land parcel of 20 acres. The project involves construction of 1200
flats which are spread across 12 towers.


NEW LAKSHMI: CARE Reaffirms B+ Rating on INR17.50cr LT Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of
New Lakshmi Jewellery.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    17.50       CARE B+ Reaffirmed

Rating Rationale

The rating of the bank facilities of New Lakshmi Jewellery (NLJ)
continues to be constrained by modest scale of operations,
concentration of revenues from a single showroom, thin
profitability, elongated operating cycle due to high inventory
holding and associated price risk. The rating is also constrained
by the weak capital structure and presence of the firm in highly
fragmented industry.

The rating, however, factors in the long experience of the
promoters in similar line of business and the long operational
track record of the firm.

The ability of the firm to increase its scale of operations,
improve the profitability and effectively manage working capital
cycle are the key rating sensitivities.

NLJ was incorporated in July 1961 by Mr Palaniswamy. The firm has
been managed by his son Mr Eswaramoorthy since 1985. Subsequently,
with the addition of two partners, the constitution was changed
into partnership from 2002. NLJ is engaged in retailing of gold
jewellery (BIS Hallmarked), diamonds, silverware and platinum
jewellery and is operating one showroom located in Trichy. Apart
from retail outlet, NLJ has also ventured into export business in
FY15 (since December 2014; refers to the period April 1 to March
31).

The firm sells hallmark certified jewellery (since 2010) and
thereby ensures quality of the jewellery sold. Apart from the
jewellery business, the firm is also into electricity generation
through wind mills.

As per audited results for FY15, NLJ has achieved a PAT of INR0.23
crore on a total operating income of INR27.63 crore as compared
with PAT of INR0.48 crore on a total operating income of INR28.09
crore in FY14. In 5MFY16, the firm has achieved sales of INR24.92
crore.


PARAM AGENCY: CRISIL Lowers Rating on INR130MM Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating to the long term bank facilities
of Param Agency (PA) to 'CRISIL D' from 'CRISIL B+/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           130       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Proposed Long Term      5       CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B+/Stable')

The rating downgrade reflects deterioration in PA's liquidity
marked by the cash credit limit remaining overutilized for more
than 30 days. The overdrawals are on account of weak liquidity
caused by muted accruals.

PA also has a weak financial risk profile marked by stretched
liquidity and working capital intensive operations. These rating
weaknesses are partially offset by the extensive experience of the
proprietor in the mobile handset trading business.

PA is a proprietorship concern established by Mr. Hitesh L Pandya
in the year 2011-12 (refers to financial year, April 1 to
March 31). The concern is the sole distributor of Code Division
Multiple Access (CDMA) handsets and recharge vouchers of Reliance
Communications Ltd for Navi Mumbai (Maharashtra).


PATNA BAKHTIYARPUR: Ind-Ra Suspends 'IND BB+' Bank Loans Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Patna
Bakhtiyarpur Tollway Limited's (PBTL) INR6,810m bank loans' 'IND
BB+' rating with a Stable Outlook to the suspended category. This
rating will now appear as 'IND BB+(suspended)' on the agency's
website.

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

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


PRATIK HOSIERY: CRISIL Ups Rating on INR20MM Cash Loan to B-
------------------------------------------------------------
CRISIL has upgraded its ratings on the bank loan facilities of
Pratik Hosiery Pvt Ltd (PHPL) to 'CRISIL B-/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           20        CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Export Packing        50        CRISIL A4 (Upgraded from
   Credit                          'CRISIL D')

   Letter of Credit      10        CRISIL A4 (Upgraded from
                                   'CRISIL D')

The upgrade follows PHPL's timely servicing of term debt owing to
improved liquidity. The company has generated cash accrual of
INR13 million in 2014-15 (refers to financial year, April 1 to
March 31); the cash accrual over the medium term is expected to be
adequate for meeting repayment obligations.

The ratings also reflect PHPL's below-average financial risk
profile and weak liquidity. The company also has a small scale of
operations and large working capital requirements. These rating
weaknesses are partially offset by the promoters' extensive
experience in the ready-made garments industry.
Outlook: Stable

CRISIL believes PHPL will continue to benefit over the medium term
from its promoters' industry experience. The outlook may be
revised to 'Positive' if a significant increase in scale of
operations results in stronger cash accrual and liquidity.
Conversely, the outlook may be revised to 'Negative' if PHPL's
liquidity is stretched due to large working capital requirements
or substantial debt-funded capital expenditure, thereby adversely
impacting its debt servicing ability.

PHPL, incorporated in 1995, manufactures ready-made garments. Its
operations are managed by Mr. A R R Venkatachalam.


RAJASTHAN IRON: ICRA Suspends B+ Rating on INR10.25cr Loan
----------------------------------------------------------
ICRA has suspended [ICRA]B+ assigned to INR10.25 crore fund based
facilities & the [ICRA]A4 rating assigned to the INR0.75 crore
short term non fund based facilities of Rajasthan Iron Company.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Rajasthan Iron Company (RIC) is a partnership firm and was
established in Kakinada, East Godavari District, Andhra Pradesh in
1970 with family members as partners. The firm trades in all kinds
of iron materials such as channels, angles, rounds, TMT bars,
beams etc. It supplies to varied customer base which includes Sri
Ramalingeswara Oil & Rice Mill, Ruchi Soya Industries Ltd. and
Santhoshimatha Edible Oil refinery sugar factories, rice mills,
refineries etc. The firm holds dealership for Steel Authority of
India Ltd, Visakhapatnam Steel Plant and Essar Steel Ltd.


RATNA COTTEX: CARE Assigns B Rating to INR6.25cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B' rating to bank facilities of Ratna Cottex.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     6.25       CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Ratna Cottex (Ratna)
is primarily constrained on account of its project implementation
and stabilization risk, susceptibility of operating margins to
cotton price fluctuation and seasonality associated with the
cotton industry and its presence in highly fragmented industry
with limited value addition. The rating is further constrained
owing to the price and supply of cotton being highly regulated by
government and limited financial flexibility owing to its
constitution being a partnership firm.

However, the above constraints are partly offset by the wide
experience of the promoters, location advantage due to the entity
being located in the cotton-producing area as well as its
eligibility to avail various government benefits.

The ability of Ratna to successfully complete the onging capex in
a timely manner without any cost over run and achieve the
envisaged level of sales and profitability are the key rating
sensitivities.

Ratna was incorporated on May 19, 2015, as a partnership firm
owned and managed by Mr Harshad Jasmatbhai Ghodasara, Mr
Manojkumar Jasmatbhai Ghodasara and Mr Jasmatbhai Valjibhai
Ghodasara. The firm is currently setting up a cotton ginning and
pressing unit for BT variety of cotton with short and medium
staple fibre, having sole manufacturing facility located in Morbi,
with an annual installed capacity of 5,488.56 metric tons of
cotton bales and 10,977.12 metric tons of cotton seeds. Ratna is
likely to commence its operations by mid of October 2015 with 24
ginning machines.


ROLAND CERAMIC: CRISIL Reaffirms B+ Rating on INR47.3MM Loan
------------------------------------------------------------
CRISIL has reaffirmed its ratings on the long-term bank facilities
of Roland Ceramic (RC) at 'CRISIL B+/Stable' while reassigning its
ratings on the short-term facilities at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         10       CRISIL A4 (Assigned)
   Cash Credit            30       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     24.9     CRISIL B+/Stable (Reaffirmed)
   Term Loan              47.3     CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect RC's small scale of operations in
the highly competitive ceramics industry, its working capital
intensive operations, and its leveraged capital structure. These
weaknesses are partially offset by its production unit's strategic
location and its promoters' extensive industry experience.
Outlook: Stable

CRISIL believes RC will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of significant improvement in
scale of operations and profitability leading to larger-than-
expected accrual, and its capital structure improves marked by
reduction in working capital requirements or substantial equity
infusion. Conversely, the outlook may be revised to 'Negative' if
the financial risk profile weakens, most likely because of decline
in profitability or stretch in working capital requirement or
debt-funded capital expenditure.

Update
For 2014-15 (refers to financial year, April 1 to March 31), RC's
reported net sales of INR133.1 million. With net sales of INR70
million till September 30, 2015, CRISIL believes moderate sales
growth can be seen during 2015-16. Operating margin remained
constrained at 10.8 per cent during 2014-15, due to limited off
take in capacities and intense competition prevailing in the wall
tiles industry, and is expected to sustain at similar level.
Operations remained working capital intensive with gross current
assets (GCAs) of 260 days as on March 31, 2015. Working capital
intensive operations has resulted into high reliance on external
short term debt; the average bank limit utilization remained
around 94 per cent for 12 months ended June, 2015. RC's financial
risk profile continue to remain weak with high gearing of 2.1
times and weak debt protection metrics; interest coverage and net
cash accrual to total debt ratios remained at 1.5 times and 0.07
times, respectively as on March 31, 2015. Liquidity is expected to
remain stretched with accruals generated expected to remain
tightly matched against repayment obligation over medium term.
Liquidity is however, partly supported via infusion of unsecured
loans and equity by promoters during 2014-15. CRISIL believes RC's
promoters will continue to support liquidity through timely
infusion of fund over the medium term.

RC reported a net loss  of INR6.4 million on net sales of INR133.1
million for 2014-15 (refers to financial year, April 1 to March
31); it reported a net loss of INR3.9 million on net sales of
INR33.1 million for 2013-14.

Formed in 2013, RC is promoted by Morbi (Gujarat)-based Mr.
Nitinbhai Dalsaniya, Mr. Manishbhai Moradiya, Mr. Rohanbhai
Kundaria, and other partners. It manufactures wall tiles of 10
inches by 15 inches under the Roland brand.


SALSAN STEELS: CARE Revises Rating on INR19.40cr Loan to BB-
------------------------------------------------------------
CARE revokes the suspension, revises the long-term rating and
reaffirms the shortterm rating assigned to the bank facilities of
Salsan Steels Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     19.40      CARE BB- Revised from
                                            CARE B+

   Long-term/Short-term Bank      0.30      CARE BB-/A4 Long-term
   Facilities                               rating revised from
                                            CARE B+ and short
                                            term rating reaffirmed

Rating Rationale

The revision in the ratings of the bank facilities of Salsan
Steels Private Limited (SSL) takes into account regular fund
infusion by the promoters and improvement in the capital structure
as on March 31, 2015 (Provisional). The ratings, continue to
derive strength from the past experience of the promoters,
location advantage and own fleet of trucks. The ratings are,
however, constrained by short track record of operations, low
profitability margins and weak coverage indicators. The ratings
are also constrained by SSL's exposure to raw material price
volatility, presence in a highly competitive industry, exposure to
project execution risk and cyclicality associated with the steel
industry.

Going forward, the ability of the company to profitably scale up
its operations and complete the ongoing project within the time
and cost estimates will remain the key rating sensitivities.

Incorporated in 2010, Salsan Steels Private Limited, is actively
managed by its Chairman Mr Chain Singh Kang and Managing Director
Mr Onkar Singh Kang. The company is engaged in the manufacturing
and trading of Thermo Mechanically Treated (TMT) Bars, Industrial
Bars, channels, angles, etc under its own brand name 'Prabal'. The
manufacturing facility, situated in Una, Himachal Pradesh, has an
installed capacity of 60,000 MTPA as onMarch 31, 2015.

However, due to the planned technology upgradation project, the
company is majorly engaged in the trading of TMT bars, channels,
angles, etc, under its own brand name. Income from the trading
segment constituted around 98% of the total operating income of
the company in FY15 (Provisional).

SSL registered a total operating income of INR 181.79 crore with
net loss of INR0.14 crore in FY15 (Prov.) as against a total
operating income of INR163.95 crore with net loss of INR0.13 cr.
in FY14.


SAMRAT GEMS: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB-'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Samrat Gems Impex
Pvt Ltd's (SGIPL) Long-Term Issuer Rating to 'IND BB-' from 'IND
B'. The Outlook is Stable. Rating actions on SGIPL's bank loans
are:

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
Fund-based working     239.5      Upgraded to 'IND BB-'/Stable
capital limits                    from 'IND B' and assigned
                                   'IND A4+

Term loan                8.4      Upgraded to 'IND BB-'/Stable
                                   from 'IND B'

Non-fund-based          30.0      Upgraded to 'IND A4+' from
working capital                   'IND A4'
limits

KEY RATING DRIVERS

The upgrade reflects an improvement in SGIPL's credit profile over
FY13 due to increased operating profitability due to a fall in the
raw material prices. In FY15, net leverage was 9.1x (FY13: 13.5x),
interest coverage was 1.3x (1.1x) and EBITDA margins were 6.0%
(4.2%). The scale of operations continued to be moderate with net
revenue of INR675 million during FY15.

SGIPL's liquidity position continued to be tight with the almost-
full use of its working capital limits during 12 months ended
August 2015.

The ratings continue to benefit from the three decades of
experience of SGIPL's founders in manufacturing ready-made
garments and its strong customer base.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

SGIPL was incorporated in 1984, by Shyamlal Sharma and Rajiv
Sharma, its present directors. The company's registered office is
in Mumbai and its manufacturing units are in Bangalore and
Bhiwandi.

SGIPL manufactures and exports ready-made garments to retailers.
Its customers include Toys R Us, Punto FA, Scotch and Soda,
Inditex Group (brand - Pull & Bear) and Fallabella De Columbia.
The company also trades fabrics in the domestic market.


SARGAM METALS: ICRA Revises Rating on INR18.5cr Loan to 'B'
-----------------------------------------------------------
ICRA has revised the long-term rating outstanding on the INR5.00
crore term loan facilities and the INR18.50 crore fund based
facilities of Sargam Metals Private Limited to [ICRA]B from
[ICRA]B+. ICRA has reaffirmed the short-term rating of [ICRA]A4
outstanding on the INR12.50 crore non-fund based facilities of
SMPL. This apart, ICRA has also revised/reaffirmed the long
term/short term rating from [ICRA]B+/[ICRA]A4 to [ICRA]B/[ICRA]A4
to the fund based sub limit facilities of SMPL.

                            Amount
   Facilities            (INR crore)   Ratings
   ----------            -----------   -------
   Term loan facilities       5.00     [ICRA]B; Revised from
                                       [ICRA]B+

   Fund based facilities     18.50     [ICRA]B; Revised from
                                       [ICRA]B+

   Non-fund based            12.50     [ICRA]A4; Reaffirmed
   facilities

   Fund based (sub-limit)    (2.00)    [ICRA]B/[ICRA[A4;
   facilities                          Revised/Reaffirmed

The revision in the long term rating reflects the sizeable losses
incurred by the company during the the past two years which has
led to a deterioration in the net worth of SMPL; and the weak
financial profile of the company characterized by aggressive
capital structure and stretched debt coverage indicators. The
ratings are also constrained by SMPL's operations in the highly
fragmented and competitive non-ferrous manufacturing industry,
with limited pricing flexibility and thin margins which are
further exposed to adverse movements in foreign exchange rates in
the absence of proper hedging mechanisms. The ratings, however,
factor in the longstanding experience of promoters, spanning over
four decades in non-ferrous manufacturing and the company's
established relationship with its key customers, which is expected
to support business growth in the future.

SMPL is primarily engaged in the manufacture of aluminium ingots,
which are used as raw materials in foundries for the production of
castings. The Company is also engaged in manufacture of zinc and
manganese ingots, in smaller volumes, and cathodic protection
products, which finds application in ships, off-shore structures
such as platforms, sub-sea pipelines and structures such as jetty,
wharves and barges. SMPL, which was established as a partnership
firm in 1968, was converted into a private limited company in
1970. The Company has an alloy production facility in Manapakkam
(Tamil Nadu) and is in the process of shifting its manufacturing
facility to SIPCOT Industrial estate in Cheyyar (Tamil Nadu) from
its present facility at Manapakkam. The Company is managed by Mr.
S Arun and is closely held by the promoter group.

Recent results
SMPL reported a net loss of INR4.0 crore on an operating income of
INR95.0 crore during FY 2014-15, against a net loss of INR3.1
crore on an operating income of INR96.8 crore during FY 2013-14.


SHAKAMBARI FERRO: Ind-Ra Cuts Long-Term Issuer Rating to 'IND D'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shree
Shakambari Ferro Alloys Private Limited's (SSFAPL) Long-Term
Issuer Rating to 'IND D' from 'IND BB-'. The Outlook was Negative.
The agency has also downgraded the company's INR540m term loan to
Long- term 'IND D' from 'IND BB-'.

KEY RATING DRIVERS

The ratings reflect SSFAPL's delays in debt servicing for the 12
months ended August 2015 due to tight liquidity.

RATING SENSITIVITIES

Timely servicing of debt for three consecutive months could result
in a positive rating action.

COMPANY PROFILE

SSFAPL was incorporated in February 2005 by the Mortex group of
Kolkata to set up manufacturing facilities for ferro silicon in
Meghalaya. The company started its operation from 29 June 2014.


SIDDHI COTTON: ICRA Reaffirms B+ Rating on INR12cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed an [ICRA]B+ rating to INR12.00 crore fund
based cash credit facility of Siddhi Cotton Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit Limit     12.00       [ICRA]B+ reaffirmed

The rating continues to be constrained by SCI's modest scale of
operations with financial profile characterized by thin
profitability, stretched capital structure and weak debt coverage
indicators. The rating also considers the low profit margin on
account of limited value addition and highly competitive and
fragmented industry structure due to low entry barriers. The
rating are further constrained by vulnerability of profitability
to raw material prices, which are subject to seasonality and crop
harvest and regulatory risks with regard to minimum support price
(MSP) of raw cotton and export of cotton bales. ICRA further notes
that the firm is exposed to risk of capital withdrawal inherent in
the partnership nature of the business.

The rating, however, favorably consider the extensive experience
of the promoters in the cotton industry, strategic location of the
firm giving it easy access to high quality raw cotton as well as
improvement in the working capital intensity resulting from prompt
receipts from customers and decline in inventory levels.

Siddhi Cotton Industries (SCI) was set up in 1999 as a partnership
firm by family members and relatives having a long standing
experience in cotton industry and their cotton ginning and
pressing unit is located at Vijapur, Dist. Mehsana. It is also
engaged in trading activities of cotton bales and cotton seeds. At
present, the firm has installed 40 ginning machines and 1 pressing
machine. Some of the partners of the firm are associated with
other two group companies namely Siddhi Cotton Ginning & Pressing
Pvt. Ltd. & Shivam Cotton Industries which are engaged in similar
line of ginning & pressing of raw cotton to produce cotton bales
and cotton seeds.

Recent Results
For the year ended 31st March, 2015, the firm has reported an
operating income of INR45.35 crore and profit after tax (PAT) of
INR0.36 crore.


SUNPAUL PROPERTIES: CARE Assigns B+ Rating to INR9cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of
Sunpaul Properties Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       9        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Sunpaul Properties
Private Limited (SPPL) is constrained by the short track record
and small size of operations, the company's elongated operating
cycle and stressed capital structure. The rating is further
constrained by the presence of SPPL in the highly fragmented and
competitive construction industry with high regional concentration
and customer concentration risk.

However, the rating does factor in the long experience of the
promoters and moderate order book position coupled with
operational support from group companies.

Going forward, SPPL's ability to increase the scale of operations
by bagging larger orders, diversify its order book by adding
external clients, to complete the orders under execution as per
schedule as well as effectively managing the working capital
requirements will be the key rating sensitivities. Furthermore,
given the exposure of the company to real estate segment its
ability to execute real estate projects on time and get adequate
bookings would also be a key sensitivity.

SPPL was incorporated on June 18, 2012, and the operation
commenced in October 2013. The key promoter is Mr Sunny Paul. SPPL
belongs to Sunpaul Group of Companies which has interest in
construction and real estate businesses.  Associate concerns
Dezira Projects & Realtors Pvt. Ltd. (DPR) and Sunpaul Dezira
Projects Pvt. Ltd (SDP) are property developers in the Kerala.
Mr.Sunny Paul is the Managing director of the group companies as
well.

SPPL is engaged in civil construction of residential and
commercial business buildings for developers. SPPL is a regional
player in Kerala state. The company is also engaged in property
development.

As per the audited results for FY15, SPPL reported a PAT of
INR0.58 crore on a total operating income of INR18.11 crore.


SVR ELECTRICALS: ICRA Reaffirms B Rating on INR7cr Loan
-------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to INR7.00 crore
(enhanced from INR6.85 crore) fund based limits of SVR Electricals
Private Limited at [ICRA] B. ICRA has also reaffirmed the short-
term rating assigned to INR7.00 crore (enhanced from INR6.00) non-
fund based limits of SVREPL at [ICRA] A4. ICRA has also assigned
the ratings of [ICRA]B/A4 to INR2.85 crore unallocated limits of
SVREPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based            7.00        [ICRA]B reaffirmed
   Non fund based        7.00        [ICRA]A4 reaffirmed
   Unallocated           2.85        [ICRA]B/A4 assigned

The ratings continue to be constrained by moderate financial
profile of the company characterised by low profitability and
moderate coverage indicators, and high customer and geographical
concentration risks as majority of the sales are made to Andhra
Pradesh and Telangana state power distribution companies. The
ratings are also constrained by high competition from other
players in the transformer manufacturing industry where the orders
are primarily obtained through bidding for tenders from power
distribution companies.The ratings, however, derive comfort from
the vast experience of the management in the transformer
manufacturing industry and established presence of the company in
Guntur.

The ability of the company to increase its scale of operations and
profitability will be the key rating sensitivities going forward.

SVR Electricals Private Limited was established in 1978 by Mr.
Venkateswara Rao in Guntur district in Andhra Pradesh. It started
its operations as a service provider for transformers Fand
subsequently ventured into manufacturing of transformers in 1992.
The company is involved in manufacturing of various ranges of
distribution transformers. Majority of its clients are Andhra
Pradesh and Telangana government power distribution companies.

Recent Results
For FY2014, the company reported an operating income of INR36.97
crore and a net profit of INR0.51 crore as against INR34.50 crore
and INR0.27 crore respectively for FY2013.


SVR SPINNING: ICRA Suspends B Rating on INR17cr Fund Based Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]B assigned to INR17.00 crore fund based
facilities of SVR Spinning Mills Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

SVR Spinning Mills Private Limited (SVRSMPL), located at
Malleshwaram in West Godavari district of Andhra Pradesh, was
incorporated as private limited company in September 2010. The
company commenced its operations in December 2011 and primarily
engaged in cotton lint spinning. SVRSMPL's manufacturing facility
has installed capacity of 12,000 spindles.


U.S. INFRA: CRISIL Lowers Rating on INR150MM Project Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
U.S. Infra Housing Private Limited (US Infra) to 'CRISIL D' from
'CRISIL B+/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Project Loan          150       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by US Infra in
servicing its term debt. The delays are on account of weak
liquidity caused by lower-than-expected customer advances due to
lower booking.

US Infra is also exposed to competition, and is susceptible to
risks and cyclicality inherent in the Indian real estate industry.
However, the company benefits from the extensive industry
experience its promoters.

US Infra was incorporated in 2010-11 (refers to financial year,
April 1 to March 31), promoted by Mr. Umesh Udhaani; it is a part
of the Mumbai-based USR group. The company undertakes real estate
development.


UMADUTT INDUSTRIES: Ind-Ra Cuts Long-Term Issuer Rating to IND D
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Umadutt
Industries Limited's (UIL) Long-Term Issuer Rating to 'IND D' from
'IND B'. The Outlook was Stable. The agency has also taken the
following rating actions on UIL's bank loans:

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
Long-term loan         88.3        Downgraded to Long-term
                                    'IND D' from 'IND B'/Stable

Fund-based limits      54.0        Downgraded to Long-term
                                    'IND D' from 'IND B'/Stable

KEY RATING DRIVERS

The downgrade reflects UIL's delays in debt servicing during the
three months ended October 2015 due to tight liquidity.

RATING SENSITIVITIES

Timely debt servicing for three consecutive months could result in
a positive rating action.

COMPANY PROFILE

Incorporated in 2001, UIL manufactures woven sacks with an
installed capacity of 5,040 metric tonne per year in Meghalaya.
Revenue fell 21% yoy to INR122m in FY15 on the back of a decline
in sales volume. UIL's cash conversion cycle also deteriorated in
FY15 to 135 days from 78 days in FY14.

The company's additional capacity of 2,520mtpa commenced
operations from FY15.


UNICON ENGINEERS: ICRA Reaffirms 'B' Rating on INR8cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating for the INR8.00 crore
fund based facility of M/s Unicon Engineers at [ICRA]B. ICRA has
also reaffirmed the short-term rating for the INR11.00 crore non-
fund based facilities of Unicon at [ICRA]A4.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund
   based facility         8.00        [ICRA]B; Reaffirmed

   Non-fund based
   facilities            11.00        [ICRA]A4; Reaffirmed

The reaffirmation of the ratings consider the extensive experience
of the promoters in the business of manufacture of pollution
control equipment spanning over two decades; the revenue
visibility provided by the modest order book position and the
favourable demand outlook for the domestic capital goods industry
in the medium-to-long term. However, the ratings are constrained
by Unicon's small scale of operations, high working capital
intensity with stretched receivable position and the high
competition in pollution control equipment manufacturing,
restricting Unicon's bargaining power with customers.

M/s Unicon Engineers is a partnership firm engaged in
manufacturing and commissioning of pollution control equipment.
The firm primarily caters to power, cement and sugar industries in
India and also undertakes international orders. The firm was
registered in 1991 and the day to day activities are managed by
the two partners, Mr. P. Ponram and Mr. M. Palanikani. The firm
has a manufacturing facility in Coimbatore, Tamil Nadu with an in
house design and engineering department and has experience of more
than two decades in the field of pollution control equipment and
material handling systems.

Recent results
Unicon has reported a net profit of INR0.1 crore on an operating
income of INR10.1 crore during FY 2014-15 against a net profit of
INR0.1 crore on an operating income of INR13.2 crore during FY
2013-14.


UTTORON ENGINEERING: ICRA Reaffirms B+ Rating on INR5cr Loan
------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the INR0.99
crore term loan (revised from INR0.54 crore) and INR5.00 crore
cash credit (revised from INR3.40 crore) facilities of Uttoron
Engineering Private Limited. ICRA has also assigned a short term
rating of [ICRA]A4 to the INR8.00 crore (reclassified from untied
limit earlier) nonfund based facilities of UEPL. The ratings for
the untied limit of INR1.00 crore (revised from INR11.05
crore) has also been reaffirmed by ICRA at [ICRA]B+ and [ICRA]A4
on long term and short term scale respectively.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limit-
   Term Loan             0.99        [ICRA]B+ reaffirmed


   Fund Based Limit-
   Cash Credit           5.00        [ICRA]B+ reaffirmed


   Non Fund Based
   Limit-EPC             4.00        [ICRA]A4 assigned

   Non Fund Based
   Limit-FBP/FBD         4.00        [ICRA]A4 assigned

   Fund Based/Non Fund   1.00        [ICRA]B+/[ICRA]A4
   Based Limit-Untied Limit          reaffirmed

The reaffirmation of the ratings take into account UEPL's small
scale of current operations with flat topline since past few
years, leading to nominal profits and cash accruals at an absolute
level and weak financial profile of the company characterized by
high gearing and depressed level of coverage indicators. The
ratings are also constrained by the highly fragmented nature of
the industry characterized by intense competition from both
organized and unorganized players and high product concentration
risks as safety shoes constituted more than 91% of the company's
turnover in 2014-15.

ICRA also notes that high inventory of raw materials maintained by
the company keeps the liquidity position stretched as reflected by
high utilization of working capital limits.  The ratings, however,
derive comfort from the strategic location of UEPL's shoes
manufacturing unit at Kanpur, which provides easy access to key
raw material (i.e. leather) and availability of skilled/semi-
skilled labour, and a favourable demand outlook of personal
protective equipment (PPE) industry, which along with company's
recent enlistment with Larsen & Toubro Ltd (L&T) is likely to
boost revenue growth in the future.

Incorporated in 2009, UEPL is engaged in manufacturing of personal
protective equipments like safety shoes, safety helmets, safety
belts/harness, etc. The company commenced its commercial
operations in August 2011. UEPL currently operates through its
three manufacturing units situated at Howrah/Kolkata, West Bengal
(Unit-I) and Kanpur, Uttar Pradesh (Unit-II). In Unit-I, the
company manufactures safety helmets and safety belts/harness;
whereas in Unit-II, the company manufactures only safety shoes. In
the current fiscal, UEPL has also started manufacturing safety
hand gloves in its newly setup unit at Tangra, Kolkata. The
products of the company are sold under the brand name of "UEHMPL".


VIJAY TRANSFORMERS: ICRA Reaffirms B- Rating on INR3.25cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to INR3.25 crore
(enhanced from INR2.50 crore) fund based limits of
Vijay Transformers (VT) at [ICRA]B-. ICRA has also reaffirmed the
short-term rating assigned to INR5.00 crore (enhanced from INR4.00
crore) non-fund based limits of VT at [ICRA]A4. ICRA has also
assigned the ratings of [ICRA]B-/A4 to INR2.25 crore unallocated
limits of VT.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based            3.25        [ICRA]B- reaffirmed
   Non fund based        5.00        [ICRA]A4 reaffirmed
   Unallocated           2.25        [ICRA]B-/A4 assigned

The ratings continue to be constrained by the modest scale of
operations of the firm, modest financial profile characterized by
low profitability, weak coverage indicators and high working
capital intensity, and the risks associated with the partnership
nature of the firm. The ratings are also constrained by the firm's
high customer and geographical concentration risks as majority of
sales are made to Andhra Pradesh/Telangana state power
distribution companies and high competition from other players in
the transformer manufacturing industry where the orders are
primarily obtained through bidding for tenders from power
distribution companies.

The ratings, however, continue to derive comfort from long
experience of the management in the transformer industry.

Vijay Transformers was established by Mr Venkateshwara Rao as a
partnership firm in 1992. The firm is involved in manufacturing of
various ranges of distribution transformers. Vijay Transformers
has a sister concern called SVR Electricals Private Limited which
is also involved in manufacturing of distribution transformers.

Recent Results
For FY2015, Vijay Transformers reported an operating income of
INR16.98 crore and a net profit of INR0.13 crore as against
INR17.82 crore and INR0.14 crore respectively for FY2014.



===============
M A L A Y S I A
===============


1MALAYSIA: Critics Charged Over Financial Sabotage
--------------------------------------------------
The Strait Times reports that a former Umno leader in Penang and
his lawyer on October 12 were charged in court with attempting to
sabotage Malaysia's banking and financial systems.

According to the report, Khairuddin Abu Hassan and lawyer Matthias
Chang have vowed to fight the charges under the Penal Code, and
their continuing detention under the tough anti-terror law.

They are being held under the Security Offences (Special Measures)
Act, or Sosma, which has blocked legal help and family members
from meeting them, the report says.

Clad in orange lock-up uniforms, both were escorted into the
Magistrates Court while waving to a waiting crowd, and exchanged
greetings as they were applauded by family members and supporters,
The Strait Times says.

"We are innocent until proven guilty. This is the fifth day of my
hunger strike," Chang, 65, told reporters, the report relays. He
was a political secretary to former prime minister Mahathir
Mohamad.

"I will fight until the end," said Khairuddin, 53, a former vice-
chairman of the Umno division of Batu Kawan in Penang. He was
sacked from the party after being declared a bankrupt, says The
Strait Times.

According to the report, Mr. Chang had been raising questions
about the 1Malaysia Development Berhad scandal and alleged money
flows involving Prime Minister Najib Razak.

Khairuddin, aided by Chang, had visited the authorities in several
countries to call for investigations into the cross-border money
flows, the report says.

Magistrate Siti Radziah Kamardin fixed the case for mention again
on Oct 26, according to the report. The defendants were charged
with attempting to "commit sabotage" to the country in Paris,
London, Switzerland, Hong Kong and at the Cantonment police
station in Singapore, The Strait Times adds.

Also present at the court was Khairuddin's famous actress wife,
who is widely known as Umie Aida, the report states.

The Strait Times recalls that Khairuddin and Chang were stopped at
the Kuala Lumpur airport last month as they were about to fly to
New York to meet agents from the US Federal Bureau of
Investigation.

Their court case has caused controversy as the security law,
Sosma, which was approved by Parliament in 2012 to replace the
tough Internal Security Act, was used to arraign them, the report
adds.

As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2015, Reuters said Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier this month that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported on July 3 that investigators
looking into 1MDB had traced close to US$700 million of deposits
moving through Falcon Bank in Singapore into personal bank
accounts in Malaysia belonging to Najib, Reuters related.

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.



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


RENSHAW EDWARDS: Partner Sentenced for $347,000 Tax Fraud
---------------------------------------------------------
Stuff.co.nz reports that a disgraced former lawyer whose previous
offending led to multi-million dollar losses for Upper Hutt
investors has been given home detention for tax fraud of nearly
NZ$347,000.

Stuff.co.nz says Patrick John Renshaw, 68, tax advisor of Lower
Hutt, pleaded guilty to 42 charges of aiding and abetting
offences, most of them for not paying PAYE tax deductions for
employees of his own company.

Other charges related to trying to claim false GST refunds for
four companies, and filing a false income tax return for himself
and one company between January 2010 and November 2012, the report
discloses.

Stuff.co.nz relates that Inland Revenue said the shortfall in tax
paid was $144,968.20, with another $201,413.19 attempted.

According to the report, Mr. Renshaw was one of two defrauding
partners in the high-profile collapse of Upper Hutt law firm
Renshaw Edwards in 1992.

He was sentenced to seven years' jail on 42 charges of fraud and
theft involving $6.4 million of clients' money, the report notes.

The report says the firm's collapse eventually cost senior lawyers
throughout the country, who had to contribute to a fund to repay
some of the money lost.

However on October 14 Wellington District Court judge Peter Hobbs
said while he noted that Renshaw had previous convictions, they
were 23 years ago, relates Stuff.co.nz.

He said for those in the legal profession and those who lost money
it was not easily forgotten but he did not think it was principled
to increase Renshaw's sentence now for offending so long ago,
according to Stuff.co.nz.

Stuff.co.nz adds that Judge Hobbs said Mr. Renshaw had been the
director of Resource Management Research Services Ltd.  He had
paid mortgage commitments on property developments rather than pay
PAYE to Inland Revenue.

Mr. Renshaw then applied for tax refunds to repay IRD, the report
adds.

"Two wrongs clearly do not make a right," the judge, as cited by
Stuff.co.nz, said.

Stuff.co.nz relates that Judge Hobbs said there was no evidence of
a lavish lifestyle or spending on personal items and the offending
did not result in personal gain.

According to the report, Mr. Renshaw is bankrupt and on the
national superannuation.  His wife is also bankrupt.

Stuff.co.nz relates that the judge sentenced Mr. Renshaw to 10
months home detention and ordered him to pay $13,000 in reparation
at $50 a week along with a $2,500 lump sum.



=====================
P H I L I P P I N E S
=====================


LEGACY CONSOLIDATED: Trust Fund to be Part of Liquidation Process
-----------------------------------------------------------------
Mark Meruenas at GMA News reports that the Supreme Court has ruled
that the trust fund of failed pre-need firm Legacy Consolidated
Plans Inc. should be under the court-managed liquidation
proceedings.

GMA News relates that the ruling granted a petition by the
Securities and Exchange Commission to nullify a decision by Judge
Reynaldo Laigo of the Regional Trial Court Branch 56 in Makati
City on June 26, 2009.

The Makati RTC declared Legacy as insolvent and directed the
company to submit an inventory of its assets and liabilities in
line with provisions of Republic Act No. 1956 or the Insolvency
Law, the report relays.

According to the report, Judge Liago later ordered the person
assigned to take possession of the trust fund of Legacy, even
though the SEC opposed such move.

The report says the corporate regulator insisted that trust fund
should specifically guarantee the benefits accruing to Legacy's
plan holders will be delivered.

In overturning the lower court's decision, the SC said that Judge
Liago committed grave abuse of discretion when he transferred the
trust fund to a receiver and stopped the SEC from validating the
claims of plan holders against the trust fund held by the Land
Bank of the Philippines, GMA News relays.

"Improvidently ordering the inclusion of the trust fund in
Legacy's insolvency estate without regard to the avowed state
policy of protecting the consumer of pre-need, as laid down in the
SRC (Securities Regulation Code), the New Rules and the Pre-Need
Code, constitutes grave abuse of discretion," the SC said.

"The RTC should have known, and ought to know, the overreaching
consideration the Congress intended in requiring the establishment
of trust funds to uphold first and foremost the interest of the
plan holders," it added.

Citing Section 30 of the Pre-Need Code, the SC agreed with the
SEC's position that the trust fund should be for the sole benefit
of the plan holders and must not be used to satisfy the claims of
other creditors of Legacy.

"To rule that Legacy has retained a beneficial interest in the
trust fund is to perpetuate the injustices being committed against
the plan holders and violate not only the spirit of the trust
agreement but, more importantly, the lawmaker's intent," the high
tribunal said, the report relays.

According to GMA News, the SC said the plan holders would be
"prejudiced" since they would be forced to share in the assets
that would be distributed "pro rata" to all creditors -- plan
holders or not.

The SC also ordered the SEC to "process the claims of legitimate
plan holders with dispatch," the report adds.

Associate Justices Antonio Carpio, Arturo Brion and Mariano del
Castillo concurred with the ruling, GMA News reports.

                        About Legacy Group

Headquartered in Quezon City, Philippines, The Legacy Group --
http://www.legacy.com.ph/-- was a conglomerate of banks and pre-
need companies.  The banks offered various financial products and
the pre-need firms offered pension, education and memorial plans.
Other members of The Group provided credit cards, micro-lending
and automotive financing services.

                           *     *     *

The Bangko Sentral ng Pilipinas in 2008 placed 13 Legacy-member
rural banks under the receivership of the Philippine Deposit
Insurance Corporation due to insolvency.  The banks under
receivership are Rural Bank of Paranaque; Rural Bank of San Jose
(in Batangas); Pilipino Rural Bank (in Cebu); Rural Bank of Bais
(in Negros Oriental province); Bank of East Asia (in Cebu); First
Interstate Bank (Rural Bank of Kananga, Leyte), Inc.; Philippine
Countryside Bank (in Cebu); Dynamic Bank (Rural Bank of
Calatagan, in Batangas); San Pablo City Development Bank; Nation
Bank (in Bacolod City); Rural Bank of DARBCI (General Santos);
Bicol Development Bank (Legaspi City); and the Rural Bank of
Carmen (Cebu).



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


IVY LEE: Fights Wind Up Application Over Unpaid Loan
----------------------------------------------------
Rennie Whang at The Strait Times reports that the realty firm of
Ms Ivy Lee, one of Singapore's top real estate agents, is fending
off an application to wind up the company. The plaintiff is MWA
Capital, a licensed moneylender, the report says.

Both parties were in the High Court on October 9 as MWA Capital
said it was proceeding with its application. But the hearing was
postponed to allow both sides to make their arguments, according
to the report.

Ms Lee is the sole director and shareholder of her realty firm,
the report discloses.

It has handled such deals as the SGD131.5 million collective sale
of Hong Leong Garden Condominium in March 2007. Its website lists
more than 50 projects that it has marketed -- including Woodgrove
condo, where it sold all 248 units in 1998.

The Strait Times, citing loan agreement document, discloses that
Ivy Lee Realty borrowed SGD10 million from MWA on July 4 last
year, with the interest rate set at 5 per cent a month.

As security for the loan, the company put up options, including
for the 29 unsold units at Devonshire 8, a 30-unit condo it is
developing which is slated for 2017 completion.

Should the firm fail to pay the loan, interest or late interest,
MWA was said to be entitled to exercise the options to secure
repayment, the report states.

In December, Ivy Lee Realty also assigned to MWA rights regarding
sale proceeds of the units, among others, The Strait Times
recalls.

When it failed to pay up, MWA applied in May for summary judgment
for the SGD10 million, The Strait Times notes.

On Aug 3, Justice Woo Bih Li granted judgment of the sum of SGD6.7
million against Ivy Lee Realty, according to The Strait Times.

"(MWA) is continuing with proceedings for the remainder of
principal loan, interest and late interest," the report quotes
general manager Siaw Ten Ten as saying in an affidavit.

Ivy Lee Realty also has yet to pay the SGD6.7 million, she added,
which led to the winding-up application, the report relays.

However, Ms Lee said in an affidavit that she has found offers for
Devonshire 8 at prices of SGD25.8 million to SGD31 million --
higher than the SGD21.98 million that an unnamed party recently
offered the provisional liquidators, the report relates. "It is
clear (the firm) would be better able to realise the value of
Devonshire 8 than liquidators would in the event of winding up."

According to The Strait Times, Ms Lee said three valuation reports
have put the value of the property at about SGD25 million to SGD31
million, while another marketing proposal by Savills estimated the
gross development value of the project to be SGD55 million to
SGD60 million.

MWA has appointed provisional liquidators, who are being
represented by Mr Christopher Woo -- chriswoo@lquahewoo.com --  of
Quahe Woo & Palmer, the report discloses.  Mr Woo noted in court
on October 9 that Ms Lee has declined to grant the provisional
liquidators access to the company's accounts.

The Strait Times quoted Mr R. Nandakumar --
nandakumar@rhtlawtaylorwessing.com  -- of RHTLaw Taylor Wessing,
who is representing MWA, as saying in court: "The company is
insolvent under the cash flow test. It is clear the company does
not have the funds to pay the judgment sum."

The report also quoted Mr Eugene Thuraisingam, representing Ivy
Lee Realty, as saying in court: "It is not a straightforward
matter. While the cash flow test is satisfied, this is a property
holding firm with a large property asset. We have put in
valuations to show the value of the assets the company holds far
exceeds its debts."

But the property is effectively still unsold, and has been on the
market for about 1 1/2 years, argued Mr Nandakumar, the report
relays.

The case is before High Court Justice Belinda Ang, who is fixing
another date for the hearing, adds The Strait Times.



================
S R I  L A N K A
================


BIMPUTH FINANCE: Fitch Assigns BB(lka) National Long-Term Rating
----------------------------------------------------------------
Fitch Ratings Lanka has assigned Sri Lanka-based Bimputh Finance
PLC (Bimputh) a National Long-Term Rating of 'BB(lka)' with a
Stable Outlook.

KEY RATING DRIVERS

Bimputh's rating reflects its developing franchise and limited
track record as a recent entrant to the non-bank financial
institution sector in Sri Lanka. The rating also captures its
relatively high risk appetite, which is evident from the dominance
of micro-financing in its exposures; limited funding diversity
with high dependency on wholesale funding; and pressure on
capitalisation through above-average loan growth. These are
counterbalanced by wide net interest margins (NIMs).

About 78% of Bimputh's loan book is from the microfinance segment,
which is seen by Fitch as riskier in nature due to the greater
susceptibility of this segment to economic cycles. The company's
gross NPL ratio for loans that are six or more months past due
stood at 0.96% at end-June 2015. Fitch believes that the ratio is
higher at 3.2% if a facility to Sevanagala Sugar Industries
Limited (an entity within the Daya Group, which was expropriated
by the government in November 2011) is included, but the ratio is
in line with similarly rated peers.

The company has adequate risk controls in place, including through
product structuring, regular collections of dues and close
interaction with the borrowers. However, Fitch believes that the
aggressive expansion of the company's loan book raises the
likelihood of asset-quality deterioration, particularly if the
related risks are not well managed.

The company's deposit franchise remains weaker than that of its
peers and remains highly concentrated. Bimputh's loan-to-deposit
ratio increased sharply on account of rapid loan growth to 289% at
end-June 2015 from 184% at end-March 2014 with the company's loan
book being increasingly funded by borrowings. The company's loan
book expanded by 31% in April-June 2015 from the same period a
year earlier and 213% in the financial year ended March 2015
(FY15),

Bimputh's Tier 1 regulatory capital ratio declined to 21.6% at
end-June 2015 from 23.8% at end-March 2015 due to the expansion of
the loan book. Fitch believes that continued high capital
consumption could lead to further deterioration in capital ratios,
if internal capital generation proves insufficient or if there is
no capital injection.

The company's ROA is better than that for similarly rated peers at
9.8% (annualised) in 1QFY16 (FY15: 4.7%), driven by wider NIMs
through its focus on micro-lending. However, Fitch believes higher
operating costs due to branch expansion and a potential increase
in credit costs could hamper profitability.

Bimputh is 94% held by its founders, the Gamage family. The
company started operations in 2007, and in 2012 acquired the
micro-finance portfolio of Lisvin Investments. Since then assets
have increased over seven times to LKR6.3bn at end-June 2015.
Bimputh accounted for just 0.96% of total assets for the licensed
finance companies (LFC) sector at end-June 2015 (March 2015:
0.74%).

RATING SENSITIVITIES

The strengthening of Bimputh's franchise, while sustaining credit
metrics similar to higher rated peers and moderating its risk
appetite could be positive for its rating.

Higher risk appetite, indicated through aggressive loan growth
that could increase capital impairment risks, either through
greater unprovided NPLs and/or a continued deterioration in
capitalisation, could lead to a downgrade of Bimputh's ratings.



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


* Moody's Says Oil & Gas Sector Pressured by Declining Oil Prices
-----------------------------------------------------------------
Moody's Investors Service says that the ongoing decline in oil
prices and weaker refining margins in Q3 pressured both upstream
and downstream oil and gas companies in the third quarter of 2015.

"The continued weakness in oil prices is credit negative for
upstream oil companies.  We expect these companies to post weaker
results for the quarter ending 30 September 2015.  Earnings will
also continue to remain weak in Q4 given our full-year Brent price
expectation of $55 per barrel," says Vikas Halan, a Moody's Vice
President and Senior Credit Officer.

On the downstream segment, Asian refiners will see earnings slide
in Q3 in line with the weaker Asian refining margins.
Nevertheless, the margin remains strong relative to quarterly
margins since early 2013.

Moody's expects largely stable margins in Q4 and maintains our
full-year GRM expectation of $7.5-$8.0 per barrel, which will
support refiner's earnings.

In terms of ratings trends, there were four negative rating
actions and two positive rating actions in the rated Oil and Gas
portfolio for the July to September quarter.

"Most of the negative rating actions were in the oilfield services
sector, driven by weakening liquidity and heightened refinancing
risk.  This follows continued erosion of earnings across the
oilfield services sector, as upstream exploration and production
companies reduced capital expenditure in view of low oil prices,"
says Rachel Chua, a Moody's Analyst.

The positive rating actions in the refining and marketing segment
included SK Innovation's ratings upgrade based on Moody's
expectation of an improvement in its financial profile from 2015.

Halan and Chua were speaking on the release of the latest edition
of Moody's Asia Oil & Gas Quarterly, a publication focusing on
credit themes in Asia's oil and gas industry.



                             *********

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

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

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


                            *********


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

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

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

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

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firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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