TCRAP_Public/151019.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Monday, October 19, 2015, Vol. 18, No. 206


                            Headlines


A U S T R A L I A

HBM ELECTRICAL: First Creditors' Meeting Set For October 26
ORBIT DIMENSION: First Creditors' Meeting Set For October 26
SURFIES SPORTS: First Creditors' Meeting Set For October 28
TWO PENNY: First Creditors' Meeting Set For October 26
VAST ACADEMY: First Creditors' Meeting Set For October 26


C H I N A

AOXING PHARMACEUTICAL: Swings to $5.5M Net Income in Fiscal 2015
CHINA GINSENG: Incurs $3.9 Million Net Loss in Fiscal 2015
PARKSON RETAIL: Fitch Lowers IDR to 'B+'; Removes from Watch Neg.


I N D I A

ADITI CREATION: CRISIL Suspends B Rating on INR80MM Cash Loan
AGARWALA'S POLYTRADE: Ind-Ra Suspends BB- Long-Term Issuer Rating
ARTEFACT PROJECTS: ICRA Assigns C Rating to INR18cr Loan
ASR MET: ICRA Assigns B+ Rating to INR35cr Cash Credit
BAJAJ BASMATI: CRISIL Cuts Rating on INR380MM Cash Loan to D

BATRA LOGISTICS: ICRA Reaffirms B+ Rating on INR7.55cr Loan
BHASKAR POULTRIES: CRISIL Suspends D Rating on INR65.2MM Loan
CARREG COMMODITIES: CRISIL Assigns B Rating to INR70MM Loan
CNN MINERALS: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
DEVAKI FOUNDATIONS: CRISIL Suspends 'D' Rating on INR100MM Loan

FAHIM TANNING: CRISIL Suspends 'D' Rating on INR30MM Cash Loan
GANGA PLASTIC: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
HERMAN PROPERTIES: CRISIL Suspends B+ Rating on INR250MM Loan
HOTEL SWOSTI: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
IMAGE INDUSTRIES: CRISIL Suspends B+ Rating on INR60MM Loan

J. RAMACHANDRAIAH: CRISIL Suspends D Rating on INR70MM LT Loan
JAYABHERI AUTOMOTIVES: CRISIL Reaffirms B- Rating on INR150M Loan
JOHARILAL AGARWALA: Ind-Ra Suspends 'IND BB-' LT Issuer Rating
JYOTI VINCOM: ICRA Assigns B- Rating to INR11cr Term Loan
K. L. RATHI: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating

KRISHNA TEXTILE: CRISIL Suspends D Rating on INR53.3MM LT Loan
LAKSHMI COTTON: CRISIL Reaffirms B Rating on INR50MM Cash Loan
M.D. COTTON: ICRA Reaffirms B+ Rating on INR6.0cr Cash Loan
MAHAVIR ORE: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
MEGHDOOT GINNING: ICRA Revises Rating on INR30cr Loan to B

MERRITRONIX PVT: CRISIL Reaffirms B+ Rating on INR20MM Loan
N.A.M. EXPRESSWAY: Ind-Ra Affirms D Rating on INR10.6BB Loans
NANU RAM: ICRA Reaffirms B+ Rating on INR6.0cr LT Loan
NATIONAL PLASTICS: CRISIL Suspends B+ Rating on INR57.5MM Loan
PRAGATI ENGINEERING: ICRA Suspends C+ Rating on INR6.5cr Loan

PRAMUKH ALLOYS: ICRA Suspends B- Rating on INR7.30cr Loan
R R OOMERBHOY: CRISIL Reaffirms 'D' Rating on INR123.3MM Loan
RIDDHI SIDDHI: ICRA Reaffirms B Rating on INR40cr LT Loan
S.B. ENTERPRISES: Ind-Ra Assigns IND BB- Long-Term Issuer Rating
SELLIAMMAN CONSTRUCTIONS: CRISIL Suspends B Rating on INR80M Loan

SENTHIL ANDAVAR: CRISIL Suspends B Rating on INR33.4MM Term Loan
SHAJAHANS JEWELLERS: CRISIL Suspends B Rating on INR200MM Loan
SHANKER COTGIN: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
SHIVAM COTTON: ICRA Reaffirms B+ Rating on INR12cr LT Loan
SHIVSHAKTI BARRELS: CRISIL Assigns B Rating to INR45MM Cash Loan

SHREE TEL-FAB: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
SRI BALMUKUND: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
STARSHINE NIRMAN: Ind-Ra Suspends 'IND BB-' LT Issuer Rating
SUDHAMA HOSIERIES: CRISIL Suspends C Rating on INR29.1MM Loan
SUNDEEP SRIVARAS: CRISIL Suspends B+ Rating on INR80MM Loan

T.J.S. ENGINEERING: CRISIL Suspends B+ Rating on INR90MM Loan
U. M. RAMESH: CRISIL Suspends D Rating on INR50MM Term Loan
ULCCS IT: CRISIL Suspends B+ Rating on INR1.26BB LT Loan
VARADHARAJA FOODS: CRISIL Suspends B- Rating on INR32.5MM Loan
VENUS P.P.: CRISIL Reaffirms D Rating on INR49.7MM Bank Loan

VISION METALIK: CRISIL Reaffirms B+ Rating on INR58MM Term Loan
WUD TOOLS: CRISIL Suspends B Rating on INR92.4MM LT Loan


N E W  Z E A L A N D

LIFESTYLE HEALTH: Placed in Voluntary Liquidation


P H I L I P P I N E S

ORIENT COMMERCIAL: SC Denies Owner's Petition v. Auction Order


S O U T H  K O R E A

PANTECH CO: Seoul Court Approves Revival Plan


                            - - - - -


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


HBM ELECTRICAL: First Creditors' Meeting Set For October 26
-----------------------------------------------------------
Steven Gladman of Hall Chadwick was appointed as administrator of
HBM Electrical Pty Limited on Oct. 14, 2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Level 19, 144 Edward Street, in Brisbane,
Queensland, on Oct. 26, 2015, at 10:00 a.m.


ORBIT DIMENSION: First Creditors' Meeting Set For October 26
------------------------------------------------------------
Graeme Beattie & Christopher Darin of Worrells Solvency were
appointed as administrators of Orbit Dimension Australia Pty. Ltd.
on Oct. 14, 2015.

A first meeting of the creditors of the Company will be held at
Suite 3, Level 1, 96 Phillip Street, in Parramatta, on Oct. 26,
2015, at 10:00 a.m.


SURFIES SPORTS: First Creditors' Meeting Set For October 28
-----------------------------------------------------------
Peter A Amos of Amos Insolvency was appointed as administrator of
Surfies Sports Bar Pty Ltd on Oct. 16, 2015.

A first meeting of the creditors of the Company will be held at
Amos Insolvency, 25/ 185 Airds Road, in Leumeah, on Oct. 28, 2015,
at 11:00 a.m.


TWO PENNY: First Creditors' Meeting Set For October 26
------------------------------------------------------
Domenic Calabretta of Mackay Goodwin was appointed as
administrator of Two Penny Blue Pty Ltd on Oct. 14, 2015.

A first meeting of the creditors of the Company will be held at
Mackay Goodwin, Exchange House, Suite 2, Level 8, 10 Bridge
Street, in Sydney, on Oct. 26, 2015, at 11:00 a.m.


VAST ACADEMY: First Creditors' Meeting Set For October 26
---------------------------------------------------------
Schon Gregory Condon of Condon Associates was appointed as
administrator of Vast Academy (Aust) Pty Limited on Oct. 14, 2015.

A first meeting of the creditors of the Company will be held at
Condon Associates, Level 6, 87 Marsden Street, in Parramtta, NSW,
on Oct. 26, 2015, at 11:00 a.m.



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


AOXING PHARMACEUTICAL: Swings to $5.5M Net Income in Fiscal 2015
----------------------------------------------------------------
Aoxing Pharmaceutical Company, Inc., filed with the U.S.
Securities and Exchange Commission its annual report on Form 10-K
disclosing net income attributable to shareholders of the Company
of $5.49 million on $25.48 million of sales for the year ended
June 30, 2015, compared to a net loss attributable to shareholders
of the Company of $8.21 million on $12.7 million of sales for the
year ended June 30, 2014.

As of June 30, 2015, the Company had $53.0 million in total
assets, $42.97 million in total liabilities and $10.1 million in
total equity.

BDO China Shu Lun Pan Certified Public Accountants LLP, in
Shanghai, People's Republic of China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended June 30, 2015, stating that the Company accumulated a
large deficit and a working capital deficit that raise substantial
doubt about its ability to continue as a going concern.

A full-text copy of the Form 10-K is available for free at:

                       http://is.gd/msw40L

                           About Aoxing

Aoxing Pharmaceutical Company, Inc., has one operating subsidiary,
Hebei Aoxing Pharmaceutical Co., Inc., which is organized under
the laws of the People's Republic of China.  Since 2002, Hebei
Aoxing has been engaged in developing narcotics and pain
management products.  In 2008 Hebei Aoxing supplemented its
product lines by acquiring Shijiazhuang Lerentang Pharmaceutical
Company, Ltd., a specialty pharmaceutical company focusing on
herbal pain related therapeutics.  The Company owns 95% of the
equity in Hebei Aoxing.


CHINA GINSENG: Incurs $3.9 Million Net Loss in Fiscal 2015
----------------------------------------------------------
China Ginseng Holdings, Inc. filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a
net loss of $3.90 million on $272,600 of revenue for the year
ended June 30, 2015, compared with a net loss of $4.76 million on
$2.61 million of revenue for the year ended June 30, 2014.

As of June 30, 2015, the Company had $8.34 million in total
assets, $18.0 million in total liabilities, and a $9.67 million
total stockholders' deficit.

Cowan, Gunteski & Co., P.A., in Tinton Falls, NJ, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2015, citing that the Company had net
losses of $3.90 million and $4.76 million for the years ended June
30, 2015 and 2014, respectively, an accumulated deficit of $18.1
million at June 30, 2015 and a working capital deficit of $16.5
million at June 30, 2015, and there are existing uncertain
conditions the Company faces relative to its ability to obtain
working capital and operate successfully.  These conditions raise
substantial doubt about its ability to continue as a going
concern.

A full-text copy of the Form 10-K is available for free at:

                        http://is.gd/5jSVrt

                        About China Ginseng

Changchun City, China-based China Ginseng Holdings, Inc., conducts
business through its four wholly-owned subsidiaries located in
China.  The Company has been granted 20-year land use rights to
3,705 acres of lands by the Chinese government for ginseng
planting and it controls, through lease, approximately 750 acres
of grape vineyards.  However, recent harvests of grapes showed
poor quality for wine production which indicates that the
vineyards are no longer suitable for planting grapes for wine
production.  Therefore, the Company has decided not to renew its
lease for the vineyards with the Chinese government upon
expiration in 2013 and, going forward, it intends to purchase
grapes from the open market in order to produce grape juice and
wine.


PARKSON RETAIL: Fitch Lowers IDR to 'B+'; Removes from Watch Neg.
-----------------------------------------------------------------
Fitch Ratings has downgraded China-based department store operator
Parkson Retail Group Limited's Long-Term Issuer Default Rating and
senior unsecured rating to 'B+' from 'BB-'.  The ratings have been
removed from Rating Watch Negative.  Fitch has assigned a Negative
Outlook to the ratings and a Recovery Rating of 'RR4' to the
senior unsecured rating.

The downgrade reflects the continued deterioration in Parkson's
core business and its rising leverage despite the cancellation of
the proposed Parkson Retail Asia Limited (PRA) acquisition.  The
Negative Outlook reflects the uncertainty over when same-store
sales will stabilize.

KEY RATING DRIVERS

Declining Sales and Profitability: Parkson's fundamentals have
steadily deteriorated over the past three years due to weaker
consumer spending and competition from other retail formats, such
as e-commerce and shopping malls.  Same-store sales declined 4.6%
and same-store profits fell 25% yoy in 1H15.  Of the 60 stores in
operation, 23 were unprofitable in 1H15.  Parkson's heavy reliance
on rented properties has exacerbated the impact of the sales
decline on margins.  EBITDA has fallen to 2%-3% of Gross Sales
Proceeds, compared with EBITDA margins in the low teens for most
department store operators rated by Fitch.

High Leverage: Fitch expects Parkson's payables-adjusted FFO net
leverage to remain elevated at more than 6.3x, which is not in
line with levels expected for a 'BB' category rating.  Parkson's
minority shareholders at an extraordinary general meeting on 12
October 2015 rejected a proposed acquisition of a stake in PRA for
CNY1.05bn.  The cancellation of the deal is a marginal positive;
but it does not offset the decline in Parkson's core operations in
China.

Share Buybacks Continue: Parkson has been repurchasing shares
through the Hong Kong Stock Exchange since 2013.  Over the past
three years, the company has bought back more than 4% of total
shares outstanding using cash, and it has so far in 2015 already
spent CNY52m on share buybacks.

Adequate Liquidity: Parkson's liquidity position remains healthy,
despite rising leverage.  Liquidity is supported by its cash-
generating concessionaire business and CNY3.9 bil. in cash and
investments in principal-guaranteed deposits as of June 2015.
USD500m of bonds mature in 2018 and its bank borrowings are fully
secured with time deposits and principal-guaranteed deposits.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

   -- Gross sales proceeds decline by 1.5% a year in 2016-18
   -- EBITDA margin of 11%-12% in 2016-18
   -- CNY900m capex in 2015 and CNY500m a year thereafter

RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

   -- Same-store sales growth stabilises or turns positive on a
      sustained basis

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

   -- FFO fixed-charge coverage at less than 1.3x on a sustained
      basis
   -- Payables adjusted (adjusted net debt plus 85% trade
      payables and customer deposits) FFO net leverage sustained
      above 7x
   -- Continued deterioration in same-store sales and margins



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


ADITI CREATION: CRISIL Suspends B Rating on INR80MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Aditi
Creation (AC).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit             80         CRISIL B/Stable
   Long Term Loan          40         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      79.1       CRISIL B/Stable

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

Established in 2002, AC manufactures RMG at its facility in
Tirupur (Tamil Nadu). The operations of the firm are managed by
Mr. Bharath Bhushan Gogia and Vinit Kumar Gogia.


AGARWALA'S POLYTRADE: Ind-Ra Suspends BB- Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Agarwala's
Polytrade Private Limited's (APPL) Long-Term Issuer Rating of
'IND BB-' with a Negative Outlook to the suspended category.  The
rating will now appear as 'IND BB-(suspended)' on the agency's
website.

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

The ratings 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 the
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary APPL' ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
      from 'IND BB-'/Negative

   -- INR170 mil. fund-based limits: migrated to
      'IND BB-(suspended)' from 'IND BB-'/Negative

   -- INR30 mil. non-fund-based limits: migrated to
      'IND A4+(suspended)' from 'IND A4+'


ARTEFACT PROJECTS: ICRA Assigns C Rating to INR18cr Loan
--------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]C to the INR18.00
crore of fund based facilities of Artefact Projects Limited. ICRA
has also assigned a short term rating of [ICRA]A4 to the INR5.00
crore non-fund based facility of the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based Limits     18.00       [ICRA]C assigned
   Non-Fund Based
   Limit                  5.00       [ICRA]A4 assigned

The assigned ratings of Artefact Projects Limited (APL) are
constrained due to stressed liquidity profile of the company owing
to sluggish receivables, with more ~70-75% of the debtors
outstanding for more than nine months. The cash flow position of
the company has remained under pressure on account of delays in
realization of receivables, thereby resulting in instances of
delay in debt servicing in the past. The ratings also take into
account the moderate scale of operations, subdued debt protection
metrics and modest return indications on account of elongated
working capital cycle. Besides, the company has extended
substantial financial support to its subsidiary in the form of
investment and corporate guarantee, which limits the financial
flexibility of the company. ICRA also notes that the company
derives 70% of its revenue from road sector, thereby resulting
into high sector concentration risk and competition in the
industry from established local, multinational and boutique
engineering consultancy firms, which exerts pressure on
profitability.

The ratings, however, take into account the long standing
experience of the promoters in the industry, healthy order book
position, which provides revenue visibility in near term and on-
going government thrust towards infrastructure development, which
is likely to support the revenue growth.

Incorporated in 1988, Artefact Projects Limited (APL) is an
integrated infrastructure services company providing consulting
services across core infrastructure sectors- Highways, Airports &
Urban Development Projects. Its range of services include, but not
limited to, DPR preparation, project funding and financial closure
services, construction supervision and project management
services, structuring of project contracts for departmental
funding or PPP Model, conducting economic and financial viability
analysis and township sector services. At present the total
strength of employees is 280, which comprises of technical experts
and professional.

Recent Results:
The company has recorded a net profit after tax of INR0.90 crore
on an operating income of INR19.87 crore in the financial year
2014-15 (Provisional).


ASR MET: ICRA Assigns B+ Rating to INR35cr Cash Credit
------------------------------------------------------
ICRA has assigned the rating of [ICRA]B+ to INR55.00 crore long
term fund based facilities of ASR Met Tech Private Limited. ICRA
has also assigned the rating of [ICRA]B+/[ICRA]A4 to the INR27.63
crore long term and short term facilities (sublimit to long term
rating) of AMTPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           35.00       [ICRA]B+ assigned
   Term Loan             20.00       [ICRA]B+ assigned
   One time FLC
   (sublimit to
   term loan)           (11.63)      [ICRA]B+/A4 assigned
   ILC/FLC (sublimit
   to cash credit)      (10.00)      [ICRA]A4 assigned

   PC/FBP/FCBP/FCBD
   (sublimit to cash
    credit)              (6.00)      [ICRA]A4 assigned

The assigned ratings are constrained by the risks associated with
execution and implementation of the Greenfield project and risks
associated with the stabilization of the operations post
commissioning of the plant. The ratings also takes into account
possible stress on debt servicing ability in case ramp up of cash
flows is lower than anticipated or delays in commencement of
operations since the project is presently at a nascent stage as
well as the expected competitive pressures that the company would
face from other established domestic players. ICRA further takes
note that profitability would remain vulnerable to fluctuation in
the prices of key raw materials, given high inventory levels would
be required to be maintained by the company.

The ratings, however, favorably factor in the longstanding
experience of the promoters in the steel industry and its
established dealership in domestic and international market.

Incorporated in January 2013, ASR Met Tech Private Limited (AMTPL)
is setting up a green field project for manufacturing of Stainless
Steel pipes and tubes having production capacity of 10,200 MTPA at
Ahmedabad, Gujarat. The product portfolio would include pipes
having outer diameter (OD) ranging from 6 mm to 114 mm and
thickness of 0.5 mm to 6 mm. The commercial production of Seamless
pipe and tubes is expected to start from April 2016 onwards.

AMTPL is promoted by Aggarwal group which has strong presence in
the steel industry through its various companies such as ASR
Multimetals Private Limited engaged in manufacturing of Sponge
Iron, TMT bars, Structural steel products etc. Apart from the
steel industry, the group is also involved in importing and
trading of various agro products. The group also has an
established dealer's network in the domestic as well as
international markets.


BAJAJ BASMATI: CRISIL Cuts Rating on INR380MM Cash Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Bajaj Basmati Pvt Ltd (BBPL) to 'CRISIL D' from 'CRISIL
B+/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           380       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Term Loan             190       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Warehouse Financing   100       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The downgrade reflects BBPL's delays in meeting term loan
obligations.

BBPL's financial risk profile has weakened because of increase in
gearing and decline in net worth to 3.06 times and INR444 million,
respectively, as on March 31, 2015, from 2.03 times and INR475
million, respectively, a year earlier. CRISIL believes the
financial risk profile will remain weak over the medium term of
account of modest net cash accrual.

BBPL has large working capital requirements, and its operating
margin is susceptible to changes in government regulations, extent
of rainfall, and volatility in raw material prices. The company
has a weak financial risk profile because of high gearing and weak
debt protection metrics. However, it benefits from promoters'
extensive experience in rice milling and established relationships
with customers.

BBPL was incorporated in April 2010 by Mr. Krishan Bajaj and Mr.
Sahil Bajaj. It mills and processes paddy into rice, rice bran,
broken rice, and husk. Its two rice mills, in Jalalabad and
Muktsar (both in Punjab), have combined installed paddy milling
capacity of 17 tonnes per hour.


BATRA LOGISTICS: ICRA Reaffirms B+ Rating on INR7.55cr Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR7.55 Crore bank facilities of Batra Logistics Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term bank
   facilities            7.55        [ICRA]B+ ; Reaffirmed

ICRA's rating continues to reflect the seasonality to which BLPL's
cash flows are exposed, given the company's dependence on
transportation of molasses. ICRA also takes into account the high
customer concentration risk faced by the company, as three
customers account for most of its sales. The company's liquidity
was stretched in FY2014-15 on account of increased credit period
offered to its customers (which also include group entities),
which necessitated increased reliance on unsecured borrowings. The
above concerns are partially mitigated by the extensive experience
of the promoters in the transportation business and BLPL's long
standing relationships with its clients. Further the fact that
BLPL accounts for a high proportion of its customers' total
transportation needs, provides comfort in terms of the quality of
service offered by BLPL.

Going forward, the ability of the company to diversify its
customer profile, improvement in the liquidity position through
infusion of long term funds and maintaining adequate accruals,
will be the key rating sensitivities.

BLPL was incorporated as a private limited company in April 2011,
by the merger of three firms owned by the Batra family, headed by
Mr Vinay Batra. The Batra family, through its various firms, has
been engaged in the transportation of molasses for the last 5
decades. BLPL is engaged in transportation of molasses mainly
within Uttar Pradesh, and has a fleet of 101 tankers with an
estimated transportation capacity of 3.5 lakh quintals per month.

Recent Results
BLPL reported a net profit of INR0.04 crore on an operating income
of INR22.54 crore in FY2014-15, as against a net profit of INR0.41
Crore on an operating income of INR24.22 Crore in the previous
year.


BHASKAR POULTRIES: CRISIL Suspends D Rating on INR65.2MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Bhaskar
Poultries (BP).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            13.1       CRISIL D
   Long Term Loan          6.7       CRISIL D
   Proposed Cash
   Credit Limit           65.2       CRISIL D
   Proposed Long Term
   Bank Loan Facility     65.0       CRISIL D

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

BP, established in 1996 as a partnership firm, is promoted by Mr.T
B G Tilak, his son Mr. T U Bhaskar, and other family members. The
firm is engaged in the poultry farming business. BP has farms in
Aganampudi, Bendapudi and Pendurthi in Visakhapatnam (Andhra
Pradesh).


CARREG COMMODITIES: CRISIL Assigns B Rating to INR70MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Carreg Commodities Pvt Ltd (Carreg).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Overdraft
   Facility                 70        CRISIL B/Stable

   Proposed Letter of
   Credit                    5        CRISIL A4
   Cash Credit              15        CRISIL B/Stable
   Letter of Credit         10        CRISIL A4

The ratings reflect Carreg's modest scale of operations in a
highly fragmented industry, and average financial risk profile
because of small net worth. These weaknesses are partially offset
by promoter's extensive experience in the commodities trading
business, and moderate working capital cycle.
Outlook: Stable

CRISIL believes Carreg will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company generates
larger-than-expected accrual, while maintaining working capital
cycle and capital structure. Conversely, the outlook may be
revised to 'Negative' if liquidity deteriorates on account of
lengthening of working capital cycle, or lower-than-expected
accrual, or large debt-funded capital expenditure.

Carreg, incorporated in November 2010, trades in diverse
commodities such as coal, rice, and spices. It is promoted by Ms.
Jacintha Panickeer, and is based in Mangalore (Karnataka).


CNN MINERALS: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has suspended CNN Minerals
Private Limited's (CNN) Long-Term Issuer Rating of 'IND BB-' with
a Negative Outlook.  The rating will now appear as
'IND BB-(suspended)' on the agency's website.

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

The ratings 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 the
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary CNN's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
      from 'IND BB-'/ Negative

   -- INR80 mil. fund-based limits: migrated to
     'IND BB-(suspended)' from 'IND BB-'/ Negative

   -- INR60 mil. non-fund-based limits: migrated to
      'IND A4+(suspended)' from 'IND A4+'


DEVAKI FOUNDATIONS: CRISIL Suspends 'D' Rating on INR100MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Devaki
Foundations (DF).

                         Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Cash Credit             100         CRISIL D
   Proposed Long Term
   Bank Loan Facility       50         CRISIL D

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

DF, set up in October 2012, is engaged in wholesaling of thermo-
mechanically-treated (TMT) bars and steel structural products.


FAHIM TANNING: CRISIL Suspends 'D' Rating on INR30MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Fahim
Tanning Company (FTC).

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Cash Credit           30          CRISIL D
   Letter of Credit      12.5        CRISIL D
   Term Loan              7.5        CRISIL D

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

Set up in 1982, FTC is engaged in the processing of raw hides into
semi-finished and finished leather.


GANGA PLASTIC: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has suspended Ganga Plastic
Products Private Limited's (GPPPL) Long-Term Issuer Rating of
'IND BB-' with a Negative Outlook.  The rating will now appear as
'IND BB-(suspended)' on the agency's website.

The ratings have been migrated to the suspended category due to
lack of adequate information.  Ind-Ra will no longer provide
ratings or analytical coverage for GPPPL.  The ratings 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 the six-month period,
the ratings could be reinstated and will be communicated through a
rating action commentary

GPPPL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
      from 'IND BB-'/Negative

   -- INR60 mil. fund-based limits: migrated to
      'IND BB-(suspended)' from 'IND BB-'/Negative

   -- INR60 mil. non-fund-based limits: migrated to
      'IND A4+(suspended)' from 'IND A4+'


HERMAN PROPERTIES: CRISIL Suspends B+ Rating on INR250MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Herman
Properties Limited (HPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      50        CRISIL B+/Stable
   Term Loan              250        CRISIL B+/Stable

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

Incorporated in 1986, HPL is promoted and managed by Mr. K P S
Kukreja and Mr. J P S Kukreja. The company has constructed
residential, industrial, commercial complexes and schools. It is
currently developing residential projects at Kurukshetra (Haryana)
and Ambala (Haryana). It also has upcoming projects at Meerut
(Uttar Pradesh) and Panipat (Haryana).


HOTEL SWOSTI: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Hotel Swosti Pvt.
Ltd. (HSPL) a Long-Term Issuer Rating of 'IND BB'.  The Outlook is
Stable.  The agency has also assigned the company's bank loans
these ratings:

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
  Term loan             48.45       'IND BB'/Stable
  Fund-based working     7.50       'IND BB'/Stable
   capital limit

KEY RATING DRIVERS

The ratings reflect HSPL's moderate scale of operations as well as
credit profile.  According to the provisional financials for FY15,
revenue was INR79.98 mil., net financial leverage (total Ind-Ra
adjusted net debt/operating EBITDAR) was 1.1x and interest
coverage (operating EBITDA/gross interest expense) was 3.6x.  The
ratings also factor HSPL moderate liquidity position as reflected
by its average maximum working capital limit utilization of 86%
during the 12 months ended September 2015.

The ratings, however, draw comfort from the three decades of
experience of one of the promoters in the hospitality industry.

RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations along
with a sustained improvement in the EBITDA interest coverage could
lead to a positive rating action.

Negative: Sustained deterioration in the EBITDA interest coverage
could lead to a negative rating action.

COMPANY PROFILE

Incorporated in 1981 HSPL operates a three star hotel - Hotel
Swosti - in Bhubaneswar, Odisha.  It started operations from 1984.
The hotel is managed by Jitendra Ku. Mohanty, Bijendra Ku.
Mohanty, Chiranjiv Mohanty, Bipasa Mohanty, Sasmita Mohanty and
Chittaranjan Jana.


IMAGE INDUSTRIES: CRISIL Suspends B+ Rating on INR60MM Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Image
Industries India Private Limited.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           60         CRISIL B+/Stable
   Term Loan             12.4       CRISIL B+/Stable

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

IIIPL was incorporated in 1986 as Warana Food Products Private
Limited, by Mr. Mr. Chitrasen Gulave and his son, Mr. Girish
Gulave. The company is engaged in manufacturing of tea and coffee
premixes, malt based food and milk powder and trading of milk and
milk products. The company is based in Kolhapur (Maharashtra).


J. RAMACHANDRAIAH: CRISIL Suspends D Rating on INR70MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of J.
Ramachandraiah (JRC).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan         70       CRISIL D

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

JRC was set up by Mr. J. Ramachandriah and his family members. The
firm has constructed a warehouse and given them on lease in
Chennai for the purpose of earning lease rentals.


JAYABHERI AUTOMOTIVES: CRISIL Reaffirms B- Rating on INR150M Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Jayabheri Automotives
Private Limited (JAPL) continue to reflect its stretched liquidity
(with cash accruals that are inadequate to service maturing term
debt) and weak financial risk profile, with negative net worth and
below-average debt protection metrics.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           150       CRISIL B-/Stable (Reaffirmed)
   Term Loan             115       CRISIL B-/Stable (Reaffirmed)

The rating also factors in the exposure to cyclicality in economy,
and to intense competition in the automobile dealership business.
These rating strengths are partially offset by the continued
funding support the company receives from its promoters, the
efficient working capital management, and low exposure to
inventory and debtor risks.

Outlook: Stable

CRISIL believes JAPL will continue to benefit over the medium term
from the funding support of the promoters. The outlook may be
revised to 'Positive' if a substantial and sustainable increase in
the scale of operations and profitability, or a sizeable equity
infusion by the promoters strengthens the key credit metrics.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in profitability, or a significant increase in debt
caused most likely by a stretch in working capital cycle.

Incorporated by the Duggirala and the Maganti families in 2011,
JAPL is an authorised dealer for Maruti Suzuki India Ltd's
passenger cars and multi-utility vehicles. The company operates
three car showrooms and four workshops in Visakhapatnam,
Vizianagaram, and Narsipatnam (all in Andhra Pradesh).


JOHARILAL AGARWALA: Ind-Ra Suspends 'IND BB-' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has suspended Joharilal
Agarwala Sales Pvt Ltd's (JASPL) Long-Term Issuer Rating of
'IND BB-' with a Negative Outlook.  The rating will now appear as
'IND BB-(suspended)' on the agency's website.

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

The ratings 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 the
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary JASPL' ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
      from 'IND BB-'/Negative

   -- INR230 mil. fund-based limits: migrated to
      'IND BB-(suspended)' from 'IND BB-'/Negative

   -- INR50 mil. non-fund-based limits: migrated to
      'IND A4+(suspended)' from 'IND A4+'


JYOTI VINCOM: ICRA Assigns B- Rating to INR11cr Term Loan
---------------------------------------------------------
ICRA has assigned an [ICRA]B- rating to the INR11.00 crore term
loan and INR5.30 crore working capital facilities of Jyoti Vincom
Private Limited. ICRA has also assigned [ICRA]B- and [ICRA]A4
ratings to an untied limit of INR0.20 crore of JVPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits-
   Term Loan             11.00       [ICRA]B- assigned

   Fund Based Limit-
   Cash Credit            4.50       [ICRA]B- assigned

   Fund Based Limit-
   Working Capital
   Loan                   0.80       [ICRA]B- assigned

   Untied Limit           0.20       [ICRA]B-/[ICRA]A4 assigned

The assigned ratings take into consideration JVPL's small scale of
current operations, the weak financial profile of the company
characterized by net losses suffered during the past two years,
leading to a depressed level of coverage indicators and a high
working capital intensity of operations impacting the company's
liquidity position on account of advances extended to the farmers
coupled with counter party risk arising from loans extended to
farmers by JVPL, which may lead to delinquency, if prices of the
stored material fall to a low level. ICRA also notes that the
company has significant debt service obligations in near to medium
term, which is likely to exert pressure on its cash flows. The
ratings, however, favourably consider the experience of the
promoters in the cold storage business for more than three decades
and the locational advantage JVPL enjoys by way of its presence in
West Bengal, a state with large potato production.

JVPL was incorporated in February, 2009 by the members of the
Kundu family based in West Bengal. The company is engaged in
providing cold storage facility to potato farmers and traders on a
rental basis having a storage capacity of 19,668 MT. The company
also provides a multipurpose storage facility of 5,010 MT for
storing different variety of fruits and vegetables like carrot,
apples, orange, etc. The cold storage unit is located at Hooghly,
West Bengal covering an area of around 4.06 acres. Narayan Cold
Storage Private Limited, a company operating under the same
management, is engaged in the cold storage business of storing
potato and is rated at [ICRA]B.

Recent Results
In 2014-15, the company reported a net loss of INR0.36 crore on an
operating income of INR3.33 crore, as compared to a net loss of
INR0.36 crore on an operating income of INR0.11 crore in
2013-14.


K. L. RATHI: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned India's K. L.
Rathi Steels Limited (KLRSL) a Long-Term Issuer Rating of
'IND BB'.  The Outlook is Stable.  Ind-Ra has also assigned
KLRSL's bank facilities these ratings:

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
  Fund-based limit      400.00     'IND BB'/Stable and
                                   'IND A4+'
  Non-fund-based limit   15.00     'IND A4+'

KEY RATING DRIVERS

The ratings reflect KLRSL's weak credit metrics on the back of
thin profitability margins.  In FY15, interest coverage (operating
EBITDA/gross interest expense) was 1.09x, net financial leverage
(total Ind-Ra adjusted debt/operating EBITDAR) was 10.35x and
EBITDA margins were 0.61%.  KLRSL is present in a highly
fragmented and intensely competitive steel industry due to which
it cannot pass on the raw material price hike to customers.

The ratings benefit from the fact that KLRSL's scale of operations
remains comfortable despite a fall in its revenue to
INR6,707.13 mil. in FY15 from INR7,744.53 mil. in FY14 led by
falling capacity utilisation as well as average sales realisations
in the backdrop of a slowdown in steel demand.  KLRSL's liquidity
position is satisfactory as evident from 72.57% average working
capital utilisation during the 12 months ended August 2015.  The
ratings benefit from the infusion of unsecured loans of INR65 mil.
by KLRSL's promoters to support its debt servicing in FY16.

The ratings are also supported by the company's 40-year long
operational track record and its strong presence in Delhi NCR with
well-established brand name ThermoQuench.  KLRSL's promoters have
over three-decade-long experience in the steel industry.

RATING SENSITIVITIES

Negative: Deterioration in net working capital or decline in
profitability leading to deterioration in overall credit metrics
will be negative for the ratings.

Positive: An improvement in the profitability leading to improved
credit metrics could lead to a positive rating action.

COMPANY PROFILE

KLRSL was incorporated in 1972 to take over the assets of
erstwhile Rathi Steel Rolling Mills, a family enterprise
established in 1942 at Shahdara, Delhi.  It manufactures steel
rods, bars & wires.  Its 2,00,000 metric ton per annum facility is
located in Greater Noida, Guatam Buddha Nagar for manufacturing
high strength deformed bars and thermo mechanically treated bars
of sizes 8mm to 32mm wire rods which it sells under the brand
Rathi registered in India.


KRISHNA TEXTILE: CRISIL Suspends D Rating on INR53.3MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Krishna
Textile Process (KTP; part of the Sudhama group).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee          5          CRISIL D
   Cash Credit            30          CRISIL D
   Long Term Loan         26.2        CRISIL D
   Proposed Long Term
   Bank Loan Facility     53.3        CRISIL D
   Standby Line of
   Credit                  1.5        CRISIL D

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

Set up in 1978 by Mr. P Gopalakrishnan, Sudhama manufactures
knitted garments and exports the same to European countries. Set
up in 2002, KTP is involved in dyeing of polyester, cotton and
viscose fabrics.


LAKSHMI COTTON: CRISIL Reaffirms B Rating on INR50MM Cash Loan
--------------------------------------------------------------
CRISIL rating on the long-term bank facility of Lakshmi Cotton
Traders (LCT) continues to reflect LCT's modest scale of
operations in the intensely competitive and highly fragmented
cotton trading industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           50        CRISIL B/Stable (Reaffirmed)

The rating also reflects LCT's below-average financial risk
profile, marked by low net worth, high total outside liabilities
to tangible net worth (TOLTNW) ratio, and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of LCT's promoters in the cotton trading
industry.
Outlook: Stable

CRISIL believes LCT will continue to benefit over the medium term
from its promoters' extensive experience in cotton trading. The
outlook may be revised to 'Positive' if there is a substantial and
sustained improvement in the revenue and profitability margins, or
if a sizeable equity infusion by the promoters strengthens the
capital structure considerably. Conversely, the outlook may be
revised to 'Negative' if a steep decline in profitability, or any
large, debt-funded capital expenditure or stretch in its working
capital cycle weakens the key credit metrics.

Set up in 1992, LCT trades in raw cotton and cotton lint. Based
out of Guntur, the firm is promoted by Mr. S. Koteswara Rao and
his family.


M.D. COTTON: ICRA Reaffirms B+ Rating on INR6.0cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR6.00 crore long
term fund based cash credit facility of M.D. Cotton Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           6.00        [ICRA]B+ reaffirmed

The reaffirmation of rating continues to take into account MDCI's
modest size of operations with a de-growth of 25% reported in the
operating income during FY15 as well as the weak financial profile
characterized by low profitability levels, owing to the limited
value addition in the business and the highly competitive and
fragmented industry structure; stretched capital structure and
weak coverage indicators. The rating continues to remain
constrained by the vulnerability of the firm's profitability to
raw material prices which are subject to seasonality and crop
harvest; and the regulatory risks with regard to MSP fixed by GoI.
ICRA also notes that MDCI is a partnership firm and any
significant withdrawals from the capital account would adversely
affect its net worth and thereby its capital structure.
The rating, however, positively considers the established track
record of the firm in the cotton ginning industry and the
advantage the firm enjoys by virtue of its location in the cotton
producing belt of Mehsana (Gujarat).

Established in 2007, M.D. Cotton Industries (MDCI) is engaged in
the business of ginning and pressing of raw cotton into cotton
seeds and fully pressed cotton bales having a production capacity
of 27.20 metric tonnes per day (MTPD) of cotton bales. The firm is
also engaged in crushing of cotton seeds to obtain cotton seed oil
and cotton oil cake having an intake capacity of ~47 MTPD. The
manufacturing plant of the firm is located at Kadi (Mehsana) in
Gujarat. The firm is promoted by Mr. Mahendra Patel along with his
relatives and friends.

Recent Results
For the year ended March 31, 2015, M.D. Cotton Industries reported
an operating income of INR40.14 crore and profit after tax of
INR0.16 crore as against an operating income of INR53.30 crore and
profit after tax of INR0.20 crore for the year ended
March 31, 2014.


MAHAVIR ORE: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has suspended Mahavir Ore &
Sponge Private Limited's (MOSPL) Long-Term Issuer Rating of
'IND BB-' with a Negative Outlook.  The rating will now appear as
'IND BB-(suspended)' on the agency's website.  The agency has also
migrated the 'IND BB-' rating with Negative Outlook on the
company's INR75 mil. fund-based limits to 'IND BB-(suspended)'.

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

The ratings 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 the
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.


MEGHDOOT GINNING: ICRA Revises Rating on INR30cr Loan to B
----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR30.00
crore fund based cash credit facility of Meghdoot Ginning and
Pressing Industries Private Limited from [ICRA]B+ to [ICRA]B.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund-Based Limits     30.00      [ICRA]B; revised
                                    from [ICRA]B+

The revision of ratings takes into account de-growth in revenue in
financial year 2014-15 coupled with overall weak demand of cotton
as a result of general downtrend in the economy. The ratings
continue to be constrained by the firm's weak financial profile as
reflected by low profitability, adverse capital structure, and
weak debt coverage indicators. The ratings also take into account
the low value additive nature of operations and intense
competition on account of fragmented industry structure leading to
thin profit margins and vulnerability of profitability to adverse
fluctuations in raw material prices which are subject to seasonal
availability of raw cotton and government regulations on MSP for
procurement of raw cotton.

The ratings however, positively factors in the long experience of
the promoters in the cotton ginning and pressing business and
favorable location of the plant giving it easy access to raw
cotton.

Incorporated in 1999, Meghdoot Ginning & Pressing Industries Pvt
Ltd (MGPIPL) is engaged in ginning and pressing of raw cotton. The
business is owned and managed by Mr. Anand Shah, Mr. Ajay Shah,
Mr. Bharat Shah and other family members. The company's
manufacturing facility is located at Karjan, in Vadodara, The
company has 52 ginning machines and 1 pressing machine with
processing capacity of 200 MTPD of raw cotton.

Recent Results
For the year ended 31st March 2015, Meghdoot Ginning and Pressing
Industries Private Limited has reported (as per provisional
financial statement) an operating income of INR137.59 crore and
profit after tax of INR0.11 crore.


MERRITRONIX PVT: CRISIL Reaffirms B+ Rating on INR20MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Merritronix Pvt Ltd
(MPL) continue to reflect MPL's small scale of operations in the
intensely competitive telecommunication equipment industry, and
the company's large working capital requirements.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        12        CRISIL A4 (Reaffirmed)

   Cash Credit           20        CRISIL B+/Stable (Reaffirmed)

   Letter of Credit      20        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    18        CRISIL B+/Stable (Reaffirmed)

   Term Loan             10        CRISIL B+/Stable (Reaffirmed)

The ratings of the company are also constrained on account of its
below-average financial risk profile marked by small net-worth and
weak debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of MPL's promoters in
the telecommunication industry, and its established relations with
customers.
Outlook: Stable

CRISIL believes that MPL will continue to benefit over the medium
term from its promoters' extensive industry experience, and its
established relations with customers. The outlook may be revised
to 'Positive' if there is a substantial and sustained increase in
the company's scale of operations and profitability margins, or
there is a sustained improvement in its working capital cycle.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in the company's profitability margins, or
significant deterioration in its capital structure caused most
likely by a stretch in its working capital cycle.

MPL, incorporated in 1988, manufactures accessories for
telecommunication cable jointing kits. The company also provides
electronics manufacturing services, which include assembling of
printed circuit board, box building, system integration and
testing. The company is managed by Mr. D Amarnath and based out of
Hyderabad (Telangana).


N.A.M. EXPRESSWAY: Ind-Ra Affirms D Rating on INR10.6BB Loans
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed N.A.M. Expressway
Limited's (NAMEL) INR10.6 bil. long-term senior project bank loans
at Long-term 'IND D'.

KEY RATING DRIVERS

The affirmation reflects NAMEL's delays in debt servicing based on
the data provided by the company.  The management states that the
delays are mainly due to the lower-than-expected toll collection.
Ramky Infrastructure Limited (Ramky) has been operating this
project since the achievement of partial commencement of
operations.  NAMEL is equally owned by Ramky and IL&FS
Transportation Networks Limited (ITNL; 'IND A'/Stable).

RATING SENSITIVITIES

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

PROJECT PROFILE

NAMEL is a special purpose company, incorporated to implement a
lane expansion project under a 24-year concession from the Andhra
Pradesh Road Development Corporation (APRDC).  The project road is
a 212.5km stretch from Narketpally to Addanki and Medarametla, and
is part of the State Highway 2.  The project cost of
INR17,605 mil. was funded by a term loan of INR10.6 bil., sponsor
equity of INR2,335.1 mil. and a government grant of INR4,670 mil.


NANU RAM: ICRA Reaffirms B+ Rating on INR6.0cr LT Loan
------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the INR6.0
crore bank facilities of Nanu Ram Jindal Gum & Chemicals Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term: Fund
   Based Limits           6.0         [ICRA]B+; reaffirmed

ICRA's rating continues to be constrained by limited experience of
the promoters in guar gum industry; relatively low market share of
the company in relation to the overall guar gum processing
industry in the country, exposure to agro-climatic risks related
to guar seed production and modest financial risk profile
characterised by low profitability and weak debt coverage
indicators. The revenues of the company declined by 34% in FY2015;
on account of 26% decline in sales volumes as a result of subdued
demand and lower realisation.

The rating, however, favourably factors in the varied application
of guar gum across oil exploration, textile printing, mining and
food products as well as the favourable location of the company's
manufacturing facility with proximity to the main guar growing
belt.

NPL was incorporated in April 2012 and is promoted by Mrs.
Shankuntla Devi & Mr. Neeraj Jindal. The company is a manufacturer
and trader of guar gum and associated products. Its manufacturing
plant is located in Siwani Mandi Haryana with capacity of 5400
metric ton per annum guar splits. The company supplies guar gum
split to the manufacturers of guar gum powder.

Recent Results
NPL reported turnover of INR34.14 crore and net profit of INR0.10
crore in FY15 against turnover of INR51.71 crore and net profit of
INR0.07 crore in previous year.


NATIONAL PLASTICS: CRISIL Suspends B+ Rating on INR57.5MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of National
Plastics (National).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           25         CRISIL B+/Stable
   Term Loan             57.5       CRISIL B+/Stable

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

Established in 1978, National manufactures Linear Low Density
Polyethylene (LLDPE) water and chemical storage tanks for use in
households and industries. The firm's promoters are Mr. Jayanti
Patel and his wife Ms. Pushpa Patel. The firm has set up a UPVC
pipes unit, which is expected to commence full production in April
2014.


PRAGATI ENGINEERING: ICRA Suspends C+ Rating on INR6.5cr Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]C+ rating assigned to the INR6.50 crore,
long term fund based facilities of Pragati Engineering Belgaum
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Pragati Engineering Belgaum Private Limited (Pragati) is a Belgaum
based entity incorporated in 1996 by Mr. Suresh Bhirangi
(Chairman) and his son Mr. Mahesh S Bhirangi (Managing Director)
and their family members and associates. The company manufactures
precision machined components and caters to machine tool
manufacturers and automotive industry. The product portfolio
includes automatic tool changers for machining centres, power
chucking cylinders, turning attachments, piston, cylinder housing
and motor plates. Additionally, the company provides labour to its
clients for processing of certain components used in manufacture
of CNC machines against which it bills labour charges. The major
customer to which Pragati supplies its product is Pragati
Automation Private Limited (PAPL) which is an associate company of
which the majority stake is held by some of the promoters of
Pragati. PAPL, based in Bengaluru (Karnataka), primarily
manufactures tool turrets, automatic tool changers, and power-
chucking cylinders.


PRAMUKH ALLOYS: ICRA Suspends B- Rating on INR7.30cr Loan
---------------------------------------------------------
ICRA has suspended the [ICRA] B- rating assigned to the INR7.30
crore long term fund based facilities of Pramukh Alloys Pvt Ltd.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Incorporated in March 2012, Pramukh Alloys Private Limited (PAPL)
is engaged in manufacturing of MS angles and MS channels from
metal scrap. The manufacturing facility is located at Vijapur
district of Gujarat, with an annual installed capacity of 10,000
MTPA (Metric Tonnes Per Annum). The company commissioned
commercial operations at the newly set up plant from 15th April
2013 onwards. The promoters of the company Mr Mukesh Chaudhary and
Mr. Kanu Chaudhary have been associated with the commercial and
residential housing construction for over a decade, and at present
the promoters are executing three residential and commercial
projects at Gandhinagar, Gujarat through other group concerns.


R R OOMERBHOY: CRISIL Reaffirms 'D' Rating on INR123.3MM Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of R R Oomerbhoy Pvt Ltd
(RRO) continues to reflect delays by RRO in servicing its debt
obligations. The delays have been caused by the company's weak
liquidity, driven by low cash accruals and large working capital
requirements, resulting in high utilisation of bank limits.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit         123.3       CRISIL D (Reaffirmed)
   Term Loan            16.7       CRISIL D (Reaffirmed)

RRO also has a below-average financial risk profile marked by high
gearing and weak debt protection metrics, and is exposed to
intense competition in the edible oil industry. However, the
company benefits from its promoters' extensive industry experience
and their fund support.

RRO was incorporated in 1992 by Mr. Rashid Oomerbhoy, his son Mr.
Riyad Oomerbhoy and his daughter, Ms. Roohi Oomerbhoy. RRO refines
edible oils and trades in international pasta and cheese brands.


RIDDHI SIDDHI: ICRA Reaffirms B Rating on INR40cr LT Loan
---------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B on the
INR27.501 crore fund-based facilities (enhanced from INR8.0 crore)
and INR40.00 crore non fund-based bank facilities (enhanced from
INR15.64 crore) of Riddhi Siddhi Associates. ICRA has assigned its
short term rating of [ICRA] A4 to the INR15.0 crore short term
fund-based facilities of the firm.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term fund-
   based bank
   facilities            27.50        [ICRA]B; reaffirmed

   Long-term non
   fund-based bank
   facilities            40.00        [ICRA]B; reaffirmed

   Short-term fund-
   based bank
   facilities            15.00        [ICRA]A4;assigned

ICRA's ratings take into account the experience of RSA's
management, of around a decade, in the royalty collection contract
business. While the firm was able to achieve requisite collection
volumes during FY15 to meet the guaranteed royalty payments and
cover its operational expenses, the surplus collections were low,
which resulted in thin operating profit margins of 0.89%. The low
profitability was exacerbated by seasonal volatility in
collections, given that the royalty installments are paid by the
firm to the government as per a fixed schedule.

Further, the business is characterized by high capital
requirements, which are on account of upfront payment of security
deposits, as well as working capital to bridge the cash flow
mismatch between actual royalty collection and royalty paid to the
government. High capital requirements, coupled with low
profitability result in weak return indicators as reflected in
RoCE of 2.9% and RoNW of 0.25% in FY15. Moreover, the revenue
visibility for the firm continues to remain limited, given the
short duration of the contracts in hand and the unpredictability
in securing new contracts. Given the fragmented nature of the
royalty contracting business, low entry barriers and, resultant
high competition in the sector and susceptibility to government
regulations, the firm's operating margins have been subdued.
Further, ICRA has also taken into consideration RSA's constitution
as a partnership firm, which exposes it to capital withdrawal
risks as well as risk of dissolution.

Going forward, the ability of the firm to secure new contracts to
maintain revenue visibility, and achieve healthy volumes along
with improving profitability metrics, will remain the key rating
sensitivities.

Formed by Mr. Mahendra Kumar Tak, his family members and business
associates in 2009, RSA is an Udaipur (Rajasthan) based
partnership firm. The firm commenced operations as a contractor
for royalty collection for sand mining and granite mining in
Rajasthan. Recently, the firm has also entered into contracts for
toll fee collections from road projects in Rajasthan. The
promoters have been engaged in similar contracts for royalty
collection, toll collection, etc for government departments since
2003.

Recent Results
RSA reported, on a provisional basis, an operating income (OI) of
INR172.42 crore and a profit after tax (PAT) of INR1.10 crore in
FY15, as compared to an OI of INR166.59 crore and a PAT of INR0.07
crore in the previous year.


S.B. ENTERPRISES: Ind-Ra Assigns IND BB- Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned S.B. Enterprises
(SBE) a Long-Term Issuer Rating of 'IND BB-'.  The Outlook is
Stable.  The agency has also assigned SBE's bank loans these
ratings:

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
  Fund-based working       20        Long-term 'IND BB-'/Stable
   capital limit                     and Short-term 'IND A4+'

  Non-fund-based           40        Short-term 'IND A4+'
   facility

KEY RATING DRIVERS

The ratings factor in SBE's small scale of operation with top line
of INR165.78 mil., according to the provisional financials for
FY15.  SBE has high susceptibility to government regulation; any
adverse change in the policy could hamper its operations severely.

Liquidity position is tight with around 97% of maximum average
utilization of fund-based working capital limits during the 12
months ended August 2015.  The ratings are constrained by the
proprietorship structure of the organization.

The ratings benefit from SBE's strong EBITDA margins and credit
metrics In FY15, EBITDA margins stood at 6.19%, EBITDA at
INR10.26 mil., gross coverage at 4.16x and net leverage at 2.42x.

The ratings are also supported by SBE's established track record
of over a decade of business operations.

RATING SENSITIVITIES

Negative: Significant EBITDA deterioration leading to a decline in
the credit metrics will be negative for the ratings.

Positive: Substantial revenue growth while maintaining the credit
and liquidity profile will be positive for the ratings

UNIT PROFILE

Established in 2004, SBE is into contract-based construction work,
mainly relating to water supply projects such as pipe line
erection and commissioning.  It is also involved into civil
construction work.  SBE is an AA class registered contractor of
Public Health Engineering Department, Rajasthan.


SELLIAMMAN CONSTRUCTIONS: CRISIL Suspends B Rating on INR80M Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Selliamman Constructions Pvt Ltd (SCPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        10        CRISIL A4
   Cash Credit           80        CRISIL B/Stable

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

SCPL was set up in 2007 in Bhavani (Tamil Nadu) by Mr. K
Sreerangan. It undertakes civil construction works, mainly
concreting activities related to road construction and maintenance
such as formation, widening, rehabilitation, and strengthening,
and construction of small bridges, for the governments of
Karnataka and Tamil Nadu.


SENTHIL ANDAVAR: CRISIL Suspends B Rating on INR33.4MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Senthil
Andavar Modern Rice Mill (SAMRM).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            15         CRISIL B/Stable
   Proposed Term Loan     33.4       CRISIL B/Stable
   Term Loan               1.0       CRISIL B/Stable

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

Set up in 1999 as a proprietorship firm, SAMRM is engaged in
milling and processing of paddy into rice, rice bran, broken rice,
and husk.


SHAJAHANS JEWELLERS: CRISIL Suspends B Rating on INR200MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shajahans Jewellers (SJ).

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Cash Credit           200         CRISIL B/Stable

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

Established by Mr. H.Shahjahan, as a proprietary concern in 1998,
SJ operates a gold jewellery retail showroom in Chennai (Tamil
Nadu).


SHANKER COTGIN: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shanker Cotgin
Industries (SCI) continues to reflect SCI's modest scale of
operations in the fragmented cotton industry and susceptibility of
profitability to volatility in cotton prices. The rating also
factors in the firm's below-average financial risk profile because
of modest net worth, high gearing, and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of SCI's partners and their funding
support.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           60        CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit          20        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SCI will continue to benefit over the medium term
from partners' extensive industry experience and funding support.
The outlook may be revised to 'Positive' if high cash accrual or
substantial capital infusion leads to a better capital structure.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile, particularly liquidity, deteriorates because of low
cash accrual, large working capital requirement, or debt-funded
capital expenditure (capex).

Update
SCI's revenue reduced to INR360 million in 2014-15 (refers to
financial year, April 1 to March 31) from INR692 million in the
previous year due to low realisations from cotton. However, it
sustained operating profitability at previous year's level, 1.5-
2.0 per cent, in 2014-15. The firm's revenue for the six months
ended September 2015 was INR100 million, and is expected to be
INR300-400 million for 2015-16. CRISIL believes SCI will sustain
its operating margin over the medium term.

Financial risk profile is driven by modest net worth, high
gearing, and below-average interest coverage ratio. Gearing and
net worth were 5.12 times and INR14 million, respectively, as on
March 31, 2015. Gearing is expected to improve gradually over the
medium term due to absence of debt-funded capex. SCI's interest
coverage ratio was 1.29 times for 2014-15, and is expected to
remain at a similar level over the medium term.

The firm prudently manages working capital cycle, reflected in
gross current assets of 86 days. It procures raw cotton from
farmers and local mandis in Sirsa, which offer credit of 4 days to
the firm and charge penal interest in case of delay in payments.
SCI offers credit of 8 days to customers and charges interest for
delays. The firm's receivables remain at 8-10 days. Inventory was
15-20 days as on March 31, 2015.

SCI has low cash accrual against nil debt obligation, and high
bank limit utilisation, which was at an average of 92 per cent for
the six months ended September 2015. The firm's accrual will be
INR2 million against nil debt obligation in 2015-16. Also,
liquidity is backed by need-based funds from partners.

SCI is a partnership firm established in 2005. It gins and presses
cotton and extracts cotton oil at its unit in Sirsa (Haryana). The
firm is owned and managed by Mr. Ved Prakash Gandhi and his family
members.


SHIVAM COTTON: ICRA Reaffirms B+ Rating on INR12cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR12.00 crore
long-term fund based cash credit facility (enhanced from INR9.70
crore) of Shivam Cotton Industries. ICRA has assigned the long
term rating of [ICRA]B+ to the INR2.29 crore term loan facility
and withdrawn the short-term rating of [ICRA]A4 to the INR0.00
crore short term fund based limit (reduced from INR0.25 crore) of
SCI.

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

   Long Term Fund
   Based-Term Loan        2.29       [ICRA]B+ assigned

The ratings continue to remain constrained by the firm's
relatively modest scale of cotton ginning and seed crushing
operations and the de-growth in operating income witnessed during
FY 2015 owing to the volatility in cotton prices during the year.
The ratings also consider the vulnerability of firm's
profitability to movements in cotton prices which are subject to
seasonality and crop harvest as well as the regulatory risk with
regard to imposition of MSP. The ratings also take into account
the firm's weak financial risk profile characterized by low
profitability margins owing to the limited value addition and
highly competitive & fragmented industry structure due to low
entry barriers, adverse capital structure and high working capital
intensity. The ratings also consider adverse potential impact on
net worth and gearing levels in case of any substantial withdrawal
from capital account given the constitution as a partnership firm.

The rating however continues to favourably factor in the stable
demand outlook for cotton and its derivative products and the
favourable location of the firm's plant with respect to raw
material procurement. ICRA also positively considers the long
standing experience of the promoters in the cotton ginning and
cottonseed crushing industry and the improvement in profitability
during FY 2015.

Shivam Cotton Industries (SCI) was established in the year 1998 as
a partnership firm and is engaged in ginning, pressing of raw
cotton and crushing of oil seed. The firm's manufacturing facility
is located at Karjan, Gujarat and is equipped with 36 ginning and
1 press with a total production capacity of 300 bales per day or
51 MTPD and 10 expellers with capacity of crushing 8571 MTPA of
cottonseeds. SCI is promoted by Mr. Vikram Patel, Mr. Shailesh
Patel and other members of the Patel family who have over fifteen
years of experience in the cotton ginning, pressing and cottonseed
crushing industry.

Recent Results
During FY 2015, the firm reported an operating income of INR70.01
crore and profit before tax of INR0.76 crore as against operating
income of INR84.76 crore and profit before tax of INR0.62 crore in
FY 2014.


SHIVSHAKTI BARRELS: CRISIL Assigns B Rating to INR45MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Shivshakti Barrels Pvt Ltd (SBPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       1.5       CRISIL B/Stable

   Bank Guarantee          13.5       CRISIL A4

   Cash Credit             45.0       CRISIL B/Stable

The ratings reflect SBPL's large working capital requirement,
small scale of operations, and weak financial risk profile because
of average gearing and subdued debt protection metrics. These
weaknesses are partially offset by its promoters' extensive
experience in the steel barrels industry and its established
relationships with customers and suppliers.
Outlook: Stable

CRISIL believes SBPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if scale of operations increases
significantly and operating margin remains steady, leading to a
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if financial risk profile deteriorates
because of large debt for capital expenditure or working capital
requirement, or decline in operating profitability.

Incorporated in 2000, SBPL manufactures steel barrels. Its
manufacturing facility is at Halol in Vadodara (Gujarat). The
company is promoted and managed by Parihar family and has capacity
to produce 25,000 barrels per months.

On a provisional basis, SBPL reported profit after tax (PAT) of
INR2.1 million on net sales of INR144.3 million for 2014-15
(refers to financial year, April 1 to March 31), against net loss
of INR0.5 million on net sales of INR86.1 million for 2013-14.


SHREE TEL-FAB: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shree Tel-Fab
Industries Private Limited's (Tel-Fab) Long-Term Issuer Rating of
'IND BB-' with a Negative Outlook to the suspended category.  The
rating will now appear as 'IND BB-(suspended)' on the agency's
website.

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

The ratings 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 the
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary Tel-Fab's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
      from 'IND BB-'/Negative

   -- INR100 mil. fund-based limits: migrated to
      'IND BB-(suspended)' from 'IND BB-'/Negative

   -- INR137.5 mil. non-fund-based limits: migrated to
      'IND A4+(suspended)' from 'IND A4+'


SRI BALMUKUND: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sri Balmukund
Polyplast Pvt Ltd's (SBPPL) Long-Term Issuer Rating of 'IND BB-'
with a Negative Outlook to the suspended category.  The rating
will now appear as 'IND BB-(suspended)' on the agency's website.

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

The ratings 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 the
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary

SBPPL' ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
      from 'IND BB-'/Negative

   -- INR367 mil. fund-based limits: migrated to
      'IND BB-(suspended)' from 'IND BB-'/Negative

   -- INR85 mil. non-fund-based limits: migrated to
      'IND A4+(suspended)' from 'IND A4+'


STARSHINE NIRMAN: Ind-Ra Suspends 'IND BB-' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Starshine Nirman
Private Limited (SNPL) Long-Term Issuer Rating of 'IND BB-' with
Negative Outlook to the suspended category.  The rating will now
appear as 'IND BB-(suspended)' on the agency's website.

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

The ratings 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 the
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary

SNPL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
      from 'IND BB-'/Negative

   -- INR40 mil. fund-based limits: migrated to
      'IND BB-(suspended)' from 'IND BB-'/Negative

   -- INR250.5 mil. non-fund-based limits: migrated to
      'IND A4+(suspended)' from 'IND A4+'


SUDHAMA HOSIERIES: CRISIL Suspends C Rating on INR29.1MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sudhama
Hosieries (Sudhama; part of the Sudhama group).

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Export Packing
   Credit                 25         CRISIL A4

   Foreign Bill
   Discounting             5         CRISIL A4

   Proposed Long Term
   Bank Loan Facility     29.1       CRISIL C

   Standby Line of
   Credit                  5.0       CRISIL A4

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

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Sudhama and Krishna Textile Process
(KTP). This is because the two entities, together referred to as
the Sudhama group, have a common management, are in the same line
of business, and have strong operational and financial linkages
with each other.

Set up in 1978 by Mr. P Gopalakrishnan, Sudhama manufactures
knitted garments and exports the same to European countries. Set
up in 2002, KTP is involved in dyeing of polyester, cotton and
viscose fabrics.


SUNDEEP SRIVARAS: CRISIL Suspends B+ Rating on INR80MM Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Sundeep
Srivaras Coffee (SSC).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           80        CRISIL B+/Stable
   Long Term Loan         7.5      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    12.5      CRISIL B+/Stable

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

SSC, set up in 2000 and based out of Mysore (Karnataka), trades in
coffee beans. The firm is promoted by Mr. M.V.Madhu and Mr.Sundeep
Shenoy.


T.J.S. ENGINEERING: CRISIL Suspends B+ Rating on INR90MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of T.J.S.
Engineering College (TJSEC).

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Term Loan              90         CRISIL B+/Stable

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

TJSEC was established by TJSMET. The institute started its first
academic session in 2009-10, with the Bachelor in Technology
degree. The trust, TJSMET, also founded T.J.S Polytechnic College
(TJSPC), which began its academic sessions in 2010-11, with a
Diploma in Engineering. The institutes share an 11.5 acre campus
in Peruvoyal, Thiruvallur (Tamil Nadu). TJSEC and TJSPC are
affiliated to Anna University (Chennai), and accredited by the All
India Council for Technical Education (AICTE).


U. M. RAMESH: CRISIL Suspends D Rating on INR50MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facility of U. M.
Ramesh Rao (UMRR).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan              50        CRISIL D

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

UMRR, set up in 1975 as a proprietorship firm, operates two coffee
estates, Watekhan and Yellikodige, in Chikmagalur district
(Karnataka). The firm is managed by Mr U M Ramesh Rao and Mr.
Bhaskar Rao.


ULCCS IT: CRISIL Suspends B+ Rating on INR1.26BB LT Loan
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of ULCCS
IT Infrastructure Pvt Ltd (UIIPL).

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Long Term Loan       1260         CRISIL B+/Stable

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

Incorporated in November 2008, UIIPL is developing an IT park, UL
Cyberpark, in Kozhikode (Kerala). UIIPL is a subsidiary of ULCCS
Ltd (a co-operative society). ULCCS Ltd, formed in 1925,
undertakes civil construction projects, such as road and bridge
construction, in Kerala.


VARADHARAJA FOODS: CRISIL Suspends B- Rating on INR32.5MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Varadharaja Foods Pvt Ltd (VFPL).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          32.5        CRISIL B-/Stable
   Letter of Credit     15          CRISIL A4
   Proposed Long Term
   Bank Loan Facility   10.7        CRISIL B-/Stable
   Term Loan            13.1        CRISIL B-/Stable

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

VFPL based in Salem (Tamil Nadu) was established in 2009 by Mr. N
E Kumar; it commenced operations in July 2010. VFPL is engaged in
processing of mango pulp and other fruits such as guava and
papaya.


VENUS P.P.: CRISIL Reaffirms D Rating on INR49.7MM Bank Loan
------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Venus P.P.
Varadaraju Spinning Mills Pvt Ltd (Venus) continue to reflect the
instances of delays by the company in servicing its term loan
obligations on account of weak liquidity.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        3.2        CRISIL D (Reaffirmed)
   Cash Credit          30          CRISIL D (Reaffirmed)
   Long Term Loan       17.5        CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility   49.7        CRISIL D (Reaffirmed)

Venus also has a small scale of operations in the intensely
competitive textile industry and weak financial risk profile
marked by a high gearing. The company, however, benefits from the
extensive industry experience of its promoter and its longstanding
relationship with customers and suppliers.

Set up in 2005 by Mr. V Gopu, Venus manufactures double count
cotton yarn. The company is based out of Salem (Tamil Nadu).


VISION METALIK: CRISIL Reaffirms B+ Rating on INR58MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vision Metalik
Company (VMC) continues to reflect VMC's working-capital-intensive
nature and small scale of operations in the intensely competitive
steel industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           40        CRISIL B+/Stable (Reaffirmed)
   Term Loan             58        CRISIL B+/Stable (Reaffirmed)

The rating also factors in a moderate financial risk profile and
small scale, of operations in an intensely competitive steel
industry. These rating weaknesses are partially offset by the
extensive entrepreneurial experience of the partners.
Outlook: Stable

CRISIL believes VMC will continue to benefit over the medium term
from its partners' extensive entrepreneurial experience. The
outlook may be revised to 'Positive' if the business and financial
risk profiles improve, supported by a significant increase in
revenue and profitability. Conversely, the outlook may be revised
to 'Negative' if profitability declines, or there is large debt-
funded capital expenditure, leading to deterioration in the
financial risk profile.

Update
VMC had revenue of around INR292.4 million in 2014-15 (refers to
financial year, April 1 to March 31), as against INR116.2 million
in 2013-14. The firm has an installed capacity of around 24,000
tonnes per annum capacity utilisation was around 44 per cent in
2014-15, resulting in 11,000 tonnes of billets manufactured during
the year. The operating margin remained at 8 per cent in 2014-15.
Realisation is expected to moderate in 2015-16 due to the ongoing
slowdown in the domestic steel industry. However, because of
higher capacity utilisation, the operating margin is expected to
remain at 7.5-8.0 per cent over the medium term.

The firm's working capital cycle remains average, primarily driven
by high inventory of 85-90 days against low credit period from
suppliers. Most of the manufactured billets are sold to group
company, Vision Ispat Pvt Ltd, to which average credit of 15-20
days is offered. VMC's capital structure remains moderate with
gearing of around 1.1 times against a net worth of INR72.5
million, as on March 31, 2015. Debt protection metrics remained
adequate with interest coverage and net cash accrual to total debt
ratios at around 2.10 times and 0.14 time, respectively, in 2014-
15. Debt protection metrics are expected to improve over the
medium term driven by higher accrual due to scaling up of
operations.

Liquidity remains stretched with high bank limit utilisation at an
average of around 97 per cent over the 12 months through March
2015. The current ratio was comfortable at around 1.15 times as on
March 31, 2015.

VMC, on a provisional basis, reported a net loss of INR4.9 million
on net sales of INR292.4 million for 2014-15; it had reported a
net loss of INR15 million on net sales of INR116.2 million for
2013-14.

VMC, incorporated in 2012, manufactures mild steel billets at its
facilities in Dibrugarh (Assam). The firm was established by Mr.
Narendra Kumar Saharia, Mrs. Navina Jain, Mrs. Padma Devi
Agarwalla, and their associate companies; its manufacturing
operations are managed by its partners.


WUD TOOLS: CRISIL Suspends B Rating on INR92.4MM LT Loan
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of WUD
Tools (WT).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           75        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    92.4      CRISIL B/Stable
   Term Loan             22.6      CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by WT
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, WT is yet to
provide adequate information to enable CRISIL to assess WT's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'.
WT, set up in 1965, is a partnership firm of Mr. Lokendra Sheth
and Mr. Chaitanya Sheth. The firm manufactures cutting tools
including straight blades, carbide T-blades and carbide tip saws.
WT has a manufacturing facility in Latur (Maharashtra).



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


LIFESTYLE HEALTH: Placed in Voluntary Liquidation
-------------------------------------------------
Chloe Winter at Stuff.co.nz reports that the owner of two Hutt
Valley gyms has put his company into voluntary liquidation owing
more than NZ$1 million, after an increase in competition hit its
membership base.

Stuff.co.nz relates that the Lifestyle Health and Fitness Centre,
owned by Steve Millar, owes NZ$1.07 million to its creditors. With
most of the money owed to ANZ, there may be little return for
unsecured creditors even though liquidators are confident they can
sell the business, according to the report.

The report says the company owns one gym in Lower Hutt, which
opened in 1990, and another in Upper Hutt, which opened in 2003.
Mr. Millar would not comment on the liquidation on Oct. 16, saying
he did not want to jeopardise the process, the report relays.

In the first liquidator's report, Jessica Kellow --
jessica@sd.co.nz -- of Sheppard Dunphy said the gyms had a loyal
and substantial membership base for many years, but financial
pressures proved too much, relays Stuff.co.nz.

"Significant costs have been incurred in the relocation of the
Lower Hutt club and refits which have placed a large financial
burden on the entities," Mr. Kellow wrote.

"In recent times increased competition has resulted in a declining
membership base and the debt servicing had become unsustainable."

Stuff.co.nz notes that the company owes about NZ$834,000 to ANZ
Bank, NZ$150,000 to Inland Revenue, NZ$34,000 to its employees for
holiday pay and NZ$277,225 to its trade creditors.

At this stage, Ms. Kellow estimated its total assets to be worth
NZ$225,000, but would continue to look at the company's books to
establish if there were any "potentially voidable transactions
that require investigation," notes the report.

Kellow was continuing to operate the clubs, while seeking
expressions of interest, she said, reports Stuff.co.nz.  "We don't
take decisions to trade businesses like this lightly," the report
quotes Ms. Kellow as saying. "But the mantra is business as usual
. . . [as] we are very confident of a sale."

Memberships were not affected "at this stage" and Kellow expected
the new owners would honour all current memberships, she said,
according to Stuff.co.nz.  All staff had been re-employed by the
liquidators until the end of October, the report notes.



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


ORIENT COMMERCIAL: SC Denies Owner's Petition v. Auction Order
--------------------------------------------------------------
BusinessWorld Online reports that the Supreme Court (SC) has
denied the petition of Jose C. Go, the owner of the now-defunct
Orient Commercial Banking Corp., against a court order that
auctioned off his other company's properties as security for the
bank's multibillion-peso obligations.

In a nine-page decision dated July 8, the SC First Division junked
the petition by Mr. Go, with eight of his other companies
including Gotesco Properties, Inc. and Ever Emporium, Inc. as co-
petitioners, for lack of merit, BusinessWorld relates.

It said the Go group was estopped from going back on its
commitments as laid down in its 2003 compromise agreement with
Bangko Sentral ng Pilipinas, the report says.

BusinessWorld relates that the said agreement provided that the
properties of Ever Crest Golf Club Resort, Inc., and Mega Heights,
Inc., be used as security in case the Go group fails to settle its
PHP2.975-billion obligation within a ten-year period.

According to the report, Mr. Go challenged the July 6, 2009 writ
of execution handed down in BSP's favor that auctioned off the
Ever Crest properties. He said the Court of Appeals gravely abused
its discretion in upholding its validity because Ever Crest was
not a signatory to the agreement, the report says.

But the high court said this argument was "bereft of substance."
It said the Go group and Ever Crest itself firmly committed to
allow the properties to be used as security for Orient Bank's
obligations, according to BusinessWorld.

BusinessWorld says the compromise agreement, the high court noted,
had assured BSP that all corporate approvals were already obtained
for the use of the properties as security.

Since the Go group was the one that offered the Ever Crest
properties to BSP, the court said "they should not now be allowed
to escape or to evade their responsibilities under the compromise
agreement just to prevent the levy on execution of Ever Crest's
properties," the report relays.

BusinessWorld says the court added that the Go group was
contractually tied to defend the writ of execution and not raise
any issue to defeat BSP's rights to the properties.

According to BusinessWorld, the Go group's compromise agreement
with BSP provided that failure on the former's part to settle its
obligation would allow the latter to "immediately ask for a Writ
of Execution against all assets of the Ever Crest Golf Club
Resort, Inc., and Mega Heights, Inc."

BusinessWorld notes that the transfer certificates of title (TCTs)
covering the properties were issued to the BSP as its new owner,
after being named the highest bidder in the public auction.

The report says the BSP noted in a statement on October 15 that
the Go group reneged on its commitment to pay the obligation
within a ten-year period, because it remained unpaid five years
after court approval was obtained in 2003.

It added that this was not the first time the compromise
agreement's validity was challenged. In June 2011, the Supreme
Court ordered the case returned to the Manila RTC for its
continued implementation, BusinessWorld reports.



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


PANTECH CO: Seoul Court Approves Revival Plan
---------------------------------------------
Yonhap News Agency reports that a Seoul court gave the nod to a
local consortium's plan to resuscitate cash-strapped Pantech Co.
on October 16, paving the way for the handset maker to survive on
its own.

Collapsing under the weight of growing debt, Pantech, South
Korea's No. 3 smartphone maker, was placed under court
receivership in August last year.

Early this month, the consortium of South Korean optical
manufacturer Optis and Solid, a device firm listed on the tech-
heavy KOSDAQ market, completed the acquisition of Pantech by
paying KRW49.6 billion (US$44 million) and sought court approval
of the deal, Yonhap recalls.

Yonhap relates that in a meeting of representatives from creditors
and Pantech on October 16, the Seoul Central District Court
approved the revival plan, ending the handset maker's court
receivership.

According to the report, the consortium has launched SMA Solution
Holdings, a special-purpose firm to manage the new Pantech. Solid
owns a 96 percent stake in the entity, and the remainder is held
by Optis.

The report notes that Pantech, which used to boast sound sales in
the market congested with global brands such as Samsung and Apple,
commenced its second workout in March 2014 amid faltering sales.

After months of efforts for normalization and finding potential
buyers, Pantech almost went into liquidation in May, before the
consortium announced its plan to take over the company, the report
recalls.

Yonhap says the consortium plans to make budget smartphones as the
new growth engine for Pantech and build production lines overseas
to cut costs.

The consortium will take over Pantech's 4,099 patents and 500
employees, as well as its overseas assets. Other production
facilities and other property deposits are also included, adds
Yonhap.

                          About Pantech

Founded in 1991, Pantech Co. is a Korean manufacturer and seller
of mobile devices.  Major shareholders include Qualcomm (11.96%),
Korea Development Bank (11.81%), and Samsung Electronics Co., Ltd
(10.03%).

Pantech filed for court receivership in Seoul, Korea in
August 2014 after its latest flagship smartphone failed to take
off.

The company filed for Chapter 15 bankruptcy protection at the U.S.
Bankruptcy Court in Atlanta (Bankr. N.D. Ga. Case No.: 14-70482)
on Oct. 16, 2014.

Joonwoo Lee, the Seoul-court appointed custodian, serving as
foreign representative in the U.S. case, is represented by
attorneys at Jacobs Legal, LLC, and H.C. Park & Associates.

The Debtor is estimated to have assets and debt ranging from
$100 million to $500 million.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***