TCRAP_Public/151029.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

          Thursday, October 29, 2015, Vol. 18, No. 214


                            Headlines


A U S T R A L I A

AMITBIKRAM PTY: Clifton Hall Appointed as Liquidators
BLUESCOPE STEEL: Moody's Affirms Ba3 CFR on Share Acquisition
CLOUD 9: First Creditors' Meeting Slated For Nov. 3
FRONTAL PTY: First Creditors' Meeting Slated For Nov. 3
NONI B: Faces Critical Turnaround Test This Christmas

WALTON CONSTRUCTION: Senator Calls for Hearing to Subpoena NAB


H O N G  K O N G

JETSTAR HONG KONG: Windup Almost Complete


I N D I A

A & A MODULAR: CARE Assigns B+ Rating to INR7.50cr LT Loan
ABHIVYAKTI WELFARE: CRISIL Assigns B Rating to INR10MM Loan
AINAJ INDUSTRIES: CARE Lowers Rating on INR17cr LT Loan to D
ARKA LEISURE: CARE Lowers Rating on INR51.51cr LT Loan to D
ASIS PLYWOOD: CRISIL Suspends D Rating on INR213MM Cash Loan

BAJAJ BASMATI: CARE Lowers Rating on INR126.82cr LT Loan to D
CLASSIC ENGICON: CRISIL Reaffirms B+ Rating on INR50MM Loan
DHOLADHAR DEVELOPERS: CRISIL Cuts Rating on INR0.8MM Loan to C
DR.A.G. EYE: CRISIL Suspends D Rating on INR110MM LT Loan
ELORA COTTON: CARE Cuts Rating on INR5.0cr Loan to D

EXIM FOCUS: CRISIL Suspends 'B' Rating on INR33 Million Loan
FRONTLINE SYSTEMS: CRISIL Cuts Rating on INR95MM Loan to B+
G.VENKATESHWAR: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
H. G. INFRATECH: CARE Assigns B+ Rating to INR28cr LT Loan
HANUMAN AGRO: CRISIL Reaffirms B+ Rating on INR20MM Cash Loan

HINDUSTAN PAPER: ICRA Assigns D Rating to INR5.90cr LT Loan
INDUS MEGA: ICRA Assigns B+ Rating to INR15cr LT Loan
JAY BHAVANI: CRISIL Suspends 'B' Rating on INR75MM LT Loan
JAY FORMULATIONS: CRISIL Suspends B Rating on INR30MM Cash Loan
KARISMAA FOUNDATIONS: CRISIL Suspends B+ Rating on INR65MM Loan

LEARNING LINKS: CRISIL Cuts Rating on INR65MM Cash Loan to B
LILAMANI INFRA: CARE Reaffirms B+ Rating on INR60cr LT Loan
MAC REMEDIES: CRISIL Suspends D Rating on INR150MM Cash Loan
MERIDIAN EXTRUSION: ICRA Suspends B Rating on INR24cr Loan
MUKESH STRIPS: CARE Lowers Rating on INR11.72cr LT Loan to D

MUSLIM EDUCATIONAL: CRISIL Raises Rating on INR156.7MM Loan to B-
OM COTTEX: CARE Reaffirms B+ Rating on INR6cr LT Loan
PAREKH PLASTICS: ICRA Suspends B+ Rating on INR4cr Loan
PRECISION ENGINEERING: CRISIL Cuts Rating on INR65MM Loan to B+
PSG TEXOFAB: ICRA Suspends B+ Rating on INR1.70cr Cash Loan

R. NATARAJAN: CRISIL Suspends B Rating on INR45MM Cash Loan
R.S. MILLS: CRISIL Ups Rating on INR100MM Cash Loan to B+
RAINBOW PAPERS: CRISIL Cuts Rating on INR4.63BB Term Loan to B+
RANBANKA HERITAGE: CARE Reaffirms B Rating on INR6.13cr LT Loan
RAV'S STEELS: CRISIL Suspends D Rating on INR180M Term Loan

RAVI PLANT: CRISIL Assigns B- Rating to INR126.7MM LT Loan
SHRIYA CHEMICALS: CRISIL Cuts Rating on INR111MM Term Loan to D
SHUBHAM FOODS: CRISIL Suspends B+ Rating on INR60MM Cash Loan
SQ SQUEEZERS: CARE Downgrades Rating on INR7.03cr LT Loan to D
SURYA CHARITABLE: CRISIL Assigns 'B' Rating to INR10MM LT Loan

TAMBI MOTORS: CARE Reaffirms 'B' Rating on INR5.21cr LT Loan
TITAN - ANTONY: CRISIL Cuts Rating on INR22.5MM Cash Loan to C
UTTAM CHAND: CRISIL Cuts Rating on INR80MM Cash Loan to B
V.S. BUILDCON: CRISIL Assigns B+ Rating to INR100MM Cash Loan


S O U T H  K O R E A

* SOUTH KOREA: FSA Urges Speedy Overhaul of Ailing Firms
* SOUTH KOREA: Shippers See Gloomy Prospects


X X X X X X X X

* Global Metal Prices will Remain Weak Through 2016, Moody's Says
* Reporting Covenants in High-Yield Bonds are Weak, Moody's Says


                            - - - - -


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


AMITBIKRAM PTY: Clifton Hall Appointed as Liquidators
-----------------------------------------------------
Daniel Lopresti and Mark Hall of Clifton Hall were appointed Joint
and Several Official Liquidators of Amitbikram Pty Ltd on Oct. 27,
2015, by Order of the Supreme Court of South Australia.


BLUESCOPE STEEL: Moody's Affirms Ba3 CFR on Share Acquisition
-------------------------------------------------------------
Moody's Investors Service has affirmed Bluescope Steel Ltd.'s Ba3
corporate family rating and Bluescope Steel (Finance) Limited's
Ba3 senior unsecured ratings following to the update to the market
and announcement of its intention to acquire the remaining 50
percent share of its North Star BlueScope Steel LLC Joint Venture
(North Star) from Cargill, Incorporated (A2 stable).  The outlook
on all ratings remains positive.

RATING RATIONALE

"The affirmation and positive outlook reflect our expectation of
the company's ability to improve its earnings and cash flow
generation in the face of substantial macroeconomic headwinds",
says Matthew Moore, a Moody's Vice President and Senior Credit
officer, adding "this improvement combined with prudent balance
sheet management has allowed the company to achieve strong credit
metrics for the rating, providing it with sufficient headroom to
manage the North Star acquisition within its current rating and
outlook".

While the acquisition of North Star will be debt funded, Moody's
still expects the company to maintain strong credit metrics for
the rating, as indicated by the positive outlook.  Moody's expects
that Bluescope's adjusted debt will likely increase by around
AUD1.0 billion in FY16, which will cause its gross adjusted
leverage, as measured by debt-to-EBITDA, to increase to near 3.0x
in for the fiscal year.  This compares to Moody's expectation for
debt-to-EBITDA to remain below 3.0x on a consistent basis, for a
higher rating.

"The acquisition of the remaining 50% of the North Star JV
provides the company with full ownership and control of a strong
asset with relatively stable earnings and cash flow generation for
the steel sector, says Moore, adding, "Moody's views the
acquisition as relatively low risk given the company's familiarity
with the operations and the limited need for integration."

North Star benefits from high utilization rates, a low and
variable mini mill cost structure, and favorable location all of
which have allowed the facility to achieve some of the strongest
margin performance in the sector over the last several years.

"The increased profit guidance for the first half of FY16 is
supportive of the rating and outlook, says Moore, adding,
"however, we expect FY16 to remain challenging with lower prices
and spreads pressuring earnings performance in the second half of
the fiscal year".

Bluescope in a separate announcement updated its first half EBIT
guidance by around 40% (or approximately AUD50 million).  The
company also announced that it has achieved a significant amount
of its run rate cost savings expectations of over AUD200 million
for its Australian steelworks and NZD50 million for its New
Zealand steel works.  As a result, the company currently expects
to continue producing steel at its blast furnace operations in
Port Kembla, New South Wales.  These initiatives will help to
mitigate the ongoing pricing and spread pressure facing these
facilities and make the operations more competitive against
imports.

Bluscope's Ba3 ratings also continue to reflect the company's
strong market positions and branding power in Australia,
geographic diversification, and the steps taken by Bluescope to
strengthen its business profile by focusing on midstream and
downstream products.

However, the ratings also factor in the challenging and volatile
operating environment with slowing GDP growth in China, pressure
on emerging markets and slow and fragile improvements in the
developed world.  This softness, particularly in China, is
continuing to exert negative pressure on steel prices.  Softer
iron ore and metallurgical coal prices, combined with a weaker
Australian dollar should help mitigate the impact of weaker steel
prices and help preserve margins but we expect softness in steel
prices to outpace these factors.

While Moody's expects next 12-to-24 months to remain challenging
for Bluescope, the company's diverse portfolio, the impact of
fully consolidating North Star, and the restructuring efforts
should allow the company to continue to generate solid earnings
and operating cash flow, which will lead to improving credit
metrics in FY17 and FY18.  The company has also flagged the
potential for asset sales to assist in its ability to de-lever.
Bluescope is targeting 1.0x reported net Debt-to-EBITDA over the
next 12-18 months, which if sustainably achieved could lead to an
upgrade of the ratings.

WHAT COULD CHANGE THE RATINGS

The rating could be upgraded over the next 12-to-18 months if the
company is able to maintain its improvement in earnings while
managing through these challenging conditions, such that the
company is able to deleverage following the North Star
acquisition.  Specifically, Moody's would view the ability to
maintain Debt-to-EBITDA (adjusted for Moody's standard
adjustments) below 3.0x through the cycle as being a key driver
for rating upgrade.

The outlook could revert to stable if softer than expected
earnings or further increases in debt to fund growth and/or
acquisitions leads to leverage not being sustained below 3.0x.
The rating would come under further pressure if these factors lead
to leverage consistently exceeding 4.0x.  Ratings would also come
under pressure if Bluescope is unable to put in place adequate
long term funding to ultimately finance the transaction.

The senior unsecured rating could also be downgraded if Bluescope
raises a material amount of additional priority debt as a part of
the ultimate financing for the transaction, increasing our
expectations for loss given default on the unsecured notes.

Bluescope has announced that it has agreed to acquire Cargill's 50
percent share of North Star BlueScope Steel LLC for USD720 million
(approximately AUD1.0 billion).  The transaction will take
BlueScope's ownership of North Star to 100 percent.  BlueScope
exercised its right of last refusal under the North Star
shareholders' agreement, matching an offer received by Cargill
from a third party.  The acquisition is expected to be debt
funded, with bridge facilities in place to initially fund the
transaction (along with existing facilities and liquidity), which
the company anticipates will be refinanced with US capital markets
debt issuance and an increase to existing long term facilities.

In addition to the acquisition announcement, Bluescope also
announced today that it will continue to produce steel at its
Australian steelworks reflecting the considerable progress the
company has made towards its cost reduction targets.  Further, the
company upgraded its underlying EBIT guidance for the first half
of the financial year ended June 2016 by 40%, reflecting early
delivery of cost reduction, improved residential demand in
Australia, the weaker AUD and other initiatives.

BlueScope is an Australian-based manufacturer and distributor of a
range of steel products for the building, construction,
manufacturing and automotive industries.  It manufactures and
distributes down, mid and upstream products for the domestic and
export markets.  It was separated from BHP in 2001 on BHP's merger
with mining house Billiton plc, and listed on the Australian Stock
Exchange in 2002.

BlueScope's operations are separated into 5 different segments,
encompassing manufacturing, distribution and solutions businesses.

The principal methodology used in these ratings was Global Steel
Industry published in October 2012.


CLOUD 9: First Creditors' Meeting Slated For Nov. 3
---------------------------------------------------
Rahul Goyal and David Winterbottom of KordaMentha were appointed
as administrators of Cloud 9 Lounges Pty Ltd on Oct. 24, 2015.

A first meeting of the creditors of the Company will be held at
KordaMentha, Level 5, 2 Chifley Square, in Sydney, on Nov. 3,
2015, at 9:30 a.m.


FRONTAL PTY: First Creditors' Meeting Slated For Nov. 3
-------------------------------------------------------
Rahul Goyal and David Winterbottom of KordaMentha were appointed
as administrators of Frontal Pty Ltd, trading as Rico Furniture
Design, on Oct. 24, 2015.

A first meeting of the creditors of the Company will be held at
KordaMentha, Level 5, 2 Chifley Square, in Sydney, on Nov. 3,
2015, at 10:30 a.m.


NONI B: Faces Critical Turnaround Test This Christmas
-----------------------------------------------------
The Australian reports that loss-making fashion retailer Noni B
said this Christmas will be a critical test for a turnaround
that's showing early signs of success.

The report says the company (NBL) has made a loss in each of the
past three financial years, and its founders, the Kindl family,
handed control of Noni B to private equity group Alceon in 2014.

Positive signs in the second half of 2014/15 have continued into
the current financial year, with like-for-like sales on the rise,
chairman Richard Facioni told Noni B's annual general meeting, The
Australian relates.  But there remains plenty of work to be done,
he said.

"While there has been a material improvement in the company's
performance over the past few months, we still have a long way to
go to improve our performance to an acceptable level," the report
quotes Mr. Facioni as saying. The impact of a falling Australian
dollar is being closely monitored, and consumer sentiment is
cautious at best, Mr. Facioni said.

"As in previous years our results for the first half will depend
on the critical Christmas period," Mr Facioni, as cited by The
Australian, said. "Notwithstanding these factors, over which we
have limited or no control, we remain cautiously optimistic about
the underlying operating performance of the business."

The Australian notes that since the change of control in late-
2014, Noni B has closed 10 loss-making stores across the country
and changed the way it sources and selects its women's fashion
ranges.

According to the report, managing director Scott Evans said 12 new
stores will have been opened by Christmas, each with a revamped
look.

"While it will take time for all the improvements and efficiency
gains we are making to be reflected in Noni B's financial results,
I am encouraged by our customers' response so far and by the
positive way in which our teams are embracing change," the report
quotes Mr. Evans as saying.

Noni B Limited (ASX:NBL) -- http://www.nonib.com.au-- is an
Australia-based retailer of women's apparel and accessories. The
Company operates through stores nationally and online and offers
stylish and contemporary clothes through its two brands; NONI B
and Liz Jordan.


WALTON CONSTRUCTION: Senator Calls for Hearing to Subpoena NAB
--------------------------------------------------------------
Bill Hoffman at Sunshine Coast Daily reports that a key figure in
a Senate inquiry into construction industry insolvency said the
NAB must be subpoenaed to give evidence at a court hearing to be
held into the 2013 Walton Construction collapse which involved
losses of more than AUD70 million.

The report recalls that about 600 subcontractors in Queensland
lost more than AUD30 million when Walton went into receivership on
Oct. 3, 2013, including Sunshine Coast subbies who lost
AUD2.9 million relating to work they did on the Nambour Coles
project.

The next day, a phoenix company, first called Peloton Builders and
later Tantallon, began operating from Walton's Brisbane
headquarters, leased from Altum, a fundraising arm of the LNP, the
report relates.

Ahead of Walton ceasing business, Peloton, an entity created by
Walton business advisers the Mawson Group, who had been
recommended to it by NAB, took over key Walton projects through an
Asset Sale Agreement, says the Daily.

According the report, Senator Doug Cameron, who has been part of
the Senate inquiry which has conducted hearings in the ACT,
Brisbane, Sydney, Melbourne and Adelaide, said the collapse of
Walton Constructions appeared to have involved some very
questionable business practices.

"Sunlight is the best disinfectant and Walton Constructions'
creditors and the public at large are entitled to complete
transparency about the role played by the National Australia Bank
in the Walton collapse," the report quotes Mr. Cameron as saying.

"The public examination is being funded by taxpayers and it is in
the public interest that NAB should be required to answer
questions about its role.

"Insolvency in the construction industry is rife and has serious
economic and social consequences. The questionable business
practices surrounding many construction industry collapses is
threatening the long-run viability of the industry and the many
thousands of small businesses and their employees who make their
livelihoods in the industry. It is completely unacceptable that
the top end of town should be immune from answering serious
questions about their role in these collapses."

The Senate inquiry will meet in Canberra ahead of it handing down
a final report in December, the report notes.

The Daily relates that a public examination in the Federal Court
of Victoria beginning on November 30 is being funded by the
Queensland Government and the Australian Securities and Investment
Commission.

The Subcontractors' Alliance, a group established after the Walton
collapse to seek improved security of payment legislation, was
given a commitment by the Queensland Government that the NAB would
be subpoenaed along with the initial Walton liquidator, Glen
Franklin of Lawler, Draper, Dillon, the report says.

Neither is on the witness list for the week-long hearing, the
report notes.

According to the report, a spokesman for the NAB said the bank had
contacted the Walton Construction liquidator in March.

"We offered to provide copies of documents, correspondence and
file notes and to answer any questions they had," the Daily quotes
the NAB spokesman as saying.  "We believe we have voluntarily
provided all the information they sought and answered all of their
questions but will appear and provide any further help if we are
asked to attend."

Walton Construction was a Melbourne-based builder.  The company
was founded in 1993 by Craig Walton and had offices in Melbourne,
Sydney and Brisbane.



================
H O N G  K O N G
================


JETSTAR HONG KONG: Windup Almost Complete
-----------------------------------------
australianaviation.com.au reports that the wind-up of Jetstar Hong
Kong is all but complete.

According to the report, the failed venture has sold all its
Airbus A320s and made most of its staff redundant after the three
major shareholders cut off any further funding of the proposed
airline in response to the Hong Kong government's rejection of its
application for an operating licence.

australianaviation.com.au relates that Qantas chief executive Alan
Joyce said the airline group had spent $30 million on Jetstar Hong
Kong, a joint-venture with China Eastern and Shun Tak Holdings.

"That was the total investment, it won't be any more than that.
There is no more money going in," Mr. Joyce told shareholders at
the Qantas annual general meeting in Perth on October 23, the
report relays.

"There are no aircraft left, they have been all sold and we are
winding down the employees that are currently there and I think
just about all the employees have actually left the business.

"We have accepted the decision of the Hong Kong authorities and
will move on. We are not happy with that decision."

In June, Hong Kong's Air Transport Licensing Authority formally
knocked back Jetstar Hong Kong's application for an operating
license, australianaviation.com.au recalls.

In the months that followed, China Eastern, Shun Tak and Qantas
all declared they would make no further investment in the proposed
airline, effectively accepting the regulator's decision, the
report relates.

Undeterred by the unsuccessful venture, Mr. Joyce said Qantas was
an "entrepreneurial business" that would continue to seek new
opportunities to grow, reports australianaviation.com.au.



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


A & A MODULAR: CARE Assigns B+ Rating to INR7.50cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of A & A Modular Systems.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.50      CARE B+ Assigned
   Short-term Bank Facilities     1.00      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of A & A Modular
Systems (AAM) are primarily constrained by its fluctuating
and small scale of operations with low net worth base and weak
financial risk profile characterised by low net profit margins,
weak solvency position and working capital intensive nature of
operations. The ratings are further constrained by susceptibility
of margins to fluctuations in raw material prices, AAM's presence
in a highly fragmented industry characterised by intense
competition and constitution of the entity being a partnership
firm. The ratings, however, derive strength from the experienced
promoters, established marketing network along with positive
outlook for the industry.

Going forward, the ability of the firm to profitably scale up its
operations along with improvement in capital structure and
effective working capital management would be the key rating
sensitivities.

AAM was established in November 2003 as a partnership firm with Mr
Darshan Singh Kalsi and Mr Gurvinder Pal Singh as its partners,
sharing profits and losses in the ratio of 45% and 55%,
respectively. The operations of the firm commenced from October
2004. AAM is engaged in the manufacturing of modular kitchen at
its manufacturing facility located in Solan, Himachal Pradesh. The
raw materials required for manufacturing are paints, timber,
plywood board, lamination, etc, which are procured from Delhi,
Maharashtra, Punjab, etc, while one of the raw materials-PVC
furniture film is imported from Germany and Italy [imports
constituted approximately 15% of the total purchases in FY15
(refers to the period April 01 to March 31)]. The firm sells its
products under the brand name of 'Aura' and 'Aida' through its
established dealer network of 45 dealers located throughout India
and also through its two exclusive retail outlets in Mohali
(Punjab) and Delhi. Furthermore, AAM also supplies the kitchen
sets to various builders and developers and also exports the same
to USA and Nepal (exports constituted approximately 3% of the
total sales in FY15).

For FY15 (Provisional; refers to the period April 1 to March 31),
AAM achieved a total operating income of INR15.10 crore with
PBILDT and PAT of INR3.51 crore and INR0.12 crore, respectively,
as against the total operating income of INR19.89 crore with
PBILDT and PAT of INR3.71 crore and INR0.22 crore, respectively,
for FY14. Furthermore, in 6MFY16 (as per the unaudited results),
the firm has achieved total income of around INR4.50 crore.


ABHIVYAKTI WELFARE: CRISIL Assigns B Rating to INR10MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Abhivyakti Welfare Society (AWS). The rating
reflects the society's average financial risk profile because of
weak cash flows. This rating weakness is partially offset by AWS's
track record of implementing various social welfare development
schemes.

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Fund-Based      10         CRISIL B/Stable
   Bank Limits

Outlook: Stable

CRISIL believes AWS's credit profile will remain constrained over
the medium term on account of its small scale of operations and
low cash accrual. The outlook may be revised to 'Positive' in case
of a significant improvement in scale of operations and cash
accrual, leading to a better financial risk profile. Conversely,
the outlook may be revised to 'Negative' if there is a decline in
revenue or cash accrual, or larger-than-expected debt-funded
capital expenditure, leading to deterioration in the financial
risk profile.

AWS, a not-for-profit society, is managed by its secretary Mr.
Jagdish Mathur and vice president Mr. Laxman Singh Yadav. The
society is based in Aligarh district (Uttar Pradesh) and engaged
in various schemes mandated by the state and central governments
in Aligarh and surrounding areas. These include providing
education support to 6-14-year-old students under the National
Child Labour Project and free meals under the Mid-Day Meal Scheme.
It also operates a family counselling centre and a day-care
centre.


AINAJ INDUSTRIES: CARE Lowers Rating on INR17cr LT Loan to D
------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Ainaj Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       17       CARE D Revised from
                                            CARE B+

Rating Rationale
The revision in the rating assigned to the bank facilities of
Ainaj Industries (AIN) is primarily driven by delay in debt
repayment due to weak liquidity position.

Establishing a clear debt servicing track record with an
improvement in the liquidity position are the key rating
sensitivities.

Radhanpur-based (Gujarat) AIN, was setup as a partnership firm in
1997 by five partners, namely, Mr Dayaram Thakkar, Mr Vasant
Thakkar, Mr Dinesh Thakkar, Mr Suresh Thakkar and Mr Rajesh
Thakkar. Later on in 2010, four partners withdrew the capital and
Ainaj was converted to a proprietorship firm with Mr Suresh
Thakkar looking after the firm. It is engaged in the manufacturing
of cotton bales through ginning and pressing and oil extraction
from seeds. It has an installed capacity of 36,000 metric tons per
annum (MTPA) for cotton bales and 3,000 MTPA for cotton oil. The
sales are largely to Gujarat and Maharashtra while raw material is
procured from local mandis and farmers of Gujarat, Rajasthan
andMaharashtra.


ARKA LEISURE: CARE Lowers Rating on INR51.51cr LT Loan to D
-----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Arka Leisure And Entertainments Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     51.51      CARE D Revised from
                                            CARE B+

Rating Rationale

The revision in the rating of the bank facilities of Arka Leisure
and Entertainments Pvt. Ltd. (ALEPL) takes into account delays in
servicing of debt obligations owing to the stretched liquidity
position of the company.

Incorporated on May 30, 2002, ALEPL is a wholly-owned subsidiary
of Agri Gold Infra developers Pvt. Ltd and is operating an
Amusement and Entertainment Park called "Haailand" at Chinnakakani
village, Guntur Dist, Andhra Pradesh. ALEPL belongs to South
India-based Agri Gold group, promoted by Mr V R Rao Avvas, Mr A H
S V Prasad and Mr A V S N Rao.

Credit Risk Assessment
Stretched liquidity position
The company has been facing stretched liquidity position on
account of low foot falls registered in theme park despite its
strategic location leading to subdued financial performance
resulting in delays in servicing of its debt obligations. The
loans of the company were restructured and the repayments have
started in FY16. However, on account of stretched liquidity
position, there are ongoing delays in servicing of its debt
obligations.


ASIS PLYWOOD: CRISIL Suspends D Rating on INR213MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Asis
Plywood Pvt Ltd (APPL).

                          Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit              213         CRISIL D

   Proposed Long Term
   Bank Loan Facility        67         CRISIL D

   Standby Line of Credit    20         CRISIL D

   Term Loan                 62         CRISIL D

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

APPL manufactures plywood. The Roorkee (Uttarakhand)-based
company, which was formerly known as Metro Doors Pvt Ltd, was
acquired by Asis Industries Pvt Ltd (Asis Industries) in September
2010 from Yamunanagar (Haryana)-based Mr. Bimal Chopra and Mr. Ram
Kishore Agarwal. Currently, APPL is a 100 per cent subsidiary of
Asis Industries.


BAJAJ BASMATI: CARE Lowers Rating on INR126.82cr LT Loan to D
-------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Bajaj Basmati Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    126.82      CARE D Revised from
                                            CARE BB-

Rating Rationale

The revision in the rating of Bajaj Basmati Private Limited (BBPL)
takes into account ongoing delays in debt servicing due to
stressed liquidity position of the company.

BBPL is a private limited company incorporated in the year 2010
with its registered office at Fazilka Road, Jalalabad West,
Punjab. The company is engaged in milling, processing and selling
of various varieties of basmati rice. The company deals in both
the rice segments, ie, basmati and non-basmati rice. The
manufacturing unit was established in 1981, and till early
2010, the unit was operating under the name of ''Bajaj Rice
Mill'', which later converted into ''Bajaj Basmati Pvt. Ltd.''.
BBPL has rice mill located at Jalalabad, Punjab with installed
capacity of 12 tonnes per hour (tph) as on April 1, 2013, and
recently opened another rice mill in Muktsar, Punjab (became
operational in December 2013) with an installed capacity
of 5 tph. The company is also involved in export (constituted ~25%
in FY14 [refers to the period April 01 to March 31]) of its
product. To further accelerate the exports, the company has opened
a marketing agency in Dubai (in FY14) to tap the Middle Eastern
countries.

For FY14, BBPL's total income increased to INR190.97 crore from
INR164.21 crore in FY13. The company reported net profit of
INR0.46 crore in FY14 compared to net profit of INR0.53 crore in
FY13.


CLASSIC ENGICON: CRISIL Reaffirms B+ Rating on INR50MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Classic Engicon
Pvt Ltd (CEPL) continue to reflect the company's modest scale of
operations and geographic concentration in its revenue profile.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         160       CRISIL A4 (Reaffirmed)

   Cash Credit             50       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      40       CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the susceptibility of the company's
revenue growth and profitability to risks related to its tender-
based operations. These weaknesses are partially offset by the
extensive experience of CEPL's promoter in the civil construction
industry and its average financial risk profile because of low
gearing and adequate debt protection metrics, though partially
constrained by modest net worth.
Outlook: Stable

CRISIL believes CEPL will benefit from the promoter's extensive
industry experience over the medium term. The outlook may be
revised to 'Positive' if the company sustainably improves the
scale of its operations and profitability, along with steady
working capital management. Conversely, the outlook may be revised
to 'Negative' if CEPL undertakes a large, debt-funded capital
expenditure programme, thereby weakening its financial risk
profile, or if its working capital management deteriorates, thus
significantly constraining its liquidity.

CEPL was established in Jharkhand in October 2007. The company,
promoted by Mr. Dilip Kumar Singh, undertakes construction of
roads, bridges, check dams, and other such projects. Its key
customer is the Public Works Department of Jharkhand.


DHOLADHAR DEVELOPERS: CRISIL Cuts Rating on INR0.8MM Loan to C
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Dholadhar Developers Pvt Ltd (DDPL) to 'CRISIL C' from 'CRISIL
B-/Stable'.

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term      0.8         CRISIL C (Downgraded
   Bank Loan Facility                  from 'CRISIL B-/Stable')

The downgrade reflects high demand risk for DDPL's ongoing
project, which will continue over the medium term. DDPL has not
yet finalised lease tie-ups with clients, leading to limited
revenue visibility and significant pressure on liquidity. The
stretch in liquidity will continue over the medium term on account
of absence of net cash accrual in 2015-16 (refers to financial
year, April 1 to March 31) and major dependence on funding support
from promoter to meet debt obligation.

The rating reflects exposure to demand risk and weak financial
flexibility. These weaknesses are partially offset by advantageous
location of project and funding support from promoter.

DDPL, incorporated in 2007, is setting up Maximus Mall, a
commercial complex with a two-screen multiplex, on the promoter's
ancestral property in Dharamsala (Himachal Pradesh). The project
covers 54,000 square feet. Mr. Gurmit Singh Mann, the company'
founder and promoter, has entrepreneurial experience of over 48
years.


DR.A.G. EYE: CRISIL Suspends D Rating on INR110MM LT Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Dr.A.G.
Eye Hospitals Pvt Ltd (AGEHPL).

                          Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Long Term Loan           110         CRISIL D

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

AGEHPL was set up in 1969 in Trichy (Tamil Nadu) by Dr. A
Govindarajan. The company today runs three hospitals - one each in
Trichy, Chennai, and Madurai (all in Tamil Nadu).


ELORA COTTON: CARE Cuts Rating on INR5.0cr Loan to D
----------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Elora Cotton Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      1.30      CARE D Revised from
                                            CARE B+

   Long -term/Short-term          5.00      CARE D/CARE D Revised
   Bank Facilities                          from CARE B+/CARE A4

Rating Rationale
The revision in the ratings assigned to the bank facilities of
Elora Cotton Industries (ECI) is primarily driven by delay in
debt repayment due to weak liquidity position.

Establishing a clear debt servicing track record with an
improvement in the liquidity position is the key rating
sensitivity.

Jamnagar-based (Gujarat) ECI was formed in 2013 as a partnership
firm. ECI is into the business of cotton ginning & pressing of
cotton bales and cotton seeds. Currently, ECI is managed by five
partners with equal profit and loss sharing agreement between
them. The firm started its commercial production in December 2013
with FY14 (refers to the period April 1 to March 31) being its
first year of operations. The total cost of the project was
INR3.77 crore funded through a term loan of INR1.64 crore and the
balance through partners' contribution. ECI operates from its sole
manufacturing facility located in Jamnagar (Gujarat) and has an
installed capacity of 4,320 MTPA for cotton bales and 7,680 MTPA
for cotton seed as onMarch 31, 2014. ECI markets its products in
the states of Gujarat, Punjab, Haryana, Tamil Nadu.


EXIM FOCUS: CRISIL Suspends 'B' Rating on INR33 Million Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Exim
Focus (EF).
                             Amount
   Facilities              (INR Mln)       Ratings
   ----------              ---------       -------
   Cash Credit                 7.5         CRISIL B/Stable
   Foreign Bill Discounting   33           CRISIL B/Stable
   Packing Credit             49.5         CRISIL A4
   Proposed Long Term
   Bank Loan Facility          10          CRISIL B/Stable

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

EF, incorporated in 2000, is an exporter of spices. The firm's
day-to-day operations are managed by Mr. S Venkataraman.


FRONTLINE SYSTEMS: CRISIL Cuts Rating on INR95MM Loan to B+
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Frontline Systems and Services Pvt Ltd (FSSPL) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           30       CRISIL A4 (Downgraded
                                     from 'CRISIL A4+')

   Letter of Credit         10       CRISIL A4 (Downgraded
                                     from 'CRISIL A4+')

   Overdraft Facility       15       CRISIL A4 (Downgraded
                                     from 'CRISIL A4+')

   Proposed Working         95       CRISIL B+/Stable (Downgraded
   Capital Facility                  from 'CRISIL BB-/Stable')

The downgrade reflects CRISIL's belief that FSSPL's business risk
profile will remain under pressure over the medium term because of
muted demand. Revenue halved in 2014-15 (refers to financial year,
April 1 to March 31) over the previous year and is expected to
remain at the current level over the medium term. Decline in
revenue and moderate operating profitability led to reduction in
cash accrual to INR3 million in 2014-15 from INR6 million in 2013-
14, and to weakening of debt protection metrics.

The ratings reflect FSSPL's modest scale of operations in the
intensely competitive power equipment industry, stretched
liquidity, and below-average financial risk profile because of
small net worth. These weaknesses are partially offset by
promoters' extensive industry experience.

Outlook: Stable

CRISIL believes FSSPL will continue to benefit over the medium
term from promoters' extensive industry experience. The outlook
may be revised to 'Positive' if the company scales up operations
significantly and improves profitability, resulting in a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of decline in accrual, or larger-than-expected
debt-funded capital expenditure, or deterioration in working
capital management, resulting in weakening of financial risk
profile.

FSSPL, established in 1993 and based in Chennai, supplies power
protection equipment. It is promoted by Mr. S Venkataraman, Mr. M
Balasubramanian, Mr. T Umasankar, and Mr. K Arivazhagan, who have
equal shares in the company.


G.VENKATESHWAR: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the bank loan facilities of G.Venkateshwar
Reddy (GVR) continues to reflect the firm's modest scale of
operations in the intensely competitive civil construction
industry and large working capital requirements. These rating
weaknesses are partially offset by the benefits that GVR derives
from its promoter's extensive experience in the civil construction
industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         70        CRISIL A4 (Reaffirmed)
   Cash Credit            50        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GVR will continue to benefit over the medium
term from its proprietor's extensive industry experience and its
established relationship with its customers. The outlook may be
revised to 'Positive' if the firm extends its geographical reach
and diversifies its customer base and if its revenue and
profitability increase significantly or better working capital
management, leading to improvement in its liquidity. Conversely,
the outlook may be revised to 'Negative' if its revenue and
profitability decline significantly, there are considerable delays
in realisation of receivables, or if the firm undertakes a larger-
than-expected debt-funded capital expenditure programme, thereby
weakening its financial risk profile, particularly its liquidity.

GVR, set up as a proprietorship firm in 2002, undertakes
earthworks, canal lining, and civil construction works. The firm,
located in Warangal (Andhra Pradesh), mainly executes orders for
Andhra Pradesh Irrigation Department and is registered as a
special-class contractor with Andhra Pradesh Irrigation & CAD
Department.


H. G. INFRATECH: CARE Assigns B+ Rating to INR28cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of H. G.
Infratech Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      28        CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of H. G. Infratech
Private Limited (HGIPL) is constrained on account of the
implementation risk associated with the ongoing project along with
timely receipt of booking advances and weak financial risk profile
of existing trading business. The rating also factors in the
inherent risk associated with the cyclical real estate industry.

These constraints outweigh the benefits derived from the
experience of the promoters in the real estate industry and
moderately comfortable booking status.

The ability of HGIPL to complete its on-going project within
envisaged times and cost parameters along with timely realization
of sales proceeds is the key rating sensitivity. Furthermore,
improvement in financial risk profile of its trading operations
marked by improvement in profit margins, capital structure, debt
coverage indicators and operating cycle would also remain crucial.

Gwalior-based (Madhya Pradesh), HGIPL was established as a private
limited company during September 2006 as H G Colonizers and
Developers Private Limited (HGCDPL). Subsequently, HGCDPL was
converted into HGIPL during August 2011. HGIPL is managed by two
promoters, namely, Mr Dhiraj Agarwal and Mr Ashish Agarwal.
Currently, HGIPL is engaged into trading of building material.
Before 2011, it was engaged into colonizing activity.

HGIPL is a part of the HG group which has presence since 1913.
M/s. Himmat Ram Ghasi Ram (engaged in to trading of food grains,
oil seeds and pulses etc), a 100-year old firm is managed by Mr
Dheeraj Agarwal. Currently, HGIPL is executing its residential
flats project named 'Emerland Greens' at Gwalior, Madhya Pradesh.
HGIPL has purchased total land of 614,081 square feet out of which
HGIPL will utilize 394,016 sq. ft. of land in the first phase.
Balance land will come into this project through phase 2 & 3. In
first phase HGIPL is constructing 257 flats of total 394,016 sq.
ft. As on August 31, 2015, HGIPL has incurred 18% cost towards the
project and rest is expected to be completed by end of March 2017.

HGIPL has already received necessary approval from local
authority.


HANUMAN AGRO: CRISIL Reaffirms B+ Rating on INR20MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hanuman Agro Industries
Pvt Ltd (HAIPL) continue to reflect the company's weak financial
risk profile because of small net worth and weak debt protection
metrics, and its small scale of operations. These weaknesses are
partially offset by the extensive experience of HAIPL's promoter
in the trading business.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             20       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       200       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes HAIPL's business risk profile will remain stable
over the medium term, supported by the extensive experience of its
promoters and established relationships with its customers;
however, its credit risk profile will continue to be constrained
by its small scale of operations and small net worth. The outlook
may be revised to 'Positive' if the company reports significant
improvement in its scale of operations while maintaining its
operating margin, leading to larger-than-expected net cash
accrual. Conversely, the outlook may be revised to 'Negative' if
HAIPL's working capital requirements increase further, leading to
greater reliance on debt, or if its revenue and operating margin
decline substantially, thereby adversely affecting its cash
accrual.

Update
HAIPL's operating revenue was around INR407.4 million during 2014-
15 (refers to financial year, April 1 to March 31) largely in line
with the last year. Revenue has been stagnant due to the
management's conservative stance towards adding customers. CRISIL
expects the company's revenue to remain in the range of INR430-450
million per annum over the medium term. Operating margin was
around 4.1 per cent during 2014-15; margin is expected to remain
at similar levels over the medium term owing to the trading nature
of the business. Furthermore, the financial risk profile is below
average because of weak debt protection metrics due to low
profitability levels marked by interest coverage ratio and NCATD
ratio of 1.3 times and 0.04 times respectively during 2014-15. The
risk coverage ratio is expected to remain healthy at around 7.51
times as on March 31, 2015. Also, liquidity is moderate because of
sufficient expected net cash accrual of INR4.4 million in 2015-16
against nil debt obligations during the year and continuous
liquidity support from the promoters in the form of unsecured
loans and equity.

Set up in 1991 by Mr. Balwant Rai, HAIPL trades in plastic and
petrochemical-related products. Its product portfolio includes
ethylene-vinyl acetate, synthetic rubber, polyvinyl chloride
resin, paraffin wax, dicumyl peroxide, plastic scrap, and coir
pith. The company's operations are managed by its director, Mr.
Devik Garg.


HINDUSTAN PAPER: ICRA Assigns D Rating to INR5.90cr LT Loan
-----------------------------------------------------------
ICRA has assigned an [ICRA]D rating to the INR6.90 crore  long
term fund based facilities of Hindustan Paper Mill.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term fund
   Based-Term Loan       5.90        [ICRA]D

   Long term fund
   Based-Cash Credit     1.00        [ICRA]D

The assigned ratings take into account the irregularities in debt
servicing by HPM due to nascent stage of operations with low
capacity utilizations leading to tight liquidity condition. The
firm started its commercial operations in May'15 and manufactures
kraft paper in the range of 12 - 20 BF leading to small scale of
operations. The ratings also take into consideration the
vulnerability of margins to any volatility in the waste paper
prices.

ICRA however has taken note of the long standing experience of the
promoters in the paper industry as well as the favorable long term
demand outlook for paper industry given the changing urban
lifestyles and economic growth. Going forward, timely servicing of
debt obligations and stabilization of plant to achieve desired
revenue levels and accruals will be key rating sensitivities.

Hindustan Paper Mill, has set up a manufacturing facility for
kraft paper production having installed capacity of 40MT/day. HPM
currently manufactures kraft paper having Burst factor (BF)
specifications in the range of 12 - 20 which find their end usage
in production of corrugated boxes. The firm has started its
commercial production of paper from May'15 producing 25MT of kraft
paper per day. The firm's manufacturing facility is located in
Chandgad, Kolhapur on the Maharashtra - Karnataka border, with the
plant spread across 3 acres of land. The partners of the firm are
Mr. Sallaudin Bagwan and his son Mr. Imran Bagwan both having 35
years and 13 years of prior experience respectively in the paper
industry.


INDUS MEGA: ICRA Assigns B+ Rating to INR15cr LT Loan
-----------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the INR15.00
crore unallocated limits of Indus Mega Food Park Private Limited.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long-term-Unallocated     15.00       [ICRA]B+/Assigned

The assigned rating considers execution risk with ~66% of the
project cost incurred as on 31st March 2015 and market related
risks for leasing out area to processing units with the company
yet to enter into off-take arrangements for majority of its
capacity. The company has partially commenced operations, post
obtaining the permission from MoFPI for utilizing the existing
capacities for selling processed grains under its own brand 'Viji
Feast' for a duration of one year. The assigned rating draws
comfort from the extensive experience of the promoters in the food
processing, power, and construction sectors, location of the food
park in the close proximity of raw materials and support of MoFPI
in the form of grants and in project implementation.
Going forward, timely implementation of the project with quick
ramp up of operations while managing sourcing and off take remain
crucial for timely debt servicing.

Indus Mega Food Park Private Limited is a special purpose vehicle,
incorporated in 2011, for setting up a mega food park in Panwa
village of Madhya Pradesh under the mega food park scheme of
MoFPI. IMFPl is being promoted by Ananda Enterprises India Private
Limited, Ananda Aqua Exports Private Limited, Ananda Bhagavathi
Foods Pvt. Ltd., ARGM Agro Foods Pvt. Ltd., Devi Sea Foods
Limited, Him Kailash Hydro Power Private Limited, Vasistha
Holdings Limited, and HES Infra Pvt. Limited. The total cost of
the project is estimated at INR127.7 crore, funded by INR26.32
crore promoters' equity, INR50.0 crore grants from MoFPI, and
INR51.38 crore term loans.

Recent Results
According to unaudited financials, IMFPL recorded net profit of
INR1.0 crore on an operating income of INR12.5 crores in 2014-15,
as against net loss of INR0.1 crore on an operating income of
INR1.6 crore in 2013-14.


JAY BHAVANI: CRISIL Suspends 'B' Rating on INR75MM LT Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Jay Bhavani Cottex (JBC).

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              60         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       75         CRISIL B/Stable
   Proposed Short Term
   Bank Loan Facility       50         CRISIL A4
   Term Loan                15         CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by JBC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JBC is yet to
provide adequate information to enable CRISIL to assess JBC'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 2013, JBC is a partnership firm located near
Amreli (Gujarat). Its promoters have more than four years of
experience in the cotton ginning industry. JBC commenced its
operations in January 2014.


JAY FORMULATIONS: CRISIL Suspends B Rating on INR30MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Jay
Formulations Ltd (JFL).

                          Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit              30          CRISIL B/Stable
   Letter of Credit         80          CRISIL A4
   Proposed Long Term
   Bank Loan Facility        5          CRISIL B/Stable
   Term Loan                 5          CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by JFL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JFL is yet to
provide adequate information to enable CRISIL to assess JFL'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'
JFL was set up in 1988 by Mr. Ashvin J Patel and his family. The
company, based in Ahmedabad (Gujarat), is in the business of
contract manufacturing of formulations in tablet and capsule
forms.


KARISMAA FOUNDATIONS: CRISIL Suspends B+ Rating on INR65MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Karismaa Foundations Pvt Ltd (KFPL).

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           20         CRISIL A4
   Long Term Loan            8.5       CRISIL B+/Stable
   Overdraft Facility       65         CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by KFPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KFPL is yet to
provide adequate information to enable CRISIL to assess KFPL'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 2010, KFPL undertakes turnkey contracts for
residential, commercial, and industrial projects, mainly for
private developers in Tamil Nadu.


LEARNING LINKS: CRISIL Cuts Rating on INR65MM Cash Loan to B
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Learning Links Publishing House Pvt Ltd (LLPL) to 'CRISIL
B/Stable' from 'CRISIL B+/Stable', and reaffirmed its rating on
the short-term facility at 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              65        CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Letter of Credit          5        CRISIL A4 (Reaffirmed)

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

The rating downgrade reflects deterioration in LLPL's financial
risk profile, particularly liquidity. The company's liquidity is
stretched due to expected low cash accrual against debt obligation
in 2015-16 (refers to financial year, April 1 to March 31), and
incremental working capital requirement. Debt obligation is,
however, expected to be met with unsecured loans from promoters.
CRISIL believes LLPL's liquidity will remain weak over the medium
term due to insufficient cash accrual against term debt
obligation, and large working capital requirement.

The rating downgrade also reflects deterioration in the company's
business risk profile because of loss of a major customer, and
decline in revenue in 2014-15. However, stable operating margin
and expansion in product profile in 2015-16 are expected to result
in increased orders. CRISIL believes LLPL will remain exposed to
intense competition despite improvement in the business risk
profile.

The ratings reflect LLPL's working-capital-intensive, and small
scale of, operations. These rating weaknesses are partially offset
by the promoters' extensive experience in the publishing industry.
Outlook: Stable

CRISIL believes that LLPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is substantial and
sustained increase in the company's revenue while it maintains its
operating margin, or if its working capital management improves.
Conversely, the outlook may be revised to 'Negative' if LLPL's
capital structure deteriorates, most likely due to lower-than-
expected margins or a substantial increase in its working capital
requirements.

LLPL was incorporated in 2008. The company publishes education
text books for the Central Board of Secondary Education (CBSE),
the Indian Certificate of Secondary Education (ICSE), and various
state boards. It is promoted by Mr. R N Malhotra and his wife Mrs.
Suman Malhotra.


LILAMANI INFRA: CARE Reaffirms B+ Rating on INR60cr LT Loan
-----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Lilamani Infra.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      60        CARE B+ Reaffirmed

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo a change in case of withdrawal of capital
or of the unsecured loans brought in by the partners, in addition
to the changes in the financial performance and other relevant
factors.

Rating Rationale

The rating continues to remain constrained on account of moderate
project progress and modest booking status of Lilamani Infra's
(Lilamani) sole residential project "River Vally One", high
repayment obligation of its project loan; and its presence in an
inherently cyclical real-estate industry and constitution as a
partnership firm.

The rating, however, continues to derive comfort from the
experience of the partners and long track record of the group in
the real estate market of Ahmedabad.

Lilamani's ability to complete and sell the units of its ongoing
real estate project in a timely manner at envisaged price, along
with timely realisation of sales proceed, is the key rating
sensitivity.

Ahmedabad-based Lilamani is a partnership firm constituted in
February 2012 by Mr Paras Vora and Mr Shreyans Vora to develop a
premium residential project under the name 'River Valley One' at
Hansol, Ahmedabad Gujarat. The project consist of seven high-rise
residential towers (Basement + Ground Floor + Stair Cabin + 11
storeys) aggregating 253 (4 BHK) flats. The project is proposed on
18,475 sq. mtrs (1.99 lakh sq. ft.) land owned by the Lilamani
group having total estimated saleable of around 10.99 lakh sq. ft.
The project was launched in November, 2013 and is scheduled for
completion in December 2015.

Till July 22, 2015, Lilamani had incurred 66% of (Rs.119.32 crore)
of envisaged total project cost reflecting moderate
project progress and had received booking of 62 residential
apartments (25% of the total saleable units of the project).


MAC REMEDIES: CRISIL Suspends D Rating on INR150MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Mac
Remedies Pvt Ltd (Mac).

                          Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit              150         CRISIL D

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

Mac was established in 1945, and was bought by Mr. Ratilal Raka
and family in 2004. The company markets various prescription drugs
and generic drugs. These drugs are marketed under the company's
own brand name - Mac. The company has a long track record in the
pharmaceuticals drugs segment.


MERIDIAN EXTRUSION: ICRA Suspends B Rating on INR24cr Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR24.00 crore proposed facility of Meridian Extrusion Private
Limited. The suspension follows ICRAs inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Proposed Limits       24.00        [ICRA]B suspended

Incorporated in April 2013, Meridian Extrusions Private Limited is
in the process of setting up of manufacturing facility for HDPF
and PP woven sack fabric and woven sack bags with annual
production capacity of 6,500 MTPA. The promoters have been
involved in the woven sack industry since many years through
trading of woven sack bags and have forayed in manufacturing
segment considering the favorable demand prospects for the same in
India.


MUKESH STRIPS: CARE Lowers Rating on INR11.72cr LT Loan to D
------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Mukesh Strips Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.72      CARE D Revised from
                                            CARE B

   Short-term Bank Facilities     4.50      CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings of Mukesh Strips Limited (MSL) takes
into account ongoing delays in debt servicing due to stressed
liquidity position.

MSL was originally incorporated on March 31, 1992, as Mukesh
Strips and Tubes Limited. The name of the company was changed to
Mukesh Strips Ltd. in October 1996. MSL is engaged in the
manufacturing of ingots and rounds and trading of various steel
products, viz, mild steel rounds, TMT rounds, etc. Its
manufacturing facilities are located in Ludhiana, Punjab.
The same includes an induction furnace for melting steel scrap and
manufacturing of ingots and a mill for rolling of ingots
and billets into rounds. The major application of products
manufactured by MSL is in the bicycle, auto parts, scaffolding,
forging and hand tool industries. MSL sells its products in
Ludhiana and neighbouring areas. The company sells its product
directly to the customers and also through commission agents. In
addition to manufacturing of ingots and rounds, MSL had in the
past, been engaged in trading of scrap, and rounds in the Punjab
region. The company belongs to the Mukesh group of companies which
were formed over three decades ago by Mr Kishan Chand Gupta who is
the Chairman of MSL.

For FY15 (refers to the period April 1 to March 31), MSL's total
income declined to INR45.18 crore from INR63.71 crore in FY14. The
company reported net loss of INR1.03 crore in FY15 compared with
net loss of INR0.28 crore in FY14.


MUSLIM EDUCATIONAL: CRISIL Raises Rating on INR156.7MM Loan to B-
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of The
Muslim Educational Society (Regd.) Calicut (MES) to 'CRISIL B-
/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           53.5       CRISIL A4 (Upgraded from
                                       'CRISIL D')

   Overdraft Facility       50         CRISIL B-/Stable (Upgraded
                                       from 'CRISIL D')

   Term Loan               156.7       CRISIL B-/Stable (Upgraded
                                       from 'CRISIL D')

The rating upgrade reflects MES's timely servicing of its term
loan repayment obligation owing to adequate liquidity driven by
timely fee collection.

MES is also exposed to intense industry competition and risks
related to the regulated nature of the education sector. However,
the society benefits from its established position in the
education sector and its wide and expanding range of course
offerings.
Outlook: Stable

CRISIL believes that MES will benefit over the medium term from
its established position in the education sector. The outlook may
be revised to 'Positive' if the society reports significantly
higher-than-expected cash accruals while maintaining its healthy
capital structure. Conversely, the outlook may be revised to
'Negative' if MES undertakes a larger-than expected debt-funded
capex programme or records significant decline in cash accruals,
resulting in weakening of its financial risk profile.

MES was established in 1964 by the late Dr. P K Abdul Gafoor in
Kozhikode (Kerala). It operates 150 institutions, including
professional colleges, colleges, schools, hostels, hospitals,
orphanages, and technical institutes, mostly in Kerala.


OM COTTEX: CARE Reaffirms B+ Rating on INR6cr LT Loan
-----------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Om Cottex.

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

Rating Rationale
The rating assigned to the bank facilities of Om Cottex (OMC)
continues to remain constrained by small scale of operations,
marginal decline in Total Operating Income (TOI) coupled with thin
profit margins, weak debt coverage indicators and liquidity
position. The rating is further constrained due to susceptibility
of margins to volatility in raw material process and the firm's
presence in a highly fragmented and competitive cotton industry
coupled with limited financial flexibility owing to partnership
nature of constitution.

The above constraints outweigh the benefits derived from the
partners' experience in the cotton ginning and pressing industry,
the firm's presence in the cotton-producing belt of Gujarat region
with easy access to raw material and lower logistics expenditure
and moderate capital structure.

The ability of OMC to increase its scale of operations along with
improvement in profit margins and capital structure and manage its
working capital requirement efficiently are the key rating
sensitivities.

Botad (Gujarat) based Om Cottex (OMC) was established in 2008 as a
partnership firm. Currently, OMC is managed by six partners with
unequal profit and loss sharing agreement between them. OMC is
into the business of cotton ginning & pressing and crushing of
cotton seeds. While cotton bales are used in manufacturing of
cotton yarn, cotton seeds are further processed for extraction of
edible oil. OMC operates from its sole manufacturing facility
located in Botad (Gujarat) and has an installed capacity of 6048
metric tons per annum (MTPA) for cotton bales, 756 MTPA for cotton
seed oil & 5418 MTPA for cake as on March 31, 2015. OMC markets
its products in the states of Gujarat, Tamil Nadu and
Maharashtra.

During FY15 (A), OMC reported a TOI of INR36.13 crore and NIL
profit as against TOI of INR38.47 crore and PAT of INR0.02
crore during FY14 (A).


PAREKH PLASTICS: ICRA Suspends B+ Rating on INR4cr Loan
-------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR4.00
crore fund-based limits, INR0.52 crore term loans & [ICRA]A4
rating to the INR1.80 crore short term, non fund based letter of
credit facility of Parekh Plastics. ICRA has also suspended the
[ICRA]B+ and [ICRA]A4 rating assigned to the un- allocated amount
of INR3.68 crore. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

M/s. Parekh Plastics was incorporated in 1985 as a partnership
firm, to manufacture plastic products, such as containers,
buckets, HDPE Bottles etc. The firm has been promoted by Mr. Ankur
Parekh, Mrs. J.P. Parekh, Mr. Rajesh Parekh and Mr. Ajay Parekh.
The registered office and manufacturing unit is located in Dahanu,
Maharashtra with a built up area of 20,000 square feet.


PRECISION ENGINEERING: CRISIL Cuts Rating on INR65MM Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Precision Engineering Components (PEC) to 'CRISIL B+/Stable/CRISIL
A4' from 'CRISIL BB-/Stable/CRISIL A4+'

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         10        CRISIL A4 (Downgraded
                                    from 'CRISIL A4+')

   Bill Discounting        5        CRISIL A4 (Downgraded
                                    from 'CRISIL A4+')

   Cash Credit            65        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Letter of Credit       45        CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Proposed Long Term      0.1      CRISIL B+/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Stable')

   Standby Line of        18        CRISIL B+/Stable (Downgraded
   Credit                           from 'CRISIL BB-/Stable')

The ratings' downgrade reflects expectations of continued pressure
on the business and liquidity profiles on account of weak demand
and a continued stretch in the working capital cycle. PEC's gross
current assets (GCAs) remained high at 495 days as on March 31,
2015 on account of sluggishness in procurement of inventory and
payments by clients. PEC's liquidity profile remained stretched
with fully utilised bank lines driven by the high working capital
requirements. A further stretch in the working capital cycle could
adversely impact liquidity and thus remains a key rating
sensitivity factor over the medium term. PEC's revenue declined by
7 per cent in 2014-15 driven by the low demand in the end user
industries. The demand from end user industries will determine
cash accruals' generation and thereby the liquidity profile and
thus remains a key rating sensitivity factor over the medium term.

CRISIL ratings in the bank facilities of PEC reflect the high
working capital requirements and stretched liquidity profile.
These weaknesses are offset by the moderate capital structure and
extensive experience of PEC's promoters in the fabrication
industry.
Outlook: Stable

CRISIL believes that PEC will continue to benefit from its
promoter-partners' extensive industry experience and established
relationships with its key customer, over the medium term. The
outlook may be revised to 'Positive' if PEC scales up its
operations, while efficiently managing its working capital cycle
thereby improving the liquidity profile. Conversely, the outlook
may be revised to 'Negative' if the firm's liquidity weakens
significantly because of further stretch in the working capital
cycle or if the firm undertakes a larger-than-expected, debt-
funded capital expenditure.

PEC was set up in 1984 as a partnership firm by Mr. J H Bhojwani.
Later, his son, Mr. Ravi Bhojwani, joined the firm as a promoter-
partner. PEC manufactures machined components, including traction
systems, stator frames, plugs and sockets for oil rig controls,
contactors and relays for electric traction, and steam turbine
fasteners.


PSG TEXOFAB: ICRA Suspends B+ Rating on INR1.70cr Cash Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR1.70
crore cash credit limits and INR4.08 crore long term loan of PSG
Texofab LLP. The suspension follows ICRA's inability to carry out
a rating surveillance in the absence of the requisite information
from the company.

Incorporated in 20th of July, 2013, M/s PSG Texofab LLP is a
limited liability partnership firm engaged in manufacturing of
fancy weaved fabrics. Commercial operations of the company
commenced from November 2013. PSG Texofab Llp has been promoted by
Mr. Vishal Pacheriwal, Mr. Kamal Agarwal, Mr. Pramod Agarwal, Mrs.
Veena Pacheriwal, Mr. Vivek Agarwal & Mrs. Parul Agarwal. The firm
has its registered office in Surat, and manufacturing unit in
Sachin (Gujarat).

The firm has three associate concerns: Parvati Fabrics Limited,
Shri Shubham Tex Fab Pvt. Ltd, M/s. Ganga Creation which are also
into the business of textiles. Parvati Fabrics Limited, engaged in
the production of embroidered apparel, fashion accessories and non
woven textiles has been rated by ICRA at [ICRA]B+ in August 2013.


R. NATARAJAN: CRISIL Suspends B Rating on INR45MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
R. Natarajan (RN).

                          Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Bank Guarantee           15          CRISIL A4
   Cash Credit              45          CRISIL B/Stable

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

RN, based in Pondicherry, executes civil contracts. The firm is
promoted by Mr. R Natarajan.


R.S. MILLS: CRISIL Ups Rating on INR100MM Cash Loan to B+
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
R.S. Mills Pvt Ltd (RSMPL) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable' and reaffirmed its rating on the company's short-term
bank facility at 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           0.9       CRISIL A4 (Reaffirmed)

   Cash Credit            100.0       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Letter of Credit        20.0       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Proposed Long Term       3.6       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B/Stable')

   Working Capital         30.0       CRISIL B+/Stable (Upgraded
   Term Loan                          from 'CRISIL B/Stable')

The upgrade reflects CRISIL's belief that RSMPL will sustain its
improved business risk profile over the medium term, driven by
moderate revenue growth and improved operating margin. Revenue
increased by 20 per cent year-on-year to INR500 million for 2014-
15 (refers to financial year, April 1 to March 31). Operating
margin improved to 11.2 per cent for 2014-15 from 8.2 per cent for
2013-14 supported by increased focus on fabric sales. The upgrade
also reflects CRISIL's belief that RSMPL's liquidity will remain
moderate over the medium term, marked by moderate cash accrual
despite its working capital intensive operations. Cash accrual is
expected at around INR28 million per annum against annual debt
obligation of INR20.4 million, over the medium term.

The ratings reflect the company's modest scale of operations and
susceptibility of profitability to volatility in raw material
prices. These weaknesses are partially offset by promoter's
extensive experience in the textile industry and its moderate
financial risk profile marked by moderate net worth, gearing and
debt protection metrics.
Outlook: Stable

CRISIL believes RSMPL will continue to benefit over the medium
term from promoter's extensive industry experience. The outlook
may be revised to 'Positive' in case of significant improvement in
credit risk profile, resulting from large cash accrual and
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' in case of pressure on financial risk
profile because of low cash accrual or large working capital
requirement or debt-funded capital expenditure.

Incorporated in 1993 by Mr. S Selvaraj, RSPML was taken over by
Mr. Selliappan in November 2012. The company manufactures cotton
yarn and fabric at its plant in Tirupur (Tamil Nadu).


RAINBOW PAPERS: CRISIL Cuts Rating on INR4.63BB Term Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Rainbow Papers Ltd (RPL; part of the RPL group) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB+/Stable/CRISIL A4+'.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          71       CRISIL A4 (Downgraded from
                                    'CRISIL A4+' and Placed on
                                    'Notice of Withdrawal')

   Cash Credit          1300        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB+/Stable' and
                                    Placed on 'Notice of
                                    Withdrawal')

   Letter of Credit      1129       CRISIL A4 (Downgraded from
                                    'CRISIL A4+' and Placed on
                                    'Notice of Withdrawal')

   Proposed Long Term    2276       CRISIL B+/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB+/Stable')

   Proposed Term Loan    1000       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB+/Stable')

   Term Loan             4634       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB+/Stable')

CRISIL has placed its ratings on bank loan facilities of INR2500
million on 'Notice of Withdrawal' for 180 days at the company's
request. The ratings will be withdrawn at the end of the notice
period, in line with CRISIL's policy on withdrawal of its bank
loan ratings.

The rating action is based solely on information available in the
public domain as RPL has not cooperated with CRISIL in its
surveillance process.

The downgrade reflects CRISIL's expectation of continued pressure
on the RPL group's liquidity and debt protection metrics. The
group reported operating loss of INR388.5 million for the first
quarter of 2015-16 (refers to financial year, April 1 to
March 31), against operating profit of INR476.70 million for the
corresponding period of the previous year. The loss, along with
large debt repayment of INR772.12 million during 2015-16, will
exert pressure on debt protection metrics. Also, working capital
requirement is expected to remain large due to high raw material
cost. The group's working capital cycle is significantly stretched
as reflected in increase in gross current assets to 202 days as on
March 31, 2015, from 135 days a year earlier. CRISIL believes RPL
group's cash flows will remain weak over the near term due to low
profitability and continued high working capital requirement.

The ratings reflect the RPL group's modest debt protection
metrics, weak liquidity, and exposure to intense competition from
cheap imports. These weaknesses are partially offset by
established market position and promoters' extensive experience in
the paper industry.

For arriving at the ratings, CRISIL has combined the financial and
business risk profiles of RPL and its wholly owned subsidiary,
Dubai-based Rainbow Papers JLT (RPJ). This is because the two
companies, together referred to as RPL group, have financial and
business linkages - RPJ undertakes trading activity for RPL.
Outlook: Stable

CRISIL believes the RPL group will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the operating performance
and working capital management improve substantially while the
scale of operations increases. Conversely, the outlook may be
revised to 'Negative' if the  operating performance and working
capital cycle deteriorate, adversely impacting the financial risk
profile, particularly liquidity.

RPL was originally established as a private limited company in
1986 by Mr. Radheshyam Goenka, and was reconstituted as a public
limited company in 1991. It manufactures newsprint, writing and
printing paper, duplex boards, poster paper, and other paper
products such as crepe paper and coated paper.

RPL has completed installation of a folding duplex board plant,
resulting in enhancement in production capacity to 466,700 tonnes
per annum from 2014-15. The production from this plant is mainly
used for packaging of cosmetics, cigarettes, medicines and
electrical appliances. RPJ trades in paper and waste paper.

The group is managed by the second generation of the Goenka
family, headed by Mr. Ajay Goenka.

The RPL group reported profit after tax (PAT) of INR549.68 million
on net sales of INR11.33 billion for 2014-15, vis-a-vis PAT of
INR621.07 million on net sales of INR11.25 billion for 2013-14.
For the first quarter of 2015-16, the group reported net loss of
INR653.5 million on net sales of INR2148 million, against PAT of
INR209.2 million on net sales of INR2873.8 million for the
corresponding period of the previous year.


RANBANKA HERITAGE: CARE Reaffirms B Rating on INR6.13cr LT Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Ranbanka Heritage Resorts Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.13      CARE B Reaffirmed
   Short-term Bank Facilities     0.08      CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Ranbanka Heritage
Resorts Private Limited (RHPL) continues to remain constrained on
account of low Occupancy Ratio (OR) in its hotel resulting into
modest scale of operations in the highly fragmented and
competitive hotel industry, highly leveraged capital structure,
stretched liquidity position and seasonal nature of its
operations. The ratings are, further, constrained on account of
debt funded project undertaken by the company for construction of
new rooms and other amenities.

The ratings, however, continue to draw strength from the
experienced promoters in the hotel industry.

The ability of RHPL to increase its scale of operations through
further increase in OR and Average Room Rent (ARR) in the
highly fragmented and competitive industry and improvement in
solvency and liquidity position are the key rating sensitivity.

RHPL was incorporated in 2008 to carry out hospitality business in
the textile city of Bhilwara, Rajasthan. RHPL operates one
heritage hotel with 51 rooms which include 28 deluxe rooms, 19
super deluxe rooms and 4 suits of which two are luxury suites.
Additionally, hotel provides other amenities like 2 bars of which
one is at roof top which it runs seasonally, 2 Banquet halls for
organizing seminars, meetings, ceremonies and workshop which can
accommodate 500 persons at a time and 1 multi cuisine restaurant.
The hotel property is spread over an area of 7 acres and provides
banquet lawn for wedding planners, family occasions, ceremonies
and other parties spread over an area of 70,000 sq ft and can
accommodate 5000 people at a time. The company is also engaged in
the trading of finished synthetics fabrics.

During FY15 (FY refers to the period of March 31 to April 1), RHPL
has reported a total operating income of INR3.79 crore (FY14:
INR2.03 crore) with a net profit of INR 0.03 crore (FY14: net loss
of INR0.13 crore).


RAV'S STEELS: CRISIL Suspends D Rating on INR180M Term Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Rav's Steels Pvt Ltd (RSPL).

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              160        CRISIL D
   Letter of Credit          50        CRISIL D
   Proposed Long Term
   Bank Loan Facility        10        CRISIL D
   Term Loan                180        CRISIL D

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

RSPL was founded in 2008-09 in Bellary (Karnataka) by Mr. N Ananda
Rao and his wife Mrs. N Vasantha. The company manufactures sponge
iron.


RAVI PLANT: CRISIL Assigns B- Rating to INR126.7MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Ravi Plant Biotechnologies Ltd (RPBL).

                          Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit              50          CRISIL B-/Stable
   Long Term Loan          126.7        CRISIL B-/Stable

The rating reflects the modest scale of operations, the
geographical concentration in the revenue profile, and
susceptibility to unfavourable regulatory changes in the
herbicides business and erratic rainfall. The rating also factors
in the stretched liquidity because of working capital-intensive
operations. These rating weaknesses are partially offset by
healthy operating margin, and the extensive experience of
promoters in the fertilisers industry.
Outlook: Stable

CRISIL believes RPBL will benefit over the medium term from the
promoters' extensive industry experience and the favourable
government policies in the micro irrigation system. The outlook
may be revised to 'Positive' in case of better-than-expected scale
of operations and profitability along with efficient working
capital management. Conversely, the outlook may be revised to
'Negative' in case of a considerable decline in revenue and
profitability, or deterioration in working capital management
impacting the liquidity, or any large, debt-funded capital
expenditure weakening the financial risk profile.

Incorporated in 2004, by Mr. KV Rao, RPBL currently manufactures
herbicides formulations and drip irrigation pipes. The production
for drip irrigation pipes commenced only from June 2014.

RPBL had a net profit of INR24.3 million on sales of INR213.8
million in 2014-15 (refers to financial year, April 1 to
March 31) on a provisional basis, against a net profit of INR3.6
million on sales of INR42.6 million in 2013-14.


SHRIYA CHEMICALS: CRISIL Cuts Rating on INR111MM Term Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Shriya Chemicals Pvt Ltd (SCPL) to 'CRISIL D' from 'CRISIL BB-
/Stable'.

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           37.5        CRISIL D (Downgraded
                                     from 'CRISIL BB-/Stable')

   Proposed Long Term    35.8        CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL BB-/Stable')

   Term Loan            111.0        CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The rating downgrade reflects delay by SCPL in servicing its term
loan obligation and overutilization on its cash credit facility
for more than 30 days. The overdrawals are on account of weak
liquidity.

The rating reflects SCPL's modest scale and working capital
intensive nature, of operations, product concentration in its
revenue profile, and the susceptibility of its accruals to offtake
by its key customers. These rating weaknesses are partially offset
by long track record in manufacturing chemical intermediates, its
established clientele, and its promoters' extensive industry
experience.

SCPL, incorporated in 1985, is currently owned and managed by Mr.
Venketraman Nadar. The company primarily undertakes contract
manufacturing of agrochemical and pharmaceutical intermediates for
its customers. Its manufacturing unit is in Ratnagiri
(Maharashtra).


SHUBHAM FOODS: CRISIL Suspends B+ Rating on INR60MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Shubham
Foods (SF).

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

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

SF was established as a sole proprietary concern in 1998 by Mrs.
Saroj Agrawal. The concern is engaged in the business of rice
milling. SF has its manufacturing facilities in Rudrapur
(Uttarakhand). The day to day operations of the concern are
managed by Mr. Pawan Agrawal and Mrs. Saroj Agrawal.


SQ SQUEEZERS: CARE Downgrades Rating on INR7.03cr LT Loan to D
--------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
SQ Squeezers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.03       CARE D Revised from
                                            CARE B

Rating Rationale
The revision in the rating assigned to the bank facilities of SQ
Squeezers Private Limited (SQSPL) is primarily driven by delay in
debt repayment owing to weak liquidity position.

Establishing a clear debt servicing track record with improvement
in the liquidity position are the key rating sensitivities.

Gujarat-based ISO 9001:22000 certified SQSPL was established in
October 2011 by its key promoters, namely, Mr Atish Save, Mr Anand
Raut, Mr Prit Patil, Mr Hemant Mhatre, Mr Ravindra Patil and Mr
Govind Gowad to enter into the fruit processing industry and
packaged water industry. SQSPL has its manufacturing facility
located at Umbergaon, Valsad, in Gujarat state with an installed
capacity of 1,000 liters per day (LPD) for juice and 3,000 liters
per hour (LPH) for packaged water. It sells its products under the
brand name "Squeezers". Initially, SQSPL has entered in the market
of Gujarat state for its different types of juice products and
Maharashtra for packaged water. Presently, SQSPL offers packaged
water and different types of natural juices such as chikoo,
orange, lychee (litchi) and mango in a pack of 200 ml, 500 ml and
1 ltr with more type of juices to be launched at certain intervals
during FY16 (refers to the period April 1 to March 31). While the
production activity has started from FY13 onwards on a trial-run
basis, the actual production has started from August-September
2014 onwards only.


SURYA CHARITABLE: CRISIL Assigns 'B' Rating to INR10MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Surya Charitable and Welfare Society Regd.
(Surya).

                          Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Proposed Long Term
   Bank Loan Facility       10          CRISIL B/Stable

The rating reflects Surya's small scale, not-for-profit, and
moderate working capital intensity in operations. These weaknesses
are partially offset by the society's network of kitchens, strong
track record of contract execution, and nil debt obligations.

Outlook: Stable

CRISIL believes Surya's business risk profile will remain
constrained over the medium term by its small scale of operations.
The outlook may be revised to 'Positive' if the society reports
significant improvement in the scale of operations leading to more
than expected net cash accruals. Conversely, the outlook may be
revised to 'Negative' if financial risk profile weakens because of
decline in sales or profitability or increase in working capital
requirement.

Set up in 2004, Surya is a Delhi-based organisation operating as a
not-for-profit society. It is managed by president Mr. R K Sharma.
It provides mid-day meals and free nutritional food in schools
under a central government scheme. It owns kitchens to meet the
needs of nearby schools.


TAMBI MOTORS: CARE Reaffirms 'B' Rating on INR5.21cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Tambi Motors.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5.21      CARE B Reaffirmed

Rating Rationale

The rating continues to remain constrained on account of the
modest scale of operations of Tambi Motors (TM) in the highly
competitive automotive dealership industry and its weak financial
risk profile marked by low profitability, weak solvency and
stressed liquidity position. The rating, further, remains
constrained on account of the firm's limited bargaining power with
principal automobile manufacturer and its constitution as a
proprietorship concern.

The rating, however, continues to draw strength from the long-
standing experience of the proprietor with its established
track record of operations of more than a decade in the industry
and its association with an established company in the domestic
commercial vehicle industry, VE Commercial Vehicle Limited
(VECVL).

TM's ability to increase its scale of operations, improve
profitability and solvency position with efficient management of
the working capital are the key rating sensitivities.

Jaipur-based (Rajasthan) TM was formed in 2002 as a proprietorship
concern by Mr Satish Tambi. TM is an authorized dealer for sale of
commercial vehicles of VECVL for Jaipur, Sikar, Sawai Madhopur,
Dholpur and Tonk district of Rajasthan.  The firm has its showroom
located at Jaipur equipped with 3-S (Sales, Service and Spare
parts) facilities and service centres located at Sikar and Dholpur
city. Furthermore, TM has a strong marketing team executives
spread throughout the five districts to procure orders from
transporters and big fleet owners.

During FY15 (refers to the period April 1 to March 31), TM has
reported a total operating income of INR22.86 crore (FY14:
INR30.53 crore) with a PAT of INR0.01 crore (FY14: INR0.12 crore).


TITAN - ANTONY: CRISIL Cuts Rating on INR22.5MM Cash Loan to C
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Titan - Antony Aviation India Private Limited  (TAAIPL; part of
the Titan Antony group) to 'CRISIL C' from 'CRISIL B+/Stable',
while reaffirming its rating on the short-term facilities at
'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee          37.5        CRISIL A4 (Reaffirmed)

   Cash Credit             22.5        CRISIL C (Downgraded from
                                       'CRISIL B+/Stable')

   Import Letter of
   Credit Limit             5.0        CRISIL A4 (Reaffirmed)

The downgrade reflects instances of delay by TAAIPL's wholly owned
subsidiary, AK Steel Manufacturers Pvt Ltd (AKSMPL), in servicing
its term loan (not rated by CRISIL). The delays were mainly due to
delay in commencing operations at the latter's new plant,
resulting in low cash accrual to meet term loan obligations.

The ratings also reflect the Titan Antony group's small scale and
working-capital-intensive nature of operations, and stretched
liquidity because of low expected cash accruals that would tightly
match upcoming debt repayments, constraining its financial risk
profile. Furthermore, the group is exposed to risks related to
implementation of its large ongoing capital expenditure (capex)
programme and subsequent ramp-up in sales. These rating weaknesses
are partially offset by its promoters' extensive experience and
technical expertise in aircraft refuelling systems and in
fabrication of oil tanks/containers, and the funding support it
receives from them.

For arriving at its ratings, CRISIL has combined the business and
financial risk profile of TAAIPL and AKSMPL, together referred to
as the Titan Antony group. This is because AKSMPL is a fully owned
subsidiary of TAAIPL, which has extended corporate guarantees for
the former's bank loan facilities.

Incorporated in 2005, TAAIPL manufactures all types of aircraft
refuelling equipment and fabricates oil tanks/containers. The
company is a joint venture promoted by Antony Motors Pvt Ltd and
Titan Aviation of France. Its manufacturing facility is at Mahape
in Navi Mumbai (Maharashtra).

AKSMPL was acquired by TAAIPL in 2011-12 (refers to financial
year, April 1 to March 31) with the intention of expanding its
manufacturing base by setting up a new plant on land owned by
AKSMPL. The plant is expected to commence operations from November
2015.


UTTAM CHAND: CRISIL Cuts Rating on INR80MM Cash Loan to B
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Uttam Chand Rakesh Kumar (UCRK) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.
                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               80       CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

The rating has been downgraded on account of the firm's weakened
financial risk profile, which, in turn, has led to weak liquidity.
In 2014-15 (refers to financial year, April 1 to March 31), the
firm has reported a decline in revenue to INR2.6 billion against
INR3.1 billion in 2013-14. Revenue declined due to a strike at
ports in the US from where the majority of the traded product,
almond, is imported. The decline in revenue and continued low
profit margin, around 0.6 times in 2014-15 due to the trading
nature of activity and withdrawal of promoters' funds of around
INR21.2 million in 2014-15 have weakened the financial risk
profile. The total outside liabilities to tangible net worth
(TOLTNW) ratio was 1.6 times as on March 31, 2015, against 0.98
times as on March 31, 2014. Also, the interest coverage ratio
continued to be low at 1.2 times in 2014-15. The average bank
limit utilisation was 100 per cent in the six months through
August 2015 and the firm has also availed of additional ad hoc
limits of INR15-20 million from the bank. In 2015-16, although
revenue is expected to improve to around INR3.1 billion, the
dependence on bank lines is expected to be higher, thus leading to
a continued weak financial profile with expected TOLTNW ratio of 2
times as on March 31, 2016.

The rating continues to reflect UCRK's weak financial risk profile
and moderate scale of operations in the intensely competitive dry
fruit industry, leading to low operating profitability. These
weaknesses are partially offset by its promoters' extensive
experience in trading and efficient working capital management.
Outlook: Stable

CRISIL believes UCRK will continue to benefit from its promoters'
extensive experience in the industry, over the medium term. The
outlook may be revised to 'Positive' if the financial risk profile
improves with higher-than-expected cash accrual, driven by a
substantial increase in the scale of operations. Conversely, the
outlook may be revised to 'Negative' if UCRK's financial risk
profile deteriorates on account of low profitability or revenue or
stretch in the working capital cycle, or if the firm undertakes
any large, debt-funded capital expenditure programme.

UCRK, set up in 2008, trades in dry fruits such as almonds and
pistachios. The operations are managed by Mr. Rakesh Bhatia and
his son, Mr. Akshay Bhatia. UCRK's registered office is in Delhi.


V.S. BUILDCON: CRISIL Assigns B+ Rating to INR100MM Cash Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facility of V.S. Buildcon (VSB) and has assigned its 'CRISIL
B+/Stable' rating to the facility. The rating was 'Suspended' by
CRISIL by the Rating Rationale dated June 12, 2014, since VSB had
not provided the necessary information required for a rating
review. The company has now shared the requisite information,
enabling CRISIL to assign rating to the bank facility.

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            100        CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

The rating reflects VSB's small scale of operations in the civil
construction industry and below-average financial risk profile
because of high gearing. These rating weaknesses are partially
offset by the promoters' extensive experience in the civil
construction industry.
Outlook: Stable

CRISIL believes VSB will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the capital structure improves either
by equity infusion or higher cash accrual, backed by improvement
in scale of operations and efficient working capital management.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile deteriorates on account of further decline
in revenue and profitability or large debt-funded capital
expenditure, or the liquidity weakens significantly on account of
increase in working capital requirements.

VSB was set up in 2008 as a partnership firm by the Ghaziabad
(Uttar Pradesh)-based Chaudhary family. The firm undertakes civil
construction work for government departments and is present in the
road construction and irrigation segments. The firm is promoted by
Mr. Varun Chaudhary, his father Mr. Subhash Chaudhary, and his
wife Mrs. Reenu Chaudhary.

V.S.  Buildcon had profit after tax (PAT) of INR4.3 million on net
sales of INR126.7 million in 2014-15 (refers to financial year,
April 1 to March 31), as compared to a PAT of INR2.5 million on
net sales of INR61.0 million in 2013-14.



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


* SOUTH KOREA: FSA Urges Speedy Overhaul of Ailing Firms
--------------------------------------------------------
Kim Boram at Yonhap News Agency reports that the head of South
Korea's financial watchdog called on local banks on October 27 to
take preemptive action for an overhaul of financially troubled
companies to head off any fallout from possible collapses.

The news agency relates that the government has been pushing to
eliminate highly indebted and unprofitable companies, dubbed
"zombie companies," from the market as local banks and other
financial institutions have been struggling from mounting bad
corporate loans.

"External risks, such as concerns over a Chinese slowdown and an
imminent U.S. rate hike, have been looming large," the report
quotes Financial Supervisory Service (FSS) Gov. Zhin Woong-seob as
saying in a breakfast meeting with local bank chiefs in Seoul.

"In order to prepare for uncertainties at home and abroad, the
most important thing is to take on preemptive measures like
carrying out effective restructuring and putting aside sufficient
loan-loss provisions."

According to Yonhap, the Financial Services Commission (FSC), the
top financial market governing body, and the FSS have asked local
banks to tighten their corporate loan screening system and clean
out bad debts in order to improve the balance sheets of creditor
banks.

"It is important to single out such ailing companies through
precise screening," Yonhap quotes Mr. Zhin as saying. "By so
doing, we can force marginal companies out of the market and let
financial resources move in a virtuous cycle."

Insiders warn that the rising number of ailing firms and mounting
corporate debt could lead to a series of bankruptcies, much like
during the 1997 Asian financial crisis, Yonhap notes.

Yonhap, citing market data, notes that out of 628 listed companies
excluding financial firms, 34.9% failed to make sufficient profit
to pay down the principal on their debt, up from 24.7% in 2010.


* SOUTH KOREA: Shippers See Gloomy Prospects
--------------------------------------------
David Yong at Bloomberg News reports that Alfred Kim, the man in
charge of helping salvage South Korea's shipping industry at the
state-funded bad loan company, doesn't sound too optimistic.

"Nobody knows what the future is like as the shipping industry is
still facing a tough time now," Bloomberg quotes Alfred Kim, the
fund's project manager at Korea Asset Management Corp., based in
Busan, as saying. "There's large supply of ships, the Chinese
economy isn't doing very good. Right now, it's very difficult to
secure loans from the credit market and banks don't want to invest
more of their money on the shipping side."

Bloomberg says Kamco is prepared to spend $100 million annually
through 2018 to support capital spending after a slump in global
freight rates since 2009 pushed operators into bankruptcy. Korea
Line Corp. and the company formerly known as STX Pan Ocean
collapsed during the crisis, while Daebo International Shipping
Co. failed in March, Bloomberg discloses. Korean firms are seen
undertaking the most business restructuring in Asia outside Japan
in the next 12 months, Bloomberg notes citing a survey by
New York-based advisory firm AlixPartners LLP.

According to Bloomberg, the hardships highlight Korean President
Park Geun Hye's struggle to revive exports that account for about
half of gross domestic product, after shipments fell every month
this year. That's curbing stronger growth in an economy data on
October 16 may show expanded 2.4% last quarter, from 2.2% in the
previous period, a Bloomberg survey showed. It also echoes global
woes, after Tokyo-based Daiichi Chuo KK filed for bankruptcy
protection in September, the report states.

Kamco spent KRW467 billion ($413 million) on 33 ships from a post-
Lehman crisis fund to prevent vessels from falling into the hands
of foreign investors at fire-sale prices, Bloomberg discloses.
The fund, which also bought KRW11.3 trillion of loans from banks
and shipping companies, was dissolved in March 2015 after
generating 107 percent returns, according to its annual report,
Bloomberg relays.

Still, its efforts failed to prevent STX Pan Ocean from bankruptcy
in 2013 with $4.51 billion liabilities, the largest in the
industry, according to Bloomberg data.

"Even though there's been a lot of restructuring, the distress
level has become widespread" across Korean industries, Bloomberg
quotes Yung H. Chung, Seoul-based managing director at
AlixPartners, as saying. "The shippers and shipyards are the
hardest hit."

According to Bloomberg, Mr. Kim said the newest fund helped
finance two bulk-carriers owned by SW Shipping Co. in May under a
boat charter and hire-purchase plan at commercial rates, and Kamco
has the capacity to fund five more vessels this year. Kamco will
only support shippers and avoid the bigger shipbuilding industry
for now, he added.

This year, an index tracking 21 local transportation stocks on the
Korean stock exchange has dropped more than 17%, after earlier
hitting a six-year low in August, Bloomberg notes. Examples
including Daebo Shipping's bankruptcy and Hanjin Shipping Co.'s
considering a stake sale to improve finances suggest it's best to
keep out of the sector, Ik Sun Yoo at Shinhan BNP Paribas Asset
Management Co. in Seoul said, Bloomberg relays.  Smaller operators
face a bigger quandary because of their limited capital and
financing options, he said.

While freight rates rebounded in the past two quarters, they are
still lower than a year ago and a tenth of the peak in 2008.

"The situation will not improve that much in the short term, so
Korean shipping companies will continue to face that pressure,"
Bloomberg quotes Mr. Yoo, the head of investment strategy, as
saying. BNP Shinhan manages about KRW37 trillion of assets. "I
dislike shipping companies more than shipbuilders, but we are
underweight on both in credit and equity."

Kamco is ready to play a bigger role depending on industry
conditions and requests from the government, Mr. Kim, as cited by
Bloomberg, said. Since its launch, the fund has received
applications for funding support from more than 10 shipping
companies, adds Bloomberg.



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


* Global Metal Prices will Remain Weak Through 2016, Moody's Says
-----------------------------------------------------------------
Slowing growth in China and Brazil, muted conditions in Europe and
a weak recovery in the US will continue to pressure global base
metal prices, says Moody's Investors Service.  Moody's outlook for
the global base metals industry remains negative.

Uncertainty regarding growth in China is one of the primary
factors underpinning Moody's negative outlook, with the country
accounting for more than 40% of global demand for most key base
metals, according to the report "2016 Global Base Metals Outlook:
Downside Risk Remains on China Concerns, Slowing Global Growth."

Weak global macroeconomic conditions and volatility in base metal
prices have also dampened investor sentiment, which could pressure
future growth rates.

"We expect base metal prices to continue to trade at lower levels,
and expectations for slower growth and reduced demand could result
in further downside risk for the sector," said Carol Cowan, a
Moody's Senior Vice President.

Moody's notes that steeper price declines will flow through to
companies' earnings in 2015, resulting in a material decline in
cash flow for many producers.  Companies have reduced controllable
costs such as capital expenditure and exploration expenses to
boost liquidity, but such actions could pressure their credit
profiles over the medium term if producers need to develop
projects in a more costly or politically difficult climate.


* Reporting Covenants in High-Yield Bonds are Weak, Moody's Says
----------------------------------------------------------------
Moody's Investors Service says that the financial reporting
covenants for high-yield bonds issued by listed Asian companies
are weak.

"Currently, for the vast majority of Asian high-yield bonds, the
company only needs to provide the trustee with financial reports
after they are filed with the relevant stock exchange.  Therefore,
if a company fails to file such reports with the relevant
exchange, there is no breach under the indenture," says Jake
Avayou, a Moody's Vice President and Senior Covenant Officer.

"By comparison, in the US, as a result of litigation, high-yield
bond covenants expressly tie the delivery of financial reports to
the filing deadlines of securities exchanges, while Asian
covenants have not done the same and maintain ambiguous language
that is not protective for bondholders," says Avayou.

Avayou was speaking on the release of a Moody's special comment on
high-yield bond covenants, titled, "High-Yield Bond Covenants -
Asia: Financial Reporting Covenants For Publicly Listed Asian
Companies Are Weak".

Moreover, around half of Asian high-yield bonds which require a
company's external auditors to provide the trustee with a
verification of its fixed-charge coverage or leverage ratio
include an exception if the auditor's policies prevent the issuing
of such a certificate.

"But Moody's notes that it would be difficult for bondholders to
determine whether a particular external auditor's policy would
prevent this under the circumstances and whether a company used
reasonable efforts to obtain such a certificate," adds Avayou.

Under the "after required filing" version, a publicly listed
company that failed to file its financials with the relevant
regulatory body within the latter's deadlines would be in breach
of the financial reporting covenant contained in its bond
indenture.

Currently, in Asia, if a company fails to meet its reporting
obligations -- pursuant to relevant stock exchange rules -- and
its bond indenture uses the "after filing" version, then there
would be no breach of the financial reporting covenant because,
under a plain reading of the covenant, the company only needs to
provide the trustee with financial reports within 10 days after
they are filed with the relevant stock exchange.



                             *********

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 ***