TCRAP_Public/151102.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, November 2, 2015, Vol. 18, No. 216


                            Headlines


A U S T R A L I A

CONSOLIDATED LEISURE: First Creditors' Meeting Set For Nov. 11
DONEX PTY: First Creditors' Meeting Set For Nov. 6
FSS FINANCE: First Creditors' Meeting Slated For Nov. 9
IMPULSE ENTERTAINMENT: First Creditors' Meeting Set For Nov. 9


C H I N A

CHINA: Faber's Epic Bubble Amid Industry Slump Shows Up in Charts
GENERAL STEEL: Closes Purchase of Controlling Interest in Catalon
GLORIOUS PROPERTY: Moody's Hikes Corporate Family Rating to Caa2
ZTE CORPORATION: Fitch Affirms Then Withdraws 'BB-' IDR Rating


I N D I A

A. B. V. GOVINDU: CRISIL Reaffirms B Rating on INR85MM Cash Loan
ACE AUTOCARS: CRISIL Reaffirms B+ Rating on INR100MM Loan
AMAR JYOTI: CRISIL Reaffirms B- Rating on INR104MM Term Loan
ASHA CONCAST: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
ASHA ISPAT: CRISIL Reaffirms B+ Rating on INR45MM Cash Loan

BANSAL BROTHERS: CRISIL Reaffirms B Rating on INR57.5MM Loan
BHAGAWATI ENTERPRISES: ICRA Reaffirms 'B+' INR5.0cr Loan Rating
BIOTECH INTERNATIONAL: CRISIL Reaffirms B Rating on INR115MM Loan
BLUEFERN VENTURES: ICRA Lowers Rating on INR28.94cr Loan to D
DOLBY PLYBOARDS: ICRA Assigns B+ Rating to INR1.50cr Loan

IMPERIAL FROZEN: ICRA Reaffirms B Rating on INR6.20cr Term Loan
JAGANNATH TRADERS: CRISIL Assigns B+ Rating to INR100MM Loan
KAILASH MOTORS: ICRA Assigns B Rating to INR26.15cr Loan
KALYAN ROLLER: ICRA Assigns B+ Rating to INR6.24cr Loan
KEDIA GUAR: CRISIL Assigns B Rating to INR50MM Cash Loan

KIRPA FOODS: CRISIL Reaffirms B- Rating on INR100MM Cash Loan
MANSAROVAR TRADE: CRISIL Assigns 'B' Rating to INR70MM Cash Loan
MARBELLO: ICRA Assigns 'B' Rating to INR10cr Cash Credit
MODERN AGRO: ICRA Assigns B+ Rating to INR9cr LT Loan
MOTIL DEVI: CRISIL Reaffirms B Rating on INR50MM Term Loan

N.S. IMPEX: CRISIL Assigns B- Rating to INR75MM Term Loan
PENN FROZEN: ICRA Suspends B Rating on INR7.50cr Loan
QREX FLEX: ICRA Suspends 'B' Rating on INR49cr LT Loan
ROMEGA FOAM: CRISIL Assigns B Rating to INR65MM Cash Loan
S.G.N. CHARITABLE: CRISIL Reaffirms B Rating on INR75MM LT Loan

S.N.K.M. AND SONS: CRISIL Reaffirms B Rating on INR40MM Loan
SHIV SABARI: CRISIL Assigns B+ Rating to INR400MM LT Loan
SHIVAM CORPORATION: CRISIL Reaffirms B- Rating on INR200MM Loan
SHREE BISHNU: CRISIL Reaffirms B- Rating on INR83.5MM Cash Loan
SHRI LAL: CRISIL Assigns B+ Rating to INR30MM LT Loan

SHRIRAM INDUSTRIES: CRISIL Assigns B Rating to INR90MM Term Loan
SILVER OAK: CRISIL Ups Rating on INR180.8MM Term Loan to B+
SION CERAMICS: CRISIL Reaffirms B+ Rating on INR61.8MM Term Loan
SITA AGRO: ICRA Suspends B+ Rating on INR5cr Cash Credit
SRI BALAJI: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan

SRUSHTI BATHS: CRISIL Assigns B Rating to INR40MM Cash Loan
SUMIT WOOL: CRISIL Reaffirms B+ Rating on INR170MM Cash Loan
TIRUPATI BALAJI: CRISIL Reaffirms B Rating on INR45MM Term Loan
UDAY AUTOLINK: CRISIL Lowers Rating on INR248MM Term Loan to C
UNIK TRADERS: CRISIL Reaffirms B Rating on INR200MM Cash Loan

VIBHAAS POLYMERS: ICRA Reaffirms B+ Rating on INR11.04cr Loan
VIKAS FILAMENTS: ICRA Reaffirms B Rating on INR7.67cr Term Loan
VOHRA FOODS: CRISIL Reaffirms B+ Rating on INR110MM Cash Loan
WORKSPACE METAL: ICRA Reaffirms B+ Rating on INR9.60cr Loan


I N D O N E S I A

TRIKOMSEL OKE: Seeks Debt Standstill; Warns of Bond Default


J A P A N

SHARP CORP: Posts JPY83.6BB Net Loss in 1H 2015


T A I W A N

HTC CORP: Stops Investor Forecasts Amid Fight for Survival


                            - - - - -


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


CONSOLIDATED LEISURE: First Creditors' Meeting Set For Nov. 11
--------------------------------------------------------------
Clifford John Sanderson -- cliff.sanderson@fsia.com.au -- of
Restructuring Works was appointed as administrator of Consolidated
Leisure Holdings Pty Ltd on Oct. 30, 2015.

A first meeting of the creditors of the Company will be held at
Restructuring Works, Level 8, 80 Clarence Street, in Sydney,
New South Wales, on Nov. 11, 2015, at 11:00 a.m.


DONEX PTY: First Creditors' Meeting Set For Nov. 6
--------------------------------------------------
Simon Miller and Timothy Clifton of Clifton Hall were appointed as
Joint and Several Liquidators of Donex Pty Ltd on Oct. 26, 2015.

A meeting of creditors will be held at 10:30 a.m. on Nov. 6, 2015,
at Clifton Hall, Level 3, 431 King William Street, Adelaide.


FSS FINANCE: First Creditors' Meeting Slated For Nov. 9
-------------------------------------------------------
Domenic Calabretta of Mackay Goodwin was appointed as
administrator of FSS Finance Pty Ltd on Oct. 28, 2015.

A first meeting of the creditors of the Company will be held at
Mackay Goodwin, Level 10, 239 George Street, in Brisbane,
Queensland, on Nov. 9, 2015, at 11:00 a.m.


IMPULSE ENTERTAINMENT: First Creditors' Meeting Set For Nov. 9
--------------------------------------------------------------
David Michael Stimpson and Terry Grant van der Velde of SV Partner
were appointed as administrators of Impulse Entertainment Pty Ltd
on Oct. 28, 2015.

A first meeting of the creditors of the Company will be held at SV
Partners, SV House, 138 Mary Street, in Brisbane, Queensland, on
Nov. 9, 2015, at 11:00 a.m.



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


CHINA: Faber's Epic Bubble Amid Industry Slump Shows Up in Charts
-----------------------------------------------------------------
Bloomberg News reports that Marc Faber's advice that investors
should pay attention to China's "epic" debt bubble and its
manufacturing slump is borne out in charts that show a surge in
troubled commodity and industrial companies.

"What we have had in China, and this investors should realize, is
a credit bubble of epic proportions," Marc Faber, publisher of the
Gloom, Boom and Doom report, said in an interview with Bloomberg
TV. "You can have growth in some sectors of the economy -- I have
no doubt some service sectors are growing -- but other very
important sectors like industrial production aren't growing at the
present time."

Companies with less cash than short-term debt, net losses and
contracting revenue have jumped to 200, according to the filings
through June 30 compiled by Bloomberg from firms listed on the
Shanghai and Shenzhen stock exchanges. About half are in the
commodities sector while about 20 percent are industrial
companies, the report says. A maker of carbon materials used in
batteries is among borrowers that may have trouble repaying
obligations by year end, Guotai Junan Securities Co. said,
Bloomberg relays.

Premier Li Keqiang is trying to make consumption and services
bigger growth drivers as he weans the economy from reliance on
traditional smokestack industries that have contributed to the
world's biggest corporate debt loads, notes the report. Defaults
are mounting as economic expansion slows and manufacturing firms
account for four of the five major bond failures this year.

"We expect more defaults, especially in overcapacity industries
such as steel, coal and chemicals," Bloomberg quotes Tang Yue,
credit analyst at Industrial Securities Co., as saying.

Ingenious Ene-carbon New Materials Co., flagged by Guotai Junan
Securities, has CNY550 million ($86.5 million) of notes due
Nov. 6. It had CNY447.2 million in cash as of June 30 after a net
loss in 2014, Bloomberg-compiled data show. Ordos City Huayan
Investment Group Co., a developer in Inner Mongolia, faces a
Dec. 17 option date on which investors can demand early repayment
on CNY1.2 billion of notes that mature in 2018, Bloomberg reports.

Bloomberg notes that authorities have been loosening rules on bond
issuance as they try to prevent a sharper slowdown in an economy
growing at its weakest pace in a quarter century. The National
Development and Reform Commission will exempt issuers or bonds
with AAA credit ratings from its review process, people with
knowledge of the matter said earlier this month, Bloomberg relays.

Bloomberg says that investors are chasing lower-rated bonds after
the central bank cut interest rates six times in a year. That's
dragged down the extra yield on five-year AA graded corporate
securities over government notes to 196 basis points, near the
lowest in five years. Brokerages including Oversea-Chinese Banking
Corp. and Industrial Securities have warned that the exuberance
may be creating a bubble, add the report.

According to Bloomberg News, the rise in corporate debt loads is
outpacing economic expansion. Borrowings by companies listed on
the Shanghai and Shenzhen stock exchanges jumped 22.7% in the most
recent filings compared with the end of last year, exceeding the
6.8% economic growth for 2015 that analysts surveyed by Bloomberg
forecast.

"The central government is trying to let China grow out of the
debt problem," Bloomberg quotes Wang Qian, managing director of
macro research in Asia at Vanguard Investments Hong Kong Ltd, as
saying. "It's hard to achieve the goal."


GENERAL STEEL: Closes Purchase of Controlling Interest in Catalon
-----------------------------------------------------------------
General Steel Holdings, Inc., has completed the
previously-announced acquisition of an 84.5% equity interest in
Catalon Chemical Corp, a Delaware corporation headquartered in
Virginia, that develops and manufactures De-NOx honeycomb
catalysts and industrial ceramics.

Catalon's honeycomb technology is an integral part of the
selective catalytic reduction process widely used in steel mills,
thermal power stations, waste incinerators, stationary diesel
motors, industrial plants, and heavy-duty trucks. Catalon, along
with its honeycomb technology, was valued at approximately $20
million by an independent third party. The acquisition is expected
to enable General Steel to pursue the large and rapidly growing
cleantech business in China to facilitate its business
transformation.

Pursuant to the terms of the acquisition, General Steel issued 13
million shares of General Steel Common Stock in exchange for a
portion of their equity interests in Catalon, equating to 84.5% of
all outstanding ownership interests in Catalon. The Payment Shares
are being held in escrow, subject to minimum performance targets
of Catalon. If those performance targets are not met in their
entirety, the Payment Shares will be reduced proportionately to
the percentage of the performance targets actually achieved. The
Payment Shares are also subject to a lock-up period placing
restrictions on the Selling Shareholders' ability to directly or
indirectly transfer or otherwise dispose of the Payment Shares for
a defined period. As a result of the issuance of 13 million
shares, the Company now has 82,984,282 Common Stock issued and
outstanding as of Oct. 23, 2015.

Ms. Yunshan Li, chief executive officer of General Steel
commented, "We believe that acquiring Catalon is a strategic
keystone for General Steel's business transformation. We are
excited to welcome aboard Catalon's talented senior management
team to General Steel and expect a seamless integration. As we
merge Catalon's proven technology, comprehensive suite of products
and services, and talented team with General Steel's vast
resources, strong market presence and broad distribution platform,
we are even more excited about the myriad of new business
opportunities and synergies brought forth through this
acquisition.

With the air pollution getting worse throughout China, the market
sorely needs to effectively reduce industrial NOx emissions. We
believe that the annual honeycomb catalyst consumption in China is
approximately 350,000 cubic meters, and we anticipate capturing a
meaningful share of this large and rapidly-growing business, as
Catalon has previously won binding sales agreements with two
distributors with each purchasing a monthly minimum of 600 cubic
meters for three years."

                   About General Steel Holdings

General Steel Holdings, Inc., headquartered in Beijing, China,
produces a variety of steel products including rebar, high-speed
wire and spiral-weld pipe. General Steel --
http://www.gshi-steel.com/-- has operations in China's Shaanxi
and Guangdong provinces, Inner Mongolia Autonomous Region and
Tianjin municipality with seven million metric tons of crude steel
production capacity under management.

General Steel reported a net loss of $78.3 million on $1.9 billion
of sales for the year ended Dec. 31, 2014, compared with a net
loss of $42.6 million on $2 billion of sales for the year ended
Dec. 31, 2013.

As of March 31, 2015, the Company had $2.5 billion in total
assets, $3.14 billion in total liabilities and a $637 million
total deficiency.

Friedman LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2014, citing that the Company has an accumulated deficit,
has incurred a gross loss from operations, and has a working
capital deficiency at Dec. 31, 2014. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


GLORIOUS PROPERTY: Moody's Hikes Corporate Family Rating to Caa2
----------------------------------------------------------------
Moody's Investors Service has upgraded Glorious Property Holdings
Limited's corporate family rating (CFR) to Caa2 from Caa3, and its
senior unsecured ratings to Caa3 from Ca.

The ratings outlook remains negative.

RATINGS RATIONALE

"Moody's upgrade of the ratings follow Glorious' refinancing of
its USD300 million notes, which were due on 25 October 2015," says
Stephanie Lau, a Moody's Assistant Vice President and Analyst.
"The debt repayment alleviated our earlier concern over the
company's imminent refinancing risk."

"However, the Caa2 CFR and negative outlook reflect the
significant and continuing liquidity stress that Glorious faces,
given the weakness in its business and the uncertainty over the
viability of its operations," adds Lau, who is also the Lead
Analyst for Glorious.

Total reported short term debt was at RMB21.8 billion at end-June
2015 versus a cash balance of RMB1.0 billion. The company also
exhibited overdue repayments totaling about RMB1.7 billion in
principal at 30 June 2015, and interest liabilities totaling
RMB124 million.

Glorious reported year-to-date contracted sales of RMB4.6 billion
for the period between 1 January 2015 and 25 October 2015. Moody's
estimates that the amount represents a year-on-year increase of
around 40.5%.

However, the company's contracted sales performance was weak when
compared to its performance prior to 2014.

Glorious' financial metrics deteriorated in 1H 2015 and should
remain weak over the next 1-2 years. Its 1H 2015 adjusted
EBIT/interest coverage was at 0.3x -- which was down from 1.0x in
1H 2014 -- due to low profit margins and a high debt leverage;
thereby severely lowering its financial flexibility.

Glorious' bond rating of Caa3 is one notch lower than its Caa2
CFR, reflecting legal and structural subordination; in particular,
its material amount of secured and subsidiary debt, including
onshore construction and trust loans.

Moody's estimates that Glorious' secured and subsidiary debt to
total assets was at 34% at end-1H 2015. Moody's expects that this
ratio will remain well in excess of 15% over the coming 1-2 years.

The negative ratings outlook reflects Glorious' weak liquidity
position. This situation poses continued uncertainty over its debt
servicing capability.

The ratings could be further upgraded if Glorious substantially
improves its liquidity position and achieves sustained
improvements in contracted sales and business operations.

However, the ratings could be downgraded if Glorious' liquidity
profile deteriorates.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015. Please
see the Credit Policy page on www.moodys.com for a copy of this
methodology.

Glorious Property Holdings Limited is a medium-sized residential
property developer based in Shanghai. The company's operations
have expanded to eastern and northern China.

At end-June 2015, its land bank totaled a gross floor area of
around 14.4 million square meters in Shanghai, Beijing, Tianjin,
and in several second- and third-tier cities in the Yangtze River
Delta and northeast China.

Glorious listed on the Hong Kong Stock Exchange in 2009. Its major
shareholder, Mr. Zhang Zhi Rong, owns 68.39% of Glorious and also
a shipbuilding company listed in Hong Kong.


ZTE CORPORATION: Fitch Affirms Then Withdraws 'BB-' IDR Rating
--------------------------------------------------------------
Fitch Ratings has affirmed China-based ZTE Corporation's Long-Term
Foreign- and Local-Currency Issuer Default Ratings at 'BB-'.  The
Outlooks are Stable.  The agency has simultaneously withdrawn all
the ratings.

The ratings have been withdrawn as they are no longer considered
by Fitch to be relevant to the agency's coverage because ZTE has
no international public bonds outstanding and is no longer
considered essential for our peer analysis or sector commentary.
Fitch will no longer provide rating or analytical coverage of this
issuer.

KEY RATING DRIVERS

China's 4G Investment: Fitch continues to believe that substantial
4G capex in China will be an opportunity for ZTE to repair its
financial profile.  Fitch expects ZTE's stronger market position
in China will allow it to take advantage of investments in 4G by
Chinese telecoms operators in the next two to three years.
However, ZTE is very dependent on China and the rating reflects
that the company may need to reduce its dependence on Chinese
telecoms capex before the current 4G cycle peaks to maintain a
robust credit profile over the longer term.

Improving Financial Profile: Fitch expects ZTE to see steady
margins in the next two years, driven by higher network sales and
steadily rising enterprise network business.  ZTE has already
benefited from increased 4G investment in China, with its
operating EBIT margin (including value-added tax refunds and
subsidies) improving to 8.3% in 1H15 from 7.8% in 1H14, and
debt/operating EBITDA decreasing to 4.4x from 5.7x over the same
period.

Volatile Cash Conversion: High volatility in cash conversion will
remain a constraint on ZTE's ratings.  While ZTE's operating cash
flow is likely to improve in 2015 and 2016, we expect its cash
conversion will remain weak, due to higher working capital
requirements stemming from more China 4G projects.  Fitch expects
ZTE to see more meaningful improvement in cash conversion in 2017
or 2018 when the 4G capex cycle peaks and sales collection
following project completions starts to exceed working capital
needs for new projects.

High Leverage:  Fitch expects ZTE's free cash flow (FCF) to remain
negative in the next two years due to higher working capital needs
and the resumption of cash dividend payment, which will slow ZTE's
deleveraging.  Fitch expects ZTE's FFO-adjusted leverage to stay
above 4.0x in the next two years before sales collection
accelerates significantly to drive strong operating cash flow
generation.  ZTE had gross debt of CNY31.7 bil. at end-June 2015,
including CNY3.7 bil. of bank advances on factored trade
receivables and CNY7.5 bil. of medium-term notes.

KEY ASSUMPTIONS

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

   -- China's telecoms capex to increase 5% yoy in 2015
   -- Operating EBIT margins (including value-added tax refunds
      and subsidies) at around 6%-7% in the next two years
   -- Dividend payout ratio of 20%-25% in the next two years

RATING SENSITIVITIES

No longer relevant as the ratings have been withdrawn.

LIQUIDITY

Adequate Liquidity: Fitch expects ZTE to maintain adequate
liquidity. Unrestricted cash of CNY17.6 bil. at end-June 2015
covered 135% of short-term debt and bank advances on factored
trade receivables.  In addition, the company is well-supported by
Chinese banks.



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


A. B. V. GOVINDU: CRISIL Reaffirms B Rating on INR85MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of A. B. V.
Govindu (ABVG) continues to reflect ABVG's weak financial risk
profile, marked by high gearing, below-average debt protection
metrics, and modest net worth.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            85        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     45        CRISIL B/Stable (Reaffirmed)

The rating also reflects the company's small scale of operations
in the highly fragmented civil construction industry and
geographical concentration in revenues. These rating weaknesses
are partially offset by the proprietor's extensive experience in
the civil construction industry and ABVG's healthy order book.
Outlook: Stable

CRISIL believes that ABVG will continue to benefit from its
proprietor's extensive industry experience over the medium term.
The outlook may be revised to 'Positive' if the firm significantly
improves its scale of operations and profitability, leading to
better-than-expected cash accruals, while managing its working
capital requirements efficiently. Conversely, the outlook may be
revised to 'Negative' if low cash accruals, or large working
capital requirements or debt-funded capital expenditure constrains
the firm's liquidity.

ABVG, headquartered in Palghar (Maharashtra), is a sole
proprietorship firm set up in 1983 by Mr. Govindu. The firm is a
'Class 1-B' civil contractor and executes contracts for various
Maharashtra government departments; the contracts include
construction of dams and reservoirs, canals, and other projects
related to irrigation. ABVG derives its entire revenue in
Maharashtra.


ACE AUTOCARS: CRISIL Reaffirms B+ Rating on INR100MM Loan
---------------------------------------------------------
CRISIL's rating on the long-term bank facility of ACE Autocars
Private Limited (AAPL) continues to reflect below-average
financial risk profile, with high gearing and below-average debt
protection metrics.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Channel Financing      100       CRISIL B+/Stable (Reaffirmed)

The rating also factors in AAPL's modest scale of operations in
the intensely competitive automobile dealership industry. These
rating weaknesses are mitigated by AAPL's established relationship
with Tata Motors Ltd (TML; rated, 'CRISIL AA/Stable/CRISIL A1+').
Outlook: Stable

CRISIL believes AAPL will maintain its established position in the
automobile dealership market for TML near Cuttack (Odisha),
supported by the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the revenue increases
significantly, along with improvement in capital structure and
liquidity. Conversely, the outlook may be revised to 'Negative' if
the financial risk profile weakens due to reduced operating
margin, weaker debt protection metrics, or any large, debt-funded
capital expenditure programme.

AAPL, set up in 2008, is an exclusive dealer of TML's passenger
cars. AAPL has a showroom-cum-workshop near Cuttack. The company
is promoted by Mr. Dharmaditya Pattanaik and his wife, Ms. Sanjana
Sanghamitra Das and Mr. Divyaloka Pattanaik. AAPL has been dealing
in TML's passenger vehicles since February 2010.


AMAR JYOTI: CRISIL Reaffirms B- Rating on INR104MM Term Loan
------------------------------------------------------------
CRISIL's rating on the bank facilities of Amar Jyoti Industries
Private Limited (AJIPL) continue to reflect its susceptibility to
risks associated with startup nature of operations, volatility in
raw material prices, regulatory changes, and erratic rainfall.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            40        CRISIL B-/Stable (Reaffirmed)
   Term Loan             104        CRISIL B-/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the company's promoters in the rice industry and
their funding support.
Outlook: Stable

CRISIL believes that AJIPL will benefit from the extensive
industry experience of its promoters, over the medium term. The
outlook may be revised to 'Positive' if the company successfully
ramps up operations and reports sizeable revenue and
profitability. Conversely, the outlook may be revised to
'Negative' if AJIPL's financial risk profile weakens because of
inability to ramp up operations or significantly low capacity
utilisation or any significant stretch in AJIPL's working capital
cycle.

Incorporated in 2013, AJIPL is promoted by Mr. Amar Nath Pandey
and Mrs. Vinita Joy. The company is engaged in processing of paddy
into par-boiled rice with total capacity of 8 tonnes per hour
(TPH). The processing unit is located at Muzaffarpur (Bihar).


ASHA CONCAST: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Asha Concast Private
Limited (ACPL; a part of the Asha group) continue to reflect Asha
group's working-capital-intensive operations, low operating
profitability and exposure to risks associated with its marginal
market share in the intensely competitive steel industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             40       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        11       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      12.5     CRISIL B+/Stable (Reaffirmed)
   Term Loan               16       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the promoters'
extensive experience in the steel industry and the group's average
financial risk profile marked by low gearing and moderate net
worth.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of ACPL and Asha Ispat Pvt Ltd (AIPL).
This is because both companies together referred to as the Asha
group have common management and significant operational linkages.
ACPL manufactures and supplies steel ingots to AIPL to manufacture
thermo-mechanically-treated (TMT) bars.
Outlook: Stable

CRISIL believes that the Asha group will continue to benefit over
the medium term from its established customer relations and the
promoters' considerable experience in the steel industry. The
outlook may be revised to 'Positive' if the group reports a
substantial and sustained increase in its scale of operations and
cash accruals along with improved working capital management,
thereby improving its financial risk profile, particularly its
liquidity. Conversely, the outlook may be revised to 'Negative' if
the Asha group's financial risk profile, particularly its
liquidity, weakens, most likely because of lower-than-expected
cash accruals, or a stretch in its working capital requirement; or
because of a significant debt-funded capital expenditure (capex)
programme.

ACPL was incorporated in in 2010, and manufactures steel ingots.
AIPL, incorporated in 1996, manufactures steel ingots and TMT
bars. Both companies have manufacturing facilities in Siliguri.
The group's promoter-director, Mr. Roshanlal Agarwal, along with
his sons, Mr. Rajesh Agarwal, Mr. Rohit Agarwal, and Mr. Ravi
Agarwal, oversee the group's operations.


ASHA ISPAT: CRISIL Reaffirms B+ Rating on INR45MM Cash Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Asha Ispat Private
Limited (AIPL; a part of the Asha group) continue to reflect Asha
group's working-capital-intensive operations, low operating
profitability and exposure to risks associated with its marginal
market share in the intensely competitive steel industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         7.5       CRISIL A4 (Reaffirmed)

   Cash Credit           45.0       CRISIL B+/Stable (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility     4.8       CRISIL A4 (Reaffirmed)

   Standby Line of
   Credit                 2.0       CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by the promoters'
extensive experience in the steel industry and the group's average
financial risk profile marked by low gearing and moderate net
worth.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of AIPL and Asha Concast Pvt Ltd (ACPL).
This is because both companies together referred to as the Asha
group have common management and significant operational linkages.
ACPL manufactures and supplies steel ingots to AIPL to manufacture
thermo-mechanically-treated (TMT) bars.
Outlook: Stable

CRISIL believes that the Asha group will continue to benefit over
the medium term from its established customer relations and the
promoters' considerable experience in the steel industry. The
outlook may be revised to 'Positive' if the group reports a
substantial and sustained increase in its scale of operations and
cash accruals along with improved working capital management,
thereby improving its financial risk profile, particularly its
liquidity. Conversely, the outlook may be revised to 'Negative' if
the Asha group's financial risk profile, particularly its
liquidity, weakens, most likely because of lower-than-expected
cash accruals, or a stretch in its working capital requirement; or
because of a significant debt-funded capital expenditure (capex)
programme.

ACPL was incorporated in in 2010, and manufactures steel ingots.
AIPL, incorporated in 1996, manufactures steel ingots and TMT
bars. Both companies have manufacturing facilities in Siliguri.
The group's promoter-director, Mr. Roshanlal Agarwal, along with
his sons, Mr. Rajesh Agarwal, Mr. Rohit Agarwal, and Mr. Ravi
Agarwal, oversee the group's operations.


BANSAL BROTHERS: CRISIL Reaffirms B Rating on INR57.5MM Loan
------------------------------------------------------------
CRISIL's rating on Bansal Brothers Pvt Ltd (BBPL) continues to
reflect BBPL's below-average financial risk profile because of
modest net worth and subdued debt protection metrics, and
susceptibility of operating profitability to changes in the
government policies and volatility in product prices. These
weaknesses are mitigated by the promoters' extensive experience in
the cold storage industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            57.5      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     20.5      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes BBPL will benefit over the medium term from the
promoters' extensive experience. The outlook may be revised to
'Positive' if higher-than-expected cash accrual driven by scale-up
of operations and profitability improves the financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
delayed receipts from farmers, or lower-than-expected cash accrual
constrains liquidity.

BBPL, based in West Bengal was incorporated in 1989 by the Bansal
family. The company provides cold storage facility for potato
manufacturers with capacity of 2.7 lakh tonnes per annum. The
company also trades in potatoes, though the proportion of revenue
from this business to total revenue is small.


BHAGAWATI ENTERPRISES: ICRA Reaffirms 'B+' INR5.0cr Loan Rating
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ for INR5.00
crore of cash credit facility, which is a sublimit of short term
non fund based facility of Bhagawati Enterprises(BE). ICRA has
also reaffirmed the short term rating of [ICRA]A4 for INR18.45
crore of Letter of Credit facility. Further, ICRA has reaffirmed
[ICRA]B+/[ICRA]A4 ratings for unallocated amount of INR1.55 crore.

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

   Non-fund Based-
   Letter of Credit     18.45        [ICRA]A4 reaffirmed

   Non-fund Based-ECB   (5.00)       [ICRA]A4 reaffirmed

   Fund Based-FCL       (3.00)       [ICRA]A4 reaffirmed

   Unallocated amount    1.55        [ICRA]B+/[ICRA]A4 reaffirmed

The ratings reflect Bhagawati Enterprises (BE) weak financial
profile as reflected in moderate scale of operations, subdued
profit margin, high working capital intensity and weak coverage
indicators. The ratings also incorporate - susceptibility of
margins to fluctuation in timber prices and adverse movements in
foreign exchange, given, the present volatility in the currency
market coupled with high outstanding payables. The ratings also
take into account the highly fragmented and competitive industry
structure and the vulnerability of earnings to change in
regulatory policies of exporting countries and India. Further BE
is partnership firm and any significant withdrawals from capital
account could affect its capital structure and concern has
exposure to the inherent cyclicality in the real estate and
construction sector.

The ratings, however, factor in the management's established track
record in the timber industry and sourcing support from associate
concern

Established in 1987, as a partnership firm, BE is engaged in the
import of round log and cut to size Burmese teak timber and caters
to the domestic market. The firm gets the order unloaded at
Kandla, Mangalore, Tuticorin and Mumbai ports and it has
warehousing facility at all the ports to supply timber across the
country. The firm has its head office located in Reay Road,
Mumbai. Shree Shankar Vijay Saw Mill (rated [ICRA]B+/[ICRA]A4) is
an associate concern of BE and is engaged in the same line of
business.


BIOTECH INTERNATIONAL: CRISIL Reaffirms B Rating on INR115MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Biotech International
Limited (BIL) continue to reflect BIL's below-average financial
risk profile because of weak debt protection metrics.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         20        CRISIL A4 (Reaffirmed)
   Cash Credit           115        CRISIL B/Stable (Reaffirmed)
   Letter of Credit       65        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     58        CRISIL B/Stable (Reaffirmed)

The ratings also factor in its stagnant revenue, large working
capital requirements, and exposure to risks inherent in the
agrochemical market in India. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the bio-chemicals sector and diversity in its product
profile.
Outlook: Stable

CRISIL believes BIL will continue to benefit over the medium term
from its promoters' extensive industry experience and its diverse
product profile. The outlook may be revised to 'Positive' in case
of a better financial risk profile, especially liquidity, most
likely because of fresh equity infusion or sustained improvement
in the operating margin along with substantial increase in
revenue. Conversely, the outlook may be revised to 'Negative' if
the financial risk profile, particularly liquidity, deteriorates
because of significantly low revenue and profitability, thereby
impacting cash accrual, or if the company's working capital
management weakens further.

BIL was set up in 1993 by Mr. Vivek Singhal and his two sons, Mr.
Ravi Singhal and Mr. Saurabh Singhal. The company manufactures
bio-larvicides and bed-nets for the public health sector and bio-
insecticides, bio-pesticides, growth promoters, and bio-
fertilisers for the agriculture sector. BIL has a portfolio of 30
products, of which two cater to the public health sector and the
rest to the agriculture sector. It has products that treat various
crops and provide pest control.


BLUEFERN VENTURES: ICRA Lowers Rating on INR28.94cr Loan to D
-------------------------------------------------------------
ICRA has revised the long term rating assigned to INR30.00 crore
fund based facilities of Bluefern Ventures Private Limited from
[ICRA]B-to [ICRA]D. The rating revision primarily takes into
account the delays in debt servicing by the company in the recent
past.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limit-     28.94       Downgraded from
   Term Loan                         [ICRA]B- to [ICRA]D
                                     and suspended

   Fund Based Limit-      1.06       Downgraded from [ICRA]B-
   Untied                            to [ICRA]D and suspended

Further, ICRA has suspended the rating assigned to the
abovementioned bank facilities BVPL. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Incorporated in 2010, BVPL is in the process of setting up a five
star hotel 'The Bluefern Spa & Convention Hotel' at Namchi, South
Sikkim. The proposed hotel will have 58 rooms with a multi cuisine
dining cum resto-bar, sports bar, coffee shop, gymnasium, spa cum
salon, conference room, banquet hall and swimming pool.


DOLBY PLYBOARDS: ICRA Assigns B+ Rating to INR1.50cr Loan
---------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR1.50
crore cash credit facility (sublimit of letter of credit) of Dolby
Plyboards Private Limited. ICRA has also assigned the short-term
rating of [ICRA]A4 to the INR10.50 crore letter of credit facility
of DPPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit          (1.50)       [ICRA]B+ assigned
   Letter of Credit     10.50        [ICRA]A4 assigned

The assigned ratings are constrained by the weak financial profile
of the company characterized by low profitability and cash
accruals, high gearing and weak debt coverage indicators. ICRA
notes that the operating margins of the company remain constrained
given the low value addition nature of business and the highly
competitive business environment on account of the fragmented
industry structure and low entry barriers for new players as well
as availability of cheaper substitutes like domestic pine and
poplar in case of core veneer. The ratings are further constrained
by the vulnerability of profitability to adverse fluctuations in
imported timber prices and exposure to currency fluctuations in
the absence of a formal hedging policy.
The ratings, however, favourably factor in the long track record
of the promoter group in the timber business coupled with the
group presence across the timber value chain which benefits in
terms of marketing and cross selling activities. The ratings also
take into consideration the location advantage arising due to the
presence of the manufacturing facility in close proximity to
Kandla port resulting in ease in raw material procurement.

Dolby Plyboards Private Limited (DPPL) was incorporated in 2003
and is engaged in the business of manufacturing veneer, plywood,
block board, flush door etc and trading of timber. The company is
based out of Gandhidham (Kutch District of Gujarat), near to the
Kandla port. The company is part of the "Goyal Group" who have a
long standing experience in manufacture of timber products,
plywood and veneers. The other entities operating under the "Goyal
Group" include, Lohit Boards & Panels Private Limited, Kachch
Veneer Private Limited, Prestige Veneers Private Limited, Goyal
Timber Trades, Cha India Private Limited, and Loang Tong Tea
Company.

Recent Results
During FY15, DPPL reported an operating income of INR25.58 crore
and profit before tax of INR0.18 crore as against an operating
income of INR21.88 crore and profit after tax of INR0.16 crore
during FY14.


IMPERIAL FROZEN: ICRA Reaffirms B Rating on INR6.20cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the long
term fund based limits of INR11.74 crore*of Imperial Frozen Food
Products (IFFP).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5.54       [ICRA]B; Reaffirmed
   Term Loan              6.20       [ICRA]B; Reaffirmed

ICRA's rating continues to take into account the significant
experience of IFFP's promoters in the food processing industry,
with presence across various products like ice creams, canned
foods and cold storage of vegetables. The rating also factors in
IFFP's revenue growth which has primarily come from higher volumes
in the ice cream division and its healthy operating margins.

The rating is however constrained by IFFP's overall modest
operating scale and its high leverage, given the debt funded
capital expenditure incurred in the ice cream division (subsequent
to which the gearing deteriorated from 2.4 times as on March 31,
2014 to 2.7 times as on March 31, 2015). Further, the rating also
takes into account the firm's elongated working capital cycle due
to the high inventory it has to maintain, consistent with the
industry trend and the nature of business, and its stretched
liquidity position as reflected in the consistently high
utilization of its working capital limits.

Going forward, the ability of the firm to ramp up its operations,
optimally manage its working capital intensity and capitalize on
the significant capital expenditure incurred will be the key
rating sensitivities.

IFFP was incorporated as a partnership firm in November 2008 with
four members of the Rastogi family as equal partners. The firm's
products are marketed under the Imperial brand name. The firm has
three production lines on which it manufactures ice creams, frozen
vegetables and canned products, with a significant proportion of
its revenues being derived from the ice cream division.

Recent Results
IFFP reported an operating income of INR16.9 crore in FY15 and a
net profit of INR0.6 crore, as compared to an operating income of
INR13.6 crore and a net profit of INR0.6 crore for the previous
year.


JAGANNATH TRADERS: CRISIL Assigns B+ Rating to INR100MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facility of Jagannath Traders - Delhi (JT).

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

The ratings reflect JT's small scale of operations and weak
financial risk profile marked by low interest coverage and low net
worth. These weaknesses are partially offset by the extensive
experience of JT's partners in the industry.
Outlook: Stable

CRISIL believes that JT will continue to benefit from the
extensive experience of the partners in the industry over the
medium term. The outlook may be revised to 'Positive' if JT
reports higher than expected operating margins along with
improvement in scale of operations, resulting in significant
improvement in debt protection indicators and net cash accruals.
Conversely, the outlook may be revised to 'Negative' in case there
is lower-than expected growth in revenues and margins, or its
working capital cycle lengthens or if SPJPL undertakes a large
debt funded capex leading to deterioration of its financial risk
profile.

JT was incorporated in 2014 and is engaged in the trading of dry
fruits like almonds and herbs and spices like cloves and poppy
seeds. It is a partnership firm managed by Mr. Pawan Sharma and
Mr. Jatin Sharma. It is based in Delhi.


KAILASH MOTORS: ICRA Assigns B Rating to INR26.15cr Loan
--------------------------------------------------------
ICRA has assigned long-term rating of [ICRA]B and short-term
rating of [ICRA]A4 to the INR40.0 crore (enhanced from INR32.6
crore) bank facilities of Kailash Motors.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Cash Credit          26.15       [ICRA]B; assigned
   Overdraft            13.85       [ICRA]B/[ICRA]A4; outstanding

ICRA's ratings continue to take into account the cyclicality
inherent to the Commercial Vehicles (CV) industry as the business
prospects of Kailash Motors are closely linked to the demand for
CVs. The CV industry has been undergoing a downturn for the past
couple of years, which has affected the performance of the
industry participants, including Kailash Motors, resulting in
subdued profitability and weak coverage indicators. However,
demand for CVs has started improving FY16 and the same is expected
to impact the firm's revenues and profitability in the near-term.
In addition, the firm faces competition from other Tata Motors
Limited (TML) dealers and other OEM* dealerships in the vicinity.
However, the ratings continue to positively factor in the strength
the firm derives from its dealership of TML, which is the market
leader in the CV industry in India. ICRA also favorably factors in
the firm's wide network comprising of one 3S (Sales, Service and
Spares) facility and five sales outlets in the state of Uttar
Pradesh (UP). Further, the extensive experience of the promoters
in the automobile dealership business continues to provide comfort
to the rating.

Going forward, the firm's ability to increase its scale of
business and increase the proportion of service and spares in the
overall operating income and attain a sustained improvement in its
coverage indicators, will be the key rating sensitivities.

Kailash Motors started as a partnership firm in 1958 as a
dealership of Tata Engineering & Locomotive Company Ltd (now known
as Tata Motors Ltd). At present, it deals in the entire range of
heavy commercial vehicles of TML, in addition to some of its MUVs
and spare parts. Kailash Motors currently has dealerships in six
districts of Uttar Pradesh with coverage in eight districts,
namely Kanpur, Kanpur Dehat, Fatehpur, Banda, Farrukhabad,
Lalitpur, Mahoba, and Kannauj. The business is managed by two
partners, Dr. Ishwar Chandra and Mr. Vineet Chandra.

Recent Results
Kailash Motors reported a Profit after Tax (PAT) of INR1.05 crore
on an Operating Income (OI) of INR111.57 crore in 2014-15, as
against a PAT of INR1.00 crore on an OI of INR84.06 crore in 2013-
14.


KALYAN ROLLER: ICRA Assigns B+ Rating to INR6.24cr Loan
-------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to INR6.24 crore
fund based facilities of Kalyan Roller Flour Mills Private
Limited. ICRA has also assigned ratings of [ICRA]B+/[ICRA]A4 to
INR3.76 crore unallocated limits of KRFMPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits     6.24        [ICRA]B+ assigned
   Unallocated limits    3.76        [ICRA]B+/[ICRA]A4 assigned

The assigned ratings are constrained by KRFMPL's small scale of
operations in flour mill industry; highly fragmented nature of
industry along with presence of large number of small and mid-
sized players which exerts pressures on its margins; and
susceptibility of business operations to volatility in the pricing
of wheat and performance of the agricultural sector, which is
further impacted by a combination of factors like climatic
conditions, government policies and prevailing demand-supply
scenario. The ratings are further constrained by weak financial
profile of the company characterized by thin profitability,
stretched liquidity position as evident from high utilization of
working capital limits, low cash accruals, modest debt protection
matrices and high gearing of 1.73 times as on March 31, 2015. The
ratings however positively factors in more than two decade of
promoter's experience in flour mill industry and the stable demand
outlook of wheat flour, as it forms an important part of the
staple Indian diet.

Going forward, company's ability to increase its scale of
operations while maintaining profitability and managing working
capital requirements will remain key sensitivities from credit
perspective.

Incorporate in 1984, Kalyan Roller Flour Mills Private Limited
(KRFMPL) is involved in processing of wheat into food products
such as maida, sooji, atta and bran. Manufacturing facility of the
company is located at Guntakal, Andhra Pradesh with an installed
capacity of 30000 MTPA. The products manufactured by the company
are primarily consumed in the bakery and sold in supermarkets etc.
The bran is used as feed for livestock and also included as an
ingredient in making fish feed. At present the company is selling
its products in Andhra Pradesh, Tamilnadu and Karnataka.

Recent Results
KRFMPL has recorded an operating income of INR36.58 crore and net
profit of INR0.18 crore in FY2015 as against an operating income
of INR32.31 crore and a net loss of INR0.26 crore in FY2014.


KEDIA GUAR: CRISIL Assigns B Rating to INR50MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Kedia Guar Gum Pvt Ltd (KGGPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            50        CRISIL B/Stable
   Long Term Loan         15        CRISIL B/Stable

The rating reflects the company's modest scale of operations in
the intensely competitive guar processing industry. The rating
also factors in the below-average financial risk profile, marked
by low net worth. These rating weaknesses are partially offset by
the promoters' extensive experience in the business.
Outlook: Stable

CRISIL believes KGGPL will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if significant and
sustainable increase in accrual, efficient working capital
management, or a sizeable capital infusion by the promoters
strengthens the financial risk profile considerably. Conversely,
the outlook may be revised to 'Negative' if a decline in revenue
or profitability, or large debt contracted to fund capital
expenditure or working capital requirements weakens the financial
risk profile.

KGGPL, incorporated in 2012 as a private limited company is based
in Rajgarh (Rajasthan) and promoted by Mr. Naresh Kumar Kedia. The
company processes guar seeds into guar splits (daal) and by-
products, churi and korma.

KGGPL's net profit and net sales increased to INR1.1 million and
INR627 million, respectively, for 2014-15 (refers to financial
year, April 1 to March 31) from INR0.3 million and INR160 million
for 2013-14.


KIRPA FOODS: CRISIL Reaffirms B- Rating on INR100MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kirpa Foods
(KF) continues to reflect KF's below-average financial risk
profile because of tight liquidity owing to initial stage of
operations in the intensely fragmented rice industry. This rating
weakness is partially offset by the promoters' extensive industry
experience and their funding support.

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

Outlook: Stable

CRISIL believes KF will continue to benefit over the medium term
from its promoters' extensive industry experience and their
funding support. The outlook may be revised to 'Positive' in case
of an increase in cash accrual, sufficient for meeting term debt
repayment obligations. Conversely, the outlook may be revised to
'Negative' if there is any delay in meeting debt obligations, or
lower-than-expected cash accrual, or large working capital
requirements, weakening the liquidity.

Update
KF's operating income was INR179.4 million in 2014-15,
significantly lower than CRISIL's expectation. This was because
the commencement of operations at the firm's plant was delayed to
December, 2014. Also, as the sales are mainly to deemed exporters,
the slump in the rice export market resulted in muted sales and
led to high inventory holding. Driven by promoter's experience in
the industry and stabilization of new facility, the firm is
expected to scale up its operations to over INR900 million over
the medium term. The operating margin is expected at around 5 per
cent over this period constrained by low value addition in rice
processing.

KF's operations are expected to remain working capital intensive,
with gross current assets at 150 to 200 days expected over the
medium term, on account of large inventory holding. Owing to
working-capital-intensive operations, the bank limits are expected
to remain highly utilised over this period.

KF's financial risk profile is expected to remain weak as
reflected through high gearing of 6.63 times as on March 31, 2015,
and weak debt protection metrics with interest coverage and net
cash accruals to total debt ratios of 1.08 and 0.01 times in 2014-
15.

KF, established in 2013 and promoted by Mr. Sahil Tinna and Mr.
Rahul Tinna, has set up 8-tonne-per-hour par-boiled rice milling
unit in Fazilka (Punjab). The firm started its commercial
operations in December 2014.


MANSAROVAR TRADE: CRISIL Assigns 'B' Rating to INR70MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Mansarovar Trade Link.

                        Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Cash Credit            70          CRISIL B/Stable

The rating reflects MTL's below average financial risk profile
marked by small net worth and moderate total outside liabilities
to tangible net worth ratio, modest scale of operations in the
fragmented sugar industry and exposure to intense competition.
These weaknesses are partially offset by promoters' extensive
industry experience and efficient working capital management.
Outlook: Stable

CRISIL believes MTL will continue to benefit from promoters'
extensive industry experience over the medium term. The outlook
may be revised to 'Positive' in case of a substantial and
sustained increase in operating income and cash accrual, along
with continued efficient working capital management, leading to a
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of lower-than-expected operating
income or cash accrual, or stretch in working capital cycle, or
substantial capital expenditure.

MTL is a partnership firm which commenced commercial operations
from June 2014. The firm trades in sugar. Mr. Debesh Agarwal, Mr.
Mahesh Agarwal, and Mr. Kailash Prasad Agarwal are partners in the
firm. Its operations are primarily managed by Mr. Debesh Agarwal.
Its office is in Siliguri (West Bengal).


MARBELLO: ICRA Assigns 'B' Rating to INR10cr Cash Credit
--------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR10.00
crore fund-based bank facility of M/s. Marbello.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           10.00        [ICRA]B assigned

The assigned rating takes into account the long-standing
experience of the promoters in trading of marbles and the
diversification of the trading profile to include greige fabric.
The rating also draws comfort from the healthy growth in revenues
supported by volume growth in fabric trading business and the
benefits derived from the proximity to suppliers and customers.
The rating is however, constrained by the firm's moderate scale of
operation and weak financial profile characterised by low
profitability, weak debt protection metrics and stretched
liquidity position. The rating also takes into consideration the
vulnerability of profitability to risks associated with
fluctuations in prices of greige fabric and to the cyclicality
inherent in textile industry. ICRA also notes that the firm is
exposed to risks associated with being a proprietorship concern.

Established in 1991, Marbello is a proprietorship firm promoted by
Agarwal family. The firm is involved in trading of marble and
greige fabric. The promoters have experience of over three decades
in the field of marble trading. In a bid to diversify the
business, the firm started trading of greige fabric since 2010.
The top-line is driven by the textile trading segment which
contributes to ~80% of total revenue.

Recent Results
In FY2014, Marbello reported a profit after tax (PAT) of INR0.41
crore on an operating income of INR65.74 crore. As per the
unaudited results for FY2015, Marbello has registered a PAT of
INR0.31 crore on an operating income of INR83.72 crore.


MODERN AGRO: ICRA Assigns B+ Rating to INR9cr LT Loan
-----------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ for the
enhanced amount of INR9.00 crore (enhanced from INR7.50 crore)
long term fund based limits of Modern Agro Mills.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Fund
   Based Limits         9.00       [ICRA]B+; Assigned/Outstanding

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

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

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

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


MOTIL DEVI: CRISIL Reaffirms B Rating on INR50MM Term Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of Motil
Devi Organic Food Industries Pvt Ltd (MDO) continues to reflect
the company's modest scale of operations in the highly fragmented
ice-cream segment, and below-average financial risk profile
because of a small net worth.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            10        CRISIL B/Stable (Reaffirmed)
   Term Loan              50        CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the promoters'
extensive industry experience and the funding support received
from them.

Outlook: Stable

CRISIL believes MDO will continue to benefit over the medium term
from the extensive industry experience of its promoters and the
healthy demand prospects for ice-cream. The outlook may be revised
to 'Positive' in case of higher-than-anticipated sales and
profitability, leading to better-than-expected cash accrual.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile weakens, most likely because of substantial
debt-funded capital expenditure, or a significant decline in
revenue and profitability.

Update:
MDO achieved a modest turnover of INR95.1 million in 2014-15
(refers to financial year, April 1 to March 31), its first full
year of operations. The operating margin was moderate at 14.5 per
cent for the year. Working capital requirement was high, with
gross current assets of 130 days as on March 31, 2015, due to
large inventory. CRISIL believes the company will ramp up its
operations over the medium term, resulting in higher incremental
working capital requirement.

The financial risk profile was below-average because of a small
net worth of INR28 million and average gearing of 1.58 times, as
on March 31, 2015. Liquidity remains adequate as reflected in low
but sufficient net cash accrual of INR6.5 million against debt
repayment of INR3.0 million during 2014-15, and moderate bank
limit utilisation at an average of 70 per cent over the 12 months
through August 2015. CRISIL believes the financial risk profile
will improve with the expected increase in cash accrual, but will
remain average due to a modest net worth.

Incorporated in 2013, MDO manufactures ice-creams under the brand
Mental. The company has a manufacturing plant in Raipur
(Chhattisgarh). Its operations are managed by Mr. Deepak Wadhwani
and Mr. Harish Wadhwani.


N.S. IMPEX: CRISIL Assigns B- Rating to INR75MM Term Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of N.S. Impex India Pvt Ltd (NSIIPL). The rating
reflects NSIIPL's weak financial risk profile because of a
declining net worth, weak debt protection metrics, high gearing,
and stretched liquidity owing to losses incurred. These rating
weaknesses are partially offset by the extensive entrepreneurial
experience of its promoter.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan            75        CRISIL B-/Stable

Outlook: Stable
CRISIL believes NSIIPL will continue to benefit over the medium
term its promoter's extensive entrepreneurial experience. The
outlook may be revised to 'Positive' in case of a more-than-
expected increase in revenue and operating profitability, leading
to higher cash accrual, or if there is significant equity infusion
resulting in improvement in the financial risk profile,
particularly the capital structure. Conversely, the outlook may be
revised to 'Negative' in case of lower-than-expected operating
income and accrual or any debt-funded capital expenditure, leading
to deterioration in the financial risk profile.

NSIIPL, incorporated in 2009, is promoted by Mr. Mohammad
Jahangir. He and his wife, Mrs. Sultana Begum are the company's
directors, though operations are primarily managed by Mr.
Jahangir. The company earlier traded in leather goods. However,
from 2012-13 (refers to financial year, April 1 to March 31) this
business was discontinued and it started developing some of its
land bank.


PENN FROZEN: ICRA Suspends B Rating on INR7.50cr Loan
-----------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR7.50 Crore
fund based limits of Penn Frozen Foods Pvt. Ltd.  ICRA has also
suspended the short term rating of [ICRA]A4 to the INR5.50 Crore
non fund based sublimit facility of PFPL. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


QREX FLEX: ICRA Suspends 'B' Rating on INR49cr LT Loan
------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR49.00
crore long-term fund based limits, [ICRA]A4 rating assigned to the
INR2.00 crore short-term non-fund based limits and [ICRA]B/
[ICRA]A4 rating assigned to the INR1.00 crore unallocated limits
of Qrex Flex Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


ROMEGA FOAM: CRISIL Assigns B Rating to INR65MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
bank facilities of Romega Foam Private Limited (RFPL).

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Long Term Loan         10         CRISIL B/Stable
   Cash Credit            65         CRISIL B/Stable
   Letter of Credit       25         CRISIL A4

The ratings reflect RFPL's small scale of operations, below-
average financial risk profile because of high gearing, and
constrained liquidity due to working capital-intensive operations.
These weaknesses are mitigated by the promoters' extensive
experience.

Outlook: Stable

CRISIL believes RFPL will benefit over the medium term from its
promoters' extensive experience. The outlook may be revised to
'Positive' if significant increase in scale of operations and
profitability, and or improved working capital management
strengthens the financial risk profile. Conversely, the outlook
may be revised to 'Negative' if declining working capital
management, or a larger-than-expected debt-funded capital
expenditure programme, weakens the financial risk profile.

RFPL, incorporated in 1994 by Mr. Ninan Verghese and Ms. Sheeba
Ninan, manufactures polyurethane foam, convoluted sheets,
polyurethane foam rolls, bonded foam, contour sheets, antistatic
foam etc. in its manufacturing facilities in Puducherry (Tamil
Nadu). All the products manufactured are customised for customers.


S.G.N. CHARITABLE: CRISIL Reaffirms B Rating on INR75MM LT Loan
---------------------------------------------------------------
CRISIL rating on the long-term bank facility of S.G.N. Charitable
Trust (R) (SGNCT) continue to reflect SGNCT's modest scale of
operations, limited revenue diversity, susceptibility to
regulatory change and exposure to intense competition in the
technical education segment. These rating weaknesses are partially
offset by the trustees' extensive experience in the education
sector.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan         75        CRISIL B/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes that SGNCT will continue to benefit over the
medium term from the extensive experience of its trustees in the
education sector. The outlook may be revised to 'Positive' if the
trust significantly increases its scale of operations, most likely
by improving its occupancy levels or increasing its course
offerings leading to better financial risk profile. Conversely,
the outlook may be revised to 'Negative' if there is a decline in
the admission levels of the college or if the trust undertakes a
larger-than-expected debt funded capital expenditure leading to
deterioration of its financial risk profile.

Established in 2008 as a charitable trust, SGNCT is operating an
engineering college, Ekalavya Institute of Technology (EIT) at T.
Narasipur (Karnataka).

During 2014-15 (refers to financial year April 1 to March 31),
SGNCT reported a surplus of INR4.9 million on operating income of
INR49.4 million as against a deficit of INR4.6 million on
operating income of INR38.6 million during 2013-14.


S.N.K.M. AND SONS: CRISIL Reaffirms B Rating on INR40MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of S.N.K.M. and Sons
Timbers Private Limited (SNKM) continue to reflect SNKM's small
scale of operations and large working capital requirements in the
highly fragmented timber industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            40        CRISIL B/Stable (Reaffirmed)
   Letter of Credit       50        CRISIL A4 (Reaffirmed)

The ratings also factor in the company's below-average financial
risk profile, marked by high total outside liabilities to tangible
net worth ratio. These rating weaknesses are partially offset by
the extensive experience of SNKM's promoters and the company's
established regional presence in the timber trading and saw mill
business.
Outlook: Stable

CRISIL believes that SNKM will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company significantly scales up
operations while maintaining operating profitability, or improves
working capital management, resulting in a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
SNKM's profitability declines or financial risk profile
deteriorates because of substantially large working capital
requirements.

Incorporated in 1995 and based in Chennai, SNKM trades in and
processes hardwood. SNKM is promoted and managed by Mr. Sahul
Hameed and his family members.


SHIV SABARI: CRISIL Assigns B+ Rating to INR400MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the proposed
long-term bank facility of Shiv Sabari Developers (SSD; part of
the Sabari group).

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

The rating reflects an established track record of the Sabari
group's promoters in the real estate industry, coupled with
prudent funding mix for its ongoing projects. These rating
strengths are partially offset by the susceptibility to risks
related to its ongoing projects, and flow of customer advances
from current and future bookings and to cyclicality in the real
estate sector.

For arriving at the ratings, CRISIL has combined the financial and
business risk profiles of Sabari Enterprises - Mumbai (SE), Sabari
Jani Associates (SJA), SSD and Shankeshwar Properties Pvt Ltd
(SPPL). This is because these entities, together known as the
Sabari group, have high business and financial fungibility.
Outlook: Stable

CRISIL believes the Sabari group will benefit over the medium term
from its promoters' established track record in the real estate
industry. The outlook may be revised to 'Positive' if the customer
response to the project is significantly better than expected
leading to higher cash flow generation and improvement in
financial risk profile. The outlook shall be revised to 'Negative'
if cash flow from operations are significantly below expectations,
either due to subdued response to the project or lower than
envisaged flow of advances, significantly affecting its debt
servicing ability.

SSD, a partnership firm, is part of the Sabari Group which is
promoted by the Bharani family. The firm is engaged in real estate
development in Mumbai.


SHIVAM CORPORATION: CRISIL Reaffirms B- Rating on INR200MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Shivam
Corporation India (Shivam) continues to reflect weak financial
risk profile, modest scale of operations, susceptibility of
revenues to movements in raw material prices and working capital
intensive nature of operations. These weaknesses are partially
offset by the promoters' experience in the metal trading industry,
and long track record of operations.

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

Outlook: Stable

CRISIL believes that Shivam will continue to benefit over the
medium term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if working capital management
improves, enhancing liquidity. Conversely, the outlook may be
revised to 'Negative' if large debt is undertaken to fund capital
expenditure, or working capital management declines, weakening
liquidity.

Shivam trades in pig iron, cast iron, and iron scrap. It has
dealership of Jayaswal Neco Industries Ltd, Tata Metaliks Ltd and
Sesa Goa Ltd amongst others. Shivam has warehouses in Faridabad
(Haryana), Ghaziabad (Uttar Pradesh), Samalkha (Haryana), and
Delhi.

Shivam reported profit after tax (PAT) of INR5.5 million on net
sales of INR1,081 million in 2013-14 (refers to financial year,
April 1 to March 31). It is expected to report revenues of around
INR1,143 million in 2014-15.


SHREE BISHNU: CRISIL Reaffirms B- Rating on INR83.5MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Shree Bishnu
Feed Industries (SBFI) continues to reflect the firm's
vulnerability to risks inherent in the poultry industry and
intense competition, working-capital-intensive operations, and a
weak financial risk profile because of modest net worth, high
gearing, and subdued debt protection metrics.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           83.5      CRISIL B-/Stable (Reaffirmed)

These weaknesses are partially offset by the benefits that SBFI
derives from its proprietor's extensive experience in the poultry
industry.
Outlook: Stable

CRISIL believes SBFI will continue to benefit over the medium term
from its proprietors' extensive experience in the poultry
business. The outlook may be revised to 'Positive' if there is
significant and sustained improvement in the firm's revenue and
profitability, while improving its capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case of a significant decline in SBFI's revenue or
profitability margin or large, debt-funded capital expenditure
resulting in a weakening of its financial risk profile.

SBFI was established in 1995 as the proprietorship concern of Mr.
Bharatji Prasad. The firm manufactures poultry feed, cattle feed,
and hatched chicks. SBFI also trades in maize grain and soya bean
de-oiled cakes. SBFI's manufacturing facility is in Howrah (West
Bengal).


SHRI LAL: CRISIL Assigns B+ Rating to INR30MM LT Loan
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank loan
facilities of Shri Lal Bahadur Shastri Research and Training
Institute (SLBS).

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

The rating reflects SLBS's weak liquidity owing to continuous
capital expenditure (capex), modest scale of operations and
exposure to intense competition particularly in the engineering
courses segment. These rating weaknesses are mitigated by low
gearing and moderate debt protection metrics and a diversified
revenue profile backed by diversified course offering at its
institutes.
Outlook: Stable

CRISIL believes that SLBS will benefit from the diversified course
offering at its institutes leading to a diversified revenue
profile for the society. The outlook may be revised to 'Positive'
if accrual improves backed by higher occupancy levels. Conversely,
the outlook may be revised to 'Negative' if the operations or
performance are adversely impacted due to larger-than-expected
debt-funded capex programme or low cash accruals or any changes in
regulatory framework.

Established in 2000, SLBS is a registered society which runs 10
education institutions including one school and nine institutions
offering various courses in engineering, nursing, teacher training
and animal husbandry. These institutions are located in Jodhpur
and Jaipur (both in Rajasthan).


SHRIRAM INDUSTRIES: CRISIL Assigns B Rating to INR90MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shriram Industries and Exports Private Limited
(SIEPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       10        CRISIL B/Stable
   Term Loan                90        CRISIL B/Stable

The rating reflects SIEPL's modest scale of operations in the
competitive warehousing industry, and susceptibility of its
margins to economic cycles and event risks. The rating also
factors in SIEPL's below-average financial risk profile owing to
low cash accrual and subdued debt protection metrics. These rating
weaknesses are partially offset by the extensive industry
experience of promoters and association with reputed tenants.
Outlook: Stable

CRISIL believes SIEPL will benefit from its promoters' extensive
industry experience over the medium term. The outlook may be
revised to 'Positive' if the company's revenue and profitability
improve leading to sizable cash accrual. Conversely, the outlook
may be revised to 'Negative' in case of delays in receipt of
rentals from tenants or termination of lease agreements, or
substantial investments in associates leading to deterioration in
financial risk profile, particularly liquidity.

Originally incorporated in 1972 as a limited company, SIEPL was
reconstituted as a private limited company in September 2013. The
company provides warehousing services in Kolkata and also owns two
jetties to facilitate export of fly-ash to Bangladesh. It is
promoted by Mr. Anand Kumar Agarwal.


SILVER OAK: CRISIL Ups Rating on INR180.8MM Term Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Silver Oak Shops and Office Co-Operative Housing Society Limited
(Silver Oak) to 'CRISIL B+/Stable' from 'CRISIL B-/Stable'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan             180.8      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

The rating upgrade reflects improvement in Silver Oak's financial
risk profile, particularly its liquidity position. The liquidity
improved during the year 2014-15 (refers to financial year,
April 1 to March 31) with healthy of scale of operations supported
by increase in number of seats and its occupancy levels. Over the
medium term, CRISIL expects comfortable cushion between net cash
accruals and term debt repayments due to increase in scale of
operation and robust offtake while maintaining its operating
profitability. The promoters have supported the company through
required fund infusion in past, through mix of unsecured loans
(USL) and equity capital wherein, around INR21.4 million of USL
and INR11 million of equity capital was infused in Silver Oak by
its promoters in last two years ended 2014-15 reflecting their
strength and support. Over the medium term, CRISIL expects the
support from the promoters at the time of exigencies.

CRISIL believes that Silver Oak to be benefited from promoters
support and healthy offtake, thereby improving its financial risk
profile.

The ratings continue to reflect Silver Oak's limited track record
and moderate financial risk profile marked by high gearing. These
rating weaknesses are offset by the promoters' funding support and
the healthy demand prospects.
Outlook: Stable

CRISIL believes that Silver Oak will continue to benefit over the
medium term from its promoters' funding support and the healthy
demand prospects for education in India. The outlook may be
revised to 'Positive' if the company's scale of operations and/or
profitability improves significantly, leading to improvement in
its capital structure. Conversely, the outlook may be revised to
'Negative' if there is significant decline in its cash accruals
leading to further deterioration in its debt protection metrics.

Silver Oak runs Silver Oak College of Engineering and Technology
(SOCET) and newly formed ASOIT in Ahmedabad (Gujarat). Silver Oak
was incorporated in 2006 and started SOCET in 2009. Subsequently
the company started new college called ASOIT in the company apart
from SOCET and the current year of 2014-15 would be the first year
of the operation for the same. This expansion is again along the
lines of the management's strategy to optimize the utilization of
its available resources. The colleges offer professional
programmes in engineering and technology in five different
specialisations. All the courses are approved by All India Council
of Technical Education and affiliated to Gujarat Technological
University.

For 2014-15 (refers to financial year, April 1 to March 31),
Silver Oak estimated a profit after tax (PAT) of INR50.8 million
on sales of INR247.6 million, against a PAT of INR8.0 million on
net sales of INR156.3 million for 2013-14.


SION CERAMICS: CRISIL Reaffirms B+ Rating on INR61.8MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sion Ceramics
Private Limited (SCPL) continues to reflect the company's small
scale and early stage of operations in the highly competitive
ceramic wall tiles industry and large working capital requirement.

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

   Proposed Long Term
   Bank Loan Facility      33.2     CRISIL B+/Stable (Reaffirmed)

   Term Loan               61.8     CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the promoters'
extensive experience in the ceramic wall tiles industry and the
proximity of manufacturing facilities to sources of raw material
and labour.
Outlook: Stable

CRISIL believes SCPL will benefit over the medium term from the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if significant scaling up of operations with
sustained profitability leads to higher-than-expected accrual and
the capital structure improves because of substantial equity
infusion. Conversely, the outlook may be revised to 'Negative' if
the liquidity deteriorates owing to a decline in profitability, or
a stretch in the working capital cycle, or any large, debt-funded
capital expenditure (capex).

Update
SCPL has reported net sales of INR42.4 million in 2014-15 (refers
to financial year, April 1 to March 31), with seven months of
operations. With 2015-16 being the first full year of operations,
CRISIL expects moderate offtake in capacities. The operating
margin is expected to remain healthy at around 20 per cent over
the medium term. The operations, however, are working capital
intensive as reflected in gross current assets (GCAs) of 449 days
as on March 31, 2015. Given the working capital-intensive
operations, reliance on external short-term debt remained high
with near full bank limit utilization in the past seven months
ended June, 2015. Financial risk profile remained weak due to
nascent stage of operations with high gearing of 1.80 times and
weak debt protection metrics; interest coverage and net cash
accrual to total debt ratios of 1.10 times and 0.04 times,
respectively, in 2014-15. SCPL is executing a capex of INR12.5
million towards setting up a coal-based gasifier, expected to be
funded internally through promoters own funds. SCPL is expected to
have accrual of around INR12 to 15 million, against debt
obligation of around INR10.9 million, for 2015-16. Accrual is
expected to remain tightly matched against repayment obligation
over the medium term. The liquidity is supported by unsecured
loans from promoters, the balance of which was INR27.1 million as
on March 31, 2015. CRISIL believes SCPL's promoters will continue
to support the liquidity through timely infusion of funds over the
medium term.

SCPL incurred a net loss of INR2.7 million on net sales of INR42.4
million in 2014-15.

Incorporated in 2013, SCPL is promoted by the Morbi (Gujarat)-
based Mr. Pravinbhai Karshanbhai Patel, Mr. Himalay Narbherambhai
Patel, and Mr. Dilipbhai Prabhubhai Dangroshiya. The company
manufactures ceramic wall tiles, and began commercial operations
from July 2014.


SITA AGRO: ICRA Suspends B+ Rating on INR5cr Cash Credit
--------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR5.00
crore cash credit facility and INR0.58 crore term loan facility,
and ICRA]A4 rating to the INR1.50 crore non-fund based limits of
Sita Agro Tech Private Limited. The entire non-fund limit is the
sublimit of the fund based limits. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


SRI BALAJI: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri Balaji
Agencies (SBA) reflect SBA's below-average financial risk profile
marked by its modest net worth, its moderate scale of operations
in an intensely competitive steel product trading segment.

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

   Proposed Long Term
   Bank Loan Facility      30       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the firm's strong
and established relationships with its key suppliers and
customers, and the extensive industry experience of its promoters.
Outlook: Stable

CRISIL believes that SBA will continue to benefit over the medium
term from its established relationships with its key suppliers and
customers. The outlook may be revised to 'Positive' if there is a
significant and sustainable improvement in the firm's
profitability, resulting in a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if SBA's
profitability declines considerably, or its working capital cycle
lengthens, or it undertakes a debt-funded capital expenditure
programme, leading to deterioration in its financial risk profile.

SBA was established in 2008 as a proprietorship firm. It trades in
steel products such as angles, channels, bars, beams, and columns.
The firm's proprietor is Mrs. Anupama Khemka, wife of Mr. Munish
Khemka, who looks after its day-to- day operations. It is based in
Chennai (Tamil Nadu).


SRUSHTI BATHS: CRISIL Assigns B Rating to INR40MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Srushti Baths & Interiors Private Limited
(SBIPL).

                        Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Proposed Long Term
   Bank Loan Facility      40         CRISIL B/Stable
   Long Term Loan          10         CRISIL B/Stable
   Cash Credit             40         CRISIL B/Stable
   Letter of Credit        10         CRISIL A4

The ratings reflect SBIPL's small scale-and working capital
intensive nature- of operations in highly competitive trading
industry. The rating also factors SBIPL's modest financial risk
profile marked by small net worth, high total outside liability to
tangible net worth (TOL/TNW) ratio and modest debt protection
metrics. These rating weaknesses are partially offset by extensive
industry experience of the promoters.

Outlook: Stable

CRISIL believes that SBIPL would continue to benefit over the
medium term from its long track record in the trading segment. The
outlook may be revised to 'Positive' in case of more than expected
increase in scale of operations and profitability resulting in
higher than expected cash accruals and improvement in capital
structure. Conversely, the outlook may be revised to 'Negative' in
the event decline in revenues and profitability or if the firm
undertakes any large, debt-funded capital expenditure programme,
impacting its capital structure.

Set up in 2007, SBIPL is engaged in trading of ceramic tiles and
bathroom fittings. The company is based out of Hyderabad
(Telangana) and promoted by Mr.Telukunta Ramesh and Mr. Telukunta
Kalyan.


SUMIT WOOL: CRISIL Reaffirms B+ Rating on INR170MM Cash Loan
------------------------------------------------------------
CRISIL's rating continue to reflect Sumit Wool Processors (SWP)
low profitability margins and large working capital requirements
and its weak financial risk profile, marked by high gearing and
weak debt protection metrics.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            170       CRISIL B+/Stable (Reaffirmed)

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

   Term Loan               50       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the firm's
improving scale of operations on the back of the ramp-up in its
manufacturing operations.

Outlook: Stable

CRISIL believes that SWP will continue to benefit over the medium
term from the healthy growth in its sales from its manufacturing
operations. The outlook may be revised to 'Positive' if the firm's
financial risk profile improves on the back of more-than-expected
net cash accruals or fresh capital infusion by its promoter.
Conversely, the outlook may be revised to 'Negative' if SWP's
financial risk profile deteriorates owing to decline in cash
accruals or a large capital expenditure programme or stretch in
its working capital cycle.

SWP was established in 1990 by Mr. Rajnish Kumar Tuli, and was
mainly involved in trading of polyester yarn till 2009-10. In
2009-10, the firm started with manufacturing of (grey) polyester
fabric. Currently the firm has 30 knitting machines with a total
capacity of 15 tonnes per day (tpd). The firm is based in
Ludhiana, Punjab.


TIRUPATI BALAJI: CRISIL Reaffirms B Rating on INR45MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Tirupati Balaji
Extrusion Pvt Ltd (TBEPL) continue to reflect exposure to intense
competition in the secondary aluminium products industry, and
susceptibility to volatility in raw material prices and to the
fortunes of end-user industries.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            35        CRISIL B/Stable (Reaffirmed)
   Letter of Credit       10        CRISIL A4 (Reaffirmed)
   Term Loan              45        CRISIL B/Stable (Reaffirmed)

The ratings also factor in below-average financial risk profile
because of small net worth and weak debt protection metrics. These
weaknesses are partially offset by advantageous location because
of proximity to end users.
Outlook: Stable

CRISIL believes TBEPL will continue to benefit over the medium
term from its advantageous location and support from promoters.
The outlook may be revised to 'Positive' in case of improvement in
liquidity of TBEPL, most likely backed by substantial equity
infusion or significantly higher cash accrual. Conversely, the
outlook may be revised to 'Negative' if there is deterioration in
TBEPL's financial risk profile, especially liquidity, owing to a
stretch in working capital cycle or lower-than-expected cash
accruals.

TBEPL was incorporated in 2009 for manufacturing aluminium cross
sections. It is promoted by Mr. Vineet Sethia, Mr. Kapil Mittal,
and Mr. Shashank Gupta.

TBEPL reported, on a provisional basis, profit after tax (PAT) of
INR1 million on net sales of INR248.7 million for 2014-15 (refers
to financial year, April 1 to March 31)  as against PAT of INR0.6
million on net sales of INR205.7 million for 2013-14.


UDAY AUTOLINK: CRISIL Lowers Rating on INR248MM Term Loan to C
--------------------------------------------------------------
CRISIL has downgraded its ratings on the long-term bank facilities
of Uday Autolink Pvt Ltd (UAPL) to 'CRISIL C' from 'CRISIL
B+/Stable'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Drop Line              80        CRISIL C (Downgraded
   Overdraft                        from 'CRISIL B+/Stable')
   Facility

   Electronic Dealer      60        CRISIL C (Downgraded
   Financing Scheme                 from 'CRISIL B+/Stable')
   (e-DFS)

   Term Loan             248        CRISIL C (Downgraded from
                                    'CRISIL B+/Stable')

The rating downgrade reflects deterioration in UAPL's financial
risk profile owing to weak operating performance and liquidity.
Operating margin reduced to 1.5 per cent in 2014-15 (refers to
financial year, April 1 to March 31) from 1.8 per cent the
previous year owing to intense competition in the automobile
industry. This, along with negative cash accrual has led to
sizeable bank borrowing. Consequently, gearing increased to 25.13
times as of March 2015, from 6.72 times a year ago. Liquidity is
stretched, and financial flexibility weak, reflected in high bank
line utilisation at 99 per cent during the 12 months through June
2015. Intense competition, large debt, and low operating
profitability will likely reduce the cushion between maturing debt
and cash accrual even further. Liquidity may remain under pressure
owing to competition from other dealers of Maruti Suzuki India Ltd
(MSIL) in and around Ahmedabad (Gujarat). The financial risk
profile is expected to remain constrained by high gearing and weak
debt protection metrics. These rating weaknesses are partially
offset by the benefits that UAPL derives from the continued fund
support of the promoters.

UAPL, set up in 2012, is an authorised dealer for MSIL. UAPL
operates a 50,000-square-foot sales, services and spares (3S)
showroom in eastern Ahmedabad. The operations are managed by the
promoters, Mr. Uday Bhatt, his brother, Mr. Nilesh Bhatt, and son,
Mr. Hemant Bhatt.


UNIK TRADERS: CRISIL Reaffirms B Rating on INR200MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Unik Traders
(UT) continues to reflect UT's weak financial risk profile marked
by modest net worth, high total outside liabilities to tangible
net worth (TOLTNW) ratio, and below average debt protection
metrics.

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

The rating also factors in UT's modest scale of operations and its
large working capital requirements. These rating weaknesses are
partially offset by the benefits that UT derives from its
promoter's extensive experience in the spices trading business and
funding support.

Outlook: Stable

CRISIL believes that UT will continue to benefit over the medium
term from its promoter's extensive experience in the spice trading
business. The outlook may be revised to 'Positive' if the firm
improves its working capital cycle along with sustainable
improvement in its scale of operations and profitability, leading
to improved cash accruals and capital structure. Conversely, the
outlook may be revised to 'Negative' if the firm's financial risk
profile, particularly liquidity, deteriorates because of stretch
in working capital cycle, , or if there is pressure on the firm's
cash accruals, or withdrawal of funding support by the promoter.

Set up in 1992 as a partnership firm by Mr. Hanif Thara and his
friend, UT was later re-constituted as a proprietorship firm with
Mr. Thara as proprietor. The Bengaluru-based firm trades in spices
and dry fruits.

UT, provisionally, reported a profit after tax of INR5.5 million
on an operating income of INR 783.8 million for 2014-15 (refers to
financial year, April 1 to March 31), against a profit after tax
of INR5.4 million on an operating income of INR871.7 million for
2013-14.


VIBHAAS POLYMERS: ICRA Reaffirms B+ Rating on INR11.04cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR11.04 crore fund based facilities of Vibhaas Polymers Private
Limited.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund based facilities     11.04       [ICRA] B+ reaffirmed

The reaffirmation of rating is constrained by small scale of
operations of VPPL in the fragmented and highly competitive
domestic poly woven sacks industry and the weak financial risk
profile of the company as reflected in the low net profit margins
of 1.4%, weak capital structure with gearing of 1.59 times and
modest debt coverage indicators of 1.91 times as on March 31, 2015
on account of the debt funded project capex and working capital
intensive nature of the business. Further, the company's
profitability is exposed to volatility in polymer prices although
the same is mitigated to an extent with company's ability to pass
on price escalation for few clients. The rating however, draws
comfort from the promoters having experience of over two decades
in diverse industries; proximity to clients with several rice
mills and sugar factories located in the region and healthy
capacity utilization of the plant at 81% during FY15 owing to
sales ramp up.

Going forward, the company's ability to increase scale of
operations along with net margins and improvement in capital
structure will be key rating monitorables from credit perspective.

Vibhaas Polymers Private Limited was incorporated in 2011 with the
objective of manufacturing High Density polyethylene (HDPE) and
Polypropylene (PP) bags which are used in packing of food grains,
sugar, chemicals, fertilizers, animal feed and FMCG. The plant
with an installation capacity of 2,700 MTPA is located in Kovvur,
Andhra Pradesh. The Company is being promoted by Mr. P.V. Krishna
Rao and his family members. The promoters have over two decades of
business exposure in various industries including sugar,
chemicals, sea food and agriculture.

Recent Results
As per audited results, VPPL has recorded an operating income of
INR23.82 crore and a net profit of INR0.34 crore during FY2015 as
against an operating income of INR20.05 crore and a net profit of
INR0.05 crore in FY2014. As per provisional results, during H1,
FY2016, the company recorded an operating income of INR11.53 crore
with profit before tax of INR0.28 crore.


VIKAS FILAMENTS: ICRA Reaffirms B Rating on INR7.67cr Term Loan
---------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B for the
INR5.85 crore fund based limits and INR7.67 crore term loans and
the short-term rating of [ICRA]A4 for the INR0.15 crore non-fund
based limits of Vikas Filaments Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term, fund
   based: Cash Credit    5.85         [ICRA]B/Re-affirmed

   Long term, fund
   based: Term Loan      7.67         [ICRA]B/Re-affirmed

   Non-Fund Based
   Limits                0.15         [ICRA]A4/Re-affirmed

The ratings reaffirmation continues to take into account the
longstanding experience of the company's promoters in the textile
business and the healthy growth in company's revenues over the
last three years. The ratings are however constrained by its small
scale of operations and weak financial profile characterized by
low net profit margins, highly leveraged capital structure and
high working capital intensity of operations. The ratings are
further constrained by the vulnerability of the company's
profitability to adverse fluctuations in foreign exchange rates
and raw material prices and the intense competitive pressures from
other organised and unorganised players in this business.

Vikas Filaments Private Limited (VFPL) was incorporated in the
year 1993 by Mr. Banshidhar Singhal as a private limited company
and is engaged in manufacturing of textured yarn. In 2005, the
texturing unit was transferred to Vishal Polyfilms Private
Limited, a group concern of VFPL. Since 2005, the company was
engaged in trading of Fully Drawn Yarn (FDY) as a dealer of Nova
Petrochemicals Limited, the same was discontinued in FY 2014.
Subsequently, the company set up a knitting unit with an installed
capacity of 900 MTPA which started commercial production in
February 2012. Thereafter, the company set up a sizing unit with
an installed capacity of 2400 MTPA which started production in May
2013. Both manufacturing facilities are based near Surat
(Gujarat).

VFPL reported a Profit after Tax (PAT) of INR0.12 crore on an
operating income of INR22.14 crore in FY 2014. For FY 2015, the
company has reported a PAT of INR0.17 crore on an operating income
of INR37.82 crore.


VOHRA FOODS: CRISIL Reaffirms B+ Rating on INR110MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vohra Foods
Pvt Ltd (VFPL) continues to reflect VFPL's modest financial risk
profile because of leveraged capital structure and weak debt
protection metrics.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           110        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      5.5      CRISIL B+/Stable (Reaffirmed)

   Term Loan                9.5     CRISIL B+/Stable (Reaffirmed)

The rating also factors in modest scale of operations in the
intensely competitive basmati rice market and its working capital-
intensive operations. These weaknesses are mitigated by the
promoters' extensive industry experience.
Outlook: Stable

CRISIL believes VFPL will benefit over the medium term from the
promoters' extensive experience. The outlook may be revised to
'Positive' if the financial risk profile significantly improves
owing to better-than-expected accrual led by better scale and
operating profitability or capital infusion by the promoters.
Conversely, the outlook may be revised to 'Negative' if an
aggressive debt-funded expansion, substantial decline in revenue
and profitability, or stretched working capital cycle weakens the
financial risk profile.

VFPL was established in 2008 by the Kumar family based in
Ferozepur (Punjab). The company is promoted by Mr. Raj Kumar, Mr.
Mohit Kumar, Mr. Pankaj Kumar, Ms. Shashi Rani, and Ms. Raj Karni.
It mills, processes, and sells parmal, paddy and basmati rice in
domestic markets. Its plant is located in Ferozepur.


WORKSPACE METAL: ICRA Reaffirms B+ Rating on INR9.60cr Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA] B+ on the
INR15.15 crore fund-based limits and non fund based limits of
Workspace Metal Solutions Pvt Ltd.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund based limits-CC    3.05        [ICRA]B+; reaffirmed
   Term Loans              9.60        [ICRA]B+; reaffirmed
   Non fund based
   Limits-BG               2.50        [ICRA]B+; reaffirmed

ICRA's rating reaffirmation continues to factor in the strengths
derived from being part of Pyrotech group, the operational synergy
between WMSPL and group company Pyrotech Workspace Private Limited
which are engaged in manufacturing of B2B industrial modular
furniture. Further, the rating also takes into account the
consistent funding support from the promoters for smooth
operations and cashflow management in the form of equity and
unsecured loans (total infusion till FY15 is INR15.21 crore).
The rating is however constrained by the company's dependence on
the performance of its key customers i.e. Reliance Jio Infocomm
Ltd. In FY15, the company's turnover has witnessed a significant
decline deferment in roll out plan for its key customer. The same
has resulted in operating losses and weakening of credit metrics,
though the liquidity position has been supported by promoter
funds. The company also continues to be exposed to price
fluctuation risks and competitive pressures.

Going forward, the company's ability to revive its operating scale
over a diversified customer portfolio, improve its profitability
and debt coverage indicators will be the key rating sensitivities.

WMSPL was set up to manufacture metal based furniture to be used
in offices and retail spaces. The company is a part of Udaipur
based Pyrotech group which has interests in manufacturing of
control panels, electronic equipments, temperature sensors and
industrial cables. Group company Pyrotech Workspace is engaged in
the manufacturing of wooden modular furniture used in offices,
control room furniture etc. With capacities in metal based
furniture, the group will have a wider product portfolio to offer
to its customers.

Recent results
WMSPL reported a net loss of INR3.76 crore on an operating income
(OI) of INR5.04 crore in FY 2015, as compared to a net loss of
INR1.12 crore on an OI of INR14.52 crore in the previous year. The
tangible net worth of the company stood at INR8.84 crore as on
March 31, 2015 as compared to INR8.51 crore as on March 31, 2014.



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


TRIKOMSEL OKE: Seeks Debt Standstill; Warns of Bond Default
-----------------------------------------------------------
Bloomberg News reports that PT Trikomsel Oke, an Indonesian
mobile-phone retailer partly owned by Singapore-listed Polaris, is
calling for a debt standstill with creditors after saying it
doesn't expect to pay interest on two Singapore dollar bonds in
the coming weeks.

Bloomberg relates that while the company will continue to service
its bank loans in Indonesia, it doesn't expect to be able to pay
bondholders when their coupons come due in November and December,
it said in a Singapore stock exchange filing on October 26.
According to the report, Trikomsel will discuss a business plan
and a restructuring solution with its bank and debt creditors over
the next few months.

Polaris owns 44.9% of Trikomsel while SoftBank Group has a 19.9%
stake, the report notes.

A default would be the first involving debentures denominated in
Singapore dollars since 2009, when Celestial Nutrifoods and Sino-
Environment Technology Group failed to meet obligations, data
compiled by Bloomberg show.  Trikomsel had IDR6.2 trillion rupiah
($633 million) of bonds and loans on June 30, Bloomberg discloses
citing the company's latest accounts. It cited weakening earnings
and cash flows due to a slowdown in the economy and a slump in the
rupiah that curbed consumer spending, the report says.

According to Bloomberg, the Jakarta-based retailer plans to offer
its restructuring proposals to the relevant creditors in the next
two to three weeks with the aim of formulating the term sheet by
Jan 31 and documentation by Feb 29 next year, it said in the
filing. The company, which hired FTI Consulting and Ashurst LLP as
advisers, held talks with banks on Oct. 19 and bondholders on Oct.
26, Bloomberg notes.

Trikomsel's debt includes $115 million of 5.25% three-year notes
due May 2016 and $100 million of 7.875% bonds due June 2017,
Bloomberg discloses.

PT Trikomsel Oke Tbk operates in the retail telecommunication
business. The Company operates retail stores in cities throughout
Indonesia that offer a wide range of branded cellular phones.



=========
J A P A N
=========


SHARP CORP: Posts JPY83.6BB Net Loss in 1H 2015
-----------------------------------------------
Japan Today reports that Sharp Corp. on October 30 posted a
whopping six-month net loss of JPY83.6 billion, hit by
restructuring costs and a slump in demand for its smartphone
screens.

The report relates that the liquid-crystal display giant, which is
key supplier to Apple and other mobile phone makers, singled out a
downturn in smartphone-screen demand in China for its latest set
of poor results.

Sharp warned of the loss last week, reigniting concerns about the
future of the Aquos-brand maker, which has repeatedly appeared on
the brink of bankruptcy in recent years as it trudged ahead with a
painful restructuring, according to Japan Today.

"The situation surrounding Sharp is still severe -- they have
strong technology, but their finances are extremely weak," the
report quotes Hideki Yasuda, an analyst at Ace Research institute
in Tokyo, as saying.

Sharp posted the loss in the half-year through September, down
from a small profit a year earlier, while revenue fell 3.6% to
JPY1.28 trillion, Japan Today discloses.

Earlier this year, Sharp said it was cutting 10% of its 49,000
global workforce as part of a turnaround plan intended to keep it
afloat, the report recalls.

The report recalls that Sharp earlier announced the sale of the
building that houses its Osaka headquarters and issued shares to
its banks, in an apparent lifeline that underscored the company's
desperate situation.

The once-mighty firm, like rivals Sony and Panasonic, has been
working to move past years of gaping deficits, partly caused by
steep losses in its television unit, Japan Today notes.

The trio were hammered by competition from lower-cost rivals,
particularly from South Korea and Taiwan, says Japan Today.

But, unlike Sharp, Sony and Panasonic booked soaring profits this
week in a sign that efforts to fix their tattered balance sheets
were finally paying off, the report notes.

                        About Sharp Corp.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

As reported in Troubled Company Reporter-Asia Pacific on
July 3, 2015, Standard & Poor's Ratings Services said that it has
raised its long-term corporate credit rating on Sharp Corp. to 'B-
' and its short-term corporate credit rating on the company to
'B', both from 'SD' (selective default). The outlook on the long-
term corporate credit rating is negative. On June 30, 2015, S&P
lowered the long- and short-term corporate credit ratings to 'SD'
because Sharp carried out a de facto debt-for-equity swap.  S&P
revised the ratings following completion of the transaction, which
resolved the situation that it defines as 'SD'.

S&P raised its long-term debt rating on Sharp to 'B-' from 'CCC+'
and S&P's commercial paper (CP) program rating to 'B' from 'C',
one notch for each, and removed the ratings from CreditWatch.  S&P
raised the long-term corporate credit rating on overseas
subsidiary Sharp International Finance (U.K.) PLC three notches to
'B-' and S&P's short-term corporate credit rating and its CP
program rating one notch to 'B' and also removed the ratings from
CreditWatch.



===========
T A I W A N
===========


HTC CORP: Stops Investor Forecasts Amid Fight for Survival
----------------------------------------------------------
Nikkei Asian Review reports that HTC Corporation on October 30
said it will no longer offer financial forecasts for investors as
the company continues to struggle in an uphill battle for
survival.

According to the report, Chief Financial Officer Chang Chialin
told investors on October 30 that the current quarter will see
"incremental improvement" compared to the previous three months,
though he did not provide specific numbers. He said the company
hopes to see meaningful contributions from non-smartphone
products, including wearables and virtual reality gadgets, next
year, the report relays.

Nikkei Asian Review notes that HTC has been losing money since the
second quarter this year on weak global demand for premium Android
handsets and fierce competition in the China market.

During the July-September period, it lost 8 billion New Taiwan
dollars ($246 million), or NT$9.7 per share, on revenue of NT$33
billion. For the third quarter, the company lost NT$4.5 billion,
or NT$5.41 per share, on revenue of NT$21.4 billion, down 48.9%
year-on-year, the report discloses.

Taiwan-based HTC Corporation engages in the research, development
and manufacturing of smart handheld devices. The Company provides
touch phones, personal digital assistant (PDA) phones, smart
phones, Android smart phones, Windows OS smart phones and panel
computers, among others. The Company offers its products under the
brand name of HTC, including HTC Butterfly series, Desire series,
HTC One series, HTC Sensation series, HTC Explorer series, HTC
Rhyme series, as well as HTC Radar series, among others. The
Company distributes its products within domestic market and to
overseas markets.



                             *********

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 ***