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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Friday, June 12, 2015, Vol. 18, No. 115


                            Headlines


A U S T R A L I A

ALINTA ENERGY: To Close Power Stations; 440 Workers to Lose Jobs
CONISTON HOTEL: Bought Out of Receivership
INDUSTRY WIDE: First Creditors' Meeting Slated For June 29
JBEC CLEAN: First Creditors' Meeting Set For June 23


C H I N A

YOSEN GROUP: Losses, Deficit Raise Going Concern Doubt


I N D I A

ALLIANCE MINERALS: Ind-Ra Suspends 'IND B+' LT Issuer Rating
ANAND POLYPACK: Ind-Ra Assigns 'IND B-' Long-Term Issuer Rating
BHOORATHNOM CONSTRUCTION: CRISIL Ups Rating on INR140M Loan to B-
BIR STEELS: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
BUILD WALLINFRA: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating

CHHAYA AUTOLINK: ICRA Reaffirms B+ Rating on INR8.0cr Loan
COMPUTER ENGINEERS: CRISIL Reaffirms B+ Rating on INR50MM Loan
CUREHEALTH PHARMA: CRISIL Assigns 'B' Rating to INR75MM LT Loan
DEESAN GINNING: CARE Revises Bank Loan Rating to 'D'
DEMARTE FASHION: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating

DEVGAN RICE: CRISIL Reaffirms B- Rating on INR250MM Cash Loan
EXOTICA CERAMIC: ICRA Reaffirms B+ Rating on INR5.0cr Cash Credit
FOODS: CRISIL Suspends 'D' Rating on INR235MM Loan
HASTHSHILP DESIGNER: CRISIL Reaffirms D Rating on INR317.8MM Loan
HILLTOP CONCRETE: CARE Reaffirms 'B' Rating on INR17cr LT Loan

IDT CLOTHING: CRISIL Suspends B Rating on INR15MM Bill Disc. Loan
INCHEM LABORATORIES: Ind-Ra Lowers LT Issuer Rating to 'IND D'
INDUSVALLEY EXPORT: CRISIL Suspends 'B' Rating on INR7.5MM Loan
J.K IMPEX: Ind-Ra Suspends 'IND B-' Long-Term Issuer Rating
KEDARNATH COTTONS: CRISIL Reaffirms 'B' Rating on INR200MM Loan

KIJALK INFRASTRUCTURE: ICRA Reaffirms B Rating on INR18cr Loan
KOTHARI WASPAP: CRISIL Suspends 'D' Rating on INR155MM Cash Loan
LAXMI NARAYAN: CRISIL Suspends 'D' Rating on INR500MM Loan
LION FOODS: CRISIL Reaffirms B+ Rating on INR35.4MM Bank Loan
MACONS INFRATECH: Ind-Ra Suspends IND B+ Long-Term Issuer Rating

MADHYA BHARAT: Ind-Ra Lowers Long-Term Issuer Rating to 'IND B-'
MITTAL CLOTHING: Ind-Ra Assigns 'IND BB-' Long Term Issuer Rating
MOONAK ISPAT: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
MUNISH KUMAR: CRISIL Ups Rating on INR75MM Loan to B+
NANDINI CREATION: CRISIL Assigns 'B' Rating to INR65MM LT Loan

NIKHIL UDYOG: ICRA Lowers Rating on INR12cr Fund Based Loan to D
NITESH RESIDENCY: ICRA Ups Rating on INR312.5cr Term Loan to B+
P. K. FOUNDATION: CRISIL Reaffirms 'D' Rating on INR117.5MM Loan
P. L. ASSOCIATES: CRISIL Assigns 'B' Rating to INR50MM LOC
PRAKASH INDUSTRIES: CARE Lowers Issuer Rating to 'CARE B (Is)'

PRATUL ENTERPRISES: Ind-Ra Suspends 'B-' Long-Term Issuer Rating
RAJASTHAN INDUSTRIAL: CARE Assigns 'D' Rating to INR11.5cr Loan
SAFARI INDUSTRIES: Ind-Ra Raises LT Issuer Rating to 'IND BB+'
SAHASRA BUILDERS: CARE Assigns B+ Rating to INR10cr LT Bank Loan
SAMASTI INFRA: CRISIL Suspends 'B-' Rating on INR144M LT Loan

SHEIKH FARID: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan
SHREE KHODAL: ICRA Assigns B+ Rating to INR6.50cr Cash Credit
SIVANSSH INFRASTRUCTURE: Ind-Ra Affirms BB+' LT Issuer Rating
SOORYA CASHEW: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan
SUSHIL BAHIRAT: CRISIL Reaffirms B+ Rating on INR270MM Term Loan

SWARG GOLDTOUCH: CRISIL Assigns 'B-' Rating to INR60MM Cash Loan
THERMO PRODUCTS: CARE Assigns 'B+' Rating to INR4.73cr LT Loan
TRISTAR GLOBAL: ICRA Suspends 'D' Rating on INR21.0cr Loan
UPPER INDIA: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
VAJRAM SPINNING: CRISIL Suspends 'D' Rating on INR25MM Cash Loan

VARDHMAN ISPAT: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
VETRIVEL EXPLOSIVES: CRISIL Reaffirms B+ Rating on INR218MM Loan
VMS INTERNATIONAL: Ind-Ra Assigns 'IND B-' LT Issuer Rating
WYAN INDUSTRIES: CARE Assigns B+ Rating to INR23.31cr LT Loan


I N D O N E S I A

SOECHI LINES: Fitch Assigns 'B+' IDR; Outlook Stable


N E W  Z E A L A N D

MILFORD ASSET: FMA Market Manipulation Probe at Final Stages
PUMPKIN PATCH: CEO to Step Down After Refinancing Falls Through
SOUTH CANTERBURY: Investors Raise Enough to Fund Legal Action


X X X X X X X X

* INSOL Announces Graduating Class of Global Insolvency Course
* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


ALINTA ENERGY: To Close Power Stations; 440 Workers to Lose Jobs
----------------------------------------------------------------
The Australian reports that Alinta Energy, the owner of two coal-
fired power stations and the coalmine that supplies them in South
Australia, has brought forward closure of its operations by
12 years, blaming falling electricity demand and rising renewable
energy supply.

According to The Australian, company chief executive Jeff Dimery
said closure of the Leigh Creek mine, an associated 250km railway
to Port Augusta and the ageing Northern and Playford power
stations, which provide jobs for 455 people, could occur as early
as April next year.

He was in Leigh Creek, 550km north of Adelaide, on June 11 to
speak to mine workers and would travel to Port Augusta later in
that day to inform power station workers there about the closure,
the report says.

"There are approximately 440 employees that will be affected by
this difficult decision. Their welfare and that of their families
is our highest priority at this time," the report quotes
Mr Dimery as saying.  "All affected employees will receive their
full entitlements and the company will provide additional support
services to assist during this transition. It is anticipated that
a total in the vicinity of AUD75 million in redundancy benefits
and entitlements will be distributed to employees across the
Flinders business."

The Australian notes that the move is likely to see closure of the
South Australian government-owned town of Leigh Creek, whose
population of 400 is mostly employed towards servicing the coal
mine.

A Leigh Creek business owner who has been told by Alinta Energy
not to speak with the media, said the town's future had been at
risk since the power stations were privatised in 1999, The
Australian reports.

The report says the closure of the coal mine would spell the end
of her business, which services outlying areas, but she called for
support from the South Australian government to keep open the
town's facilities, which included hundreds of houses, a school,
hospital, 24-hour medical centre, pool and gymnasium.

"This is a nice little community and we going to go the same way
as Woomera," she said, the report relays.

According to the report, Mr Dimery said Alinta had incurred
operating losses of AUD100 million over more than four years and
had invested AUD200 million to extend the operating life of the
Flinders business.

A feasibility study to set up a solar thermal plant near the power
stations had shown the company would need AUD150 million to get
the project off the ground, the report states.

"The decline in demand for energy, as households have become more
efficient and the number of industrial customers has declined,
combined with policy settings designed to support significant
growth in renewable energy generation, have together had the
effect of causing a significant oversupply of power available to
South Australia," The Australian quotes Mr. Dimery as saying.  "We
now believe there can be no expectation that the Flinders business
can return to profitability."

                       About Alinta Energy

Alinta Energy Group (ASX:AEJ) -- http://www.alintaenergy.com/--
is a power generation business, with assets diversified by
geographic location, fuel source, customers, contract types and
operating mode.  The portfolio has interests in 12 operating power
stations representing approximately 3,000MW of installed
generation capacity.  In Western Australia, Alinta Energy also
operates the largest integrated private gas and electricity
retailer with over 580,000 customers.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 13, 2014, Moody's revised the outlook on Alinta Energy
Finance's (AEF) B1 senior secured rating and Alinta Holdings
Limited's (Alinta) corporate family rating (CFR) to positive from
stable. At the same time the B1 ratings have been affirmed.

AEF is a fully owned subsidiary and funding vehicle for of Alinta
Holdings Limited.


CONISTON HOTEL: Bought Out of Receivership
------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that The Coniston Hotel
has been sold to hotelier Jason Marlow for AUD8.3 million. The
famous pub was bought by Marlow from Pelathon Group which
purchased the business in May 2012, the report says.

The Coniston Hotel was put into receivership in early 2012 after
overcapitalised renovations, Dissolve.com.au recalls. It has been
said that the establishment had a big existing cash flow with
development potential for the future, the report says.

Dissolve.com.au says the hotel has 28 gaming machines, approved DA
for a brand new gaming room and extended trading hours.


INDUSTRY WIDE: First Creditors' Meeting Slated For June 29
----------------------------------------------------------
Jason Bettles & Raj Khatri of Worrells Solvency & Forensic
Accountants were appointed as administrators of Industry Wide
Plant Hire Pty Ltd on June 10, 2015.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Level 5, HQ@Robina
58 Riverwalk Avenue, in Robina, Queensland, on June 29, 2015, at
11:30 a.m.


JBEC CLEAN: First Creditors' Meeting Set For June 23
----------------------------------------------------
Nick Cooper and Chris Cook of Worrells Solvency & Forensic
Accountants were appointed as administrators of JBEC Clean Energy
Solutions Pty Ltd on June 11, 2015.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Suite 1103, Level 11,
147 Pirie Street, in Adelaide, on June 23, 2015, at 11:30 a.m.



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C H I N A
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YOSEN GROUP: Losses, Deficit Raise Going Concern Doubt
------------------------------------------------------
Yosen Group, Inc., filed its quarterly report on Form 10-Q,
disclosing a net loss of $259,000 on $2.54 million of revenues for
the three months ended March 31, 2015, compared with net income of
$24,200 on $4.26 million of revenue for the same period last year.

The Company's balance sheet at March 31, 2015, showed
$2.52 million in total assets, $4.78 million in total liabilities,
and a stockholders' deficit of $2.26 million.

The Company realized net loss of $259,000 for the three months
ended March 31, 2015. The Company had accumulated deficit of $48.5
million as of March 31, 2015. There can be no assurance that the
Company will become profitable or that it will survive as a public
company. These issues raise substantial doubt regarding its
ability to continue as a going concern, according to the
regulatory filing.

A copy of the Form 10-Q is available at:

                    http://is.gd/I7WzwM

Based in Hangzhou, China, Yosen Group, Inc., is engaged primarily
in international trade and wholesale business, primarily selling
tile, kitchen cabinet, granite and marble products in the New York
market. The Company also distributes Samsung(R) and Apple(R)
mobile phones in China through its China-based subsidiaries.



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


ALLIANCE MINERALS: Ind-Ra Suspends 'IND B+' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research has migrated Alliance Minerals Private
Limited's 'IND B+' Long-Term Issuer Rating with a Stable Outlook
to the suspended category.  The rating will now appear as
'IND B+(suspended)' on the agency's website.

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

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

AMPL's ratings are:

   -- Long-Term Issuer Rating: migrated to 'IND B+(suspended)'
      from 'IND B+'
   -- INR236.7 mil. long-term loan: migrated to
      'IND B+(suspended)' from 'IND B+'
   -- INR360 mil. fund-based limits: migrated to
      'IND B+(suspended)' and 'IND A4(suspended)' from 'IND B+'
       and 'IND A4'
   -- INR20 mil. non-fund-based limits: migrated to
      'IND A4(suspended)' from 'IND A4'


ANAND POLYPACK: Ind-Ra Assigns 'IND B-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research has assigned Anand Polypack Private
Limited a Long-Term Issuer Rating of 'IND B-'.  The Outlook is
Stable.  APPL's bank facilities have also been assigned these
ratings:

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
  Fund-based working      70.00       'IND B-'/Stable
  capital limits

  Non-fund-based           2.20       'IND A4'
  working capital limits

KEY RATING DRIVERS

The ratings reflect Anand Polypack's small scale of operations and
weak credit profile.  According to the provisional financials for
FY15 (year end March), revenue was INR162 mil., interest coverage
was 0.9x and net financial leverage was 13.4x.

The ratings benefit from the three-decade-long experience of Anand
Polypack's founders in manufacturing plastic injection moulded
furniture.

RATING SENSITIVITIES

An improvement in the overall credit metrics will be positive for
the ratings.

Anand Polypack was incorporated in December 2005 and started
operations in FY12.  The company manufactures plastic injection
moulded furniture under the brand name Crown.

In first year of operations, Anand Polypack was involved in
trading activity but from FY13, it has started its own production.
Its registered office is in Sankrail, Howrah.

The company is managed by three promoters Mahesh Tahlani, Pradip
Tahlani and Sundar Lal Tahlani.


BHOORATHNOM CONSTRUCTION: CRISIL Ups Rating on INR140M Loan to B-
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Bhoorathnom Construction Company Private Limited (BCCPL) to
'CRISIL B-/Stable' from 'CRISIL C'. The rating on the company's
short-term bank facility has been reaffirmed at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        725        CRISIL A4 (Reaffirmed)

   Cash Credit           140        CRISIL B-/Stable (Upgraded
                                    from 'CRISIL C')

   Proposed Long Term    115        CRISIL B-/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL C')

   Secured Overdraft      20        CRISIL B-/Stable (Upgraded
   Facility                         from 'CRISIL C')

The rating upgrade reflects the timely servicing of debt by BCCPL
over the last six months ended May 2015. The upgrade also factors
in CRISIL's belief that the company will continue to service its
debt in a timely manner over the medium term with its cash
accruals expected to be sufficient to meet its debt repayment
obligations.

The ratings reflect BCCPL's modest scale of operations, its large
working capital requirements, and its exposure to intense
competition in the construction industry. These rating weaknesses
are partially offset by the extensive experience of BCCPL's
promoters in the construction industry, and its healthy order book
providing medium-term revenue visibility.


Outlook: Stable

CRISIL believes that BCCPL will continue to benefit over the
medium term from its promoter's extensive industry experience and
its healthy order-book. The outlook may be revised to 'Positive'
if there is a substantial and sustained increase in the company's
revenue and profitability margins, or there is a sustained
improvement in its working capital management. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
the company's profitability margins, or significant deterioration
in its capital structure caused most likely by a stretch in its
working capital cycle.

BCCPL was set up in 1972 by Mr. A B Madhav, Mr. A L Bhoorathnom,
and Mr. A L Rajashanker. The company undertakes water pipeline
projects and road construction for state and central government
agencies across India. It also manufactures pre-stressed concrete,
reinforced cement concrete, and mild steel pipes. The company is
based in Hyderabad (Telangana).


BIR STEELS: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research has assigned Bir Steels Private Limited
a Long-Term Issuer Rating of 'IND BB+'.  The Outlook is Stable.
Rating actions on BSPL's bank facilities are:

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Fund-based limits      20        Assigned 'IND BB+';
                                    Outlook Stable

   Non-fund-based         15        Assigned 'IND A4+'
   limits

KEY RATING DRIVERS

The ratings reflect BSPL's comfortable credit profile based on
provisional FY15 (year end March) financials.  Interest coverage
increased to 5.6x (FY14: 2.5x) because of a lower interest cost of
INR1.3 mil. (INR3 mil.) while adjusted leverage (debt net of
cash/EBITDA) deteriorated to 2.3x (1.8x) due to high year-end debt
of INR20 mil. in FY15 (INR15 mil.) as BSPL made payments to its
main creditor Atibir Hi-tech Private Limited
(AHPL; 'IND BBB-/Stable).

The ratings factor in support from strong group company AHPL,
which meets BSPL's 100% raw material requirement and provides an
extended credit period (FY14: 121 days, FY13: 84 days).  This
leads to comfortable liquidity, which is reflected in BSPL's low
average maximum working capital utilization of 45% for the 12
months ended April 2015.  Ind-Ra expects the support to continue
in FY16 and liquidity to remain comfortable.  BSPL also has
locational advantages as its factory is located close to that of
AHPL, resulting in savings in transportation cost.

The ratings also reflect over two-decade-long experience of BSPL's
founders in the iron and steel industry.

The ratings are constrained by BSPL's small scale of operation
with revenue of INR354 mil. in FY15 (FY14: INR277 mil., FY13:
INR262 mil).  EBITDA margin is also low and volatile at 2.1% in
FY15 (FY14: 2.5%, FY13: 3.4%) due to fluctuations in raw material
and finished goods prices because of the highly competitive and
fragmented nature of business.

RATING SENSITIVITIES

Positive: Significant growth in the revenue along with
improvements in the EBITDA margin could result in a positive
rating action.

Negative: Any weakening in the support from the group company
and/or an increase in the debt leading to stressed credit metrics
could result in a negative rating action.

Incorporated in 1989, BSPL has manufactures mild steel wires, mild
steel nails, galvanized wires and barbed wires among others, which
it sells mainly to hardware stores across India.  The products are
marketed under the brand name TRISUL.


BUILD WALLINFRA: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research has assigned Build Wallinfra India
Private Limited a Long-Term Issuer Rating of 'IND B'.  The Outlook
is Stable.  BWIPL's bank facilities have also been assigned
ratings as:

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term loans            75.00      'IND B'; Outlook Stable
   Fund-based working    30.00      'IND B'; Outlook Stable
   capital limits

KEY RATING DRIVERS

BWIPL's ratings reflect the nascent stage of its project.  The
company was established in 2013 to set up an 100,000 cubic meters
per annum AAC block manufacturing unit at Valsad, Gujarat.  The
project is now likely to become operational in July 2015, after a
delay of nine months.

The ratings, however, benefit from the proposed plant's locational
advantage in terms of the availability of raw materials and the
promoters' experience in the construction segment.

RATING SENSITIVITIES
Positive: Timely completion of the project in line of the project
cost outlay will be positive for the ratings.

Negative: Any time or cost overrun will be negative for the
ratings.

BWIPL has its registered office at Thane, Maharashtra.  The
company is managed by Basudeoprasad Hiranand Agarwal.

The total project cost is estimated at around INR133.7 mil. with
equity contributions worth INR35.0 mil., long-term loans of
INR75.0 mil. and unsecured loan of INR23.7 million.


CHHAYA AUTOLINK: ICRA Reaffirms B+ Rating on INR8.0cr Loan
----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR10.0 crore (enhanced from INR9.0 crore) fund based limits of
Sai Chhaya Autolink Private Limited.

                        Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based- Cash
   Credit                  2.0        [ICRA]B+; reaffirmed

   Fund Based-Inventory
   Funding                 8.0        [ICRA]B+; reaffirmed

ICRA's ratings continue to take into account the long standing
experience of SCAPL's promoters in the dealership business for
Ford India Private Limited (FIPL), the company's favourable market
position in Bhopal, Madhya Pradesh (M.P.) by virtue of being the
sole dealer for Ford as well as its increasing reach, due to new
outlets being opened by SCAPL resulting in steady revenue growth.
This apart, new launches by Ford in 2015-16 are also expected to
support SCAPL's revenue growth over the near to medium term.
However, the ratings continue to be constrained by the company's
weak profitability, due to substantial interest expense as it
remains highly dependent on bank limits for working capital
funding. Consequently, SCAPL's capital structure and debt coverage
indicators continue to remain modest. (Gearing of 4.2 times as on
March 31, 2015, Debt/OPBDITA of 6.9 times and Interest coverage of
1.3 times in FY2014). Further, SCAPL's performance remains linked
to the growth prospects of the domestic passenger vehicles
industry and Ford's performance.

Going forward SCAPL's ability to ramp up its operating scale by
capitalizing on the new models being launched by FIPL, and improve
its debt coverage indicators while attaining an optimal working
capital cycle, will be the key rating sensitivities.

SCAPL was incorporated in 2003, and is an authorized dealer for
FIPL in Bhopal, M.P. The company operates one sales cum service
outlet at Bhopal (Govindpura) and has also set up another sales-
cum-service outlet at Hoshangabad, M.P. in February, 2014. It is
the only Ford dealer in Bhopal and one of the five Ford dealers in
M.P.

The company is managed by Mr. Jai Moolchandani and his wife, both
of whom are directors in SCAPL. The Moolchandani family also holds
a stake in 'Sri Sai Vehicle Pvt. Ltd.', another Ford dealership
based in Jabalpur, M.P., which commenced operations from October
2011.

Recent Results
SCAPL reported an operating income of INR49.0 crore in FY2014 with
a net profit of INR0.2 crore, as compared to an operating income
of INR37.8crore and a net profit of INR0.2 crore for the previous
year. SCAPL, on a provisional basis, reported an operating income
of INR52.0 crore for FY 15.


COMPUTER ENGINEERS: CRISIL Reaffirms B+ Rating on INR50MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Computer Engineers
(CE)'s continuous to reflect the firm large working capital
requirements and its exposure to risks related to its tender-based
business model and to intense competition.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         20        CRISIL A4 (Reaffirmed)
   Cash Credit            50        CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the firm's proprietor in the civil construction
industry and funding support from proprietors.

Outlook: Stable
CRISIL believes that CE will continue to benefit over the medium
term from the extensive industry experience of its proprietor. The
outlook may be revised to 'Positive' in case of a substantial
increase in the firm's revenue and sustained improvement in its
profitability, supported by a significantly larger order book.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in CE's revenue, profitability, and working capital
management, leading to further weakening of its financial risk
profile. Any significantly higher-than-expected investments in
group companies may also result in a revision in the outlook to
'Negative'.

Update
While the firm reported a revenue de-growth of 9 per cent in 2014-
15 (refers to financial year, April 1-March 31), CE's operating
profitability for the year improved to 13 per cent, from 10 per
cent the previous year. CRISIL notes that the intense competition
in the segment will continue to limit the firm's pricing
flexibility, although its order book of around INR250 million, to
be executed over 1 years, boosts its business risk profile. CRISIL
expects the order book will translate into revenue growth of 35-40
per cent in 2014-15. Further, CE's order mix will continue to
impact its profitability, which is expected to be at 10 to 12 per
cent over the medium term.

CE's working capital cycle remains long, given its construction
nature of business. The gross current assets (GCA) days are high,
at 441 days for 2014-15. GCA is largely driven by loans and
advances extended to group/affiliate companies, which stood at
INR87 million as on March 31, 2015.

The firm's financial risk profile weakened in the last three
years, mainly on account of capital withdrawals of about INR20
million in the period. This resulted in the gearing increasing to
over 0.4 times as on March 31, 2015. Further, the benefit of
increasing in margins is mitigated on account of the decline in
sales. CE's debt protection metrics remains stable , marked by an
interest coverage ratio of around 2.2 times in 2014-15 from 1.9
times the previous year.

CE had no long-term debt as on March 31, 2015. Its liquidity
continues to be supported by infusion of unsecured loan which
stood at around INR68 million as on 31st March 2015 which provides
cushion in case of exigencies.

CE was established in 1990 as a proprietorship firm by Mr. Chetan
Mehta. The firm undertakes civil construction contracts for the
Brihan Mumbai Corporation and Maharashtra Housing and Area
Development Authority in and around Mumbai.

CE reported a net profit of INR21.4 million on net sales of INR105
million for 2014-15 (refers to financial year, April 1 to March
31), as against a net profit of INR10.2 million on net sales of
INR114 million for 2013-14.


CUREHEALTH PHARMA: CRISIL Assigns 'B' Rating to INR75MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Curehealth Pharmaceuticals Pvt Ltd (CPPL).

                      Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          15        CRISIL B/Stable
   Long Term Loan       75        CRISIL B/Stable

The rating reflects CPPL's start-up phase of operations and
average financial risk profile marked by high gearing. These
rating weaknesses are partially offset by the extensive experience
of CPPL's promoters in the pharmaceuticals industry and the
company's moderate working capital requirements.

Outlook: Stable

CRISIL expects CPPL's credit risk profile to remain weak over the
medium term on account of its start-up phase of operations. The
outlook may be revised to 'Positive' if the company successfully
launches new products, driving its profitability up, or if there
is less than expected increase in its working capital
requirements, leading to an improved financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes any significant debt-funded capital expenditure
programme or if its working capital requirements increase
substantially, leading to deterioration in its financial risk
profile.

CPPL was incorporated in 2013 by Mr. Nand Lal Sharma and Mr.
Tirath Ram Thakur. CPPL manufactures antibiotics in the form of
tablets, capsules, and injectables, which it sells to smaller
pharmaceutical companies in the domestic market.


DEESAN GINNING: CARE Revises Bank Loan Rating to 'D'
----------------------------------------------------
CARE has revised the ratings assigned to the bank facilities of
Deesan Ginning and Pressing Private Limited from 'CARE B +' to
'CARE D' due to the on-going over-drawals in cash credit facility
for more than 30 days.

CARE has further suspended, with immediate effect, the ratings
assigned to the bank facilities of Deesan Ginning and Pressing
Private Limited. The ratings have been suspended due to non-
cooperation from the company with CARE for monitoring of the
rating.


DEMARTE FASHION: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research has assigned Demarte Fashion Yarns a
Long-Term Issuer Rating of 'IND BB'.  The Outlook is Stable.  Ind-
Ra has also assigned DFY's bank facilities these ratings:

                          Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term loan             53.60       'IND BB'/Stable
   Fund-based limits     70.00       'IND BB'/Stable/'IND A4+'

KEY RATING DRIVERS

The ratings reflect DFY's small scale of operations coupled with
low EBITDA margins.  DFY is present in the highly fragmented,
intensely competitive and high capital intensive yarn industry.
According to the provisional financials for FY15 (year end March),
revenue was INR712.07 million and margins were 4.71%.  The ratings
also reflect the firm's weak credit profile with net financial
leverage (total adjusted net debt/operating EBITDA) of 3.28x in
FY15 (FY14: 4.13x) and EBITDA gross interest coverage (operating
EBITDA/gross interest expense) of 2.38x (1.87x).

The ratings also factor in the partnership structure of the
entity.

The ratings, however, derive strength from the over a decade-long
experience of DFY's partners in the same line of business.  The
ratings are further supported by the entity's strong relationship
with its customers and suppliers.

RATING SENSITIVITIES

Negative: Deterioration in the overall credit metrics will lead to
a negative rating action.

Positive: A substantial improvement in the scale of operations
along with an overall improvement in the credit metrics will lead
to a positive rating action.

DFY was established as a partnership firm in September 2005.  The
firm manufactures acrylic yarn, polyester yarn, knitted fabric and
non-woven fill in Ludhiana.


DEVGAN RICE: CRISIL Reaffirms B- Rating on INR250MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Devgan Rice &
General Mills (DRGM) continues to reflect DRGM's utilisation of
bank lines within the sanctioned limits, following enhancement in
the same. The firm had earlier been over-drawing on its bank lines
for over 30 days consistently to fund its sizeable inventory
requirements. However, with the enhancement in bank lines, the
firm's utilisation of the same is now expected to remain within
the sanctioned limits over the medium term.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          250       CRISIL B-/Stable (Reaffirmed)

DRGM's rating continues to reflect its modest scale of operations
and below-average financial risk profile, marked by small net
worth and high gearing. These rating weaknesses are partially
offset by the extensive experience of its promoters in the rice
industry.

CRISIL had upgraded its rating on the long-term bank facility of
DRGM to 'CRISIL B-/Stable' from 'CRISIL D' on April 08, 2015.

Outlook: Stable

CRISIL believes that DRGM will continue to benefit over the medium
term from its promoters' extensive industry experience. However,
its liquidity will remain constrained by working capital intensity
in its operations. The outlook may be revised to 'Positive' if
DRGM's cash accruals improve (due to substantial increase in scale
of operations), or its capital structure becomes considerably
stronger. Conversely, the outlook may be revised to 'Negative' if
the firm's liquidity weakens due to low cash accruals, sizeable
working capital requirements, or any large debt-funded capital
expenditure.

DRGM, set up as a partnership firm in 1972 by Mr. Naresh Kumar and
his family, processes non-basmati rice at its manufacturing
facility in Amritsar (Punjab).

For 2013-14 (refers to financial year, April 1 to March 31), DRGM
reported a provisional net profit of INR2.9 million on net sales
of INR397.0 million (Rs.1.3 million and INR226.4 million,
respectively, in 2012-13).


EXOTICA CERAMIC: ICRA Reaffirms B+ Rating on INR5.0cr Cash Credit
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR3.09 crore term loans and INR5.00 crore cash credit facility of
Exotica Ceramic Private Limited. ICRA has also reaffirmed the
short term rating of [ICRA]A4 to the INR2.25 crore non fund based
bank guarantee facility of ECPL.

                        Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based- Term
   Loans                   3.09        [ICRA]B+ reaffirmed

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

   Non Fund Based- Bank
   Guarantee               2.25        [ICRA]A4 reaffirmed

The ratings remain constrained by Exotica Ceramic Private
Limited's (ECPL) modest scale of operations, high gearing due to
full utilization of working capital and modest debt coverage
indicators. The ratings also take into consideration, the
susceptibility of operations to the intense competition with the
presence of established organized tile manufacturers and
unorganized players given the limited track record of the company.
While assigning the ratings, ICRA also takes note of the
dependence of operations and cash flows on the performance of the
real estate industry (which is the main consuming sector for the
company's products), the vulnerability to volatility in raw
material prices and availability of gas.

The ratings, however, favorably take note of the experience of the
key promoters in the ceramic industry and the location advantage
enjoyed by ECPL, giving it easy access to raw material. The
ratings also favourably consider the geographically diversified
clientele with the increased demand of ceramic wall tiles in the
overseas market.

Exotica Ceramic Private Limited is a digitally printed ceramic
wall tiles manufacturer with its plant situated at Morbi, Gujarat.
The company was incorporated in 2011 with commencement of
commercial operation in July 2011. Three directors namely Mr.
Jigneshbhai Rupala, Mr. Bharatbhai Rupala and Mr. Jigneshbhai
Kadivar manage the company. In FY13, the company has installed
digital printing machines. In FY15, the company has installed
second kiln increased installed capacity from 31938 MT to 55891 MT
per annum.

Recent Results
During FY14, ECPL reported an operating income of INR27.97 crore
and net profit of INR0.66 crore.


FOODS: CRISIL Suspends 'D' Rating on INR235MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Healthaid Foods Specialist Pvt Ltd (HFSPL).

                      Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit         235        CRISIL D
   Rupee Term Loan      60        CRISIL D

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

HFSPL was incorporated in 1984 and manufactures milk products such
as ghee, skimmed milk powder (SMP), whole milk powder (WMP) and
dairy whitener. HFSPL derives most of its revenue from Punjab and
the remainder from the Northern Capital Region (NCR), Jodhpur and
South India.


HASTHSHILP DESIGNER: CRISIL Reaffirms D Rating on INR317.8MM Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Hasthshilp
Designer Crete Pvt Ltd (HDCPL) continues to reflect instances of
delay by HDCPL in servicing its debt; the delays have been caused
by the company's weak liquidity arising from delays in project
commissioning leading to inadequate cash accruals.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     2.2        CRISIL D (Reaffirmed)

   Term Loan            317.8        CRISIL D (Reaffirmed)

HDCPL's financial risk profile is weak, marked by a small net
worth and high gearing, and the company is exposed to project-
related risks. The company, however, benefits from its promoters'
extensive entrepreneurial experience and established relationships
with real estate developers in Pune (Maharashtra).

Update
For 2014-15 (refers to financial year, April 1 to March 31), HDCPL
is likely to report sales of INR90 million, which is lower than
CRISIL's expectation because of delay in completion of the
company's project for its pavers, designer bricks, and flyash
bricks manufacturing facility. The company commenced commercial
production in October 2014, as against September 2012 expected
earlier. Furthermore, with slow ramp-up of operations and large
working capital requirements, the company's liquidity is under
pressure, which has resulted in delays in servicing debt.

HDCPL was set up in 2012 by Mr. Hasmukh Jain and his family. The
company manufactures pavers, designer bricks, and fly ash bricks
at its manufacturing facility in Pune. The unit started operations
in October 2014.


HILLTOP CONCRETE: CARE Reaffirms 'B' Rating on INR17cr LT Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Hilltop Concrete Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     17.00      CARE B Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Hilltop Concrete
Private Limited (HCPL) continues to remain constrained on
account of project implementation and stabilization risk arising
out of the ongoing debt-funded capital expenditure. The
rating also remains constrained on account of the presence of HCPL
in the highly competitive industry and exposure to the risk and
cyclicality associated with the real estate industry.

The rating, however, continues to take comfort from the experience
of the promoters, location advantage arising out of proximity to
the key raw material and positive demand outlook for AAC blocks on
account of increasing acceptance of the product in the Indian
market.

HCPL's ability to timely complete its project within envisaged
cost and stabilize its business operations with establishment
of its customer base is the key rating sensitivity. Furthermore,
achieving envisaged level of sales and profitability would
also remain crucial.

Incorporated during 2012, Surat-based (Gujarat), HCPL is promoted
by Mr Vinay Chaudary, Mr Kirtee Chaudary, Mr Priyank Chaudary and
Mr Gaurav Chaudary. At present, HCPL is implementing debt-funded
capital expenditure to set up plant for manufacturing of AAC Block
at Kapadvanj (Dist: Kheda, Gujarat) with proposed installed
capacity of 285,000 cubic meters per annum. The total cost of the
project is envisaged to be INR22.02 crore (including margin money
for working capital of INR1.21 crore) which is to be funded
through equity share capital of INR7 crore, term loan of INR13.50
crore and balance by way of unsecured loans. HCPL expects to
commence the commercial production from November 2015 with delay
of around 10 months from earlier envisaged date.


IDT CLOTHING: CRISIL Suspends B Rating on INR15MM Bill Disc. Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
IDT Clothing Pvt Ltd (IDT).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting        15        CRISIL A4
   Term Loan              270        CRISIL B+/Stable
   Letter of Credit         7.5      CRISIL B/Stable
   Packing Credit          95        CRISIL A4
   Proposed Long Term
   Bank Loan Facility      39.5      CRISIL A4
   Term Loan                8        CRISIL B/Stable
   Bill Discounting        15        CRISIL B/Stable

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

IDT was established as a partnership firm (as International Design
& Trade) in 1993 by Mr. Suraj Gupta and his brother Mr. Amar
Gupta. It was reconstituted as a private limited company in 2007.
The company is engaged in manufacture and export of readymade
garments for men, women and children to France, Spain, Italy and
Germany. The company primarily manufactures casual wear shirts and
tops. The company's manufacturing facility is in Bhiwandi
(Maharashtra).Mr. Suraj Gupta and Mr. Amar Gupta are the directors
and oversee the day to day operations of the company.


INCHEM LABORATORIES: Ind-Ra Lowers LT Issuer Rating to 'IND D'
--------------------------------------------------------------
India Ratings and Research has downgraded Inchem Laboratories Pvt
Ltd's Long-Term Issuer Rating to 'IND D' from 'IND BB-'.  The
Outlook was Stable.  Rating actions on Inchem's bank loans are:

                          Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Fund-based working     80.0         Downgraded to long-term
   capital limits    (increased from   and short-term 'IND D'
                        75.0)          from 'IND BB-'/'IND A4+'

   Long-term loans        54.9         Downgraded to long-term
                       (reduced from   'IND D' from 'IND BB-'
                         61.3 mil)

   Non-fund-based         15.0         Downgraded to short-term
   Limits                              'IND D' from 'IND A4+'

KEY RATING DRIVERS

The downgrade reflects Inchem's delays in term loan servicing for
the 12 months ended May 2014 due to stretched liquidity.
Liquidity is stretched due to a longer yoy working capital cycle
of 208 days in FY15 (unaudited; FY14: 144 days) and six months'
delay in the expansion at its Andhra Pradesh plant which was
completed in Sept. 2014.

RATING SENSITIVITIES

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

Incorporated in 2006, Inchem manufactures bulk drugs and active
pharmaceutical ingredients.  Its plant is located at Kondapally,
Krishna district, Andhra Pradesh.  The company has a research and
development centre at Nacharam, Hyderabad with 30 full-time
scientists.

The company is headed by Srinivas Reddy, which has over 15 years
of experience in the pharmaceutical industry, including four other
directors having related experience.

In FY15, revenue improved to INR336.0 mil. (FY14: 301.5m) and
EBITDA margins to 12.0% (8.6%).  Credit metrics remained stretched
with EBITDA interest coverage of 1.6x in FY15 (FY14: 1.6x) and net
leverage (net debt/EBITDA) of 5.1x (6.1x).


INDUSVALLEY EXPORT: CRISIL Suspends 'B' Rating on INR7.5MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Indusvalley Export and Import Pvt Ltd (IEIPL).

                               Amount
   Facilities                (INR Mln)    Ratings
   ----------                ---------    -------
   Cash Credit                  7.5       CRISIL B/Stable
   Export Packing Credit       46         CRISIL A4
   Foreign Bill Discounting    44         CRISIL A4
   Proposed Long Term Bank      3.5       CRISIL B/Stable
   Loan Facility

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

IEIPL, based in Kolkata (West Bengal) was established in 2009 by
Mr. Amitavo Sengupta and his wife, Mrs. Mahua Sengupta. The
company sells industrial leather gloves, wallets as well as silk
and jute products.


J.K IMPEX: Ind-Ra Suspends 'IND B-' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research has migrated J.K Impex's 'IND B-' Long-
Term Issuer Rating to the suspended category.  The Outlook was
Stable.  The rating will now appear as 'IND B-(suspended)' on the
agency's website.  The agency has also migrated the 'IND B-' and
'IND A4' ratings on the company's INR60 mil. working capital
limits to 'IND B-(suspended)' and 'IND A4 (suspended)',
respectively.

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

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


KEDARNATH COTTONS: CRISIL Reaffirms 'B' Rating on INR200MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kedarnath
Cottons Private Limited (KCPL) continues to reflect KCPL's weak
financial risk profile marked by a small net worth, high gearing,
and weak debt protection metrics, its limited pricing flexibility
and susceptibility of its profitability margins to volatility in
raw material prices. These rating weaknesses are partially offset
by the benefits KCPL derives from the extensive experience of its
promoters in the textile industry.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            200        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       9.3      CRISIL B/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes that KCPL will continue to benefit over the medium
term from its promoters' extensive industry experience and
established relationships with customers. The outlook may be
revised to 'Positive' if there is a substantial and sustained
improvement in the company's revenues and profitability margins,
or there is a substantial improvement in its capital
structure/net-worth on the back of sizeable equity infusion from
its promoters. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in the company's
profitability margins, or significant deterioration in its capital
structure caused most likely by a large debt-funded capital
expenditure or a stretch in its working capital cycle.

Set up in 2009 by Mr. Kedarnath Padigela, KCPL is engaged into
ginning and processing of cotton and extraction of cotton seed
oil. The company is based in Adilabad (Telangana).


KIJALK INFRASTRUCTURE: ICRA Reaffirms B Rating on INR18cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
theINR18.00 crore fund based bank facility of Kijalk
Infrastructure Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits
   (Term Loan)             18.00        [ICRA]B reaffirmed

The reaffirmation of the rating takes into account the small scale
of current operations, and the weak financial profile of KIPL as
characterized by a leveraged capital structure and moderate level
of coverage indicators at present; although, gradual improvement
of the same were noticed over the past few years.

The rating also factors in the tight liquidity position of the
company on the back of sizeable debt service obligations compared
to its current cash accruals. The rating is also impacted by the
absence of any termination clause and take-or-pay clause in the
power purchase agreement (PPA), which expose the company to high
business risks, and the low plant load factor of the unit over the
past years as well as the risk of gradual degradation in the
efficiency of the solar PV panels; however, the same is mitigated
to a large extent by the minimum performance guarantee provided by
Tata BP Solar India Limited (TBPSIL).

The rating, however, favourably considers the firm PPA in place
with Jharkhand State Electricity Board (JSEB) for the entire
generation capacity for a period of twenty-five years, and the
operation and maintenance (O&M) agreement with TBPSIL, which has
strong execution and maintenance capabilities in the solar photo
voltaic industry in India.

Incorporated in 2006, KIPL has been set up by the Verma family
based in Jharkhand to develop, manage and operate a two mega-watt
Solar Photo Voltic (PV) power plant at Rajnagar, Saraikela in the
state of Jharkhand. The company has entered into a 25 years Power
Purchase Agreement (PPA) with Jharkhand State Electricity Board
(JSEB) with a feed in tariff of INR17.96 per unit for the entire
period of the agreement. Besides, the company has also entered
into an operations and maintenance (O&M) agreement with Tata BP
Solar India Limited for a period of twenty-five years.

Recent Results
The company reported a net profit of INR0.31 crore (provisional)
on an operating income of INR6.75 crore in 2014-15 (provisional);
as compared to a net profit of INR0.09 crore on an operating
income of INR4.68 crore in 2013-14.


KOTHARI WASPAP: CRISIL Suspends 'D' Rating on INR155MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kothari
Waspap Pvt Ltd (KWPL).

                       Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            155        CRISIL D
   Letter of Credit        20        CRISIL D

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

KWPL trades in waste paper and scrap products. It procures waste
paper in the form of old newspapers, annual reports, notebooks,
and textbooks, and plastic, wood, and metal scrap, from retailers
and semi-wholesalers, and sells the same to paper-manufacturing
and recycling mills.


LAXMI NARAYAN: CRISIL Suspends 'D' Rating on INR500MM Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Laxmi
Narayan Udyog Ltd (LNUL).

                              Amount
   Facilities               (INR Mln)     Ratings
   ----------               ---------     -------
   Foreign Bill Negotiation     500       CRISIL D
   Post Shipment Credit         350       CRISIL D

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

LNUL, a three-star export house, was set up as a private limited
company in 2001 and reconstituted as a public limited company in
November 2011. It is promoted by Mr. Ajoy Chowdhury, Mr. Pankaj
Agarwal, and Mr. Pramod Kumar Agarwal. The company exports
agricultural products, such as red chillies, onions, fresh fruits,
and spices, mainly to Bangladesh.


LION FOODS: CRISIL Reaffirms B+ Rating on INR35.4MM Bank Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lion Foods Pvt Ltd
(LFPL; part of Lion group) continue to reflect its modest scale of
operations in the intensely competitive fruit processing industry,
and the susceptibility of its operating margin to the performance
of the mango season and to volatility in foreign exchange rates.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Packing Credit         100       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      35.4     CRISIL B+/Stable (Reaffirmed)
   Term Loan               14.6     CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by its promoters'
extensive industry experience, and the proximity of its unit to
the mango-growing belt of Junagarh (Gujarat).

Outlook: Stable
CRISIL believes that LFPL will continue to benefit over the medium
term from the experience of its promoters in the fruit processing
industry. The outlook may be revised to 'Positive' if the company
ramps up its scale of operations considerably while maintaining
stable profitability and managing its working capital requirements
efficiently. Conversely, the outlook may be revised to 'Negative'
if the financial risk profile, including its liquidity, weakens
most likely due to low cash accruals, or sizeable working capital
requirements or debt-funded capex.

Update
Lion group's revenues grew by around 4 per cent year-on-year to
reach INR177 million in 2014-15 (refers to financial year,
April 1 to March 31); the modest growth was due to challenges in
mango procurement during the season. The operating profitability
however, increased in 2014-15 following installation of ripening
chambers. The chambers ensure uniform ripening of the fruit,
reduce employee costs, and enhance realisations. The business risk
profile will, nevertheless, remain constrained by the modest scale
of operations.

The group's operations continue to be working capital intensive
marked by estimated GCA days of about 178 days as on March 31,
2015 on the back of high inventory requirements and credit
extended to its customers. CRISIL believes that Lion group's
operations will remain working-capital-intensive over the medium
term.

The adjusted gearing of the group increased to an estimated 1.78
times as on March 31, 2015 from 1.21 times a year ago owing to
debt-funded capital expenditure (capex) in installing ripening
chambers. The debt protection metrics are, however, moderate with
interest coverage and net cash accruals to total debt ratios
estimated at 2.2 times and 0.12 times, respectively, for 2014-15,
supported by moderate operating profitability. The financial risk
profile is expected to remain average over the medium term on
account of modest accretion to reserves and absence of any debt-
funded capex.

The liquidity of the group is just about adequate: the cash
accruals are estimated at INR11 million in 2014-15 against
repayment obligations of INR10.4 million. In 2015-16, the
liquidity would be, further, supported by reduction in term loan
by INR5 million, equivalent to the amount of subsidy received
towards the end of 2013-14. Owing to seasonal nature of business,
the bank lines remain moderately utilized at about 80% for the 12
months ended through March 2015.

For arriving at the ratings of LFPL, CRISIL has combined the
business and financial risk profiles of LFPL and its group
company, Gir Agrotech (GA). This is because the two companies,
together referred to as the Lion group, have significant
operational and financial linkages.

Established in 2008, LFPL processes and exports mango pulp. The
company is promoted by Mr. Hardasbhai Maru and Mr. Joshibhai.

LFPL reported a net profit of INR0.98 million on net sales of
INR172.09 million for 2013-14 (refers to financial year, April 1
to March 31) as against net profit of INR0.91 million on net sales
of INR147.30 million in 2012-13.


MACONS INFRATECH: Ind-Ra Suspends IND B+ Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research has migrated Macons Infratech Private
Limited's 'IND B+' Long-Term Issuer Rating with a Stable Outlook
to the suspended category.  This rating will now appear as
'IND B+(suspended)' on the agency's website.

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

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

Macons's ratings are:

   -- Long-Term Issuer Rating: migrated to 'IND B+(suspended)'
      from 'IND B+'

   -- INR70 mil. fund-based limits: migrated to
      'IND B+(suspended)' and 'IND A4(suspended)' from 'IND B+'
      and 'IND A4'

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


MADHYA BHARAT: Ind-Ra Lowers Long-Term Issuer Rating to 'IND B-'
----------------------------------------------------------------
India Ratings and Research has downgraded Madhya Bharat Papers
Limited's Long-Term Issuer Rating to 'IND B-' from 'IND B'.  The
Outlook is Stable.  Rating actions on MBPL's bank loan facilities
as:

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
  Fund-based limits      47.5       Downgraded to Long-Term
                                    'IND B-'/Stable from 'IND B'

  Non-fund-based         17.5       Downgraded to Long-Term
  limits                            'IND B-'/Stable from
                                    'IND B' and affirmed at
                                     Short-Term 'IND A4'

KEY RATING DRIVERS

The downgrade follows MBPL reporting EBITDA losses in FY15 (year
end March) due to an increase in raw material leading to a sharp
deterioration in credit metrics.  The EBITDA interest coverage was
negative 2.3x in FY15 (FY14: 1.3x) and net leverage was negative
3.7x (7.7x).  MBPL's revenue also declined 18.7% yoy to
INR594 mil. in FY15, due to a fall in sale volumes because of the
prevailing unfavorable demand-supply environment and intense
competition in the domestic paper industry.

The ratings, however, benefit from the two-decade-long experience
of MPBL's promoters in the paper industry.

RATING SENSITIVITES

A sustained improvement in the size of operations and
profitability leading to improved credit metrics will be positive
for the ratings.

MBPL, incorporated by the Chitlangia Group in 1980, is a
manufacturer of writing and printing paper.  Its 1,6500mtpa plant
is located in Birgahni, Chhattisgarh.  The plant uses paddy straw
as the main raw material owing to easy availability in the state.
The main products of the company are cream wove, ledger and
duplicating paper generally used for writing and printing paper
used particularly in the education and IT industry.  MBPL has an
extensive dealer network in all the major Indian cities.

The company plans to increase its production capacity to 82tpd
(from 45tpd) with capex of INR200 mil., which is likely to be
funded in a debt equity mix of 3:1.  The project is likely to be
completed by FYE16.


MITTAL CLOTHING: Ind-Ra Assigns 'IND BB-' Long Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research has assigned Mittal Clothing Private
Limited a Long-Term Issuer Rating of 'IND BB-'.  The Outlook is
Stable.  MCPL's bank facilities have been assigned ratings as:

                         Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Long-term loan         17.5         'IND BB-'/Stable
   Fund-based limits      40           'IND BB-'/Stable

KEY RATING DRIVERS

The ratings reflect MCPL's small scale of operations with revenue
of INR228 mil. as indicated by the unaudited financial statements
of FY15 (FY14: INR115 million).  Liquidity is tight as reflected
in the company's average maximum working capital limits use of 94%
over the 12 months ended May 2015.  Net working capital cycle was
85 days in FY15.

The ratings also factor in MCPL's moderate credit metrics with
EBITDA margins of 9.5% in FY15 (FY14:10.2%), gross interest
coverage of 2.7x (1.9x) and net leverage (total adjusted net
debt/operating EBITDA) of 3.5x (3.8x).  The ratings benefit from
over three-decade-long track record and experience of the
management in apparel manufacturing.

RATING SENSITIVITIES

Positive: A significant increase in the revenue while maintaining
the operating profitability resulting in improved credit metrics
can be positive for the ratings.

Negative: A decline in the profitability or elongation of working
capital cycle resulting in deterioration of the credit metrics can
be negative for the ratings.

MCPL is a Bengaluru-headquartered apparel manufacturer with
installed capacity of 4500 pieces per month.  It supplies to
renowned apparel brands such as Reliance Retail, Lifestyle, etc.
Reliance Retail contributed 85% to MCPL's revenue in FY15 and
accounts for 95% of the current outstanding order book.


MOONAK ISPAT: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research has migrated Moonak Ispat Udyog's
'IND B' Long-Term Issuer Rating to the suspended category.  The
Outlook was Stable.  The rating will now appear as
'IND B(suspended)' on the agency's website.  The agency has also
migrated the 'IND B' and 'IND A4' ratings on the company's
INR40 mil. fund based-limits to 'IND B(suspended)' and
'IND A4(suspended)', respectively.

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

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


MUNISH KUMAR: CRISIL Ups Rating on INR75MM Loan to B+
-----------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Munish Kumar Bansal Contractor (MKB) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'; the rating on the short-term facility has been
reaffirmed at 'CRISIL A4.'

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee       50        CRISIL A4 (Reaffirmed)
   Cash Credit          75        CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that the firm's
financial risk profile, particularly liquidity will improve over
the medium term. The firm's cash accruals, expected at INR15
million to INR20 million over this term, will be sufficient to
service the maturing term debt of less than INR5 million for the
period. The absence of large debt-funded capital expenditure plans
will also support liquidity. The rating upgrade also factors in
the expected reduction in gearing to around 1.5 times over the
term from than 2 times in the past, supported by steady accretions
to reserves. However, withdrawals of capital, if any, by the
partners will remain a key rating sensitivity factor.

The ratings continue to reflect MKB's weak financial risk profile,
marked by high gearing and small net worth, small scale of
operations, and geographical concentration in its revenue profile.
These rating weaknesses are partially offset by the promoters'
extensive experience in the construction industry.

Outlook: Stable

CRISIL believes that MKB will maintain its business risk profile
over the medium term, backed by its promoters' extensive industry
experience. Its financial risk profile is, however, expected to be
constrained by high gearing and small net worth. The outlook may
be revised to 'Positive' if MKB's scale of operations improves,
while it maintains its profitability'; or if the capital structure
improves, driven most likely by equity infusions by the promoters.
Conversely, the outlook may be revised to 'Negative' if MKB's
financial risk profile weakens further due to any large, debt-
funded capital expenditure, or capital withdrawal by the
promoters.

MKB was established in 2001 by Mr. Munish Kumar Bansal and his
family. At present it has three partners, Mr. Munish Bansal, Mr.
Gopal Bansal and Mr. Gaurav Bharti sharing profit/loss in the
ratio 40:35:25. The firm undertakes complete execution of projects
related to construction of buildings and roads for government
undertakings. The construction activities of the firm are
concentrated mainly in and around Bhatinda (Punjab). The bulk of
the revenue comes from Punjab PWD and its related entities.


NANDINI CREATION: CRISIL Assigns 'B' Rating to INR65MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Nandini Creation (NC).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term       5        CRISIL B/Stable
   Bank Loan Facility
   Cash Credit             10        CRISIL B/Stable
   Long Term Loan          65        CRISIL B/Stable

The rating reflects NC's large working capital requirements and
small scale of operations in the highly competitive textile
industry. The rating also factors in the firm's below-average
financial risk, marked by a modest net worth and high gearing.
These rating weaknesses are partially offset the industry
experience of NC's proprietor and its established customer base.

Outlook: Stable

CRISIL believes that NC will continue to benefit over the medium
term from its established customer base. The outlook may be
revised to 'Positive' in case of significant improvement in the
firm's scale of operations and profitability, or substantial
equity infusion, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if NC
undertakes aggressive debt-funded expansions, or reports lower-
than-expected revenue and operating profit margin, leading to
deterioration in its financial risk profile.

Established in 2011, NC is an Ahmedabad-based proprietorship firm
set up by Mr. Mahesh Agarwal. It manufactures garments, mainly
women's kurtis. The company procures grey fabric and outsources
the weaving, dyeing, and finishing activities. It undertakes
stitching in house.

In 2014-15 (refers to financial year, April 1 to March 31), NC
also set up its own weaving capacities and started undertaking
weaving on a job-work basis for Mafatlal Industries Ltd (rated
'CRISIL BBB-/Stable/CRISIL A3').


NIKHIL UDYOG: ICRA Lowers Rating on INR12cr Fund Based Loan to D
----------------------------------------------------------------
ICRA has revised its rating on the INR24.50 crore bank
facilities of Nikhil Udyog to [ICRA]D/[ICRA]D from
[ICRA]BB+(Stable)/[ICRA]A4+.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits       12.00      [ICRA]D; revised
   Non-Fund Based Limits   11.00      [ICRA]D; revised
   Unallocated Limits       1.50      [ICRA]D; revised

The revision in ratings is driven by recent delays in debt
servicing by Nikhil Udyog. ICRA takes note of the firm's declining
scale of operations in FY14 and FY15, which has been accompanied
by a net loss in FY14. The firm also has a weak capital structure
due to net losses and substantial withdrawal of capital, resulting
in limited financial flexibility. The rating also takes into
account the firm's high working capital intensity on account of
high inventory levels and vulnerability of its margins to
fluctuations in raw material prices. ICRA also takes cognizance of
the firm's long track record of operations in the footwear
business and benefits enjoyed by the firm on account of being a
part of the Action group, which has an established brand image and
a strong distribution network.

Going forward, an improvement in the firm's liquidity position and
a sustained track record of timely debt servicing will be the key
rating sensitivities.

Nikhil Udyog is a proprietorship firm established in 1985. It is a
part of the Mr. Anil Aggarwal group within the larger Action
Group, that has been in the footwear business for more than three
decades. Nikhil Udyog has its manufacturing facilities located in
Delhi, Baddi (Himachal Pradesh), Haridwar (Uttarakhand) and is
setting up another unit at Bahadurgarh (Haryana).The firm
manufactures and sells sport shoes under the brand name Synergy.

Recent Results
Nikhil Udyog reported an Operating Income (OI) of INR24.96 crore
and a net loss of INR1.44 crore for 2013-14, as compared to an OI
of INR30.84 crore and a net profit of INR0.45 crore for the
previous year. For 2014-15, on a provisional basis, the firm
reported, an OI of INR12.89 crore.


NITESH RESIDENCY: ICRA Ups Rating on INR312.5cr Term Loan to B+
---------------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR312.50
crore term loans of Nitesh Residency Hotels Private Limited to
[ICRA]B+ from [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term- Term      312.50        [ICRA]B+ Upgraded from
   Loans                              [ICRA]D

The rating revision takes into account the regularization of debt
servicing by the company in the recent months. Moreover, the
company has maintained fixed deposits with the lenders covering
its debt obligations due till June 2015.

The rating is, however, constrained by the inadequate accruals of
the company on account of sub optimal ARR and occupancy levels in
the initial years of operations. The projected operational cash
flows in the near term will be insufficient to service the debt
obligations and hence the company will be dependent on continued
equity infusion from the promoters until operational metrics
stabilize. The rating also considers the intense competition in
the Bangalore hospitality market which is experiencing muted
demand growth and over supply of premium hotels.

The rating takes into account the strategic tie up with Mariott
Hotels, which has significant experience in the management and
operation of hotels, as well as the premium positioning of the
"Ritz Carlton" brand which is expected to provide an edge in terms
of ARR over competitors. The rating also considers the majority
stake owned by CPI India Limited, which provides comfort of a
strong promoter backing. The promoters have been infusing equity
into the company to meet cash losses and debt servicing
obligations; however delays in fund infusion had resulted in late
payment of the December 2014 instalment. The rating also favorably
factors in the strategic location of the hotel in the CBD of
Bangalore, which helps in attracting the targeted clientele of
business travellers.

Going forward, timely capital infusion from promoters until the
hotel stabilizes its operational metrics would be the key rating
sensitivity.

Nitesh Residency Hotels Private Limited (NRHPL), incorporated in
2006, is a Bangalore based company in the hospitality sector. It
is promoted by Mr. Nitesh Shetty together with CPI India Limited
for the development, operation and maintenance of a 5-star deluxe
hotel at Residency Road, Bangalore. An operating agreement has
been signed with M/s Marriott Hotels India Private Limited for the
operation of the 277 room hotel as a Ritz Carlton brand hotel. The
hotel has been operational since November 2013.

Recent Results
The company reported a net loss of INR127.71 crore on operating
income of INR75.57 crore for FY 2015 and a net loss of INR80.31
crore on operating income of INR31.15 crore for FY 2014.


P. K. FOUNDATION: CRISIL Reaffirms 'D' Rating on INR117.5MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of P. K. Foundation
(PKF) continues to reflect instances of delay by PKF in servicing
its debt; the delays have been caused by the trust's weak
liquidity. PKF has weak liquidity because of its low cash
accruals, which are a result of slow ramp-up in admissions.

                      Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan           117.5      CRISIL D (Reaffirmed)

PKF has a below-average financial risk profile, marked by a small
net worth, high gearing, and weak debt protection metrics.
However, PKF benefits from its trustees' extensive experience in,
and the healthy growth prospects for, the education industry over
the medium term.

PKF, an educational trust, was established in February 2009 by Mr.
Pratap Khandebharad. The trust offers courses in management,
computer applications, engineering, and architecture. It started
its first school for specially-abled children in June 2009 and a
Central Board of Secondary Education (CBSE) school in June 2010.
PKF commenced the first batch of its master of business
administration programme and its master of computer application
programme in June 2011, and the first batch of its engineering and
architecture programmes in June 2012. In 2013-14, the trust added
a CBSE-affiliated junior college admitting students at plus two
level. The institute is approved by All India Council for
Technical Education and is affiliated to University of Pune
(Maharashtra).


P. L. ASSOCIATES: CRISIL Assigns 'B' Rating to INR50MM LOC
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of P. L. Associates (PLAS).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             15        CRISIL B/Stable
   Foreign Letter of
   Credit                  50        CRISIL B/Stable

The rating reflects PLAS's small scale of operations in the highly
fragmented timber industry, its large working capital requirements
and susceptibility of operating margin to volatility in raw
material prices. These rating weaknesses are partially offset by
its promoter's experience in the timber trading business.

Outlook: Stable

CRISIL believes that PLAS will continue to benefit over the medium
term from its promoter's experience in the timber trading
business. The outlook may be revised to 'Positive' in case of
significant increase in PLAS's scale of operations and
profitability, resulting in healthy cash accruals, and improvement
in capital structure driven by equity infusion or reduction in
working capital cycle. Conversely, the outlook may be revised to
'Negative' in case PLAS's financial risk profile weakens owing to
stretch in working capital cycle, or decline in profitability.

PLAS, incorporated in 2010 in Gandhidham, is promoted by Mr.
Salabh Kumar Agarwal. It processes and trades in pine wood logs
and lumbers.

PLAS reported a profit after tax (PAT) of INR0.63 million on net
sales of INR100.81 million for 2013-14 (refers to financial year,
April 1 to March 31) as against a PAT of INR0.41 million on net
sales of INR64.65 million for 2012-13.


PRAKASH INDUSTRIES: CARE Lowers Issuer Rating to 'CARE B (Is)'
--------------------------------------------------------------
CARE revises the issuer rating assigned to Prakash Industries
Limited.

Issuer rating: CARE B (Is) Revised from CARE BB+ (Is); and removed
from CreditWatch

Rating Rationale

The revision in the rating of Prakash Industries Limited (PIL)
factors in deterioration in its credit profile due to inadequate
cash accruals which has led to proposed restructuring of second
tranche of foreign currency convertible bonds (FCCB) which was due
in April 2015. Furthermore, the revision in the rating also
factors in the de-allocation and re-auction of PIL's only
operational coal mine at Chotia (in Chhattisgarh) which was
available for use till March 31, 2015.

The rating continues to be constrained by risks associated with
the project under implementation, past history of debt
restructuring, legal risk with respect to the ongoing CBI enquiry
and cyclicality inherent in the steel business. The rating,
however, continues to derive strength from the experience of the
promoters, consistent track record of profitable operations of the
company, diversified revenue profile and comfortable capital
structure.

Going forward, the company's ability to enhance its scale of
operations and profitability along with improving its liquidity
shall be the key rating sensitivities.

PIL, incorporated in 1980, started its operations as a rigid PVC
pipe manufacturer in the year 1981. The company later diversified
into the manufacturing of black & white picture tubes, worsted
yarn and video cassettes. During the year 1990-91, the company
forayed into the steel business by establishing a sponge iron kiln
of 200,000 Tonnes Per Annum (TPA). The company is currently
engaged in the business of manufacturing of steel products, ferro
alloys, PVC pipes and power generation. It is a semi-integrated
steel manufacturer with an annual installed steel capacity of
700,000 TPA of billets/blooms, 150,000 TPA of structural, 150,000
TPA of TMT bar and 450,000 TPA of wire rods. Besides this, the
company also has a ferro alloys manufacturing capacity of 48,000
TPA, thermal power generation of 200 MW, PVC pipes manufacturing
capacity of 20,000 TPA and 6.3 MW of wind power. The company also
had an operational captive coal mine at Chotia in Chhattisgarh
(CG) (with estimated reserves of 50 Million TPA and annual
extraction of 1 million TPA) till March 31, 2015 which was de-
allocated pursuant to the Supreme Court order in September 2014
and subsequently the same has been re-auctioned and awarded to
another bidder.

In FY14 (refers to the period April 1 to March 31), the company
achieved a total operating income of INR2,600 crore and PAT of
INR173 crore as against a total operating income of INR2,513 crore
and PAT of INR165 crore in FY13. For the nine month period ended
December 2014 (9MFY15 - unaudited), the company achieved total
operating income of INR2,197.44 crore and PAT of INR173.6 crore.


PRATUL ENTERPRISES: Ind-Ra Suspends 'B-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research has migrated Pratul Enterprises Private
Limited's 'IND B-' Long-Term Issuer Rating to the suspended
category.  The Outlook was Stable.  The rating will now appear as
'IND B-(suspended)' on the agency's website.  The agency has also
migrated the 'IND B-' rating on the company's INR50 mil. fund-
based limits to 'IND B-(suspended)'.

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

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


RAJASTHAN INDUSTRIAL: CARE Assigns 'D' Rating to INR11.5cr Loan
---------------------------------------------------------------
CARE assigns 'CARE D' ratings to the bank facilities of The
Rajasthan Industrial Gases Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     11.50      CARE D Assigned
   Short term Bank Facilities     1.30      CARE D Assigned

Rating Rationale
The ratings assigned to the bank facilities of The Rajasthan
Industrial Gases Limited (RIGL) are constrained on account of
over utilization of cash credit limit for a period of more than 30
days due to temporarily shutdown of refined mustard oil plant and
discontinuation of ingots business which led to stressed liquidity
position of the company.

Jaipur-based (Rajasthan) RIGL was incorporated in 1988, by Mr
Rakesh Kumar Jain along with his family members with an objective
of manufacturing of M.S. Ingots, processing of refined oil and
trading of edible oil. However, in December 2012, due to
recessionary scenario in the market and lower demand of ingots,
the company discontinued the ingot business.  After
discontinuation of ingots business, the management decided for
backward integration of oil refining unit in FY14 (refers to the
period April 1 to March 31) and took a project for setting up a
solvent extraction plant. RIGL completed its project and started
commercial operations from March 2015. It incurred total project
cost of INR3.57 crore towards the project funded through term loan
of INR2.50 crore, equity share capital of INR1.10 crore and
remaining through unsecured loan.

Presently, the company is engaged in solvent extraction of mustard
cake, processing of refined oil of mustard & ground nut and
trading of edible oil. The refinery division is operating at an
installed capacity of 50 metric tonnes per day (MTPD) and solvent
extraction unit at 200. The company sells its product under the
brand name of "NILGIRI" for edible refined groundnut oil and
"RAHAT" for refined mustered oil. The by-product of solvent
extraction unit, ie, De-Oiled Cake (DOC) is sold to the cattle
feeding industries in the domestic market.

During FY15 (provisional), the company has registered total
operating income (TOI) of INR4.64 crore as against INR9.11
crore during FY14 and PAT of INR0.06 crore in FY15 as against
INR0.05 crore in FY14.


SAFARI INDUSTRIES: Ind-Ra Raises LT Issuer Rating to 'IND BB+'
--------------------------------------------------------------
India Ratings and Research has upgraded Safari Industries India
Limited's Long-Term Issuer Rating to 'IND BB+' from 'IND B+'.  The
Outlook is Stable.  Rating actions on SIIL's bank facilities are:

                        Amount
  Facilities          (INR Mln)        Ratings
  ----------          ---------        -------
  Fund-based limits      164           Upgraded to 'IND BB+'/
                  (reduced from 186)   Stable from 'IND B+'
                                       and assigned 'IND A4+'

  Non-fund-Based         200           Upgraded to 'IND A4+'
  limits        (increased from 130)   from 'IND A4' and
                                       assigned 'IND BB+'/Stable

KEY RATING DRIVERS

The upgrade reflects the improvement in SIIL's credit profile in
FY15 (year end March) due to higher operating profits and a
reduction in debt levels.  Net adjusted leverage (adjusted net
debt/operating EBITDAR) reduced to 3.2x in FY15 (FY14: 6.7x) and
fixed charge coverage (EBITDAR/gross interest expenses + rents)
increased to 2.3x (1.2x).  The reduction in debt levels was
achieved through the part use of equity funds (INR621.7 mil.)
received in FY15 from the issuance of shares to a private equity
fund and the conversion of warrants issued to SIIL's sponsor.

The ratings also reflect the continued increase in SIIL's scale
(FY15: 30% yoy), led by a continued increase in soft luggage sales
volumes as well as by an increase in orders from Canteen Stores
Department (CSD, a government of India Enterprise under Indian
Ministry of Defence).  In addition, the increased contribution of
soft luggage sales to overall sales volumes led to a sustained
improvement in the EBITDAR margins (FY15: 7.6%, FY14: 5.9%, FY13:
4.4%).

The agency expects the revenue growth to moderate and margins to
remain around the current levels in the near term.  The continued
growth in scale is likely to lead to higher borrowing levels due
to incremental working capital requirements.  However the credit
metrics are expected to remain commensurate with the rating
levels.

The ratings are constrained by demand off-take risks with a large
concentration of sales to a single counterparty (CSD), although
sales volumes have improved due to an increase in volumes across
various sales channels.  In FY15, sales to CSD accounted for
around 55% of the turnover (FY14: 51.1%).  Furthermore, sales to
CSD are not contractual (no long term contract) and are only order
based.

The ratings are also constrained by the working capital intensive
nature of SIIL's operations.  The firm has a long cash conversion
cycle (FY15: 179 days), primarily due to its large inventory
holding requirement.  Furthermore, cash flow from operations has
remained negative (FY15: negative INR342.6 mil., FY14: negative
INR80 mil.) due to the incremental working capital requirements
arising from the high growth in scale.

RATING SENSITIVITIES

Positive: A sustained improvement in fixed charge coverage to
above 2.0x could lead to a rating upgrade.

Negative: A sustained deterioration in the credit profile could
lead to a rating downgrade.

Established in 1974, SIIL is engaged in the travel goods business.
The company has a presence in both the hard and soft luggage
segments.  The sale of soft luggage accounts for around 80% of the
company's turnover, followed by hard luggage which accounts for
the remaining sales.  Soft luggage is imported from Chinese
manufacturers and is sold by the company under its own brand name,
while hard luggage is manufactured in-house at the company's
facility located at Halol, Gujarat.  SIIL's customers include
traders, retailers, hyper markets and government-owned
enterprises.  In addition to these sales channels, SIIL started
selling goods through its own retail outlets in 2014.

In July 2014, SIIL issued and allotted 8,30,000 equity shares
aggregating to INR498 mil. on a preferential basis to Tano India
Private Equity fund II, a growth stage private equity fund.  SIIL
also issued 3,30,000 share warrants to its sponsor, Sudhir Jatia,
in July 2014 with the option to convert each warrant into an
equity share within 18 months from the date of allotment at INR600
each.  Of these, 1,65,000 share warrants were converted into
equity shares in FY15.


SAHASRA BUILDERS: CARE Assigns B+ Rating to INR10cr LT Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sahasra
Builders & Developers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      10        CARE B+ Assigned

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

Rating Rationale
The rating assigned to the bank facilities of Sahasra Builders &
Developers (SBD) is constrained by its partnership nature
of constitution, moderate booking status for its ongoing projects,
project execution & funding risk, slowdown in the real estate
sector despite growing need for residential apartments and
competition from similar type of projects in the adjoining areas.

The aforesaid constraints are partially offset by the experience
of the partners and integrated residential tower with modern
amenities & favourable location.

Timely receipt of customer advances as envisaged and the ability
of the firm to complete the ongoing projects as per project
schedule without any major cost overrun are the key rating
sensitivities.

Bangalore-based (Karnataka) SBD was formed in 2009 in the name of
S.S Builders by Mr Ramesh Reddy and Mr Nagraj Reddy of Bangalore,
Karnataka, each having a stake of 50%. Subsequently in March 2011,
the name of the firm has been rechristened to its present name.
Since inception, the firm is engaged in construction and
development of residential and commercial buildings in and around
Bangalore, Karnataka. Till now, the firm has developed 3 projects,
namely, SS manor (area-30,000 sq. ft.), Sahasra Pride (area-28,800
sq. ft.) and Sahasra Maple (area-21,000 sq. ft.) in Bangalore.
SBD is currently developing a residential project (Saharsa Grand),
which will be spread over an area of 1.33 acres at Kalyannagar,
Bengaluru. The cost of the project is INR33.11 crore (excluding
land cost) and is proposed to have 120 apartments with total
saleable area of 1.20 lakh square feet (LSF). The project is in
the implementation stage and SPL has received all the required
clearance for this project.


SAMASTI INFRA: CRISIL Suspends 'B-' Rating on INR144M LT Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Samasti Infrastructures Pvt Ltd (SIPL).

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Proposed Long Term        144       CRISIL B-/Stable
   Bank Loan Facility
   Term Loan                  50       CRISIL B-/Stable

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

SIPL was formed in 1998 by Mr. Nishit Nanda. The company is in the
real estate construction segment and mainly operates in and around
Bhubaneswar (Orissa).


SHEIKH FARID: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan
-------------------------------------------------------------
CRISIL's rating to the long-term bank loan facilities of Sheikh
Farid Automobiles Ltd (SFAL) continues to reflect SFAL's below-
average financial risk profile, marked by small net worth and
below-average debt protection metrics, geographical concentration
in its revenue profile, and its exposure to intense competition in
the automotive dealership market. These rating weaknesses are
partially offset by the benefits that the company derives from its
association with Mahindra ans Mahindra Ltd (M&M; rated 'CRISIL
AAA/Stable/CRISIL A1+').

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            90        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     10        CRISIL B+/Stable (Reaffirmed)

   Rupee Term Loan        40        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes that SFAL will continue to benefit over the medium
term from its association with M&M. The outlook may be revised to
'Positive' if the company's financial risk profile improves with a
substantial increase in its cash accruals, most likely due to
significant improvement in its scale of operations. Conversely,
the outlook may be revised to 'Negative' if the company's accruals
are lower than expected, or if it undertakes a debt-funded capital
expenditure programme, or if its working capital cycle weakens,
leading to deterioration in its financial risk profile.

SFAL, set up in 2011 by Mr. Vivek Garg, started operations in May
2012. The company is an authorised dealer of M&M's entire range of
passenger and utility vehicles, including XUV500, Scorpio, Xylo,
Bolero, Verito, Maxximo, Quantro, and Rexton. SFAL operates two
showrooms on the 3S format (sales, service, and spares) in
Ferozepur and Abohar, and three sales outlets in Faridkot,
Bathinda, and Fazilka (all in Punjab).

The promoters of SFAL have been engaged in two-wheeler financing
since 1996 through Sheikh Farid Finvest Ltd (SFFL; 'CRISIL BB-
/FB+/Stable'). Mr. Garg, SFAL's promoter and director, is closely
involved in the day-to-day operations of SFFL. SFFL is engaged in
financing the purchase of two-wheelers and four-wheelers and in
fee-based businesses such as money changing and transfer, and
insurance distribution.

For 2014-15 (refers to financial year, April 1 to March 31), SFAL,
on a provisional basis, reported a profit after tax (PAT) of
INR3.7 million on an operating income of INR645 million; it had
reported a PAT of INR5.2 million on an operating income of INR812
million for 2013-14.


SHREE KHODAL: ICRA Assigns B+ Rating to INR6.50cr Cash Credit
-------------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR6.50 crore cash
credit and INR1.85 crore term loans facility of Shree Khodal
Cotgin Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           6.50       [ICRA]B+ assigned
   Term Loan             1.85       [ICRA]B+ assigned

The assigned ratings are constrained by risk associated with
stabilization of plant and possible stress on debt servicing
ability in case ramp up of cash flows is lower than anticipated.
The ratings are further constrained by highly competitive and
fragmented industry structure owing to low entry barriers which
is expected to keep margins under pressure and vulnerability of
the company's profitability to the adverse fluctuations in raw
cotton prices, which are subject to seasonality and crop harvest.

The ratings, however, favourably takes into account the past
experience of the promoters in the cotton industry and the
favorable location of the company's manufacturing facility in
Rajkot giving easy access to raw material.

Established in January 2012, Shree Khodal Cot Gin Private Limited
has set up a cotton ginning and pressing facility at Rajkot in
Gujarat. The plant is equipped with 30 ginning machines and 1
pressing machine with a manufacturing capacity of 300 bales per
day.


SIVANSSH INFRASTRUCTURE: Ind-Ra Affirms BB+' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research has affirmed Sivanssh Infrastructure
Development Private Limited's Long-Term Issuer Rating at
'IND BB+'.  The Outlook is Stable.  The agency has also affirmed
SIDPL's bank loan ratings as:

                        Amount
  Facilities          (INR Mln)      Ratings
  ----------          ---------      -------
  Fund-based limits     150.00       Long-Term 'IND BB+'/Stable
                                     and Short-Term 'IND A4+'

  Non-fund-based        450.00       Short-Term 'IND A4+'
   Limits

KEY RATING DRIVERS

The ratings reflect SIDPL's small scale of operations as evident
from the top-line of INR511.84 million, according to the
provisional financials for FY15 (year end March).

The ratings also factor in SIDPL's moderate-to-strong credit
metrics with interest coverage (Operating EBITDA/gross interest
expense) of 2.26x in FY15 (FY14: 2.13x) and financial leverage
(total adjusted debt/operating EBITDAR) of 0.19x (3.79x).  EBITDA
margins were satisfactory at 12.90% in FY15 (FY14: 9.79%).  The
ratings factor in the company's comfortable liquidity position as
evident from 73.74% average cash credit utilization during the 12
months ended May 2015.  The ratings are supported by over-three-
decade-long experience of SIDPL's promoters in civil construction
works.

RATING SENSITIVITIES

Negative: A significant decline in the revenue due to lack of work
orders leading to weaker credit metrics will be negative for the
ratings.

Positive: A significant improvement in the revenue while credit
profile being maintained or improved will be positive for the
ratings.

SIDPL was originally incorporated on June 8, 2000, as Smart
Constructions Private Limited.  On Jan. 1, 2009, the company's
name was changed to SIDPL.  It is engaged in the business of civil
construction works.  Its registered office is in Hyderabad (Andhra
Pradesh) and branch office in Lucknow (Uttar Pradesh).


SOORYA CASHEW: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Soorya Cashew Factory
(SCF) continue to reflect SCF's large working capital requirements
and below-average financial risk profile marked by small net worth
and high total outside liabilities to tangible net worth ratio
(TOLTNW). These rating weaknesses are partially offset by the
extensive experience of SCF's promoter in the cashew industry.

                      Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          90        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes that SCF will benefit over the medium term from
its promoter's extensive experience in the cashew industry. The
outlook may be revised to 'Positive' if the firm records
considerable increase in revenue and profitability, leading to
better-than-expected cash accruals and improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if SCF reports lower-than-expected revenue or
profitability, or if the firm's working capital management weakens
resulting in weak liquidity, or it undertakes a large debt-funded
capital expenditure programme leading to weak financial risk
profile.

Update
SCF's operating income is estimated at around INR900 million for
2014-15 (refers to financial year, April 1 to March 31). The
firm's scale of operations has registered a healthy compound
annual growth rate (CAGR) of 22 per cent over the five years ended
2014-15 driven by sustained demand and established relationships
with its customers. The firm has maintained its operating
profitability at more than 1.5 times per cent supported by stable
scale of operations. However, the firm's cash accruals for 2014-15
are estimated to be constrained at around INR3 million on account
of low profitability levels due to trading nature of operations.
The firm's operating income is expected to grow at a moderate
level over the medium term supported by steady demand from its
customers.

SCF has a weak financial risk profile, marked by small net worth
of INR25 million and high gearing of around 3.60 times estimated
as on March 31 2015; SCF's TOLTNW ratio was high at more than 4
times estimated as on March 31, 2015 due to heavy dependence on
working capital limits in comparison to net worth. The firm's debt
protection metrics were below average, with estimated net cash
accruals to total debt ratio at 0.04 times and interest coverage
ratio at 1.40 times in 2014-15. SCF's financial risk profile is
expected to remain weak over the medium term due to limited
accretion to reserves.

SCF's liquidity is constrained by large working capital
requirements as reflected in its highly utilised bank lines at an
average of 95 per cent for the 11 months through February 2015.
However, it is mitigated by generation of adequate cash accruals
of around INR3 million against repayment obligations of around
INR0.8 million in 2014-15. Furthermore, the partners of the firm
have extended fund support in form of unsecured loans which has
remained around INR8.8 million (as on March 31, 2014). SCG's
liquidity is expected to remain constrained by its large working
capital requirement over the medium term.

Set up in 2005, SCF processes and trades in raw cashew nuts. The
firm's day-to-day operations are managed by the managing partner,
Mr. Sahadevan Pillai. It is based in Kollam (Kerala).


SUSHIL BAHIRAT: CRISIL Reaffirms B+ Rating on INR270MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sushil Bahirat
Patil and Associates (SBPA) continues to reflect SBPA's below-
average financial risk profile, marked by a small net worth, high
gearing, and below-average debt protection metrics.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term      80       CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility
   Term Loan              270       CRISIL B+/Stable (Reaffirmed)

The rating also reflects the firm's high exposure to its
affiliates and its tightly matched cash accruals vis-a-vis its
debt obligations. These rating weaknesses are partially offset by
the benefits that SBPA derives from the advantageous location of
its property, revenue visibility from long-term lease agreements,
and moderate liquidity supported by debt service reserve account
of about INR10 million.

Outlook: Stable

CRISIL believes that SBPA will continue to benefit over the medium
term from its long-term lease agreements, backed by steady cash
flows from lease rentals. The outlook may be revised to 'Positive'
if the firm witnesses sharp increase in debt service coverage
ratio because of substantial lease rentals from existing clients,
or if its capital structure and liquidity improve backed by equity
infusion by its partners. Conversely, the outlook may be revised
to 'Negative' if significant delays in rental receivables from
tenants adversely affects its cash flows, or if it extends
financial support to its group entities or partners.

SBPA was set up in 2011 as a partnership firm by Mr. Sushil
Bahirat Patil and his wife, Ms. Pritam Bahirat. The firm develops
and leases out commercial properties in Pune (Maharashtra).


SWARG GOLDTOUCH: CRISIL Assigns 'B-' Rating to INR60MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long term
bank facilities of Swarg Goldtouch Ltd (SGTL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             60        CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility      10        CRISIL B-/Stable

The rating reflects SGTL's modest scale of operations, exposure to
intense competition, and large working capital requirements. The
rating also factors in the company's below-average financial risk
profile, marked by a high total outside liabilities to tangible
net worth ratio, below-average debt protection metrics, and a
modest net worth. These rating weaknesses are partially offset by
the extensive experience of SGTL's promoters in trading in
imitation jewellery.

Outlook: Stable
CRISIL believes that SGTL will continue to benefit from the
extensive experience of its promoters, over the medium term. The
outlook may be revised to 'Positive' if the company's financial
risk profile improves driven by improvement in cash accruals,
efficient working capital management, or capital infusion by the
promoters. Conversely, the outlook may be revised to 'Negative' in
case the company's financial risk profile, particularly its
liquidity, deteriorates due to substantially low cash accruals or
sizeable working capital requirements.

Set up as a proprietorship firm in 2004, SGTL was reconstituted as
a limited company in 2008. SGTL trades in imitation jewellery. The
company has 26 retail shops in Mumbai, Pune, and Nashik (all in
Maharashtra).


THERMO PRODUCTS: CARE Assigns 'B+' Rating to INR4.73cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Thermo Products Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      4.73      CARE B+ Assigned
   Short term Bank Facilities     1.00      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Thermo Products
Private Limited (TPPL) is constrained on account of its modest
scale of operations with low capacity utilisation, weak financial
profile marked by fluctuating revenues and accumulated losses,
working capital intensity of business with a stressed liquidity
profile and susceptibility of margins to volatile raw material
prices.

The ratings, however, take into account the established nature of
operations, long association with a reputed and diversified
clientele and healthy demand for the packaging industry.

The ability of the company to improve its scale of operations and
liquidity profile while managing working capital efficiently are
the key rating sensitivities.

Pune-based, Thermo Products Private Limited (TPPL) was established
in the year 2004. TPPL is engaged in the manufacturing of
packaging material viz. EPS (Expanded Polystyrene or Styrofoam,
popularly known as thermocol) buffers. EPS buffers, manufactured
by TPPL find application in the packaging of consumer durable
goods.

TPPL is a part of the Prakash group of companies, engaged in the
manufacturing of packaging material over the past 40 years. Group
companies are Prakash Corrugated Pune Private Limited, Prakash
Corrugating Industries, Prakash Corrugated Boxes, Shree Bhagwan
Tubes & Containers Pvt Ltd.

The promoters of TPPL are Mr Mukesh Agarwal and Mr Omprakash
Agarwal. Set-up with an installed capacity of 3,600 MTPA, the
plant of the company is located in Sanaswadi, Pune. Customers of
TPPL have been LG Electronics India Pvt Ltd, Starion India Pvt
Ltd, Sharp India Ltd, Godrej & BoyceManufacturing Company Limited
and others.

In FY15 (refers to the period April 1 to March 31 - Provisional),
TPPL earned PAT of INR0.89 crore on a total operating income of
INR21.29 crore against loss of INR0.42 crore on a total operating
income of INR19.93 crore in FY14.


TRISTAR GLOBAL: ICRA Suspends 'D' Rating on INR21.0cr Loan
----------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR21.0 crore
fund based facilities of Tristar Global Infrastructure Private
Limited (TGIPL). ICRA has also suspended the short term rating of
[ICRA]D assigned to the INR29.0 crore non fund based facilities of
TGIPL. The suspension follows ICRA's inability to carry out rating
surveillance in the absence of requisite information from the
company.


UPPER INDIA: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research has migrated Upper India Smelting and
Refinery Works' 'IND B+' Long-Term Issuer Rating to the suspended
category.  The Outlook was Stable.  The rating will now appear as
'IND B+(suspended)' on the agency's website.  The agency has also
migrated the 'IND B+' and 'IND A4' ratings on the company's
INR99 mil. working capital limits to 'IND B+(suspended)' and
'IND A4(suspended)', respectively.

The ratings have been migrated to the suspended category due to
lack of adequate information.  Ind-Ra will no longer provide
ratings or analytical coverage for Upper India Smelting and
Refinery Works.

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


VAJRAM SPINNING: CRISIL Suspends 'D' Rating on INR25MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Vajram
Spinning Mills Pvt Ltd (VSMPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              25        CRISIL D
   Letter of Credit         5         CRISIL D
   Long Term Loan           25        CRISIL D
   Proposed Long Term
   Bank Loan Facility       14        CRISIL D

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

VSMPL was set up in 2008. The company manufactures cotton yarn. It
has spinning mills in Rajapalayam (Tamil Nadu). VSMPL has an
installed capacity of 9160 spindles and is owned by Mr. N Selvaraj
and his family members.


VARDHMAN ISPAT: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research has migrated Vardhman Ispat Udyog's
'IND B' Long-Term Issuer Rating to the suspended category.  The
Outlook was Stable.  The rating will now appear as
'IND B(suspended)' on the agency's website.  The agency has also
migrated the 'IND B' and 'IND A4' ratings on the company's
INR170 mil. working capital limits to 'IND B(suspended)' and
'IND A4(suspended)', respectively.

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

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


VETRIVEL EXPLOSIVES: CRISIL Reaffirms B+ Rating on INR218MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vetrivel Explosives Pvt
Ltd (VEPL) continue to reflect the company's below-average
financial risk profile, marked by high gearing and average debt
protection metrics, and its modest scale of operations in the
intensely competitive civil explosives segment.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         40       CRISIL A4 (Reaffirmed)
   Cash Credit            100      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        40      CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     100      CRISIL B+/Stable (Reaffirmed)
   Term Loan              218      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of VEPL's promoters and the company's established
regional presence in the explosives industry.

Outlook: Stable
CRISIL believes that VEPL will continue to benefit over the medium
term from its established regional presence and healthy customer
relationships. The outlook may be revised to 'Positive' if the
company records significant growth in revenue and profitability,
with sizeable cash accruals, leading to significant improvement in
its capital structure and liquidity. Conversely, the outlook may
be revised to 'Negative' if the company's financial risk profile
deteriorates because of low cash accruals or substantial debt-
funded capital expenditure or deterioration in its working capital
requirement.

VEPL was set up as a partnership firm in Salem (Tamil Nadu) in
1999. The firm was reconstituted as a closely held private company
in 2000. Till 2012-13 (refers to financial year, April 1 to March
31), VEPL manufactured only civil explosives. Since 2013-14, post-
merger with Sivasakthi Hotels, the company also operates a 4-star
hotel at Salem.


VMS INTERNATIONAL: Ind-Ra Assigns 'IND B-' LT Issuer Rating
-----------------------------------------------------------
India Ratings & and Research has assigned VMS International a
Long-Term Issuer Rating of 'IND B-'.  The Outlook is Stable.  The
agency has also assigned VMS' bank loans these ratings:

                        Amount
  Facilities          (INR Mln)        Ratings
  ----------          ---------        -------
  Term loan               7.5          'IND B-'/Stable
  Fund-based limit       55.0          'IND B-'/Stable

KEY RATING DRIVERS

The ratings reflect the company's weak liquidity profile as
reflected in the average utilization of 101% for the three months
ended April 2015.  However, the delays were regularized between
four to 20 days.

The ratings, however, benefit from over-a-decade-long experience
of VMS' founders in the polyester business.

RATING SENSITIVITIES

An improvement in the liquidity will be positive for the ratings.

Incorporated in 2003, VMS international is a partnership firm
engaged in manufacturing of polyester staple fibre.  The firm is
managed by Narendra Pokharna and his family and has its registered
office at Mumbai.

According to the provisional financials of FY15, the company
earned revenue of INR178 mil. and EBITDA of INR31 mil.


WYAN INDUSTRIES: CARE Assigns B+ Rating to INR23.31cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Wyan
Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     23.31      CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Wyan Industries
Private Limited (WIPL) is primarily constrained by small &
fluctuating scale of operations with low profitability margins,
leveraged capital structure & weak coverage indicators and
significant exposure to its group associates in the form of
corporate guarantee given for their banking exposure and
working capital intensive nature of operations. The rating is
further constrained by the raw material price fluctuation risk,
presence of the company in highly competitive nature of the
industry and high dependence on the automobile sector.
However, the rating draws comfort from the experienced promoters
with long track record of operations.

Going forward, the company's ability to increase the scale of
operations with improvement in its profitability margins and
improvement in its capital structure while managing its working
capital requirements shall be the key rating sensitivities.

Sonepat-based (Haryana) WIPL was incorporated in 2004 under the
name of MRA Metal Private Limited and promoted by Mr Somnath
Aggarwal (93.81% shareholding as on March, 31, 2014). InMarch
2013, the name was changed to WIPL. The company is engaged in
manufacturing of aluminum products. The manufacturing facility of
the company is located in Haryana with an installed capacity of 74
lakh pieces per annum as on April 30, 2015. Apart from the
manufacturing, the company is also engaged in the trading of
aluminum products. The main raw material is aluminum ingots which
are mainly procured from Faridabad (Haryana). The product finds
its application in the manufacturing of automobile parts.

Kamal International (partnership firm by Mr Somnath Aggarwal and
Ms Anita Aggarwal) is the group associates of WIPL which is
engaged in the trading of scrap and rice.

For FY14, WIPL achieved a total operating income of INR53.93 crore
with PAT of INR0.54 crore as compared with a total operating
income of INR70.16 crore and PAT of INR0.52 crore for FY13. The
company has achieved a total operating income of around INR79.23
crore in FY15.



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


SOECHI LINES: Fitch Assigns 'B+' IDR; Outlook Stable
----------------------------------------------------
Fitch Ratings has assigned Indonesia-based tanker company PT
Soechi Lines Tbk a Long-Term Foreign Currency Issuer Default
Rating of 'B+' with a 'Stable' Outlook.

Fitch has also assigned a 'B+(EXP)' expected rating to the USD200m
senior unsecured notes to be issued by Soechi Capital B.V., and
guaranteed by Soechi and its key subsidiaries.  The final rating
on the notes is contingent upon the receipt of final documents
conforming to the information already received.

KEY RATING DRIVERS
Old Fleet, Small Size: The average age of Soechi's fleet (weighted
by capacity) was around 17 years as of March 31, 2015, compared
with the typical useful life of 30 years for a ship.  Soechi's
fleet-age profile corresponds to the company's strategy of
operating older ships.  Old ships are the norm in the Indonesian
market (with the average age of Indonesian-flagged vessels at more
than 20 years).

Older ships require higher maintenance expenses and are more prone
to operational issues.  Ships that are more than 15 years old have
to dry-dock every 2.5 years, compared with an interval of five
years for newer ships.  Soechi's fleet size of 35 revenue earning
ships at March 31, 2015, is small relative to global peers.  Of
the total tonnage capacity at 31 March 2015, 45% was contributed
by just two very large crude carriers (VLCCs).  As such, Soechi's
fleet age and size constrain its rating.

Market Leader in Fragmented Industry: Soechi has about 15% share
of Indonesia's domestic tanker market by vessel charter
transactions, according to a March 2014 report by Global Business
Guide.  The market is quite fragmented with small players
accounting for about 60% of the market (Soechi and two others
contribute the remaining 40%).  Cabotage laws, which mandate the
use of Indonesia-flagged vessels for domestic transportation,
present a high barrier-to-entry for international players.

Robust Industry Growth Prospects: Indonesian shipping companies'
tonnage has increased rapidly over the last few years (latest
available data from the Ministry of Transportation shows an 18%
CAGR over 2008-12).  The robust growth was driven by an expanding
economy and substitution of foreign operators due to cabotage
laws.  Indonesian companies now account for almost all of the
domestic shipments, compared with 65% in 2007.  However, the share
of Indonesian companies in the international transportation market
is still low (just 10% in 2012).  Indonesian shipping companies
are likely to see sustained demand growth, underpinned by rising
domestic oil and gas demand and supplemented by a potential
increase in their share of the import market.

Customer Concentration, But Risk Low: PT Pertamina (Persero) Tbk
(BBB-/Stable) is Soechi's largest customer, contributing 52% of
its revenue in 2014.  As such, Soechi is exposed to risk of
Pertamina not renewing contracts or granting new contracts or
worse, defaulting on its payments.  However, Fitch believes that
these risks are significantly alleviated by Soechi's long-standing
relationship with Pertamina (Soechi's predecessor companies have
been contracted by Pertamina since 1981), its market leadership
position with strong operational capabilities, conservative capex
policy tied to the demand outlook and Pertamina's healthy credit
profile.

Moderate Financial Profile: Fitch estimates Soechi's FFO adjusted
net leverage at 3.4x in 2015, and FFO fixed charge cover at 3.3x.
Soechi's financial profile could deteriorate if it does not
maintain capex discipline over acquisitions tied to the likelihood
of new contracts.

KEY ASSUMPTIONS

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

   -- Soechi's deadweight tonnage to increase by a CAGR of 17%
      over 2015-18.
   -- Tanker day-rates to stay flat.
   -- Spending (including docking charges, and net of asset
      disposals) at USD120 mil. in 2015, USD80 mil. in 2016, and
      about USD60 mil. each in 2017 and 2018.
   -- Maintenance expenses to rise by 2% a year and salaries
      by 5% a year, after adjusting for an increase in fleet
      size.

RATING SENSITIVITIES

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

   -- FFO adjusted net leverage above 4x on a sustained basis;
   -- FFO fixed charge cover below 3x on a sustained basis;
   -- Substantial weakening of credit profile due to material
      capex, and/or a weakening of the operating environment
      and/or rates.

Positive: The rating has limited upside potential in the medium
term, due to constraints related to the age and size of Soechi's
fleet.



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


MILFORD ASSET: FMA Market Manipulation Probe at Final Stages
------------------------------------------------------------
Christopher Adams at The New Zealand Herald reports that the
Financial Markets Authority said it has reached the final stages
of its investigation into alleged market manipulation at
Milford Asset Management and is "engaging with the parties based
on our findings".

"We hope to be in a position to make a statement in the near
future," the report quotes spokesman Andrew Park as saying.

Two months have now passed since the FMA said in early April that
it expected to wrap up the investigation in "a few weeks," the
report says.

The Herald says Auckland-based Milford, which has more than NZ$3
billion under management, confirmed in February that an employee
was being investigated over certain trades.

The investigation is understood to have begun around the middle of
last year, the report relates.

Market manipulation involves deliberate attempts to interfere with
the market to create artificial, false or misleading appearances
in supply, demand or the price of securities, the report
discloses.

According to the Herald, a market source, who did not want to be
named, said the investigation had been hanging over Milford and
the wider industry and it would be good to see it brought to a
conclusion.

Under the Financial Markets Conduct Act, an individual convicted
of market manipulation can be jailed or fined up to NZ$500,000,
while a company can face a fine of up to NZ$2.5 million, the
Herald notes.

In April, the New Zealand Superannuation Fund suspended Milford's
NZ$281 million active equities mandate until the probe was
completed, the Herald recalls.


PUMPKIN PATCH: CEO to Step Down After Refinancing Falls Through
---------------------------------------------------------------
BusinessDesk reports that Pumpkin Patch chief executive Di
Humphries will leave the ailing children's clothing chain in early
November after the company's board decided to knuckle down on
lifting the business's performance instead of accepting
substandard offers to purchase the firm.

Ms. Humphries, who was poached from the Hallenstein Glasson's
women's wear chain in 2012, officially wraps up her term in
November 4, Pumpkin Patch said in a statement, the report relates.
She took over from former CEO Neil Cowie in August 2013. Since
taking over the job, Pumpkin Patch has struggled to remain
relevant in a changing retail environment, and recently reviewed
its options after receiving offers to buy or refinance the
business, according to the report.

Last week, the board decided against accepting any offers, which
it didn't see as compelling enough to accept, and has decided to
focus on lifting Pumpkin Patch's operating performance to generate
value to shareholders, BusinessDesk recalls.

"I believe now is an appropriate time for a new CEO to take the
company through the next stage of the business improvement
process," the report quotes Ms. Humphries as saying. "Good
progress has been made on product design, supply chain
improvement, brand positioning and laying the foundations for the
business transformation program."

Pumpkin Patch shares fell 3.5 cents to 20 cents after the
announcement, the report notes. Since Ms. Humphries took over, the
shares have plunged from 88 cents as the retailer was forced to
discount stock to maintain sales to compete with cheaper online
rivals, shut unprofitable stores, and was tagged by its auditor
last year over the prospect of breaching the terms of its banking
covenants, according to BusinessDesk.

BusinessDesk relates that Chairman Peter Schuyt said Humphries
inherited a company that needed, and still needs "major changes
across all parts of the business" and he acknowledged the progress
she achieved.

The board is seeking a new CEO, the report adds.

                        About Pumpkin Patch

Based in New Zealand, Pumpkin Patch Limited (NZE:PPL) --
http://www.pumpkinpatch.biz/-- is a designer, marketer, retailer
and wholesaler of children's clothing.  The Company's product
range encompasses all stages of a child's growth, from baby to
toddler, primary school kid to pre and early teen, including
clothing, nightwear, accessories, rainwear, footwear and teddy
collection.  Pumpkin Patch also caters for mums-to-be with a
maternity collection.  The Company also has a fashion mini-brand
for discerning pre and early-teen girls, Urban Angel Girls.  The
Company's collections are available in numerous countries and
regions, including New Zealand, Australia, the United Kingdom,
the United States, South Africa and the Middle East.  Pumpkin
Patch predominantly sells through its own store network in
New Zealand, Australia, the United Kingdom and the United States.
The Company's subsidiaries include Torquay Enterprises Limited,
Pumpkin Patch Originals Limited, Pumpkin Patch LLC, Pumpkin Patch
Direct Limited, Patch Kids Limited and Urban Angel Girls Limited.


SOUTH CANTERBURY: Investors Raise Enough to Fund Legal Action
-------------------------------------------------------------
Audrey Malone at The Timaru Herald reports that an unprecedented
number of people have contributed to legal action to investigate
pursuing damages following the collapse of South Canterbury
Finance.

So far they have contributed over NZ$150,000 towards legal costs,
the report says.

According to the report, more than 4,000 preference shareholders
lost money when the company went bust in late 2010. The report
relates that stockbroker Chris Lee formed a group action to pursue
damages after he believed several parties failed to act both
legally and morally in the wake of the company's demise.

The Timaru Herald relates that Mr. Lee held meetings across
New Zealand to raise a minimum of NZ$100,000 to continue with
legal investigations being undertaken by Queens Counsel Chris
Gudsell. Over 900 people have already contributed to the
investigations and the number was growing by between 10 and 20
people each day, he said, the report relays. A "disproportionate"
number of those people came from South Canterbury, Mr. Lee, as
cited by The Timaru Herald, said.

"This is them registering their indignation at how they were
treated . . . There must be some feeling of moral indignation [in
South Canterbury]," the report quotes Mr. Lee as saying.

There was also a strong representation of people from the rest of
Canterbury, Otago and Southland contributing to the legal action,
he said, the report relays.

According to the report, Mr. Lee, director owner of Chris Lee &
Partners, which has offices in both Paraparaumu and Timaru, said
he felt a moral obligation to pursue the issue after he had
recommended to hundreds of clients they buy shares in the company.

Mr. Lee was happy to continue to accept more names as the more
people behind the legal pursuit signalled as to how serious the
shareholders viewed the situation, the report relays.

Stuff.co.nz notes that the action group was pursuing a civil
action after former SCF director Edward Sullivan was found guilty
of five of nine charges in 2014. Former chief executive Lachie
McLeod and former director Bob White were both acquitted. During
the proceedings a considerable amount of evidence was given about
Allan Hubbard's complicated business transactions. Hubbard died in
a car crash in 2011, the report recalls.

                 About South Canterbury Finance

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- was engaged in the
provision of financial services.  The Company's principal
activities were borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advanced funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government repaid South Canterbury's 35,000
depositors and stockholders NZ$1.6 billion under the Crown
retail deposit guarantee scheme.



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


* INSOL Announces Graduating Class of Global Insolvency Course
--------------------------------------------------------------
INSOL International announced the sixth graduating class of the
Global Insolvency Practice Course.

These successful participants are now formally recognized as a
Fellow, INSOL International:

Scott Abel Buddle Findlay New Zealand

Scott Aspinall Barrister Wentworth Chambers Australia

Scott Butler McCullough Robertson Lawyers Australia

Matthew Byrnes Grant Thornton Australia

Zaheer Cassim Cassim Incorporated South Africa

Tara Cooper Burnside Higgs & Johnson Bahamas

Ruta Darius Uganda Registration Services Bureau Uganda

Solange de Billy-Tremblay de Billy-Tremblay & Associes INC Canada

Timothy Graulich Davis, Polk & Wardwell LLP USA

Andrea Harris KRyS Global Guernsey

Anthony Idigbe Punuka Attorneys & Solicitors Nigeria

Sigrid Jansen Allen & Overy LLP The Netherlands

Benjamin Jones Berwin Leighton Paisner LLP UK

Ian Mann Harneys Hong Kong

John Mairo Porzio, Bromberg & Newman P.C. USA

Charlotte Moller Reed Smith LLP UK

Andrew Morrison FTI Consulting Cayman Islands

Julie Nettleton Grand Thornton UK

Reinout Philips RESOR N.V. The Netherlands

Robert Schiebe Schiebe und Collegen Germany

Vincent Vroom Loyens & Loeff UK

The Global Insolvency Practice Course is the pre-eminent advanced
educational qualification focusing on international insolvency.

With the fast growing number of cross-border insolvency cases and
the adoption in many jurisdictions of international insolvency
rules and provisions, the turnaround and insolvency profession
faces increasing challenges in the current economic environment.
The current outlook demonstrates that the practitioners of
tomorrow need to have extensive knowledge of the transnational and
international aspects of legal and financial problems of
businesses in distress.

The format of the fellowship program is intensive, carried out
over three modules.  The first module took place in London
November 10 to 12, 2014.  The second module was held in
San Francisco from March 19 to 21, 2015, prior to INSOL San
Francisco. The last module involved the students utilizing web
enabled technology which included a virtual court and undertaking
real time negotiations for a restructuring plan involving multiple
jurisdictions.  The platform for this module was made available
through the generous support of the University of British
Columbia, Vancouver, Canada.  A number of senior judges from
around the world took part in Module C in order for the
participants to gain experience of court to court situations.  The
judges included The Hon. Robert Drain, US Bankruptcy Judge,
Southern District of New York; Sir David Richards, Justice of the
High Court, Chancery Division, Royal Courts of Justice, London;
The Honourable Judge Eberhard Nietzer, Heilbronn Bankruptcy Court,
Germany: The Honourable Geoffrey Morawetz, Justice of the Ontario
Superior Court of Justice, (Commercial List), Toronto,
Canada: Mr Justice Paul Heath, High Court of New Zealand: Mr
Justice Daniel Carnio Costa, Court of Sao Paulo, Brazil.

Admission to the course is limited.  This ensures academic
excellence and the opportunity for good personal contact between
students and faculty.  Potential candidates must already hold a
degree or equivalent to be considered for this program and must
have a minimum of 5 years experience in the field.  Participants
represent the different jurisdictions of the World.

                       INSOL'S Mission

INSOL with its Member Associations will take the leadership role
in international turnaround, insolvency and related credit issues;
facilitate the exchange of information and ideas; encourage
greater international co-operation and communication amongst the
insolvency profession, credit community and related INSOL
International is a worldwide federation of national associations
of accountants and lawyers who specialize in turnaround and
insolvency.  There are currently 40 Member Associations with over
10,000 professionals participating as members.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                         Total     Shareholders
                                        Assets           Equity
  Company                Ticker        (US$MM)          (US$MM)
  -------                ------         ------     ------------

AUSTRALIA

ACONEX LTD                ACX             36.38        -152.68
ADCORP AUSTRALIA          AAU             17.86          -0.81
ATLANTIC LTD              ATI             64.03        -517.87
AUSTRALIAN ZI-PP        AZCCA             16.99         -71.67
AUSTRALIAN ZIRC           AZC             16.99         -71.67
AXXIS TECHNOLOGY          AYG             19.18          -1.88
BIRON APPAREL LT          BIC             19.71          -2.22
BLUESTONE GLOBAL          BUE             46.32          -2.40
BRIDGE GLOBAL CA          BGC             19.38        -121.51
BULLETPROOF GROU          BPF             11.11          -2.99
CLARITY OSS LTD           CYO             13.99         -15.57
CONTINENTAL COAL          CCC            141.26          -6.69
IPH LTD                   IPH             22.71          -7.54
LOVISA HOLDINGS           LOV             19.02          -3.43
MBD CORP LTD              MBD             14.63          -0.20
MIRABELA NICKEL           MBN            158.54        -375.82
NORSEMAN GOLD PL          NGX             36.28         -43.40
OPUS GROUP LTD            OPG             63.26          -8.99
RIVERCITY MOTORW          RCY            386.88        -809.13
RUTILA RESOURCES          RTA             34.45          -3.90
SAVCOR GRP LTD            SAV             25.90         -10.32
SIGNATURE METALS          SBL             33.09         -18.85
SPHERE MINERALS           SPH            108.81         -64.95
STERLING PLANTAT          SBI             59.64         -12.67
STONE RESOURCES           SHK             21.76         -14.91
SUBZERO GROUP LT          SZG             31.95          -3.19


CHINA

ANHUI GUOTONG-A           600444          75.07          -7.31
BAIOO                       2100          88.34          -3.21
CHINA ESSENCE GR            CESS          48.99        -108.56
GCL SYSTEM INT-A            2506         577.79        -465.36
JIANGXI CHANG-A           600228         109.53         -11.09
LINEKONG INTERAC            8267          40.79        -112.57
LUOYANG GLASS-A           600876         203.45          -2.05
LUOYANG GLASS-H             1108         203.45          -2.05
NANNING CHEMIC-A          600301         257.94         -14.09
SHAANXI QINLIN-A          600217         339.47         -24.55
SHANG BROAD-A             600608          39.94          -0.31
SONGLIAO AUTO -A          600715          27.06          -6.12
TIANGE                      1980         139.51         -13.82
WUHAN BOILER-B            200770         193.47        -235.12
XIAKE COLOR-A               2015         268.17         -18.47

CHINA HEALTHCARE             673          26.86         -17.33
CHINA MINING RES             340          97.56          -1.90
CHINA OCEAN SHIP             651         315.16         -76.51
CNC HOLDINGS                8356          50.95         -10.22
GR PROPERTIES LT             108          17.83         -52.36
GRANDE HLDG                  186         194.96        -302.44
HARMONIC STR                  33          33.31          -2.82
MASCOTTE HLDGS               136          17.72          -4.61
TITAN PETROCHEMI            1192         422.49      -1,073.54


INDONESIA

APAC CITRA CENT          MYTX            174.01         -17.22
ARPENI PRATAMA           APOL            166.39        -336.11
ASIA PACIFIC             POLY            323.36        -862.79
BAKRIE & BROTHER         BNBR            937.98        -160.00
BAKRIE TELECOM           BTEL            627.41        -271.18
BENTOEL INTL INV         RMBA            854.30         -17.77
BERAU COAL ENERG         BRAU          1,876.65         -29.46
BERLIAN LAJU TAN         BLTA            766.11      -1,173.91
BERLIAN LAJU TAN         BLTA            766.11      -1,173.91
BORNEO LUMBUNG           BORN          1,050.10        -541.61
BUMI RESOURCES           BUMI          6,595.57        -320.93
ICTSI JASA PRIMA         KARW             53.53         -10.11
JAKARTA KYOEI ST         JKSW             24.64         -34.00
MERCK SHARP DOHM         SCPI             92.25          -0.08
ONIX CAPITAL TBK         OCAP             13.75          -2.96
RENUKA COALINDO          SQMI             15.99          -0.30
SUMALINDO LESTAR         SULI             77.28         -34.38
TRUBA ALAM ENG           TRUB            216.87         -34.67
UNITEX TBK               UNTX             20.62         -17.28


INDIA

ABHISHEK CORPORA         ABSC             53.66         -25.51
AGRO DUTCH INDUS          ADF             85.09         -22.81
ALPS INDUS LTD           ALPI            201.29         -41.70
ARTSON ENGR               ART             11.64         -10.64
ASHAPURA MINECHE         ASMN            162.39         -16.64
ASHIMA LTD               ASHM             63.23         -48.94
ATV PROJECTS              ATV             48.47         -43.93
BELLARY STEELS           BSAL            451.68        -108.50
BENZO PETRO INTL          BPI             26.77          -1.05
BHAGHEERATHA ENG         BGEL             22.65         -28.20
BHARATI SHIPYARD         BHSL          1,428.69         -17.76
BINANI INDUS LTD          BZL          1,163.38         -38.79
BLUE BIRD INDIA          BIRD            122.02         -59.13
CELEBRITY FASHIO         CFLI             24.96          -8.26
CHESLIND TEXTILE          CTX             20.51          -0.03
CLASSIC DIAMONDS          CLD             66.26          -6.84
COMPUTERSKILL             CPS             14.90          -7.56
DCM FINANCIAL SE        DCMFS             18.46          -9.46
DFL INFRASTRUCTU         DLFI             42.74          -6.49
DIGJAM LTD               DGJM             99.41         -22.59
DISH TV INDIA            DITV            462.53         -52.19
DISH TV INDI-SLB       DITV/S            462.53         -52.19
DUNCANS INDUS             DAI            122.76        -227.05
ELECTROTHERM IND          ELT            501.15         -96.22
ENSO SECUTRACK           ENSO             15.57          -0.46
EURO CERAMICS            EUCL            110.62          -6.83
EURO MULTIVISION         EURO             36.94          -9.95
FERT & CHEM TRAV          FCT            314.24         -76.26
GANESH BENZOPLST          GBP             44.05         -15.48
GANGOTRI TEXTILE         GNTX             54.67         -14.22
GOKAK TEXTILES L         GTEX             48.71          -5.00
GOLDEN TOBACCO            GTO             97.40         -18.24
GSL INDIA LTD             GSL             29.86         -42.42
GSL NOVA PETROCH         GSLN             16.53          -1.31
GUJARAT STATE FI          GSF             15.26        -304.68
GUPTA SYNTHETICS        GUSYN             44.18          -6.34
HARYANA STEEL            HYSA             10.83          -5.91
HEALTHFORE TECHN         HTEC             14.74         -46.64
HINDUSTAN ORGAN           HOC             57.24         -51.76
HINDUSTAN PHOTO          HPHT             49.58      -1,832.65
HIRAN ORGOCHEM             HO             14.56          -4.59
HMT LTD                   HMT            106.62        -454.42
ICDS                     ICDS             13.30          -6.17
INDAGE RESTAURAN          IRL             15.11          -2.35
INDOSOLAR LTD            ISLR            193.78          -6.91
INTEGRAT FINANCE          IFC             49.83         -51.32
JCT ELECTRONICS          JCTE             80.08         -76.70
JENSON & NIC LTD           JN             16.49         -71.70
JET AIRWAYS IND         JETIN          2,856.84        -697.07
JET AIRWAYS -SLB      JETIN/S          2,856.84        -697.07
JOG ENGINEERING           VMJ             45.90          -5.28
KALYANPUR CEMENT         KCEM             23.39         -42.66
KERALA AYURVEDA          KERL             13.97          -1.69
KIDUJA INDIA              KDJ             11.16          -3.43
KINGFISHER AIR           KAIR            515.93      -2,371.26
KINGFISHER A-SLB       KAIR/S            515.93      -2,371.26
KITPLY INDS LTD           KIT             14.77         -58.78
KLG SYSTEL LTD           KLGS             40.64         -27.37
KSL AND INDUSTRI        KSLRI            269.42         -14.19
LML LTD                   LML             43.95         -78.18
MADHUCON PROJECT        MDHPJ          1,226.74         -21.90
MADRAS FERTILIZE          MDF            289.78         -34.43
MAHA RASHTRA APE         MHAC             14.49         -12.96
MALWA COTTON             MCSM             44.14         -24.79
MAWANA SUGAR             MWNS            142.07         -32.88
MODERN DAIRIES            MRD             38.61          -3.81
MOSER BAER INDIA          MBI            727.13        -165.63
MOSER BAER -SLB         MBI/S            727.13        -165.63
MPL PLASTICS LTD         MPLP             17.67         -51.22
MTZ POLYFILMS LT          TBE             31.94          -2.57
MURLI INDUSTRIES         MRLI            262.39         -38.30
MYSORE PAPER             MSPM             87.99          -8.12
NATL STAND INDI          NTSD             22.09          -0.73
NAVCOM INDUS LTD          NOP             10.19          -3.53
NICCO CORP LTD           NICC             71.84          -4.91
NICCO UCO ALLIAN         NICU             23.25         -83.90
NK INDUS LTD              NKI            141.35          -7.71
NRC LTD                  NTRY             55.11         -52.44
NUCHEM LTD                NUC             24.72          -1.60
PANCHMAHAL STEEL          PMS             51.02          -0.33
PARAMOUNT COMM           PRMC            124.96          -0.52
PARASRAMPUR SYN           PPS             99.06        -307.14
PAREKH PLATINUM          PKPL             61.08         -88.85
PIONEER DISTILLE          PND             53.74          -5.62
PREMIER INDS LTD         PRMI             11.61          -6.09
PRIYADARSHINI SP         PYSM             20.80          -2.28
QUADRANT TELEVEN         QDTV            105.10        -183.38
QUINTEGRA SOLUTI          QSL             16.76         -17.45
RADHA MADHAV COR         RMCL             10.33         -48.95
RAMSARUP INDUSTR         RAMI            433.89         -89.28
RATHI ISPAT LTD          RTIS             44.56          -3.93
RELIANCE MED-SLB        RMW/S            279.61        -144.47
RENOWNED AUTO PR          RAP             14.12          -1.25
RMG ALLOY STEEL           RMG             66.61         -12.99
ROYAL CUSHION            RCVP             14.70         -75.18
SAAG RR INFRA LT         SAAG             12.54          -4.93
SADHANA NITRO             SNC             16.74          -0.58
SANATHNAGAR ENTE         SNEL             49.23          -6.78
SANCIA GLOBAL IN         SGIL             53.12         -30.47
SBEC SUGAR LTD          SBECS             92.44          -5.61
SERVALAK PAP LTD         SLPL             61.57          -7.63
SHAH ALLOYS LTD            SA            168.13         -81.60
SHALIMAR WIRES           SWRI             21.39         -24.28
SHAMKEN COTSYN            SHC             23.13          -6.17
SHAMKEN MULTIFAB          SHM             60.55         -13.26
SHAMKEN SPINNERS          SSP             42.18         -16.76
SHREE GANESH FOR         SGFO             44.50          -2.89
SHREE KRISHNA            SHKP             14.62          -0.92
SHREE RAMA MULTI         SRMT             38.90          -4.49
SHREE RENUKA SUG         SHRS          2,162.34         -82.52
SHREE RENUKA-SLB       SHRS/S          2,162.34         -82.52
SIDDHARTHA TUBES          SDT             44.95         -15.37
SIMBHAOLI SUGARS         SBSM            268.76         -54.47
SPICEJET LTD             SJET            489.96        -170.22
SQL STAR INTL             SQL             10.58          -3.28
STATE TRADING CO          STC            556.35        -392.74
STELCO STRIPS            STLS             11.65          -5.73
STI INDIA LTD            STIB             21.69          -2.13
STL GLOBAL LTD           SHGL             30.73          -5.62
STORE ONE RETAIL         SORI             15.48         -59.09
SURYA PHARMA             SUPH            370.28          -9.97
SUZLON ENERG-SLB       SUEL/S          5,061.62         -53.02
SUZLON ENERGY            SUEL          5,061.62         -53.02
TAMILNADU JAI            TNJB             17.07          -1.00
TATA METALIKS             TML            122.76          -3.30
TATA TELESERVICE         TTLS          1,311.30        -138.25
TATA TELE-SLB          TTLS/S          1,311.30        -138.25
TIMEX GROUP IND          TIMX             20.14          -0.42
TIMEX GROUP-PREF        TIMXP             20.14          -0.42
TODAYS WRITING           TWPL             18.58         -25.67
TRIUMPH INTL             OXIF             58.46         -14.18
TRIVENI GLASS            TRSG             19.71         -10.45
TUTICORIN ALKALI         TACF             17.17         -22.86
UDAIPUR CEMENT W          UCW             11.38         -10.53
UNIFLEX CABLES           UFCZ             47.46          -7.49
UNIWORTH LTD               WW            149.50        -151.14
UNIWORTH TEXTILE          FBW             22.54         -35.03
USHA INDIA LTD           USHA             12.06         -54.51
VANASTHALI TEXT           VTI             14.59          -5.80
VENUS SUGAR LTD            VS             11.06          -1.08
WANBURY LTD              WANB            141.86          -3.91
WEBSOL ENERGY SY         WESL            105.10         -23.79


JAPAN

GOYO FOODS INDUS            2230          11.13          -1.81
LCA HOLDINGS COR            4798          21.73          -1.75
OPTROM INC                  7824          15.63          -4.50
PIXELA CORP                 6731          13.97          -0.02


KOREA

HYUNDAI CEMENT              6390         454.92        -262.92
SAMWHAN CORP                 360         624.46          -9.54
SAMWHAN CORP-PRE             365         624.46          -9.54
SHINIL ENG CO              14350         199.04          -2.53
STX CORPORATION            11810       1,275.13        -484.08
STX ENGINE CO LT           77970       1,170.67         -62.72
TEC & CO                    8900         139.98         -16.61
TONGYANG INC                1520       1,068.15        -452.52
TONGYANG INC-2PF            1527       1,068.15        -452.52
TONGYANG INC-3RD            1529       1,068.15        -452.52
TONGYANG INC-PFD            1525       1,068.15        -452.52


MALAYSIA

BIOSIS GROUP BHD          BGH             10.39          -7.66
DING HE MINING            705             48.83         -57.14
HAISAN RESOURCES          HRB             23.80         -20.90
HIGH-5 CONGLOMER         HIGH             29.86         -65.83
LION CORP BHD            LION          1,128.18        -160.72
ML GLOBAL BHD             MLG             13.23          -4.07
OCTAGON CONSOL           OCTG             14.55         -53.99
PERWAJA HOLDINGS         PERH            515.46        -163.63


NEW ZEALAND

PULSE ENERGY LTD          PLE             15.04          -4.52


PHILIPPINES

CYBER BAY CORP         CYBR               13.68         -25.95
DFNN INC               DFNN               14.84          -2.76
FILSYN CORP A           FYN               23.11         -11.69
FILSYN CORP. B         FYNB               23.11         -11.69
GOTESCO LAND-A           GO               21.76         -19.21
GOTESCO LAND-B          GOB               21.76         -19.21
METRO GLOBAL HOL        MGH               40.90         -15.77
PICOP RESOURCES         PCP              105.66         -23.33
STENIEL MFG             STN               21.07         -11.96
UNIWIDE HOLDINGS         UW               50.36         -57.19


SINGAPORE

CHINA GREAT LAND        CGL               12.24         -21.26
GPS ALLIANCE HOL        GPS               15.91          -0.61
OCEANUS GROUP LT      OCNUS               81.89         -13.92
QT VASCULAR LTD        QTVC               17.99         -11.99
SCIGEN LTD-CUFS         SIE               46.71         -55.42
SINGAPORE EDEVEL        SGE               12.81          -3.18
SINOPIPE HLDS          SPIP              146.50         -80.06
TERRATECH GROUP        TEGP               13.55          -5.24
UNITED FIBER SYS        UFS               46.83         -87.24


THAILAND

ABICO HLDGS-F       ABICO/F               15.28          -4.40
ABICO HOLDINGS        ABICO               15.28          -4.40
ABICO HOLD-NVDR     ABICO-R               15.28          -4.40
ASCON CONSTR-NVD    ASCON-R               59.78          -3.37
ASCON CONSTRUCT       ASCON               59.78          -3.37
ASCON CONSTRU-FO    ASCON/F               59.78          -3.37
BANGKOK RUBBER          BRC               77.91        -114.37
BANGKOK RUBBER-F      BRC/F               77.91        -114.37
BANGKOK RUB-NVDR      BRC-R               77.91        -114.37
BIG CAMERA COP-F      BIG/F               19.86         -13.03
BIG CAMERA CORP         BIG               19.86         -13.03
BIG CAMERA -NVDR      BIG-R               19.86         -13.03
CIRCUIT ELEC PCL     CIRKIT               16.79         -96.30
CIRCUIT ELEC-FRN   CIRKIT/F               16.79         -96.30
CIRCUIT ELE-NVDR   CIRKIT-R               16.79         -96.30
ITV PCL-NVDR          ITV-R               36.02        -121.94
K-TECH CONSTRUCT    KTECH/F               38.87         -46.47
KTECH CONSTRUCTI      KTECH               38.87         -46.47
K-TECH CONTRU-R     KTECH-R               38.87         -46.47
KUANG PEI SAN        POMPUI               17.70         -12.74
KUANG PEI SAN-F    POMPUI/F               17.70         -12.74
KUANG PEI-NVDR     POMPUI-R               17.70         -12.74
PAE THAI PUB CO         PAE               42.42          -0.28
PAE THAI-FRGN         PAE/F               42.42          -0.28
PAE THAI-NVDR         PAE-R               42.42          -0.28
PATKOL PCL               PK               52.89         -30.64
PATKOL PCL-FORGN       PK/F               52.89         -30.64
PATKOL PCL-NVDR        PK-R               52.89         -30.64
PROFESSIONAL WAS        PRO               10.68          -1.71
PROFESSIONAL-F        PRO/F               10.68          -1.71
PROFESSIONAL-N        PRO-R               10.68          -1.71
SHUN THAI RUBBER      STHAI               13.16          -6.13
SHUN THAI RUBB-F    STHAI/F               13.16          -6.13
SHUN THAI RUBB-N    STHAI-R               13.16          -6.13
TONGKAH HARBOU-F      THL/F               62.30          -1.84
TONGKAH HARBOUR         THL               62.30          -1.84
TONGKAH HAR-NVDR      THL-R               62.30          -1.84
TRANG SEAFOOD           TRS               15.18          -6.61
TRANG SEAFOOD-F       TRS/F               15.18          -6.61
TRANG SFD-NVDR        TRS-R               15.18          -6.61
TT&T PCL               TTNT              169.38        -510.60
TT&T PCL-NVDR        TTNT-R              169.38        -510.60
TT&T PUBLIC CO-F     TTNT/F              169.38        -510.60
WORLD CORP -NVDR    WORLD-R               15.72         -10.10
WORLD CORP PCL        WORLD               15.72         -10.10
WORLD CORP PLC-F    WORLD/F               15.72         -10.10



                             *********

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.



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