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

                      A S I A   P A C I F I C

            Thursday, July 2, 2015, Vol. 18, No. 129


                            Headlines


A U S T R A L I A

ADDCOLOUR DIGITAL: First Creditors' Meeting Set for July 9
ATLAS IRON: S&P Ups Corp. Credit Rating to 'CCC+'; Outlook Neg.
ENDUREQUIP PTY: First Creditors' Meeting Slated for July 9
FIDEX PTY: First Creditors' Meeting Set For July 10
LA CITA: Goes Into Liquidation; Blames Sydney Lockout Laws

SET SQUARE: First Creditors' Meeting Set For July 7
TAGARA BUILDERS: Clifton Hall Appointed as Liquidators
* AUSTRALIA: ASIC Winds Up 12 Abandoned Companies


C H I N A

BANK OF NANJING: S&P Lowers ICR to 'BB+'; Outlook Stable
CHINA: Hidden Debt Risks Rise as Developers Scrap Bond Promises
GREENTOWN CHINA: Moody's Raises CFR to Ba3; Outlook Positive
KAISA GROUP: Steps Into New Business to Survive
KWG PROPERTY: S&P Revises Outlook to Stable & Affirms 'BB-' CCR

REDCO PROPERTIES: Fitch Affirms 'B' Issuer Default Rating


I N D I A

ALLY PHARMA: ICRA Suspends B- Rating on INR8.0cr LT Loan
ANSAL PROPERTIES: CARE Rates INR72.5cr Term Loan at 'B (SO)'
ARYA AUTOMOBILES: ICRA Suspends B- Rating on INR9cr Bank Loan
ASSOCIATE DECOR: ICRA Suspends 'D' Rating on INR366.5cr Loan
BALAJI COTEX: CRISIL Suspends B Rating on INR60MM Cash Loan

BANWARILAL SRIRAM: ICRA Rates INR8.0cr Fund Based Loan at 'B'
BHARAT ENGINEERINGWORKS: CARE Rates INR5.17cr LT Loan at 'B'
BIG FLY: ICRA Assigns 'B' Rating to INR6.50cr Cash Credit
BUXA DOOARS: CRISIL Cuts Rating on INR69.4MM Loan to 'D'
COMMUNITY CENTRE: ICRA Withdraws 'D' Rating on INR8cr LT Loan

CRUX BIOTECH: Ind-Ra Affirms 'IND B+' Long-Term Issuer Rating
DEVKIRAN PAPER: CRISIL Reaffirms B Rating on INR120MM Cash Loan
DRN HOSPITALITIES: CRISIL Reaffirms 'B' Rating on INR92.2MM Loan
EVERWIN TEXTILE: CRISIL Suspends 'D' Rating on INR350MM Loan
FAIRDEAL MULTIFILAMENT: CARE Assigns B+ Rating to INR7.59cr Loan

FILTRA CATALYSTS: Ind-Ra Ups Long-Term Issuer Rating to 'IND BB'
FIREFLY BATTERIES: CARE Rates INR8.70cr Bank Loan at 'B+/A4'
FOURESS ENGINEERING: Ind-Ra Withdraws 'IND BB+' LT Issuer Rating
GANESH TAMULI: CRISIL Suspends B+ Rating on INR30MM Cash Loan
GOALTORE COLD: CRISIL Ups Rating on INR55.4MM Cash Loan to B-

HOMEMAKER ENTERPRISES: ICRA Suspends B/A4 Rating on INR7cr Loan
HCS FOODS: CRISIL Cuts Rating on INR50MM Cash Loan to 'D'
IMEX TRADERS: ICRA Suspends 'B' Rating on INR8.0cr LT Loan
INTERCARAT: CRISIL Suspends 'D' Rating on INR239.9MM Loan
JNJ MACHINES: ICRA Upgrades Rating on INR15.52cr Term Loan to B+

JOYS STEEL: CARE Assigns 'B' Rating to INR13cr LT Bank Loan
KAMSRI PRINTING: ICRA Reaffirms C Rating on INR8.80cr Loan
KERNEX MICROSYSTEMS: CRISIL Reaffirms B- Rating on INR150MM Loan
KWALITY STEELS: CRISIL Assigns B Rating to INR30MM Cash Loan
LAKSHMIDURGA TEXTILES: ICRA Assigns B+ Rating to INR7.5cr Loan

MVL LIMITED: Ind-Ra Withdraws 'IND D(suspended)' LT Issuer Rating
NAVA KARNATAKA: Ind-Ra Withdraws 'IND D' LT Issuer Rating
NEW LAKSHMI: CARE Reaffirms B+ Rating on INR14.50cr LT Loan
QUTONE GRANITO: CRISIL Suspends B Rating on INR190MM Term Loan
RAIPUR BOTTLING: ICRA Assigns 'B+' Rating to INR10cr Cash Loan

RAJAN JEWELLERY: CRISIL Ups Rating on INR100MM Loan to 'B-'
RAMKY ELSAMEX: CARE Reaffirms 'D' Rating on INR211.11cr LT Loan
RANA MOTORS: ICRA Suspends B/A4 Rating on INR55cr Bank Loan
RATCHET LABORATORIES: CRISIL Suspends 'D' Rating on INR120MM Loan
RCM INFRASTRUCTURE: Ind-Ra Suspends 'IND B+' LT Issuer Rating

S.R.R. IMPEX: CRISIL Assigns B- Rating to INR35.5MM Cash Loan
SAHAYOG CLEAN: CRISIL Reaffirms 'B' Rating on INR65MM Term Loan
SAL INTERNATIONAL: CRISIL Suspends B+ Rating on INR80MM Cash Loan
SERVOCONTROLS AND HYDRAULICS: ICRA Reaffirm B+ INR5cr Loan Rating
SHREE HANS: ICRA Reaffirms B+ Rating on INR0.88cr Loan

SHREE RAM: ICRA Suspends 'B' Rating on INR3.80cr Term Loan
SHRIDHAR INDUSTRIES: ICRA Reaffirms B+ Rating on INR5.5cr Loan
SIGNATURE AUTOMOBIILES: CARE Ups Rating on INR11.53cr Loan to B+
SOGO COMPUTERS: Ind-Ra Withdraws IND BB-(suspended) Issuer Rating
SOGO SYNERGY: Ind-Ra Withdraws 'IND B-' LT Issuer Rating

SPANDAN MULTISPECIALITY: ICRA Ups Rating on INR6.43cr Loan to B+
SRI BHAGAWAN: ICRA Assigns B+ Rating to INR3.50cr Cash Credit
SRI JAGANNATH: ICRA Suspends 'B' Rating on INR4.0cr Loan
SRI LAKSHMI: ICRA Reaffirms 'B+' Rating on INR19.60cr Loan
SRI RAM: CRISIL Suspends B+ Rating on INR77.5MM Bank Loan

SUMESH ENGINEERS: CRISIL Reaffirms B+ Rating on INR30MM Loan
SUPER HOBS: ICRA Suspends 'B' Rating on INR7.15cr Bank Loan
SUVARNA LAKSHMI: ICRA Reaffirms B+ Rating on INR18.0cr Cash Loan
TRENDY WHEELS: CRISIL Suspends B+ Rating on INR30MM Cash Loan
TRUE WELL: ICRA Upgrades Rating on INR4.85cr Loan to 'B'

UMA MAHESHWARI: CRISIL Suspends 'D' Rating on INR70MM Cash Loan
UNITED COMPOSHEETS: ICRA Reaffirms 'B' Rating on INR6.0cr Loan
VARASIDDHI INFRA: CRISIL Reaffirms D Rating on INR70MM Loan
VRUNDAVAN ENTERPRISE: ICRA Reaffirms B+ Rating on INR22.75cr Loan


I N D O N E S I A

MAXPOWER GROUP: Moody's Withdraws (P)B1 Corporate Family Rating
PAKUWON JATI: S&P Revises Outlook to Positive & Affirms 'B+' CCR


J A P A N

SHARP CORP: S&P Lowers CCR to 'SD' on Debt-Equity Swap


M A L A Y S I A

MALAYSIA AIRLINES: To Shift Fleet From Large to Small, CEO Says


S I N G A P O R E

STATS CHIPPAC: Moody's Retains Ba3 CFR on Review for Downgrade
STATS CHIPPAC: S&P Lowers CCR to 'BB'; Outlook Stable


                            - - - - -


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

ADDCOLOUR DIGITAL: First Creditors' Meeting Set for July 9
-----------------------------------------------------------
Steven Gladman and David Ingram of Hall Chadwick were appointed as
administrators of Addcolour Digital Pty Limited on June 29, 2015.

A first meeting of the creditors of the Company will be held at
QT Canberra, Ball Room 2, 1st Floor, 1 London Circuit, in
Canberra, on July 9, 2015, at 11:30 a.m.


ATLAS IRON: S&P Ups Corp. Credit Rating to 'CCC+'; Outlook Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
corporate credit rating on Australian iron ore miner Atlas Iron
Ltd. and the company's senior secured debt to 'CCC+'.  At the same
time, S&P removed all ratings from CreditWatch with negative
implications, where they were placed on April 7, 2015.  The
recovery rating on the senior secured debt has been revised to '4'
from '3', reflecting S&P's view of lower recovery prospects (30%-
50%) in the event of a default.

"The upgrades reflect our expectation of an improvement in Atlas
Iron's operations and liquidity, despite the tough trading
conditions facing the iron ore industry," Standard & Poor's credit
analyst May Zhong said.  "In our view, the company's new
agreements with its key contactors will significantly reduce its
production costs and improve its viability."

Atlas Iron has recently executed an innovative collaboration
agreement with its contactors for its Abydos and Wodgina
operations.  In addition, its revised agreement with its
contractor BGC Australia Pty Ltd. will also reduce its mining
costs by 10%-12% from what it previously paid for the Mt Webber
mine.  Under these agreements, Atlas Iron is able to reduce its
breakeven cost from US$61 per dry metric ton (dmt) to US$50 per
dmt.  While its positive operating cash flows will be shared among
the contractors under the collaboration agreement, the agreement
provides Atlas Iron with a sustainable operating model to
accommodate some reduction in benchmark iron ore prices from the
level of around US$60.  In addition, the company received
shareholder approval on June 25, 2015, to issue up to A$180
million equity to further boost its liquidity.

S&P's assessment of Atlas Iron's "vulnerable" business risk
profile reflects its relatively small scale globally, improving
production cost, and exposure to volatile iron ore prices.
Although Atlas Iron has made good progress in lowering its
breakeven production costs, it remains vulnerable if benchmark
iron ore prices were to sustain below US$50 per dmt.  Compared
with the top-three iron ore miners in Australia, the company's
scale is small and it lacks an integrated infrastructure to
transport its ore from pit to port.  Although Atlas Iron's ore is
of relatively low iron (Fe) grade, some of its production has
physical and chemical characteristics that enable it to be
converted to lump products.  Given the favorable lump premium
enjoyed in the market, Atlas is going to produce some lump
products from its Abydos and Mt Webber operations to boost its
earnings.

Atlas Iron's "highly leveraged" financial risk profile reflects
its high sensitivity to iron ore prices and S&P's expectation of
weak cash flow protection metrics due to low iron ore prices. S&P
forecasts its EBITDA interest coverage will reduce substantially,
to less than 1x in the year ended June 30, 2015, from 7.6x in
fiscal 2014, due to a material fall in its EBITDA.

Ms. Zhong added: "The negative outlook reflects our concerns that
Atlas Iron's ability to generate positive operating cash flows
remains vulnerable and is dependent on favorable economic
conditions (that is, benchmark iron ore prices staying close to
US$60 per dmt) to meet its financial commitment.  Although Atlas
Iron has made good progress in reducing its operating costs, its
viability could be pressured if benchmark iron ore prices fall
below US$50 per dmt."

S&P could lower the ratings if Atlas Iron's cash holdings were to
deteriorate.  This would likely occur if benchmark iron prices
were sustained at less than US$50 per ton (all else being equal)
as Atlas Iron would struggle to generate positive cash flows.  S&P
could also lower the ratings if it had concerns regarding the
company's overall viability, such that S&P considered the prospect
of a distressed exchange to be more likely.

S&P could consider revising the outlook to stable if Atlas Iron
develops a track record of producing iron ore at lower production
costs and accumulates sufficient free cash flows.  This scenario
would also be predicated on increased stability and visibility of
iron ore prices.  In S&P's view, Atlas Iron's ability to ensure
its production viability is key to the company proactively
managing its refinancing risk in December 2017.


ENDUREQUIP PTY: First Creditors' Meeting Slated for July 9
----------------------------------------------------------
Gavin Charles Morton of Morton's Solvency Accountants was
appointed as administrator of Endurequip Pty Ltd on June 29, 2015.

A first meeting of the creditors of the Company will be held at
Morton's Solvency Accountants, Level 11, 410 Queen Street, in
Brisbane, Queensland, on July 9, 2015, at 11:00 a.m.


FIDEX PTY: First Creditors' Meeting Set For July 10
---------------------------------------------------
Mark Hall and Timothy Clifton of Clifton Hall were appointed as
Joint and Several Liquidators of Fidex Pty Ltd on 30 June 2015.

A meeting of creditors will be held at 11:30 a.m. on July 10, 2015
at Clifton Hall, Level 3, 431 King William Street, in Adelaide.


LA CITA: Goes Into Liquidation; Blames Sydney Lockout Laws
----------------------------------------------------------
Cara Waters at SmartCompany reports that longstanding Sydney
restaurant and bar La Cita collapsed into liquidation last week
and the directors are blaming the NSW government's lockout laws
which were recently enforced across the Sydney central business
and entertainment district.

La Cita Latin Restaurant Bar & Club had been trading at Darling
Harbour for 13 years but was hit hard by the laws, which are part
of the NSW government's crackdown on drug and alcohol-fuelled
violence, according to SmartCompany.

SmartCompany relates that the laws were introduced last year and
impose mandatory 1:30 a.m. lockouts on many CBD venues in a move
designed to safeguard Sydney's reputation as a safe city.

Small bars serving up to 60 people, restaurants, casinos and
tourist accommodation facilities are exempt from the laws, the
report notes.

At the time, the Australian Hotels Association expressed its
concerns about the lockout laws, arguing they punish businesses
that rely on the night-time economy despite their having nothing
to do with street violence, SmartCompany says.

La Cita's owners told SmartCompany the 1:30 a.m. lockouts and
3:00 a.m. 'last drinks' laws are to blame for a "radical drop in
business turnover".

La Cita, which previously turned over more than AUD2 million a
year and had 10 employees, accumulated debts of AUD580,000 before
collapsing, SmartCompany says.

Anthony Warner of CRS Insolvency Services was appointed as a
liquidator last week, SmartCompany discloses.

According to SmartCompany, Mr. Warner said the business was
initially looking to enter into voluntary administration, but the
owner was locked out before he could proceed with a recovery plan.

La Cita's employees were made redundant before Warner's
appointment, the report adds.

SmartCompany relates that Mr. Warner said other hospitality
businesses in Sydney have also collapsed as a result of the
lockout laws.

"[La Cita] had been trading profitably for the last 13 years to my
knowledge," SmartCompany quotes Mr. Warner as saying.  "It [the
lockout laws] might not be the sole explanation but it was a
significant factor."

Mr. Warner is now looking to sell the company's business name, 'La
Cita', the report adds.


SET SQUARE: First Creditors' Meeting Set For July 7
---------------------------------------------------
Daniel Lopresti and Timothy Clifton of Clifton Hall were appointed
as Joint and Several Liquidators of Set Square Constructions Pty
Ltd on 25 June 2015.

A meeting of creditors will be held at 10:30 a.m. on July 7, 2015,
at Clifton Hall, Level 3, 431 King William Street, in Adelaide.


TAGARA BUILDERS: Clifton Hall Appointed as Liquidators
------------------------------------------------------
Timothy Clifton and Simon Miller of Clifton Hall were appointed as
Joint and Several Liquidators of Tagara Builders Pty Ltd on
June 26, 2015.


* AUSTRALIA: ASIC Winds Up 12 Abandoned Companies
-------------------------------------------------
ASIC winds up 12 abandoned companies that owed more than $335,000
in employee entitlements

ASIC has exercised its wind up powers to appoint liquidators to 12
abandoned companies to assist employees of these companies to gain
access to the Fair Entitlements Guarantee scheme (FEG).

The appointment of liquidators also facilitates a full and proper
investigation into the reasons why the companies failed and allows
recovery of any voidable or unreasonable director-related
transactions.

ASIC has now used its wind up powers in 2014/15 to appoint
liquidators to 31 companies that owed a total of 98 employees more
than AUD995,000 in entitlements.

The latest abandoned companies owe at least 42 employees a total
in excess of AUD335,000 in employee entitlements. The companies
are:

  Company                  Liquidator and Firm         State
  -------                  -------------------         -----
  Composite Building       Leigh Prior of Pitcher       SA
  Systems Pty Ltd          Partners
  R&L Printing Pty Ltd     Kate Warwick and Derrick     VIC
                    Vickers of PWC

  Ausclubcard Pty Ltd      Gary Fettes of Rodgers       VIC
                           Reidy

  Stableford Nominees      Ross Blakeley of FTI         VIC
  Pty Ltd                  Consulting

  Arareil Pty Ltd          Stefan Dopking of FTI        QLD
                           Consulting

  NSP Salary Packaging     Jason Tracy of Deloitte      NSW
  Service Pty Ltd

  Spraytime (Qld) Pty      Anne Meagher of SV           QLD
  Ltd                      Partners

  Boord Nominees Pty       Leigh Prior of Pitcher       SA
  Ltd                     Partners
  Javelin Transport        Richard Hughes of Deloitte   QLD
  National Pty Ltd
  New Year Investments     Anne Meagher of SV           QLD
  Pty Ltd                  Partners
  Gazal Telecom Australia  Hugh Armenis of Bentleys     NSW
  Pty Ltd

  MDK Services Pty Ltd     Michael Carrafa of SV        VIC
                           Partners
The FEG is a legislative safety net scheme funded by the
Australian Government. It is designed to assist employees owed
unpaid employee entitlements because of their employer company's
liquidation or the company directors' bankruptcy.

However, some employees owed entitlements cannot access FEG
because the companies' directors are either unable to discharge
their duties or abandoned their insolvent companies without
putting them into liquidation. ASIC's appointment of liquidators
facilitates access to FEG for these employees. ASIC first used its
powers in 2013.


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


BANK OF NANJING: S&P Lowers ICR to 'BB+'; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term issuer credit rating on Bank of Nanjing Co. Ltd. (BONJ)
to 'BB+' from 'BBB-'.  The outlook is stable.  S&P also lowered
the short-term issuer credit rating on the China-based bank to 'B'
from 'A-3'.  S&P affirmed its 'cnBBB+' long-term and 'cnA-2'
short-term Greater China regional scale ratings on BONJ.

"We lowered the rating to reflect BONJ's weakened capitalization
owing to the bank's rapid growth in 2014 and the first quarter of
2015," said Standard & Poor's credit analyst Harry Hu.

S&P expects BONJ's risk-adjusted capital (RAC) ratio to decline to
5.5%-6.5% over the next 12-18 months, compared with S&P's earlier
expectation of more than 7%.  S&P has therefore revised its
assessment of the bank's capitalization to "moderate" from
"adequate."  S&P anticipates that BONJ's growth will reduce for
the remainder of this year and the bank will achieve its targeted
total assets of about Chinese renminbi (RMB) 680 billion.  S&P
also considered BONJ's new equity issuance, other capital raising
plans, and reasonable internal capital generation.

S&P's rating on BONJ also reflects the 'bbb-' anchor for banks in
China, and BONJ's small size but strong franchise in Nanjing,
established position in China's debt capital market, adequate risk
position, supportive deposit book, and sufficient liquidity.

BONJ has a small market share, with limited geographic
diversification, compared with its larger domestic peers.
Nonetheless, its established market position in Nanjing and a few
other cities in Jiangsu province support its business position.
Moreover, the bank is likely to benefit from its strategic
cooperation with BNP Paribas, the second-largest shareholder.  The
French bank plays an active role in BONJ's corporate governance
and management.  S&P assess BONJ's business position as "adequate"
based on the above factors.

BONJ's capitalization is in line with that of other commercial
banks in China.  In S&P's calculation, it has factored in the
bank's distribution of wealth management products, where the bank
is not legally exposed to the underlying risks.  However, BONJ may
face pressure from investors to bail them out, should some of
these products fail to perform.  S&P applies this adjustment for
all Chinese banks.

BONJ's "adequate" risk position reflects the bank's low
nonperforming loan (NPL) ratio, notwithstanding an increase in
charge off and new credit loss provisions in the past year.  The
increase in credit loss provisions is largely driven by changes in
regulatory requirement and BONJ's fast growth.  The ratio S&P has
used is lower than the bank's reported figure because it
classified invested receivables as loans and made some other
adjustments.  At the same time, because of BONJ's recent high
growth, its portfolio may take time to season and get reflected in
the credit risk profile.  Moreover, S&P expects a deterioration in
credit conditions for the Chinese banking industry as the economy
slows.

S&P could revise its assessment of BONJ's risk position upward if
the bank can maintain its low NPL ratio through an economic cycle,
which is currently still on the downswing.  The bank keeps a high
level of reserves for potential losses.

Risks from BONJ's debt market activities are low and well managed,
in S&P's opinion.  The bank has assigned conservative risk limits
for its trading activities.  Although BONJ carries certain
counterparty exposures, S&P notes that the underlying assets are
generally liquid and of high quality.

BONJ's "average" funding and "adequate" liquidity are similar to
the industry average.  The bank's stable funding ratio was above
100% and S&P expects this to improve following the new equity
raising.  BONJ's limited geographic reach and high proportion of
corporate customer deposits tempers this strength.  S&P believes
BONJ can survive liquidity stress with no access to market funding
over the next six months because of its substantial liquid assets
and access to the central bank's short-term liquidity facilities.

The rating on BONJ is the same as the stand-alone credit profile,
reflecting the bank's "low systemic importance," given its small
share in China's banking sector.  The rating also does not factor
in any extraordinary support from BONJ's major shareholders
because S&P do not view the bank as a group member of any of its
major shareholders.

"The stable outlook reflects our view that BONJ will maintain its
business position and a RAC ratio of 5%-7% over the next 12-18
months," said Mr. Hu.

S&P also expects the bank's credit risk to moderate owing to
China's slowing economy.  S&P believes the possibility of a
positive rating action on BONJ is higher than that of a negative
rating action.

S&P may positively review the rating if the bank's credit risks
stabilize through an economic cycle.  Consistently better net
charge off and NPL ratios than the industry average, and slower
growth in new provisions would indicate such improvement.  S&P may
also positively review the rating if S&P expects BONJ's RAC ratio
to increase above 7%.

S&P may negatively review the rating if it expects BONJ's RAC
ratio to fall below 5%.  S&P may also lower the rating if the
bank's net charge offs and new credit loss provisions are higher
than the industry average and S&P expects this trend to continue.


CHINA: Hidden Debt Risks Rise as Developers Scrap Bond Promises
---------------------------------------------------------------
Lianting Tu and David Yong at Bloomberg News report that China's
developers are scrapping safeguards written into their bonds,
sparking concern that they are attempting to hide rising debt
loads after a landmark default.

Bloomberg relates that five developers this year have loosened or
are trying to relax financing limits and make it easier to enter
joint ventures that can move liabilities off their balance sheets.
That's up from three in the same period of 2014.  Junk-rated
issuers including Agile Property Holdings Ltd. and Modern Land
China Co. have sought to trim protections for overseas investors,
dragging them to the weakest since 2011, Bloomberg reports citing
Moody's Investors Service.

Bloomberg says Kaisa Group Holdings Ltd. became the first Chinese
property company to default on dollar bonds in April and a
potential white-knight pulled plans to acquire the company after a
debt restatement. The number of real estate firms with more
liabilities than equity has jumped to 136 from 57 in 2007, after a
debt-fueled construction boom, Bloomberg discloses.

"When you give issuers more relaxation, it opens the flood gate
for higher debt loads and potentially more hidden debt," Bloomberg
quotes Raymond Chia, head of credit research for Asia ex-Japan in
Singapore at Schroder Investment Management Ltd., which oversaw
$474 billion of assets on March 31, as saying. "Even newer
developers are asking for more leeway, which is disconcerting as
they don't have a track record of dealing with crises."

According to Bloomberg, lenders rely on vows known as covenants in
bond agreements to protect against failures. Borrowers can alter
the pledges by getting consent from a simple majority of investors
and paying a fee. While creditors have the option to vote against
such proposals, doing so deprives them of the payments, the report
notes.

Premier Li Keqiang has responded to a cooling property market by
easing home buying rules, cutting benchmark rates and relaxing
fundraising rules for builders, Bloomberg says. The steps have led
to signs of recovery. Home-sale declines in January-May moderated
to 0.2 percent from 4.8 percent in the first four months, the
report states.

The yield premium on high-yield Chinese dollar bonds has jumped 20
basis points from a low for the year in May to 726 basis points,
adds Bloomberg.

Bloomberg reports that Beijing-based Modern Land received consent
to alter its indentures, a company filing dated June 26 showed,
without giving details. In bond documents, it promised to maintain
earnings before interest, taxes, depreciation and amortization of
at least 3 times fixed charges such as interest payments. The
builder of energy-saving homes had sought to cut the ratio to 2.75
times, Bloomberg relates citing an HSBC Holdings Plc report.

"The loosening shows Chinese developers expect their credit
metrics could worsen," Bloomberg quotes Glenn Ko, credit analyst
at UBS Group AG in Hong Kong, as saying. "Hence the desire to have
bigger headroom for more flexibility including raising new debt."

Amid concern about companies' ability to raise fresh funds, the
People's Bank of China cut its benchmark one-year lending rate to
a record low of 4.85 percent over the weekend, Bloomberg says.

The reduction may not reduce developers' financing costs, as many
Hong Kong-listed builders have more debt offshore than onshore, Du
Jinsong, an analyst at Credit Suisse Group AG, wrote in an
e-mailed note cited by Bloomberg.

Modern Land also sought to raise the amount of money it can invest
to 20 percent of total assets from 10 percent, which would make it
easier to enter into joint ventures, said Jake Avayou, senior
covenant analyst at Moody's, Bloomberg adds.

"This reflects developers' increasing use of joint ventures for
projects to share funding and development risks," UBS's Ko wrote
in a research note on June 11, Bloomberg relays. "As land and
construction costs are escalating and clearing inventory remains a
focus for many developers, we expect the pressure on their
profitability to continue."

Soho China Ltd., co-founded by billionaire Zhang Xin who is among
China's 10 richest women, got consent this month to raise the
amount of its borrowings exempt from interest coverage or leverage
ratio tests to 30 percent from 20 percent, according to a
statement seen by Bloomberg.


GREENTOWN CHINA: Moody's Raises CFR to Ba3; Outlook Positive
------------------------------------------------------------
Moody's Investors Service has upgraded Greentown China Holdings
Limited's corporate family rating to Ba3 from B1 and its senior
unsecured debt rating to B1 from B2.

The outlook for the ratings is positive.

RATINGS RATIONALE

"The rating upgrades reflect Moody's view that Greentown will
receive extraordinary financial support from its largest
shareholder, China Communications Construction Group Limited, in
times of need," says Franco Leung, a Moody's Vice President and
Senior Analyst.

Greentown's Ba3 corporate family rating reflects its fundamental
credit profile, as well as a one-notch uplift, based on Moody's
expectation that the company will receive extraordinary financial
support from China Communications Construction Group (CCCG,
unrated) in times of financial distress.

CCCG is a state-owned enterprise wholly owned by the State Council
of China.  The company holds a 63.8% ownership stake in China
Communications Construction Co. Ltd. (CCCC, A3 stable), which is
in turn one of the largest road and bridge construction companies
in China, and also a major port design and construction company in
the country.

CCCC operates four main business segments: (1) infrastructure
construction: mainly the building of roads, bridges and ports; (2)
infrastructure design; (3) dredging; and (4) the manufacture of
heavy machinery.

Moody's expects CCCG will have the financial capacity to provide
the extra-ordinary financial support to Greentown in times of
financial distress.

The rating upgrades also take into account CCCG's ownership and
control of Greentown.  CCCG is Greentown's largest shareholder,
with a 28.9% stake.  Wharf (Holdings) Ltd. (unrated) owns the
second-largest share totaling 24.3%.

Moody's believes that CCCG's influence over Greentown is
significant, given that Greentown's Board of Directors include
five representatives from CCCG, according to company information.

As for Greentown's significance to CCCG, Moody's points out that
Greentown's long track record in property development, well-
established brand name and high quality products could help CCCG
develop its existing land bank.

Moody's will monitor any positive developments in Greentown's
operations and financial profile, arising from the business
synergies between Greentown and CCCG.

Greentown's fundamental credit profile reflects its well-
established market position in property development in Hangzhou
city and Zhejiang Province, as well as the company's long
operating track record, sound brand name, quality products, and
large land bank.

On the other hand, Greentown's fundamental credit profile is
constrained by its weak liquidity position and high debt leverage.

The B1 senior unsecured bond rating includes a one-notch
adjustment, due to legal and structural subordination risks to
bond investors.

Moody's expects that Greentown's secured and subsidiary debt to
total assets will range between 15% and 20% over the next 12-18
months, because the company relies on onshore borrowings at the
subsidiary or project level to fund its operations and
investments.

Moody's notes that Greentown's reported cash holdings of RMB9.1
billion at end-2014 were inadequate to cover its short-term debt
of RMB12.1 billion.

The positive ratings outlook reflects Moody's expectation that
Greentown's liquidity position will improve.  In particular, it
will have better access to bank funding, due to CCCG's ownership,
and given CCCG's status as a state-owned enterprise.  Greentown
will therefore benefit from stable funding to support its business
plans.

Greentown's ratings outlook could return to stable if the company:
(1) shows no improvement in its liquidity position, such that its
cash to short term debt falls below 70%; or (2) shows a further
contraction in its profit margin to below 15%-20%, and if its
EBIT/interest falls below 2x for a sustained period.

Any evidence of weakening ownership and support from CCCG will
also negatively affect Greentown's ratings.

On the other hand, upward ratings pressure could emerge if
Greentown: (1) lowers its debt leverage such that its revenue to
adjusted debt is maintained in excess of 80%-85%; and (2) improves
its liquidity profile by exercising prudent financial management
and land acquisition strategy.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Greentown China Holdings Limited is one of China's major property
developers, with a primary focus in Hangzhou City and Zhejiang
Province.  At end-2014, the company had 98 projects with a total
gross floor area of 34.89 million square meters.  Of this total,
19.06 million square meters were attributable to the company.


KAISA GROUP: Steps Into New Business to Survive
-----------------------------------------------
The South China Morning Post reports that beleaguered mainland
property companies are increasingly branching out into other
businesses to weather the headwinds facing the industry, with
Kaisa Group Holdings announcing a sports centre deal and Renhe
Commercial Holdings tapping the agricultural products market.

Kaisa, the first mainland developer to have defaulted on its
offshore debts, said on June 24 it had won the rights to solely
manage a sports centre in Foshan, near its Shenzhen headquarters,
according to the report.

SCMP says investors are closely watching how founding chairman
Kwok Ying-shing -- who returned to the firm in April after leaving
last year -- revives the company's fortunes from near-bankruptcy
after rival Sunac China stepped away last month from a HK$4.55
billion deal to acquire the Kwok family trust's controlling stake.
Sunac's acquisition was expected to see Kaisa through this
difficult phase, the report notes.

Once Shenzhen's largest homebuilder in terms of sales, Kaisa's
troubles began in December when the city government barred it from
selling certain projects, as part of the corruption probe into a
former local official, SCMP recalls.

According to the report, Graham Lim, a partner at law firm Jones
Day, said the announcement was a positive signal, showing an
improvement in Kaisa's relations with the government. But the
company needs to reach restructuring agreements with onshore and
offshore debt holders and increase its public share float to the
minimum regulatory requirement of 25 per cent from the current
21 per cent, he said.

SCMP relates that Kaisa said the permission to manage the Foshan
sports centre for 20 years -- a deal that comes a month after the
Shenzhen government gave it another sports centre in Yantian
district to manage -- showed the company's strong branding, and
abundant access to industry resources in the sports and
entertainment industry. This sector is projected to be worth
CNY5 trillion (HK$6.3 trillion) by 2025, from CNY1.1 trillion in
2013, the report says.

"This is why Kaisa can stand out against rivals and why government
departments entrust Kaisa with the management of these centres,"
the company said.

Kaisa, which now manages 800,000 square metres of sports
facilities, is looking at opportunities in other cities in
Guangdong as well as other provinces such as Anhui, Hubei,
Liaoning and Chongqing. This is part of its strategy to move away
from the capital-intensive property business as growth in housing
demand is expected to slow in the next decade.

Meanwhile, SCMP reports that Renhe, which recently offered to
redeem some offshore notes at a discount to par value, announced
it is buying eight wholesale markets selling agricultural products
in a HK$6.5 billion deal.

Chief executive Wang Hongfang told reporters his company aims to
beef up e-commerce expansion and increase online agricultural
product sales volume to more than CNY10 billion this year, on top
of the current offline sales of CNY60 billion, the report relays.

Renhe also plans to go slow on its traditional business,
constructing underground malls, as the mainland experiences a glut
in retail space as well as in office and residential properties,
the report adds.

                        About Kaisa Group

China-based Kaisa Group Holdings Ltd. (HKG:1638) --
http://www.kaisagroup.com/english/-- is an investment holding
company, and its subsidiaries are engaged in property development,
property investment and property management.

As reported in the Troubled Company Reporter-Asia Pacific on
June 3, 2015, Moody's Investors Service changed to negative from
positive the outlook on Kaisa Group Holdings Ltd's Ca corporate
family and senior unsecured debt ratings.  At the same time,
Moody's has affirmed the company's Ca corporate family and senior
unsecured debt ratings.


KWG PROPERTY: S&P Revises Outlook to Stable & Affirms 'BB-' CCR
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on KWG Property Holding Ltd. to stable from negative.  At
the same time, S&P affirmed its 'BB-' long-term corporate credit
rating on the company and its 'B+' long-term issue rating on its
senior unsecured notes.

As a result of the outlook revision, S&P raised its long-term
Greater China regional scale rating on KWG to 'cnBB+' from 'cnBB'
and on the notes to 'cnBB' from 'cnBB-'.

"We revised the outlook to reflect our expectation that KWG's
sales execution will improve in 2015 owing to slightly better
market conditions, and its profitability and liquidity will remain
solid," said Standard & Poor's credit analyst Matthew Kong.
"However, we expect KWG's significant ongoing construction
requirements to keep its consolidated leverage high over the next
12 months."

KWG's total gross debt increased 17.2% to Chinese renminbi (RMB)
24.5 billion at the end of 2014.  S&P expects the company's
leverage to improve only modestly in 2015, and the debt-to-EBITDA
ratio should stay over 7x in the next two years.  S&P has
therefore revised its assessment of KWG's financial risk profile
to "highly leveraged" from "aggressive."

In S&P's view, KWG's unconsolidated jointly controlled entities
(JCEs) have good quality assets and profitability.  They also
provide strong cash flows that underpin the company's large cash
balance.  These factors are reflected in S&P's assessment of KWG's
"strong" liquidity and "positive" comparable rating analysis, and
offset the downward adjustment in the financial risk profile.

KWG's "see-through" leverage, which takes into account the
financial details of JCEs, is lower and more commensurate with an
"aggressive" financial risk profile.  The lower see-through
leverage is because the JCEs have less debt because capital
injections from parent companies fund most of their land costs.

"We expect KWG's sales growth to be satisfactory over the next two
years, thanks to the company's well-distributed projects in major
cities and established brand recognition in its home market of
Guangzhou," said Mr. Kong.  "KWG's profitability is also likely to
remain strong because of the company's sizable exposure to tier-
one cities."

KWG faces some execution risk as it expands into new cities.  The
company entered Hangzhou, Zhengzhou, and Nanjing in the past two
years.  Its market position in these cities is yet to be
established.  KWG's material exposure to the high-end market
segment also constrains its "fair" business risk profile, although
the company intends to increase its mass market exposure.

S&P may lower the rating if KWG's liquidity weakens meaningfully.
This could happen if property sales in 2015 are substantially less
than RMB19 billion, or the company's cash position materially
declines at the end of the year.  S&P could also lower the rating
if KWG's debt-funded expansion is more aggressive than S&P
expects, such that its ratio of EBITDA to interest coverage falls
below 2x on a sustained basis.

S&P may raise the rating if the company can execute its sales plan
well, control its total borrowings, and reduce its leverage, such
that the debt-to-EBITDA ratio is below 5x.


REDCO PROPERTIES: Fitch Affirms 'B' Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has affirmed China-based Redco Properties Group
Ltd's (Redco) Long-Term Foreign-Currency Issuer Default Rating
(IDR) at 'B' with Stable Outlook. The agency has also affirmed
Redco's senior unsecured ratings and its USD125m 13.75% senior
notes due 2019 at 'B' with Recovery Ratings of RR4.

Redco's ratings are affirmed as its financial profile remains
stable, and its leverage as measured by net debt/adjusted
inventory of 29% at end-2014 remains low compared with the 40%
average of companies rated at the same level. However, its small
business scale and low land-bank quality continue to constrain its
ratings.

KEY RATING DRIVERS
Limited Business Scale: Redco has a land bank of four million
square metres (sq m) at end-2014 with 17 projects in its pipeline
in seven cities, and achieved contracted sales of CNY3.2bn in
2014. It does not have a significant presence in any of the cities
except Nanchang, where it has eight well-developed projects. The
company's scale is the smallest among rated peers in the 'B'
category, but has enough land bank to support sales expansion.

Projects Mostly In Secondary Locations: Redco's projects remain
mostly in secondary locations (except Nanchang and Jinan), and its
low average selling price (ASP) of CNY6,706/sqm in 2014 indicates
sales contributed by better-located projects remain insignificant.
Its Shenzhen project will support an ASP increase when the project
starts selling in 2015/2016. The company has continued to pursue
projects in Shenzhen due to its intention to participate in the
city's urban renewal.

Sufficient Liquidity to Repay Debt: Redco had cash and cash
equivalents of CNY951m (excluding restricted cash of CNY355m). The
company has also raised USD75m in syndicated loan in March 2015 to
improve its liquidity position. We believe that this is sufficient
to cover the company's short-term debt of CNY538m.

KEY ASSUMPTIONS

-- GFA sold maintains double-digit growth from 2015 - 2017
-- Price increase reflecting more sales generated in higher tier
    cities; same project ASP remains flat
-- In 2015-2016, GFA of new land acquired at 130% of GFA sold,
    land cost comparable to 2014 level
-- Cost appreciation of 3% per annum

RATING SENSITIVITIES

Positive: Future developments that may collectively lead to
positive rating actions include:

-- Annual contracted sales sustained above CNY8bn (2014:
    CNY3.2bn) without compromising leverage, and
-- EBITDA margin sustained above 20% (2014: 21%), and
-- Contracted sales/total debt sustained above 1.3x
    (2014: 1.2x).

Negative: Factors that may, individually and collectively, lead to
negative rating action include:

-- Net debt/ adjusted inventory sustained above 50% (end-2014:
    29%), or
-- EBITDA margin sustained below 15%, or
-- Contracted sales/total debt sustained below 1.0x.



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


ALLY PHARMA: ICRA Suspends B- Rating on INR8.0cr LT Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- outstanding on
the INR8.00 crore long term fund based limits of Ally Pharma
Options Private Limited. ICRA has also suspended the short term
rating of [ICRA]A4 outstanding on the INR1.50 crore short term
fund non-based limits of Ally Pharma Options Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Ally Pharma Options Private Limited (APOPL) was incorporated in
January 2003 and the company commenced commercial production of
pharmaceutical formulations in August 2005. In October 2008, the
current management led by Mr. Madan Sakhala, acquired 76% stake
and management control in the company. These shares were acquired
in the individual name of the promoter, pending the conversion of
the parent company Maxheal Pharmaceuticals (India) Ltd (MPIL)
([ICRA]B/[ICRA]A4) from partnership to limited constitution. The
parent company was converted to a Limited company in 29th June
2009, and the shares of APOPL held by the promoters were
transferred to MPIL, resulting in APOPL being a subsidiary of
Maxheal Pharmaceuticals (India) Ltd.

In April 2010, the current management acquired an additional 12%
stake in the company and in March 2011 the unsecured loan from the
promoters of INR1.00 crore was converted to equity. Further, in
October 2012, the remaining stake in the company was also acquired
by the current management, resulting in APOPL being 100%
subsidiary of MPIL. The group companies MPIL and Maxheal
Laboratories Pvt. Ltd (MLPL) ([ICRA]D) are also engaged in the
manufacture of pharmaceutical formulations; however, the
acquisition of APOPL has enabled the management to expand
operations to include manufacturing of ointments, gels and syrups.


ANSAL PROPERTIES: CARE Rates INR72.5cr Term Loan at 'B (SO)'
------------------------------------------------------------
CARE assigns 'CARE B (SO)' rating to the bank facilities of Ansal
Properties And Infrastructure Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities
   (Term Loan)                   72.50      CARE B

Rating Rationale

The rating assigned to the bank facilities of Ansal Properties and
Infrastructure Ltd (APIL) raised for its "Green Escape" project
factors in the credit enhancement in the form of a structured
payment mechanism. The company operates an escrow account for this
project ensuring that all the project proceeds are deposited in
this account with close monitoring of movement of funds by the
banker. The residue funds in the escrow account after meeting the
financial obligations are released towards project construction.
The rating also factors in receipt of required approvals for the
project, moderate booking status along with promoter's experience
and demonstrated track record of executing real estate projects.
The ratings, however, remain constrained by the exposure of the
project to saleability risk, majority of cash flows being
dependent upon future sales, weak financial profile of the company
and subdued demand scenario in the real estate sector.

Going forward, the ability of the company to complete the project
within the envisaged costs, achievement of new sales and at the
envisaged rate and timely realization from the customers shall
remain the key rating sensitivities.

APIL, part of the Ansal group, was promoted by Late Mr Chinranjjiv
Lal Ansal and Mr Sushil Ansal in 1967. The Company was originally
incorporated as Ansal & Saigal Properties Pvt. Ltd and
subsequently changed its constitution to a public limited company
and the name to the present one inMarch 1990. APIL is a public
limited company (listed) engaged in real estate development in
North India (in states of Delhi, Haryana, Punjab, Rajasthan and
Uttar Pradesh). The company is a part of API group engaged in real
estate development with wide range of business verticals viz.
integrated townships, Condominiums, group housing, commercial,
retail, hospitality, special economic zones, information
technology parks, and facility management. APIL has developed
approximately 192 million square feet (msf) area across
residential, commercial, industrial and retail segments till
March 31, 2015.

As per the provisional results for FY15 (refers to the period
April 1 to March 31) APIL reported a total income of INR850.09
crore with a PAT of INR21.95 crore as compared with the total
income of INR921.84 crore with a PAT of INR13.83 crore in
FY14.


ARYA AUTOMOBILES: ICRA Suspends B- Rating on INR9cr Bank Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B- rating for the INR9 crore bank
facilities of Arya Automobiles. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


ASSOCIATE DECOR: ICRA Suspends 'D' Rating on INR366.5cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR366.50
crore term loan facilities, INR135.00 crore long-term, fund based
limits and INR39.00 crore long-term bank guarantee limits of
Associate Decor Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.


BALAJI COTEX: CRISIL Suspends B Rating on INR60MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Balaji Cotex India Private Limited (BCIPL).

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

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

BCIPL, incorporated in 2008, is promoted by Mr. Gopal Rao, Mrs
Vimala Rao, Mr. Nand Kishore Lahoti and Mrs. Madhuri Lahoti. The
company is based in Warangal (Andhra Pradesh). It is engaged in
ginning and pressing of kapas with a capacity of 400 bales per
day.


BANWARILAL SRIRAM: ICRA Rates INR8.0cr Fund Based Loan at 'B'
-------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to INR8.00 crore
fund based limits of Banwarilal Sriram Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based limits        8.00        [ICRA]B assigned

The rating assigned takes into account the intense competition in
the highly fragmented food processing industry, with little
product differentiation, which limits the pricing flexibility.
Further, following project commissioning, the revenues and margins
of the company will remain susceptible to raw material price
movement which is dependent on agro-climatic conditions, global
demand-supply scenario and foreign exchange fluctuations. ICRA
also takes note of uncertainty of revenues given that the
operations are yet to commence; the timely commencement and ramp
up of the facility is critical for the company to meet its debt
repayment obligations starting in June-2016. The rating however,
positively factors in the experience of the directors in food
processing and their equity contribution, which has been infused
prior to the sanction of loan.

Key Rating Sensitivities
Given that the company is in the project stage and the short
gestation between expected project commissioning date and the
scheduled debt repayments, timely commencement and ramp up of
operations remain crucial to meet its debt repayment obligations.
However, experience of the promoters in the confectionery industry
and healthy demand prospects is expected to support revenue
growth.

Banwarilal Sriram Foods Private Limited, was incorporated in the
year 2014 to take up the project for setting up a confectionery
manufacturing unit for manufacture of Eclairs, Toffee, Hard Candy
and Choco Moulding. The unit has obtained registration certificate
from the District Industries Centre (DIC), Hyderabad.


BHARAT ENGINEERINGWORKS: CARE Rates INR5.17cr LT Loan at 'B'
------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Bharat
Engineeringworks.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.17       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Bharat Engineering
Works (BEW) is primarily constrained by its small scale of
operations in a highly competitive and fragmented elevator
manufacturing industry characterized by low entry barriers
and presence of many unorganized players, susceptibility of
profits to volatility in raw material costs, and elongated
operating cycle. The rating is also constrained by the limited
financial flexibility owing to its constitution as a partnership
firm and working capital intensive operations.

However, the rating derives strength from the experience of the
promoters in the elevator industry for 16 years, increasing scale
of operations and comfortable capital structure with moderate debt
coverage indicators.

The ability of the firm to increase its scale of operations in
light of stiff competition and maintain profitability amidst
volatile rawmaterial prices are the key rating sensitivities.

Bharat Engineering Works (BEW) was established in March, 2009 as a
partnership firm by Mr S Lingaiaha and his family members. The
firm is engaged in manufacturing of elevators and elevator parts.
The manufacturing unit is located at Medchal Mandal, Hyderabad,
Telangana and has an installed capacity of 3600 metric tonnes
per annum.

The product portfolio consists of various types of elevators such
as passenger elevators, goods elevators, hospital elevators,
hydraulic elevators, machine room less (MRL) elevators and service
elevators. These elevators are used in hospitals, residential
buildings, commercial complexes and manufacturing companies.
The weight of elevators ranges from 2 tonnes to 20 tonnes.

During FY15 (Provisional) (refers to the period April 1 to
March 31), BEW reported a PAT of INR0.30 crore on a total
operating income of INR13.38 crore as against a PAT of INR0.14
crore on a total operating income of INR7.03 crore in FY14.


BIG FLY: ICRA Assigns 'B' Rating to INR6.50cr Cash Credit
---------------------------------------------------------
The long-term rating of [ICRA]B has been assigned to the INR6.50
crore cash credit facility and INR3.15 crore term loans facility
of Big Fly Hygiene Products Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             6.50        [ICRA]B assigned
   Term Loan               3.15        [ICRA]B assigned

The assigned rating is constrained by the company's stretched
financial risk profile characterized by weak profitability,
aggressive capital structure and inadequate coverage indicators;
its relatively modest scale of operations; and the low value
adding nature of business resulting in a high competitive
intensity and fragmented industry structure. The rating is also
constrained by the vulnerability of the company's profitability to
raw material prices which are subject to seasonality and crop
harvest as well as exposure to the regulatory risks with regard to
minimum support price fixed by Government of India.

The rating, however, favourably factors in the past experience of
the promoters in agri-commodity trading and their established
business relationships with customers and suppliers. The rating
also favourably considers the advantage the company enjoys by
virtue of its location in Gujarat, and in proximity to Rajasthan
and Madhya Pradesh -- three leading producers of food grains in
the country -- providing easy access to quality raw material.

Incorporated on February 2012, BFHPL is a public limited company
promoted by Mr. Sanjaybhai Bipinbhai Akbari, Mr. Bhupendrabhai
Nagjibhai Borad, Mr. Sanjaybhai Shamjibhai Thummar and Mr.
Prafulbhai Parshottambhai Sorathiya. The company was primarily
engaged in the trading of food grains in FY13 and started
processing of food grains through job work activity from May 2013.
The company is currently engaged in processing of Wheat, Cumin
seeds and Sesame seeds. Processed wheat remains the main finished
product of the company having significant share in its revenues.
BFHPL has six registered brands under which its products are sold.
The plant is located at Rajkot, Gujarat with installed processing
capacity of 25,000 tonnes per annum.

Recent Results
For the year ended 31st March 2014, BFHPL reported an operating
income of INR13.65 crore and net loss. For the year ended 31st
March 2015 (provisional unaudited financials), BFHPL has reported
an operating income of INR36.44 crore and net loss of INR1.62
crore.


BUXA DOOARS: CRISIL Cuts Rating on INR69.4MM Loan to 'D'
--------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of The
Buxa Dooars Tea Co. India Ltd (TBD) to 'CRISIL D/CRISIL D' from
'CRISIL B-/Stable/CRISIL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            5        CRISIL D (Downgraded from
                                      'CRISIL A4')

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

   Cash Credit & Working    20        CRISIL D (Downgraded from
   Capital demand loan                'CRISIL B-/Stable')

   Term Loan                69.4      CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

   Proposed Long Term       10.6      CRISIL D (Downgraded from
    Bank Loan Facility                'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by TBD in
servicing its debt; the delays have been caused by the company's
weak liquidity.

TBD's market position is constrained by its small scale of
operations; its financial risk profile remains weak, marked by
high gearing. The company, however, benefits from the extensive
industry experience of its promoters in the tea industry.

TBD, incorporated in 1975, owns two tea gardens, Raimatang and
Kalchini, near Siliguri (West Bengal). The operations are managed
by Mr. Roshanlal Agarwal.


COMMUNITY CENTRE: ICRA Withdraws 'D' Rating on INR8cr LT Loan
-------------------------------------------------------------
ICRA has withdrawn the suspended rating of [ICRA]D assigned to the
INR8.00 crore long term loan of The Community Centre. As per
ICRA's policy on withdrawals, ICRA can withdraw the rating in case
the rating remains suspended for more than three years.


CRUX BIOTECH: Ind-Ra Affirms 'IND B+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Crux Biotech
India Private Limited's Long-Term Issuer Rating at 'IND B+'. The
Outlook is Stable.  The rating actions on CBIPL's bank loan
facilities are as follows:

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term loan             54         Affirmed at 'IND B+/Stable'

   Fund-based working    75         Assigned 'IND B+/Stable'/
   capital limits                   'IND A4'

   Proposed Fund-based   45         Assigned 'Provisional IND
   fund-based working               B+/Stable'/ 'Provisional
   capital limits                   IND A4'

KEY RATING DRIVERS

The affirmation factors in the extinguishment of execution risks
and the uncertainties related to receipt of regulatory approvals.
Commercial operations started in early June 2015. However, Ind-Ra
believes the company's ability to stabilise operations and
generate positive cash flows can be ascertained only after a
year's functioning.

The rating continues to be supported by the project's locational
advantage as it is located in Krishna District where food grains
are in abundance. The ratings are also supported by the
uninterrupted power supply that the unit receives from its captive
power plant.

The regulated nature of the industry remains the main rating
constraint.

RATING SENSITIVITIES

Positive:  Generation of revenue and cash flow as projected by the
management could lead to positive rating action
Negative: Inability to generate revenue and cash flow as projected
could lead to negative rating action.

COMPANY PROFILE

CBIPL was incorporated in May 2010 to manufacture extra neutral
alcohol/potable alcohol (non-molasses based), pharma grade
absolute alcohol, ethanol fuel, feeds and feed supplements. The
company has an installed capacity of 60kl per day and also has a
captive power plant of 2.5mw.


DEVKIRAN PAPER: CRISIL Reaffirms B Rating on INR120MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Devkiran Paper Mills
Private Limited (DPMPL) continue to reflect DPMPL's weak financial
risk profile marked by high gearing, modest net worth, stretched
liquidity, its susceptibility to intense competition in the kraft
paper industry and to volatility in raw material prices. These
rating weaknesses are partially offset by DPMPL's established
market position in the local kraft paper industry.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           5        CRISIL A4 (Reaffirmed)
   Cash Credit            120        CRISIL B/Stable (Reaffirmed)
   Letter of Credit        20        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      35.1      CRISIL B/Stable (Reaffirmed)
   Term Loan              112.4      CRISIL B/Stable (Reaffirmed)
   Working Capital
   Term Loan               30        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that DPMPL will continue to benefit over the
medium term from its established market position in the local
kraft paper industry. The outlook may be revised to 'Positive' if
the company reports significant and sustained improvement in its
cash accruals and capital structure. Conversely the outlook may be
revised to 'Negative' if DPMPL undertakes a large debt-funded
capital expenditure programme, or if its margins decline
significantly, weakening its financial risk profile.

Established in April 1985 in Bengaluru (Karnataka), DPMPL
manufactures kraft paper. Its products are used for manufacturing
corrugated boxes.

For 2013-14 (refers to financial year, April 1 to March 31), DPMPL
reported a profit after tax (PAT) of INR1.71 million on net sales
of INR326.2 million, against a PAT of INR0.09 million on net sales
of INR326.5 million during 2012-13.


DRN HOSPITALITIES: CRISIL Reaffirms 'B' Rating on INR92.2MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of
DRN Hospitalities Pvt Ltd (DRN) continues to reflect DRN's weak
financial risk profile, marked by a small net worth and high
gearing and its exposure to intense competition in the hotel
segment. These rating weaknesses are partially offset by the
company's established regional market position and its promoters'
entrepreneurial experience.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             3        CRISIL B/Stable (Reaffirmed)
   Long Term Loan         92.2      CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     27.8      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that DRN will continue to benefit over the medium
term from the entrepreneurial experience of its promoters. The
outlook may be revised to 'Positive' if the company achieves
substantial revenue growth with healthy occupancy rates (ORs) and
average room rents (ARRs), leading to a considerable increase in
its cash accruals and hence to an improvement in its financial
risk profile, particularly its liquidity. Conversely, the outlook
may be revised to 'Negative' if DRN's revenue is significantly
lower than expected on account of a decline in its ORs or ARRs or
if its operating margin declines, adversely impacting its cash
accruals. Substantial capital expenditure leading to deterioration
in the company's financial risk profile may also result in a
'Negative' outlook.

Update
DRN reported revenue of around INR110 million and an operating
margin of around 15 per cent for 2014-15 (refers to financial
year, April 1 to March 31). Its revenue is expected to grow at a
moderate rate over the medium term, supported by improving
occupancy levels and gradual establishment of the brand in the
region. CRISIL believes that DRN will benefit from its strong
regional market position over the medium term.

DRN's financial risk profile is weak, marked by a small net worth
and high gearing and average debt protection metrics. It had a net
worth of around INR7 million and a gearing of around 12.5 times as
on March 31, 2015. The company's debt protection metrics are
average, with interest coverage ratio of around 1.4 times and net
cash accruals to total debt ratio of 10 per cent for 2014-15.
CRISIL believes that DRN's financial risk will remain weak over
the medium term.

DRN's liquidity is average, marked by moderate utilisation of bank
limits and weak cash accruals. The bank limits have been utilised
at an average of around 56 per cent during the 12 months through
March 2015. The company is expected to generate cash accruals of
INR11 million to INR15 million per annum, against annual maturing
debt obligations of INR10.8 million to INR18.0 million, over the
medium term. However the liquidity is supported by unsecured loans
from promoters, the balance of which stood at around INR346
million as on March 31, 2015. CRISIL believes that DRN's liquidity
will remain weak over the medium term though supported by promoter
funding.

DRN was originally set up in 2008 by Mr. Dinesh R Nayak and Ms.
Deepa D Nayak as a partnership firm, Nayak Hospitalities; the firm
was reconstituted as a private limited company in 2011. DRN owns
and operates a 3-star hotel at Hubli (Karnataka).


EVERWIN TEXTILE: CRISIL Suspends 'D' Rating on INR350MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Everwin
Textile Mills Pvt Ltd (ETMPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           6.7       CRISIL D
   Cash Credit            350         CRISIL D
   Long Term Loan          78.8       CRISIL D
   Proposed Long Term
   Bank Loan Facility      78.5       CRISIL D

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

ETMPL was incorporated in Tirupur (Tamil Nadu). The company
manufactures grey fabric and cotton yarn. The promoter, Mr. K
Periaswamy, has more than 15 years of experience in textile
industry.


FAIRDEAL MULTIFILAMENT: CARE Assigns B+ Rating to INR7.59cr Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Fairdeal Multifilament Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.59      CARE B+ Assigned

   Long-term/Short-term Bank      4.26      CARE B+/CARE A4
   Facilities                               Assigned

Rating Rationale

The ratings assigned to the bank facilities of Fairdeal
Multifilament Private Limited (FMPL) are primarily constrained on
account of project implementation and stabilization risk
associated with its ongoing greenfield project for manufacturing
industrial yarn. The ratings are also constrained on account of
salability risk in the light of highly competitive and fragmented
nature of the industry.

The above constraints are partly offset by the wide experience of
the promoters in the plastic industry as well as support from its
associated entities, locational advantage with presence in the
industrial hub and lower sales concentration risk with end-use
application in various industries.

FMPL's ability to successfully complete project within the
envisaged cost and time coupled with stabilization of operations
and achieve envisaged level of scale of operations and margins are
the key rating sensitivities.

Ahmedabad-based FMPL was incorporated inMarch 2014. FMPL has
undertaken greenfield project for the manufacturing of industrial
yarn which is used as stitching cords while making Flexible
Intermediate Bulk Containers (FIBC) bags with a proposed installed
capacity of 2,700 metric tonnes per annum. FMPL is promoted by Mr
Manoj Sanklecha, Mr Sneh Shah and Ms Khushboo Modi. The total
project cost to be incurred is INR11.62 crore of which INR7.94
crore has been incurred till May 25, 2015. FMPL has its sole
manufacturing facility at Chacharwadi village in Ahmedabad.

The promoters are associated with two other entities, namely,
'Fairdeal FIBC Overseas' (rated 'CARE BB / CARE A4') and 'Fairdeal
Jumbo Packaging Private Limited' (rated 'CARE BB / CARE A4'). Both
the associated entities are involved in the manufacturing of FIBC
bags.


FILTRA CATALYSTS: Ind-Ra Ups Long-Term Issuer Rating to 'IND BB'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Filtra Catalysts
& Chemicals Limited's (FCCL) Long-Term Issuer Rating to 'IND BB'
from 'IND BB-'.  The Outlook is Stable.  Rating actions on FCCL's
bank loans are as follows:

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term loans            125        Upgraded to 'IND BB'/Stable
                                    from 'IND BB-'

   Fund-based            155        Upgraded to 'IND BB'/Stable
   Limits                           from 'IND BB-'and affirmed
                                    at 'IND A4+'

   Non-fund based         50        Affirmed at 'IND A4+'
   based limits

KEY RATING DRIVERS

The upgrade reflects the improvement in FCCL's credit profile in
FY15 over FY13 levels due to a reduction in debt and an increase
in EBITDA margins. The company has repaid part of its term loan
drawn down for the capex programme in 2013 using cash proceeds
from its Thane premise sale. Operating profitability has improved
due to a change in FCCL's revenue composition, with catalysts now
contributing a larger proportion (FY15: 50%; FY13: 31%) to the
turnover. Unaudited FY15 financials indicate interest coverage
(operating EBITDA/gross interest expense) of 2.6x (FY13: 1.6x),
net leverage (adjusted net debt/operating EBITDAR) of 3.4x (4.5x),
EBITDA margins of 12.7% (10.7%) and debt of
INR283.27 million (INR179.61 million).

Ind-Ra expects a further improvement in the credit profile as cash
proceeds from impending divestitures in FY16 will reduce its debt.
FCCL has already signed a memorandum of understanding for the sale
of two of its premises and expects to conclude the sale by 2QFY16.

RATING SENSITIVITIES

Positive: Substantial revenue growth along with improvements in
the credit profile could lead to a rating upgrade.
Negative: Deterioration in the liquidity due to unexpectedly lower
revenue and operating profits and/or a significant delay in
planned divestures leading to pressures on debt servicing could
lead to a rating downgrade.

COMPANY PROFILE

Founded in 1981, FCCL manufactures electrical steel varnishes,
organic chemicals, speciality chemicals, catalysts and adsorbents.
It has set up a new manufacturing facility at Ambernath,
Maharashtra to partly consolidate its manufacturing activities.
The new facility became operational in December 2013. The company
also has operational facilities in Lote (Maharashtra), suburban
Mumbai and Dabhel (Daman & Diu).


FIREFLY BATTERIES: CARE Rates INR8.70cr Bank Loan at 'B+/A4'
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank facility
of Firefly Batteries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/Short-term          8.70       CARE B+/CARE A4
   Bank Facilities                          Assigned

Rating Rationale

The ratings assigned to the bank facilities of Firefly Batteries
Private Limited (FBPL) are primarily constrained on account
of its nascent stage of operations, financial risk profile marked
by small scale of operations and low margins. The ratings
are further constrained on account of likely deterioration in
capital structure and debt coverage indicators during FY15
(refers to the period April 1 to March 31) and FY16 owing to
increase in debt level to support the operations, high level of
saleability risk associated with the product along with
competition from established players and unorganised sectors and
susceptibility of margins to volatility in raw material prices.

The ratings, however, take comfort from the resourceful and
experienced promoters along with technically qualified team
and technological tie-up with Firefly Inc. USA.

The ability of FBPL to achieve envisaged scale of operations and
profitability, along with improvement in capital structure,
liquidity position and efficient working capital management are
the key rating sensitivities.

Ahmedabad-based (Gujarat) FBPL was established in the year 2011 as
a private limited company. FBPL (erstwhile known as Epsilon
Batteries Private Limited) is engaged in the manufacturing of
conventional lead-acid battery & carbon-foam battery with an
installed capacity of 300,000 KWH storage batteries per annum.
These batteries find application in automobile industry, renewable
energy and industrial sector such as telecom and hospitality. FBPL
is managed by experienced directors Mr Jinal Shah & Mr B. K.
Vaishya. FBPL has commenced commercial operations from December
2014.

During FY14, FBPL reported a total operating income (TOI) of
INR1.34 crore and PAT of INR0.03 crore as against a TOI of
INR0.61 crore and negligible PAT during FY13. As per the
provisional results for 10MFY15 (refers to the period April 1 to
January 31), FBPL registered a TOI of INR0.58 crore.


FOURESS ENGINEERING: Ind-Ra Withdraws 'IND BB+' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (IND-Ra) has withdrawn Fouress
Engineering India Limited's (Fouress Engineering) Long-Term Issuer
Rating of 'IND BB+(suspended)'.

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

Ind-Ra suspended Fouress Engineering's ratings on 3 September
2014.

Fouress Engineering's ratings are as follows:

-- Long-Term Issuer Rating: 'IND BB+(suspended)'; rating
    withdrawn
-- INR61 million long-term loans: 'IND BB+(suspended)'; rating
    withdrawn
-- INR110 million fund-based limits: 'IND BB+(suspended)';
    rating withdrawn
-- INR680 million non-fund-based limits: 'IND
    BB+(suspended)'/'IND A4+(suspended)'; ratings withdrawn
-- INR8.4 million treasury limits: migrated to 'IND
    BB+(suspended)'/'IND A4+(suspended)'; ratings withdrawn


GANESH TAMULI: CRISIL Suspends B+ Rating on INR30MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ganesh Tamuli Engineering Pvt Ltd (GTEPL; part of the Tamuli
group).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           53        CRISIL A4
   Cash Credit              30        CRISIL B+/Stable

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of GTEPL and Ganesh Tamuli (GT). This is
because the two entities, together referred to as the Tamuli
group, have common directors and operational synergies, and are in
the same line of business.

GTEPL was set up by Mr. Ganesh Tamuli in 2006-07 to partially
takeover the operations of GT. GTEPL undertakes civil construction
activity, primarily building contracts, for various governments.


GOALTORE COLD: CRISIL Ups Rating on INR55.4MM Cash Loan to B-
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Goaltore Cold Storage Pvt Ltd (GCSPL) to 'CRISIL B-/Stable' from
'CRISIL C'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             55.4       CRISIL B-/Stable (Upgraded
                                      from 'CRISIL C')
   Proposed Long Term
   Bank Loan Facility      43.4       CRISIL B-/Stable (Upgraded
                                      from 'CRISIL C')

   Working Capital
   Demand Loan             11.2       CRISIL B-/Stable (Upgraded
                                      from 'CRISIL C')

The rating upgrade reflects GCSPL's timely servicing of its term
debt and seasonal cash credit facility over the six months through
March 2015.

The rating reflects GCSPL's weak financial risk profile, marked by
high gearing and weak debt protection metrics, and exposure to
risks inherent in the highly regulated and intensely competitive
cold storage industry in West Bengal. These rating weaknesses are
partially offset by the extensive industry experience of the
company's promoters.
Outlook: Stable

CRISIL believes that GCSPL will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' if the company registers a
substantial increase in its revenue and operating margin.
Conversely, the outlook may be revised to 'Negative' if GCSPL
reports a decline in its revenue or operating margin, or if its
financial risk profile deteriorates significantly, most likely
because of large debt-funded capital expenditure or stretch in
working capital cycle.

GCSPL, based in West Bengal, was established as a partnership firm
in 1993 by Mr. Tapan Kumar and his family members. The firm was
reconstituted as private limited company in 1997. The company
operates a cold storage unit with capacity of 0.25 million
quintals.


HOMEMAKER ENTERPRISES: ICRA Suspends B/A4 Rating on INR7cr Loan
----------------------------------------------------------------
ICRA has suspended the [ICRA]B/[ICRA]A4 rating for the INR7 Crore
bank facilities of Homemaker Enterprises Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


HCS FOODS: CRISIL Cuts Rating on INR50MM Cash Loan to 'D'
---------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of HCS Foods
Ltd (HCS) to 'CRISIL D' from 'CRISIL B+/Stable'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              50        CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

The rating reflects delays by HCS in servicing its debt; the
delays have been caused by the company's stretched liquidity
because of short-term cash flow mismatches. The rating also
factors in the company's weak financial risk profile marked by
weak debt protection metrics, and large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of HCS's promoters in the rice industry.

Incorporated in 2007, HCS is promoted by the Sood family of
Machhiwara (Punjab). The company manufactures crude rice bran oil
at its facility located at Machhiwara and is setting up a refinery
and cattle feed plant.


IMEX TRADERS: ICRA Suspends 'B' Rating on INR8.0cr LT Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR8.00 crore long term fund based bank limits of Imex Traders.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


INTERCARAT: CRISIL Suspends 'D' Rating on INR239.9MM Loan
---------------------------------------------------------
The suspension of ratings is on account of non-cooperation by
Intercarat with CRISIL's efforts to undertake a review of the
ratings outstanding.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              10        CRISIL D
   Packing Credit          100        CRISIL D
   Post Shipment Credit    239.9      CRISIL D
   Proposed Long Term
   Bank Loan Facility      101.1      CRISIL D

Despite repeated requests by CRISIL, Intercarat is yet to provide
adequate information to enable CRISIL to assess Intercarat'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'

Intercarat was set up in 2003 by Mr. Harshad Mehta. The company
manufactures plain gold and diamond-studded gold jewellery. The
company is currently managed by Mrs. Priti Algouneh (daughter of
Mr. Harshad Mehta) and her husband, Mr. Majid Algouneh.


JNJ MACHINES: ICRA Upgrades Rating on INR15.52cr Term Loan to B+
----------------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR0.80
crore of cash credit facility and the INR15.52 crore of term loan
facilities of JNJ Machines Private Limited (JNJ) from [ICRA]B to
[ICRA]B+.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             0.80        Upgraded from [ICRA]B
                                       to [ICRA]B+

   Term Loans             15.52        Upgraded from [ICRA]B
                                       to [ICRA]B+

The revision in ratings reflect the growth in scale of operations
of the company coupled with improvement in profitability levels
which is supported by increased contribution of higher value added
products in the revenue mix & favourable demand in domestic
market. The rating continues to favorably factor in the location
advantage derived from the location of the company in Hazira --
one of the prominent industrial belts of the country with presence
of several large heavy engineering companies which provides good
potential clientele base.

The rating revision, however, continues to be constrained by JNJ's
relatively small size of operations, high capital intensive nature
of operations resulting into weak return indicators and the
company's tight liquidity position as a result of long receivables
period. The rating is further constrained on account of JNJ's
dependence on a limited clientele for revenue generation and
exposure of the company's order inflows and hence utilization
levels to capital expenditure plans of end user
industries/clients, though additions of new customers across
multiple industries mitigated the risk to some extend. ICRA also
takes note of the sizeable annual repayment obligations of the
company for next five years; achievement of optimum utilization of
machining and fabrication facilities would remain critical from
the credit perspective.

JNJ Machines Private Limited (JNJ) was incorporated on July 26,
2010 and is engaged in precision machining and fabrication of
various engineering components. The machining activity involves
various operations like turning, milling, drilling, boring etc. to
cut out metal parts in order to achieve the desired geometry while
fabrication refers to building metal structures by cutting,
bending and welding. JNJ primarily caters to the job work
requirements of the power, oil, gas and steel industry. The
machining and fabrication facility of the company is located in
Hazira Industrial Park, near Surat (Gujarat). The company is
promoted by Mr. Rajendra Jain who is an electrical engineer by
qualification and has over two decades of experience in textile
industry.

Recent Results
For the year ended on March 31, 2014, the company has reported an
operating income of INR7.32 crore and a profit after tax of
INR0.71 crore as against operating income of INR4.27 crore and a
profit after tax of INR0.00 crore for the year ended on March 31,
2013. Further, for the year ended March 31, 2015, the company
reported an operating income of INR15.05 crore and profit before
tax of INR0.22 crore (as per provisional financials).


JOYS STEEL: CARE Assigns 'B' Rating to INR13cr LT Bank Loan
-----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' rating to the bank facilities
of Joys Steel Impex.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      13        CARE B Assigned
   Short-term Bank Facilities      7        CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Joys Steel Impex
are tempered by the modest scale of operations with fluctuating
profitability margins in the highly fragmented industry, low
capitalization, working capital intensive nature of operations
leading to leveraged capital structure and weak debt coverage
indicators. The rating is further constrained by constitution
being a proprietorship entity.

The above mentioned constraints far outweigh the benefits derived
from the experience of the proprietor and established relations
with the clients.

Ability of JSI to scale up the operations along with improvement
in profitability margins and ability to efficiently manage the
operating cycle are the key rating sensitivities.

Established by Mr Tejal Shah in 2006, Joys Steel Impex (JSI) is
engaged in trading of various steel products mainly plates (i
e M.S. Plate, high tensile plates, boiler quality plates and
others) & structural steel (i e angle, beam, round bars, channel,
flat bars and others). JSI procures from the domestic markets and
earns its entire revenue from domestic markets primarily supplying
to engineering industry.

During FY14 (refers to the period April 01 to March 31), JSI
posted total operating income of INR55.84 crore (vis-a-vis
INR53.12 crore in FY13) and PAT of INR0.46 crore (vis-a-vis
INR1.18 crore in FY13). In FY15 (Provisional), the entity posted
total operating income of INR66.84 crore and PAT of INR0.65 crore.


KAMSRI PRINTING: ICRA Reaffirms C Rating on INR8.80cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]C assigned to
the INR8.36 crore (enhanced from INR4.94 crore) term loan and
INR8.80 crore fund based facilities of Kamsri Printing and
Packaging Private Limited. ICRA has also reaffirmed the long-term
rating of [ICRA]C and assigned a short-term rating of [ICRA]A4 to
the INR0.84 crore unallocated facilities of the company.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund based facilities      8.80       [ICRA]C reaffirmed
   Term loan                  8.36       [ICRA]C reaffirmed
   Unallocated facilities     0.84       [ICRA]C reaffirmed
                                         and [ICRA]A4 assigned

The reaffirmation in the ratings factor in the long standing
presence of the promoters and the strong track record of the
company in the printing industry. The ratings take into account
the strong relationship that the company has built over the years
with its customers and suppliers and the presence of well trained
staff and advanced printing equipments that ensure consistency in
quality. The ratings also take into account the restructuring of
the loans availed by State Bank of India that has improved the
liquidity position of the company to an extent during 2014-15.
The ratings are, however, constrained by the small scale of
operations and the fragmented nature of the industry that limits
the financial and pricing flexibility of the company. The ratings
are also constrained by the weak financial profile marked by high
gearing, weak coverage indicators, high working capital intensity
and stretched cash flow position, notwithstanding the improvement
during 2014-15 marked by higher profit margins owing to
stabilisation of the operations at the new facility, addition of
equity from the promoters and the restructuring of loans that has
reduced the interest burden during 2014-15. Going forward, the
ability of the company to improve its financial profile and
increase its cash accruals to serve the interest and principal
payments on a timely manner remains the key rating sensitivities.

Kamsri Printing & Packaging Private Limited was incorporated in
1991, by Mr. Suresh Srinivasan. The company is engaged in offset
printing on packaged cartons, labels and leaflets. KPPPL's
operations primarily consist of buying paper and paper boards
which are subsequently folded into various sizes and printed as
per customers' requirements. The company primarily caters to
pharmaceutical and garment sectors. The company earns majority of
its revenues from the domestic market. Customer base consists of
some of the well established companies such as Page Industries
Limited, Medreich Limited, Adcock Ingram Limited and Biocon
Limited among others.

Recent results
During 2013-14, the company reported a net loss of INR2.7 crore on
an operating income of INR27.8 crore, as against a net profit of
INR0.1 crore on an operating income of INR25.3 crore during 2012-
13. As per provisional financials, the company reported a net loss
of INR0.8 crore on an operating income of INR28.5 crore during
2014-15.


KERNEX MICROSYSTEMS: CRISIL Reaffirms B- Rating on INR150MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kernex Microsystems
India Ltd (KMIL) continue to reflect KMIL's modest scale of
operations, weak debt protection metrics, and stretched liquidity
driven by large working capital requirements. These rating
weaknesses are partially offset by the extensive experience of
KMIL's promoters in the railway safety equipment segment.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        200      CRISIL A4 (Reaffirmed)
   Cash Credit           150      CRISIL B-/Stable (Reaffirmed)
   Letter of Credit       40      CRISIL A4 (Reaffirmed)

CRISIL had assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of KMIL vide rationale dated June 23, 2015.
Outlook: Stable

CRISIL believes that KMIL will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if the company reports large cash accruals,
driven by a substantial increase in its revenue and profitability,
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of decline in
KMIL's profitability or stretch in its working capital cycle,
leading to pressure on its liquidity.

Established in 1991, KMIL manufactures, installs, and maintains
anti-collision devices besides conceptualising, designing, and
developing certain railway safety and signal systems. The company
also manufactures train collision avoidance systems and automatic
level crossing gates. The company, based in Hyderabad, is promoted
by Mr. SV Subba Raju. It is listed on the Bombay Stock Exchange
and the National Stock Exchange.


KWALITY STEELS: CRISIL Assigns B Rating to INR30MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Kwality Steels (KS).

                               Amount
   Facilities                 (INR Mln)     Ratings
   ----------                 ---------     -------
   Working Capital Term Loan      25        CRISIL B/Stable
   Bank Guarantee                  5        CRISIL A4
   Cash Credit                    30        CRISIL B/Stable

The ratings reflect KS's modest scale of operations in the
intensely competitive and highly fragmented iron and steel scrap
trading industry and below-average financial risk profile, marked
by modest net worth. These rating weaknesses are partially offset
by the extensive industry experience of KS's promoters in the
cotton trading industry.
Outlook: Stable

CRISIL believes that KS will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm reports a
sustainable increase in its revenues and profitability, thereby
strengthening its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if KS generates lower-than-expected
cash accruals or undertakes a large debt-funded capital
expenditure programme, resulting in weak financial risk profile.

Setup in 2005, KS is engaged in processing and trade of iron and
steel scrap. The firm has a scrap processing unit based out of
Madurai and is promoted by Mr. V. Shanmuga Sundaram.

For 2013-14 (refers to financial year, April 1 to March 31), KS
reported a profit after tax (PAT) of INR1.0 million on net sales
of INR9.7 million, against a PAT of INR2.0 million on net sales of
INR19.1 million for 2012-13.


LAKSHMIDURGA TEXTILES: ICRA Assigns B+ Rating to INR7.5cr Loan
--------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to INR7.50
crore fund based limits of Lakshmidurga Textiles Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based limits        7.50        [ICRA]B+ assigned

The assigned rating takes into account the modest financial
profile of the company characterized by low profitability & high
gearing. Also, the highly fragmented and competitive nature of the
industry limits the ability of the company to pass on the hike in
input costs. ICRA notes that the fortunes of the industry is
dependent on the agro-climatic risks which limits the availability
of raw cotton as well as the MSP policy of the government which
affects the procurement price of raw cotton. The rating, however,
favourably factors the presence of the company in the major cotton
growing region of Andhra Pradesh (Guntur Dist.) resulting in
better availability of raw cotton and the growth witnessed by the
company during FY14 by 263.74% on account of increase in volumes
sold and traded by 32.61%.

Key Rating Sensitivities
Going forward, the company's ability to improve its profitability
and maintain its high average realization price would be the key
prospects. Also, the company's effective management of its working
capital will play a vital role in the same.

LTPL was incorporated as a private limited company in the year
2010. The company is primarily a trading concern. After procuring
raw cotton (Kapas) from the market, the company processes it and
is involved in the ginning and pressing of Kapas to produce bales
of cotton lint and seeds. It is engaged in the ginning and
pressing of raw cotton, oil extraction and trading of cotton lint
seed & maize. The company is located in Chillakamari Village of
Nalgonda District.

Recent Result
The company reported profit after tax of INR0.16 crore on an
operating income of INR30.33 crore during FY2014 as against profit
after tax of INR0.13 crore on an operating income of INR8.34 crore
during FY2013.


MVL LIMITED: Ind-Ra Withdraws 'IND D(suspended)' LT Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn MVL Limited's
'IND D(suspended)' Long-Term Issuer Rating. The agency has also
withdrawn MVL Limited's INR1,334m long-term bank loans 'IND
D(suspended)' rating.

The ratings have been withdrawn due to lack of adequate
information. India Ratings will no longer provide ratings or
analytical coverage for MVL Limited.

Ind-Ra suspended MVL Limited's ratings on 9 October 2014.


NAVA KARNATAKA: Ind-Ra Withdraws 'IND D' LT Issuer Rating
---------------------------------------------------------
India Ratings and Research (IND-Ra) has withdrawn Nava Karnataka
Steels Private Limited's Long-Term Issuer Rating of 'IND
D(suspended)'.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for Nava Karnataka Steel.

Ind-Ra suspended Nava Karnataka Steel's ratings on 29
September2014.

Nava Karnataka Steels' ratings are as follows:

-- Long-Term Issuer Rating: 'IND D(suspended)'; rating withdrawn
-- INR71 million long-term loans: Long Term 'IND D(suspended)';
    rating withdrawn
-- INR220 million fund-based limits: Long Term 'IND
    D(suspended)'; rating withdrawn


NEW LAKSHMI: CARE Reaffirms B+ Rating on INR14.50cr LT Loan
-----------------------------------------------------------
CARE reaffirms ratings to the enhanced bank facilities of New
Lakshmi Jewellery.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     14.50      CARE B+ Reaffirmed

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo a change in case of withdrawal of 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 New Lakshmi Jewellery (NLJ) factors in
relatively small scale of operations, thin profitability,
stretched working capital cycle leading to moderately leveraged
capital structure and weak debt coverage indicators. The rating
continues to be constrained by presence of the firm in the highly
fragmented industry, price risk associated with inventory on
account of volatile gold prices and the constitution as a
partnership firm with inherent risk of withdrawal of capital.

The rating, however, derives strength from the experience of the
promoters in similar line of business.

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

NLJ was established in July 1961 by Mr Palaniswamy. The firm has
been managed by his son Mr Eswaramoorthy along with two other
partners since 1985. NLJ is primarily engaged in the retailing of
gold jewellery (BIS Hallmarked), diamonds, silverwares and
platinum jewellery through its single showroom located in Trichy.
The retailing of gold jewellery contributed to 82% of the net
sales, while silverwares contributed to 17% of the net sales
during FY14. Apart from the jewellery business, the firm is also
into electricity generation through wind mills, contributing to
0.75% to the total operating income FY14. The generated
electricity units are sold to the Government of Tamil Nadu.

NLJ has achieved a PAT of INR0.50 crore on a total operating
income of INR28.10 crore in FY14 as compared with a net loss
of INR0.40 crore on a total operating income of INR25.60 crore in
FY13. Total jewellery sales of the firm for FY15 (provisional) was
INR27.45 crore (Rs.24.88 crore pertaining to domestic sales and
INR2.57 crore pertaining to export sales) and PAT was INR0.25
crore for FY15 (provisional).


QUTONE GRANITO: CRISIL Suspends B Rating on INR190MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Qutone Granito Private Limited (QGPL; formerly known as Belleza
Granito Pvt Ltd).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          30         CRISIL A4
   Cash Credit             50         CRISIL B/Stable
   Term Loan              190         CRISIL B/Stable

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

QGPL was incorporated in January 2011. It set up a plant in Morbi
(Gujarat) to manufacture vitrified tiles. The company commenced
operations in May 2012.


RAIPUR BOTTLING: ICRA Assigns 'B+' Rating to INR10cr Cash Loan
--------------------------------------------------------------
ICRA has assigned the [ICRA]B+ rating to the INR10.00 crore fund-
based bank limits (cash credit) of Raipur Bottling Co.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund-Based Limits      10.00         [ICRA]B+; assigned
   (Cash Credit)

The rating takes into account the long track record of RBC's
proprietor in the liquor related business and RBC's established
relationship with the customers, though concentration of sales
towards few customers remains a concern. The rating is however,
constrained by RBC's weak financial profile as reflected by low
profitability, weak debt coverage and return indicators during the
recent years. The rating is also impacted by the relatively small
size of RBC's operations at present and working capital intensive
nature of RBC's operations, which could adversely impact its
liquidity position. ICRA notes, that RBC is exposed to the
regulatory risk associated with the Indian Made Foreign Liquor
(IMFL). Also, risk of capital withdrawal in a proprietorship firm
remains a concern.

RBC was set up in 1998 by the Raipur based Mr. Sucha Singh Rai as
a proprietorship firm. The entity is involved in the processing
and bottling of Indian Made Foreign Liquor (IMFL) for liquor
companies in the Chhattisgarh region. The plant of the entity is
located at Raipur, Chhattisgarh.

Recent Results
In 2013-14, as per the audited financial statements, RBC reported
an operating income of INR63.09 crore and net profit of INR0.42
crore as compared to an operating income of INR56.99 crore and a
net profit of INR0.36 crore in 2012-13. During the first nine
months in 2014-15, the firm reported an operating income of
INR41.79 crore and a profit before tax of INR1.06 crore.


RAJAN JEWELLERY: CRISIL Ups Rating on INR100MM Loan to 'B-'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Rajan Jewellery (RJ) to 'CRISIL B-/Stable' from 'CRISIL D'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              100       CRISIL B-/Stable (Upgraded
                                      from 'CRISIL D')

The rating upgrade reflects RJ's timely servicing of its debt over
the past 4 months through May 2015 supported by improvement in its
liquidity. The firm's liquidity has improved because of infusion
of capital by partners in 2014-15 (refers to financial year, April
1 to March 31) and recommencement of operations of its showroom in
2015-16.

The rating reflects RJ's small scale of operations in the
intensely competitive gold jewellery segment and its below-average
financial risk profile, marked by weak debt protection metrics and
small net worth. These rating weaknesses are partially offset by
the extensive experience of RJ's partners in the jewellery
industry.
Outlook: Stable

CRISIL believes that RJ will benefit over the medium term from its
established position in the gold jewellery market in Thiruvalla
(Kerala). The outlook may be revised to 'Positive' if RJ reports
healthy cash accruals, resulting in significant improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the firm's financial risk profile weakens, most
likely because of low growth in revenue and margins, large debt-
funded capital expenditure, or extension of funding support to its
group entities.

Established in 1933 by Mr. G Pradeep Kumar and his family members,
RJ is a gold jewellery retailer based in Thiruvalla.


RAMKY ELSAMEX: CARE Reaffirms 'D' Rating on INR211.11cr LT Loan
----------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Ramky
Elsamex Hyderabad Ring Road Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    211.11      CARE D Reaffirmed

Rating Rationale

The rating continues to take into account ongoing delays in debt
servicing owing to the tight liquidity position of the company on
account of delayed receipt of annuities and absence of support
from the promoters.

Ramky Elsamex Hyderabad Ring Road Ltd (REL) is a Special Purpose
Vehicle (SPV) incorporated on July 18, 2007, to design, construct,
develop, finance, operate and maintain eight-lane access-
controlled expressway under Phase II -A program in the Hyderabad
city for a stretch of 12.63 km from Tukkuguda (Km 121) to
Shamshabad (Km 133.63), under the Build, Operate & Transfer (BOT)
Annuity Basis. The project has been awarded under annuity scheme
by HMDA (erstwhile Hyderabad Urban Development Authority HUDA).
REL is promoted by the Hyderabad-based Ramky Infrastructure Ltd
(Ramky) and Elsamex SA, a Spanish engineering and construction
company, and a subsidiary of IL&FS Transportation Networks
Limited.

The concession is for a period of 15 years, including a 30-month
implementation period. The project was completed and awarded
Provisional Completion Certificate (PCC) on March 31, 2010 (with
retrospective effect from November 26, 2009).

Considering the PCC, the company is eligible for bonus for early
completion. However, REL received Final Completion Certificate
retroactive from September 16, 2010. The company is in dispute
with HMDA with respect to the date of final completion and has
invoked arbitration for the same. REL registered annuity income of
INR63 crore and net profit of INR1.19 crore for FY15 (refers to
the period April 1 to March 31) vis-a-vis annuity income of INR63
crore and net profit of INR0.73 crore in FY14.


RANA MOTORS: ICRA Suspends B/A4 Rating on INR55cr Bank Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B/[ICRA]A4 rating for the INR55 Crore
bank facilities of Rana Motors Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


RATCHET LABORATORIES: CRISIL Suspends 'D' Rating on INR120MM Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ratchet Laboratories Ltd (RLL; part of the Ratchet group).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             120        CRISIL D
   Letter of Credit         10        CRISIL D
   Rupee Term Loan          40        CRISIL D

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

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of RLL and Ratchet Biotech Pvt Ltd (RBPL),
together referred to as the Ratchet group. This is because both
the companies are in the same line of business and are under a
common management.

RLL was founded by Mr. Manoj Vasudev, its promoter-director, in
2004. The company contract-manufactures pharmaceutical
formulations, including liquids, injectibles, tablets, and
capsules, for medium-size pharmaceutical companies in India with
own manufacturing unit at Baddi (Himachal Pradesh).

RBPL markets branded formulations manufactured by RLL. These
brands are marketed in Haryana, Punjab, Madhya Pradesh, and Uttar
Pradesh.

The branded formulations segment contributes less than 5 per cent
to the Ratchet group's revenues, while rest comes from contract-
manufacturing.


RCM INFRASTRUCTURE: Ind-Ra Suspends 'IND B+' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated RCM
Infrastructure Limited's (RCM) '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. A full
list of rating action is at the end of this commentary

The ratings have been migrated to the suspended category due to
lack of adequate information, and India Ratings will no longer
provide ratings or analytical coverage for RCM. 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.

RCM's ratings:

-- Long-Term Issuer Rating: migrated to 'IND B+(suspended)' from
    'IND B+'
-- INR100 million fund-based working capital limits: migrated to
    'IND B+(suspended)'/'IND A4(suspended)'  from 'IND B+'/'IND
     A4'
-- INR1,080 million non-fund-based working capital limit:
    migrated to 'IND A4(suspended)' from 'IND A4'


S.R.R. IMPEX: CRISIL Assigns B- Rating to INR35.5MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of S.R.R. Impex (SRR).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             35.5       CRISIL B-/Stable
   Term Loan               33         CRISIL B-/Stable

The rating reflects SRR's vulnerability to intense competition in
the home textiles industry and to risks relating to timeliness in
commencement of operations at the firm's polyester fabric
facility. These rating weaknesses are partially offset by the
partners' extensive experience in the industry.
Outlook: Stable

CRISIL expects SRR to benefit from the partners' experience in the
industry and established relations with prospective customers. The
outlook may be revised to 'Positive' if on-time commissioning of
the project leads to a higher-than-expected capacity utilisation
and scale of operations for the firm. Conversely, the outlook may
be revised to 'Negative' if significant time and cost overruns on
the project weaken the firm's capacity to service maturing debt.

SRR, a partnership concern set up in 2015, is promoted by Mr. Aman
Aggarwal, Mr. Happy Gupta, Mrs. Monika Gupta and Mrs. Swati Gupta.
The firm is setting up a facility to manufacture polyester fabric
which will be used in manufacturing blankets. The firm is based in
Karnal, which is a hub for the textile industry in Haryana. The
project is expected to be completed by June 2015, and the
commercial operations to start by mid-July 2015.


SAHAYOG CLEAN: CRISIL Reaffirms 'B' Rating on INR65MM Term Loan
---------------------------------------------------------------
CRISIL's rating continues to reflect Sahayog Clean Milk Private
Limited (SCMPL)'s below-average financial risk profile marked by
inadequate debt protection measures and stretched liquidity, its
nascent stage of operations in the highly fragmented and
competitive dairy industry and to the government regulations and
epidemic related failures. These rating weaknesses are partially
offset by the industry experience of SCMPL's promoters.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Rupee Term Loan         65        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SCMPL will continue to benefit over the
medium term from its promoters' experience in the dairy industry.
The outlook may be revised to 'Positive' if SCMPL improves its
scale of operations and profitability or if there is substantial
amount of equity infusion, leading to improved financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case SCMPL reports any major time or cost overrun in the proposed
project, leading to lower-than-expected cash accruals, resulting
in deterioration in the financial risk profile, particularly its
liquidity.

Update
The company generated revenues of around INR590 million in 2014-15
lower than earlier expectations as the commercial production from
its owned chilling unit were delayed. The operating margins of the
company remained subdued at around 3% in 2014-15 due to decline in
milk prices and high competition leading to low cash accruals. The
improvement in operating margins will remain a key rating
sensitivity factor over the medium term.

The gearing levels of the company remains high at around 1.5 times
as on March 31,2015 due to debt funded capex plans. Due to subdued
margins, the debt protection measures of the company remained weak
with interest coverage at around 1.5 times and net cash accruals
to total debt (NCATD) of around 7% in 2014-15. The financial risk
profile of the company is expected to remain below-average over
the medium term due to low margins.

The liquidity of the company remains stretched as depicted by
tightly matched cash accruals of around INR8 million as against
repayment obligations of INR7 million. However, liquidity has been
supported by constant fund support from the promoters in the form
of equity infusion. The company has been recently sanctioned
working capital limits of INR50 million, which would also support
the liquidity of the company. The liquidity of the company is
expected to remain stretched over the medium term owing to low
accruals. However, substantial equity infusion will remain a key
rating sensitivity factor over the medium term.

Established in 2009 under the name of Induja Energy Pvt Ltd by the
Patidar family, it was renamed as Harvest Green Fuels Pvt Ltd in
2011. In 2013, the company was again renamed as SCMPL. SCMPL
commenced operations in September 2013 and is engaged in
processing of milk. Its operations are managed by Mr. Anand
Patidar.


SAL INTERNATIONAL: CRISIL Suspends B+ Rating on INR80MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sal International Pvt Ltd (SALI).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           10        CRISIL A4
   Cash Credit              80        CRISIL B+/Stable
   Letter of Credit         30        CRISIL A4

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

SALI was incorporated in 2007 by the Delhi-based Arora family,
which has been in the steel industry for over 30 years. The
company trades in ferrous-based products such as mild steel ingots
and billets along with specialised steel which find application in
the automotive segment. Mr. Jagjiv Kumar Arora and his son, Mr.
Sahil Arora, are the key promoters and manage the company's day-
to-day operations. SALI started its trading activities from August
2013.


SERVOCONTROLS AND HYDRAULICS: ICRA Reaffirm B+ INR5cr Loan Rating
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR2.00 crore (revised from INR3.07 crore) term loan, INR5.00
crore (enhanced from INR4.25 crore) long term fund based limits
and INR2.00 crore (previously nil) unallocated limits of
Servocontrols and Hydraulics (I) Private Limited. ICRA has also
reaffirmed the short term rating of [ICRA]A4 assigned to the
INR2.00 crore (revised from INR2.85 crore) short term - non fund
based limits and INR0.75 crore (previously nil) short term -
interchangeable limits of the company. The interchangeable limits
are sub-limits of the long term - fund based limits.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loans               2.00       [ICRA]B+ reaffirmed
   Long Term- Fund
   Based Limit              5.00       [ICRA]B+ reaffirmed

   Long Term- Unallocated   2.00       [ICRA]B+ reaffirmed

   Non Fund Based Limit     2.00       [ICRA]A4 reaffirmed

   Short Term-
   Interchangeable Limit   (0.75)      [ICRA]A4

The reaffirmation in ratings take into account the long-standing
experience of the promoters in the engineering industry and the
company's strong technical competence as reflected by its
established relationship with reputed customers as well as
suppliers supporting its business growth. The company's revenues
remain fairly diversified across a wide product portfolio which
finds its application across multiple industries lending revenue
stability. The ratings are, however, constrained by the company's
modest scale of operations limiting its operational and financial
flexibility, moderately high working capital intensity of
operations owing to high inventory requirements and weak financial
profile of the company characterized by high gearing, weak
coverage indicators and thin accruals. Owing to high reliance on
imports for its raw materials, the margins of the company remain
exposed to the fluctuations in the foreign exchange rates.

SHIPL, head quartered in Belgaum, is primarily into designing and
manufacturing of hydraulic valves, servo valves, manifold block
systems, hydraulic servo actuators etc. The company also
manufactures hydraulic power packs (comprising of joysticks) and
wire harnessing systems for construction equipment industry. The
company is promoted by Mr. Deepak Dhadoti and his brother who are
both qualified engineers with extensive experience in the
engineering industry. The company started its operations in 2005
with commissioning of its manufacturing facility in Udyambag
Belgaum. SHIPL has built its technical capabilities over the years
working in collaboration with reputed companies like Hydraforce
Hydraulics, UK and MTS Systems Corporation, USA. The company
presently is operating out of a manufacturing set up built over
25000 sq ft of area in Udyambag, Belgaum with a staff of more than
150 people. The company's products find application across wide
range of industries and sectors like Automotive, Construction
Equipment & Mining, Power Generation etc.

Recent Results
The company reported a net profit of INR0.1 crore on an operating
income of INR19.2 crore during the financial year 2013-14, as
against a net profit of INR0.1 crore on an operating income of
INR14.1 crore during 2012-13.


SHREE HANS: ICRA Reaffirms B+ Rating on INR0.88cr Loan
------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ and its short
term rating of [ICRA]A4 on the INR72.00 crore fund based limits,
INR0.88 crore unallocated bank facilities and INR2.12 crore non-
fund based limits of Shree Hans Rice and General Mills (SHRGM).

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Fund based limits        72.00        [ICRA]B+/[ICRA]A4;
   Cash Credit limit                     reaffirmed

   Unallocated fund          0.88        [ICRA]B+; reaffirmed

   Non fund based limits     2.12        [ICRA]A4; reaffirmed

ICRA's ratings continue to take into account SHRGM's high working
capital intensity and the competitive nature of the industry in
which it operates, which exerts pressure on operating margins. The
ratings continue to take into account the firm's weak financial
profile as reflected in high gearing (9.13 times as on March 31,
2015) and weak coverage metrics. ICRA takes note of the
partnership constitution of the firm which exposes it to risks of
withdrawal of capital, risk of dissolution etc. However, the
ratings favourably factor in SHRGM's experienced management and
its proximity to major rice growing areas. ICRA also continues to
take into account the favourable demand prospects for the rice
industry, with India being the second largest producer and
consumer of rice in the world.

Going forward, the ability of the firm to scale up its operations
in a profitable manner while maintaining an optimal working
capital intensity, shall remain the key rating sensitivities.

SHRGM a partnership firm, was incorporated in 1980, and is
primarily engaged in milling of basmati rice, with its milling
unit located in Taraori, Karnal, in close proximity to the local
grain market. Exports of basmati rice accounted for 63% of SHRGM's
sales in FY 2014-15. The firm has a milling and sorting capacity
of 12 tonnes per hour.

Recent Results
In FY 2014-15, the firm reported a net profit of INR1.85 crore on
operating income of INR183.09 crore, as against a net profit of
INR2.06 crore on an operating income of INR238.76 crore in the
previous year.


SHREE RAM: ICRA Suspends 'B' Rating on INR3.80cr Term Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR3.80 crore term loan, INR3.75 crore working capital facility
and the long term [ICRA]B and short term [ICRA]A4 rating assigned
to the INR1.20 crore, proposed fund based/ non-fund based
facilities of Shree Ram Alloys & Ingots Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SHRIDHAR INDUSTRIES: ICRA Reaffirms B+ Rating on INR5.5cr Loan
--------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR5.50 crore long term fund based bank facilities of Shridhar
Industries Katni Pvt. Ltd.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based-Long Term     5.50        [ICRA]B+; reaffirmed

ICRA's rating is constrained by SIKPL's modest scale of operations
which limits economies of scale, the highly competitive nature of
the industry in which the company operates, due to low entry
barriers and exposure to agro climatic risks, which can affect the
availability of agro products in adverse weather conditions. The
rating also takes into account the company's weak profitability
metrics due fluctuations in the price of raw materials and the
company's limited flexibility to pass on the increase in raw
material prices to its customers. The company's thin profitability
has led to weak coverage indicators, with elevated total
debt/OPBDITA and thin DSCR. The rating however, favorably takes
into account the extensive experience of the promoters and their
strong relationships with various customers and suppliers. The
rating also factors in the favorable location of the company's
manufacturing unit, in proximity of major cultivation areas for
pulses, which results in easy availability of raw material.

Going forward, the ability of the company to ramp up its scale of
operations and improving its profitability will be the key rating
sensitivity.

Started in 1998 SIKPL was established as a proprietorship concern;
however in 2008 the proprietorship firm was converted into a
private limited company, with Mr. Mathura Prasad Soni, Mr. Ram Hit
Soni and Mr. Arun Soni as directors. The promoters of the company
are engaged in this business for more than a decade. The Company
is engaged in the business of trading and processing of pulses
with Masoor Dal being the highest contributor to the revenues. The
manufacturing unit of the company is located at Paharua, Katni,
Madhya Pradesh with installed capacity for milling of 15,000
Metric Tonnes per annum of Masoor.

Recent Results
SIKPL reported a net profit of INR0.14 crore on an operating
income of INR35.74 crore for 2013-14, as against a net profit of
INR0.08 crore on an operating income of INR28.43 crore for the
previous year. The company reported, on a provisional basis, gross
sales of INR51.86 crore for 2014-15.


SIGNATURE AUTOMOBIILES: CARE Ups Rating on INR11.53cr Loan to B+
-----------------------------------------------------------------
CARE revokes the suspension and revises ratings assigned to bank
facilities of Signature Automobiiles India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     11.53      CARE B+ Suspension
                                            revoked and rating
                                            revised from
                                            CARE B

Rating Rationale
The revision in the rating assigned to the bank facilities of
Signature Automobiles India Private Limited (SAIPL) factors in the
healthy growth in the turnover and turnaround to profitability in
FY15 (refers to the period April 1 to March 31).

The rating, however, continues to be tempered by the relatively
small scale and working capital-intensive nature of operations and
strained debt coverage indicators. The rating further continues to
take into account the risk associated to the linkages with
fortunes of Honda Cars India Limited and cyclical nature of the
auto industry.

The rating continues to derive comfort from the technically
qualified promoters and their reasonable experience in dealership
business along with continued support in the form of unsecured
loans.

SAIPL's ability to increase its scale of operations, improve its
profitability margins along with performance of Honda's passenger
cars in the domestic market would be the key rating sensitivities.

Incorporated in 2010 by Mr P. Naziruddin and his wife Mrs Sujatha
Naziruddin, SAIPL is an exclusive automobile dealer for Honda Cars
India Limited (HCIL) passenger cars in the Kannur region, Kerala.
SAIPL provides 3S service and is engaged in sales and service of
passenger vehicles along with sale of spare parts.

SAIPL has a service facility (self-owned) in proximity to the
showroom, which provides repair and refurbishment services for
Honda cars. The day-to-day operations are managed by Mr Shaad
Naziruddin (s/o. Mr Naziruddin).

The group also includes two other entities, namely, Signature
Motors India Pvt Ltd (established in 2006) and Signature Motors
Kasargod Pvt Ltd (established in 2011), both are authorised
dealers of Suzuki Motor Bikes.

SAIPL achieved a PAT of INR0.29 crore on a total operating income
of INR67.56 crore in FY15 (prov) as compared with loss of INR0.49
crore incurred on a total operating income of INR44.46 crore in
FY14.


SOGO COMPUTERS: Ind-Ra Withdraws IND BB-(suspended) Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sogo Computers
Pvt. Ltd.'s Long-Term Issuer Rating of 'IND BB-(suspended)'.  A
full list of rating actions is at the end of this commentary.

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

Ind-Ra suspended Sogo Computers' ratings on 3 September 2014.

Sogo Computers' ratings are as follows:

-- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating
    withdrawn
-- INR294.5 million fund-based limits: 'IND BB-(suspended)'/'IND
    A4+(suspended)'; ratings withdrawn

-- INR30 million non-fund-based limits: 'IND A4+(suspended)';
    rating withdrawn


SOGO SYNERGY: Ind-Ra Withdraws 'IND B-' LT Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sogo Synergy
Private Limited's Long-Term Issuer Rating of 'IND B-(suspended)'.
The agency has also withdrawn the company's INR50m fund-based
limits' 'IND B-(suspended)'/'IND A4(suspended)' ratings.

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

Ind-Ra suspended Sogo Synergy's ratings on Sept. 3, 2014.


SPANDAN MULTISPECIALITY: ICRA Ups Rating on INR6.43cr Loan to B+
----------------------------------------------------------------
ICRA has revised upwards the long term rating to [ICRA]B+ from
[ICRA]B for INR6.43 crore term loan facility of Spandan
Multispeciality Hospital.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Fund based-Term loans     6.43        [ICRA]B+; Upgraded

The revised ratings favourably factors in Successful project
commissioning and achievement of desired operating parameters with
marginal cost overrun funded by partners of the firm. The assigned
rating also take into consideration positive demand outlook for
the sector due to considerable demand supply gap in rural parts of
India. ICRA also takes a positive note on strong experience and
reputation of the partners as medical practitioners which would
in-turn help to improve occupancy levels of the hospital in near
terms.

However, the assigned rating continues to remain constrained by
startup nature of operations with limited operational history of
hospital. ICRA also takes a note of presence of many other
established medical facilities in close proximity of the project
which leads to stiff competition and augments market risks during
initial years of operations. Further, due to its presence in rural
area, rural population is expected to be major clientele of the
hospital; this may lead to revenue constraints to some extent due
to limited spending capabilities within rural areas. The assigned
ratings also takes into consideration stretched capital structure
and risk inherent to partnership status of the firm.

The firm 'Spandan Multispeciality Hospital' was incorporated in
December 2012 with an objective to setup a multi-speciality
hospital in the name of 'Spandan Multispeciality Hospital and
Research Centre' at Thala village in Navsari district of Gujarat.
The hospital accommodate facilities for all type of general
surgery including laparoscopic surgery along with various
disciplines namely, Obstetric & Gynecology, Orthopedics,
Pediatrics, ENT, Dermatology, Urology, Dental, Gastroenterology,
and few more. The firm is promoted by five partners namely, Dr.
Anilkumar Patel, Dr. Shahera Patel, Dr. Piyush Patel, Dr. Pradeep
Patel & Dr. Jyoti Patel with equal shareholding.


SRI BHAGAWAN: ICRA Assigns B+ Rating to INR3.50cr Cash Credit
-------------------------------------------------------------
ICRA has assigned the long-term rating at [ICRA]B+ assigned to
INR3.50 crore fund based bank facilities of Sri Bhagawan Timbers.
ICRA has also assigned the short-term rating at [ICRA]A4 assigned
to INR7.00 crore non-fund based facilities of SBT.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based-Cash Credit    3.50       [ICRA]B+/assigned

   Non-Fund Based-LC         7.00       [ICRA]A4/assigned

The ratings are constrained by SBT's moderate scale of operations
and thin margins. Further, the profitability of the company
remained exposed to the fluctuation in the foreign exchange rates
as majority of raw material imports are not order backed and the
persisting high competitive and fragmented nature of industry. In
addition, ban on export of timber logs by Myanmar government has
an impact on the company's ability to source the required quantity
of timber; however, the risk is mitigated to an extent by the fact
that the company has started the sourcing of raw materials
domestically.

The ratings, however, take comfort from the longstanding
experience of the partners in the timber trading industry. ICRA
also notes the favorable growth prospects of sectors such as the
real estate, furniture and infrastructure.

Sri Bhagawan Timber (SBT), located in Bangalore, is a
professionally managed organization incorporated in the year 1994.
The Firm is into the business of sawing and trading of timber,
primarily imported wood. It offers several types of timber and
specializes in Teak wood, Pine Wood, Timber Wood, Gurjan Wood
Logs, Merbau Sawn Wood and many other hard/soft woods. The
customers of SBT include saw mills, wholesalers, builders and
construction houses.

Recent Results
The company reported an operating income of INR25.2 Cr and net
loss of INR0.28 Cr for the financial year 2014-2015* as against an
operating income of INR34.1 Cr and net profit of INR0.35 Cr for
the financial year 2013-14.


SRI JAGANNATH: ICRA Suspends 'B' Rating on INR4.0cr Loan
--------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR4.00 crore,
cash credit facility and the [ICRA]A4 rating to the INR2.50 crore
non fund based facility of Sri Jagannath Transport Corporation.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SRI LAKSHMI: ICRA Reaffirms 'B+' Rating on INR19.60cr Loan
----------------------------------------------------------
ICRA has reaffirmed a long-term rating of [ICRA]B+ to INR19.60
crore (Enhanced from INR12.92 crore) fund based limits of
Sri Lakshmi Egg Farming Private Limited. ICRA has also reaffirmed
ratings of [ICRA]B+/[ICRA]A4 to INR0.40 crore (Reduced from
INR7.08 crore) unallocated limits of SLEFPL.

                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Fund based limits       19.60     [ICRA]B+ reaffirmed
   Unallocated limits       0.40     [ICRA]B+/[ICRA]A4 reaffirmed

The assigned ratings are constrained by the moderate scale of
operations of the company in the poultry farming business, its
weak financial profile as reflected by high gearing and weak
coverage indicators, and the cyclicality associated with the
Indian poultry industry leading to volatility in prices of eggs.
The ratings are also constrained by the high sensitivity of
company's profitability to fluctuations in feed costs (mainly
maize and soya prices), vulnerability to disease outbreak which
could adversely impact revenues, and the high competitive
pressure. ICRA however positively factors in the experience of the
management in layer poultry farming, in-house feed production of
the company which helps in better management of feed costs and the
healthy demand outlook for the layer segment of the industry on
account of increasing acceptance of eggs as a daily meal
component.

Going forward, the company's ability to scale up operations by
managing its working capital requirement would be the key rating
sensitivity from the credit perspective.

Sri Lakshmi Egg Farming Private Limited (SLEFPL) was formed as a
partnership firm in 1989 and subsequently incorporated as a
private limited company in 2012. The entity is engaged in the
business of commercial layer poultry farming for the sale of table
eggs with a total capacity of 687,450 layer birds as on March 31,
2015. The firm has sheds at 7 locations in the East Godavari
District of Andhra Pradesh.

Recent Results
According to unaudited financials, the company reports profit
after tax of INR0.18 crore on an operating income of INR38.65
crore for the period FY2015. The company reported profit after tax
of INR0.15 crore on an operating income of INR33.68 crore during
FY2014 as against profit after tax of INR0.15 crore on an
operating income of INR28.73 crore during FY2013.


SRI RAM: CRISIL Suspends B+ Rating on INR77.5MM Bank Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sri Ram
Enterprises (SRE).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           60        CRISIL A4

   Cash Credit              12.5      CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility       77.5      CRISIL B+/Stable

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

SRE, established as a partnership firm in 1998, undertakes civil
construction work related to road, bridge, and irrigation
projects. It executes contracts, primarily for government bodies
such as Road Construction Department of Bihar, Indian Railways,
Irrigation Department of Bihar, and Bihar Rajya Pul Nirman Nigam
Ltd. SRE's day-to-day operations are looked after by its partner,
Mr. Roshan Kumar Agarwal.


SUMESH ENGINEERS: CRISIL Reaffirms B+ Rating on INR30MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sumesh Engineers Pvt
Ltd (SEPL) continue to reflect SEPL's modest scale of operations
in the highly fragmented electrical industry, susceptibility of
its profitability to volatility in raw material prices and its
tender-based operations. These rating weaknesses are mitigated by
SEPL's moderate financial risk profile, marked by comfortable
gearing and healthy debt protection metrics and its promoters'
extensive industry experience, leading to established customer and
supplier relationship.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          50       CRISIL A4 (Reaffirmed)
   Cash Credit             30       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SEPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if SEPL achieves sizeable
accruals, driven by substantial improvement in scale of
operations, while it maintains its profitability. Conversely, the
outlook may be revised to 'Negative' if the company achieves low
accruals or in case of large working capital requirements or
substantial debt-funded capital expenditure.

Update
SEPL reported sales of around INR248.99 million for the nine
months through December 2014 as compared to registered sales of
INR174.29 million in 2013-14 (refers to financial year, April 1 to
March 31). The growth in sales was majorly driven by higher number
of tender's execution from existing clientele. Furthermore as SEPL
will not be aggressively bidding for tenders, CRISIL believes that
SEPL's revenue will remain at INR160 million to INR190 million
over the medium term. The operating margin is expected to be
around 6 per cent over the medium term. SEPL's operations are
expected to remain moderately working capital intensive in nature;
as the company requires to maintain margin money with the banker
against the bank guarantee availed and also has to maintain
retention money and earnest money deposit on account of being into
tender-based business. It has moderate financial risk profile,
marked by comfortable gearing of 1.2 times and healthy debt
protection metrics in 2013-14; the interest coverage ratio and net
cash accruals to total debt ratio remained around 7 times and 0.1
times, respectively. SEPL is likely to generate average cash
accruals of INR7.6 million, against no term debt obligation in
2015-16. SEPL's accruals are expected to be around similar levels
over the medium term.

SEPL reported a profit after tax (PAT) of INR5.37 million on net
sales of INR174.29 million for 2013-14, as compared to a PAT of
INR4.49 million on net sales of INR147.49 million for 2012-13.

SEPL was incorporated by Vadodara (Gujarat)-based Mr. Suresh Vyas
in 1992. It manufactures distribution transformers of 5 kilovolt
amperes to 5 megavolt amperes.


SUPER HOBS: ICRA Suspends 'B' Rating on INR7.15cr Bank Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B rating for the INR7.15 Crore bank
facilities of Super Hobs and Broaches Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SUVARNA LAKSHMI: ICRA Reaffirms B+ Rating on INR18.0cr Cash Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR27.20
crore (enhanced from INR9.20 crore) fund based limits of
Suvarna Lakshmi Jewellers at [ICRA]B+.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-
   Cash Credit             18.00        [ICRA]B+ reaffirmed

   Unallocated              9.20        [ICRA]B+ reaffirmed

The reaffirmation of the rating factors in SLJ's small scale of
operation in the branded jewellery retailining business with weak
financial profile characterized by high gearing and low coverage
indicators. The rating also factors in high competition intensity
among the branded jewellery retailers which restricts the ability
of the players to scale up their operation and susceptibility of
operating profitability of players including SLJ to fluctuation in
gold prices. SLJ's working capital intensity of operation remains
high as reflected by high utilisation of working capital limits on
account of high inventory maintained in order to provide variety
to customers. The rating, however, derives comfort from SLJ's
established relationship with Titan Industries Limited which
enjoys customer preference and favourable demand outlook for
organized branded jewellery retail on the back of rising consumer
concern over purity of the metal. The rating also favourably
factors in the consistent increase in SLJ's operating
profitability in the last few years owing to increasing
contribution of diamond to the total sales.

Going forward, the ability of the firm to grow its business by
managing its working capital intensity of operation would remain
key rating sensitivities.

Suvarna Lakshmi Jewellers (SLJ) was incorporated in the year 2008-
09 to engage in the business of branded jewellery retail. The
company operates as a level 3 dealer in Jewellery products of
Tanishq as a Franchisee of Titan Industries Limited. SLJ operates
through own showroom located at Dilsukhnagar, Hyderabad. The firm
is promoted and is managed by Mr. B Satya Prakash Rao and family
members. The partners are also involved in other ventures in
retail and manufacturing.

Recent Results
The company has reported a net profit of INR0.56 crore
(provisional) on an operating income of INR38.12 crore
(provisional) during 2014-15; as compared to a net profit of
INR0.37 crore on an operating income of INR34.42 crore during
2013-14.


TRENDY WHEELS: CRISIL Suspends B+ Rating on INR30MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Trendy
Wheels Pvt Ltd (TWPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           20        CRISIL A4
   Cash Credit              30        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       25        CRISIL B+/Stable
   Term Loan                 5        CRISIL B+/Stable

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

TWPL was incorporated in Kolhapur (Maharashtra) in 2005. The
company is promoted by Mr. Uday Lokhande and Mrs. Vaishali
Lokhande. TWPL is an exclusive authorised dealer for M&M utility
vehicles, passenger cars and SUVs in Kolhapur (Maharashtra).


TRUE WELL: ICRA Upgrades Rating on INR4.85cr Loan to 'B'
--------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR12.00
crore (including unallocated limit of INR4.85 crore) fund based
limits of True Well E Pipe Industries from [ICRA]B-  to [ICRA]B.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-
   Cash Credit             3.00         [ICRA]B upgraded

   Fund Based Limit-
   Term Loan               4.15         [ICRA]B upgraded

   Unallocated             4.85         [ICRA]B upgraded

The revision in the rating factors in the significant growth in
TWEPI's revenue post commencement of the production in April 2014;
merger of True Well Pipe Industries (TWPI) with TWEPI and
improvement in margins owing to production of higher diameters
pipes where the margins are higher. The rating also favoruably
factors in the experience of the promoter of about two decades in
PVC pipe industry and favorable growth prospects driven by demand
in drip irrigation and government's impetus on sewerage schemes.
The rating, however, continues to be constrained on account of
TWEPI's weak coverage indicators and high working capital
intensity of operation on account of high credit extended to
customers to establish relationship though some improvement has
been observed in FY 2015 over FY 2014. ICRA notes that
profitability of players including TWEPI is vulnerable to the
fluctuations in key raw material prices as it constitutes more
than 80% of the cost of production. Also, TWEPI being a
proprietorship firm, there is a risk of capital withdrawal by the
promoter as observed in FY 2015.

Going forward, the ability of the firm to generate enough accruals
to repay its long term obligation and also efficiently manage its
working capital requirements would remain key rating
sensitivities.

True Well E Pipe Industries was established as a proprietary
concern in 2012 by Mr. M. V. Rama Krishna. The firm is involved in
the manufacturing of rigid PVC pipes of different dimensions
certified by BIS. The total installed capacity of the plant is
1200 kgs per hour and the plant is located in Nellore district of
Andhra Pradesh. The promoter was also the proprietor of True Well
Pipe Industry (rated [ICRA]B). On June 10, 2014 the business of
TWPI is transferred to TWEPI.

Recent Results
The company has reported a net profit of INR0.11 crore
(provisional) on an operating income of INR38.94 crore
(provisional) during 2014-15; as compared to a net profit of
INR0.10 crore on an operating income of INR27.18 crore during
2013-14.


UMA MAHESHWARI: CRISIL Suspends 'D' Rating on INR70MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Uma Maheshwari Agro Products Pvt Ltd (UMAPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              70        CRISIL D
   Long Term Loan           13        CRISIL D
   Proposed Long Term
   Bank Loan Facility       10        CRISIL D
   Term Loan                25        CRISIL D
   Working Capital
   Demand Loan              10        CRISIL D

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

UMAPL is promoted by Mr. P V Soma Raju. The company extracts rice
bran oil; it has a solvent extraction plant in the West Godavari
district of Andhra Pradesh.


UNITED COMPOSHEETS: ICRA Reaffirms 'B' Rating on INR6.0cr Loan
--------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B on the INR6.00
crore fund-based bank facilities of United Composheets Private
Limited.

                            Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Long-term fund-based
   bank facilities           6.00         [ICRA]B; reaffirmed

ICRA's rating on UCPL continues to remain constrained by the
company's modest scale of operations and low profitability on
account of the company being a tier-2/tier-3 supplier to original
equipment manufacturers (OEMs), as well as significant client
concentration to which it is exposed, as its top three clients
contributed to about 60% of its operating income in 2014-15. The
rating also takes into account the limited financial flexibility
of the company owing to its low net-worth, low accruals and high
working capital requirements. The company's working capital
intensity has remained high over the past three years, which
coupled with revenue growth has resulted in stretched liquidity,
as reflected in high utilization of working capital limits and
stretched creditors. Increase in working capital borrowings
coupled with debt funded capacity expansion undertaken during
2013-14 and 2014-15 puts pressure on coverage indicators. ICRA
further takes note of the likelihood of future debt funded
capacity expansion at the new unit, the scale and funding mix of
which, will have a key bearing on the company's credit metrics.
The rating however, favorably factors in the promoter's experience
of more than a decade in sheet metal components manufacturing
business and the company's long and stable relationships with
clients like Denso India Limited, Trelleborg Automotive India
Private Limited, Minda Industries Limited, etc. The synergies
derived from the new unit located at Ghaziabad where fabrication
will be done in house, will also favourably impact profitability
margins in the long run.

Going forward the ability of the company to improve its
profitability and utilize the additional capacities adequately
while managing its working capital requirements efficiently, will
be the key rating sensitivities.

Incorporated in 1998, UCPL is promoted by two brothers, Mr. Jinesh
Kumar Tyagi and Mr. Naresh Kumar Tyagi. The company is engaged in
manufacturing sheet metal components for electrical, electronic
and automotive applications. The company currently has two
manufacturing units in Ghaziabad, while the company's unit in
Pune, Maharashtra was closed in 2013-14.

Recent Results
The company reported, , a net profit of INR0.24 crore on an
Operating Income (OI) of INR16.37 crore 2013-14, as compared to a
net profit of INR0.24 crore on an OI of INR15.22 crore in the
previous year.


VARASIDDHI INFRA: CRISIL Reaffirms D Rating on INR70MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Varasiddhi
Infrastructures (Varasiddhi) continues to reflect instances of
delay by Varasiddhi in servicing its debt obligations. The delays
have been caused by the firm's weak liquidity, driven by mismatch
in cash flows.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Project Loan             30        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       70        CRISIL D (Reaffirmed)

Varasiddhi is also susceptible to cyclicality in the demand
inherent in the Indian real estate sector. However, the firm
benefits from its promoters' extensive experience in the real
estate sector.

Varasiddhi was established as a partnership firm in 2006-07
(refers to financial year, April 1 to March 31) by Mr. Vipin
Joshi, Mr. Ambavi Patel, Mr. Bechar Patel, Mr. Hitesh Panchasara,
Mr. Habiburrehman Khan, and others. The firm is a real estate
developer based in Mumbai. It is constructing Crosswinds, a
residential complex at Bhandup (Mumbai).


VRUNDAVAN ENTERPRISE: ICRA Reaffirms B+ Rating on INR22.75cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to INR22.75
crore fund-based facility of Vrundavan Enterprise.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund based-Term loans    22.75      [ICRA]B+; Reaffirmed


The rating reaffirmation takes into consideration the high market
risk of the firm given the moderate level of bookings achieved
till date coupled with the intense competitive pressures from
other completed and upcoming real estate projects in Surat.
Further, timely booking of unsold inventory and realisation of
sales proceeds remains critical given the stringent term loan
repayment schedule of the firm.

The rating, however takes comfort from experience of the firm's
promoters in the Surat real estate market with the group having
completed several projects as well as the low execution risks as
project is almost complete.

Vrundavan Enterprise (VE) was promoted in November 2011 as a
partnership firm, with an objective to undertake real estate
projects within Surat and adjoin areas. Mr. Praful Rangani & Mr.
Pravin Monapara are the key partners of the firm who oversees
overall operations of the firm. The firm is currently engaged in
construction of a residential project in the name of 'Megh Malhar'
located at Simada in Surat.



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


MAXPOWER GROUP: Moody's Withdraws (P)B1 Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn Maxpower Group Pte Ltd.'s
provisional (P)B1 corporate family rating.

At the same time, Moody's has withdrawn its provisional (P)B1
rating for the proposed USD senior secured notes to be issued by
the special purpose vehicle, Maxpower Group Issuer Pte Ltd, and
guaranteed by Maxpower Group.

RATINGS RATIONALE

Moody's has withdrawn the rating for its own business reasons.

Maxpower Group Pte Ltd is a niche market player in Indonesia's
power industry.  The company focuses on the gas-fired distributed
power segment.

Maxpower Group Issuer Pte Ltd is Maxpower Group's wholly owned
special purpose vehicle, which was established for the purpose of
issuing the proposed notes.


PAKUWON JATI: S&P Revises Outlook to Positive & Affirms 'B+' CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
rating outlook on PT Pakuwon Jati Tbk. (PWON) to positive from
stable.  At the same time, S&P affirmed its 'B+' long-term
corporate credit rating and its 'axBB' ASEAN regional scale rating
on the Indonesia-based property developer.  S&P also affirmed its
'B+' long-term issue rating on the senior unsecured notes that
PWON guarantees.

"We revised the outlook to positive to reflect our view that PWON
has a growing record of maintaining a prudent financial policy and
moderate debt levels while executing its growth strategy," said
Standard & Poor's credit analyst Kah Ling Chan.

S&P estimates that PWON can sustain a ratio of debt to EBITDA of
about 2.0x and EBITDA interest coverage of about 6x in the next 12
months if the company maintains its record of financial discipline
that it has demonstrated since 2012.

"Our base-case projections for PWON do not factor in further
sizeable debt-funded acquisitions, land purchases, or purchases
from related parties.  We expect the company to primarily use its
capital expenditure of about Indonesian rupiah (IDR) 3.4 trillion
in 2015 and 2016 to fund construction of investment properties.
We anticipate that PWON will partly finance the spending using its
growing cash flows.  While the company is likely to have negative
free operating cash flows in both years, we expect it to use part
of its cash balance of about IDR2.8 trillion for the quarter ended
March 31, 2015, to bridge the gap.  We estimate that PWON's debt
will increase by about IDR600 billion in 2015-2016.  We expect the
company to absorb the increased debt, given its growing cash flows
from the full-year contribution of new projects and recently-
acquired investment properties," S&P said.

"We affirmed the rating because PWON continues to have significant
exposure to development properties, even as its investment
portfolio is growing," said Ms. Chan.  "However, PWON's high
proportion of recurring income provides enhanced stability when
compared with other domestic real estate developers."

PWON can weather any potential regulatory headwinds in the
domestic market, in S&P's view.  Besides a good cushion under its
credit metrics and sizable recurring income, S&P believes the
company can adjust its product base, particularly its higher-
priced products that may fall under the regulation.

S&P could revise the outlook to stable if PWON's risk tolerance
increases substantially.  This could materialize if the company
undertakes debt-funded capital spending or acquisitions beyond
S&P's base case without commensurate incremental cash flows.  A
ratio of debt-to-EBITDA of more than 2.5x or EBITDA interest
coverage of less than 5x would indicate higher risk tolerance.
Downward pressure could also emerge if PWON's contracted sales
fall substantially short of S&P's expectation in 2015.

S&P could raise the rating, most likely by one notch, if it
believes PWON will maintain conservative financial policies while
pursuing its growth strategy.  A debt-to-EBITDA of about 2.0x and
an EBITDA interest coverage of about 6x could trigger an upgrade.



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


SHARP CORP: S&P Lowers CCR to 'SD' on Debt-Equity Swap
------------------------------------------------------
Standard & Poor's Ratings Services said it has lowered its long-
and short-term corporate credit ratings on Japan-based electronics
company Sharp Corp. to 'SD' (selective default).  S&P also revised
the CreditWatch implications on its ratings on Sharp's long-term
debt and commercial paper (CP) program to positive from negative.
In addition, S&P revised to positive from negative the CreditWatch
implications on its long- and short-term corporate credit and CP
program ratings on Sharp overseas subsidiary Sharp International
Finance (U.K.) PLC.

S&P placed the long-term corporate credit ratings on Sharp and
Sharp International Finance on CreditWatch with negative
implications on Feb. 4, 2015, following Sharp's announcement of a
steep cut in forecast earnings for fiscal 2014 (ended March 31,
2015).  S&P downgraded Sharp on March 3, 2015, and again on
May 15, 2015, to reflect its view that the company was more likely
than previously to ask its main lender banks for support in a form
S&P defines as 'SD', and it kept the ratings on CreditWatch with
negative implications at the time.

Sharp issued preferred securities to its two main lender banks to
repay borrowings from each bank.  S&P regards this transaction as
a de facto debt-for-equity swap, which S&P defines as 'SD'.
Therefore, S&P lowered its issuer credit rating on Sharp to 'SD'.

Ordinarily, default ratings apply strictly to the legal entity
involved; thus S&P did not lower the long- and short-term
corporate ratings on the subsidiary to 'SD'.  S&P recognized that
the subsidiary's debt did not default when the parent went to 'SD'
status.

Once a debt-for-equity swap that S&P defines as a default is
completed, it reviews the company's post-swap credit profile and
raise the issuer credit rating from 'SD' as swiftly as possible,
in accordance with S&P's criteria.  Therefore, S&P expects to
assess Sharp's credit quality and upgrade the company from 'SD' as
early as July 1.



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


MALAYSIA AIRLINES: To Shift Fleet From Large to Small, CEO Says
---------------------------------------------------------------
Elffie Chew at Bloomberg News reports that Malaysia Airlines Bhd.
plans to shift its fleet from large aircraft to smaller planes as
part of a revamp after two crashes last year prompted the
government to take the company private.

"Our aircraft size is too large because these aircraft were
purchased when the connecting market between Europe and Australia
was firmly in the hands of Southeast Asian carriers," Chief
Executive Officer Christoph Mueller said in an interview on
June 24 at parent Khazanah Nasional Bhd.'s Kuala Lumpur
headquarters. "We need to reinvent ourselves with regards to the
fleet, not necessarily the fleet size but the aircraft size."

It has taken the industry 10 years to have a fleet rollover, he
said, citing 747-400s as an example of an aircraft replaced not
with A380s or 747-800s but with smaller planes, Bloomberg relates.

According to Bloomberg, the CEO said the carrier is in the market
to sell two Airbus A380 superjumbos as it seeks to align its
network with demand. Mr. Mueller, who joined Malaysia Airlines in
March, was tasked with turning around a flag carrier that was
racking up losses even before before flight MH370 disappeared in
March last year and MH17 was shot down over Ukraine, Bloomberg
recalls.

The airline has identified customer service and digital technology
as key areas of focus, he said, Bloomberg relays.

Malaysia Airlines has a fleet of 128 planes, including 57 B737-
800s, 13 B777-200s, six A380-800s and two B747-400s, the report
discloses.  Bloomberg relates that Mr. Mueller said the company is
currently evaluating its 777 fleet and may consider selling its
747-400 freighters.

"Everybody knows we are a little bit cash-constrained," Bloomberg
quotes Mr. Mueller as saying. "If we were to have a good offer to
sell them and lease them back, we would certainly listen to the
offer."

According to Bloomberg, Mr. Mueller said the airline has received
a 98 percent response rate so far on offer letters sent June 1 to
14,000 employees, inviting them to join the new entity from
Sept. 1. Only 1 percent of the offers have been rejected, he
added, Bloomberg relays.

Bloomberg notes that the company is terminating about 6,000 jobs
and seeking to cut costs by 20 percent as it strives to return to
profitability.

The airline amassed more than MYR4.9 billion ($1.3 billion) in
losses since the start of 2011 and was taken private by Khazanah
Nasional Bhd in a MYR1.38 billion buyout last August. The
sovereign wealth fund has committed to invest MYR6 billion to
restructure the airline, Bloomberg notes.

The new company will reduce capacity and expand its more
profitable domestic and regional routes in Asia Pacific, Khazanah
said in March, Bloomberg adds.

                        *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
June 3, 2015, Bloomberg News said Malaysia's national airline is
terminating about 6,000 workers and reviewing plane purchases in a
bid to return to profit as Chief Executive Officer Christoph
Mueller declared the company "technically bankrupt."

According to Bloomberg News, Mr. Mueller said Malaysia Airlines
Bhd. is kicking off a corporate revamp with a "hard reset" as it
seeks to cut costs by 20 percent and break even by 2018 after two
air disasters last year. The carrier is retaining at least 14,000
employees for the new company and will refurbish the business-
class section on some planes as part of its turnaround, he said.

Bloomberg said Malaysia Airlines is seeking to reinvent itself
after stiff competition led to years of losses, even before flight
MH370 disappeared in March last year and MH17 was shot down over
Ukraine.  Bloomberg related that Mr. Mueller said the carrier
needs time to turn around with a plan that includes adjusting the
size of operations and renegotiating key contracts.

The old structure, Malaysian Airline System Bhd., will cease
operations in August, and selected assets and liabilities will be
transferred to the new company, Bloomberg noted.

Headquartered in Selangor, Malaysia, state-owned Malaysia Airlines
-- http://www.malaysiaairlines.com/-- engages in the business of
air transportation and the provision of related services.



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


STATS CHIPPAC: Moody's Retains Ba3 CFR on Review for Downgrade
--------------------------------------------------------------
Moody's Investors Service says STATS ChipPAC Ltd.'s Ba3 corporate
family rating and senior unsecured bond rating ratings remain on
review for downgrade following JCET-SC (Singapore) Pte. Ltd.'s
(JCET-SC, unrated) voluntary conditional cash offer to acquire all
shares in STATS ChipPAC.  The offer price of SGD0.46577 per share,
or $780 million, is in line with the original non-binding proposal
made in November 2014.

RATINGS RATIONALE

Moody's placed STATS ChipPAC's ratings on review for downgrade on
10 November 2014 after Jiangsu Changjiang Electronics Technology
Co., Ltd. (JCET, unrated), a leading electronics packaging service
provider in China, made a non-binding proposal to acquire all
STATS ChipPAC's shares on a fully diluted basis for an aggregate
purchase price of $780 million.

Subsequently, on 30 December 2014, JCET-SC, a subsidiary of JCET,
announced its pre-conditional voluntary cash offer for all shares
in STATS ChipPAC subject to the fulfilment of certain pre-
conditions.  Pre-conditions included (1) regulatory and
shareholder approvals; (2) Singapore court approval of the Taiwan
capital reduction; and (3) STATS ChipPAC's consolidated aggregated
debt falling below $1.28 billion at the earlier of 30 April 2015
or the date of the offer announcement.  All of these pre-
conditions had been satisfied as of June 26, 2015.

As a result, on June 26, 2015, STATS ChipPAC announced that a
voluntary conditional cash offer had been made by JCET-SC to
acquire the company.  The offer is now conditional on: (1) JCET-SC
receiving acceptance from more than 50% of the shares in the
company by the closing date; (2) STATS ChipPAC making a $200
million perpetual securities offering; and (3) the completion of
an internal restructuring exercise of STATS ChipPAC's Taiwanese
operations (the Taiwan Capital Reduction), preceded by the
repayment of a $127 million intercompany loan from STATS ChipPAC's
Taiwanese subsidiaries to STATS ChipPAC.  Once these conditions
are met, the offer will become unconditional.

On June 26, 2015, STATS ChipPAC announced a proposed offering of
perpetual securities by way of a non-renounceable rights issue to
raise gross proceeds of $200 million, thus fulfilling the second
condition outlined above.  According to the terms and conditions,
the perpetual securities offer will close on 14 August 2015, and
the securities will be credited to entitled shareholders on 24
August 2015.

Moody's expects that the remaining conditions will be satisfied by
mid-August, after which the offer will become unconditional in all
respects.  STATS ChipPAC will then make a change of control offer
to the holders of its $811.2 million outstanding senior secured
notes (2016 and 2018) which, as Moody's understands, the company
intends to refinance with a combination of bank borrowings and
bond instruments, together with the proceeds from the issuance of
the perpetual securities.  As a backstop, DBS Bank Ltd. (Aa1
stable) will provide a 12-month bridge facility of up to $890
million to STATS ChipPAC.

While Moody's views the backstop positively, in a scenario where
this bridge facility is drawn down in its entirety, the company
will still need to refinance around half of the facility with
either additional bank borrowings or bond instruments, within 12
months of drawdown, which could raise future refinancing risk.

STATS ChipPAC had $195 million in cash and bank deposits on its
balance sheet at March 29, 2015.  The company also reduced its
balance sheet debt level to $1,169 million at 29 March 2015 from
$1,203 million at Dec. 28, 2014, and has indicated that it will
use the $127 million proceeds from the Taiwan Capital Reduction
for further debt reduction.  As a result, Moody's expects STATS
ChipPAC leverage -- as measured by adjusted debt/EBITDA -- to be
in the 3.5-4.0x range, when considering the perpetual securities
as debt-like.

Moody's expects the acquisition may negatively affect STATS
ChipPAC's credit profile in view of (1) the complex ownership
structure; (2) potential contingent liabilities related to the put
options for investors at the JCET level, which may ultimately
raise additional funding pressures for STATS ChipPAC (although
there are restrictions on STATS ChipPAC in terms of incremental
indebtedness and leverage covenants, both in the DBS bridge
facility and the term loan facility); (3) potential refinancing
risk associated with the bridge facility take out should the bond
and loan markets not be able to fund the entire refinancing; and
(4) the put option in 2018 associated with the proposed perpetual
securities.

However, if these credit risks are mitigated, any downgrade would
likely be limited to one notch under current assumptions.

Finally, Moody's notes that JCET's Investment Exit Agreement and
Share Sale Agreement with its investors (namely SilTech
Semiconductor Shanghai Corporation Limited and China Integrated
Circuit Industry Investment Fund Co., Ltd., respectively) grant
these investors the right to put the shares each ultimately
acquired in JCET-SC back to JCET after the completion of JCET-SC's
acquisition of STATS ChipPAC.  In effect these investor put
options are contingent liabilities for JCET-SC, totaling an
aggregate $250 million in principal.

Moody's expects to close the review once JCET-SC's cash offer to
acquire all the shares in STATS ChipPAC becomes unconditional.

The principal methodology used in these ratings was Global
Semiconductor Industry Methodology published in December 2012.

STATS ChipPAC Ltd. is the fourth-largest player in the OSAT
(Outsourcing Semiconductor Assembly and Test) industry.  It
provides full turnkey solutions to semiconductor companies, among
them foundries, integrated device manufacturers, and fabless
companies in the US, Europe, and Asia.


STATS CHIPPAC: S&P Lowers CCR to 'BB'; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating and long-term issue rating on STATS ChipPAC Ltd. to
'BB' from 'BB+'.  The outlook is stable.

S&P also lowered its long-term ASEAN regional scale rating on the
Singapore-based provider of semiconductor assembly and test
services to 'axBBB-' from 'axBBB+'.  S&P removed all the ratings
from CreditWatch, where they were placed with negative
implications on Nov. 10, 2014.

"We downgraded STATS ChipPAC because we now assess a low
likelihood of extraordinary government support to the company,
through its major shareholder Temasek Holdings (Private) Limited,"
said Standard & Poor's credit analyst Katsuyuki Nakai.  "This
reflects our view that Temasek is likely to sell its 83.8%
ownership in STATS ChipPAC soon.  The company's 'bb' stand-alone
credit profile remains unchanged."

Jiangsu Changjiang Electronics Technology (JCET) announced on
June 26, 2015, that it had received all necessary approvals from
shareholders and relevant authorities for its proposed cash
acquisition of STATS ChipPAC for US$780 million.  Therefore, S&P
believes the acquisition process is at a very advanced stage.

The acquisition offer remains conditional upon these (1) carving
out of the Taiwan subsidiaries, and (2) STATS ChipPAC's US$200
million proposed perpetual securities offering.  Nevertheless, S&P
believes the probability of these remaining conditions
jeopardizing the transaction is fairly low.

Consequently, S&P has removed the government support factor from
its final rating on STATS ChipPAC.  This is because S&P changed
its assessment of extraordinary government support for STATS
ChipPAC to "low" from "moderate."  In S&P's view, the strategic
importance of the technology industry to the Singapore government
is less significant than before.  In addition, S&P believes the
link between the government and the company is limited, given the
high likelihood of Temasek's divestment.

On a stand-alone basis, S&P still projects STATS ChipPAC's debt-
to-EBITDA ratio at 2.5x-3.0x over the next 18 months,
predominantly driven by stable earnings generation and lower
capital expenditure.  This supports S&P's view of the company's
'fair' business risk and 'significant' financial risk profile.

"We believe STATS ChipPAC has minimized its potential refinancing
risk arising from the transaction through a bridge refinancing
facility.  Existing bondholders benefit from a change-of-control
put option once the offer becomes unconditional," Mr. Nakai said.

Finally, as the acquisition process progresses further, the degree
to which JCET will integrate STATS ChipPAC will become a new
important rating driver.  The acquisition will more than double
JCET's original size and increase its exposure to international
markets to about 60%.  However, S&P currently do not believe that
a post-transaction group credit profile would weigh on STATS
ChipPAC's stand-alone credit profile.

The stable outlook reflects S&P's expectation that STATS ChipPAC
will show steady financial performance due to lower capital
expenditure and steady cash flow in the next 12-24 months.  The
outlook also reflects S&P's view that potential risk factors
related to the proposed acquisition, such as integration and
refinancing, will be adequately managed under the new group
structure.

S&P may lower the rating if STATS ChipPAC's ratio of FFO to debt
weakens with limited recovery prospect to above 30% on a sustained
basis.  This could happen if (1) the company's profitability
significantly weakens due to strong price pressure or unexpected
customer loss; or (2) the company decides to spend aggressively
for business expansion.  Rating pressure could also arise if the
new ownership causes STATS ChipPAC's financial policy to be more
aggressive, unexpected events or process delay post-acquisition
cause a shortfall in STATS ChipPAC's earnings generation, or
refinancing issues hurt the company's liquidity.

S&P believes the rating upside is limited over the next 12 months
in light of the trends in STATS ChipPAC's financial metrics and
the risks in post-acquisition integration.  S&P may raise the
rating if STATS ChipPAC enhances its competitive position with a
solid customer base and higher operating efficiency through
business integration.  S&P would also consider an upgrade if the
company sustains strong cash flows and improves leverage, such
that the ratio of FFO to debt is above 45% on a sustained basis.


                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***