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

                      A S I A   P A C I F I C

            Friday, July 10, 2015, Vol. 18, No. 135


                            Headlines


A U S T R A L I A

AVONLINK ENTERPRISES: First Creditors' Meeting Set For July 17
BBY LTD: Claims Overflow at National Guarantee Fund
BOB'S MITRE 10: Whyalla Franchise Closes Doors
FORTESCUE METALS: Bondholders Lose US$282MM Amid Iron Rout
LAWTEC ELECTRICAL: First Creditors' Meeting Set For July 16

MURRAY RIVER: Goes Into Liquidation
NIAZ KITCHENS: Placed Into Voluntary Administration
NOOSA FOOD: Future in Limbo as Creditors Reject Proposal
WENTWORTH SERVICES: Club Closes Doors; 23 Jobs Axed
WHITEBOARD FACTORY: In Liquidation; Meeting Set For July 17


C H I N A

BARING PRIVATE: Moody's Assigns (P)B1 Corporate Family Rating
BARING PRIVATE: S&P Assigns 'B' CCR; Outlook Stable
CAR INC: Proposed Investment Will Not Affect Moody's Ba1 CFR
CHINA SHANSHUI: Short-Term Liquidity Remains Adequate, Fitch Says
HONGHUA GROUP: Moody's Puts B3 CFR on Review for Downgrade


I N D I A

AKSHAR SPINTEX: CARE Assigns B+ Rating to INR40.80cr LT Loan
ASIATIC ENTERPRISES: CRISIL Rates INR10MM Cash Credit at 'B'
BHUMI GINNING: CRISIL Assigns 'B+' Rating to INR50MM Cash Loan
BHUSHAN STEEL: Gets Lenders Nod for INR30,000-Crore Loan
CHETAN ALLOYS: Ind-Ra Assigns 'IND B+' Rating; Outlook Stable

GARAD LOGISTIC: CRISIL Suspends 'B' Rating on INR49MM Cash Loan
GAUTAM STAINLESS: CRISIL Reaffirms 'B' Rating on INR50MM Loan
GIRIJA FABRICS: CARE Assigns B+ Rating to INR7.58cr LT Loan
HOLISTIC REMEDIES: CRISIL Assigns B+ Rating to INR50MM Cash Loan
INDONA INDUSTRIES: CARE Assigns 'B' Rating to INR3.69cr LT Loan

JAI SAI: CRISIL Lowers Rating on INR80MM Cash Loan to 'D'
JAJOO SURGICAL: CRISIL Assigns B+ Rating to INR35MM Cash Loan
JKAK INDUSTRIES: CRISIL Assigns 'B' Rating to INR77MM Cash Loan
KALINGA PACKERS: CRISIL Ups Rating on INR35MM Term Loan to B+
KIRTI STAMPINGS: CARE Reaffirms 'B+' Rating on INR5.24cr LT Loan

KRIDHAN INFRA: CRISIL Assigns 'B-' Rating to INR116MM Cash Loan
LOKESH INDUSTRIAL: CRISIL Assigns B- Rating to INR100MM Loan
LOKESH INFRAPROJECT: CRISIL Assigns B- Rating to INR50MM Loan
M.B. MULTISPECIALITY: CRISIL Assigns 'B' Rating to INR200MM Loan
M.R. HITECH: CRISIL Assigns 'B+' Rating to INR28MM LT Loan

MULTI-FLEX LAMI-PRINT: CRISIL Suspends D Rating on INR457.5M Loan
NAGPUR SORTEX: CRISIL Ups Rating on INR77.5M Term Loan to B+
NEW AGE: CRISIL Assigns 'B+' Rating to INR70MM Cash Credit
PRABHAT CABLES: CRISIL Ups Rating on INR200MM Cash Loan to 'B+'
RATAN MICA: Ind-Ra Affirms 'IND B+' Issuer Rating; Outlook Stable

SADBHAV CERAMICS: CRISIL Assigns 'B+' Rating to INR35MM Loan
SAHAJANAND COTTON: CARE Reaffirms 'B' Rating on INR5.86cr Loan
SAMYU GLASS: CRISIL Assigns 'C' Rating to INR136MM Cash Credit
SBIW STEELS: CRISIL Reaffirms 'B+' Rating on INR42.7MM LT Loan
SHINKWANG ELECTRONICS: CRISIL Ups Rating on INR98.8MM Loan to B+

SHRI SHAKUMBARI: CRISIL Assigns 'B' Rating to INR43MM Term Loan
SIDDHI VINAYAK: CARE Reaffirms 'D' Rating on INR7.04cr LT Loan
SINGH NATURAL: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
SRIRANI SATI: CRISIL Assigns 'B+' Rating to INR80MM Cash Loan
STERLING CAST: CARE Assigns B+ Rating to INR3.35cr LT Loan

SUPER LAXMI: CARE Assigns 'B' Rating to INR5.70cr LT Loan
SWARNA CONSTRUCTIONS: CRISIL Reaffirms C Rating on INR85MM Loan
SWEDE SANITARY: CRISIL Reaffirms 'B' Rating on INR49MM Loan
V3 ENGINEERS: CRISIL Cuts Rating on INR60MM Cash Credit to 'D'
VIJAYAKRISHNA FARMS: CRISIL Reaffirms 'D' Rating on INR53MM Loan

VISHNU SRI: CRISIL Suspends 'B' Rating on INR150MM LT Loan


N E W  Z E A L A N D

LANZATECH NEW ZEALAND: Annual Loss Narrows to NZ$34.7 Million


S I N G A P O R E

FCI ASIA: Moody's Puts B1 CFR on Review for Upgrade


S R I  L A N K A

BANK OF CEYLON: Fitch Affirms Long-Term IDRs at 'BB-'


V I E T N A M

GLOBAL PETRO: Vietnam Central Bank Takes Over Lender


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


AVONLINK ENTERPRISES: First Creditors' Meeting Set For July 17
--------------------------------------------------------------
Giovanni Maurizio Carrello and Ronald Derek Gamble of BRI Ferrier
Western Australia were appointed as administrators of Avonlink
Enterprises Pty Ltd, trading as East Perth Print Shop, on July 7,
2015.

A first meeting of the creditors of the Company will be held at
BRI Ferrier Western Australia, Unit 3, 99-101 Francis Street, in
Northbridge, on July 17, 2015, at 10:30 a.m.


BBY LTD: Claims Overflow at National Guarantee Fund
---------------------------------------------------
Joyce Moullakis at The Sydney Morning Herald reports that the
National Guarantee Fund, a compensation vehicle for investors, has
admitted it does not currently have the resources to handle a jump
in claims from the collapse of BBY, and is seeking to rectify the
situation.

SMH relates that the Securities Exchanges Guarantee Corporation,
the fund's administrator, is considering setting up a panel of law
firms to assist with, and expedite potential claims.

According to the report, the SEGC came under fire last week as
former clients who suffered losses from the stockbroking and
advisory firm's failure faced lengthy delays and difficulties in
securing claim forms.

"SEGC's practice is to speak to potential applicants as a first
step, providing some guidance in relation to the process," the
report quotes SEGC spokesman as saying. "While we weren't
initially resourced to deal with a significant increase in
inquiries, this is being addressed."

About 15 claims relating to BBY have been received to date, the
report notes.

That number may balloon as many former clients remain unable to
reconcile their share portfolios and hence quantify losses.
Aggrieved clients are required to provide a string of paperwork to
substantiate their claims and to be eligible for redress under the
funds' detailed criteria, says SMH.

The guarantee fund holds $103.7 million. But due to restrictions
on the total claims that can be made involving any one market
participant, claims relating to property entrusted with BBY are
effectively capped at around $11 million, and if that is exceeded
may be settled on a pro-rata basis, according to SMH.

SMH relates that the spokesman said while it was "not practical"
to put in place bulk processing of BBY claims, due to the
individual nature of losses, the SEGC was seeking to make the
process more efficient.

"There are steps that the SEGC can take to make the process more
efficient. For example, we are looking to appoint a panel of law
firms that will be available to advise potential applicants," he
said, SMH relays. "Panel law firms will be across the detail of
the application process and will undertake this work on pre-agreed
terms."

Founded in 1987, BBY Limited is a boutique investment firm that
offers brokerage and financial advisory services. The company
provides merger and acquisition, initial public offering, private
placement, equity trading, and market and business research
services. Additionally, it offers capital raising, restructuring,
due diligence, valuation, relationship management, and clearing
services.

On May 18, the Directors of BBY Limited have appointed KPMG as
Voluntary Administrators.



BOB'S MITRE 10: Whyalla Franchise Closes Doors
----------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Whyalla's Bob's
Mitre 10 franchise has closed its doors leaving 15 employees
jobless. Timothy Clifton and Mark Hall of Clifton Hall were
appointed liquidators of the franchise on June 30, 2015,
Dissolve.com.au discloses.

According to the report, the business currently has no funds
available to pay the entitlements of its employees. Employees have
been directed to the Fair Entitlements Guarantee of the
government, the report notes.


FORTESCUE METALS: Bondholders Lose US$282MM Amid Iron Rout
-------------------------------------------------------------
Nabila Ahmed and Sridhar Natarajan at the Sydney Morning Herald
report that investors who bought US$2.3 billion ($3.1 billion) of
Fortescue Metals Group's 9.75 per cent securities in April have
lost US$282 million of market value in less than a month. The
bonds have been tanking along with the price of iron ore, which
fell to its lowest level in at least six years on July 8, the
report says.

Fortescue's bonds were at 94.75 US cents on the dollar to yield
10.88 per cent on July 8 in New York after peaking at 107 US cents
on June 11, SMH relates citing pricing from Trace, the Financial
Industry Regulatory Authority's bond-price reporting system. It
was the first day the bonds, which mature in
March 2022, fell under their issue price of 97.6 US cents, the
report says. The securities were the second most-traded bonds July
8, according to Trace.

SMH says the slide represents a rapid turnaround in fortunes for
investors. SMH recalls that Franklin Resources and Capital Group
orchestrated the Australian miner's bond issue, snapping up almost
half of the securities in a so-called reverse inquiry, a person
with direct knowledge of the matter said at the time. That deal
came a month after the company aborted a debt sale in the face of
slumping commodity prices, the report states.

SMH notes that Franklin, Capital Group and two other investors
reaped an immediate US$71.7 million gain in three days after the
bonds were issued with one of the highest yields in the US market
this year.

Shares of Fortescue also fell to their lowest level since 2008 as
iron plunged for a 10th straight day and fell below $US45 a ton,
the report notes. The stock, down about 40 per cent this year, was
at $1.655 as of 12:00 p.m. on July 8 in Sydney, adds SMH.

                       About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western Australia
and exporting it from Port Hedland.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 25, 2015, Fitch Ratings affirmed Fortescue Metals Group
Limited's (Fortescue) Long-Term Issuer Default Rating (IDR) at
'BB+' and revised the Outlook to Negative from Stable.  The rating
action is in response to Fitch lowering its expectations for the
benchmark iron ore price.

Fitch has also assigned a 'BBB-' final rating to the USD2.3bn
senior secured notes due in March 2022, which are issued by FMG
Resources (August 2006) Pty Ltd, and guaranteed by Fortescue and
its subsidiaries.  The rating on the secured credit facility is
notched up a level from Fortescue's 'BB+' IDR to reflect the
additional provision of quality collateral, including mining
tenements.  The assignment of a final rating follows the receipt
of documents conforming to information received, and is in line
with the expected rating assigned on April 22, 2015.


LAWTEC ELECTRICAL: First Creditors' Meeting Set For July 16
-----------------------------------------------------------
Liam William Paul Bellamy and David Ashley Norman Hurt of WA
Insolvency Solutions were appointed as administrators of Lawtec
Electrical Pty Ltd on July 6, 2015.

A first meeting of the creditors of the Company will be held at
Level 10, 111 St Georges Terrace, in Perth, on July 16, 2015, at
10:30 a.m.


MURRAY RIVER: Goes Into Liquidation
-----------------------------------
Alice Uribe at ifa.com.au reports that a regional AMP-aligned
firm, formerly known as Murray River Financial Services, has gone
into liquidation, according to an ASIC insolvency notice.

Following news of the insolvency, a meeting of creditors has been
called for later in July, with a number of resolutions to be
discussed, ifa.com.au relates.

ifa.com.au relates that according to the Murray River Financial
Services website, Colin Smith was director of the practice and
specialised in retirement planning, financial planning,
superannuation and wealth management.

Mr Smith's LinkedIn profile said he has held this position since
1999, the report notes.

Headed by liquidator Glenn Spooner from Cor Cordis Chartered
Accountants, the meeting will seek to appoint a committee of
inspection, consider removing liquidators from the office and
appointing another liquidator, and to fix or determine the
remuneration of the liquidators, according to ifa.com.au.

Cor Cordis senior accountant Andrew Clowes --
aclowes@corcordis.com.au -- told ifa.com.au that the insolvency
proceedings were at a very early stage.

"We are limited in our knowledge about the reasons for the
insolvency and the liquidator would prefer that only creditors
attend the meeting," the report quotes Mr. Clowes as saying.

At this stage, five creditors have been identified, one of them
being the Australian Taxation Office, the report notes.


NIAZ KITCHENS: Placed Into Voluntary Administration
---------------------------------------------------
Eloise Keating at SmartCompany reports that Niaz Kitchens, a
family-owned business specialising in manufacturing kitchen fit-
outs, has collapsed into voluntary administration.

Niaz Kitchens was placed in voluntary administration on July 2,
with Ozem Kassem and Jason Tang of Cor Cordis appointed to manage
the administration, the report notes.

The first meeting of creditors is scheduled to be held in Sydney
on July 14.

Colin Porter, founder and managing director of credit reporting
bureau CreditorWatch told SmartCompany it is "business as usual"
in the Australian manufacturing and building and construction
industries and he wouldn't expect to see major difficulties in
both the residential and commercial building markets.

However, Mr. Porter said for manufacturers, it is still "as tough
as it always has been".

Speaking more generally, Mr. Porter said small and medium size
businesses can run into cash flow problems if their business is
reliant on just a handful of clients, even if they are large
customers, SmartCompany relays.

"If you have a problem with one client, it can start to impact
your business," the report quotes Mr. Porter as saying.  It only
takes one client starting to pay invoices slowing for cash flow
problems to present themselves, he added.

"From a business advice perspective, it is essential to have a
positive project plan for the future," Mr. Porter told
SmartCompany.

Niaz Kitchens was founded by Henry Niaz in 1986, starting out in a
small part of a relative's factory in the west of Sydney.  The
company specialises in high-end kitchens and joinery in apartment
and hotel complexes and counts Harry Triguboff's Meriton
Apartments among its key clients. The company has completed more
than 1,000 individual projects and installed more than 30,000
kitchens.


NOOSA FOOD: Future in Limbo as Creditors Reject Proposal
--------------------------------------------------------
Nicky Moffat at Sunshine Coast Daily reports that the Noosa
International Food and Wine Festival's future remains uncertain
after Jim Berardo failed to gain creditors' agreement to a
proposal for resolving more than AUD800,000 in debts.

The company responsible for the festival and Berardo's Restaurant
and Bar, Noosa Food and Wine Events, was placed in voluntary
administration in May, the Daily discloses.

According to the report, suppliers of the festival and employees
of Berardo's Restaurant found out at a creditors' meeting with
administrator Worrells in June that the festival had not made a
profit in years.

At a second meeting between Worrells and creditors at The Sebel,
Maroochydore, on July 7 the decision was made to wind up Jim
Berardo's company, according to a beverage supplier who attended,
the Daily relays.

A proposal for a deed of company arrangement was tabled by Mr
Berardo prior to the meeting but withdrawn, he said.

The Daily relates that it had proposed that 75 cents in every
dollar be repaid to outstanding creditors, on the condition that
Mr Berardo be allowed to continue to run the festival and repay
funds using festival takings over the next two years.

"With the company now placed in liquidation, it was highly likely
that creditors receive nothing," the creditor, who asked to remain
anonymous until it was certain whether his business would be
repaid, told the Daily.

Creditors voted unanimously to wind up the company on July 8.

Citing a report to creditors dated June 29, the Daily says
Worrells criticised Noosa Food and Wine Events' internal
accounting and financial controls, highlighting inadequate record-
keeping processes.

"This was compounded by the fact that the company was operating
two distinct businesses within the one structure," the report
stated, the Daily relays. "The lack of accurate and timely
financial reports is in our opinion a significant reason for the
company's current financial position."

According to the Daily, the report noted that some payments had
been made preferentially to some creditors and would be pursued as
part of liquidation in addition to trade debtors.  However the
total "best case" amount recoverable amounts to AUD183,587.

Unsecured creditors including restaurant owners, food and beverage
suppliers as well as employees are owed more than AUD800,000.

The sale of intellectual property concerning the management of the
festival was also being considered and at least six organisations
had expressed interest in acquiring the company's IP, according to
the report obtained by the Daily.


WENTWORTH SERVICES: Club Closes Doors; 23 Jobs Axed
---------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Wentworth Services
Club has been shut down. The closure left 23 employees jobless.

After emerging from receivership in 2014, the directors of the
club decided to close, the report relates.  Full entitlements will
be received by the company's eleven regular employees and a week's
wage will be obtained by its 12 casual staff members, reports
Dissolve.com.au.

George Georges and Brendan Richards at Ferrier Hodgson were
appointed as administrators of Wentworth Services Sporting Club
Limited on Feb. 27, 2014.


WHITEBOARD FACTORY: In Liquidation; Meeting Set For July 17
------------------------------------------------------------
Timothy Clifton and Mark Hall of Clifton Hall were appointed as
Joint and Several Liquidators of The Whiteboard Factory Pty Ltd on
July 7, 2015.

A meeting of creditors will be held at 10:30 a.m. on July 17, 2015
at Clifton Hall, Level 3, 431 King William Street, in Adelaide.



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C H I N A
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BARING PRIVATE: Moody's Assigns (P)B1 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service assigned a first-time (P)B1 corporate
family rating (CFR) to Baring Private Equity Asia VI Holding (1)
Limited, the parent holding company for Vistra Group Holdings
(BVI) Limited (Vistra) and Orangefield Group (together "Vistra-
Orangefield"), which was established by affiliates of Baring
Private Equity Asia (BPEA) to complete its buyout.

At the same time, Moody's has assigned a provisional (P)B1 rating
to the proposed USD515 million first lien term loan due 2022 and
the USD50 million revolving credit facility; and a (P)B2 to the
USD185 million second lien term loan due 2023. Baring Private
Equity Asia VI Holding (1) Limited, via US and Dutch co-borrowers
will borrow the loans which will be guaranteed by substantially
all subsidiaries, including Vistra and Orangefield.

The outlook on all ratings is stable.

Proceeds from the USD700 million term loan borrowings will be used
to partially fund BPEA's approximate USD1.4 billion acquisition of
Vistra and Orangefield Group. The balance of the purchase price
will be provided through an equity injection by BPEA. Upon
completion of the two acquisitions, the businesses will be
integrated. The transactions are expected to close in late 3Q /
early 4Q 2015.

Moody's will remove the provisional status on the CFR and loan
ratings upon close of the two acquisitions and after completing a
satisfactory review of the final loan documentation.

RATINGS RATIONALE

"The (P)B1 CFR reflects the combined company's top 4 market
position in the fragmented corporate and trust services (CTS)
industry; high barriers to entry fostered by long-standing
relationships with a well-diversified customer base; revenue and
cash flow visibility driven by the multi-year nature of its
structures and a solid liquidity profile," says Brian Grieser, a
Moody's Vice President and Senior Analyst.

"We expect growth in Vistra-Orangefield's EBITDA and cash flow
generation to be driven by the sustained demand in new structures,
especially in Asia where Vistra is a market leader. Demand growth
expectations are supported by the increase in cross border M&A and
capital markets transactions, growth in fund activities and the
increasing number of high net worth individuals who demand more
sophisticated structures and Vistra is well placed to benefit from
such growth.

"However, the ratings are constrained by Vistra-Orangefield's
exposure to legal, regulatory and reputational risks driven by
global corporate governance legislation and tax regulations; high
adjusted debt-to-EBITDA leverage, an aggressive growth strategy,
partially dependent on bolt-on acquisitions, and integration risks
following the combination of the two businesses," adds Grieser,
also Moody's Lead Analyst for Vistra-Orangefield.

"We expect adjusted debt-to-EBITDA, proforma for the earnings of
both Vistra and Orangefield Group in 2015 and the acquisition
debt, to be just over 6.0x (pro forma for the transactions
completing on 1st January 2015). As such, leverage will be high
for the rating throughout 2016. However, we expect EBITDA growth,
coupled with modest debt reduction, to support deleveraging such
that leverage will approach 5.0x by end-2016.

"The stable outlook reflects our view that Vistra-Orangefield is
an aggressively leveraged, small business when compared to
similarly rated issuers. However, this factor is mitigated by its
solid and predictable margins supported by a high degree of repeat
and retention business, stable cash flow generation, solid EBITDA
growth prospects and our expectation for significant deleveraging
over the next two years.

"Furthermore, there is an ongoing trend for increased regulatory
standards for the offshore financial service sector driven largely
by new regulations in Europe and the United States that will
increase compliance costs and complexity. At the same time,
litigation risk is moderately high given the complexity of laws
and regulations governing the CTS industry, as well as increased
focus from legislative bodies around the world.

"Vistra-Orangefield's liquidity is expected to be good over the
next 12-18 months supported by modest cash balances, consistent
free cash flow generation and full availability under its RCF. We
expect free cash flow to be allocated between acquisitions and
debt reduction. The proposed 5 year, USD50 million RCF is expected
to remain unused for the next 12-18 months."

The first lien term loan is rated in line with the CFR at (P)B1
and the second lien term loan is rated one notch below at (P)B2,
reflecting its subordination in the capital structure to the first
lien loan. The first and second lien loans will be secured by
substantially all the assets of Vistra-Orangefield with the first
lien loans retaining priority in repayment in case of an
enforcement on collateral.

Vistra-Orangefield's ratings could be downgraded if integration
plans fail to provide synergies, the company deviates from its
plan to deleverage, new litigation or regulatory standards weaken
its cash flow or earnings profile or the company undertakes
another transformative acquisition over the next 12-18 months.

If adjusted debt-to-EBITDA does not trend towards or below 5.0x in
the 12-18 months following close of the transaction, ratings could
be downgraded. Further, sustained adjusted EBITA-to-Interest
expense below 2.0x or adjusted retained cash flow-to-net debt
below 10% could lead to a ratings downgrade.

The ratings are unlikely to be upgraded over the next two years
given Vistra-Orangefield's small scale and high leverage. Moody's
is unlikely to consider an upgrade prior to the company lowering
its adjusted debt-to-EBITDA on a sustainable basis below 4.0x.

The principal methodology used in this rating was Business and
Consumer Service Industry published in December 2014. Please see
the Credit Policy page on www.moodys.com for a copy of this
methodology.

Vistra-Orangefield will be a provider of corporate & trust
services for companies (private companies, SMEs, listed
companies), but also to high net worth individuals (HNWI) and
funds with around 50% of gross fees generated in Asia, the rest
primarily generated in Europe. Services include company formation
and renewal services, corporate administration services, trustee
and fiduciary services, fund services and family office services.
Vistra-Orangefield operates around 180,000 structures and is
present in 41 jurisdictions as of December 2014.


BARING PRIVATE: S&P Assigns 'B' CCR; Outlook Stable
---------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B' long-term corporate credit rating to Baring Private Equity
Asia VI Holding (1) Ltd. (Baring Asia Bidco).  The outlook is
stable.  S&P also assigned our 'cnBB-' long-term Greater China
regional scale rating to the British Virgin Islands-incorporated
company.

S&P assigned its 'B' long-term issue rating and '3L' recovery
rating to Baring Asia Bidco's proposed senior secured first-lien
credit facilities, which will consist of a US$50 million
equivalent revolving credit facility (RCF) due 2020 and a US$515
million equivalent term loan due 2022.  The issue ratings are
based on the preliminary terms and conditions of the credit
facilities.  The '3L' recovery rating indicates S&P's expectation
for meaningful (50%-70%; lower end of the range) recovery in the
event of a payment default.

At the same time, S&P assigned its 'CCC+' long-term issue rating
and '6' recovery rating to the company's proposed US$185 million
equivalent second-lien term loan due 2023.  The '6' recovery
rating indicates S&P's expectation for negligible (0%-10%)
recovery in the event of a payment default.

Baring Asia Bidco will use the proceeds to fund the purchase of
Vistra Group Holdings (BVI) Ltd. and OFT Finco B.V. (Orangefield),
both providers of corporate and trust services.  S&P anticipates
the RCF will remain undrawn at the close of the transaction.

The corporate credit rating is based on S&P's expectation that
Baring Asia Bidco will acquire Vistra and Orangefield for a total
of US$1,456 million (including transaction fees, expenses, and
refinancing of existing debt). Vistra and Orangefield's management
and systems will be integrated together once the transactions are
complete.

"We believe the commoditized nature of Vistra and Orangefield's
offerings constrains their competitive advantage," said Standard &
Poor's credit analyst Bertrand Jabouley.  That is because product
differentiation in the global corporate and trust services
industry is limited.  Their small size compared with generalist
players could be a weakness, particularly since a number of
intermediaries are both business providers through client
referrals and potential competitors.  In addition, the industry
has high regulatory risk because regulatory and legislative
conditions in onshore and offshore jurisdictions impact demand
from clients.  Another key risk is integration, given the
transformative nature of the Orangefield addition to Vistra.
Vistra has focused primarily on organic expansion and small
acquisitions in 2012-2014.

The above-average predictability of Vistra's earnings (about 70%
of its gross fees are secured at the beginning of year) tempers
the above weaknesses.  The company has multi-year business
structures with average life of more than eight years and renewal
rates of about 90% supported by high switching costs
(administrative burden, confidentiality issues).  S&P understands
that the competitive pressures from intermediaries are easing.
Banks are typically net sellers in the corporate and trust
services business, and barriers to entry are rising, with
increasing regulatory complexity and regulators' desire to reduce
the number of licensees.  In addition, S&P believes that Vistra
and Orangefield's focus on setting up of business structures and
management (as opposed to advisory), robust compliance processes,
and the fact that they do not handle client's money limits their
vulnerability to regulatory and legal risks.  The company's
consistent EBITDA margin of about 30% supports S&P's assessment of
Baring Asia Bidco's business risk profile as "fair."

S&P assess Baring Asia Bidco's financial risk profile as "highly
leveraged" because of the company's adjusted debt-to-EBITDA ratio
of about 6.5x after the transaction.  The ownership by a financial
sponsor could constrain improvement in leverage.  Nevertheless,
S&P expects the company to generate positive free operating cash
flows due to its modest capital spending needs (about 2% of
revenues).

"The stable outlook reflects our view that Baring Asia Bidco will
generate steady revenue growth and resilient profitability in the
12 months following the completion of the acquisitions of Vistra
and Orangefield," said Mr. Jabouley.  This is despite potentially
less supportive pricing conditions in key markets.  S&P expects
the company's debt-to-EBITDA ratio to be close to 6.5x for the 12
months after the closing of the acquisitions, and 6.0x in the
subsequent 12 months.

Downward pressure could arise should Baring Asia Bidco adopt a
more aggressive financial policy than S&P envisage, including
debt-financed acquisitions or shareholder distributions, or if the
company's cash flows reduce, possibly because of a decline in
margins or lower cash conversion.  The EBITDA cash interest
coverage falling below 2.0x, without potential for recovery, could
trigger a downgrade.

S&P sees limited potential for an upgrade over the next 12 months,
given its view of Baring Asia Bidco's near-term deleveraging
trend.  That said, steady debt reduction, such that the FFO-to-
debt ratio is sustainably in the mid-teens and EBITDA cash
interest coverage is more than 3.0x, could lead S&P to revise its
assessment of the company's financial policy, and raise the
rating.


CAR INC: Proposed Investment Will Not Affect Moody's Ba1 CFR
------------------------------------------------------------
Moody's Investors Service says that CAR Inc.'s proposed investment
in UCAR Group (unrated) will not affect its Ba1 corporate family
and senior unsecured debt ratings or the stable ratings outlook.

On 1 July 2015, CAR announced that it had agreed to subscribe to
2,500,000 UCAR Series A Preferred Shares for $125 million. The
company will hold 10% of UCAR's total issued shares based on a
conversion ratio of 1:1. It will fund the investment with its
internal cash.

Affiliates of two of CAR's key shareholders, Legend Holdings
(unrated) and Warburg Pincus (unrated), will also subscribe to
UCAR's Preferred Shares.

Before the completion of the transaction, Haode Investment
(unrated) and Eastrock Capital Partners Fund I, LP (unrated) own
28% and 30% of UCAR respectively.

Haode Investment is wholly owned by Ms. Lichun Guo, spouse of
CAR's Chairman and CEO. As such, CAR's investment in UCAR is
deemed a connected transaction by the Hong Kong Stock Exchange.

The general partner of Eastrock Capital is 38% owned by Mr. Eric
Peiqiang Wang, the former CIO of CAR and the nephew of CAR's
Chairman.

UCAR provides chauffeured car services in China through internet
and mobile platforms. The two companies announced a collaboration
in January 2015 whereby they will promote UCAR's chauffeured car
services under a co-branded arrangement. CAR leases cars to UCAR
on both long-term and short-term basis at market prices, but does
not operate the chauffeured car services.

"We expect CAR has sufficient cash resources to fund the proposed
investment in UCAR. The investment will therefore not immediately
raise CAR's debt and as such will have no immediate impact on its
ratings," says Gerwin Ho, a Moody's Vice President and Senior
Analyst.

The $125 million cash consideration for the investment equaled
around 19% of CAR's cash balance of RMB4.1 billion at end-March
2015.

"At the same time, we expect the UCAR investment will increase
CAR's capital expenditure over the next 12-18 months. This in turn
will raise its debt leverage and reduce the headroom within its
rating," adds Ho, also the Lead Analyst for CAR.

Moody's notes that the UCAR investment will support the expansion
of CAR's product offering. CAR has grown both its revenue and
profit since it started its collaboration with UCAR in January. As
of end-March, UCAR rented 9,031 vehicles from CAR under long-term
contracts, representing 12% of CAR's total fleet. We expect UCAR
will continue to grow its business over the next 12-18 months, and
as a result its contribution to CAR given that it will increase
the number of vehicles it rents from CAR.

Moody's expects CAR will need to increase its fleet of vehicles to
meet the demand from UCAR. Moreover, CAR will face higher working
capital needs because it grants 90 days credit terms on UCAR's
rental payments.

Accordingly, the transaction will increase both CAR's funding
needs and debt level. Moody's expects the company's leverage, as
measured by debt/EBITDA, will rise to 3.0x-3.5x over the next 12-
18 months. Such a level is close to the rating downgrade trigger
of 3.5x.

In addition, if CAR materially increases its onshore borrowings to
satisfy its funding needs, this could increase subordination risk
to offshore bondholders and in turn affect the current bond
rating.

CAR has indicated it plans to manage its business growth with UCAR
in a manner that ensures its debt leverage and priority debt to
total assets ratio remain within levels supportive of its current
ratings. The stable ratings outlook reflects Moody's expectation
that the company will adopt a prudent financial policy and
maintain its debt leverage stable while expanding its business.

UCAR reported net losses before taxation in the fiscal year ended
31 December 2014 as a result of its startup nature. If UCAR
continues to report net losses before taxation over the next 12-18
months, Moody's will review the impact of UCAR's credit profile on
CAR's ratings.

In addition to the financial risk, the UCAR investment raises
operational and regulatory risks given the nascent nature of
China's chauffeured car services market.

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in December 2014. Please
see the Credit Policy page on www.moodys.com for a copy of this
methodology.

CAR Inc., founded in 2007 and headquartered in Beijing, provides
car rental services, including short-term rental, long-term rental
and leasing in China. CAR listed on the Hong Kong Stock Exchange
in September 2014.

As of March 31, 2015, CAR had a total fleet of 72,994 company-
owned cars. CAR commands a leadership position in terms of fleet
size, revenue and network coverage. In the 12 months ending 31
March 2015, CAR reported net sales of RMB3.8 billion (USD608
million).

CAR's key shareholders include Legend Holdings (unrated); private
equity firm Warburg Pincus; the world's second-largest car rental
company The Hertz Corporation (B1 stable); and its Chairman,
founder and CEO Mr. Charles Lu. These parties hold stakes of
29.0%, 11.1%, 16.1% and 14.7% respectively.


CHINA SHANSHUI: Short-Term Liquidity Remains Adequate, Fitch Says
-----------------------------------------------------------------
Fitch Ratings says that China Shanshui Cement Group Limited's
(Shanshui, B+/RWN) short-term liquidity remains adequate despite
having paid USD378 million to redeem almost all of its US dollar
notes due 2016.  However, the long-term direction of the company
remains uncertain.  This will depend on the outcome of the
extraordinary general meeting (EGM) to be held on July 29, 2015,
which will consider replacing the chairman and the majority of the
board.

Shanshui announced on July 7, 2015, that it had paid USD378 mil.
to redeem 92.78% of its notes due in 2016.  This redemption was
caused by the action of China Tianrui Group Cement Company Ltd's
(Tianrui) chairman Mr Li Liufa -- and parties acting in concert
-- raising their stake in Shanshui to 28.16% in April 2015, which
had triggered the "change-of-control" (CoC) clause under the
notes.

Shanshui now has USD500 million of notes due 2020 and USD29 mil.
of notes due 2016 outstanding in the offshore market.  Despite the
early redemption, its immediate liquidity requirements are likely
to be met by a combination of onshore MTN and "super short-term"
commercial paper programmes, and operating cash flows, which
usually see a seasonal improvement in the third quarter of the
year.

The EGM, requested by parties acting in concert with Mr Li,
targets the removal of most of Shanshui's board, including the
chairman.  Should the chairman be replaced and/or the majority of
the board members be removed, the CoC clause under the 2020 notes
will be triggered, and the company may be required to make an
offer to repurchase all outstanding 2020 notes.  The company does
not appear to have immediate liquidity to meet an early redemption
of these notes within the limited timeframe.

It is unclear whether the EGM proposals can find enough support,
as the proposals may lead to Shanshui's insolvency.  More than 50%
of Shanshui's shareholders' votes are required to change the
chairman and most of the board.  The current major shareholders
are Mr Li and parties acting in concert (28.16%); China Shanshui
Investment, an entity owned by the current chairman's father, Mr
Zhang Caikui and other employees (25.09%); Taiwan's Asia Cement
Corporation (ACC) (20.90%); and state-linked China National
Building Materials (CNBM) (16.67%).

According to Shanshui's announcement on July 8, 2015, ACC and CNBM
have stated that they may not support the proposals.  However,
part of China Shanshui Investment is now being administered by
receivers, and the implications for the EGM vote remain unclear.


HONGHUA GROUP: Moody's Puts B3 CFR on Review for Downgrade
----------------------------------------------------------
Moody's Investors Service has placed Honghua Group Limited's B3
corporate family rating and B3 senior unsecured rating on review
for downgrade, following the company's profit warning for 1H 2015,
July 7, 2015.

RATINGS RATIONALE

"The review for downgrade reflects Moody's concern that Honghua's
financial and liquidity risk could be heightened by a further
weakening of the company's profitability," says Chenyi Lu, a
Moody's Vice President and Senior Analyst.

On July 7, Honghua issued a profit warning for its 1H 2015
results. It expects its profit attributable to the shareholders
will decrease significantly and it may record a loss for the
period due to sustained low oil prices.

Based on the announcement, Moody's preliminary estimates show
Honghua's adjusted debt/EBITDA will surge above 9.0x over the next
6-12 months and adjusted EBITDA/interest will plummet below 2.0x.
These financial ratios are weak for its B3 rating category.

Apart from higher debt leverage, Moody's is concerned that the
company could experience slower sales which would impair its
liquidity position.

Moody's expects oil prices to remain low over the next 12 months.
Accordingly, Honghua's financial and liquidity position is
unlikely to improve.

Moody's will focus its review on (1) the impact of low oil prices
and weak demand for rigs on Honghua's liquidity profile and its
access to funding, particularly its ability to refinance maturing
short-term debt; and (2) its ability to scale back its planned
capital expenditure to preserve its liquidity.

The principal methodology used in these ratings was Global
Oilfield Services Industry Rating Methodology published in
December 2014. Please see the Credit Policy page on www.moodys.com
for a copy of this methodology.

Honghua Group Limited listed on the Stock Exchange of Hong Kong in
2008. It is a wholly owned and major subsidiary of Sichuan Honghua
Petroleum Equipment Co., Ltd. (unrated) (formerly known as
Chuanyou Guanghan Honghua Co. Ltd), which was founded in 1997 to
manufacture land drilling rigs and equipment. Honghua manufactures
land drilling rigs and equipment, offshore drilling platforms, and
equipment packages. It also engages in oil and gas engineering
services.



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


AKSHAR SPINTEX: CARE Assigns B+ Rating to INR40.80cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facility of Akshar
Spintex Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     40.80      CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Akshar Spintex
Private Limited (ASPL) is primarily constrained on account of its
short track record of operations and financial risk profile marked
by cash losses during FY15 (refer to the period April 1 to
March 31), leveraged capital structure and weak debt coverage
indicators. The rating is also constrained on account of ASPL's
presence in the highly fragmented and competitive textile industry
and susceptibility of its profit margins to volatility in raw
material prices.

The rating, however, takes comfort from the experience of
promoters into the textile industry along with location advantage
on account of presence of ASPL within cotton producing belt of
Gujarat and fiscal benefits from the government.

The ability of ASPL to increase its scale of operations by
stabilization of manufacturing facility along with improvement in
profitability and capital structure and manage its working capital
requirement efficiently are the key rating sensitivities.

ASPL was incorporated in June 2013 as a private limited company by
Mr Ashok Bhalala, Mr Prakash Sorathia, Mr Rajdeep Patel, Mr Amit
Ghadiya and Ms Rekha Chauhan. ASPL has undertaken a debt-funded
capex for setting up of a spinning mill with total installed
capacity of 24,480 spindles in phase manner. ASPL manufactures
combed cotton yarn of finer quality with 30s count and operates
from its sole manufacturing facility located at Kalavad region in
Jamnagar district of Gujarat. ASPL has completed first phase of
project with installed manufacturing capacity of 18,500 spindles
in October 2014, and commenced the commercial production of cotton
yarn from end of October 2014. At present, ASPL is implementing
second phase of the project and it has envisaged commencing
commercial production from the second phase (for 5,980 spindles)
of the project from July 2015.

As per FY15 (prov.) financials, ASPL reported net loss of INR3.38
crore on a total operating income (TOI) of INR15.31 crore. During
2MFY16 (Prov.), ASPL has achieved a turnover of INR7.22 crore.


ASIATIC ENTERPRISES: CRISIL Rates INR10MM Cash Credit at 'B'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Asiatic Enterprises (AE).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Proposed Cash         10        CRISIL B/Stable
   Credit Limit
   Cash Credit           10        CRISIL B/Stable
   Letter of Credit      80        CRISIL A4

The ratings reflect AE's small scale of, and working-capital-
intensive, operations. The ratings also factors in the firm's weak
financial risk profile, marked by a high total outside liabilities
to tangible net worth (TOLTNW) ratio. These rating weaknesses are
partially offset by the extensive experience of AE's promoters in
the timber trading industry.
Outlook: Stable

CRISIL believes that AE will maintain a stable business risk
profile over the medium term supported by the extensive experience
of its partners in the timber trading business. The outlook may be
revised to 'Positive' in case of significant and sustained
increase in the firm's scale of operations leading to better
accruals and consequent improvement in the financial risk profile,
along with efficient working capital management. Conversely, the
outlook may be revised to 'Negative' in case of any decline in
AE's revenues or operating margin or deterioration in its
financial risk profile due to larger than expected debt funded
capex or deterioration in the working capital management or
significant capital withdrawal by partners.

Set up in 1972 as a partnership firm, AE processes and trades in
timber such as teak, paduk, and sal wood. The firm is promoted by
Mr. T G Venkatraman with his four brothers being the majority
shareholders and directors.


BHUMI GINNING: CRISIL Assigns 'B+' Rating to INR50MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Bhumi Ginning & Seeds Processing Plant (BGSPP).

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

The rating reflects BGSPP's modest scale of operations in the
intensely competitive cotton industry, large working capital
requirements, and average financial risk profile, marked by
moderate gearing and debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of the
firm's promoters in the cotton industry, benefits that it derives
from the proximity of its ginning unit to the cotton-growing belt
in Gujarat, and absence of long-term debt.
Outlook: Stable

CRISIL believes that BGSPP 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
substantial revenue while improving its profitability and capital
structure. Conversely, the outlook may be revised to 'Negative' if
BGSPP's liquidity weakens with considerable decline in revenue and
profitability, or if its working capital management is poor; or if
the firm's financial risk profile deteriorates because of large
debt-funded capital expenditure.

Set up in 2006, BGSPP is a partnership firm set up by Mr. Parimal
Shah, Mr. Satyam Shah, and their family members. The firm is based
in Sankheda (Gujarat). BGSPP undertakes cotton ginning and
pressing at its production facility in Sankheda.


BHUSHAN STEEL: Gets Lenders Nod for INR30,000-Crore Loan
--------------------------------------------------------
Press Trust of India reports that Bhushan Steel Ltd (BSL) has
received lenders' approval for long-term restructuring of about
INR30,000 crore loans under a scheme of Reserve Bank of India.

According to the report, the Joint Lenders Forum (JLF) has agreed
to extend the loans of BSL for a tenure of 25 years under the
RBI's scheme for long-term structuring of loans in line with cash
flows.

"About 70 per cent of the lenders have approved the scheme and by
the end of this month it should get closed", Bhushan Steel Chief
Finance Officer (CFO) Nittin Johari told PTI.  "The sanction from
few banks are awaited and as soon as the nod is given the plan
will begin."

"We have a four-year moratorium on principal repayment. After
this, there will be a 21-year repayment period, with a provision
to refinance every five years," he added, PTI relays.

A consortium of bankers led by Punjab National Bank (PNB) has a
total exposure of about INR30,000 crore in the company, the report
notes.

Besides PNB, the other banks include State Bank of India, Canara
Bank, Bank of India and Dena Bank.

PTI relates that an extension of maturity will help the banks in
making lower provision for the loan given to the debt-ridden steel
manufacturer.

On being asked about the plans to hive off and sell non-core
assets to reduce debt, Mr. Johari said the company has agreed on
sale and leaseback of its oxygen plant in Odisha and further
decision would be taken as and when required, PTI relates.

In August last year, Bhushan Steel Vice Chairman and Managing
Director Neeraj Singhal was arrested by the CBI in an alleged
cash-for-loan scam involving the then Syndicate Bank CMD S K Jain,
who was later suspended by the government, recalls PTI.

India-based Bhushan Steel manufactures auto-grade steel.


CHETAN ALLOYS: Ind-Ra Assigns 'IND B+' Rating; Outlook Stable
-------------------------------------------------------------
India Ratings and Research has assigned Chetan Alloys Private
Limited a Long-Term Issuer Rating of 'IND B+'.  The Outlook is
Stable.  Ind-Ra has also assigned CAPL's INR200m fund-based
facilities a Long-Term 'IND B+' rating with a Stable Outlook and
Short-Term 'IND A4' rating.

KEY RATING DRIVERS

The ratings reflect CAPL's moderate scale of operations and weak
profitability as well as credit profile due to its presence in a
highly fragmented and competitive metals industry.  In FY14,
revenue was INR984.95 mil., EBITDA margins were 2.56%, financial
leverage was 7.47x in FY14 and EBITDA gross interest coverage was
0.97x.

The ratings are constrained by the company's tight liquidity
position as evident from its over 89% use on average of the
working capital limits for the 12 months ended July 2015.

The ratings, however, benefit from over-two-decade-long experience
of CAPL's directors in trading non-ferrous metals.  The ratings
are further supported by the entity's strong relationship with its
customers and suppliers.

RATING SENSITIVITIES

Negative: A fall in the operating profitability leading to
deterioration in the interest coverage will be negative for the
ratings.

Positive: A significant rise in the operating profitability and
the consequent improvement in the interest coverage will be
positive for the ratings.

COMPANY PROFILE

CAPL, a private limited company incorporated in 2011, trades non-
ferrous metals.  The product portfolio includes alloys and scraps
of copper, zinc, lead, nickel and brass.  The company's registered
office is in Delhi while its facility is in Jamnagar (Gujarat).


GARAD LOGISTIC: CRISIL Suspends 'B' Rating on INR49MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Garad
Logistic (Garad Logistic).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            49       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     10       CRISIL B/Stable
   Term Loan               8       CRISIL B/Stable

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

Established in 2011, Garad Logistic is engaged in trading and
transportation of construction materials such as sand, stone, and
ready-mix concrete. The firm is headquartered in Mumbai and is
owned and managed by Ms. Leena Garad and Mr. Balasaheb Bhosale.
Garad Logistic is a part of the Mumbai-based Bhosale group of
companies, which undertakes real estate development.


GAUTAM STAINLESS: CRISIL Reaffirms 'B' Rating on INR50MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Gautam Stainless Pvt
Ltd (GSPL) continue to reflect the company's weak financial risk
profile, marked by high gearing, small net worth, and weak debt
protection metrics, and its vulnerability to volatility in raw
material prices.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           20        CRISIL B/Stable (Reaffirmed)
   Foreign Exchange       0.7      CRISIL A4 (Reaffirmed)
   Forward
   Letter of Credit       5        CRISIL A4 (Reaffirmed)
   Proposed Long Term     5.9      CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility
   Term Loan             50        CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the company's promoters in the stainless steel
products manufacturing business.
Outlook: Stable

CRISIL believes that GSPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's sales and
profitability increase substantially, resulting in improvement in
its debt protection metrics, or if there is higher-than-expected
accretion to reserves or equity infusion, leading to a better
capital structure. Conversely, the outlook may be revised to
'Negative' if GSPL's liquidity comes under pressure, most likely
due to lower-than-anticipated accruals or a stretch in its working
capital cycle.

Update
In 2014-15 (refers to financial year, April 1 to March 31), GSPL
is estimated to achieve revenue growth of 27 per cent to INR90.7
million as against INR71.3 million in 2013-14, led by improved
volumes and stable demand from the export market. GSPL, over the
past few years, has started focusing on the domestic market for
diversification, which, in 2014-15, contributed to more than 25
per cent of net sales. For 2014-15, GSPL's operating margin is
estimated at 17.4 per cent in line with the previous year. GSPL's
operations are moderately working capital intensive, with gross
current assets (GCA) of nearly 124 days for the year ended
March 31, 2015, led by high inventory days. The company's
estimated gearing as on March 31, 2015, is 1.98 times as against
2.34 times as against March 31, 2014, led by gradual repayment of
term loan. The company's debt protection metrics continue to
remain moderate with interest coverage and net cash accruals to
term debt ratios of 2.5 times and 0.19 times, respectively. The
company's liquidity continues to remain moderate with GSPL
expected to post moderate accruals of INR10 million to INR16
million to repay the maturing term debt obligation of INR8.4
million over the medium term; the company's bank line utilisation
for the ten months ended February 28, 2015, is estimated at 84 per
cent.

GSPL is estimated to report profit after tax (PAT) of INR2 million
on revenue of INR90.7 million for 2014-15 against PAT of INR5.4
million on revenue of INR71.3 million for 2013-14.

GSPL, based in Vadodara (Gujarat), was established in 2004 by Mr.
Babulal S Sanghvi and his son, Mr. Mahesh Sanghvi. The company
manufactures and exports various stainless steel products, such as
unions, butterfly valves, clamps, and ferrules.


GIRIJA FABRICS: CARE Assigns B+ Rating to INR7.58cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Girija
Fabrics Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.58      CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Girija Fabrics
Private Limited (GFPL) is primarily constrained on account of its
modest scale of operation in the highly fragmented and competitive
segment of textile value chain and financial risk profile marked
by thin profitability, weak solvency and stressed liquidity
position. The rating is, further, constrained on account of
vulnerability of margins to the fluctuation in raw material
prices.

The rating, however, derives strength from the experience
management in the textile processing industry and its established
distribution network.

The ability of the company to increase its scale of operations and
improve its profitability and capital structure with efficient
management of working capital needs would be the key rating
sensitivities.

GFPL, incorporated in 2011, is promoted by Mr Vinod Kumar Digga
along with his family members and is a part of 'Annapurna Group'.
The Group concerns include Annapurna Texofin Private Limited
(incorporated in 1988) which is engaged in the dyeing of fabrics,
Shailja Texprints (formed in 2001, rated 'CARE B+'), which is
engaged in the processing of cotton fabrics for dress materials
and ladies night wears, Shivani Cotex Private Limited (formed in
2001, rated 'CARE B+') which is engaged in the business of
processing of cotton fabrics and produces dyed poplin and printed
dress materials and Shivan Mills (formed in 2005), which is
engaged in value addition printing for manufacturing of ladies
suits, kurtis and tops.

During FY13 (refers to the period April 1 to March 31), the
company undertook greenfield project at Balotara, Rajasthan,
for processing of printed dress materials and ladies night wears.
It completed its project and started commercial operations from
July 2014. It incurred total cost of INR5.05 crore towards the
project funded through share capital of INR1.77 crore, term loan
of INR3.09 crore and remaining through unsecured loans from the
promoters and relatives. The plant of the company has total
installed capacity of 50 thousand metre per day (TMPD) as on
March 31, 2015, out of which it has utilised around 80% of its
total installed capacity. It sells its products under the brand
name of 'Manu Manjari' mainly inMaharashtra andWest Bengal.

During FY15 (Provisional), GFPL reported a total operating income
of INR40.86 crore (FY14: INR20.82 crore) with a PAT of INR0.06
crore (FY14: INR0.03 crore).


HOLISTIC REMEDIES: CRISIL Assigns B+ Rating to INR50MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Holistic Remedies Pvt Ltd (HRPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             5.2       CRISIL B+/Stable
   Cash Credit          50         CRISIL B+/Stable
   Proposed Long Term    4.8       CRISIL B+/Stable
   Bank Loan Facility

The rating reflects HRPL`s modest scale and working capital
intensive  operations with moderate profitability, and its weak
financial risk profile marked by weak capital structure and
average debt protection metrics. These rating weaknesses are
partially offset by significant experience of HRPL`s promoters in
homeopathy drug manufacturing, and their funding support.
Outlook: Stable

CRISIL believes that HRPL will benefit from its promoters'
significant experience and their funding support. The outlook may
be revised to 'Positive' if HRPL reports improvement in scale of
operation and profitability leading to improved cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
stretched working capital cycle or large debt-funded capital
expenditure leading to deterioration in the financial risk
profile.

Incorporated in 1986, HRPL manufactures homeopathic medicines in
collaboration with Bioforce AG, a Switzerland-based company. HRPL
is promoted and managed by Dr. Nalini Batra and Dr. Pranav Batra,
and has its registered office at Thane (Maharashtra).


INDONA INDUSTRIES: CARE Assigns 'B' Rating to INR3.69cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Indona Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     3.69       CARE B Assigned
   Long-term/Short-term Bank     4.50       CARE B/CARE A4
   Facilities                               Assigned
   Short-term Bank Facilities    0.25       CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Indona Industries
(IIN) are primarily constrained on account of its nascent stage of
the operations and project stabilization risk. The ratings are
also constrained on account of IIN's presence in the highly
fragmented and competitive aluminum industry and susceptibility of
its profit margins to volatility in raw material prices.
The ratings, however, take comfort from the experience of the
promoters in the aluminum industry and established marketing and
distribution network of other group entities which are engaged in
similar business activities.

The ability of IIN to stabilize its business operations by
achieving envisaged level of capacity utilization and scale of
operations are the key rating sensitivities.

Ankleshwar-based (Gujarat) IIN was established in March 2014 as a
partnership firm by Mr Ishwar Chalodia, Mr Vipul Chalodia, Mr
Rasik Raythatha, Mr Ranjitsinh Jadeja and Mr Harshrajsinh Jadeja.
IIN has recently implemented debt-funded capital expenditure to
set up unit to manufacture aluminum sections and aluminum channels
with an installed capacity of 3,000 metric tons per annum (MTPA)
at Ankleshwar with total project cost of INR8.20 crore. IIN
commenced commercial production from June 19, 2015, with delay of
around 6 months due to delay in installation of some of the
imported machineries as well as due to unavailability of labor.
Aluminum sections and channels find application in wide range of
industries such as automobile, furniture, real estate, home
interior, etc, and can be used as alternative of wood and mild
steel. IIN plans to sell its products through network of dealers
all over India.

The promoters have also promoted M/s. Shayona Aluminum, M/s. N. T.
Engineering, M/s. Akshar Enterprise, M/s. N. T. Tools and M/s. N.
T. Industries which are also engaged in similar line of business
activities with a combined turnover of INR15.98 crore for FY15
(Provisional; refers to the period April 1 to March 31) and net
worth of INR2.53 crore.


JAI SAI: CRISIL Lowers Rating on INR80MM Cash Loan to 'D'
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Jai Sai Trading Co. (JST) to 'CRISIL D' from 'CRISIL B/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           80        CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Warehouse Receipts    20        CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The rating downgrade reflects instances of delay by JST in payment
of interest; the delays were because of the firm's weak liquidity
driven by large working capital requirements.

JST also has a weak financial risk profile, marked by a leveraged
capital structure and weak debt protection metrics. Moreover, it
has a small scale of operations in the intensely competitive rice
industry, and large working capital requirements. However, the
firm benefits from its proprietor's extensive experience in the
basmati rice industry, the financial support it receives from him,
and the healthy growth prospects for the industry.

JST was set up as a proprietorship firm by Mr. Rajesh Aggarwal in
2010. It trades in rice and paddy. The firm is based in Narela
(New Delhi).


JAJOO SURGICAL: CRISIL Assigns B+ Rating to INR35MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Jajoo Surgical Pvt Ltd (JSPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Inland/Import Letter    10        CRISIL A4
   of Credit
   Buyer Credit Limit      20        CRISIL B+/Stable
   Cash Credit             35        CRISIL B+/Stable

The ratings reflect JSPL's modest scale of operations with
volatile operating profitability, and its working-capital-
intensive operations. These rating weaknesses are partially offset
by the extensive experience of the company's promoters in medical
disposables industry and its above-average financial risk profile,
marked by low gearing.
Outlook: Stable

CRISIL believes that JSPL will benefit over the medium term from
the extensive experience of its promoters and its strong technical
expertise in medical disposables industry. The outlook may be
revised to 'Positive' in case of substantial increase in JSPL's
scale of operations and operating margin or significant
improvement in its working capital management. Conversely, the
outlook may be revised to 'Negative' in case of significant
decline in JSPL's revenue and operating margin or if the company
undertakes a sizeable debt-fund capital expenditure programme,
leading to weakening of its financial risk profile.

Incorporated in 1993 and promoted by members of the Jajoo family,
JSPL manufactures medical and surgical disposable products such as
absorbent cotton and gloves. The company's manufacturing facility
is in Dewas (Madhya Pradesh). The company also exports its
products to African and Middle East countries.


JKAK INDUSTRIES: CRISIL Assigns 'B' Rating to INR77MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of JKAK Industries Pvt Ltd (JIPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           77        CRISIL B/Stable
   Term Loan             73        CRISIL B/Stable

The rating reflects JIPL's exposure to demand risk associated with
its project and stabilization of its operations, and below-average
financial risk profile marked by weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of JIPL's promoters in the rice industry.
Outlook: Stable

CRISIL believes that JIPL will benefit over the medium term from
its promoter's extensive experience in the industry. The outlook
may be revised to 'Positive' if JIPL reports early and sizeable
ramp-up in scale of operations, along with improvement in its
profitability and prudent working capital management. Conversely,
the outlook may be revised to 'Negative' if lower-than-expected
revenue and profitability, any large capital expenditure, or
increase in working capital requirements weakens the financial
risk profile.

JIPL was set up in 2014 as JKAK Trade Links Pvt Ltd, and got its
present name in 2015. Promoted by Mr. Mool Chand Gupta and his son
Mr. Ankush Gupta, the company will process basmati and other
varieties of rice at the facility it is setting up at Hodal (Dist.
Palwal), Haryana. The unit with capacity of 6 tonnes per hour, is
expected to start commercial production from October 2015.


KALINGA PACKERS: CRISIL Ups Rating on INR35MM Term Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Kalinga Packers Private Limited (KPPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

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

   Proposed Long Term    19.5     CRISIL B+/Stable (Upgraded from
   Bank Loan Facility             'CRISIL B/Stable')

   Term Loan             35       CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

The rating upgrade reflects KPPL's improved business risk profile,
with revenue registering compound annual growth rate of 24.06 per
cent over the four years through 2014-15 (refers to financial
year, April 1 to March 31) backed by better realisations and
improved capacity utilisation. The company has recorded revenues
of around INR230 million with y-o-y growth of 37 per cent. The
company's operating profitability is expected to remain stable at
around 13-14 per cent over the medium term on account of steady
demand for corrugated boxes.

KPPL's liquidity has improved backed by better cash accruals and
continued support from promoters. Its annual cash accruals are
expected in the range of INR18.4 million to INR25.0 million
against annual debt obligation of INR9.6 million over the medium
term. Its bank limit utilisation averaged 95 per cent over the 12
months through May 2015.

KPPL's financial risk profile remains stable with increase in net
worth to INR29.4 million as on March 31, 2015 backed by steady
accretion to reserves. The gearing has improved to 2.02 times as
on March 31, 2015, from 3.33 times a year earlier on account of
increase in net worth and scheduled repayment of term loan. Its
debt protection metrics remain moderate, with interest coverage
and net cash accruals to total debt ratios at 3.06 times and 0.31
times, respectively, for 2014-15. Going forward with scheduled
repayment of debt obligation and any debt funded capex plans the
financial risk profile of the company is expected to remain stable
over the medium term.

CRISIL's rating on the long term bank facilities of Kalinga
Packers Pvt Ltd (KPPL) continues to reflect KPPL's modest scale of
operations in a fragmented industry and its financial risk profile
is constrained by small net worth and stretched liquidity. These
rating weaknesses are partially offset by the extensive experience
of KPPL's promoter in manufacturing corrugated boxes and its
established clientele.
Outlook: Stable

CRISIL believes that KPPL's financial risk profile will remain
average over the medium term because of its average liquidity. The
outlook may be revised to 'Positive' if the company records
substantially high revenue and profitability, resulting in
significant improvement in its cash accruals, or in case of large
capital infusion easing pressure on its liquidity. Conversely, the
outlook may be revised to 'Negative' in case of considerably large
working capital requirements and low cash accruals, weakening the
company's financial risk profile.

Incorporated in 1988 by Mr. Abani Kumar Kanungo, KPPL manufactures
corrugated boxes. The company's production units are in Jagatpur
(Odisha) and have total capacity of 1400 tonnes per month. KPPL
also has an in-house printing facility. KPPL's products are used
by companies manufacturing fast-moving consumer goods. KPPL's
promoter has industry experience of over 25 years.


KIRTI STAMPINGS: CARE Reaffirms 'B+' Rating on INR5.24cr LT Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Kirti Stampings Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.24      CARE B+ Reaffirmed
   Long-term/Short-term Bank      4.00      CARE B+/CARE A4
   Facilities                               Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Kirti Stampings
Private Limited (KSPL) continue to be constrained on account
of moderate solvency and liquidity position along with moderate
debt protection indicators. The ratings are further constrained on
account of risk associated with fluctuating rawmaterial prices and
low capacity utilization of the enhanced facilities.

The ratings, however, derive comfort from the extensive experience
of the promoters and the improved performance of the company
during FY15 (refers to the period April 1 to March 31) marked by
increase in its turnover and improvement in profitability and
solvency position.

The ability of KSPL to increase its scale of operations, improve
its capital structure and profitability along with efficient
working capital management with improvement in collection period
are the key rating sensitivities.

Formed as partnership firm in 2006, KSPL was converted to a
private limited company in June 2011. KSPL is promoted by
Mr Anil Kumar Singh, Mr Shiv Kumar Singh and Mr Manoj Kumar Singh.
KSPL is engaged in the manufacturing of cold roll grain oriented
(CRGO) electrical lamination for transformers. KSPL's plant is
located at Palej, Bharuch, and has an installed capacity of 3,500
metric tonnes per annum (MTPA) as onMarch 31, 2015.

During FY15, KSPL reported PAT of INR0.13 crore on a total
operating income (TOI) of INR18.36 crore as against a PAT of
INR0.01 crore on TOI of INR11.96 crore during FY14.


KRIDHAN INFRA: CRISIL Assigns 'B-' Rating to INR116MM Cash Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Kridhan Infra Ltd (KIL; part of the Kridhan group)
and has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to the
facilities.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           116       CRISIL B-/Stable (Assigned;
                                   Suspension Revoked)

   Letter of Credit       20       CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Proposed Long Term     67.7     CRISIL B-/Stable (Assigned;
   Bank Loan Facility              Suspension Revoked)

   Term Loan              36.3     CRISIL B-/Stable (Assigned;
                                   Suspension Revoked)

The rating was previously 'Suspended' by CRISIL vide the Rating
Rationale dated 14th December 2012, since KIL had not provided the
necessary information required for a rating review. KIL has now
shared the requisite information enabling CRISIL to assign a
rating to the bank facility.

The ratings reflect Kridhan group's weak liquidity, marked by
large working capital requirements and less than adequate cash
accruals to meet debt obligations, and its modest debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of the Kridhan group's promoters in the steel
industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KIL with its wholly owned subsidiary,
Kridhan Infra Solutions Pvt Ltd (KISPL). This is because the two
entities, together referred to as the Kridhan group, have
significant operational and financial linkages between them.
Outlook: Stable

CRISIL believes that the Kridhan group will benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the group reports
substantial cash accruals on the back of robust increase in its
revenue or sustained improvement in its operating profitability,
leading to better liquidity and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if the
group's liquidity deteriorates because of low cash accruals or
lengthening of working capital cycle or any debt-funded capital
expenditure.

KIL (formerly, Readymade Steel India Ltd) was established in 2006
as a joint venture by Mr. Anil Agrawal (25 per cent share);
Krishna Triveni Ltd, a Bengaluru-based company (25 per cent
share); and CSC Holdings Ltd (50 per cent share), a leading
Singapore-based geotechnical engineering company. In 2007, Mr.
Agrawal bought out the stake of the other two partners and
inducted Ms. Krishna Devi Agrawal, his mother, as a shareholder in
KIL.

KISPL, a wholly owned subsidiary of KIL, was incorporated in 2011
as a private limited company. It manufactures and trades in
couplers and thermo-mechanically treated bars.

The Kridhan group reported profit after tax (PAT) of INR10.1
million on net sales of INR552.7 million for 2013-14 (refers to
financial year, April 1 to March 31), against PAT of INR10.8
million on net sales of INR668.3 million for 2012-13. The group
has provisionally reported revenue of around INR1.02 billion for
2014-15.


LOKESH INDUSTRIAL: CRISIL Assigns B- Rating to INR100MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of Lokesh Industrial Services Pvt Ltd (LISPL; a part
of the Lokesh Group).

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

The rating reflects the Lokesh group's small scale of, and
working-capital-intensive, operations with geographical and
sectoral concentration in its revenue profile. The rating also
factors in the group's weak financial risk profile constrained by
small net worth and high gearing. These rating weaknesses are
partially offset by the extensive industry experience of the
group's promoters and their funding support along with its healthy
order book position.

CRISIL has combined the business and financial risk profiles of
LISPL and Lokesh Infraproject Pvt Ltd (LIPL). This is because both
companies, together referred as the Lokesh group, are engaged in
the same line of business, with common promoters and have
significant operational linkages.
Outlook: Stable

CRISIL believes that the Lokesh group will benefit over the medium
term from the industry experience of its promoters and their
funding support. The outlook may be revised to 'Positive' if the
group scales up its operations significantly and improves its
working capital management while sustaining its profitability
resulting in better liquidity. Conversely, the outlook may be
revised to 'Negative' if there is a decline in the Lokesh group's
revenue and operating margin or its working capital management
deteriorates or if the group undertakes large debt-funded capital
expenditure leading to weakening of its financial risk profile,
particularly liquidity.

LISPL was set up in 2007 by Mr. Lokesh Jain and his family
members. The company is engaged in the execution of material
handling, civil construction (only earthwork), and logistics based
in Nagpur (Maharashtra). LIPL, set up in 2011, is engaged in
mining and excavation activities.


LOKESH INFRAPROJECT: CRISIL Assigns B- Rating to INR50MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of Lokesh Infraproject Pvt Ltd. (LIPL; a part of the
Lokesh group).

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

The rating reflects the Lokesh group's small scale of, and
working-capital-intensive, operations with geographical and
sectoral concentration in its revenue profile. The rating also
factors in the group's weak financial risk profile constrained by
small net worth and high gearing. These rating weaknesses are
partially offset by the extensive industry experience of the
group's promoters and their funding support along with its healthy
order book position.

CRISIL has combined the business and financial risk profiles of
LIPL and Lokesh Industrial Services Pvt Ltd (LISPL). This is
because both companies, together referred as the Lokesh group, are
engaged in the same line of business with common promoters and
have significant operational linkages.
Outlook: Stable

CRISIL believes that the Lokesh group will benefit over the medium
term from the industry experience of its promoters and their
funding support. The outlook may be revised to 'Positive' if the
group scales up its operations significantly and improves its
working capital management while sustaining its profitability
resulting in better liquidity. Conversely, the outlook may be
revised to 'Negative' if there is a decline in the Lokesh group's
revenue and operating margin or its working capital management
deteriorates or if the group undertakes large debt-funded capital
expenditure leading to weakening of its financial risk profile,
particularly liquidity.

LSIPL was set up in 2007 by Mr. Lokesh Jain and his family
members. The company is engaged in the execution of material
handling, civil construction (only earthwork), and logistics based
in Nagpur (Maharashtra). LIPL, set up in 2011, is engaged in
mining and excavation activities.


M.B. MULTISPECIALITY: CRISIL Assigns 'B' Rating to INR200MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of M.B. Multispeciality Hospitals Health City
(MBMHC).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan        200       CRISIL B/Stable

The rating reflects MBMHC's exposure to risks related to project
implementation and stabilization of the proposed hospital project.
These rating weaknesses are partially offset by the benefits that
the company derives from its promoters' extensive experience in
health care industry and strategic location of the hospital.
Outlook: Stable

CRISIL believes that MBMHC will maintain a stable credit risk
profile on the back of promoter's extensive experience. The
outlook may be revised to 'Positive' in case of timely execution
of the project within the projected cost or in case of higher than
expected occupancy levels and profitability; resulting in higher
than expected accruals and thus better financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
any time or cost overrun which would adversely impact the
financial risk profile of the company and thus its debt-servicing
ability.

Incorporated in the year 2013 as a partnership firm, MBMHC is
setting up a 100 bedded multi-specialty hospital in Vishakhapatnam
in Andhra Pradesh. The hospital is promoted by Dr. Kotipalli
Vishnu Prasad and his family.


M.R. HITECH: CRISIL Assigns 'B+' Rating to INR28MM LT Loan
----------------------------------------------------------
CRISIL's has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of M.R. Hitech Engineers Pvt Ltd (MR).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term      28        CRISIL B+/Stable
   Bank Loan Facility
   Long Term Loan           1.5      CRISIL B+/Stable
   Bank Guarantee          20        CRISIL A4
   Cash Credit              8        CRISIL B+/Stable
The ratings reflect the company's below-average financial risk
profile, marked by its small net worth, modest scale of operations
with revenue concentration risks and susceptibility to risks
related to tender based nature of operations and intense
competition in civil construction segment. These rating weaknesses
are partially offset by the extensive experience of the promoters
in the civil construction segment.
Outlook: Stable

CRISIL believes that MR will continue to benefit from its moderate
order book and the promoters' extensive experience in the civil
construction segment, over the medium term. The outlook may be
revised to 'Positive' if the company significantly improves the
scale of its operations and profitability, thereby improving its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if MR's working capital management weakens, leading to
deterioration in liquidity, or if the company undertakes a large
debt-funded capital expenditure programme, thus weakening its
capital structure.

MR was established as private limited company by Mr. G
Ramakrishnan along with his brother, Mr. G Ramamoorthy, in 2003.
The company undertakes civil construction works in Tamil Nadu.


MULTI-FLEX LAMI-PRINT: CRISIL Suspends D Rating on INR457.5M Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Multi-Flex Lami-Print Ltd (Multi-Flex).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          457.5      CRISIL D
   Funded Interest
   Term Loan            105.4      CRISIL D
   Import Letter of
   Credit Limit          20        CRISIL D
   Inland/Import
   Letter of Credit      58        CRISIL D
   Letter of Credit      33.5      CRISIL D
   Proposed Long Term
   Bank Loan Facility      .3      CRISIL D
   Working Capital
   Term Loan            305.3      CRISIL D

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

Multi-Flex was incorporated in March 1991. It manufactures and
sells packaging laminates to fast-moving consumer goods,
pesticides, and agricultural chemical companies. Multi-Flex has
two manufacturing facilities in Mahad (Maharashtra).


NAGPUR SORTEX: CRISIL Ups Rating on INR77.5M Term Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Nagpur Sortex to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

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

   Proposed Long Term    22.5      CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

   Term Loan             77.5      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that Nagpur Sortex
will further improve its scale of operations over the medium term
following the successful installation of its rice mill and
completion of its capital expenditure (capex) programme in 2014-15
(refers to financial year, April 1-March 31). CRISIL expects the
firm's revenue to grow by 95 per cent year-on-year to INR570 to
580 million in 2015-16, backed by the increase in capacity
utilisation of its newly established unit. Its operating margin is
expected to increase to 7 to 8 per cent over the medium term,
driven by the stabilisation of its capacities and higher value
products offered. While the growth rate is likely to taper over
the medium term, CRISIL believes that Nagpur Sortex will achieve a
year-on-year revenue growth of 15 to 20 per cent in 2016-17.

The increase in sales and margin is expected to result in higher
cash accruals, thereby supporting the company's liquidity. Though
Nagpur Sortex's financial risk profile is likely to remain
constrained by its high gearing, CRISIL believes that a sustained
increase in accruals will lead to a gradual improvement in its
capital structure. However, management of its working capital
cycle and expansion of its customer base will remain key rating
sensitivity factors.

The rating continues to reflect Nagpur Sortex's below-average
financial risk profile, marked by a modest net worth, high
gearing, and subdued debt protection metrics. The rating also
factors in the firm's average scale of operations in the highly
fragmented agro-commodity industry, and its exposure to risks
associated with ramping up sales from its recently expanded
capacities. These rating weaknesses are partially offset by the
extensive industry experience of Nagpur Sortex's promoters and
their long relationships with players in the industry.
Outlook: Stable

CRISIL believes that Nagpur Sortex will continue to benefit over
the medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the firm's turnover
and cash generation from business increase as anticipated, or if
the promoters infuse substantial equity so that its debt
repayments are adequately covered and its capital structure
improves. Conversely, the outlook may be revised to 'Negative' if
Nagpur Sortex's liquidity weakens, most likely due to an increase
in its working capital requirements or lower-than-expected offtake
from its enhanced capacities.

Nagpur Sortex was established in in 2008 as a partnership firm by
Mr. Dilip Joshi and Mr. Ritesh Godhwani. The firm processes
various agro'commodities such as rice, wheat, and lentils (toor
daal). It has manufacturing facilities in Nagpur (Maharashtra).
The firm derives its revenue largely from rice processing.

Nagpur Sortex, on an estimated basis are expected to report a
profit after tax (PAT) of INR0.5 million on an operating income of
INR268.5 million for 2014-15; it had reported a PAT of INR2.8
million on an operating income of INR221.0 million for 2013-14.


NEW AGE: CRISIL Assigns 'B+' Rating to INR70MM Cash Credit
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of New Age False Ceiling Pvt Ltd (NAFPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           70        CRISIL B+/Stable
   Letter of Credit      10        CRISIL B+/Stable

The rating reflects the company's modest scale of, and working-
capital-intensive, operations and below-average financial risk
profile, marked by a weak capital structure and subdued debt
protection metrics. These rating weaknesses are partially offset
by the benefits that NAFPL derives from the promoters' experience
in the false ceiling industry and their funding support.

For arriving at the rating, CRISIL has treated interest-bearing
unsecured loans of INR24.1 million, extended to NAFPL by its
promoters and associates, as neither debt nor equity as the same
are expected to be retained in the business over the medium term.

Outlook: Stable

CRISIL believes that NAFPL will continue to benefit over the
medium term from its promoters' extensive experience in the
industry. The outlook may be revised to 'Positive' if the company
significantly scales up its operations and cash accruals along
with improvement in its working capital cycle. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
NAFPL's financial risk profile, particularly its liquidity, on
account of lower cash accruals and stretched working capital
cycle.

Incorporated in 2008, NAFPL manufactures false ceilings. The
company has a manufacturing facility at Nagpur (Maharashtra) and
started production in 2012. Before that, it traded in false
ceiling materials. The company is promoted by Mr. Manoj Gupta and
his family.


PRABHAT CABLES: CRISIL Ups Rating on INR200MM Cash Loan to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Prabhat
Cables Private Limited's (PCPL's) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           200       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that growth in scale
of operations will translate into a stronger business risk profile
for PCPL over the medium term. PCPL's revenues has grown at a
healthy rate of over 65 per cent in 2014-15 (refers to financial
year, April 1 to March 31), on account of healthy demand, timely
and adequate supply of products from its principal supplier
'Polycab Cables Pvt Ltd' (Polycab). Improved scale of operation
along with stable margins has lead to increase in cash accruals
during the year thus improving the overall liquidity profile of
the company. CRISIL believes the revival in demand in the end user
industries will drive revenue growth over the medium term.

CRISIL's ratings continues to reflect PCPL's below-average
financial risk profile marked by a modest net worth, high external
indebtedness and subdued debt protection metrics, and working-
capital-intensive operations. These rating weaknesses are
partially offset by the benefits that PCPL derives from its
promoters' extensive experience in the cable distribution industry
and its established relationship with customers and suppliers.
Outlook: Stable

CRISIL believes that PCPL will maintain its business risk profile
over the medium term, backed by its promoters' extensive
experience in the cable distribution industry. The outlook may be
revised to 'Positive' if the company exhibits higher-than-expected
growth in revenues and profitability, while improving its capital
structure and working capital cycle. Conversely, the outlook may
be revised to 'Negative' if PCPL suffers a sharp decline in its
revenues and profitability margin or liquidity profile
deteriorates because of lengthening of its working capital cycle.

PCPL was set up as a partnership firm in 1958 by Mr. Praveen
Kacharia along with his friend Mr. N. H. Desai; it was later
reconstituted as a private limited company in 2010. PCPL
distributes products of Polycab Cables Pvt Ltd. (Polycab). PCPL's
product profile includes coaxial cables, polyvinyl chloride heavy
cables, and submersible cables, among others. Mr. Amrish Kacharia,
Mr. Manoj Kacharia and Mr. Rickin Kacharia look after the day-to-
day operations of the company. PCPL has its registered office at
Lohar Chawl in Mumbai, and a warehouse in Bhiwandi (both in
Maharashtra).

PCPL reported a profit after tax (PAT) of INR1.37 million on net
sales of INR778.9 million for 2013-14, as against a PAT of INR2.16
million on net sales of INR861.2 million for 2012-13.


RATAN MICA: Ind-Ra Affirms 'IND B+' Issuer Rating; Outlook Stable
-----------------------------------------------------------------
India Ratings and Research has affirmed Ratan Mica Exports Private
Limited's (RMEPL) Long-Term Issuer Rating at 'IND B+'.  The
Outlook is Stable.  Rating actions on RMEPL's bank loans are:

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Fund-based limits    75.6       Affirmed at 'IND B+'/Stable
   Non-fund-based        0.6       Affirmed at 'IND A4'
   limits

KEY RATING DRIVERS

The affirmation reflects RMEPL's continued small scale of
operations and weak credit metrics.  Provisional FY15 financials
indicate revenue of INR251 mil. (FY14: INR204 mil.), net leverage
(net debt/EBITDA) of 4.6x (6x) and interest coverage of 1.4x
(1.2x).  The improvement in credit metrics was primarily due to
improved profitability (5.3%, up 220bp yoy) on a favorable price
environment.  The ratings continue to factor in the working
capital intensive nature of RMEPL's business with a net cash
conversion cycle of 131 days and the resultant stretched liquidity
position.

The ratings continue to be supported by the six-decade-long
experience of RMEPL's founders in mica processing and exports and
its established customer base, spanning over 24 countries in the
world.

RATING SENSITIVITIES

Positive: Future developments that could lead to a positive rating
action include a significant increase in the revenue and
profitability leading to improved credit metrics.

Negative: Future developments that could lead to a negative rating
action include a decline in the revenue and profitability
resulting in deterioration in the credit metrics.

COMPANY PROFILE

RMEPL was incorporated in November 1975 and is promoted by Ajay
Bagaria and family.  It has four mica processing units and two
mica fabricating units at Giridih in Jharkhand.  Its corporate and
administrative office is located in Kolkata.  It is involved
primarily into exports of mica products, with 70%-75% of its
revenue coming from export proceeds.


SADBHAV CERAMICS: CRISIL Assigns 'B+' Rating to INR35MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sadbhav Ceramics (SC).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             9         CRISIL B+/Stable
   Bank Guarantee       16         CRISIL A4
   Cash Credit          35         CRISIL B+/Stable

The ratings reflect the extensive experience of SC's promoters in
the ceramics business, its strong distribution network with
presence across India, strategic location of the plant, and
average financial risk profile. These rating strengths are
partially offset by the company's working capital intensive and
modest scale of operations and intense competition in the ceramics
business.
Outlook: Stable

CRISIL believes that SC will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if the company generates
substantial cash accruals or benefits from significant equity
infusion by its promoters, leading to improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
in case of a significant decline in SC's cash accruals, or
deterioration in its working capital management, or any large
debt-funded capital expenditure, resulting in weak financial risk
profile.

Incorporated in 2007, SC is promoted by the Mr. Mansukhbhai Patel,
Nirav Patel, Shivam Patel, Harsh Patel, Mr. Rajendrahbai Patel,
Mrs. Hemiben M. Patel and Mrs. Ushaben Patel. The firm
manufactures wall tiles at its plant in Morbi (Gujarat).


SAHAJANAND COTTON: CARE Reaffirms 'B' Rating on INR5.86cr Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Sahajanand Cotton Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     5.86       CARE B Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Sahajanand Cotton
Industries (SCI) continues to remain constrained on account of its
modest scale of operations, thin profitability, leveraged capital
structure and weak debt coverage indicators. Furthermore, the
rating continues to remain constrained on account of its presence
in the highly competitive and fragmented cotton ginning industry
with limited value addition and volatility associated with the raw
material (cotton) prices. The rating also factors in the decline
in its turnover and gross cash accruals during FY15 (provisional,
refers to the period of April 1 toMarch 31).

The rating, however, continues to draw strength from the
experience of partners and SCI's proximity to the cotton
producing region of Gujarat.

Increase in the scale of operations with an improvement in the
profit margins and capital structure while managing working
capital efficiently remains the key rating sensitivity.

Bhavnagar-based (Gujarat), SCI was established as a partnership
firm in September 2011 by seven partners, namely, Mr Rameshbhai
Vegad, Mr Dharmeshbhai Patel, Mr Manishbhai Vegad, Mr Mansukhbhai
Vegad, Mr Jagdishbhai Patel, Ms Vijuben Patel and Ms Mamtaben
Lakhani. SCI is engaged in the manufacturing of cotton bales,
cotton seeds and cotton seed oil (oil mill). SCI operates from its
sole manufacturing plant located at Bhavnagar (Gujarat) which is
one of the most prominent cotton producing regions of the state
with an installed capacity for cotton bales of 11,088 metric tonne
per annum (MTPA) and for cotton seeds 7,200 MTPA as on March 31,
2015.

As per the provisional results for FY15, the firm reported a PAT
of INR0.36 crore [FY14: INR2.14 crore] on a total operating
income (TOI) of INR42.39 crore [FY14: INR46.28 crore].


SAMYU GLASS: CRISIL Assigns 'C' Rating to INR136MM Cash Credit
--------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Samyu Glass Pvt Ltd (SGPL), and has assigned its
'CRISIL C/CRISIL A4' ratings to these facilities.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       33.5       CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Cash Credit         136         CRISIL C (Assigned;
                                   Suspension Revoked)

   Letter of Credit     23.5       CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Working Capital     111.0       CRISIL C (Assigned;
   Term Loan                       Suspension Revoked)

   Long Term Loan      125.0       CRISIL C (Assigned;
                                   Suspension Revoked)

The ratings had earlier been suspended by CRISIL as per its rating
rationale dated April 2, 2014, as SGPL had not provided the
necessary information required for reviewing the ratings. SGPL has
now shared the requisite information, thereby enabling CRISIL to
assign ratings to the bank facilities.

The ratings reflect SGPL's inadequate cash accruals vis-a -vis its
maturing term debt obligations on account of its weak liquidity.
The ratings also reflect SGPL's modest financial risk profile and
its working capital intensive nature of operations. These rating
weaknesses are partially offset by the benefits derived from the
extensive industry experience of its promoters' and the need based
fund support extended by the promoters.

Based in Hyderabad (Telangana), SGPL manufactures glass
containers. The company is Mr. S V Reddy and his associates.


SBIW STEELS: CRISIL Reaffirms 'B+' Rating on INR42.7MM LT Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of SBIW Steels Pvt Ltd
(SBIW) continue to reflect the company's average financial risk
profile, marked by its modest net worth, and its modest scale of
operations in the fragmented steel industry. These rating
weaknesses are partially offset by the promoters' extensive
industry experience and the company's above-average debt
protection metrics.

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

   Cash Credit           25        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    42.7      CRISIL B+/Stable (Reaffirmed)

   Term Loan             33        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SBIW will continue to benefit over the medium
term backed by its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports
significant ramp-up in its scale of operations, post the
termination of contract with Steel Authority of India Ltd (SAIL),
while maintaining its working capital cycle and financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of decline in the scale of operations or profitability, or
elongation in its working capital cycle, or larger-than-expected
debt-funded capital expenditure (capex) plans, resulting in
deterioration in its financial risk profile, particularly
liquidity.

Update
For 2014-15 (refers to financial year, April 1 to March 31), SBIW
registered revenues estimated at INR202.8 million, with year-on-
year growth of around 15 per cent. The growth in revenues is
driven by increase in production and conversion charges. However,
post the termination of the contract with SAIL in June 2016, the
company is expected to sell the manufactured products under its
own brand. Successful transition and ramp-up in the scale of
operations post the contract will remain rating sensitivity
factor.

The agreement with SAIL had helped SBIW to maintain its healthy
profitability estimated at 28 per cent during 2014-15; however,
profitability levels are expected to decline with commencement of
manufacturing under its own brand, given the material cost to be
borne by SBIW. Its operations have remained moderately working-
capital-intensive as reflected in its gross current assets
estimated at 115 days as on March 31, 2015. Working capital
management has improved over the years, backed by its faster
receivable collection from SAIL. The company's operations are
expected to remain moderately working-capital-intensive over the
medium term.

With moderate working capital requirements and moderate cash
accruals, SBIW's reliance on external debt has remained moderately
low as reflected in its capital structure of 1.1 times as on March
31, 2015. The company's interest coverage and net cash accruals to
total debt ratios were estimated at 5 times and 0.6 times,
respectively, for 2014-15 and are expected to remain comfortable
over the medium term. The absence of significant capex plans is
expected to support SBIW's financial risk profile over the medium
term.

The company's liquidity is supported by adequate cash accruals
against its maturing debt obligations. Its bank limits remained
utilised at an average of 44 per cent over the 12 months through
March 2015. However, its current ratio has remained modest at
below 1 time over the three years ended March 31, 2015.

Incorporated in 2006, SBIW was promoted by Mr. Jagdish P Goel and
his family and friends. Its plant became operational in January
2010. It manufactures thermo-mechanically treated (TMT) bars from
billets. In June 2011, it entered into an exclusive job-work
contract with Steel Authority of India Ltd for conversion of
billets into TMT bars.


SHINKWANG ELECTRONICS: CRISIL Ups Rating on INR98.8MM Loan to B+
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Shinkwang Electronics Pvt Ltd (SEPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                      Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          15        CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

   Term Loan           98.8       CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that SEPL's operating
profitability over the medium term will be better than previously
expected, driven by an improvement in its operating efficiency due
to change in raw material procurement policy as well as lower
power cost. Moreover, SEPL follows a prudent inventory management
policy, with inventory of 10 to 15 days. The company's operating
margin has improved to around 15 per cent in 2014-15 (refers to
financial year, April 1 to March 31) from 6 to 8 per cent in
earlier years. The margin is expected to be sustained at around 12
per cent over the medium term. This will lead to sizeable cash
accruals of over INR25 million per annum over this period,
sufficient for meeting most of its incremental working capital
requirements as well as its annual debt obligations of around
INR20 million. The gearing is, therefore, expected to remain below
0.6 times over the medium term. The company's sustenance of its
operating profitability margin at healthy levels or timely funding
by its promoters to support its liquidity will remain a key rating
sensitivity factor.

The rating reflects SEPL's modest scale of operations in the
highly competitive plastic parts manufacturing industry, and the
susceptibility of the company's margins to volatility in raw
material prices. These rating weaknesses are partially offset by
the extensive industry experience of SEPL's promoters and its
strong financial risk profile.
Outlook: Stable

CRISIL believes that SEPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with customers. The outlook may be
revised to 'Positive' if the company registers a substantial
increase in its sales while sustaining its healthy operating
profitability, leading to sizeable cash accruals. Conversely, the
outlook may be revised to 'Negative' if SEPL's financial risk
profile, especially its liquidity, weakens, most likely because of
lower net cash accruals, large working capital requirements, or
significant capital expenditure.

Established in 2006 and based in Noida (Uttar Pradesh), SEPL
manufactures plastic parts for electrical and electronic
appliances such as television sets, air conditioners,
refrigerators, and others. The company is promoted by Mr. Kwang II
Lee.

SEPL reported, on a provisional basis, a profit after tax of
INR13.7 million on an operating income of INR304.6 million for
2014-15; it had reported a net loss of INR1.5 million on an
operating income of INR307.2 million for 2013-14.


SHRI SHAKUMBARI: CRISIL Assigns 'B' Rating to INR43MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shri Shakumbari Cotspin Ltd (SSCL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             43        CRISIL B/Stable
   Cash Credit           15        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     2        CRISIL B/Stable

The rating reflects SSCL's below-average financial risk profile,
marked by a small net worth and weak debt protection metrics. The
rating also factors in the company's small scale of operations in
an intensely competitive textile industry. These rating weaknesses
are partially offset by the extensive experience of SSCL's
promoter in the textile industry and the funding support the
company receives from him.
Outlook: Stable

CRISIL believes SSCL will continue to benefit over the medium term
from the extensive industry experience of its promoter. The
outlook may be revised to 'Positive' if the company reports a
sustainable increase in its scale of operations and profitability,
resulting in improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if there is a
considerable decline in accruals or if SSCL undertakes a large
debt-funded capital expenditure or if there is deterioration in
its working capital management.

Incorporated in 2000, SSCL, promoted by Mr. Prem Goyal,
manufactures cotton yarn. The company currently has a capacity of
4800 spindles at its manufacturing unit in Saharanpur, Uttar
Pradesh.


SIDDHI VINAYAK: CARE Reaffirms 'D' Rating on INR7.04cr LT Loan
--------------------------------------------------------------
CARE revokes suspension and reaffirms the ratings assigned to the
bank facilities of Siddhi Vinayak Polymer Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.04       CARE D Suspension
                                            Revoked and Rating
                                            Reaffirmed

   Short-term Bank Facilities    2.90       CARE D Suspension
                                            Revoked and Rating
                                            Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Siddhi Vinayak
Polymer Private Limited (SVPPL) continue to remain constrained on
account of irregularities in debt servicing owing to weak
liquidity position on the back of delay in collection of
receivables.

Jaipur-based (Rajasthan) SVPPL was initially formed as a
partnership concern in the name of M/s Siddhi Vinayak Polymers
in 2001. Subsequently, in October 2006, the constitution of the
firm was changed to private limited and the company assumed its
present name. SVPPL is primarily engaged in the manufacturing of
polyurethane (PU) footwear for all age groups and caters mainly to
the middle-income segment of the population. SVPPL has its
manufacturing facilities located in Jaipur having an annual
installed capacity of 54 lakh pairs per annum (LPPA) as on March
2015. SVPPL markets its products under the brand name of "Carbon"
which have good presence in tier II & III cities and rural markets
of Madhya Pradesh, Rajasthan, Gujarat, Punjab, Andhra Pradesh,
Tamil Nadu and Uttar Pradesh through its established marketing
network of more than 300 distributors spread across all over
India.

As per the provisional results for FY15 (refers to the period
April 1 to March 31) SVPPL reported a total operating income
of INR30.89 crore [FY14 (A): INR29.12 crore] with a PAT of INR0.51
crore [FY14 (A): INR0.28 crore].


SINGH NATURAL: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research has migrated Singh Natural Resources
Pvt. Ltd.'s (SNRPL) Long-Term Issuer Rating of 'IND B+' to the
suspended category.  The Outlook was Stable.  The rating will now
appear as 'IND B+(suspended)' on the agency's website.  The agency
has also migrated the 'IND B+' rating on the company's INR60 mil.
fund-based limits to 'IND B+(suspended)'.

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

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.


SRIRANI SATI: CRISIL Assigns 'B+' Rating to INR80MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Srirani Sati Enterprises Pvt Ltd (SSEPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           80        CRISIL B+/Stable

The rating reflects the company's working-capital-intensive
operations, leading to stretched liquidity, and its weak interest
coverage ratio and moderate net worth constraining its financial
risk profile. These rating weaknesses are partially offset by
SSEPL's moderate business risk profile backed by its association
with Electrosteel Steels Ltd (Electrosteel) and JSW Steels Ltd
(JSW).
Outlook: Stable

CRISIL believes that SSEPL will maintain its credit risk profile
backed by its promoters' extensive experience in the iron and
steel industry and its association with JSW and Electrosteel. The
outlook may be revised to 'Positive' in case of sizeable cash
accruals or improved working capital management or infusion of
substantial capital by the promoters leading to improvement in
liquidity and debt protection metrics. Conversely, the outlook may
be revised to 'Negative' in case of low accruals or deterioration
in working capital management or if large debt-funded capital
expenditure is undertaken by SSEPL leading to deterioration in its
financial risk profile, particularly liquidity.

SSEPL, set up in 2011-12 (refers to financial year, April 1 to
March 31) by Patna-based Mohanka family, is an authorised
distributor of Electrosteel for thermo-mechanically treated (TMT)
bars and pig iron, and of JSW for sale of TMT bars and wire rods
in Bihar. SSEPL commenced operations from 2012-13. In addition,
the company also trades in structural steel. The day-to-day
operations of the company are looked after by its promoter-
director Mr. Jagdish Prasad Mohanka and Mr. Prakash Kumar Mohanka.


STERLING CAST: CARE Assigns B+ Rating to INR3.35cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Sterling Cast And Forge.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      3.35      CARE B+ Assigned
   Short-term Bank Facilities     2.00      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Sterling Cast and
Forge (SCF) are primarily constrained by its small scale of
operations, weak solvency position and working capital-intensive
nature of operations. The ratings are further constrained by the
firm's exposure to foreign exchange fluctuation risk,
susceptibility of margins to fluctuations in raw material prices,
presence in a highly fragmented industry and constitution of the
entity being a partnership firm. The ratings, however, derive
comfort from the experience of the promoters and moderate
profitability margins.

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

SCF was established in April 2010 as a partnership firm with Mr
Subash Chander (aged 62 years) and Mrs Anjana Shoor (aged 57
years) as its partners sharing profits and losses equally. The
firm is engaged in the manufacturing of hand tools such as
spanners, hammers, pliers, wrenches, etc, at its manufacturing
facility located in Jalandhar, Punjab, with an installed capacity
of 1,400 tonnes of hand tools per annum as on January 2015. The
raw materials required for manufacturing of tools are steel and
iron alloys which are procured from Punjab. The firm exports its
hand tools under the brand name of "Metaque" and supplies to its
clients in Egypt, UAE, USA, South Africa, etc (exports constituted
approximately 75% of the total sales in FY14 [refers to the period
April 1 to March 31]). The remaining portion of the finished
products is sold to various wholesalers and retailers located in
Punjab, Delhi and Maharashtra under the brand name of 'Sterling'.

For FY14, SCF achieved a total operating income of INR12.10 crore
with PBILDT and PAT of INR0.98 crore and INR0.24 crore,
respectively, as against the total operating income of INR11.60
crore with PBILDT and PAT of INR0.90 crore and INR0.23 crore,
respectively, for FY13. Furthermore, in FY15 (as per the unaudited
results), SCF achieved a total operating income of INR11.50 crore.


SUPER LAXMI: CARE Assigns 'B' Rating to INR5.70cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Super Laxmi
Yarntex Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5.70      CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Super Laxmi Yarntex
Private Limited (SLYPL) is constrained on account of project
implementation and stabilization risk associated with its
greenfield project. The rating is further constrained on account
of susceptibility of its profit margins to volatility in raw
material prices coupled with its presence in a highly fragmented,
cyclical and competitive textile industry.

The rating, however, derives benefits from experienced promoters
with good business network and strategic location benefits due to
its presence in the textile hub of Gujarat.

Timely completion of the project along with achieving the
envisaged capacity utilization, sales and profitability are the
key rating sensitivities for SLYPL.

Surat-based SLYPL was incorporated as a private limited company in
August, 1991 by Mr Suresh Malpani and Mr Pawan Kabra. Until 2014,
the company was engaged in share trading business. The company is
currently setting up a greenfield project for manufacturing of
warp knitted fabrics with a proposed installed capacity of 14.40
lakh meters lakh per annum. The total project cost is envisaged to
be INR6.12 crore proposed to be funded through equity share
capital of INR2.33 crore and term loan of INR3.79 crore. The total
cost incurred as on June 25, 2015 was INR4.15 crore funded through
term loan of INR2.64 and share capital of INR1.51 crore. The
company has proposed to begin commercial production from August,
2015. The promoters have over two decades of experience in the
textile industry and have also promoted associate firms namely, R.
Sureshkumar Textiles Private Limited (engaged in trading of
polyester fabrics) and Eastman Yarn (engaged in manufacturing of
cotton yarn).


SWARNA CONSTRUCTIONS: CRISIL Reaffirms C Rating on INR85MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Swarna Constructions
(SWC) continue to reflect instances of delay by SWC in servicing
its equipment loans (not rated by CRISIL). The delays have been
caused by the firm's weak liquidity.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         97.5       CRISIL A4 (Reaffirmed)
   Proposed Short Term

   Bank Loan Facility      2.5       CRISIL A4 (Reaffirmed)

   Secured Overdraft
   Facility               85         CRISIL C (Reaffirmed)

SWC has large working capital requirements, and is exposed to
intense competition in the construction industry. However, the
firm benefits from its promoters' extensive industry experience.

SWC (formerly, G Ramamohan Rao & Co), set up in 1968, is engaged
in civil construction and undertakes irrigation and water supply
distribution contracts for government agencies. The firm is based
in Vijayawada (Andhra Pradesh), and has five partners - Mr.
Kishore Babu, Mr. Ramamohana Rao, Mr. Ramesh Babu, Mr. Jaya
Prakasha Rao, and Mr. R. Srinivas.


SWEDE SANITARY: CRISIL Reaffirms 'B' Rating on INR49MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Swede Sanitary Wares
(SSW) continue to reflect SSW's early stage of and modest scale of
operations in the highly competitive sanitary ware industry, and
its below-average financial risk profile, marked by high gearing
and modest debt protection metrics.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         3        CRISIL A4 (Reaffirmed)

   Cash Credit           10        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    38        CRISIL B/Stable (Reaffirmed)

   Term Loan             49        CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the partner's
extensive experience in the building material industry, and the
proximity of its manufacturing facilities to raw material and
labour resources.
Outlook: Stable

CRISIL believes that SSW will benefit over the medium term from
its partner's extensive industry experience. The outlook may be
revised to 'Positive' if SSW reports healthy accruals, backed by
significant ramp-up in its scale of operations, thereby, improving
its debt protection metrics and liquidity. Conversely, the outlook
maybe revised to 'Negative' if the firm's financial risk profile,
especially its liquidity, weakens due to low accruals or due to
stretched working capital cycle or any debt-funded capital
expenditure (capex) programme.

Update
The firm started commercial operations from January 2014 and
recorded revenue of around INR36 million in 2014-15 (refers to
financial year, April 1 to March 31). The firm initially focused
on developing its product portfolio and now is likely to ramp-up
its operations over the medium term. Operating profitability of
the firm was around 30 per cent; it generated cash accruals of
INR2.6 million in 2014-15.

SSW's gearing was high at 2.56 times as on March 31, 2015 on
account of low net worth and debt-funded capex. Debt protection
metrics of the firm are modest, with interest coverage and net
cash accruals to total debt at 1.3 times and 0.05 times,
respectively, in 2014-15 backed by low operating profitability.
CRISIL believes that SSW will improve its financial risk profile
over the medium term backed by steady accretion to reserves and no
major debt funded capex over the medium term.

The firm has high working capital requirements, marked by gross
current assets of 273 days as on March 31, 2015, driven by high
inventory resulting in full utilisation of cash credit limits.
CRISIL believes that SSW will generate cash accruals of INR7.4
million in 2015-16 as against debt obligation of INR6.4 million.

SSW, established in 2013, is promoted by Morbi (Gujarat)-based Mr.
Appu Patel and others. The firm manufactures sanitary items such
as art basins, cabinet basins, pedestal basins, and others. It
commenced commercial operations from January 2014.


V3 ENGINEERS: CRISIL Cuts Rating on INR60MM Cash Credit to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
V3 Engineers Pvt Ltd (V3 Engineers) to 'CRISIL D/CRISIL D' from
'CRISIL B-/Stable/CRISIL A4'. The rating downgrade reflects
instances of delay by V3 Engineers in servicing its term debt; the
delays were because of the company's weak liquidity.

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

   Cash Credit           60        CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Letter of Credit      40        CRISIL D (Downgraded from
                                   'CRISIL A4')

   Proposed Cash          7.8      CRISIL D (Downgraded from
   Credit Limit                    'CRISIL B-/Stable')

   Working Capital       85        CRISIL D (Downgraded from
   Term Loan                       'CRISIL B-/Stable')

V3 Engineers also has a below-average financial risk profile
marked by highly leveraged capital structure and weak debt
protection metrics. The company, however, benefits from its
promoters' extensive experience in the furniture industry.

Incorporated in 1990, V3 Engineers manufactures and installs
modular furniture for corporate and domestic uses.


VIJAYAKRISHNA FARMS: CRISIL Reaffirms 'D' Rating on INR53MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vijayakrishna
Farms (VKF) continues to reflect instances of delay by VKF in
servicing its debt; the delays have been caused by the firm's weak
liquidity, resulting from its depressed cash accruals.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           47       CRISIL D (Reaffirmed)
   Term Loan             53       CRISIL D (Reaffirmed)

VKF's profitability margins are susceptible to volatility in raw
material prices, and the firm is exposed to intense competition
and risks inherent in the poultry industry. These weaknesses are
partially offset by the benefits VKF derives from its promoter's
extensive industry experience.

Set up in 2010, as a proprietorship concern by Mr. Praveen Reddy,
VKF is engaged in poultry hatching in the layer segment. Its
poultry unit is located in Ranga Reddy (Telangana).


VISHNU SRI: CRISIL Suspends 'B' Rating on INR150MM LT Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of M/s
Vishnu Sri Builders & Developers (VSBD).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         150        CRISIL B/Stable
   Proposed Term Loan      50        CRISIL B/Stable

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

Set up in 2012, M/s Vishnu Sri Builders and Developers is a
partnership firm engaged in the development of residential
apartments in Hobli (Bangalore). The day to day operations are
managed by its managing partner - Mr. B M Anand along with its two
sons.



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


LANZATECH NEW ZEALAND: Annual Loss Narrows to NZ$34.7 Million
-------------------------------------------------------------
BusinessDesk reports that LanzaTech New Zealand narrowed its
annual loss as the company shifts into commercialisation from its
previous development phase.

The company reported a loss of NZ$34.7 million in calendar 2014,
smaller than the loss of NZ$40.5 million a year earlier,
BusinessDesk discloses citing financial statements lodged with the
Companies Office.

Including NZ$2.8 million of exchange differences on foreign
operations lifts the total comprehensive loss to NZ$37.5 million,
the report relays.

BusinessDesk says revenue rose to NZ$8.5 million in 2014 from
NZ$5.7 million a year earlier, with NZ$6.58 million derived from
commercial contracts and the other NZ$1.92 million from government
deals.

According to the report, LanzaTech turns waste gas from steel
mills into ethanol and other high-value fuels and chemicals, and
announced last year it had teamed with Indian researchers to
develop a way to use carbon dioxide emissions to produce omega-3
rich fatty acids, using the firm's unique microbial process.

Earlier this year, the company said it had other full-scale
commercial plants in the pipeline following a decision by China
Steel Corp to invest US$46 million in a commercial-scale ethanol
facility in Taiwan, using steel mill off gases for ethanol
production, BusinessDesk recalls.

BusinessDesk relates that construction is due to start on the new
50 metric ton facility in the last quarter of this year and
LanzaTech said other pilots likely to be scaled up include one
with BaoSteel in China.

Lanzatech was founded 10 years ago in New Zealand and the parent
company remains in this country while headquarters have been
shifted to the US, the report says.

Last month it appointed Jean Paul Michel, the former chief
operating officer at lighting company OSRAM, as executive vice
president strategy, finance, and operations to lead a new team
coordinating the company's core support functions as it enters the
commercialisation phase.

In the annual accounts filed on July 8, the group reported net
operating cash outflow for the 2014 year of NZ$30.5 million,
BusinessDesk discloses.

LanzaTech owed NZ$10.3 million in outstanding third party loans
while holding NZ$109 million in cash and cash equivalents at the
end of December following further capital raising during the year,
the report adds.

LanzaTech New Zealand is a carbon recycling company.


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


FCI ASIA: Moody's Puts B1 CFR on Review for Upgrade
---------------------------------------------------
Moody's Investors Service has placed Fidji Luxembourg (BC4) S.A
R.L.'s (FCI) B1 corporate family rating and B1 first lien term
loan rating on review for upgrade. Concurrently, the B1 rating on
FCI Asia Pte Ltd's (FCI Asia), a wholly owned subsidiary of FCI,
revolving credit facility has also been placed on review for
upgrade.

RATINGS RATIONALE

The rating action follows Amphenol Corporation's (Baa1 stable)
announcement that it has made a binding offer to acquire 100% of
the shares of FCI Asia for $1.28 billion. Completion of the
transaction is subject to customary regulatory consents and
approvals and acceptance of the binding offer. The transaction is
expected to close by the end of 2015.

FCI Asia is a wholly owned subsidiary of FCI and co-borrower on
the credit facilties. The operating assets of FCI are controlled
by FCI Asia.

Moody's expects Amphenol to fund the acquisition of FCI with a
combination of cash and debt and repay the existing debt at FCI.
As at April 3, 2015, FCI had total debt outstanding of
approximately $240 million and its adjusted debt-to-EBITDA ratio
was under 2.5x.

FCI's credit agreement contains a change of control provision that
provides lenders the option to declare outstanding borrowings due
and payable and cancel their revolver commitments, if Bain
Capital, FCI's and FCI Asia's financial sponsor, were to cease
controlling 50% of the voting interest in the consolidated group
or 100% of the equity in the two borrowers. Additionally, the
credit agreement gives FCI the right to prepay the outstanding
loans without penalty.

Amphenol is a leading producer of highly engineered electrical
connectors, components, interconnect systems and cables supplied
to multiple industry segments including enterprise, telecom,
industrial, automotive, commercial aerospace and military. The
acquisition of FCI will further help to diversify Amphenol's end
market exposure and enhance its access to Asian markets.

Moody's review will focus on: 1) the timing and structure of a
successful acquisition by Amphenol; 2) , final funding and
organizational structure of the transaction, including where FCI
will ultimately fit in Amphenol's organizational and capital
structure; and 3) the overall integration strategy between the two
companies.

Ultimately, depending on the perceived level of parental support
from Amphenol, FCI's ratings may be upgraded by no more than one
to two notches.

If the transaction fails to materialize, it is likely that FCI's
rating will be affirmed at B1 stable.

The principal methodology used in these ratings was Global
Manufacturing Companies published in July 2014. Please see the
Credit Policy page on www.moodys.com for a copy of this
methodology.

FCI, based in Singapore, is a specialized manufacturer of
electronic connectors for the telecom, data, commercial, and
consumer markets. FCI has a broad customer base in different end
markets, operating in over 30 countries. FCI reported around $600
million of revenues for the year ended December 2014.



================
S R I  L A N K A
================


BANK OF CEYLON: Fitch Affirms Long-Term IDRs at 'BB-'
-----------------------------------------------------
Fitch Ratings has affirmed the ratings on nine of Sri Lanka's
banks.  The Long-Term Issuer Default Ratings (IDRs) on National
Savings Bank and Bank of Ceylon (BOC) have been affirmed at 'BB-'
and their National Long-Term Ratings have been affirmed at
'AAA(lka)' and 'AA+(lka)', respectively.  Fitch has also affirmed
the National Long-Term Rating of People's Bank at 'AA+(lka)'.

At the same time, Fitch has affirmed the Long-Term IDRs of DFCC
Bank PLC at 'B+' and the National Long-Term Ratings of DFCC and
DFCC Vardhana Bank PLC at 'AA-(lka)'.  National Development Bank
PLC's (NDB) National Long-Term Rating was affirmed at 'AA-(lka)'.
Fitch also affirmed NDB's Long-Term IDR at 'B+' and subsequently
withdrew the rating due to commercial reasons.

Furthermore, Fitch has affirmed the National Long-Term Rating of
Commercial Bank of Ceylon PLC (Commercial) at 'AA(lka)', Hatton
National Bank PLC (HNB) at 'AA-(lka)' and Seylan Bank PLC at 'A-
(lka)'.

Fitch has downgraded the National Long-Term Rating of Sampath Bank
PLC to 'A+(lka)' from 'AA-(lka).

A full list of rating actions is included at the end of this
rating action commentary.

KEY RATING DRIVERS
IDRS, VRS, NATIONAL RATINGS AND SENIOR DEBT
Fitch maintains a Stable Outlook for the Sri Lankan banking
sector.  This is because the sector credit profile is not likely
to deteriorate materially even though there could be downside
pressure on asset quality and profitability.  The operating
environment is a key rating driver for the Sri Lankan banking
sector given its potential volatility.  The sector outlook was
revised from Negative to Stable in December 2014.

Banks With Sovereign-Support Driven Long-Term Ratings

The IDRs and the National Long-Term Ratings of National Savings
Bank and BOC, and the National Long-Term Rating of People's Bank
reflect Fitch's expectation of extraordinary support from the
government of Sri Lanka (BB-/Stable).  Their Stable Outlook
mirrors the Stable Outlook on the sovereign's rating.

Fitch believes that state support for National Savings Bank stems
from its policy mandate of mobilising retail savings and primarily
investing them in government securities.  The National Savings
Bank Act contains an explicit deposit guarantee and Fitch is of
the view that the authorities would support, in case of need, the
bank's depositors and its senior unsecured creditors to maintain
confidence and systemic stability.  Fitch has not assigned a
Viability Rating (VR) to National Savings Bank as it is a policy
bank.

Fitch expects support for BOC and People's Bank to stem from their
high systemic importance, quasi-sovereign status, role as key
lenders to the government and full government ownership.

The senior debt of National Savings Bank and BOC is rated at the
same level as the banks' Long-Term Foreign Currency IDRs as the
notes rank equally with their other senior unsecured obligations.

BOC's VR reflects its thin capitalisation and weak asset quality.
This is counterbalanced by its strong domestic funding franchise,
which is underpinned by its state linkages.

The National Long-Term Ratings of Seylan Bank reflects Fitch's
view that the state would provide it extraordinary support in case
of need because the regulator has classified it as one of six
domestic systemically important banks.  Fitch assigns Seylan Bank
a lower support-driven rating because it has a smaller market
share compared with its larger peers.

Banks with Long-Term Ratings Driven by Intrinsic Strength

Fitch considers Commercial Bank as the strongest bank in this peer
group.  Its rating captures its more measured risk appetite, solid
franchise, sound track record, and strong funding profile.  The
bank's provision coverage has been improving and asset quality has
remained satisfactory.  The ratings reflect our expectation that
its operations in Bangladesh will remain small.

HNB's rating reflects its strong franchise, satisfactory
capitalisation, established track record and higher risk appetite
compared to better-rated peers.  Its senior debentures carry the
same rating as they rank equal with other unsecured obligations.

The downgrade of Sampath Bank's National Long-Term Rating reflects
the weakening of its capitalisation relative to peers, which
offset benefits from the growth of its franchise.  Fitch expects
that this trend will continue as the bank is not likely to be able
to sustain growth purely through retained earnings.  The bank's
Fitch Core Capital ratio declined to 10.6% at end-March 2015 from
13.1% at end-December 2013.  Its regulatory Tier 1 ratio also
deteriorated to 8.3% from 10.1% over the same period while the
Tier 1 ratio of its direct peers remained above 11%.  The
weakening was mainly due to a shift in Sampath Bank's loan book
towards consumer and retail loans which carry a higher risk
weight.  Pawning advances, which were zero risk weighted,
decreased to 6.6% of loans at end-March 2015 from 19.4% at end-
2013.

The ratings on DFCC and its 99% owned subsidiary DFCC Vardhana
Bank capture the consolidated group's adequate capitalisation and
its developing commercial banking franchise.  Fitch has equalized
the ratings of the two banks due to their strong and increasing
integration.

DFCC's US dollar notes are rated at the same level as its Long-
Term Foreign-Currency IDR and its Sri Lanka rupee-denominated
senior debt is rated at the same level as DFCC's National Long-
Term Rating as the securities constitute unsecured and
unsubordinated obligations of the issuer.  Fitch has assigned a
Recovery Rating of 'RR4' to the US dollar notes to reflect average
recovery prospects under both a standalone and consolidated basis.

The affirmation of NDB's ratings reflect its better asset quality
compared with peers and long and stable operating history,
counterbalanced by its rapid growth as a commercial bank.

SUPPORT RATING AND SUPPORT RATING FLOOR
The Support Ratings (SRs) and Support Rating Floors (SRFs) of
state-owned National Savings Bank, BOC, and People's Bank reflect
their high importance to the government and high systemic
importance.  The SRs and SRFs of privately-owned DFCC and NDB
reflect their lower systemic importance.

SUBORDINATED DEBT
The old style Basel II Sri Lanka rupee-denominated subordinated
notes of BOC, DFCC, DFCC Vardhana Bank, NDB, Commercial Bank, HNB,
Sampath Bank and Seylan Bank are rated one notch below their
National Long-Term Ratings to reflect the subordination to senior
unsecured creditors.

RATING SENSITIVITIES
IDRS, VRS, NATIONAL RATINGS AND SENIOR DEBT
The banks are sensitive to changes in the operating environment,
which would often be reflected in changes in the sovereign rating.
Significant capital impairment risks, possibly due to higher risk
taking or a protracted macroeconomic deterioration, could result
in negative rating actions on the banks if Fitch believes that
this could result in a material erosion of capital buffers.

Banks with Sovereign-Support Driven Long-Term Ratings

Any change in Sri Lanka's sovereign rating or the perception of
state support to National Savings Bank, BOC and People's Bank
could result in a change in these entities' ratings.  For National
Savings Bank, a reduced expectation of state support through, for
instance, the removal of preferential support, or a substantial
change in its policy role and/or deviation from mandated core
activities indicating its reduced importance to the government,
could also result in a downgrade of the bank's National Rating.
Visible demonstration of preferential support for BOC and People's
Bank in the form of an explicit guarantee will be instrumental to
an upgrade of their National Long-Term Ratings.

A continued decline in capitalisation through a surge in lending
or a further decline in asset quality alongside high dividend
payouts could place downward pressure on BOC's VR.

Seylan's support-driven National Ratings are sensitive to changes
around the sovereign's ability and propensity to provide support.
Fitch would consider an upgrade on Seylan's ratings if the bank's
standalone rating - currently at a notch below its support-driven
rating - moves above the support-driven rating through a
significant and sustained improvement in asset quality and
provisioning, and its other credit metrics are in line with that
of higher-rated peers.

Banks with Long-Term Ratings Driven By Intrinsic Strength

Sustained improvements in Commercial Bank's asset quality and
enhanced resilience against a volatile operating environment could
be positive for the rating.  Its ratings could be downgraded if
its ability to withstand cyclical asset quality deterioration
declines due to lower earnings and capitalization.  In addition,
any marked weakening in its deposit franchise and a deviation from
its measured risk appetite, both viewed by Fitch as key factors
that differentiate Commercial from its lower-rated peers, would be
negative.

Upside potential for HNB's ratings stems from a lower risk
appetite and sustained improvements in its financial profile, in
particular asset quality and funding.  A material increase in risk
taking, unless sufficiently mitigated through capital and
financial performance, could result in a rating downgrade.

Fitch views the upside potential of Sampath Bank's ratings as
limited as long as the trend of higher risk taking and declining
capitalization persists.  A sharp decline in its asset quality
could result in a further rating downgrade.

Rating upgrades for DFCC and DFCC Vardhana Bank would be
contingent on a materially stronger commercial banking franchise
while maintaining strong credit metrics.  The ratings could be
downgraded if there is a sustained and substantial increase in
risk appetite that could materially weaken the group's strong
capital position.  In addition DFCC Vardhana Bank's ratings are
sensitive to a decline in its strategic importance to DFCC, which
Fitch considers unlikely as the two entities have said they plan
to merge.

Fitch believes that NDB's capitalisation and its National Long-
Term Rating would come under pressure if the bank sustains its
growth momentum, in the absence of other mitigating factors.  The
consolidation of NDB's franchise together with the maintenance of
strong credit metrics could result in an upgrade of NDB's rating.

The assigned debt ratings are primarily sensitive to changes in
the entities' long-term issuer ratings.

SUPPORT RATING AND SUPPORT RATING FLOOR
A reduced propensity of the government to support systemically
important banks could result in a downgrade in the assigned SRs
and SRFs, but we view this to be unlikely in the medium term.  A
change in the sovereign ratings could also lead to a change in
these ratings.

SUBORDINATED DEBT
The assigned subordinated debt ratings will move in tandem with
the banks' National Long-Term Ratings.

FULL LIST OF RATING ACTIONS

The rating actions are:

National Savings Bank:
Long-Term Foreign Currency IDR affirmed at 'BB-'; Outlook Stable
Long-Term Local Currency IDR affirmed at 'BB-'; Outlook Stable
Short-Term Foreign Currency IDR affirmed at 'B'
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB-'
US dollar senior unsecured notes affirmed at 'BB-'
National Long-Term Rating affirmed at 'AAA(lka)'; Outlook Stable

BOC:
Long-Term Foreign Currency IDR affirmed at 'BB-'; Outlook Stable
Long-Term Local Currency IDR affirmed at 'BB-'; Outlook Stable
Short-Term Foreign Currency IDR affirmed at 'B'
Viability Rating affirmed at 'b+'
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB-'
US dollar senior unsecured notes affirmed at 'BB-'
National Long-Term Rating affirmed at 'AA+(lka)'; Outlook Stable
Basel II compliant Sri Lanka rupee-denominated subordinated
debentures affirmed at 'AA(lka)'

People's Bank:
National Long-Term Rating affirmed at 'AA+(lka)'; Outlook Stable

DFCC:
Long-Term Foreign- and Local-Currency IDRs affirmed at 'B+';
Stable Outlook
Short-Term Foreign-Currency IDR: affirmed at 'B'
Viability Rating affirmed at 'b+'
Support Rating affirmed at '4'
Support Rating Floor affirmed at 'B'
US dollar senior, unsecured notes affirmed at 'B+'; Recovery
Rating at 'RR4'
National Long-Term Rating affirmed at 'AA-(lka)'; Stable Outlook
Sri Lanka rupee-denominated senior unsecured debentures affirmed
at 'AA-(lka)'
Basel II compliant Sri Lanka rupee-denominated subordinated
debentures affirmed at 'A+(lka)'

DFCC Vardhana Bank:
National Long-Term Rating affirmed at 'AA-(lka)', Outlook Stable
Sri Lanka rupee-denominated senior unsecured debentures affirmed
at 'AA-(lka)'
Basel II compliant Sri Lanka rupee-denominated subordinated
debentures affirmed at 'A+(lka)'

NDB:
Long-Term Foreign- and Local-Currency IDRs affirmed at 'B+' with
Stable Outlook; withdrawn
Short-Term Foreign-Currency IDR affirmed at 'B'; withdrawn
Viability Rating affirmed at 'b+'; withdrawn
Support Rating affirmed at '4'; withdrawn
Support Rating Floor affirmed at 'B'; withdrawn
National Long-Term Rating affirmed at 'AA-(lka)'; Stable Outlook
Basel II compliant subordinated debentures affirmed at 'A+(lka)'

Commercial Bank:
National Long-Term Rating affirmed at 'AA(lka)'; Stable Outlook
Basel II compliant outstanding subordinated debentures affirmed at
'AA-(lka)'

HNB:
National Long-Term Rating affirmed at 'AA-(lka)'; Stable Outlook
Sri Lanka rupee-denominated senior unsecured debentures affirmed
at 'AA-(lka)'
Basel II compliant outstanding subordinated debentures affirmed at
'A+(lka)'

Sampath Bank:
National Long-Term Rating downgraded from 'AA-(lka)' to 'A+(lka)';
Stable Outlook
Basel II compliant outstanding subordinated debentures downgraded
from 'A+(lka)' to 'A(lka)'

Seylan Bank:
National Long-Term Rating: affirmed at 'A-(lka)'; Stable Outlook
Outstanding senior debentures: affirmed at 'A-(lka)'
Basel II compliant outstanding subordinated debentures: affirmed
at 'BBB+(lka)'


=============
V I E T N A M
=============


GLOBAL PETRO: Vietnam Central Bank Takes Over Lender
----------------------------------------------------
Deal Street Asia reports that the State Bank of Vietnam (SBV) on
July 7 announced the takeover of the Global Petro Bank (GPBank)
after the commercial lender failed to address its inefficient
operational issues. The move will help to consolidate the local
fractured banking system, the report says.

"All acquisition of the shareholders' shares are complimentary; to
make sure that the State Bank of Vietnam is fully active in
restructuring GPBank and helping purify the banking system," the
Vietnamese central bank said in a statement cited by Deal Street
Asia.

It has also selected Vietinbank -- Vietnam's second largest bank
by assets -- to join the management of the troubled lender, while
guaranteeing that the interests of depositors are secured,
according to the report.

Deal Street Asia relates that the SBV said that it had detected
weaknesses and potential risks in GPBank's performance in 2012.
"The bank made constant losses, reported a negative equity figure
and showed inefficient governance," the SBV, as cited by Deal
Street Asia, stated.

The central bank added that it has provided opportunities to the
GPBank, during the past three years, to seek partners and
restructure the operation, the report relays. One of the foreign
institutions that GPBank had negotiated with was Singapore-based
United Overseas Bank. However, the Vietnamese commercial bank
disappointed by failing to submit a feasible restructuring plan,
while its business worsened, the report states.

The real value of GPBank's capital has fallen far below the
legally requested capital (VND3 trillion -- $138.9 million for
banks), Deal Street Asia discloses citing bank's auditing agency.

According to the report, the SBV allowed GPBank to conduct three
extraordinary meetings to discuss the increase in capital, but its
shareholders could not agree on a plan. The financial data of the
bank during the "loss-making years" since 2012 is not available,
the report notes.

Global Petro Bank became the third local bank to be fully acquired
by the SBV at no cost, following the acquisition of the Vietnam
Construction Bank (currently CB Bank) and OceanBank, adds Deal
Street Asia.



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


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

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

AUSTRALIA

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


CHINA

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

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

PULSE ENERGY LTD          PLE             15.04          -4.52


PHILIPPINES

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


SINGAPORE

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


THAILAND

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



                             *********

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

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

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


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

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

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

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

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



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