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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

            Monday, July 13, 2015, Vol. 18, No. 136


                            Headlines


A U S T R A L I A

GABBA NOMINEES: First Creditors' Meeting Set For July 21
NIAZ KITCHENS: Enters Voluntary Administration
NRC PROPERTY: First Creditors' Meeting Set For July 22
RAAZ PTY: First Creditors' Meeting Slated For July 17
RIVERCITY MOTOR: Aecom Nears Settlement With Receivers

ROAST PTY: First Creditors' Meeting Set For July 17
* AUSTRALIA: More Mining Collapses Inevitable, Kordamentha Says


C H I N A

SHANDONG DERUIBO: Government Takes Over Following Bankruptcy


I N D I A

3 GUYS: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
AKASH POULTRY: ICRA Suspends 'B' Rating on INR5.0cr Cash Loan
ALLIED RECYCLING: Ind-Ra Withdraws 'IND D(Suspended)' Rating
AMRUT COTTON: ICRA Reaffirms 'B+' Rating on INR15cr Cash Loan
ANIL SPECIAL: ICRA Cuts Rating on INR32.41cr Non-FB Loan to 'D'

ARYAN EDUCATIONAL: CRISIL Suspends 'D' Rating on INR100MM Loan
BABA JATADHARI: ICRA Assigns 'B' Rating to INR6.25cr Term Loan
BLP ENERGY: CRISIL Lowers Rating on INR1.0BB Loan to B-
BMM CEMENTS: ICRA Reaffirms 'D' Rating on INR183.88cr Term Loan
CHOKSEY CHEMICALS: CRISIL Reaffirms B- Rating on INR72.5MM Loan

DNR AUTO: CRISIL Assigns 'B' Rating to INR42.5MM Term Loan
ESES BIO-WEALTH: CRISIL Reaffirms B Rating on INR80MM Term Loan
ESWAR PRINT: ICRA Assigns B+ Rating to INR5.33cr Fund Based Loan
GLOBAL MINERALS: ICRA Assigns B+ Rating to INR8.88cr Loan
GOPINATH ENTERPRISE: ICRA Reaffirms B+ Rating on INR5cr Cash Loan

HI-TECH FROZEN: ICRA Upgrades Rating on INR7.3cr Loan to B
HITAISHI KK: CRISIL Reaffirms B+ Rating on INR60MM Loan
ICON POWER: CRISIL Reaffirms 'B+' Rating on INR75MM LOC
ILEX DEVELOPERS: Ind-Ra Affirms 'IND D' Long-Term Issuer Rating
K. C. FERRO: ICRA Raises Rating on INR15cr Cash Loan to B+

KANAIYA EXPORTS: ICRA Reaffirms 'B' Rating on INR3.0cr Cash Loan
KOHINOOR CARPETS: ICRA Assigns B+ Rating to INR15cr Loan
KRISHNA KANHAIYA: CRISIL Assigns 'B' Rating to INR71MM Term Loan
KRISHNA TUFF: ICRA Reaffirms 'B' Rating on INR4.20cr Term Loan
KS SOFTNET: ICRA Assigns 'B' Rating to INR5.0cr Cash Loan

LAXMI AROGYAM: CRISIL Assigns 'B' Rating to INR50MM LT Loan
M. H. M. FISH: ICRA Suspends B- Rating on INR12cr LT Loan
MAHAPRABHU RICE: ICRA Assigns 'B' Rating to INR8cr Cash Credit
MAHAVEER PARBOILED: ICRA Reaffirms B+ Rating on INR7.19cr Loan
MEGA BOLLYWOOD: ICRA Assigns 'B-' Rating to INR32.0cr LT Loan

METI COTTON: CRISIL Assigns 'B' Rating to INR42.5MM Term Loan
MODEST INFRASTRUCTURE: ICRA Reaffirms C+ Rating on INR45cr Loan
NEW FAIZAN: ICRA Reaffirms 'B' Rating on INR5.0cr Term Loan
PADMAVATI STEELS: ICRA Assigns 'B' Rating to INR10cr Loan
PAGODA STEELS: CRISIL Ups Rating on INR120MM Cash Loan to B+

POKARNA ENGINEERED: CRISIL Assigns B+ Rating to INR945MM Loan
POKARNA LTD: CRISIL Upgrades Rating on INR405MM Loan to 'B+'
PRAGATI SPINNERS: ICRA Reaffirms B+ Rating on INR49cr Loan
PREMIER METAL: CRISIL Lowers Rating on INR70MM Cash Loan to 'B'
RIZON LAMINATES: ICRA Reaffirms B- Rating on INR6.0cr Cash Loan

S&S GREEN: CRISIL Reaffirms 'B' Rating on INR360MM LT Loan
SHILPI FLOCKING: ICRA Assigns B+ LT Rating to INR15cr Loan
SHREE GANESH: INR1.8B Loan's CRISIL B- Rating Show Weak Liquidity
SKH POULTRY: CRISIL Reaffirms 'D' Rating on INR50MM Term Loan
SREE GODAVARI: ICRA Reaffirms B+ Rating on INR30.64cr LT Loan

SREE HARICHARAN: CRISIL Raises Rating on INR25MM Cash Loan to B-
SREEVASA SPINNERS: ICRA Reaffirms 'B' Rating on INR34.93cr Loan
SRI CHAKRA: ICRA Suspends B- Rating on INR5.0cr LT Loan
SRI LAKSHMI: CRISIL Reaffirms B- Rating on INR56MM Cash Loan
SRI SRI: CRISIL Reaffirms 'B' Rating on INR240.9MM Term Loan

STRAWBERRY CERAMIC: CRISIL Ups Rating on INR79.5MM Loan to B+
SUMITRA DS: CRISIL Ups Rating on INR80MM Cash Loan to 'B-'
SWARNSHIKHA JEWELLERS: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
TARAPUR TRANSFORMERS: CRISIL Reaffirms D Rating on INR142.5M Loan
TUFANGANJ AGRO: ICRA Assigns 'B' Rating to INR5.07cr Term Loan

ULTRA POWER: ICRA Reaffirms C+ Rating on INR14.08cr Loan
VARDHMAN PRECISION: Ind-Ra Withdraws 'IND BB(Suspended)' Rating
YARLAGADDA EXPORTS: CRISIL Reaffirms B+ Rating on INR120MM Loan


I N D O N E S I A

BERAU COAL: Defaults on Senior Secured Notes, Moody's Says
BERAU COAL: S&P Lowers CCR to 'SD'; Removes from CreditWatch Neg.
MULTIPOLAR TBK: Fitch Affirms 'B+' LT IDR; Outlook Stable


P H I L I P P I N E S

RURAL BANK OF STA. MAGDALENA: PDIC to Continue Processing Claims
RURAL BANK OF TAYSAN: PDIC to Service Deposit Claims Jul 15 & 16


S R I  L A N K A

SRI LANKA: Fitch Affirms 'BB-' LT IDRs; Outlook Stable
SRI LANKA: Fitch Assigns BB- Rating on Forthcoming US$ Bonds


                            - - - - -


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


GABBA NOMINEES: First Creditors' Meeting Set For July 21
--------------------------------------------------------
Raj Khatri & Morgan Lane of Worrells Solvency & Forensic
Accountants were appointed as administrators of Gabba Nominees Pty
Ltd on July 9, 2015.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Level 8, 102 Adelaide
Street, in Brisbane on July 21, 2015, at 11:00 a.m.


NIAZ KITCHENS: Enters Voluntary Administration
----------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Niaz Kitchens
(Aust) Pty Limited has entered voluntary administration. Ozem
Azzam Kassem and Jason Tang of Cor Cordis were appointed
administrators of the company on July 2, 2015, the report says.

It is business as usual at the company, Dissolve.com.au reports.

Niaz Kitchens specialises in high-end joinery and kitchens in
hotel as well as apartment complexes. It was established in 1986
by Henry Niaz.


NRC PROPERTY: First Creditors' Meeting Set For July 22
------------------------------------------------------
Nick Cooper and Morgan Lane of Worrells Solvency & Forensic
Accountants were appointed as administrators of NRC Property Group
Pty Ltd, trading as Chehade Real Estate Group, on

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Suite 1103, Level 11
147 Pirie Street, in Adelaide, on July 22, 2015, at 11:00 a.m.


RAAZ PTY: First Creditors' Meeting Slated For July 17
-----------------------------------------------------
Nick Combis and Peter Dinoris of Vincents Chartered Accountants
were appointed as administrators of Raaz Pty Ltd on July 8, 2015.

A first meeting of the creditors of the Company will be held at
deJonge Read, Suite 3, Level 4, 22 Albert Road, in South
Melbourne, on July 17, 2015, at 11:00 a.m.


RIVERCITY MOTOR: Aecom Nears Settlement With Receivers
------------------------------------------------------
Bridget Carter and Gretchen Friemann of The Australian report that
Aecom Technology is close to reaching a settlement in its long-
running AUD1.68 billion legal dispute with the receivers of toll
road operator RiverCity Motor Group.

According to the report, sources said a conclusion to one of the
largest corporate claims ever filed in Australia could come to an
end within weeks.

A settlement would hasten the integration of Aecom's Australian
operations with its rival, URS, which specialises in pipeline
repair, The Australian says.  The two global engineering giants
inked a US$4 billion merger last year but the consolidation in the
local market was mothballed over concerns about the RiverCity
litigation.

Fears about the adverse impact of the legal action on the US
parent has left the two companies' subsidiaries battling it out
for engineering contracts in Australia amid declining workflows in
the sector, according to the Australian.

In contrast the integration of Aecom and URS's operations
throughout the rest of the world -- the groups together span some
120 different countries -- is virtually complete, The Australian
notes.

According to sources the settlement on the AUD168 billion claim is
likely to be sizeable, and could reach close to AUD700 million.

The Australian says Aecom Australia, which accounted for nearly 10
per cent of Aecom's global workforce prior to the URS merger, has
publicly refuted the allegations made by the parties to the
lawsuit, which include receivers Korda Mentha, as well as a
collection of the world's largest banks, which lent money to
RiverCity.

The case against Aecom was due to go to trial in September, the
report says.

However, a settlement with the receivers and creditors will not
entirely clear the decks, The Australian notes.

Aecom is also facing a AUD200 million class action launched by
Maurice Blackburn, which is representing investors in RiverCity's
public offering, the report adds.

Rivercity Motorway Group is the owner and operator of Brisbane's
troubled Clem7 tunnel.  RiverCity was put into voluntary
administration in February 2011.  CourierMail said in June 2012
that Rivercity Motorway Group went into receivership after failing
to get its two dozen lenders to agree to a suspension of interest
repayments on the company's AUD1.3 billion debt.  KordaMentha
partners Martin Madden and David Merryweather were appointed
receivers and managers of RiverCity Motorway.


ROAST PTY: First Creditors' Meeting Set For July 17
---------------------------------------------------
Steven Nicols of Nicols + Brien was appointed as administrator of
The Roast Pty. Limited on July 8, 2015.

A first meeting of the creditors of the Company will be held at
Nicols + Brien, Level 2, 350 Kent Street, in Sydney, on July 17,
2015, at 11:00 a.m.


* AUSTRALIA: More Mining Collapses Inevitable, Kordamentha Says
---------------------------------------------------------------
Amanda Saunders at The Sydney Morning Herald reports that more
collapses in the struggling mining services sector are inevitable
in 2015, but banks and companies will fight hard to get
restructuring deals up instead to avoid a "bloodbath", insolvency
firm KordaMentha said.

According to the report, KordaMentha partner Scott Langdon said
that in the next 18 months banks and bondholders would be
reworking firm's debt facilities -- requiring "creative
solutions", restructures of balance sheets and ultimately changes
of control.

SMH recalls that the perennial takeover target Bradken earlier
this month secured a AUD70 million lifeline from Chile's Sigdo
Koppers and CHAMP Private Equity, which has strong ties to
Bradken, which will prevent it from breaching its debt covenants
and buy it more time. The Bradken deal could be a precursor to a
merger deal with a subsidiary of Chile's Sigdo Koppers, the report
says.

The report relates that beleaguered iron ore miner Atlas Iron also
secured shareholder backing for a company-saving capital raising,
after coming frighteningly close to shutting its doors in April.
Lenders in BIS Industries -- led by three of the big four
Australian banks -- have been mulling selling their debt to US and
Asian funds, SMH says.

"In order to preserve value you are going to see a push for debt
restructures and creative turnarounds as opposed to insolvencies,
because debt providers are more likely to take a percentage of
their current debt to re-cut facilities in order to avoid an
insolvency environment, where there is uncertainty," the report
quotes Mr. Langdon as saying.  "This is particularly relevant in
the mining services environment, where there are little assets, so
insolvencies are a bloodbath."

But despite that, an increase in insolvencies was inevitable, he
said, SMH relays.

In 2015, there would be an increase in insolvencies of small to
medium-sized private firms, with turnover of less than $50
million, but Mr. Langdon expected there to be some listed
casualties too, according to the report.

"This year is a normalisation of the mining services market and
there is a large change that this is the new norm for the
industry," Mr. Langdon, as cited by SMH, said.

Mr. Langdon said the companies at greatest risk were those with a
concentration of clients, fixed-price contracts, complex pieces of
work and that lacked an extended track record of execution, adds
SMH.



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


SHANDONG DERUIBO: Government Takes Over Following Bankruptcy
------------------------------------------------------------
Jane Ho at European Rubber Journal reports that Shandong Deruibo
Tire Co. Ltd., producer of the Deruibo, Allroad, Jaderock and
Faralong brands, has declared bankruptcy and been taken over by
local government for liquidation, the secretary general of China
Rubber Machinery Association (CRMA) has confirmed.

According to the report, the company is considered the world's
35th largest tire maker as ranked in Tire Business' annual Global
Tire Report, with $992 million in fiscal 2013 sales. It announced
the bankruptcy in February following an appeal to the government
for a restructuring earlier that month, ERJ says.

CRMA Secretary General Chen Weifang confirmed the company's
situation recently to ERJ, a London-based sister publication of
Tire Business.

The parties did not offer any explanation for Deruibo's plight,
the report says.

Deruibo Tire -- also known in some reporting as Deruibao Tire --
was set up in 2009 in Guangrao county, Dongying, Shandong province
and claimed annual manufacturing capacity of 33 million car, light
truck, medium truck and OTR tires. The company claimed employment
of 5,000 in its online profile, ERJ says.

According to ERJ, Deruibo Tire was not listed separately among
companies receiving a specific anti-dumping rate in the pending
U.S. anti-dumping investigation by the International Trade
Commission and therefore is considered to be subject to the
highest rate, 87.99 percent.

Shandong Haolong Rubber Tire, another tire arm of Deruibo's parent
Shandong Haolong Group, received a preliminary 27.7-percent rate,
the report notes.

Shi Yifeng, secretary-general of China Rubber Industry
Association's tire sub-commission, told ERJ: "There are bound to
be a reshuffle in the sector due to reasons such as over-
expansion. It's not fair to say the U.S. anti-dumping tariffs are
the trigger."

Citing China Chemical Industry News, ERJ says Deruibo had obtained
about a CNY900 million ($131 million) guarantee since 2010 from
Chinese companies in the rubber sector including Qingdao
Doublestar, Tianjin Saixiang Technology, Mesnac and Greatoo.
Concerns had been expressed about the impact on those companies,
adds ERJ.



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


3 GUYS: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research has migrated The 3 Guys Network Private
Limited's (TGNPL) 'IND B+' Long-Term Issuer Rating with a Stable
Outlook to the suspended category.  The rating will now appear as
'IND B+(suspended)' on the agency's website.

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

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.

TGNPL's ratings are:

   -- Long-Term Issuer Rating: migrated to 'IND B+(suspended)'
      from 'IND B+'
   -- INR90 mil. fund-based working capital limits: migrated to
      'IND B+(suspended)' from 'IND B+'
   -- INR3.3 mil. long-term loans: migrate to 'IND B+(suspended)'
      from 'IND B+'
   -- INR2 mil. non-fund-based limits: migrate to
      'IND A4(suspended)' from 'IND A4'


AKASH POULTRY: ICRA Suspends 'B' Rating on INR5.0cr Cash Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
INR5.00 crore cash credit and INR0.85 crore term loan facilities
of Akash Poultry Farm. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

Incorporated in 2006, Akash Poultry Farm is involved in the
business of contract broiler farming and breeder farming. The firm
undertakes contract broiler farming of around 5,00,000 DOCs (day
old chicks) with 150 different farmers and breeder (parent)
farming of 60,000 COBB-400 breeder at various sites producing
6,00,000 hatching eggs per month. The firm also produces poultry
feed for captive consumption to feed broiler as well as breeder.
The firm carries out its poultry farming activities from its
facilities located at Kalwan, Nashik, Maharashtra. Mr. Sanjay
Deore is the CEO of the firm having over a decade of experience in
the poultry industry. He looks after the entire management and is
involved in day to day operations of the firm.


ALLIED RECYCLING: Ind-Ra Withdraws 'IND D(Suspended)' Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Allied Recycling
Limited (ARL) 'IND D(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended ARL's ratings on Sept. 25, 2014.

ARL's ratings:

   -- Long-Term Issuer Rating: 'IND D(suspended)'; rating
      withdrawn
   -- INR102.72 mil. long-term loan: 'IND D(suspended)'; rating
      withdrawn
   -- INR150 mil. fund-based limits: 'IND D(suspended)'; rating
      Withdrawn


AMRUT COTTON: ICRA Reaffirms 'B+' Rating on INR15cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR15.00 crore fund
based facilities of Amrut Cotton Industries.


                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit              15.00      [ICRA]B+ reaffirmed

The rating continues to be constrained by ACI's weak financial
profile as reflected by low profitability and leveraged capital
structure leading to weak debt protection indicators. The rating
is further constrained on account of the regulatory risks
associated with cotton exports as well as the fragmented nature of
the cotton ginning industry resulting in high competitive
intensity. Further, the firm is exposed to adverse movements in
raw material (cotton) prices which coupled with low value additive
nature of the work, keeps the profitability metrics and cash
accruals at modest levels. Further, with ACI being a partnership
firm, any significant withdrawals from the capital account would
affect its net worth and thereby the gearing levels
The assigned rating however, positively factors in the long
experience of the promoters in cotton ginning and pressing
business as well as favorable location of the plant giving it easy
access to high quality raw cotton and strong demand for cotton
seed oil in Gujarat.

Incorporated in 2007, Amrut Cotton Industries is engaged in
ginning and pressing operations. The business is owned and managed
by Mr. Suresh Senapara and other family members. The firm's
manufacturing facility is located in Gondal, Dist Rajkot. The firm
has 30 ginning machines and 1 pressing machine having a cumulative
manufacturing capacity of processing 250 bales per day.

Recent Results
For the year ended 31st March 2014, Amrut Cotton Industries
reported an operating income of INR77.05 crore and profit after
tax of INR0.50 crore.


ANIL SPECIAL: ICRA Cuts Rating on INR32.41cr Non-FB Loan to 'D'
---------------------------------------------------------------
ICRA has downgraded the long term rating to [ICRA]D from [ICRA]BB
with Stable outlook for the INR26.50 crore of fund based limits
and INR15.50 crore of term loan limits of Anil Special Steels Pvt.
Ltd. ICRA has also downgraded the short term rating to [ICRA]D
from [ICRA]A4 for the INR32.41 crore of non fund based limits of
the company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-      26.50        [ICRA]D; downgraded from
   Cash Credit                          [ICRA]BB (Stable)

   Fund Based Limits-     15.50         [ICRA]D; downgraded from
   Term Loan                            [ICRA]BB (Stable)

   Non Fund Based         32.41         [ICRA]D; downgraded from
   Limits                               [ICRA]A4

The revision in the rating takes into account the delays in
servicing of principal and interest payments on the term loan and
working capital limits by ASSPL. The ratings are further
constrained by the deterioration in the scale of operations which
has resulted in decline in operating revenues and losses at
operating and net levels, high working capital intensity of
operations , stretched liquidity position and weak financial
profile characterized by high gearing level of 3.85 times as on
31st March, 2015 and weak debt coverage indicators. The ratings
continue to be constrained by vulnerability of the company's
profitability to raw material price volatility and the exposure to
adverse movements in foreign exchange rates given the company's
forex exposure and absence of a firm hedging mechanism. The
ratings, however, draw comfort from the long experience of the
promoters in the steel industry; ASSIL's long standing
relationship with its clients in the Hardened and Tempered (H&T)
steel strips division.

Anil Special Steel Industries Limited (ASSIL) is a public listed
company engaged in the manufacturing and sale of cold rolled
closed annealed coils (CRCAC) and hardened and tempered (H&T)
steel strips. In addition to this, ASSIL also sells circular saw
discs which are manufactured by its group company. The company was
promoted by Mr. Satya Narain Khaitan in 1968 and currently the
business is being managed by his son, Mr. Sudhir Khaitan. The
manufacturing facility of the company is located in Jaipur
(Rajasthan) and has an installed annual capacity of 40000 MT.
ASSIL has also recently set up a billet and TMT bars manufacturing
facility in Jaipur with capacity of manufacturing 73000 MT TMT
bars per annum.

Recent Results
ASSPL has reported on a provisional basis a profit after tax (PAT)
of INR-29.12 crore on an operating income of INR150.43 crore in FY
2014-15 as compared to net profit (PAT) of INR4.91 crore on an
operating income of INR291.37 crore in the previous year.


ARYAN EDUCATIONAL: CRISIL Suspends 'D' Rating on INR100MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Aryan
Educational Trust (AET).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility     20         CRISIL D
   Term Loan             100         CRISIL D

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

AET was established in 2007 by the Parida family. The trust
operates an institute, Aryan Institute of Engineering and
Technology at Arya Vihar in Bhubaneswar (Odisha) affiliated to the
Biju Patnaik University of Technology, Bhubaneswar. The trust
offers six graduate courses in engineering: civil engineering,
computer and science engineering, electrical engineering,
mechanical engineering, electrical and electronics engineering,
and electronics and communications engineering.


BABA JATADHARI: ICRA Assigns 'B' Rating to INR6.25cr Term Loan
--------------------------------------------------------------
ICRA has assigned an [ICRA]B rating to the INR6.25 crore term loan
facilities and INR2.40 crore cash credit facility of
Baba Jatadhari Agro (India) Private Limited.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits-
   Term Loans               6.25       [ICRA]B assigned

   Fund Based Limits-
   Cash Credit              2.40       [ICRA]B assigned


The rating is constrained by the nascent stage of the project at
present leading to high execution risks and limited moratorium
period with repayment obligations commencing within three months
after the targeted COD is likely to lead to cash flow mismatches
during the ramp up period. Timely debt servicing during this
period would therefore be largely dependent on equity infusions
from the promoters. Besides this, the rating also factors in the
adverse capital structure constrained primarily by the debt funded
nature of the project, highly competitive nature of the wheat
milling industry which are likely to suppress the profit margins
and high dependence of the business on raw material availability,
its pricing and quality, which depend on monsoon conditions and
government policies. The rating, however, draws comfort from long
and established track record of the promoters in the food
processing business and the favourable demand outlook given that
flour and semolina form an important part of the Indian diet. ICRA
also notes that the financial closure for the project has been
achieved and disbursement of term loans has started.

Baba Jatadhari Agro (India) Private Limited (BJPL) was set up in
2011 by the Shaw family in order to expand its agro processing
business. The promoters have long experience in rice and flour
milling business through various entities. BJPL is in the process
of setting up a roller flour mill at Abhirampur, Budge Budge with
an installed capacity of 30,000 MTPA for production of Maida,
Suji, Atta and Bran.


BLP ENERGY: CRISIL Lowers Rating on INR1.0BB Loan to B-
-------------------------------------------------------
CRISIL has downgraded its rating on BLP Energy Pvt Ltd's (BLP
Energy's) non-convertible debentures (NCDs) to 'CRISIL B-
/Negative' from 'CRISIL BB+/Stable'. The rating downgrade reflects
the company's exposure to increased risk in refinancing the NCDs
that are due for repayment on July 4, 2015.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Non Convertible     1000        CRISIL B-/Negative (Downgraded
   Debentures                      from CRISIL BB+/Stable)

The rating downgrade factors in the company's inability to raise
funds to repay the NCDs or get an extension in tenure from the
lender, Meryll Lynch. BLP Energy's management is exploring the
possibility of stretching the tenure of the NCD, and is in talks
with the lender for the same.
Outlook: Negative

The 'Negative' outlook reflects BPL Energy's exposure to risks
relating to refinancing and /or extension of tenure of the NCDs
before the due date. The rating may be downgraded further if the
group is unable to redeem the NCDs, or get an extension of tenure
from the lender before the due date. Conversely, the outlook may
be revised to Stable if the group is able to raise funds or get an
extension from the lender before July 4, 2015.

BLP Energy, a wholly owned subsidiary of BPL India, is the holding
company for the group's wind power asset subsidiary, BLP Vayu. The
wind asset of 150 megawatts (MW) acquired in Gujarat is under BLP
Vayu. The asset has an operational track record of over seven
years.

The group's other operational wind asset of 22.2 MW in Maharashtra
is in BLP Wind Project (Amberi) Pvt Ltd (BLP Amberi; held directly
by BLP India), which commenced commercial operations in June 2012.
BLP Amberi and BLP Vayu have long-term power-purchase agreements
with Maharashtra State Electricity Distribution Company Ltd and
Gujarat Urja Vikas Nigam Ltd, respectively, for sale of the entire
generated capacity.


BMM CEMENTS: ICRA Reaffirms 'D' Rating on INR183.88cr Term Loan
---------------------------------------------------------------
ICRA had reaffirmed the long-term rating outstanding on the
INR183.88 crore (revised from INR254.66 crore) term loan
facilities and the INR16.00 crore (revised from INR50.00 crore)
fund based facilities of BMM Cements Limited at [ICRA]D.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term loan facilities    183.88       [ICRA]D reaffirmed
   Fund based facilities    16.00       [ICRA]D reaffirmed

The reaffirmation of rating considers the current delays in debt
servicing, due to strained liquidity position owing to continuing
losses from operations. BMMCL had reported operating losses during
2014-15 because of low capacity utilization on the back of a weak
demand environment. The capital structure and coverage metrics
were also affected by the increase in unsecured loans availed to
fund operating losses and term loan repayments.

BMMCL, incorporated in August 2007, is primarily engaged in
manufacturing cement. The Company commenced commercial production
in April 2012, at its 1.0 million tonne per annum greenfield
cement plant in the Anantapur district of Andhra Pradesh. It
primarily operates in the markets of Andhra Pradesh, Karnataka,
and Tamil Nadu. BMMCL has also set up a 25 MW thermal power plant,
which commenced commercial production in July 2013. BMMCL forms
part of the BMM group, promoted by Mr. Dinesh Kumar Singhi, which
has interests in the iron/steel and mining sectors, apart from
cement. BMMCL is closely held by the promoter group. The company
has a surface mining rights for lime stone mine near Gudipadu
Village, Andhra Pradesh, which has an estimated surface deposits
of 1.0 million tonne.

BMMCL's promoters have entered into an agreement with Sagar
Cements Limited to sell their entire stake at an enterprise value
of INR540.0 crore. However, the share transfer and subsequent
completion of sale is awaiting statutory clearances for limestone
mining operations.

Recent results
During 2014-15 (according to unaudited results), BMMCL reported a
net loss of INR23.4 crore on an operating income of INR96.3 crore,
as against a net loss of INR65.7 crore on an operating income of
INR149.5 crore during 2013-14.


CHOKSEY CHEMICALS: CRISIL Reaffirms B- Rating on INR72.5MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Choksey Chemicals Pvt
Ltd (CCPL) continue to reflect CCPL's small scale of operations in
the construction chemicals industry and working-capital-intensive
operations.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       20         CRISIL A4 (Reaffirmed)
   Cash Credit          72.5       CRISIL B-/Stable (Reaffirmed)
   Letter of Credit     35         CRISIL A4 (Reaffirmed)

The ratings also factor in the company's weak financial risk
profile, marked by below-average debt protection metrics and a
high total outside liabilities to tangible net worth (TOLTNW)
ratio. These rating weaknesses are partially offset by CCPL's
diverse customer profile and the promoters' extensive experience
in the construction chemicals industry.
Outlook: Stable

CRISIL believes that CCPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant
improvement in operating income and profitability, leading to an
improved financial risk profile, especially debt protection
metrics and TOLTNW ratio. Conversely, the outlook may be revised
to 'Negative' if CCPL's profitability deteriorates further or if
there is a stretch in its working capital cycle resulting in
liquidity pressure. The outlook may also be revised to 'Negative'
if the company undertakes any large debt-funded capital
expenditure programme, leading to deterioration in its financial
risk profile.

Update
In 2014-15 (refers to financial year, April 1 to March 31), CCPL's
revenue increased by over 10 per cent to INR339 million with
increasing contribution from the water-proofing segment. Moreover,
the company's operating margin was at 2.5 per cent during the same
year. While the company will continue to manufacture chemicals for
industrial and retail purposes, sales and profitability from the
water-proofing business will drive CCPL's business risk profile
over the medium term. CRISIL believes that while CCPL will improve
its scale of operations over the medium term, its operating margin
will remain low.

CCPL's financial risk profile and liquidity remains constrained by
high TOLTNW ratio, estimated at over 6 times as on March 31, 2015,
and weak debt protection metrics, with interest coverage ratio at
0.7 times for 2014-15. However, the promoters have infused INR15
million of preference share capital in the business during June
2015. Furthermore, the company sold a fixed asset to repay all
outstanding term debt obligations. While infusion of funds and
retirement of term debt have led to an improvement in the
financial risk profile, CRISIL believes that CCPL continues to be
highly dependent on external borrowings.

With high levels of credit extended to customers and high
inventory holding levels, CCPL's working capital requirements
remain large, with gross current assets at over 180 days as on
March 31, 2015.

CRISIL believes that CCPL financial risk profile and liquidity
will remain constrained by low accretion to reserves and high
levels of external borrowings over the medium term.

CCPL, established in 1985 and promoted by Mr. Girish C Choksey,
manufactures construction chemicals and concrete admixtures. The
company provides a range of pre- and post-construction chemicals.
It manufactures construction chemicals at its unit in Taloja
(Maharashtra), and concrete admixtures at its facility in Silvassa
(Dadra and Nagar Haveli). It also provides water-proofing
services.

CCPL reported a net loss of INR19.5 million on net sales of
INR294.7 million for 2013-14, against a net loss of INR21.7
million on net sales of INR269.9 million for 2012-13.


DNR AUTO: CRISIL Assigns 'B' Rating to INR42.5MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of M/s. DNR Auto Engineering Industries (DNR).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          10         CRISIL B/Stable
   Term Loan            42.5       CRISIL B/Stable

The rating reflects the DNR's modest scale of operations due to
nascent stage of business, modest financial risk profile marked by
modest networth and high gearing and exposure to risks related to
cyclical automotive (auto) industry. These rating weaknesses are
partially offset by the entrepreneurial experience of promoters.
Outlook: Stable

CRISIL believes that DNR will continue to benefit from the
entrepreneurial experience of promoters over the medium term. The
outlook may be revised to 'Positive' in case DNR reports
significantly higher than expected revenues and profitability
while improving its capital structure. Conversely, the outlook may
be revised to 'Negative' in case of lower than expected revenues
or profitability or deterioration in financial risk profile on
account of stretch in receivables, leading to significant impact
on its debt servicing ability.

DNR was setup in 2014 by Mr. Suresh Kute. The firm is engaged in
manufacturing of auto components for two wheelers of Bajaj Auto
Ltd.  The firm has its manufacturing unit in Majalgaon
(Maharashtra).


ESES BIO-WEALTH: CRISIL Reaffirms B Rating on INR80MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of ESES BIO-
Wealth Pvt Ltd (EBPL) continues to reflect EBPL's susceptibility
to risks related to timely implementation and stabilisation of its
ongoing project, and to intense competition in the highly
fragmented flooring industry. These rating weaknesses are
partially offset by the extensive entrepreneurial experience of
the company's promoters.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan       80         CRISIL B/Stable (Reaffirmed)
   Proposed Term Loan   40         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that EBPL will continue to benefit over the medium
term from its promoters' extensive entrepreneurial experience. The
outlook may be revised to 'Positive' if the company successfully
commercialises and stabilises operations at its manufacturing
facility without any cost and time overruns, while efficiently
managing its working capital. Conversely, the outlook may be
revised to 'Negative' in case of a time or cost overrun in setting
up the manufacturing facility, or if EBPL registers considerably
lower-than-expected revenue and cash accruals, adversely impacting
its financial risk profile.

Update:
EBPL is setting up a facility for manufacturing floor tiles and
doors from bamboo. The facility, with a capacity of around 3600
tonnes per annum (tpa), is located in the Morigaon district of
Assam. The total project cost is estimated at around INR190
million to be funded by term loans of INR100 million, promoters'
contribution of INR82.5 million, and a soft loan of INR7.5 million
from the Small Farmer's Agri-business Consortium. Currently, most
of the construction for the project has been completed, funded by
term loans of INR17.5 million, promoters' contribution INR78.4
million in the form of equity and unsecured loans and other
liabilities of INR10.8 million.

EBPL has tied up with Chin Fu Industrial Corporation (Chin Fu),
Taiwan, for supplies and installation and for training of
personnel at the plant. The project was originally scheduled to be
completed by September 2015 but has been delayed by around three
months due to delays in supply of machinery by Chin Fu. The
machinery is expected to be received by October 2015 and
commercial operations are now scheduled to begin by January 2016.
Timely completion of the project and the level of off-take of
EBPL's products over the medium term will remain key rating
sensitivity factors.

EBPL was incorporated on October 11, 2010, in Marigaon (Assam).
The company is promoted by its five directors: Mr. Sanjib Saikia,
Mrs. Upama Saikia, Mr. Tapan Medhi, Mr. Arabinda Baruah, and Mr.
Aniruddha Roy. EBPL is setting up a plant to manufacture bamboo
tiles and doors in Assam, with an installed capacity of 3600 tpa.


ESWAR PRINT: ICRA Assigns B+ Rating to INR5.33cr Fund Based Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to INR5.33 crore
fund based limits and short term rating of [ICRA]A4 to INR0.30
crore non-fund based limits of Eswar Print 'N' Pack Private
Limited. ICRA has also assigned ratings of [ICRA]B+/[ICRA]A4 to
INR2.37 crore unallocated limits of EPPL.


                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits        5.33       [ICRA]B+ assigned
   Non Fund Based Limits    0.30       [ICRA]A4 assigned
   Unallocated Limits       2.37       [ICRA]B+/[ICRA]A4 assigned


The assigned ratings are constrained by EPPL's modest scale of
operations in the packaging industry; weak liquidity position as
reflected by high utilization of CC limits owing to high inventory
and receivable levels and moderate financial risk profile of the
company with thin profitability levels, moderate gearing and
coverage indicators. The ratings also factor in high client
concentration risk with top five clients accounting for around 88%
of total sales in FY2015; and vulnerability of profits to adverse
fluctuations in waste paper prices which is the major raw material
for manufacturing of kraft paper. The ratings however positively
factor in experience of the promoters of over two decades in paper
and packaging industry and reputed client base with repeat orders
from existing clients providing a sustainable revenue base. The
ratings also factor in backward linkage with group company
providing operational synergies; and favorable demand outlook of
the end-user industries with the company catering to FMCG sector
and alcoholic beverage manufacturers.

Going forward, the company's ability to manage working capital
requirements will remain key rating sensitivities from credit
perspective.

Eswar Print 'N' Pack Private Limited (EPPL) is engaged in the
production of corrugated boxes. The company operates from its
plant located in West Godavari district of Andhra Pradesh with the
installed capacity of 7200 MTPA (metric ton per annum). The
company is part of the group which owns Siva Sankara Paper Mills
(SSPM) (rated [ICRA] B+) which is into manufacturing of kraft
paper. EPPL procures its major raw material from its group company
SSPM.

Recent Results
The company reported an operating income and net profit of
INR18.73 crore and INR0.11 crore respectively in FY2015
(provisional and unaudited) as against an operating income and net
profit of INR14.01 crore and INR0.07 crore respectively in FY2014.


GLOBAL MINERALS: ICRA Assigns B+ Rating to INR8.88cr Loan
---------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR8.88
crore non fund based bank facilities of Global Minerals.

                              Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Non-Fund Based Facility      8.88      [ICRA]B+; Assigned

ICRA's rating favorably factors in the extensive experience of the
promoters in the royalty collection business in the state of
Rajasthan. This apart, the rating also derives comfort from the
moderate financial profile of the firm reflected in its low
leverage and moderate coverage indicators. However the rating
remains constrained on account of the high operating leverage of
the firm, owing to the fixed royalty payable to the concessioning
authority, whereas the revenues remain dependent on the pace of
the mining activity and the quality of the mining reserves in the
associated mine. This apart, the rating also remains constrained
on account of limited revenue visibility and the firm's dependence
on a single contract. ICRA also takes note of the partnership
constitution of the firm which exposes it to risks related to
capital withdrawal, risk of dissolution tec. Also, in the absence
of fund based bank limits, the firm remains dependent on timely
funding support from partners in case of lower than expected
collections and cash flow mismatches.

Going forward, the ability of the firm to secure new contracts to
maintain revenue visibility and achieve healthy volumes, will be
the key rating sensitivities.

Global Minerals, incorporated in 2014, is a partnership firm,
promoted by Mr. Ragvendra Singh Shekawat (63%), Mr. Kshitij Kumar
Choudhary (17%), Mr. Rajendra Singh Shekawat (13%) and Mr.
Sishupal Singh Jadson (7%). The firm is a royalty contractor for
sand stone and khanda mining in the Jodhpur region in Rajasthan.
These contracts are awarded through competitive bidding by the
Directorate of Mines and Geology (DMG), Government of Rajasthan.
Under these contracts, the firm collects royalty from the miners
based on volumes extracted by the latter and in turn pays a fixed
royalty amount to DMG as per an agreed schedule. At present, the
firm holds a contract which will expire by March 31, 2016.

Recent Results
The firm, on a provisional basis, reported an operating income
(OI) of INR58.83 crore and a net profit of INR3.66 crore for FY15.


GOPINATH ENTERPRISE: ICRA Reaffirms B+ Rating on INR5cr Cash Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR5.00 crore (enhanced from INR4.76 crore) fund based
facilities of Gopinath Enterprise Private Limited. ICRA has also
reaffirmed the short-term rating of [ICRA]A4 assigned to the
INR3.32 (reduced from INR4.25 crore) non fund based facilities of
GEPL.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit              5.00       [ICRA]B+ reaffirmed
   Letter of Credit         3.00       [ICRA]A4 reaffirmed
   Loan Equivalent Risk
   (LER) Limit              0.32       [ICRA]A4 reaffirmed

The rating reaffirmation continues to take into account the
company's weak financial risk profile as reflected by low
profitability, weak coverage indicators and moderate gearing
levels. The ratings are further constrained by the company's small
scale of operations and highly competitive business environment on
account of the fragmented industry structure, with limited entry
barriers as well as vulnerability of the company's profitability
to fluctuation in raw material prices that are linked to movement
in crude oil prices.

The ratings, however, favorably consider the long track record of
the promoters in the tarpaulin segment, diversified customer
profile and company's established supply relationships with its
customer base in domestic market.

Gopinath Enterprise Private Limited (GEPL) is engaged in the
business of manufacturing HDPE based tarpaulin, fabric and woven
sacks under its own brand name as well as contract manufacturing
for other entities. GEPL is promoted by Mr Bharat and Mr Manish
Agrawal who set up the entity in 2008. GEPL operates from its
plant located near Santej, Gandhinagar with a total installed
capacity 3600 Metric Tonnes Per Annum (MTPA). GEPL manufactures
tarpaulin sheets ranging between 110 GSM to 230 GSM; which it
markets under its "Sparrow Tarpaulin" brand name.

Recent Results
For the year ended March 31, 2015, the company reported an
operating income of INR40.17 crore and profit after tax of INR0.68
crore as against an operating income of INR38.52 crore and profit
after tax of INR0.19 crore for the financial year FY2014.


HI-TECH FROZEN: ICRA Upgrades Rating on INR7.3cr Loan to B
----------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the fund based
limits aggregating to INR7.3 crore (reduced from INR11.80 crore)
of Hi-Tech Frozen Facilities Private Limited, from [ICRA]D to
[ICRA]B. ICRA had earlier suspended the ratings assigned to the
bank limits of HTFFPL in December 2014 due to lack of cooperation.
Subsequently, the client started cooperating and hence, suspension
has been revoked.

The rating upgrade takes into account curing of delays in debt
servicing by the company and improvement in its capital structure
on the back of scheduled repayment of debt & limited capital
expenditure undertaken in the last three years. The rating
continues to be constrained by HTFFPL's small scale of operations,
its weak financial profile characterized by thin profitability &
cash accruals and the highly competitive business environment. The
rating also takes into consideration HTFFPL's modest liquidity
profile as reflected in the consistently high utilization of
working capital limits. The ratings also take into consideration
the susceptibility of the company's profitability and cash flows
to adverse fluctuations in prices of traded products.

Hi-Tech Frozen Facilities Private Limited (HTFFPL) was
incorporated by Mr. Vijay Shah for setting up a frozen & cold
chain facility in Surat, Gujarat. The cold chain facility
commenced operations in FY 2010-11 and has an installed cold
storage capacity of 10,000 MT. The company also has two
refrigerated trucks of 7 MT and 9 MT capacities for transporting
the farm produce to cold storage facility and then to the
consumption centers. The cold storage facility was set up under
the aegis of the "Integrated Cold Chain Infrastructure Project
Scheme" launched by the Ministry of Food Processing Industries,
Govt. of India under which financial assistance in the form of
grant-in-aid @ 50% of the total cost of plant and machinery and
technical civil works is given to the company (subject to a
maximum grant of INR10.00 crore). HTFFPL received a total grant of
INR7.20 Cr under the scheme.

Recent Results
During FY 2014-15, the company reported Profit before Tax (PAT) of
INR0.36 crore on an operating income of INR35.9 crore. During the
period 2013-14, the company reported profit after tax of INR0.10
crore on a turnover of INR27.8 crore.


HITAISHI KK: CRISIL Reaffirms B+ Rating on INR60MM Loan
-------------------------------------------------------
CRISIL's ratings on the bank facilities of Hitaishi KK
Manufacturing Company Pvt Ltd (HKK; a part of the Hitaishi group)
continue to reflect the Hitaishi group's weak financial risk
profile, marked by a modest net worth, high gearing, and average
debt protection metrics, and its working-capital-intensive
operations. These rating weaknesses are partially offset the
extensive experience of the group's promoters in manufacturing
musical instruments and handicraft items.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Foreign Bill           60        CRISIL B+/Stable (Reaffirmed)
   Purchase
   Inland/Import Letter   25        CRISIL A4 (Reaffirmed)
   of Credit
   Packing Credit        100        CRISIL A4 (Reaffirmed)
   Term Loan              10.8      CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of HKK and Hitaishi Creative Enterprises
Pvt Ltd (HCEPL). This is because the two companies, together
referred to as the Hitaishi group, have a common management and
there are significant business transactions between them.
Outlook: Stable

CRISIL believes that the Hitaishi group will continue to benefit
over the medium term from its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if the group
registers significant increase in its revenue or renews its focus
on higher-margin product categories and improves its operating
margin and debt protection metrics. Conversely, the outlook may be
revised to 'Negative' if the Hitaishi group's operating margin or
working capital management deteriorates leading to pressure on its
financial risk profile, particularly its liquidity.

In 1974, Mr. Om Prakash Prahladka and his family members set up
Hitachi KK Manufacturing Company, a partnership firm. The
promoters later set up HKK, which took over the partnership firm
as a going concern in 2010. HKK manufactures percussion
instruments and accessories for violins, guitars, and other
musical instruments; it also manufactures handicraft items from
wood, horn, fabric, jute, metal, and other materials. HCEPL, set
up in 1992, manufactures jute and fabric handicraft items.


ICON POWER: CRISIL Reaffirms 'B+' Rating on INR75MM LOC
-------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Icon Power
Solutions Pvt Ltd (Icon) continues to reflect Icon's small scale
of operations and volatility in revenue because of its tender-
based business.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          20         CRISIL B+/Stable (Reaffirmed)
   Letter of Credit     75         CRISIL B+/Stable (Reaffirmed)

The rating also reflects Icon's working-capital-intensive
operations because of stretched receivables. These weaknesses are
partially offset by the extensive experience of Icon's promoters
in the telecommunications (telecom) infrastructure industry.
Outlook: Stable

CRISIL believes that Icon will continue to benefit, over the
medium term, from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if Icon reports
sustainable and significant increase in its scale of operations
and profitability, or improved working capital management.
Conversely, the outlook may be revised to 'Negative' if Icon's
liquidity weakens because of decline in revenue or profitability,
or large working capital requirements.

Icon, incorporated in 2001, is promoted by Mr. K P Madhusoodhanan
and Mr. Ajit Kumar. The company sells telecom infrastructure
solutions, telephone exchanges, power management systems,
electronic panels, and lightning prevention systems. It has
manufacturing facilities in Manesar (Haryana) and Haridwar
(Uttarakhand).

Icon reported, on provisional basis, a profit after tax (PAT) of
INR17.8 million on net sales of INR216 million for 2014-15 (refers
to financial year, April 1 to March 31), against PAT of INR5.3
million on net sales of INR138 million for 2013-14.


ILEX DEVELOPERS: Ind-Ra Affirms 'IND D' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Ilex Developers
and Resorts Ltd's (IDRL) Long-Term Issuer Rating at 'IND D'.  The
agency has also affirmed IDRL's INR195.5 mil. long-term loans
(reduced from INR220.1) at Long-term 'IND D'.

KEY RATING DRIVERS

The ratings continue to reflect IDRL's tight liquidity leading to
delays in debt servicing for the 12 months ended June 2015.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 2009, IDRL is a JV between Kamat Hotels India
Limited, Plaza Hotels Pvt Ltd and Venketesh Hotels Pvt Ltd with
equal shareholding of 33%.  In FY15, IDRL reported revenue of
INR93.8m and EBIDTA of INR27.5m.


K. C. FERRO: ICRA Raises Rating on INR15cr Cash Loan to B+
----------------------------------------------------------
ICRA has upgraded the long term rating to [ICRA]B+ from [ICRA]B
for INR25.19 crore fund based facilities (previously INR25.20
crore) of K. C. Ferro & Rerolling Mills Private Limited'. ICRA has
also reaffirmed the rating of [ICRA]A4 to INR0.43 crore short term
limits (previously INR0.70 crore) of the company.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term loans              10.19       [ICRA]B+; Upgraded
   Cash credit             15.00       [ICRA]B+; Upgraded
   Short term limits        0.43       [CRA]A4; Reaffirmed
   Letter of credit         4.00       [CRA]A4; Assigned

ICRA has also assigned the short term rating of [ICRA]A4 to
INR4.00 crore non fund based letter of credit facility which is
the sublimit of cash credit facility of the company.

The rating upgrade of K. C. Ferro & Rerolling Mills Private
Limited (KCFRM) primarily takes into account successful commission
of the project and stabilization of the operations with desired
operational parameters. The ratings also favourably factor in the
strong experience of the promoters in the steel industry and the
operational synergy achieved through its group companies in terms
of raw material sourcing and business development since they cater
to similar industry.

However, the assigned ratings continue to remain constrained by
limited operational track record of the company, week financial
risk profile as reflected in the weak profitability, highly
leveraged capital structure, and weak coverage indicators. The
ratings are takes into account vulnerability of profit margins to
volatility in raw material prices, stiff competitive pressures, as
well as a weak real estate sector.

KCFRM was established in 2008 to manufacture TMT bars. The plant
and machinery were fully installed in FY13 and the company
commenced manufacturing in January 2013 backed by a capex of ~Rs.
21.00 crore. The promoters of the company have a fair amount of
experience in the steel industry. Mr. Pawan Agarwal who is the
chairman and managing director of the company has experience of
almost two decades in the steel industry while other directors,
namely Mr. Neeraj Agarwal and Mr. Mohender Garg have experience of
more than ~five years in the steel industry.


KANAIYA EXPORTS: ICRA Reaffirms 'B' Rating on INR3.0cr Cash Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the INR5.00
crore fund based working capital facilities of Kanaiya Exports
Private Limited. ICRA has also reaffirmed the short term rating of
[ICRA]A4 to the INR10.00 crore short-term fund based export
packing credit facilities of KEPL.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Cash Credit               3.00       [ICRA]B; reaffirmed
   Stand by Limit            2.00       [ICRA]B; reaffirmed
   Export Packing Credit    10.00       [ICRA]A4; reaffirmed

The ratings continue to be constrained by KEPL's weak financial
profile characterized by high gearing levels, low profitability
and weak coverage indicators. The ratings are further suppressed
by the high competitive intensity in agro-commodities trading
resulting from low entry barriers, exposure of company's
profitability to foreign exchange fluctuations, any adverse
changes in export incentives and vulnerability to agro-climatic
conditions.

The ratings, however positively considers the experience of the
promoters in agro-commodities trading, favourable location of the
company with proximity to raw material sources and stable export
prospects for the agro-products traded.

Kanaiya Exports Private Limited was incorporated in 1994 and is
primarily engaged in the trading of psyllium husk, sesame seeds,
cumin seeds, fennel seeds and other agro products. The company is
currently managed by Mr. Rameshchandra Nayak and Mr. Ashvin Nayak.
The family has been in this business since last 20 years.

Recent Results
During FY14, KEPL reported an operating income of INR87.78 crore
and profit after tax of INR0.45 crore.


KOHINOOR CARPETS: ICRA Assigns B+ Rating to INR15cr Loan
--------------------------------------------------------
ICRA has assigned its long term rating of [ICRA] B+ to the
INR17.18 crore fund based bank facilities of Kohinoor Carpets.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits       15.00        [ICRA]B+; assigned
   Term Loan                2.18        [ICRA]B+; assigned

ICRA's rating is constrained by Kohinoor Carpets' modest scale of
operations in a highly competitive industry, characterized by the
presence of a large number of unorganized players and high
geographic and client concentration risks. The rating also factors
in the seasonal nature of the firm's business and high debtor and
inventory days which have led to a stressed liquidity position.
Moreover, the firm's profitability margins remain exposed to
adverse fluctuations in foreign exchange rates and volatility in
raw material prices. ICRA also takes note of the firm's low
margins (with net profit margins of 2.48% in 2014-15) and its weak
financial profile marked by a moderately leveraged capital
structure (Total Debt/Tangible Net Worth of 3.20 times as on
March 31, 2015) and modest coverage indicators (interest coverage
of 1.86 times and NCA/Total Debt of 8.80% in 2014-15). ICRA also
takes cognizance of the proprietorship constitution of the firm,
which exposes it to risks of withdrawals, dissolution etc. The
ratings, however, derive support from the extensive experience of
the partners, the firm's well established clientele and favorable
government policies.

Going forward, the firm's ability to ramp up its scale of
operations in a profitable manner and improve its capital
structure by efficiently managing the working capital requirements
will be the key rating sensitivities.

Kohinoor Carpets is a proprietorship firm owned by Mr. Ram Chander
Chuttani. The firm manufactures cotton rugs, bath mats, carpets,
cotton puffs, polar blankets and various home furnishing items.
The firm's manufacturing facilities are located at Panipat and
Karnal in Haryana. The firm derives about 90% of its revenues from
exports, with US and Australia being the key markets.

Recent Results
Kohinoor Carpets reported a net profit of INR0.91 crore on an
operating income of INR33.64 crore in FY14, as against a net
profit of INR0.85 crore on an operating income of INR33.08 crore
in FY13. The firm, on a provisional basis, reported an operating
income of INR38.70 crore in FY2014-15.


KRISHNA KANHAIYA: CRISIL Assigns 'B' Rating to INR71MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' ratings to the long-term
bank facilities of Krishna Kanhaiya Milk Processing Pvt Ltd
(Krishna).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          28         CRISIL B/Stable
   Term Loan            71         CRISIL B/Stable

The rating reflects Krishna's start-up nature of operations in the
intensely competitive milk processing industry, and modest net
worth. These rating weaknesses are partially offset by the
extensive experience of Krishna's promoters in the milk processing
industry, and the company's low gearing.
Outlook: Stable

CRISIL believes that Krishna will continue to benefit over the
medium term from the extensive experience of its promoters. The
outlook may be revised to 'Positive' if the company reports
sizeable increase in scale of operations and and profitability
while efficiently managing its working capital requirements.
Conversely, the outlook may be revised to 'Negative' if low cash
accruals or large working capital requirements weakens the
liquidity.

Established in 2014, Krishna commenced operations from March 2015.
It processes milk and milk products, such as ghee, milk powder and
shrikhand. The company is based in Shrigonda, Maharashtra.


KRISHNA TUFF: ICRA Reaffirms 'B' Rating on INR4.20cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
the INR4.20 crore term loans (reduced from INR5.20 crore), INR1.50
crore cash credit limits and INR1.30 crore unallocated limits of
Krishna Tuff Private Limited.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit facility     1.50       [ICRA]B, reaffirmed
   Term Loan                4.20       [ICRA]B, reaffirmed
   Unallocated              1.30       [ICRA]B, reaffirmed

The rating reaffirmation takes in to account the KTPL's start up
nature of operations and lower than expected ramp up of revenues
on account of delays (of about seven months) in commissioning of
the project which resulted in weak financial profile characterized
by low profitability and inadequate debt protection metrics during
FY15; and the anticipated stress on the company's liquidity
position given the delay in buildup of cash flows and the debt
repayment obligations in the near term. The establishment of the
company's products and scaling up of operations remain critical to
achieve healthy profitability and coverage indicators going
forward. The rating is also constrained by the high competitive
intensity in the glass processing business; and vulnerability of
its operations to the cyclicality in the real estate industry.

The rating, however, favourably considers the experience of KTPL's
promoters and their long standing involvement in a related line of
business; and the favourable long term demand outlook for the
processed glass due to its increasing use in the real estate
development resulting from rising urbanization in the country.

Incorporated in June 2012, Krishna Tuff Private Limited is engaged
in manufacturing toughened glass and double glazed glass, which is
supplied to fabricators and builders in Gujarat. The unit is
located at Chatral, (Dist Kalol) in Gujarat with an installed
capacity of manufacturing ~1,00,000 sq. meters of toughened glass
per annum. The company is promoted by Mr. Hasmukh Patel, Mr.
Ajendra Patel and other family members who have more than a decade
of experience in the industry through other associate concern --
Ghanshyam Glass Corporation, engaged in trading of various types
of glasses.

Recent Result
For the year ended March 31, 2015 (provisional financials), the
company reported an operating income of INR2.05 crore and profit
before tax of INR0.09 crore.


KS SOFTNET: ICRA Assigns 'B' Rating to INR5.0cr Cash Loan
---------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR5.00
crore cash credit facility of KS Softnet Solutions Pvt. Ltd.
(KSSSPL). ICRA has also assigned a short term rating of [ICRA]A4
to the INR10.00 crore bill discounting, INR20.00 crore bank
guarantee and INR5.00 crore (sublimit of bank guarantee) letter of
credit facility of KSSSPL.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit              5.00       [ICRA]B assigned
   Bill Discounting        10.00       [ICRA]A4 assigned
   Bank Guarantee          20.00       [ICRA]A4 assigned
   Letter of Credit
   (Sublimit of Bank
   Guarantee)             (5.00)       [ICRA]A4 assigned

Rating Rationale
The assigned ratings factor in the company's weak financial risk
profile as reflected by modest revenues, weak debt coverage
indicators and tight liquidity position arising out of stretched
receivables. The ratings are further constrained by the fact that
significant delays are being faced by the company in the ongoing
projects on account of delays in site hand over. Moreover, there
have been significant cost overruns in the initial budgeted
project costs and hence, recognition and timely payment of
incremental costs/damages by the government agencies remains
crucial from a rating perspective. The ratings also take into
account the concentration risk arising out of the company's heavy
dependence on development of border check posts for government
entities.

The ratings, however, favorably take into account the experience
of the company's promoters in executing civil infrastructure
projects and current healthy order book position.

KS Softnet Solutions Pvt. Ltd. (KSSSPL) was incorporated in the
year 2002 by Mr. Dinesh Agrawal, and is engaged in development of
Interstate and International check posts for Government entities.
The company is started as an authorized partner of Microsoft
Corporation (USA) for distribution of software products in Mumbai
and adjoining regions and later on diversified into construction
of integrated check posts (ICP) in 2006. Till date, the company
has completed two Integrated Check Post (ICP) projects for:

1) Madhya Pradesh Road Development Corporation Ltd. (Govt. of MP)
at Bhurhanpur & Multai

2) Engineering Projects India Ltd. (a miniratna company) at
Attibele, Karnataka

Recent Results
For the financial year ended March 31, 2014, the company reported
an operating income of INR26.61 crore and profit after tax of
INR0.69 crore as against an operating income of INR42.41 crore and
profit after tax of INR0.99 crore for the financial year 2012-13.
Further, as per provisional financials for FY 15, the company has
reported an operating income of INR35.61 crore and profit after
tax of 0.89 crore.


LAXMI AROGYAM: CRISIL Assigns 'B' Rating to INR50MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Laxmi Arogyam Pvt Ltd (LAPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          25         CRISIL B/Stable
   Proposed Long Term   50         CRISIL B/Stable
   Bank Loan Facility

The rating reflects the company's modest scale of operations with
low profitability and below-average financial risk profile, marked
by small net worth, and weak capital structure. These rating
weaknesses are partially offset by the extensive entrepreneurial
experience of LAPL's promoters.
Outlook: Stable

CRISIL believes that LAPL will benefit from entrepreneurial
experience of its promoters over the medium term. The outlook may
be revised to 'Positive' if the company significantly scales up
its operations and improves profitability leading to sizable cash
accruals. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in the company's financial risk profile,
particularly its liquidity, due to lower cash accruals, stretched
working capital cycle or any large debt-funded capital
expenditure.

Incorporated in 2010, LAPL trades in chemicals and aluminum scrap.
The company is promoted by Mr. Arvind Tumbare and Mr. Kishore
Tumbare. It started commercial operations in 2014-15 (refers to
financial year, April 1 to March 31).


M. H. M. FISH: ICRA Suspends B- Rating on INR12cr LT Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- assigned to
INR12.00 crore (including unallocated limit of INR5.26 crore) long
term fund based limits of M. H. M. Fish Trading Company. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Founded in the year 2011 by Mr. Abdul Rahim, M.H.M Fish Trading
Company is a partnership firm engaged in trading and
packing/repacking of fish of different varieties such as Rohu,
Catla, Pungush,etc. The firm facility is located at Akiveedu in
East Godavari district of Andhra Pradesh.


MAHAPRABHU RICE: ICRA Assigns 'B' Rating to INR8cr Cash Credit
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR1.81
crore term loan and INR8 crore cash credit facilities of
Mahaprabhu Rice Mill Private Limited. ICRA has also assigned a
short term rating of [ICRA]A4 to the INR0.10 crore non-fund based
bank facility. ICRA has also assigned [ICRA]B/[ICRA]A4 ratings to
an untied limit of INR0.09 crore of MRMPL.

                              Amount
   Facilities              (INR crore)   Ratings
   ----------              -----------   -------
   Fund Based (Term Loan)     1.81      [ICRA]B assigned
   Fund Based (Cash Credit)   8.00      [ICRA]B assigned
   Non Fund Based (Bank
   Guarantee)                 0.10      [ICRA]A4 assigned
   Untied Bank Limits         0.09      [ICRA]B/[ICRA]A4 assigned

The assigned ratings take into account the weak financial profile
of the company as reflected by low profitability, subdued coverage
indicators and unfavourable capital structure, small scale of
operations at present, low capacity utilization of its facility
that keeps the scale of operations limited and also adversely
impacting the business returns. The ratings take into account the
high working capital intensive nature of rice milling business
necessitated because of large inventory holdings and intensely
competitive nature of the industry characterized by a large number
of small players that keeps a check on profitability. The company
also remains vulnerable to adverse changes in Government policies
towards agro based commodities and agro climatic risks with paddy
being an agricultural commodity. The ratings factor in the
experience and established track record of the promoters of over a
decade in the rice milling industry, the company's presence in a
major paddy growing area and the favourable demand prospects for
the rice industry. Going forward, the ability of the entity to
improve its capacity utilization and profitability while managing
its working capital requirements efficiently shall remain a key
rating sensitivity.

MRMPL was established in the year 2000 as a private limited
company, by Mr. Kartick Chandra Roy and Mrs. Sikha Roy. The entity
is engaged in milling of puffed, parboiled and raw rice and has an
installed capacity of 57,600 metric tonnes per annum (MTPA). The
manufacturing facility of the company is located in Burdwan, West
Bengal.

Recent Results
During FY15, as per provisional financials, MRMPL reported a net
profit of INR0.08 crore on an OI of INR43.28 crore as against a
net profit of INR0.06 crore and OI of INR34.14 crore during FY14.


MAHAVEER PARBOILED: ICRA Reaffirms B+ Rating on INR7.19cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
INR7.81 crore (increased from INR6.35 crore) fund based limits and
INR7.19 crore (increased from INR2.65 crore) unallocated limits of
Mahaveer Parboiled Rice Industries Private Limited.


                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit              5.25       [ICRA]B+ reaffirmed
   Term Loan                2.56       [ICRA]B+ reaffirmed
   Unallocated limits       7.19       [ICRA]B+ reaffirmed

The reaffirmation of rating continues to be constrained by
MPRIPL's small scale of operations in the rice milling industry
and weak financial profile as reflected by thin profitability and
weak debt coverage indicators. The rating is also constrained by
the intense competition that restricts operating margins besides
agro-climatic risk that can affect the availability of paddy.
However, the ratings draw comfort from the vast experience of the
promoters in the rice milling business coupled with easy
availability of paddy as the company is located in a major paddy
growing region.

Going forward, the company's ability to improve its profitability
and effective management of its working capital would be the key
rating drivers from a credit perspective.

Incorporated in 2011, Mahaveer Parboiled Rice Industries Private
Limited is promoted by Mr. Manchukonda Rama Murthy. The company is
engaged in milling of paddy to produce raw and boiled rice. The
rice milling unit is located in Nalgonda District of Andhra
Pradesh and the production capacity is 6 tonnes per hour.

Recent Results
As per the provisional results for 10 months of FY 2015, the
company reported profit after tax of INR0.11 crore on turnover of
INR30.97 crore as against profit after tax of INR0.09 crore on
turnover of INR27.44 crore during FY 2014.


MEGA BOLLYWOOD: ICRA Assigns 'B-' Rating to INR32.0cr LT Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B- to the INR32.00
crore fund based bank facilities of Mega Bollywood Private
Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-Term Fund
   Based Limits           32.00         [ICRA]B- Assigned

The assigned rating factors in the extensive experience of the
promoter for more than three decades in the Indian film industry
and the established relationships of the promoter with leading
film directors, actors and other industry players. The rating, is
however, constrained by high volatility in the top line which
impacts its cash flow generation, the dependence of recovery in
the financing and the distribution business on the vagaries of
box-office performance, high receivables position which exposes
the company to risk of bad debts, large level of advances which
constrain its financial flexibility and delays in completion of
debt-funded movies which may result in re-financing requirement,
thereby by making it susceptible to cash flow mismatches which may
impact timely servicing of debt.

Mega Bollywood Private Limited was incorporated in June 1998, and
has been promoted by Mr. Bharat Shah with the objective of
producing, acquiring, and financing feature films. The company has
financed around 40 movies till date. The operations of the company
mainly involve financing films as a World Rights Controller
whereby the company finances the majority cash outflows of any
film and holds the entire distribution rights and the negative
rights of the film for exploration to recover its investments
along with agreed amount of compensation.

On a provisional basis, for the full year FY15, the company
reported a net profit of INR1.18 crore on a topline of INR30.27
crore, as compared to a net profit of INR2.26 crore for FY14 on a
topline of INR3.55 crore.


METI COTTON: CRISIL Assigns 'B' Rating to INR42.5MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Meti Cotton Ginning and Pressing Factory
(Meti).

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan             42.5       CRISIL B/Stable
   Cash Credit           27.5       CRISIL B/Stable
   Proposed Long Term    30.0       CRISIL B/Stable
   Bank Loan Facility

The rating reflects Meti's exposure to risks related to
implementation and stabilisation of its ongoing project. The
rating also factors in the susceptibility of the firm's
profitability to volatility in cotton prices and its exposure to
intense competition in the highly regulated and fragmented cotton
ginning and pressing industry.  These rating weaknesses are
partially offset by the extensive industry experience of its
promoters and location advantage of its plant.
Outlook: Stable

CRISIL believes that Meti will benefit from its promoters'
extensive experience in the cotton ginning industry. The outlook
maybe revised to 'Positive' in case of timely completion of
project within the budgeted cost, along with better cash accruals
during the initial phase of operations. Conversely, the outlook
maybe revised to 'Negative' in case of any unanticipated delays in
commencement of operations or low cash accruals or large working
capital requirements, exerting further pressure on the firm's
liquidity.

Meti was established as a partnership firm by Mr. Pundlik, Mr.
Prakash, Mr. Basappa and Mr. S. Meti. The firm is setting up a
cotton ginning plant in Gokak in Belgaum (Karnataka) with a
capacity of 100 bales per day.


MODEST INFRASTRUCTURE: ICRA Reaffirms C+ Rating on INR45cr Loan
---------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]C+ and the
short-term rating of [ICRA]A4 assigned to the INR45.00 crore fund
based limits, the INR125.00 crore (reduced from 150.00 crore) non-
fund based limits and the INR80.00 crore proposed limits
(increased from INR55.00 crore) of Modest Infrastructure Limited.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based limit         45.00      [ICRA]C+ reaffirmed

   Non-fund based limit    125.00      [ICRA]C+/[ICRA]A4
                                       Reaffirmed

   Proposed Limits          80.00      [ICRA]C+/[ICRA]A4
                                       Reaffirmed

The re-affirmation of the rating takes into account the company's
weak financial performance as reflected by erosion of its net-
worth due to consistent losses reported over the last five
fiscals, coupled with an increase in working capital intensity of
operations resulting in a stretched liquidity position. The
prolonged losses incurred by MIL in the past were because of
foreign exchange volatility, liquidated damages and high interest
costs. Going forward, these factors would continue to exert
pressure on the profitability of the company. Moreover, MIL's
profitability remains vulnerable to input price variations owing
to the fixed price nature of its contracts. The company's working
capital requirements remain high, resulting in high utilization of
bank limits; and it also remains exposed to high client
concentration risks.

The rating, however, favorably takes into account the financial
support extended by the Dempo Group in the form of unsecured loans
to fund cash losses and meet liquidity requirements, as well as
the healthy growth in revenues supported by the successful
execution of three orders in FY2015.

Modest Infrastructure Limited is a ship-building and repairing
company, which undertakes projects of building small to medium
sized product tankers, bulk carriers and offshore survey vessels,
in addition to ship-repairing activities. The company was started
as a shipping agency named 'Modest Offshore Services Pvt. Ltd.' by
Mr. Kishore Gambani, and was engaged in managing vessels,
repairing, dry docking of ships and other ship-related services.
In 2006, MIL ventured into the shipbuilding segment, and currently
has a shipyard facility at Ramsar in Bhavnagar, Gujarat. The
company is in the process of establishing another shipyard at
Ratanpar in Bhavnagar. In 2012, the Goa-based shipbuilding company
-- Dempo Shipbuilding & Engineering Private Limited -- acquired
74% stake in MIL through share purchase/share subscription
agreement.

For the year ended March 31, 2014, the company reported a net loss
of INR59.30 crore on an operating income (OI) of INR37.35 crore.
For the year ended March 31, 2015, the company reported a net loss
of INR26.97 crore on an OI of INR53.73 crore (unaudited).


NEW FAIZAN: ICRA Reaffirms 'B' Rating on INR5.0cr Term Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR5.00
crore term loan facility of New Faizan Foods at [ICRA]B. ICRA has
also reaffirmed the short term rating assigned to the INR2.25
crore export packing credit facility and the INR0.20 crore credit
exposure limit of NFF at [ICRA]A4.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term Loan                5.00       [ICRA]B reaffirmed
   Export Packing Credit    2.25       [ICRA]A4 reaffirmed
   Credit Exposure Limit    0.20       [ICRA]A4 reaffirmed


The rating reaffirmation continues to take in account the firm's
relatively small scale of operations and weak financial profile
characterised by de-growth in operating income, thin net
profitability and leveraged capital structure. ICRA notes that
profitability of the firm is vulnerable to fluctuations in foreign
exchange rates and volatility in raw material prices due to
seasonal nature of products. While assigning the ratings, ICRA has
also noted the possibility of any adverse impact on the firm's
operations resulting from any changes in the regulatory norms
governing seafood industry in importing countries as well as risks
of capital withdrawals that are inherent in a partnership firm.

The ratings, however, favourably factor in the extensive
experience of the promoters in the seafood industry and favourable
location of the plant giving it easy access to raw materials.

Incorporated in 2006, New Faizan Foods (NFF) is engaged in
processing and export of seafood. The firm is owned and managed by
Mr. Haji Farooq Haji Hussain Chauhan and other family members. The
firm majorly deals in frozen fish products such as croaker fish,
cuttle fish, ribbon fish, sole fish etc. The firm is located in
Veraval, Gujarat and has an installed processing capacity of 50
MTPD (metric tons per day) and cold storage capacity of 1000 MT.
The processing plant of the firm is EU approved under 'PP'
category.

Recent Results
During FY 2014, the firm reported an operating income of INR55.31
crore with profit after tax (PAT) of INR0.51 crore against an
operating income of INR38.50 crore with profit after tax of
INR0.31 crore in FY 2013. Further, for FY 2015, the firm reported
operating income of INR43.96 crore and profit before depreciation
and tax of INR1.57 crore (as per provisional financials).


PADMAVATI STEELS: ICRA Assigns 'B' Rating to INR10cr Loan
---------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR10.00
crore fund based facilities of Padmavati Steels Limited. ICRA has
also assigned its short term rating of [ICRA]A4 to the INR0.30
crore non-fund based facilities of the company.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits       10.00       [ICRA]B; assigned
   Non-Fund Based Limits    0.30       [ICRA]A4; assigned

The ratings take into account the high intensity of competition in
the steel industry and PSL's increased reliance on trading
operations in the past two years, which has led to weak and
declining operating margins. The ratings also take into account
the company's modest scale of operations and high client
concentration risk, with the company heavily reliant on one
customer for a substantial proportion of its revenues. Further,
high debt funded capital expenditure planned in the current year
is likely to weaken the company's currently comfortable leverage
and moderate coverage indicators. However, the ratings derive
comfort from the extensive experience of the promoters and the
company's strong relationships with its key customers, as
evidenced by repeat orders received from these customers in the
past.

Going forward, the company's ability to attain a sustained
improvement in scale along with an improvement in profitability,
will be the key rating sensitivities.

PSL was established in 1999 as a closely held limited company to
manufacture Mild Steel (MS) pipes, Electric Resistance Welded
(ERW) pipes and MS galvanised pipes. Currently, the company has
five directors: Mr. Sanjay Jain, Mr. Bijendra Jain, Mr. Sushil
Kumar Singla, Mr. Kailash Chand Bansal and Ms. Sunita Rani Garg.
The company's manufacturing facilities are located in the Sirmour
district of Himachal Pradesh and have a production capacity of
93,600 Metric Tonnes (MT) per annum.

Recent Results
The company, on a provisional basis, reported a Profit After Tax
(PAT) of INR0.79 crore on an Operating Income (OI) of INR106.92
crore in FY 2015, as against a PAT of INR0.68 crore on an OI of
INR78.77 crore in the previous year.


PAGODA STEELS: CRISIL Ups Rating on INR120MM Cash Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Pagoda Steels Pvt Ltd (PSPL) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          120        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Proposed Long Term     5.9      CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

   Term Loan             24.1      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects PSPL's improved business and financial
risk profiles, driven by an increase in its revenue and operating
margin, and better working capital management. The rating upgrade
also factors in the company's improved liquidity, with sufficient
cash accruals to meet its term debt obligations, and its reduced
bank line utilisation.

PSPL, on a provisional basis, reported an operating income of
INR1.18 billion for 2014-15 (refers to financial year, April 1 to
March 31) as against INR937.1 million reported for 2013-14. The
increase was led by the addition of new customers, increase in
number of dealers to more than 250, and improved commission on
selling thermo-mechanically-treated (TMT) steel bars and plates.
The company's operating profit margin improved to of 5.6 per cent
in 2014-15 from 1.9 per cent in 2013-14, driven by reduced
material cost. CRISIL believes that PSPL will maintain its
business risk profile over the medium term with moderate sales
growth of 10 to 15 per cent per annum.

PSPL's gross current assets (GCAs) reduced to 28 days as on March
31, 2015, from 36 days a year earlier. The improvement in GCAs was
because of efficient inventory management. The company continues
maintains inventory of around 10-15 days which will continue over
the medium term. PSPL's financial risk profile too has improved.
It reported a profit after tax (PAT) of INR33.1 million for 2014-
15 against a net loss of 13.3 million for the previous year; this
led to better debt protection metrics, with interest coverage and
net cash accruals to total debt ratios at 4.1 times and 0.44
times, respectively, for the year. PSPL's liquidity has improved,
with efficient working capital management reducing its dependence
on bank lines.

The rating reflects PSPL's weak financial risk profile, marked by
a modest net worth, high gearing, and average debt protection
metrics. The company also has a modest scale of operations in the
highly competitive TMT bar manufacturing industry. These rating
weaknesses are partially offset by the extensive industry
experience of PSPL's promoters.
Outlook: Stable

CRISIL believes that PSPL 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 net worth
improves significantly, backed by equity infusion by promoters,
and if its scale of operations and margins increase considerably,
leading to substantial accruals. Conversely, the outlook may be
revised to 'Negative' if PSPL's financial risk profile,
particularly its liquidity, deteriorates, most likely due to a
stretch in its working capital cycle or a decline in its
profitability.

PSPL was established in 2005; in 2012, the Bhavnagar (Gujarat)-
based Patel family took over the company's operations. PSPL is
currently being managed by Mr. Jignesh R Patel. The company
manufactures TMT bars under its brand, Pagoda, at its facility in
Bhavnagar.

For 2014-15, on a provisional basis, PSPL reported a PAT of
INR33.1 million on net sales of INR1.15 billion, against a net
loss of INR13.3 million on net sales of INR927 million for 2013-
14.


POKARNA ENGINEERED: CRISIL Assigns B+ Rating to INR945MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the long-term bank facilities of Pokarna Engineered Stone Limited
(PESL; part of the Pokarna group).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term     165        CRISIL B+/Stable
   Bank Loan Facility
   Long Term Loan         945        CRISIL B+/Stable
   Packing Credit         390        CRISIL A4

The ratings reflect the Pokarna group's large working capital
requirements and the susceptibility of its profitability margins
to fluctuations in foreign exchange rates. The ratings also factor
in the group's below-average financial risk profile marked by high
gearing and average debt protection metrics. These rating
weaknesses are partially offset by the group's established
presence in the granites and engineered stones industry supported
by its promoter's extensive experience and established
relationships with customers. The ratings also reflect the group's
healthy operational efficiencies resulting in high profitability
margins.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PESL and its parent company - Pokarna
Ltd (Pokarna). The two companies are together referred to as the
Pokarna group.
Outlook: Stable

CRISIL believes that the Pokarna group will continue to benefit
over the medium term from its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if the group
registers a sustained improvement in its working capital cycle or
in its capital structure on the back of lower reliance on debt.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in the group's profitability margins or significant
deterioration in its capital structure caused most likely by a
stretch in its working capital cycle.

Pokarna was set up in 1991 by Mr. Ashok Jain, Mr. Gautam Jain, Mr.
Prakash Jain, and their family members. The company exports
granites, and owns granite quarries in Andhra Pradesh, Telangana,
and Tamil Nadu. It also manufactures ready-made garments and sells
them under the Stanza brand.

PESL - a wholly-owned subsidiary of Pokarna - manufactures
engineered quartz (also known as engineered stone) under the
Quantra brand.

The Pokarna group derives 55 per cent of its revenue from its
granites division, 42 per cent from the quartz division, and 3 per
cent from its apparels division. The group is headquartered in
Hyderabad.


POKARNA LTD: CRISIL Upgrades Rating on INR405MM Loan to 'B+'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Pokarna Ltd (part of the Pokarna group) to 'CRISIL B+/Stable' from
'CRISIL C'; the rating on the company's short-term bank facilities
has been reaffirmed at 'CRISIL A4'.

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

   External Commercial     405        CRISIL B+/Stable (Upgraded
   Borrowings                         from 'CRISIL C')

   Foreign Documentary     170        CRISIL B+/Stable (Upgraded
   Bills Purchase                     from 'CRISIL C')

   Letter of Credit        140        CRISIL A4 (Reaffirmed)

   Proposed Long Term      285.7      CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL C')

   Term Loan                79.3      CRISIL B+/Stable (Upgraded
                                      from 'CRISIL C')

The rating upgrade factors in timely servicing of debt by Pokarna
and its wholly owned subsidiary, Pokarna Engineered Stone Ltd
(PESL), over the five months ended May 30, 2015. CRISIL believes
that the Pokarna group will continue to service its debt in a
timely fashion, with its cash accruals expected to remain adequate
to meet its debt obligations, over the medium term.

The rating upgrade also reflects improvement in the Pokarna
group's business risk profile driven by a substantial and
sustained increase in its scale of operations and profitability
margins. There has been a sizeable increase in the group's net
worth, which has enhanced its financial flexibility and led to an
improvement in its capital structure. CRISIL believes that the
Pokarna group will sustain the improvement in its financial risk
profile over the medium term supported by consistent growth in its
net worth and absence of any large debt-funded capital expenditure
(capex) plan.

The Pokarna group's revenue registered year-on-year growth of 41
per cent in 2014-15 (refers to financial year, April 1 to March
31) supported by improved capacity utilisation, increase in its
geographical footprint, and wider acceptance of engineered quartz
across segments. Its operating profit margin increased by 760
basis points to 28 per cent in 2014-15 on the back of better
realisations and the group's cost rationalisation initiatives. The
Pokarna group's net worth increased to INR530 million as on March
31, 2015 from INR258 million as on March 31, 2014 on the back of
healthy accretion to reserves - consequently, its gearing declined
to 5.5 times from 12.8 times over the period. The gearing is
expected to decline to around 3.0 times as on March 31, 2016,
supported by consistent increase in net worth and absence of major
debt-funded capex plan.

The ratings reflect the Pokarna group's large working capital
requirements and the susceptibility of its profitability margins
to fluctuations in foreign exchange rates. The ratings also factor
in the group's below-average financial risk profile marked by high
gearing and average debt protection metrics. These rating
weaknesses are partially offset by the group's established
presence in the granites and engineered stones industry supported
by its promoter's extensive experience and established
relationships with customers. The ratings also reflect the group's
healthy operational efficiencies resulting in high profitability
margins.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Pokarna and PESL. The two companies are
together referred to as the Pokarna group.
Outlook: Stable

CRISIL believes that the Pokarna group will continue to benefit
over the medium term from its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if the group
registers a sustained improvement in its working capital cycle or
in its capital structure on the back of lower reliance on debt.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in the group's profitability margins or significant
deterioration in its capital structure caused most likely by a
stretch in its working capital cycle.

Pokarna was set up in 1991 by Mr. Ashok Jain, Mr. Gautam Jain, Mr.
Prakash Jain, and their family members. The company exports
granites, and owns granite quarries in Andhra Pradesh, Telangana,
and Tamil Nadu. It also manufactures ready-made garments and sells
them under the Stanza brand.

PESL manufactures engineered quartz (also known as engineered
stone) under the Quantra brand.

The Pokarna group derives 55 per cent of its revenue from its
granites division, 42 per cent from the quartz division, and 3 per
cent from its apparels division. The group is headquartered in
Hyderabad.


PRAGATI SPINNERS: ICRA Reaffirms B+ Rating on INR49cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR49.00
crore (revised from INR48.16 crore) fund based limits, INR1.10
crore (revised from INR0.90 crore) non fund based limits, and
INR1.96 crore (revised from INR0.00crore) unallocated limits of
Pragati Spinners Private Limited at [ICRA]B+.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits        49.00      [ICRA]B+ reaffirmed
   Non Fund Based Limits     1.10      [ICRA]B+ reaffirmed
   Unallocated Limits        1.96      [ICRA]B+ reaffirmed

The reaffirmation of the rating factors in the company's small
scale of operation in a highly fragmented industry, limiting its
ability to pass on increases in input costs; and its weak
financial profile as reflected by the net losses incurred in FY15
owing decline in yarn realizations, high cost inventory held by
the company and high fixed overheads, high gearing (2.58 times as
on March 31, 2015) and stretched coverage indicators (interest
coverage of 0.76 time and NCA/TD of -2.89% during FY15). The
rating also considers susceptibility of margins to adverse
fluctuations in yarn prices and cotton prices, which are subject
to seasonality and government regulations on minimum support price
(MSP) for cotton and export quota. However, the rating positively
factors in the PSPL's full utilised modular plant, the
availability of subsidised power and the past experience of the
promoter in the spinning industry.

Going forward, the ability of the company to improve its scale of
operations, profitability and capital structure and manage its
liquidity in view of the large upcoming debt repayments would be
the key sensitivities.

Pragati Spinners Private Limited (PSPL), located at Addakal
Village of Mahbubnagar District of Telangana, was incorporated as
a private limited company in October 2010. The company is promoted
by Mr. Alla Jithendra Prasad Babu. PSPL commenced its operations
in August 2012 and is primarily engaged in cotton lint spinning;
it manufactures cotton yarn in the range of 20s - 40s. PSPL
started its operations with 11,424 spindles in August 2012 and
later added 9,792 spindles to reach its current capacity of 21,216
spindles.

Recent results
As per provisional financials for FY2015, the company reported a
net loss of INR2.65 crore on operating income of INR66.90 crore as
compared to net profit of INR2.19 crore on operating income of
INR66.11 crore for FY2014.


PREMIER METAL: CRISIL Lowers Rating on INR70MM Cash Loan to 'B'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Premier Metal Products (PMP) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Buyer Credit Limit    20         CRISIL B/Stable
                                    (Downgraded from
                                   'CRISIL B+/Stable')

   Cash Credit           70         CRISIL B/Stable
                                    (Downgraded from
                                    'CRISIL B+/Stable')

The rating downgrade reflects deterioration in PMP's business and
financial risk profiles, with a significant decline in its revenue
and profitability margins resulting in reduced cash flows from
operations. There has also been a stretch in the firm's working
capital cycle, resulting in higher reliance on debt and weakening
of its debt protection metrics. PMP's ability to register a
substantial increase in its revenue and profit margins or
sustained improvement in its working capital cycle remains a key
rating sensitivity factor.

The firm's revenue declined to INR235 million in 2013-14 (refers
to financial year, April 1 to March 31) from INR389 million in
2012-13 on account of volatility in aluminium prices. However, in
2014-15, the firm's revenue was about INR300 million. Its profit
after tax (PAT) was around INR2 million in 2014-15 against a net
loss of INR5.2 million in 2013-14, primary driven by high interest
cost.

Furthermore, PMP's working capital cycle is stretched as reflected
in a significant increase in its gross current assets (GCAs) to
275 days as on March 31, 2014 from 164 days as on
March 31, 2013. Though its GCAs have improved to about 200 days as
on March 31, 2015, they remain high. The increase in GCAs was
mainly driven by the stretch in the firm's receivables cycle and
an increase in its inventory levels; this resulted in higher
reliance on debt. The company's depressed profitability levels,
along with higher debt, resulted in weakening of its interest
coverage ratio.

The rating reflects PMP's small scale and working-capital-
intensive nature of operations, and its average financial risk
profile. These rating weaknesses are partially offset by the
extensive experience of the firm's promoters in the aluminium
industry and their established relationships with customers and
suppliers.

Outlook: Stable

CRISIL believes that PMP will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a substantial
increase in the firm's revenue and operating margin, leading to an
improvement in its liquidity. Conversely, the outlook may be
revised to 'Negative' if PMP's financial risk profile,
particularly its liquidity, weakens, most likely because of a
decline in its operating margin, large debt-funded capital
expenditure, an increase in its working capital requirements, or
considerably high investments in group companies.

PMP was established in 1976. The firm manufactures aluminium de-
oxidant castings in addition to aluminium PP caps and aluminium
die castings, which are used in the steel casting industries.
Based in Howrah (West Bengal), the firm has a reputed customer
base that includes Tata Steel Ltd and major pharmaceutical
companies. It is owned and managed by the Kolkata-based Bagaria
family.


RIZON LAMINATES: ICRA Reaffirms B- Rating on INR6.0cr Cash Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B- assigned to
the INR6.00 crore cash credit facility, INR4.68 crore term loans
(reduced from INR7.45 crore) and INR2.77 crore (earlier nil)
unallocated limits of Rizon Laminates Private Limited.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Cash Credit Facility      6.00        [ICRA]B-, reaffirmed
   Term Loan                 4.68        [ICRA]B-, reaffirmed
   Unallocated Limits        2.77        [ICRA]B-, reaffirmed

The reaffirmation of the rating continues to take into account
RLPL's weak financial risk profile characterized by cash losses,
high gearing levels and inadequate debt protection metrics during
FY15 owing to the start up nature of operations and lower than
expected ramp up of revenue; and the anticipated stress on the
company's liquidity position given the delay in build up of cash
flows and the high debt repayment obligations in the near term.
The rating continues to be constrained by the high competitive
intensity in the laminates business which limits pricing
flexibility and profitability; and vulnerability of profitability
to adverse fluctuations in the prices of the key raw material.
The rating, however, takes comfort from the experience of RLPL's
promoters and their long association with related business; and
the Stable demand outlook for decorative laminates due to the
large scale of real estate development and rising urbanization in
the country.

Incorporated in 2012, Rizon Laminates Private Limited is engaged
in manufacturing decorative laminates sheets of 0.8 mm and 1.0 mm
thickness. The manufacturing unit is located at Morbi, (District
Rajkot) in Gujarat and has a production capacity of 1,150,000
sheets per annum.. The company is promoted by Mr. Dharamsingh Boda
and Mr. Savji Boda who have more than two decades of experience in
the industry. In March 2015, Mr. Vipul Detroja acquired 50% stake
in the company and currently the entire operations are handled by
him.

Recent Result
For the year ended March 31, 2015 (provisional financials), the
company reported an operating income of INR3.77 crore and net loss
of INR1.04 crore as against an operating income of INR3.91 crore
and net loss of INR1.70 crore for the year ended March 31, 2014.


S&S GREEN: CRISIL Reaffirms 'B' Rating on INR360MM LT Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facility of S&S Green
Projects Pvt Ltd (SSGPL) continues to reflect SSGPL's
susceptibility to risks related to the completion and saleability
of its ongoing real estate residential projects in Hyderabad, and
to cyclicality in the Indian real estate industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan       360        CRISIL B/Stable (Reaffirmed)

These weaknesses are partially offset by the extensive experience
and established track record of SSGPL's promoters in the
residential real estate development business.

On June 11, 2015, CRISIL had assigned a rating of 'CRISIL
B/Stable' to the long-term bank facility of SSGPL.
Outlook: Stable

CRISIL believes that SSGPL will continue to benefit, over the
medium term, from the extensive experience and established track
record of their promoters in Hyderabad's real estate industry. The
outlook may be revised to 'Positive' if SSGPL achieves early
completion and sale of its projects, thus improving its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if SSGPL reports any delays in project completion or receipt of
customer advances, or if it undertakes a large debt-funded
project, weakening its financial risk profile.

Established as S&S Constructions and subsequently converted into
SSGPL in 2010, SSGPL is engaged in the real estate business,
majorly residential constructions in Hyderabad. The company is
promoted by Mr. Vijay Sai and Mr. Amar Kumar.

For 2013-14 (refers to financial year, April 1 to March 31), SSGPL
registered a net profit of INR0.1 million on operating income of
INR312.1 million, against a net profit of INR0.3 million on net
sales of INR417 million for 2012-13.


SHILPI FLOCKING: ICRA Assigns B+ LT Rating to INR15cr Loan
----------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ and a short
term rating of [ICRA]A4 to the INR15.0 crore (enhanced from
INR12.5 crore) fund-based and non-fund based limits of Shilpi
Flocking Co Private Limited.


The assigned ratings are constrained by SFCPL's weak financial
profile characterized by thin profitability, leveraged capital
structure and weak debt coverage indicators. The ratings are also
constrained on account of high working capital intensity of
operations owing to longer receivable turnover period and high
inventory level. This has resulted in stretched liquidity leading
to consistently high utilization of working capital limits. The
ratings also factor in the highly competitive business environment
on account of the fragmented industry structure with limited entry
barriers. The ratings also take into consideration, the
susceptibility of the company's profitability and cash flows to
adverse fluctuations in prices of raw materials.

The ratings, however, favourably take into account the experienced
management of the company with long track record in trading of
flat steel products, its locational advantage by the virtue of
proximity to steel trading centre and its established
relationships with suppliers and customers.

Shilpi Flocking Co. Pvt. Ltd. was taken over by Mr. Rangbahadur
Singh in 1989 for trading in steel products. Subsequently in 1994,
Mr. Brijesh Singh, son of Mr Rangbahadur Singh joined the business
and continues to manage the operations till date. The company has
also set up steel processing facility in Kalamboli, which is
equipped with Decoiling levelling, shearing, Cut-to-Length (CTL)
machinery with an installed production capacity of 30,000 MT per
annum.

Recent Results
During FY 2014, the company reported Profit after Tax (PAT) of
INR0.62 crore on an operating income of INR109.2 crore. For eleven
month period ending 28th February 2015, the company has reported
PBT of INR0.9 crore on an operating income of INR89 crore.


SHREE GANESH: INR1.8B Loan's CRISIL B- Rating Show Weak Liquidity
-----------------------------------------------------------------
CRISIL rating to the bank facilities of Shree Ganesh Metaliks Ltd
(SGML) continues to reflect SGML's weak liquidity marked by cash
accruals that are expected to be just about adequate to service
the maturing debt in 2015-16 (refers to financial year, April 1 to
March 31).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit           650.5       CRISIL B-/Stable
   Letter of credit      115         CRISIL A4
   & Bank Guarantee
   Term Loan            1884.5       CRISIL B-/Stable

The rating also factors in the company's weak financial risk
profile, marked by high gearing and weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of the promoters in the steel industry and the
company's moderate scale of operations in the intensely
competitive mild steel ingots industry.

CRISIL had assigned its 'CRISIL B-/Stable/ CRISIL A4' rating to
the bank facilities of Shree Ganesh Metaliks Ltd (SGML) on
June 18, 2015.

Outlook: Stable

CRISIL believes that SGML will continue to benefit over the medium
term from the promoters' extensive experience in the steel
industry. The outlook may be revised to 'Positive' if strong cash
accruals and efficient working capital management enhance the
company's liquidity. Conversely, the outlook may be revised to
'Negative' if low cash accruals, stretch in working capital
management or any large debt-funded capital expenditure weakens
the liquidity.

Incorporated in 2003, SGML manufactures sponge iron and billets.
The company has its manufacturing facility at Sundergarh District,
Orissa, with sponge iron and billet capacities of about 400 and 30
tonnes per day respectively.

SGML has commissioned an 18-megawatt (MW) waste heat recovery-
based power plant, a 14 MW fluidized bed combustion-based power
plant, and an induction furnace and coal washery with capacities
of 300 and 150 tonnes per day, respectively.


SKH POULTRY: CRISIL Reaffirms 'D' Rating on INR50MM Term Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of SKH Poultry
Pvt Ltd (SKH) continues to reflect instances of delay by SKH in
servicing its debt: the delays have been caused by the company's
weak liquidity.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          10         CRISIL D (Reaffirmed)

   Proposed Long Term   30         CRISIL D (Reaffirmed)
   Bank Loan Facility
   Term Loan            50         CRISIL D (Reaffirmed)

SKH is exposed to risks related to timely completion, and
stabilisation of its ongoing project. It has a weak financial risk
profile marked by its small net worth and high gearing. The
company is also exposed to intense competition and to risks
inherent in the poultry industry. However, SKH benefits from its
promoters' extensive entrepreneurial experience.

Established in 2011 as a private limited company by Mr. K
Koteshwar Rao, SKH is setting up a poultry farm in Chitoor (Andhra
Pradesh).


SREE GODAVARI: ICRA Reaffirms B+ Rating on INR30.64cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed [ICRA]B+ to the INR30.64 crore (revised from
INR34.57 crore) long term fund based limits, INR0.25 crore long
term non-fund based limits and INR12.57 crore (revised from
INR8.64 crore) unallocated limits of Sree Godavari Kraft Papers
Limited.

                           Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Long Term Fund
   Based Limits            30.64         [ICRA]B+ reaffirmed

   Long Term Non-Fund
   Based Limits             0.25         [ICRA]B+ reaffirmed

   Long Term Unallocated
   Limits                  12.57         [ICRA]B+ reaffirmed

The rating reaffirmation takes into account the modest scale of
operations of the company, in a highly fragmented industry with
limited pricing power on account of stiff competition in the
market. The rating remains constrained by significant repayment
obligations of the company in the next two fiscals, as against
weak accruals with DSCR of 0.70 times as on 31st March 2015. The
rating also considers the moderate financial profile of SGKPL
characterized by high gearing of 1.59 times as on 31st March 2015
(however, improved from 1.89 times as on 31st March 2014) and weak
coverage indicators as reflected in interest coverage ratio of
1.62 times, total debt/OPBDITA at 4.15 times and NCA/Total Debt at
9% as on 31st March 2015. ICRA also notes the tight liquidity
position of SGKPL on account of the high working capital intensity
due to the moderately high level of inventory and receivables and
lower payables along with large debt repayments. The rating is
also bound by vulnerability of profit margins of the company to
fluctuations in raw material costs as well as paper prices. The
rating, however, favourably takes into account the increase in
capacity utilization of the company from 75% in FY14 to 81% in
FY15 backed by increasing demand for paper products in India, and
its established relationships with reputed customers resulting in
repeated orders over the years. The rating also considers the
diversified product profile of SGKPL comprising of newspaper and
PWP (printing and writing paper), and the captive power plant of
3MW providing uninterrupted power supply for its operations to run
efficiently.

Sree Godavari Kraft Paper Limited (SGKPL) was incorporated in the
year 2000 started its operations in April 2009 with 25800 tons per
annum (TPA) paper manufacturing facility in the West Godavari
district of Andhra Pradesh. It is engaged in the manufacture and
sale of newsprint as well as printing and writing paper. SGKPL
manufactures paper from recycled waste paper, with more than 95%
of the wastepaper requirement met through domestic suppliers and
the balance imported. The sale of newsprint paper contributes to
around 75% of the total revenues and creamwove paper contributes
to about 25% of the total revenues for SGKPL.

Recent Results
During FY15, the company reported a PBT of INR0.90 crore on an
operating income of INR69.04 crore on provisional basis as against
a PAT of INR0.30 crore and operating income of INR63.08 crore in
FY14.


SREE HARICHARAN: CRISIL Raises Rating on INR25MM Cash Loan to B-
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sree Haricharan Granite Exports India Private Limited (SHGEIPL) to
'CRISIL B-/Stable' from 'CRISIL C', and has reaffirmed its rating
on the company's short-term facilities at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              25        CRISIL B-/Stable (Upgraded
                                      from 'CRISIL C')

   Export Packing Credit    50        CRISIL A4 (Reaffirmed)

   Letter of Credit          5        CRISIL A4 (Reaffirmed)

The rating upgrade reflects SHGEIPL's timely servicing of its debt
(not rated by CRISIL), backed by improved liquidity. CRISIL
believes that SHGEIPL will continue to service its debt on time,
supported by healthy cash accruals. Moreover, in the absence of
large capital expenditure plans, the cash accruals can support
working capital management, strengthening SHGEIPL's financial risk
profile over the medium term.

The ratings continue to reflect the geographical concentration
risks in SHGEIPL's revenue profile, and its large working capital
requirements; the ratings also factor in the below-average
financial risk profile, marked by small net worth, high gearing
and modest debt protection metrics. These rating weaknesses are
partially offset by the benefits that the company derives from its
promoters' extensive experience in the granite manufacturing
industry.
Outlook: Stable

CRISIL believes that the extensive experience of SHGEIPL's
promoters in the granite manufacturing business will help the
company smoothly market its production. The outlook may be revised
to 'Positive' if on-time stabilisation of operations or sizeable
revenue inflow enhances the financial flexibility and cash flow
adequacy. Conversely, the outlook may be revised to 'Negative' if
issues with stabilisation of operations, or low accruals, or any
large capital expenditure weakens the financial risk profile,
particularly liquidity.

SHGEIPL was set up in 2010 by the Andhra Pradesh-based Sri
Damodara Rao Potturi and Mrs. Sulochana Potturi. The company has
set up a facility to process, polish, and export rough granite
blocks to make granite slabs and monumental slabs of different
specifications. SHGEPL commenced commercial operations in February
2013.


SREEVASA SPINNERS: ICRA Reaffirms 'B' Rating on INR34.93cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR49.93
crore fund based limits and INR0.07 crore unallocated limits of
Sreevasa Spinners Limited at [ICRA]B.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   TL                      34.93       [ICRA]B reaffirmed
   CC                      15.00       [ICRA]B reaffirmed
   Unallocated Limits       0.07       [ICRA]B reaffirmed

The reaffirmation of the rating factors in the company's small
scale of operations in a highly fragmented industry, limiting its
ability to pass on increases in input costs, and its weak
financial profile characterized by net losses in FY15 owing to
high cost inventory held by the company and higher fixed
overheads, high gearing (2.62 times; as on March 31, 2015) and
stretched coverage indicators (interest coverage of 0.83 times and
NCA/TD of -3.22% during FY15). The rating also considers
susceptibility of margins to adverse fluctuations in yarn prices
and cotton prices, which are subject to seasonality and government
regulations on minimum support price (MSP) for cotton and export
quota. However, the rating positively factors in the SSL's fully
utilized modular plant, the availability of subsidized power and
the past experience of the promoter in the spinning industry.
Going forward, the ability of the company to improve its scale of
operations, profitability and capital structure and manage its
liquidity in view of the large debt repayments in the medium term
would be the key sensitivities.

Sreevasa Spinners Private Limited (SSPL), incorporated in
September 2010, is primarily engaged in production of carded
cotton yarn in the count range of 21s to 36s. SSPL has spinning
mill located in Mahboobnagar, Telangana with an installed capacity
of 16320 spindles.

Recent results
As per provisional financials for FY2015, the company reported a
net loss of INR5.24 crore on an operating income of INR52.04 crore
as compared to net profit of INR0.23 crore on operating income of
INR50.48 crore for FY2014.


SRI CHAKRA: ICRA Suspends B- Rating on INR5.0cr LT Loan
-------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- assigned to
INR5.00 crore long term fund based limits of Sri Chakra Poultry
Farms. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Sri Chakra Poultry Farms (SCP) was incorporated as a partnership
firm during the year 2011, to engage in the business of commercial
layer poultry farming. SCP operates through a facility located at
Ramayampet mandal, Medak district of Andhra Pradesh. The firm has
a capacity of 1,42,000 layer birds.


SRI LAKSHMI: CRISIL Reaffirms B- Rating on INR56MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri Lakshmi
Srinivasa Agri Processing Pvt. Ltd (SLSA) continue to reflect
SLSA's below-average financial risk profile marked by its small
net worth, high gearing, and average debt protection metrics.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          56         CRISIL B-/Stable (Reaffirmed)
   Term Loan            44         CRISIL B-/Stable (Reaffirmed)

The rating of the company is also constrained on account of its
modest scale of operations, its exposure to intense competition in
the cotton ginning industry resulting in its low profitability
margins, the susceptibility of its profitability to volatility in
cotton prices, and the vulnerability of its operations to
regulatory changes. These rating weaknesses are partially offset
by the benefits SLSA derives from the extensive entrepreneurial
experience of its promoters.

CRISIL had upgraded its rating on the long-term bank facilities of
SLSA to 'CRISIL B-/Stable' from 'CRISIL D' on June 17, 2015.
Outlook: Stable

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

SLSA was set up in 2012 by Mr. Attluri Jagannatha Rao,
Mrs.Harshini, and Mr. S.Seetaramurthy. The company is engaged in
ginning and pressing of raw cotton. Its ginning unit is located in
Krishna district in Andhra Pradesh.


SRI SRI: CRISIL Reaffirms 'B' Rating on INR240.9MM Term Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Sri Ravishankar
Vidya Mandir Trust (Unit - Sri Sri University) (SSU) continues to
reflect SSU's weak financial risk profile marked by a small net
worth, high gearing and weak debt protection metrics, and its weak
liquidity on account of initial phase of operations and low
occupancy levels.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan           240.9       CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the funding
support from the Sri Sri Ravishankar Vidya Mandir (SSRVM) Trust,
extensive experience of management and healthy demand prospects
for the education industry.
Outlook: Stable

CRISIL believes that SSU will benefit over the medium term from
its promoters experience in the education industry. The outlook
may be revised to 'Positive' in case SSU reports higher-than-
expected operating income and profitability driven by higher-than-
expected occupancy. Conversely, the outlook may be revised to
'Negative' in case of deterioration in SSU's liquidity due to
lower-than-expected cash accruals, larger-than-expected debt
funded capital expenditure (capex) or lower-than-expected funding
support from trustees.

Update
The business risk profile of the university has improved backed by
improvement in operating income and profitability backed by
improvement in occupancy levels. CRISIL believes that, the
business risk profile will improve further on the back of
introduction of new courses.

The liquidity profile of the university remains supported by
infusion of unsecured loans from the Sri Sri Ravishankar Vidya
Mandir Trust. The university have been prepaying their term loan
and as on March 31, 2015 the outstanding balance was INR5.22
crores. The university has been in continuous capex mode over the
past 2-3 years.

SSU is a subsidiary of the SSRVM Trust, founded in 1999 by Sri Sri
Ravishankar as the educational wing of the Art of Living. SSU was
set up in 2009 at Cuttack (Odisha). The university has just
started MBA courses - general management, agri business and
entrepreneurship. It started its first academic session in 2012-13
(refers to financial year, April 1 to March 31) with intake of 46
students.


STRAWBERRY CERAMIC: CRISIL Ups Rating on INR79.5MM Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Strawberry Ceramic Pvt Ltd (SCPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable', while reaffirming its rating on the company's
short-term facility at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee       15        CRISIL A4 (Reaffirmed)
   Cash Credit          30        CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')
   Term Loan            79.5      CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

The rating upgrade follows SCPL's commencement of operations
without any cost escalations during the project implementation
phase. CRISIL believes SCPL will continue to benefit from
extensive industry experience of the company's promoters.

The ratings reflect SCPL's large working capital requirements, and
its modest scale of operations during the initial phase of
operations in the fragmented ceramic tiles manufacturing industry.
These rating weaknesses are partially offset by SCPL's favourable
off take agreement with ceramics major, R.A.K Ceramic and the
extensive industry experience of the company's promoters.
Outlook: Stable

CRISIL believes that SCPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its off
take agreement with RAK Ceramic that ensures steady order flows.
The outlook may be revised to 'Positive' if the company reports
strong accruals while improving its working capital management.
Conversely, the outlook may be revised to 'Negative' if SCPL
registers low accruals or undertakes a large debt-funded capital
expenditure programme, or if its working capital requirements
increase, resulting in weakening of its financial risk profile.

Incorporated in 2013, SCPL commenced commercial operations in
January 2015. The company is promoted by the Morbi-based Kalariya
family. SCPL manufactures glazed ceramic tiles at its facility in
Morbi (Gujarat), which has a production capacity of around 40,000
tonnes per annum.


SUMITRA DS: CRISIL Ups Rating on INR80MM Cash Loan to 'B-'
----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Sumitra
DS Motors Pvt Ltd (SDSM) to 'CRISIL B-/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       12         CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Cash Credit          80         CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Term Loan             5         CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

The rating upgrade reflects SDSM's improved liquidity, marked by
timely payment of interest over the past six months and expected
improvement in cash accruals, sufficient to meet its debt
obligations over the medium term. This was driven by improvement
in business risk profile aided by better operating income and
stable margin. CRISIL, however, believes that SDSM's liquidity,
though improved, will remain constrained over the medium term
because of its high working capital requirements.

The ratings reflect SDSM's small scale of operations marked by
geographic concentration in its revenue profile, and its weak
financial risk profile. These rating weaknesses are partially
offset by SDSM's established relationship with principal, and its
promoters' extensive experience in the auto dealership business.
Outlook: Stable

CRISIL believes that SDSM 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 revenue and
profitability improve significantly, leading to better net cash
accruals and liquidity. Conversely, the outlook may be revised to
'Negative' if SDSM's financial risk profile, particularly its
liquidity, weakens owing to a significant decline in its revenue
or operating profitability, or deterioration in its working
capital management, or a large debt-funded capital expenditure.

SDSM, incorporated in 2005 and promoted by Mr. Jagjit Singh and
his brothers, is an authorised automobile dealer for Maruti Suzuki
India Ltd (rated 'CRISIL AAA/Stable/CRISIL A1+'). The company
operates two showrooms, one in Shahjahanpur and the other in
Lakhimpur (Assam).


SWARNSHIKHA JEWELLERS: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Swarnshikha
Jewellers (SSJ) a Long-Term Issuer Rating of 'IND BB-'.  The
Outlook is Stable.  Ind-Ra has also assigned SSJ's INR150 mil.
fund-based facilities Long-Term 'IND BB-' with a Stable Outlook
and Short-Term 'IND A4+' ratings.

KEY RATING DRIVERS

The ratings reflect SSJ's weak credit metrics and small scale of
operations.  Unaudited financials for FY15 (year end March)
indicate revenue of INR359 mil., (FY14: INR315 mil.), net
financial leverage (adjusted debt/operating EBITDA) of 8.88x at
FYE15 (FY14: 6.78x) and EBITDA gross interest coverage of 1.11x
(1.79x).  Profitability was moderate at 5.58 % in FY15 due to
SSJ's presence in the highly fragmented jewelry retailing
business.

A new showroom at Gandhidham (started in July 2014) and the
resultant spurt in inventory and costs pulled down FY15 credit
metrics.  Ind-Ra expects the EBITDA interest cover to normalize to
around 1.75x by FYE16 when the operations at the new showroom will
stabilize.

SSJ's liquidity is tight as evident from it's over 92% of average
working capital utilization during the 12 months ended May 2015.

The ratings benefit from the over a decade-long experience of
SSJ's promoters in jewellery retailing and other trading
businesses and the entity's strong relationship with its customers
and suppliers.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

SSJ, incorporated in 2005, is into the retail trading of jewelry
and ornaments with showrooms at Jamnagar and Gandhidham (Gujarat).
It also trades designer sarees and gift items.


TARAPUR TRANSFORMERS: CRISIL Reaffirms D Rating on INR142.5M Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Tarapur Transformers
Ltd (Tarapur) continue to reflect delays by Tarapur in meeting its
debt obligations. The ratings are based only on publicly available
information as Tarapur has not cooperated with CRISIL in its
surveillance process.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         130        CRISIL D (Reaffirmed)
   Cash Credit            120        CRISIL D (Reaffirmed)
   Letter of Credit        50        CRISIL D (Reaffirmed)
   Proposed Long Term     142.5      CRISIL D (Reaffirmed)
   Bank Loan Facility
   Rupee Term Loan         50        CRISIL D (Reaffirmed)

Tarapur, incorporated in 1988, repairs and manufactures power and
distribution transformers. Bilpower Ltd (rated 'CRISIL D/CRISIL
D') acquired 70 per cent of its equity shares in 2006. Tarapur
made its initial public offering in April 2010, following which,
Bilpower Ltd's equity stake in it reduced; Bilpower Ltd holds
43.16 per cent stake in Tarapur as of March 31, 2015. Tarapur has
set up facilities (at a cost of INR430 million) to manufacture
transformers with capacity ranging from 1 kilovolt ampere (kVA) to
5000 kVA. Its unit in Boisar (Maharashtra) undertakes repairs
while its unit in Wada (Maharashtra), which commenced operations
in 2008-09 (refers to financial year, April 1 to March 31),
manufactures transformers.

Tarapur, on a provisional basis, reported a net loss of INR33.0
million on net sales of INR373.0 million for 2014-15; it reported
a net loss of INR121.2 million on net sales of INR425.6 million
for 2013-14.


TUFANGANJ AGRO: ICRA Assigns 'B' Rating to INR5.07cr Term Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR5.07
crore term loan, INR3.75 crore cash credit facility, INR0.30 crore
bank guarantee facility and INR0.88 crore unallocated limits of
Tufanganj Agro Industries Private Limited. The above unallocated
limits of INR0.88 crore has also been rated on a short term scale
for which [ICRA]A4 rating has been assigned.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term Loan                5.07       [ICRA]B assigned
   Cash Credit              3.75       [ICRA]B assigned
   Bank Guarantee           0.30       [ICRA]B assigned
   Unallocated              0.88       [ICRA]B/[ICRA]A4 assigned

The assigned ratings take into consideration TAIPL's exposure to
project execution risks including timely commissioning of the
plant within budgeted cost and stabilization of the plant as per
expected operating parameters, post commissioning. The ratings are
also constrained by the intensely competitive nature of the rice
milling industry as characterized by a large number of small
players, the regulated nature of the industry which is subject to
Government policies towards agro based commodities which is likely
to keep the profitability under pressure and the agro climatic
risks which can affect the availability of paddy in adverse
weather conditions. The rating, however, favourably takes into
account the fact that the mill is located in a major rice growing
region thereby ensuring easy availability of paddy and TAIPL's
entitlement to various fiscal incentives and subsidies under West
Bengal Incentive Scheme 2013 which is likely to support
profitability and cashflow. ICRA also takes into account the
favourable demand prospects of the industry with rice being a
staple food grain and India being the world's second largest
producer and consumer of rice. The ratings also derive comfort
from the experience of the promoters in the same line of business
which mitigates the risk of operational stabilization to an extent

TAIPL, incorporated in June 2012, is in the process of setting-up
a rice milling unit with an annual milling capacity of 38,400 MT
of paddy. The manufacturing facility of the company is situated in
the district of Cooch Behar, West Bengal. The commercial
production of the unit is scheduled to commence shortly. The
company consists of six promoters namely Shri Ranjit Shil, Sri
Shyamal Kumar Bose, Shri Swapan Basak, Shri Asok Kumar Sen, Shri
Noranglal Rampuria and Shri Subrata Dutta.


ULTRA POWER: ICRA Reaffirms C+ Rating on INR14.08cr Loan
--------------------------------------------------------
ICRA has re-affirmed the long term rating of [ICRA]C+ to the
INR13.42 Crore fund based limits and INR14.08 Crore unallocated
limits of Ultra Power Projects Private Limited.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long Term Fund
   based Limits             13.42      [ICRA]C+; Re-affirmed

   Unallocated              14.08      [ICRA]C+; Re-affirmed

Rating Rationale

The reaffirmation of the rating continues to reflect the absence
of firm fuel supply arrangements for UPPPL's 7.5 MW Industrial
Waste based power plant located in Telangana. The rating also
factors in the fixed power tariff as per the twenty-year Power
Purchase Agreement (PPA) with Transmission Corporation of
Telangana Limited (TSTRANSCO) limiting the company's ability to
pass through any increase in raw material prices. Further, UPPPL
is exposed to significant customer concentration and counter party
risks given that it sells its entire power output to TSTRANSCO,
though the payments from TSTRANSCO have been timely over the past
2 years. The rating is further constrained by the weak financial
profile of the company as reflected in accumulated losses
resulting in negative networth levels, and the continued losses at
the net level on account of increased input costs. The rating is
also constrained by the increasing levels of unsecured loans
brought in by the promoters to run the company operations. However
rating factors in the sharp improvement in Operating Margins from
22.42% in FY14 to 28.30% in FY15 on account of increase in usage
of alternative fuels like tender coconut, palm fiber, waste wood,
cotton stick.

UPPPL operates an Industrial Waste based power plant with an
installed capacity of 7.5 MW located in Yacharam, Ranga Reddy
District in Telangana. The plant began its commercial operations
in October 2010; power generated from the unit which began its
commercial operations in October 2010 is sold to TSTRANSCO under a
twenty-year PPA. UPPPL is a part of the "Ultra" group of companies
which have interests in manufacture and supply of defence
equipment for the Indian Navy under their group company
Ultra Dimensions Private Limited. The group also undertakes pipe
fabrication works, and annual contracts for ship maintenance for
the Navy.


VARDHMAN PRECISION: Ind-Ra Withdraws 'IND BB(Suspended)' Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Vardhman
Precision Profiles & Tubes Private Limited's (VPPTL)
'IND BB(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended VPPTL's ratings on Oct. 21, 2014.

VPPTL's ratings:
   -- Long-Term Issuer Rating: 'IND BB(suspended)'; rating
      withdrawn
   -- INR250 mil. fund-based working capital limits: Long-term
      'IND BB(suspended)' and Short-term 'IND A4+(suspended)';
      ratings withdrawn
   -- INR220 mil. non-fund-based working capital limits: Long-
      term 'IND BB(suspended)' and Short-term 'IND
       A4+(suspended)'; ratings withdrawn


YARLAGADDA EXPORTS: CRISIL Reaffirms B+ Rating on INR120MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Yarlagadda
Exports Pvt Ltd (YEPL) continues to reflect YEPL's modest scale of
operations, its below-average financial risk profile, marked by
weak debt protection metrics and modest net worth, and large
working capital requirements. These rating weaknesses are
partially offset by the extensive experience of YEPL's promoters
in the tobacco industry and its established customer
relationships.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            120       CRISIL B+/Stable (Reaffirmed)
   Export Packing          50       CRISIL B+/Stable (Reaffirmed)
   Credit
   Proposed Long Term     110       CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that YEPL's will continue to benefit over the
medium term from its promoters' extensive experience in the
tobacco industry. The outlook may be revised to 'Positive' if the
company improves its working capital management or there is
significant improvement in its profitability, leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if YEPL's liquidity deteriorates due
to large debt funded capex programme or in case of significant
decline in company's revenues and profitability.

Incorporated in 1990, Yarlagadda Exports Pvt Ltd (YEPL) is into
trading of tobacco. YEPL has its office located in Guntur, Andhra
Pradesh.

YEPL reported, a profit after tax (PAT) of INR 1.4 million on net
sales of INR252 million for 2013-14 (refers to financial year,
April 1 to March 31); against profit after tax (PAT) of INR 1.50
million on net sales of INR238 million for 2012-13.



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


BERAU COAL: Defaults on Senior Secured Notes, Moody's Says
----------------------------------------------------------
Berau Coal Energy TBK (P.T.) (BCE, Caa2 negative) defaulted on its
$450 million 12.5% senior secured notes due 2015, issued by Berau
Capital Resources Pte. Ltd. (BCR) and guaranteed by BCE, when it
failed make its principal payment at maturity on July 8.

Prior to default, the Singapore High Court imposed a moratorium on
the 2015 notes, giving the company until 4 January to negotiate
with noteholders.

On 1 July, Asia Coal Energy Ventures Limited (ACE, unrated),
funded by Indonesia-based Sinarmas Group (unrated), announced an
unconditional cash offer to acquire 100% of the outstanding shares
of BCE's 84.7% owner, Asia Resource Minerals (ARMS, unrated). The
takeover is in the final stages of completion following acceptance
from approximately 68.2% of ARMS' shareholders, including
Nathaniel Rothschild's NR Holdings (unrated) which had proposed an
initial competing equity offer for BCE.

ACE then announced terms of a proposed notes restructuring in its
draft restructuring support agreement. Under the proposed
transaction, BCE will pay a portion of the notes principal using
$100 million of new equity proceeds raised at ARMS - and down-
streamed to BCE as a shareholder loan - and $18.75 million of
cash-on-hand. The unpaid portion of the $450 million notes due 8
July 2015 and $500 million notes due 13 March 2017, issued by BCE,
would then be exchanged for new notes maturing on 31 July 2019 and
31 December 2020 respectively. The proposed restructuring also
aims to reduce the coupon on the new notes, comprising both a cash
and paid-in-kind component.

"Even with the moratorium in place, BCE is exposed to potential
lender claims in Indonesia until it remedies its default with the
expected note exchange detailed in the draft restructuring support
agreement," says Brian Grieser, a Moody's Vice President and
Senior Analyst.

"The proposed restructuring of the 2015 and 2017 notes, when
completed, will be positive for BCE in that it lowers the cash
coupon payment and significantly improves the company's maturity
profile as its next material maturity will be pushed to 2019,"
adds Grieser, who is also Lead Analyst for BCE.

Despite the partial payment of the principal outstanding under the
notes, BCE's leverage will likely remain between 5.0x-6.0x given
the increase in its total debt following the planned shareholder
loan from ARMS to fund the restructuring plan and continued
earnings pressure driven by weak coal prices. We estimate BCE's
adjusted debt-to-EBITDA was approximately 4.8x at 31 December
2014. Despite the weak coal environment, ARMS reported solid
revenue and EBITDA performance for 2014 of roughly $1.4 billion
and $206 million, respectively.

The negative outlook reflects the still to be concluded bond
restructuring plan. Should the proposed terms be agreed to by
noteholders, the ratings would likely be stabilized or potentially
upgraded post-transaction, assuming no further deterioration on
BCE's overall credit profile.

The negative outlook also reflects the lack of clarity around
ACE's corporate strategy once the takeover is completed and its
financial and corporate governance policies at BCE, which has been
plagued by weak governance over the past few years.

Ratings are unlikely to be upgraded prior to successful completion
of the restructuring. Upon completion of the change in ownership
at ARMS and the notes restructuring, the ratings could be upgraded
by one to two notches reflecting the improved debt maturity
profile and reduced interest costs, BCE's operating performance
and post restructuring financial and corporate governance
policies.

The ratings could be downgraded if the company is unable to
execute a restructuring in 2015 or if the terms of the proposed
restructuring plan are changed such that recovery weakens for
bondholders.

BCE is an investment holding company listed on the Indonesian
Stock Exchange. It has a 90% interest in PT Berau Coal (unrated),
Indonesia's fifth-largest producer and exporter of thermal coal.
Berau operates three active mines -- Lati, Sambarata and Binungan
-- at a single site in East Kalimantan. It has estimated resources
of about 2.6 billion tons, with probable and proven reserves
estimated at 512 million tons.


BERAU COAL: S&P Lowers CCR to 'SD'; Removes from CreditWatch Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on PT Berau Coal Energy Tbk.
(Berau Energy) to 'SD' from 'CCC-'.  At the same time, S&P lowered
its long-term ASEAN regional scale rating on the Indonesian coal
producer to 'SD' from 'axCCC-'.  S&P also lowered its long-term
issue ratings on the US$450 million notes due 2015 that Berau
Capital Resources Pte. Ltd. issued and Berau Energy guarantees to
'D' from 'CCC-' and on Berau Energy's US$500 million notes due
2017 to 'CC' from 'CCC-'.  S&P removed all the ratings from
CreditWatch, where they were placed with negative implications on
Jan. 21, 2015.

"We lowered the ratings on Berau Energy because we assess the
company to have defaulted on certain financial obligations," said
Standard & Poor's credit analyst Xavier Jean.  That follows the
granting of a moratorium by a Singapore court against legal and
enforcement actions by holders of US$450 million notes due July 8,
2015, issued by Berau Capital, a subsidiary of Berau Energy.

S&P lowered the rating on Berau Capital's notes to 'D' because the
moratorium constitutes an event of default under S&P's criteria.
The moratorium aims to facilitate Berau Energy's debt
restructuring efforts and will remain in force until Jan. 4, 2016.

S&P lowered the ratings on Berau Energy's US$500 million notes due
2017 to 'CC' because the moratorium only covers debts issued by
Berau Capital and excludes other debts issued by Berau Energy.
Nevertheless, S&P believes a default or distressed exchange on
those other debts is inevitable within the next six months because
Berau Energy seeks to restructure its entire capital structure.


MULTIPOLAR TBK: Fitch Affirms 'B+' LT IDR; Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based PT Multipolar Tbk's
Long-Term Issuer Default Rating at 'B+' with Stable Outlook.  The
agency has also affirmed Multipolar's senior unsecured rating at
'B+' and USD230m notes due in 2018 at 'B+' and Recovery Rating of
'RR4'.  The notes are issued by Pacific Emerald Pte Ltd, a wholly
owned subsidiary, and guaranteed by Multipolar and certain
subsidiaries.

At the same time, Fitch Ratings Indonesia has assigned Multipolar
a National Long-Term Rating of 'A(idn)' with Stable Outlook.

'A' National Ratings denote expectations of low default risk
relative to other issuers or obligations in the same country.
However, changes in circumstances or economic conditions may
affect the capacity for timely repayment to a greater degree than
is the case for financial commitments denoted by a higher rated
category.

KEY RATING DRIVERS

Structural Subordination: Multipolar's rating reflects the
subordination of its cash flows due to its holding company
structure.  Most of its cash flows are from dividends from 50.2%-
owned hypermarket operator PT Matahari Putra Prima Tbk (MPPA,
unrated) and 20.5%-owned PT Matahari Department Store Tbk (MDS,
unrated).  Therefore, Multipolar's ability to meet its debt
obligations depends on dividends from MPPA and MDS.  Fitch
believes both MPPA and MDS will continue to be able to pay
Multipolar dividends over the medium term, driven by both
companies' favorable operating performance and strong financial
profile.

Weak Fixed Charge Cover: Fitch expects Multipolar's deconsolidated
fixed charge cover (ratio of funds flow from operations from
wholly owned entities plus dividends to sum of interest expense
and rents) to remain below 2x over the next 24 months.  This is
lower than Fitch's initial expectation, mainly due to
underperformance at PT Indonesia Media Televisi (IMTV) and the
retail business in China.  IMTV is a satellite TV operator using
the BIG TV brand.  Fitch does not expect a strong turnaround in
IMTV's cash generation in the short term, and consequently IMTV
will continue to weigh on fixed charge cover, which is likely to
remain below 2x over the medium term.

Multipolar's overall credit profile remains consistent with the
current rating because the weaker fixed charge cover is mitigated
by MPPA and MDS' strong operating and financial profile, well-
distributed debt maturity, and access to cash at other fully owned
entities.  In addition, the long-term outlook for the retail
industry in Indonesia is favourable and Multipolar has
demonstrated it was able to maintain sufficient fixed charge cover
during weak operating conditions from 2014 onwards.  Fitch has
reduced the fixed charge cover level at which it would consider
negative rating action to 1.25x from 2x initially.

Strong Profiles of MPPA, MDS: Multipolar's rating is primarily
supported by the profiles of MPPA and MDS.  MPPA, which operates
the Hypermart and Foodmart food retailing chains, is one of the
largest retailers in Indonesia.  MPPA has no bank or bond debt,
and has achieved margin stability despite competitive pressure.
MDS's profile is supported by high profitability, low leverage,
and low inventory risks from the consignment business model.  Both
entities performed well, relative to peers, in particularly
challenging macroeconomic conditions during 2014 through 1Q15.

Expansion Scaled Back: Indonesian consumer sentiment is weak, with
GDP growth at its slowest in five years.  Multipolar has reined in
the increase in the number of outlets for Hypermart and Foodmart
in response to the weak market.  The company plans to add 15 new
Hypermart stores a year in the next two to three years versus 20
previously, and at least maintain the total retail space for
Foodmart.  Multipolar has also decided to discontinue the
Hipermart business in China following negative cash flows over the
past five years.

IMTV Cash Flows Negative: Management now expects IMTV will only
turn cash flow positive in 2016, compared with an initial
expectation of 2015.  Management expects to break even when
subscribers reach 1 million.  IMTV is competing against
Indovision, which has first-mover advantage in the Indonesian
satellite TV market with about 1.6 million subscribers to date.
IMTV will require external financing to continue operations until
it reaches sufficient scale and reverses the negative cash flows.
Its management has secured a working capital facility to fund
about two years of operations.

FX Exposure Mostly Hedged: Multipolar has hedged USD180m out of
its USD230m bonds outstanding, and has USD53m in cash.  Management
is committed to fully hedge the principal amount of its US dollar
bonds.  Although the company is exposed to fluctuations from
coupon payments, Fitch believes risk is mitigated by sufficient
fixed charge cover from strong dividends from MDS and MPPA.

Contingent Liability to Temasek: Under the terms of an alliance
agreement with Singapore's Temasek Holdings, if MPPA fails to meet
Temasek's operating performance targets, Multipolar will have to
pay Temasek any shortfall on its USD300m investment upon the
latter's exit from MPPA.  However, given the current favorable
retail market outlook, the risk of this liability crystallising
is, in Fitch's view, not high.  As of July 6, 2015, Temasek's
26.1% indirect shareholding at MPPA was worth about USD327m.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:
   -- MPPA opens half the management's target for new Hypermart
      stores in 2015 and 2016
   -- Stable productivity of IDR2.8m/sqm for Hypermart stores
   -- MPPA dividend payout rate of 30%
   -- MDS dividend payout rate of 50%

RATING SENSITIVITIES

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

   -- Fixed charge cover below 1.25x on a sustained basis.  This
      may result from lower than expected dividends or
      deterioration in the performance of non-core businesses.

Positive: No positive rating changes are expected in the medium
term because of the company's high investment commitments at its
non-retail subsidiaries.


=====================
P H I L I P P I N E S
=====================


RURAL BANK OF STA. MAGDALENA: PDIC to Continue Processing Claims
----------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) announced that
it will continue to receive and process deposit insurance claims
from depositors of the closed Rural Bank of Sta. Magdalena
(Sorsogon), Inc. at the PDIC Claims Counter, 4th Floor, SSS Bldg.,
6782 Ayala Avenue corner V.A. Rufino Street, Makati City until May
15, 2017. Claims may also be filed through mail.

Rural Bank of Sta. Magdalena, which was ordered closed on May 14,
2015, has PHP19.2 million in total estimated insured deposits
involving 886 accounts. A total of 11.0 million in insured
deposits covering 88 accounts was paid during the onsite claim
settlement operations (CSO). Another PHP3.3 million was settled
thru postal money orders sent via registered mail to 629 accounts
of depositors with balances of PHP50,000 and below where filing of
claims was waived by PDIC.

As of May 27, 2015, PDIC has yet to receive deposit insurance
claims for PHP4.6 million covering 115 accounts. In accordance
with the provisions of the PDIC Charter, the last day for filing
deposit insurance claims in the said bank is on May 15, 2017.
After said date, PDIC shall no longer accept any deposit insurance
claim.

When filing deposit insurance claims, depositors are advised to
personally present their duly accomplished Claim Form, original
evidence of deposit, and two (2) valid photo-bearing IDs with
signature. The same set of documents must be enclosed when claims
are filed through mail.

Depositors who are below 18 years old should submit either a
photocopy of their Birth Certificate issued by the National
Statistics Office (NSO) or a duly certified copy issued by the
Local Civil Registrar as an additional requirement, with the Claim
Form signed by the parent. Claimants who are not the signatories
in the bank records are required to submit an original copy of a
notarized Special Power of Attorney. In the case of a minor
depositor, the Special Power of Attorney must be executed by the
parent.

The procedures and requirements for filing deposit insurance
claims are posted in the PDIC website, www.pdic.gov.ph. The Claim
Form and format of the Special Power of Attorney may also be
downloaded from the PDIC website.


RURAL BANK OF TAYSAN: PDIC to Service Deposit Claims Jul 15 & 16
----------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) will service
the deposit insurance claims of depositors of the closed Rural
Bank of Taysan (Batangas), Inc. on July 15 and 16, 2015, from 8:00
a.m. to 5:00 p.m., at the bank's premises located at J.P. Rizal
St., Poblacion East, Taysan, Batangas.

Depositors with valid deposit balances of PHP100,000 and below,
with complete mailing address found in the bank records or updated
through the Mailing Address Update Form, without any outstanding
obligation with the bank, and whose deposits have been evaluated
to be eligible for early payment, do not need to file their claims
for deposit insurance.

Depositors with account balances of more than PHP100,000, and
those with outstanding obligations with the closed Rural Bank of
Taysan or with incomplete mailing address, or those who maintain
the account under the name of business entities, and/or those with
accounts not eligible for early payment, regardless of type of
account and account balance, are required to file their deposit
insurance claims. The announcement on the claims settlement
operations of Rural Bank of Taysan is posted at its offices and in
the PDIC website, www.pdic.gov.ph.

When filing claims for deposit insurance, depositors are advised
to personally present the original copy of evidence of deposit
such as Savings Passbook and Certificate of Time Deposit, and two
(2) valid photo-bearing IDs with signature of the depositor.
Depositors who were not able to come personally may file their
claims through mail and enclose the same set of documentary
requirements with a notarized Claim Form.

Depositors who are below 18 years old should be represented by a
parent who should submit a photocopy of the child's Birth
Certificate issued by the National Statistics Office (NSO) or a
duly certified copy issued by the Local Civil Registrar as an
additional requirement. The parent should sign the Claim Form and
the other requirements. Claimants who are not the signatories in
the bank records are required to submit an original copy of a
notarized Special Power of Attorney (SPA). In the case of a minor
depositor, the SPA must be executed by the parent.

The procedures and requirements for filing of deposit insurance
claims are posted in the PDIC website, www.pdic.gov.ph. The Claim
Form and format of the SPA may also be downloaded from the PDIC
website. PDIC will not accept claims which are incomplete or
lacking in requirements.

Depositors who are not able to file their claims during the claims
settlement operations period may submit their claims either
through mail to PDIC or personally at the PDIC Public Assistance
Center, 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino
Street, Makati City starting on July 27, 2015.

In accordance with the provisions of the PDIC Charter, the last
day for filing deposit insurance claims in the closed Rural Bank
of Taysan is on June 29, 2017. After this date, PDIC as Deposit
Insurer shall no longer accept any deposit insurance claims.

The PDIC said that all valid claims will be paid. For deposits to
be considered valid, it must be recorded in the bank's records and
must have evidence of inflow of funds, based on the results of
PDIC examination. PDIC, as Receiver, has the authority to adjust
the interest rate on unpaid interests on deposits of a bank if
such rate is deemed unreasonable.

PDIC reiterates that it will not accept claims with incomplete
requirements. The deposit insurer may also require other documents
in the course of processing of claims.



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


SRI LANKA: Fitch Affirms 'BB-' LT IDRs; Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed Sri Lanka's Long-Term Foreign and Local
Currency Issuer Default Ratings at 'BB-'.  The issue ratings on
Sri Lanka's senior unsecured foreign and local currency bonds are
also affirmed at 'BB-'.  The Outlooks on the Long-Term IDRs are
Stable.  The Country Ceiling is affirmed at 'BB-' and the Short-
Term Foreign Currency IDR at 'B'.

KEY RATING DRIVERS
The affirmation of Sri Lanka's sovereign ratings with Stable
Outlooks reflects these key factors:

   -- Orderly and peaceful political transition.  Sri Lanka
enjoyed a smooth political transition following presidential
elections in January 2015, reinforcing perceptions of a
functioning democracy with relatively strong institutions by 'BB'
standards.  However, uncertainties remain about the timing and
outcome of parliamentary elections, and the implications for
effective policymaking in the future.

   -- Favorable GDP growth.  Sri Lanka continues to post strong
economic growth of 7.5% (five-year average), far exceeding the
'BB' median of 3.9%.  However, with low foreign direct investment,
growth is heavily dependent on external borrowing, while the
government's "pro-growth" bias has constrained improvements in Sri
Lanka's fiscal and current account deficits and weakened policy
coherence and credibility. Recent monetary easing and continued
strong credit growth lend further support to this view.

   -- Weak balance of payments.  Falling oil prices should play to
Sri Lanka's advantage, helping to contain the current account
deficit, as should strong remittances and tourism, while net non-
resident inflows into the domestic debt market have remained
positive.  Even so, heavy external debt repayments have led to a
drawdown of international reserves from USD10 bil. at end-April
2014 to less than USD7 bil. at end-March 2015, raising concerns
about external liquidity, particularly in the face of expected
monetary tightening by the US Federal Reserve.

   -- External borrowing strategy.  Fitch expects that Sri Lanka
will succeed in rebuilding international reserves to USD10bn by
the end of 2015 through a combination of renewed borrowing on
international capital markets, the exercise of foreign currency
swaps with the Indian and Chinese central banks, and onshore
borrowing through Sri Lanka Development Bonds.  Nonetheless, there
are risks that may derail this strategy, including a potential
rise in domestic political uncertainty and an adverse shift in
investor sentiment, which led Sri Lanka to abort plans to borrow
in international capital markets in 1Q15.

   -- Public finances remain a credit weakness.  Sri Lanka's
fiscal metrics are a standout relative to the 'BB' category,
notwithstanding a reduction in general government deficits to
around 5% in 2014 from 8% of GDP in 2010.  Narrower government
deficits have contributed to a fall in public debt, despite a
weaker Sri Lanka rupee, which drives up the local currency
component of external public debt.  Still, gross general
government debt remains high at about 75% of GDP at end-2014 and
Fitch believes that fiscal consolidation could stall in 2015-16 as
expenditure rises and revenues remain lacklustre.  An interim 2015
budget contained a number of one-off measures that have hurt
business confidence and did little to address the lack of a
medium-term fiscal framework.

Sri Lanka's ratings are supported by these factors:

   -- A clean external debt servicing record, which stands out
      among 'BB' peers.
   -- Levels of basic human development, including education,
      health and literacy, are relatively high, as indicated by a
      favorable UN Human Development Index score.  Among
      sovereigns rated by Fitch, Sri Lanka falls in the 61st
      percentile, which is much higher than the 'BB' median
      of 41.

RATING SENSITIVITIES
The Outlook remains Stable.  Fitch's current assessment therefore
does not anticipate developments with a high likelihood of leading
to a rating change.

The main factors that individually or collectively could trigger a
negative rating action are:

   -- Increase in external vulnerability driven by a sharp
      decline in FX reserves due to, for instance, reduced
      international market access and/or sudden reversal in
      portfolio inflows.


   -- Deterioration in policy coherence and credibility leading
      to a widening of macroeconomic imbalances and a loss of
      investor confidence

   -- A deterioration in public finances that leads to wider
      fiscal deficits and increases in debt

The main factors that individually or collectively could trigger a
positive rating action are:

   -- Predictable and robust policy framework following upcoming
      parliamentary elections that is consistent with stable and
      low inflation, is in line with peers, and leads to a
      prolonged period of real GDP growth.
   -- Sustained smaller current account deficits with higher
      levels of non-debt capital inflows (foreign direct
      investment) and an increase in foreign exchange reserves
   -- Improvement in Sri Lanka's public finances underpinned by a
      credible medium-term fiscal consolidation strategy
      including a broadening in the general government revenue
      base.

KEY ASSUMPTIONS
   -- There is no renewal in the civil conflict that previously
      lasted 26 years and ended in 2009.
   -- Global economic assumptions are consistent with Fitch's
      Global Economic Outlook.


SRI LANKA: Fitch Assigns BB- Rating on Forthcoming US$ Bonds
------------------------------------------------------------
Fitch Ratings issued an announcement correcting a version of a
press release published on 28 May 2015 to include disclosure
language relating to Central Bank of Sri Lanka's shareholding in
Fitch Ratings Lanka Ltd that was missing from the previous
version.

Fitch Ratings has assigned Sri Lanka's forthcoming US dollar
denominated bonds an expected rating of 'BB-(EXP)'.

KEY RATING DRIVERS
The expected rating is in line with Sri Lanka's Long-Term Foreign
Currency Issuer Default Rating (IDR) of 'BB-' with Stable Outlook.

RATING SENSITIVITIES
The rating would be sensitive to any changes in Sri Lanka's Long-
Term Foreign Currency IDR.  On April 22, 2015, Fitch affirmed Sri
Lanka's Long-Term Foreign Currency IDR at 'BB-' with a Stable
Outlook.  The Long-Term Local Currency IDR is also 'BB-' with
Stable Outlook.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***