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

                      A S I A   P A C I F I C

            Friday, July 17, 2015, Vol. 18, No. 140


                            Headlines


A U S T R A L I A

AUSTRAL CORPORATION: Liquidators Seek Buyers For Assets
BENDIGO DIGGERS: First Creditors' Meeting Set For July 23
BERO ADMIN: First Creditors' Meeting Set For July 24
DANCOF PTY: First Creditors' Meeting Slated For July 21
J MCMULLAN: First Creditors' Meeting Slated For July 24

KEYSTONE PROJECTS: Placed Into Liquidation


C H I N A

HENGSHI MINING: Moody's Confirms B2 Corporate Family Rating


I N D I A

ABC INC: CRISIL Assigns B+ Rating to INR90MM Cash Loan
AGRI GREEN: CRISIL Assigns B+ Rating to INR170MM Cash Credit
AKMG ALLOYS: CRISIL Lowers Rating on INR100MM Cash Loan to 'D'
ALLIED RECYCLING: CRISIL Reaffirms B+ Rating on INR250MM Loan
ASHIRVAD INDUSTRIES: ICRA Reaffirms B- Rating on INR1.5cr Loan

ATUL BUILDERS: CRISIL Ups Rating on INR270MM Term Loan to B+
BAKEWELL BISCUITS: CRISIL Assigns B Rating to INR30MM LT Loan
CHHOTANAGPUR ISPAT: CRISIL Assigns B+ Rating to INR44MM Loan
CHOWDHARY RUBBER: ICRA Withdraws B+/A4 Rating on INR15cr Loan
DELUXE KNITTING: CRISIL Reaffirms D Rating on INR70MM Loan

EASTERN MATTRESSES: CRISIL Rates INR65MM Cash Credit at B+
FLOKING PIPES: CRISIL Reaffirms B Rating on INR386.9MM LT Loan
GEM POLYTECH: CRISIL Cuts Rating on INR46.3MM LT Loan to B-
GLOBAL GALVANIZERS: CRISIL Reaffirms 'B+' Rating on INR80MM Loan
GOKUL GINNING: ICRA Suspends B+ Rating on INR6cr Working Capital

GRAFFITI INDIA: CRISIL Assigns 'D' Rating to INR100MM Cash Loan
GREEN FARM: ICRA Assigns B+ Rating to INR3.0cr Warehouse Loan
GUSKARA HIMGHAR: CRISIL Reaffirms 'B' Rating on INR47.2MM Loan
JAI SHIV: CRISIL Lowers Rating on INR100MM Whse Receipts to 'D'
JAY UMIYA: ICRA Reaffirms 'B' Rating on INR5.5cr Cash Credit

K. L. MECHANICAL: ICRA Assigns B+ Rating to INR8.20cr Term Loan
K. RAJAGOPALAN: ICRA Assigns B+ Rating to INR5cr LT Loan
KGS ENGINEERING: ICRA Cuts Rating on INR11cr LT Loan to B+
KISAN MOULDINGS: CRISIL Assigns B Rating to INR1.07BB Cash Loan
KISHAN COTTON: ICRA Reaffirms B+ Rating on INR12cr Cash Loan

KRUSHNA INDUSTRIES: ICRA Reaffirms B+ Rating on INR9.5cr Loan
L. D. SOLVEX: CRISIL Reaffirms 'B' Rating on INR52.5MM Cash Loan
LANGLEIGH TEA: ICRA Cuts Rating on INR9cr Term Loan to 'D'
MANIPUR TEA: CRISIL Reaffirms 'D' Rating on INR48MM Cash Loan
MANTRI TEA: CRISIL Reaffirms 'D' Rating on INR57.4MM Term Loan

MILLENIUM CEMENT: CRISIL Reaffirms B Rating on INR70MM Cash Loan
NEPTUNE LAMINATES: CRISIL Reaffirms B+ Rating on INR44MM Loan
NORTH BENGAL: ICRA Suspends 'D' Rating on INR8.4cr Term Loan
OM SHREE: ICRA Suspends B+ Rating on INR2.70cr Term Loan
PARAGON EXTRUSIONS: ICRA Reaffirms B- Rating on INR3.5cr Loan

PLASTO INDIA: ICRA Reaffirms B+ Rating on INR3.5cr Bank Loan
PRAKASH INDUSTRIES: CRISIL Assigns B+ Rating to INR50MM Loan
PRIMESEAL WOODPLAST: ICRA Assigns B- Rating to INR4.75cr Loan
R.T. EXPORTS: ICRA Suspends 'D' Rating on INR25cr Term Loan
RAJA RAJESWARI: CRISIL Assigns 'B' Rating to INR26.4MM LT Loan

RENUKA OIL: CRISIL Ups  Rating on INR65MM Term Loan to B+
SHREE RAJESHWAR: ICRA Suspends B+/A4 Rating on INR12cr Bank Loan
SHREE SIDDHESHWARI: ICRA Assigns B+ Rating to INR16cr Cash Loan
SIDDH DEVELOPERS: CRISIL Assigns 'B' Rating to INR115MM Loan
SRI LAKSHMI: CRISIL Reaffirms B+ Rating on INR157.5MM LT Loan

SRI RAMALINGESWARA: ICRA Reaffirms B+ Rating on INR9cr Loan
SUGAVANESWARA SPINNING: CRISIL Cuts Rating on INR95.2MM Loan to D
SUMER SONS: CRISIL Reaffirms B- Rating on INR165MM Cash Loan
SURESH ANGADI: CRISIL Lowers Rating on INR170MM Term Loan to D
TYCHE IFMR: ICRA Assigns B(SO) Rating to INR2.82cr PTC Series A1

YOGESH CONSTRUCTION: ICRA Assigns B+ Rating to INR4cr Cash Credit


I N D O N E S I A

PAKUWON JATI: Moody's Hikes Corporate Family Rating to Ba3


J A P A N

SOFTBANK GROUP: Moody's Rates Prop. EUR & US$ Notes (P)Ba1
TOSHIBA CORP: CEO, Board Members to Step Down in September


N E W  Z E A L A N D

WINSLOW TRADING: Bin Business Frustrated With Unpaid Bills


S O U T H  K O R E A

DAEWOO SHIPBUILDING: Considering Measures With Creditors


V I E T N A M

VINASIAM BANK: Thai Lender to Acquire Bank


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


AUSTRAL CORPORATION: Liquidators Seek Buyers For Assets
-------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that urgent expressions
of interest are sought for the purchase of assets of Austral
Corporation (S.A.) Pty Ltd as a whole. The company entered
liquidation on June 30, 2015 with Timothy James Clifton and Mark
Christopher Hall of Clifton Hall being appointed liquidators.

Austral operated from leased premises in Whyalla in South
Australia. Its assets for sale include fittings and fixtures like
substantial pallet racking, stock holdings, office equipment,
forklift, two tray top trucks, business name and the chance to re-
engage its skilled workforce, Dissolve.com.au discloses.



BENDIGO DIGGERS: First Creditors' Meeting Set For July 23
---------------------------------------------------------
Nathan Deppeler and Paul Burness of Worrells Solvency & Forensic
Accountants were appointed as administrators of Bendigo Diggers
Football Club Limited on July 14, 2015.

A first meeting of the creditors of the Company will be held at
92 Wills Street, in Bendigo, on July 23, 2015, at 2:30 p.m.


BERO ADMIN: First Creditors' Meeting Set For July 24
----------------------------------------------------
David A Hurst -- dhurst@hoskinghurst.com.au -- of HoskingHurst was
appointed as administrator of Bero Admin Services Pty Ltd on July
14, 2015.

A first meeting of the creditors of the Company will be held at
Level 8, 5 Elizabeth Street, in Sydney, on July 24, 2015, at 10:30
a.m.


DANCOF PTY: First Creditors' Meeting Slated For July 21
-------------------------------------------------------
Andrew Fielding & Matthew Joiner of BDO were appointed as
administrators of Dancof Pty Ltd, trading as Coffee Club Cafe,
Caneland Central & Coffee Club Riverfront, Caneland 2, on July 10,
2015.

A first meeting of the creditors of the Company will be held at
BDO, Level 10, 12 Creek Street, in Brisbane, Queensland, on
July 21, 2015, at 11:00 a.m.


J MCMULLAN: First Creditors' Meeting Slated For July 24
-------------------------------------------------------
David Ross and Richard Albarran of Hall Chadwick Chartered
Accountants were appointed as administrators of J McMullan Pty Ltd
on July 14, 2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick Chartered Accountants, Level 10, 575 Bourke Street,
in Melbourne, on July 24, 2015, at 10:00 a.m.


KEYSTONE PROJECTS: Placed Into Liquidation
------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Keystone Projects
Group Pty Limited has been placed into liquidation. Jason Tang and
Mark Hutchins of Cor Cordis were appointed liquidators of the
company on July 7, 2015, the report discloses.

Keystone Projects Group Pty Limited is in charge of the 60 bed
residential wing at the aged care facility of Whiddon Group.



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


HENGSHI MINING: Moody's Confirms B2 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has confirmed Hengshi Mining Investments
Limited's B2 corporate family rating. The ratings outlook is
stable.

This concludes the review for downgrade first initiated on 22
April 2015 due to Moody's concerns over Hengshi's liquidity
profile and access to funding.

RATINGS RATIONALE

"The confirmation of Hengshi's rating and stable outlook mainly
reflects the company's improved liquidity following the successful
refinancing of its RMB100 million short-term debt in June," says
Franco Leung, a Moody's Vice President and Senior Analyst.

The RMB100 million bank loan is secured by Hengshi's mining rights
and, following the refinancing, will mature in May 2016. Moody's
does not expect the company to have difficulty in extending
maturity, given its sizeable cash, low debt and the good quality
of its pledged assets.

"The rating action also reflects Hengshi's quality iron ore
reserve and its low cash operating cost of $40/tonne. These
factors provide it with a reasonable buffer against a further
decline in iron ore prices," says Leung.

Moody's expects iron ore fundamentals to remain challenging over
the next 1-2 years, amid an increase in production versus weak
Chinese demand, and an expected further decline in iron ore
prices. This situation will pressure Hengshi's earnings and cash
flow.

Nonetheless, the company's aforementioned strengths, moderate
capex requirements and sizeable cash holdings, should provide
considerable business and financial cushions.

Hengshi has already scaled back its capex, and capex will become
insignificant from 2016. The lower capex requirement will help the
company preserve cash.

Moody's also notes that the proximity of its mines to its
customers adds to its price competitiveness.

Assuming prices of $45-$50/tonne through 2016, Moody's expects
Hengshi's adjusted debt/EBITDA to surge to about 3.5x in the next
12-18 months, compared to around 0.4x in 2014. Likewise, its
adjusted EBITDA/interest will likely decline to about 2.4x from
34.3x in 2014. These levels remain consistent with the B2 rating
category.

Hengshi's B2 rating continues to factor in its small operating
scale and single-product profile, as well as its geographical and
customer concentration.

Upward rating pressure is limited over the next 12-18 months given
the current weak iron ore fundamentals. Upward rating pressure
could emerge over time if Hengshi's revenue and profitability
recover to 2014 levels and further strengthen its cash buffer.

The rating could be downgraded if iron ore fundamentals
deteriorate further beyond our expectations, resulting in negative
operating cash flow and consumption of cash. The rating could also
face negative pressure if the company's liquidity buffer
diminishes or if it is unable to roll over maturing debt.

The principal methodology used in this rating was Global Mining
Industry published in August 2014. Please see the Credit Policy
page on www.moodys.com for a copy of this methodology.

Listed on the Hong Kong Exchange in November 2013, Hengshi Mining
Investments Limited was founded by Mr. Li Yanjun in 2004. Mr. Li
Ziwei is the settlor of a family trust, which held 74.6% of the
company at end-December 2014. The company owns four iron ore mines
in Hebei Province. The mines' iron ore probable reserves totaled
308 million tons at end-2014.


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


ABC INC: CRISIL Assigns B+ Rating to INR90MM Cash Loan
------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of ABC Inc (ABC).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           90        CRISIL B+/Stable
   Term Loan             10        CRISIL B+/Stable

The rating reflects ABC's below-average financial risk profile
marked by modest net worth, high gearing and weak debt protection
metrics. The rating also factors in the firm's modest scale of
operations in the intensely fragmented garment industry. These
rating weaknesses are partially offset by the partners' extensive
experience in the garment industry.

Outlook: Stable

CRISIL believes that ABC will continue to benefit from the
partners' extensive industry experience over the medium term. The
outlook maybe revised to 'Positive' in case of sizeable cash
accruals or capital infusion along with efficient working capital
management. Conversely, the outlook maybe revised to 'Negative' in
case of low cash accruals or larger than expected working capital
requirements or if the firm undertakes large debt-funded capital
expenditure, thereby exerting pressure on its liquidity.

Set up in 2009 and based in Ludhiana (Punjab), ABC trades and
manufactures readymade garments. The firm was established as a
proprietorship firm by Mr. Girish Kapoor and was reconstituted as
a partnership firm in 2014. The firm is owned and managed by Mr.
Girish Kapoor and his son Mr. Arjun Kapoor.


AGRI GREEN: CRISIL Assigns B+ Rating to INR170MM Cash Credit
------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facility of Agri Green Fertilizers and Chemicals Pvt Ltd (AG)
and assigned its 'CRISIL B+/Stable' rating to the facilities.
CRISIL had, on November 23, 2014, suspended the rating as AG had
not provided necessary information required to maintain a valid
rating. AG has now shared the requisite information, enabling
CRISIL to assign a rating to the bank facilities.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           170       CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

The rating reflects AG's below-average financial risk profile,
marked by high gearing and weak debt protection metrics, modest
scale of operations, and susceptibility to the regulated nature of
the fertiliser industry and to uneven monsoon. These rating
weaknesses are partially offset by the extensive experience of
AG's promoter in the fertiliser industry and his established
relationship with customers.
Outlook: Stable

CRISIL believes that AG will continue to benefit over the medium
term from its promoter's extensive experience in the fertiliser
industry. The outlook may be revised to 'Positive' in case of a
sustained improvement in the company's working capital management
or in its scale of operations while it maintains its operating
profitability, leading to an improvement in its business and
financial risk profiles. Conversely, the outlook may be revised to
'Negative' in case AG's operations are adversely impacted by any
regulatory changes, or if there is a significant deterioration in
its capital structure caused most likely by a stretch in its
working capital cycle.

AG manufactures single super phosphate and trades in fertilisers
such as urea, diammonium phosphate, and muriate of potash. The
company is promoted and managed by Mr. V Rami Reddy. The company
is located in Cuddapah (Andhra Pradesh).

For 2014-15 (refers to financial year, April 1 to March 31), AG
reported, on a provisional basis, a profit after tax (PAT) of
INR2.37 million on revenue of INR455.9 million; the company
reported a PAT of INR2.20 million on revenue of INR379.92 million
for 2013-14.


AKMG ALLOYS: CRISIL Lowers Rating on INR100MM Cash Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
AKMG Alloys Pvt Ltd (AAPL) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

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

   Inland/Import
   Letter of Credit       70       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Long Term Loan         36       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Proposed Long Term
   Bank Loan Facility     94       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The rating downgrade reflects delays by AAPL in repayment of
installments on its term loans for two months. The delays are
because of shutdown of operations at the company's plant due to
slowdown in business.

AAPL has a small scale of operations in an intensely competitive
industry and weak financial risk profile, marked by high gearing.
However, the company benefits from its promoters' extensive
entrepreneurial experience and their need-based funding support.

Incorporated in 2010, AAPL manufactures mild steel ingots. Its
day-to-day operations are managed by its promoter, Mr. G V Kumar.


ALLIED RECYCLING: CRISIL Reaffirms B+ Rating on INR250MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Allied
Recycling Ltd (ARL) continue to reflect the extensive experience
of ARL's promoter in the structural products industry, the
company's moderate operating efficiency driven by partially
integrated operations, and successful forward integration (into
wire rods). These rating strengths are partially offset by ARL's
modest scale of operations and average debt protection metrics.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Buyer Credit Limit      10       CRISIL A4 (Reaffirmed)

   Cash Credit             250      CRISIL B+/Stable (Reaffirmed)

   Term Loan                90      CRISIL B+/Stable (Reaffirmed)

CRISIL had, on June 25, 2015,  upgraded its rating on the long-
term bank facilities of ARL to 'CRISIL B+/Stable' from 'CRISIL B-
/Stable', while reaffirming its rating on short-term bank facility
to 'CRISIL A4.' The rating upgrade reflects CRISIL's expectation
of improvement in ARL's liquidity marked by increasing cushion
between the company's cash accruals and short-term debt
obligations driven by expected moderate revenue growth and
sustained operating profitability. The rating upgrade also factors
in the absence of any major debt-funded capital expenditure plan
and low expected incremental working capital requirements because
of revenue growth being in-line with expectations over the medium
term.
Outlook: Stable

CRISIL believes that ARL will continue to benefit over the medium
term from its promoters' extensive steel industry experience.  The
outlook may be revised to 'Positive' if ARL achieves significant
improvement in operating revenue and profitability while
maintaining its working capital requirements, leading to
substantial cash accruals and better liquidity. Conversely, the
outlook may be revised to 'Negative' in case of weakening of ARL's
liquidity, most likely on account of increase in working capital
cycle, low cash accruals, or large debt-funded capital
expenditure.

Set up in 2003 by Mr. Vijay Kumar Abrol, ARL manufactures billets
at its facility in Ludhiana (Punjab). While 50 per cent of the
billets are used for manufacturing wire rods, the rest are sold.
Till June 2009, it manufactured ingots and traded in hot-rolled
(HR) and cold-rolled (CR) sheets. The manufacturing of ingots has
been discontinued; however, trading activities generate about 30
per cent of the total revenue reported.

ARL reported profit after tax (PAT) of INR5.3 million on net sales
of around INR2.0 billion for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR11.1 million on net
sales of INR1.7 billion for 2012-13.


ASHIRVAD INDUSTRIES: ICRA Reaffirms B- Rating on INR1.5cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B- assigned to
the INR1.50 crore cash credit facility of Ashirvad Industries &
Infrastructure. ICRA has also reaffirmed the short term rating
assigned to the INR10.00 crore non fund based limits of
Ashirvad at [ICRA]A4.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund
   Based-Cash Credit       1.50         [ICRA]B- reaffirmed

   Short Term Non Fund
   Based-Bank Guarantee   10.00         [ICRA]A4 reaffirmed

The ratings continue to be constrained by the high financial risk
profile as evident from low profitability and return indicators,
and weak coverage indicators. The ratings are further constrained
by the highly competitive and fragmented industry structure owing
to low entry barriers and vulnerability of profitability to any
adverse fluctuations in the raw material prices, which are also
subject to seasonality, crop harvest and regulatory risks. Further
the entity remains exposed to traffic risk as any downside in
traffic movement could affect the liquidity position of the firm.
ICRA also notes that as Ashirvad Industries & Infrastructure is a
partnership concern, any significant withdrawals from the capital
account could affect its capital structure.

The ratings however favourably take into account the long track
record of the firm in the ginning industry; long experience of
promoters in the toll collection activity with successful record
in past and scaling up in the operating income on the back of
recently commenced commodity trading activity.

Ashirvad Industries & Infrastructure was established in the year
1998 and is engaged in the business of ginning and pressing of raw
cotton. The firm's plant is located in Mitadi with a total
production capacity of 200 bales per day. The firm also operates
as a toll collection agent on behalf of the highway operator and
has bid for and completed several projects in the past. Currently,
the firm is operating two toll collection projects in the state of
Gujarat. In addition to this, the firm has commenced trading in
cotton and limited quantities of other commodities in FY 2013 and
currency trading in future market in FY 2015.

Recent Results
During FY 2014, Ashirvad reported an operating income of INR114.58
crore and profit before tax of INR0.89 crore as against operating
income of INR133.00 crore and profit before tax of INR0.51 crore
in FY 2013.


ATUL BUILDERS: CRISIL Ups Rating on INR270MM Term Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Atul Builders - Pune (AB) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                      Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan            270       CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

The rating upgrade reflects the faster than expected bookings and
higher customer advances for AB's residential projects, backed by
its established brand. The firm has received bookings for over 45
per cent of its units, and around INR440 million as customer
advances. AB has completed 50 per cent of the construction of its
six projects underway. However, the rating remains constrained due
to absence of any tie-up for its upcoming commercial property,
Solitaire World HQ.

The rating reflects AB's exposure to intense competition in the
commercial property segment, and cyclicality inherent in the
Indian real estate industry. These rating weaknesses are partially
offset by the extensive experience of the firm's promoters in the
real estate sector, along with their funding support, and its
established brand presence in Pune (Maharashtra).
Outlook: Stable

CRISIL believes that AB will continue to benefit over the medium
term from its promoters' extensive industry experience and their
funding support. The outlook may be revised to 'Positive' if the
firm improves its cash inflows with timely project completion and
enhanced customer bookings. Conversely, the outlook may be revised
to 'Negative' if the firm's liquidity is constrained by time or
cost overruns in its project or low customer advances, resulting
in significantly low cash inflows.

AB is a real estate firm established by Mr. Ashok Chordia in 1984.
It is a part of the Pune-based Chordia group. AB is implementing
five residential projects: Solitaire V, VI, VII, VIII, and IX; and
one commercial project, Solitaire World HQ. The firm also has
interest in the hospitality sector, and owns Ambience Hotel in
Pune.


BAKEWELL BISCUITS: CRISIL Assigns B Rating to INR30MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Bakewell Biscuits Pvt Ltd (BBPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       30        CRISIL B/Stable
   Long Term Loan           25        CRISIL B/Stable
   Packing Credit           45        CRISIL A4

The ratings reflect BBPL's small scale of operations in the highly
competitive biscuits industry and its large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of BBPL's promoters in the biscuits industry
and the support the company receives from the NICE Biscuits group.
Outlook: Stable

CRISIL believes that BBPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if BBPL generates substantial cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
low accruals because of low profitability, or weakening of
financial risk profile because of substantial working capital
requirements or debt-funded capital expenditure.

Incorporated in 2004, BBPL is promoted by the Modasa (Gujarat)-
based Mr. Mohammadraish Suthar and Mr. Hitesh Patel. The firm
manufactures biscuits from wheat flour. Its promoters have
industry experience of more than a decade.


CHHOTANAGPUR ISPAT: CRISIL Assigns B+ Rating to INR44MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Chhotanagpur Ispat Pvt Ltd (CIPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        10        CRISIL A4
   Cash Credit           44        CRISIL B+/Stable

The ratings reflect the company's small scale of operations, low
operating profitability and below-average financial risk profile
marked by small net worth, high gearing, and modest interest
coverage ratio. These rating weaknesses are partially offset by
CIPL's moderate business risk profile backed by its promoters'
extensive industry experience and long-standing association with
suppliers.
Outlook: Stable

CRISIL believes that CIPL will maintain its credit risk profile
backed by its promoters' extensive experience in the iron and
steel industry and its established relationship with SAIL. The
outlook may be revised to 'Positive' if CIPL generates significant
cash accruals or improves its scale of operations or if its
promoters infuse substantial capital leading to improvement in its
capital structure and risk absorption capacity. Conversely, the
outlook may be revised to 'Negative' if CIPL's financial risk
profile, particularly its liquidity, deteriorates owing to low
cash accruals or deterioration in working capital management or a
large debt-funded capital expenditure.

CIPL, incorporated in 2009 by Bokaro (Jharkhand) based Dey family,
trades in hot-rolled and cold-rolled coils and plates of SAIL. The
Dey family has been in the steel trading business for about 25
years through its group entity. The day-to-day operations of the
company are looked after by its promoter-director Deepak Kumar Dey
and Mr. Siddharth Kumar Dey.


CHOWDHARY RUBBER: ICRA Withdraws B+/A4 Rating on INR15cr Loan
-------------------------------------------------------------
ICRA has withdrawn the long term ratings of [ICRA]B+ and short
term rating of [ICRA]A4 for the INR15.00 crore bank facilities of
Chowdhary Rubber & Chemicals Private Limited as the notice period
of three years since the suspension of the ratings has expired.


DELUXE KNITTING: CRISIL Reaffirms D Rating on INR70MM Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Deluxe Knitting Mill
(DKM) continue to reflect the delays by DKM in servicing its debt;
the delays have been caused by the firm's weak liquidity, driven
by its working-capital-intensive operations.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan        50        CRISIL D (Reaffirmed)

   Packing Credit        70        CRISIL D (Reaffirmed)

DKM has a small scale of operations and a weak financial risk
profile, marked by weak debt protection metrics. The firm,
however, benefits from its partners' extensive industry
experience.

Update
DKM continues to delay the servicing of its term debt because of
weak liquidity. CRISIL believes that the firm's liquidity will
remain weak over the medium term because of low cash accruals and
large working capital requirements.

Established as a partnership firm at Tiruppur (Tamil Nadu) in
1987, DKM exports knitted garments.


EASTERN MATTRESSES: CRISIL Rates INR65MM Cash Credit at B+
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Eastern Mattresses Pvt Ltd (EMPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           65        CRISIL B+/Stable
   Long Term Loan        15        CRISIL B+/Stable

The rating reflects EMPL's small scale of operations and below-
average financial risk profile marked by a small net worth, high
gearing and moderate debt protection metrics. These weaknesses are
partially offset by the extensive experience of EMPL's promoters
in the mattress manufacturing industry.
Outlook: Stable

CRISIL believes that EMPL will continue to benefit, over the
medium term, from the extensive experience of its promoters in the
mattress industry. The outlook may be revised to 'Positive' if
EMPL's capital structure improves significantly either through
equity infusion or through larger accretions to reserves, thereby
improving its financial risk profile. Conversely, the outlook may
be revised to 'Negative' if EMPL records low revenue or
profitability, or if it undertakes large debt-funded capital
expenditure, thus weakening its financial risk profile.

Incorporated in 1999, EMPL manufactures and sells rubberised coir
mattresses, spring mattresses and polyurethane foam mattresses
under its own brand, Sunidra. EMPL is based in Thodupuzha, Kerala
and the day to day operations of the company are managed by Mr.
Firoz Meeran and Mr.Nawas Meeran.

EMPL reported a profit after tax (PAT) of INR0.4 million on
operating income of INR421 million in 2014-15 (refers to financial
year, April 1 to March 31) on a provisional basis; the company
reported a negative PAT of INR4.32 million on operating income of
INR401 million in 2013-14.


FLOKING PIPES: CRISIL Reaffirms B Rating on INR386.9MM LT Loan
--------------------------------------------------------------
CRISIL's rating on the bank loan facilities of Floking Pipes
Private Limited (FPPL) continues to reflect the company's exposure
to risks related to stabilisation of its molecular oriented
polyvinyl chloride (PVC-O) pipes project in Chennai. This rating
weakness is partially offset by the extensive experience of FPPL's
promoters in the plastic polymer industry.

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

   Long Term Loan       386.9      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     3.1      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that FPPL 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 liquidity
improves due to successful stabilization of its project.
Conversely, the outlook may be revised to 'Negative' if FPPL's
financial risk profile weakens because of further delays in
starting or stabilising commercial operations at its upcoming
units, or additional debt-funded capital expenditure.
About the Company

FPPL, incorporated in 2010, is promoted by two business groups:
the Electro group represented by Mr. Brij Khandelwal and Mr. Ankur
Khandelwal, and the Modi group represented by Mr. Nilesh Modi.
FPPL is setting up a PVC-O manufacturing plant in Chennai.


GEM POLYTECH: CRISIL Cuts Rating on INR46.3MM LT Loan to B-
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Gem Polytech Industries Pvt Ltd (GPL) to 'CRISIL B-/Stable'
from 'CRISIL B/Stable', while reaffirming its rating on the
company's short-term bank facilities at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        1         CRISIL A4 (Reaffirmed)

   Cash Credit          40         CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

   Letter of Credit     16         CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   46.3       CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

   Standby Line of
   Credit                 6        CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

   Term Loan              5.7      CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

The rating downgrade reflects deterioration in GPL's business risk
profile because of decline in its scale of operations leading to
lower revenue of around INR130 million in 2014-15 from INR206
million in 2013-14. GPL's profitability and cash accruals were
adversely affected by decline in revenue from cross-linked
polyethylene (XLPE) and polyvinylchloride (PVC) compounds, leading
to a stretch in liquidity. On account of stagnant demand and
delayed payments from cable players CRISIL expects the liquidity
to remain constrained over the medium term.

The ratings reflect GPL's relatively small scale of operations and
weak financial risk profile, marked by small net worth and weak
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of GPL's promoters and the
company's established market position in the polymer compounds
industry.
Outlook: Stable

CRISIL believes that GPL will benefit over the medium term from
its promoters' extensive industry experience and its established
relationships with clients. The outlook may be revised to
'Positive' if GPL's revenue and profitability increase
significantly, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of significant pressure on the company's revenue and
profitability, considerable delays in realisation of receivables,
or large debt-funded capital expenditure, weakening the company's
financial risk profile, particularly its liquidity.

Incorporated in 1992, GPL manufactures polymer compounds. Its
facility in Kolkata is an ISO 9001:2008 certified unit. GPL mainly
manufactures two compounds: PVC (capacity of 500 tonnes per month
[tpm]) and XLPE (280 tpm). The company has around 50 customers in
the cable and shoe industries. GPL is managed by Mr. Sanjoy Kumar
Ghosh and Mr. Viswajoy Ghosh.


GLOBAL GALVANIZERS: CRISIL Reaffirms 'B+' Rating on INR80MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Global Galvanizers Pvt
Ltd (GGPL) continue to reflect GGPL's moderate financial risk
profile, marked by stretched liquidity.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            80       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       20       CRISIL A4 (Reaffirmed)

The ratings also factor in the company's small scale of operations
in the intensely competitive galvanizing industry and its large
working capital requirements. These rating weaknesses are
partially offset by GGPL's established relationship with its
customer, Orissa Power Transmission Corporation Ltd, and its
moderate order book.
Outlook: Stable

CRISIL believes that GGPL will benefit over the medium term from
its established customer relationship, while the company's
liquidity will remain stretched because of its working-capital-
intensive operations. The outlook may be revised to 'Positive' if
the company's liquidity improves, most likely through infusion of
funds by promoters or material improvement in its working capital
cycle. Conversely, the outlook may be revised to 'Negative' in
case of low cash accruals, weakening the company's financial risk
profile, particularly its liquidity.

Update
GGPL booked revenue of INR467 million for 2014-15 (refers to
financial year, April 1 to March 31), up 10 per cent year-on-year.
The company's operating profitability remains stable, around 9 per
cent. CRISIL believes that GGPL's revenue will remain moderate
over the medium term. The company's financial risk profile remains
moderate with gearing of 0.4 times and net worth of INR180 million
as on March 31, 2015. Its debt protection metrics remain strong,
with interest coverage and net cash accruals to debt ratios of
3.64 times and 0.32 times, respectively, for 2014-15.

The company has large working capital requirements, with estimated
gross current assets (GCA) of 173 days as on March 31, 2015; the
GCAs are expected to remain large over the medium term. GGPL
utilised its entire cash credit limit of INR80 million over the 12
months through March 2015 and there were instances of
overutilisation of the limit on account of interest application.
CRISIL believes that GGPL's liquidity will remain stretched over
the medium term; material improvement in the company's working
capital cycle will remain a rating sensitivity factor.

In June 2010, Mr. Avinash Mohanty, Mr. Kaushik Mohanty, and Mr. B
Nayak acquired SP Engineering & Structurals Pvt Ltd (incorporated
in 2007) and renamed it as GGPL. GGPL fabricates galvanized
structures and towers for engineering, procurement, and
construction contractors of power plants and electricity
distribution companies. Its fabrication plant is at Khorda in
Bhubaneshwar.


GOKUL GINNING: ICRA Suspends B+ Rating on INR6cr Working Capital
----------------------------------------------------------------
ICRA has suspended the [ICRA] B+ rating assigned to the INR6.00
crore long term fund based limits of Gokul Ginning and Oil
Industries. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based-Working
   Capital                 6.00        [ICRA]B+ suspended

Established in 2007, Gokul Ginning & Oil Industries (GGOI) is
engaged in ginning and pressing of raw cotton to produce cotton
bales and crushing of cotton seeds to produce cotton seed oil and
cotton seed oil cake. The firm is owned by Mr. Amin Gangani and
his relatives. The firm's plant is located at Babra (Gujarat) and
is equipped with twenty four ginning machines and one manual
pressing machine with a capacity to process 44 MT of raw cotton
per day and five expellers with crushing capacity of 840 MT of
cotton seeds per day.


GRAFFITI INDIA: CRISIL Assigns 'D' Rating to INR100MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Graffiti India Pvt Ltd (GIPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          100        CRISIL D

The rating reflects GIPL's overutilisation of its working capital
limits for more than 30 straight days because of its weak
liquidity driven by stretched debtors. The rating also factors in
instances of devolvement in GIPL's letters of credit (not rated by
CRISIL) because of delay in realisations from customers.

GIPL has large working capital requirements and modest scale of
operations, and is exposed to intense competition in the ceramics
business. Moreover, the company has a modest financial risk
profile marked by low net worth. However, GIPL benefits from its
promoter's extensive experience in the ceramics business and its
strong distribution network with presence across India.

Incorporated in 2001 and based in Ahmedabad (Gujarat), GIPL is
promoted by Mr. Sachin Shah. It trades in designer ceramic glazed
tiles under the Graffiti and Harmony brands.

For 2014-15 (refers to financial year, April 1 to March 31), on a
provisional basis, GIPL reported net profit of INR4 million on net
sales of INR415 million, against net profit of INR4 million on net
sales of INR458.9 million for 2013-14.


GREEN FARM: ICRA Assigns B+ Rating to INR3.0cr Warehouse Loan
-------------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR1.00 crore cash
credit and INR3.00 crore warehouse loan facility of Green Farm
Agri Exports. ICRA has also assigned an [ICRA]A4 rating to the
INR4.00 crore fund based packing credit limit and INR1.87 crore
non fund based credit exposure limit of GFAE.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based- Cash
   Credit                  1.00         [ICRA]B+ assigned


   Fund Based- Warehouse
   Loan                    3.00         [ICRA]B+ assigned

   Fund Based- Packing
   Credit Limit (PCL)      4.00         [ICRA]A4 assigned

   Non Fund Based-
   Credit Exposure Limit   1.87         [ICRA]A4 assigned

The ratings assigned to Green Farm Agri Export (GFAE) are
constrained by the relatively modest scale of operations, thin
profitability on account of the trading nature of operations and
leveraged capital structure. ICRA also takes note of the highly
competitive business environment due to low entry barriers and
limited value addition. The ratings are further constrained by the
vulnerability to adverse movements in agro produce prices, which
are in turn dependent on agro climatic conditions and demand
supply scenario in domestic and international market among others.
The ratings also consider the vulnerability of operations to
regulatory changes primarily export incentives structure,
seasonality of agro commodities and crop harvest. Also, being a
partnership firm, any substantial withdrawal by the partners may
have an adverse impact on the capital structure of the firm.
The ratings however, favorably factor in the experience of the
promoters in the trading business and easy availability of agro
products by virtue of its location. The ratings, also favourably
consider its geographically diversified clientele.

Green Farm Agri Exports (GFAE) was incorporated in September 2012
as partnership firm promoted by Mr. Dineshbhai Tanna and Mrs.
Ritaben Tanna. The firm is engaged in the trading of agro
commodities- wheat, rice, cumin seed, chick peas, green peas, red
lentil and coriander. The firm's works are located in Rajkot,
Gujarat. The operation of the firm is managed by Mr. Dineshbhai
Tanna and Mr. Deep Tanna who functions in the capacity of the
manager.

Recent Results
During FY15 (unaudited provisional financials), the firm reported
an operating income of INR72.55 crore and net profit of INR0.41
crore against an operating income of INR82.13 crore and net profit
of INR0.26 crore in FY14.


GUSKARA HIMGHAR: CRISIL Reaffirms 'B' Rating on INR47.2MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Guskara
Himghar Pvt Ltd (GHPL) continues to reflect GHPL's exposure to
intense competition in the highly regulated cold storage industry
in West Bengal.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           47.2      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     3.8      CRISIL B/Stable (Reaffirmed)

   Term Loan              19       CRISIL B/Stable (Reaffirmed)


The rating also factors in the company's weak financial risk
profile, marked by a small net worth and low profitability. These
rating weaknesses are partially offset by the extensive experience
of GHPL's promoters in the cold storage and potato trading
businesses.
Outlook: Stable

CRISIL believes that GHPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if GHPL significantly ramps
up its operations and profitability, aided by efficient management
of farmer financing, or improves its capital structure, leading to
a better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if GHPL's liquidity comes under pressure on
account of delay in repayments by farmers, low cash accruals, or
significant debt-funded capital expenditure.

Update
GHPL's operating income increased to INR40 million in 2014-15
(refers to financial year, April 1 to March 31) from INR30 million
in 2013-14 backed by better capacity utilisation and realisations.
Its operating margin remains at 27 per cent in 2014-15 which is
expected to remain within these ranges over the medium term.

GHPL's financial risk profile remains weak, marked by a small net
worth at around 32.2 million as on March 31, 2015, improved
gearing, and average debt protection metrics. The gearing improved
to 1.86 times as on March 31, 2015, from 2.07 times a year
earlier. The debt protection metrics remain average, with interest
coverage and net cash accruals to total debt ratios of 1.96 times
and 0.09 times, respectively, for 2014-15.

GHPL's liquidity remains weak on account of low cash accruals,
expected in the range of INR5.2 million to INR6.2 million in 2015-
16; however it remains sufficient against the annual debt
obligations of INR2.6 million over the medium term.

GHPL, incorporated in 2003, provides cold storage services to
potato farmers and traders. Its cold storage is in Guskara (West
Bengal). The company's day-to-day operations are managed by Mr.
Sushil Mondal.


JAI SHIV: CRISIL Lowers Rating on INR100MM Whse Receipts to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Jai Shiv Foods (JSF) to 'CRISIL D' from 'CRISIL B/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Warehouse Receipts    100       CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The downgrade reflects JSF's overdrawn warehouse facility of
INR100 million for more than straight 30 days because of its weak
liquidity. JSF's weak liquidity is on account of heavy inventory
losses driven by decline in rice prices in 2014-15 (refers to
financial year, April 1 to March 31). CRISIL believes that JSF's
liquidity will remain weak over the medium term, driven by large
working capital requirements.

JSF has weak financial risk profile, with leveraged capital
structure and large working capital requirements. It has small
scale of operations in the intensely competitive rice industry.
However, the firm benefits from its proprietor's extensive
experience in the basmati rice industry.

JSF was set up as a proprietorship firm by Mr. Shiv Charan in
2009. Based in Narela (New Delhi), the firm trades in rice and
paddy.


JAY UMIYA: ICRA Reaffirms 'B' Rating on INR5.5cr Cash Credit
------------------------------------------------------------
ICRA has reaffirmed a long term rating of [ICRA]B to the INR5.50
crore cash credit facility and INR1.34 crore term loans of
Jay Umiya Industries.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             5.50        [ICRA]B reaffirmed
   Term Loans              1.34        [ICRA]B reaffirmed

Rating Rationale
The rating reaffirmation takes into account JUI's modest size of
operations and weak financial profile characterized by low
profitability levels, owing to the limited value addition in the
business and the highly competitive and fragmented industry
structure; stretched capital structure and weak coverage
indicators. The rating is also constrained by the vulnerability of
the firm's profitability to raw material prices which are subject
to seasonality, and crop harvest; and the regulatory risks with
regard to MSP fixed by GoI. ICRA also notes that JUI is a
partnership firm and any significant withdrawals from the capital
account would affect its net worth and thereby its capital
structure.

The rating, however, positively considers the established track
record of the firm in the cotton ginning industry and the
advantage the firm enjoys by virtue of its location in the cotton
producing belt of Mehsana (Gujarat).

Established in 1997, Jay Umiya Industries (JUI) is engaged in the
business of ginning and pressing of raw cotton into cotton seeds
and fully pressed cotton bales having a production capacity of
~37.40 metric tonnes per day (MTPD) of cotton bales. The firm is
also engaged in crushing of cotton seeds to obtain cotton seed oil
and cotton oil cake having an intake capacity of ~16 MTPD. The
plant is located at Kadi-Mehsana in Gujarat. The firm is promoted
by Mr. Jayram Patel along with his relatives and friends who have
more than a decade of experience in the cotton ginning business.

Recent Results
For the year ended March 31, 2014, Jay Umiya Industries reported
an operating income of INR43.51 crore and profit after tax of
INR0.01 crore as against an operating income of INR20.69 crore and
profit after tax of INR0.01 crore for the year ended
March 31, 2013.


K. L. MECHANICAL: ICRA Assigns B+ Rating to INR8.20cr Term Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR8.20
crore term loan and INR3.75 crore cash credit facilities of
K. L. Mechanical Works Private Limited. ICRA has also assigned a
short term rating of [ICRA]A4 to the INR0.50 crore non-fund based
bank limit of KLMWPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-
   Term Loan               8.20         [ICRA]B+ assigned

   Fund Based Limit-
   Cash Credit             3.75         [ICRA]B+ assigned

   Non Fund Based Limit-
   Bank Guarantee          0.50         [ICRA]A4 assigned

The assigned ratings take into account KLMWPL's small scale of
current operations, and weak financial profile characterized by an
aggressive capital structure, weak coverage indicators and
significantly high working capital intensity of operations.
Besides, the company has significant debt service obligations in
the near future, which are likely to keep cash flows of the
company under pressure. The ratings also consider the significant
customer concentration risk and limited ability of the company to
pass on the input price rise to its customers due to the high
competition in both the segments as well as fixed valued contracts
for tower manufacturing, resulted in fluctuating profitability in
the past; however, order backed procurement for major portion of
the raw material requirement mitigates such risk to an extent.

The ratings, however, derives comfort from the experience of the
promoters in the tower fabrication business and KLMWPL's presence
in manufacturing thermoware plastic disposable products since
2012, supports in operational diversification as well as provides
additional revenue.

Incorporated in 1993, KLMWPL was promoted by Agarwal family based
in Kolkata, West Bengal. The promoters of the company have diverse
business interest and presence in various industries like steel,
tea, telecom infrastructure, etc. Currently, KLMWPL is engaged in
manufacturing of towers for telecom sector, with its operations
being located at Dankuni in West Bengal. Besides, the company is
also engaged in manufacturing of thermoware plastic products with
an installed capacity 2,112 tonne per annum (TPA) at Dhulagarh in
West Bengal.

Recent Results
During 2014-15, the company reported a net profit of INR0.73 crore
(provisional) on an operating income of INR24.66 crore
(provisional), as compared to a net profit of INR0.07 crore on an
operating income of INR20.36 crore in 2013-14.


K. RAJAGOPALAN: ICRA Assigns B+ Rating to INR5cr LT Loan
--------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the INR5.00
crore fund based facilities and short-term rating of [ICRA]A4 to
the INR10.00 non-fund based facilities of K. Rajagopalan & Co.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long-Term, over
   draft facility          5.00        [ICRA]B+ assigned

   Short-term, non-
   fund based facilities  10.00        [ICRA]A4 assigned

The assigned rating takes into account the long standing
experience of the partners and established track record of the
firm in construction of bridges, dams, tunnels, power houses, etc;
and the exposure of the firm to mainly Gov't sector/Gov't funded
projects which moderates the counter party risk, although
susceptibility to delays in receivables remain. The ratings are
further supported by the healthy order book position of the firm,
providing revenue visibility in the near term. The ratings are,
however, constrained by the modest scale of the firm's operations
and susceptibility to the execution risks associated with external
factors such as land acquisition, climactic conditions, etc. The
ratings also take into consideration the geographic concentration
risks arising out of current projects being located in Tamil Nadu
and the client concentration risks as most of the projects are
awarded by a single client. The ratings are further constrained by
the firm's stretched financial profile with highly geared capital
structure and capital withdrawal risks associated with a
partnership firm.

K. Rajagopalan & Co (Rajagopalan/the firm) was started as a
partnership firm in 1972 with its registered office in Mettur,
Tamil Nadu. The firm is in the field of infrastructure development
and undertakes construction of various structures for hydel power
projects including dams, tunnels, power houses, penstocks,
barrages, pre-stressed structures, foundations for generators and
plants in thermal power projects, roads, bridges, civil
structures, etc. The firm has an extensive experience of over four
decades in the construction sector.

For the 12 months ending March 2014, the firm had reported a net-
profit of INR0.7 crore on an operating income of INR22.2 crore
compared to the net profit of INR0.5 crore on an operating income
of INR21.7 crore in FY 2013.


KGS ENGINEERING: ICRA Cuts Rating on INR11cr LT Loan to B+
----------------------------------------------------------
ICRA has revised the long term rating on the INR0.15 crore term
loans(revised from INR4.30 crore) and INR11.00 crore over draft
facility(revised from INR10.0 crore) of KGS Engineering Limited
from [ICRA]BB-(Stable) to [ICRA]B+. ICRA has also reaffirmed the
short term rating of [ICRA]A4 to the INR8.00 crore non fund based
bank limits of KGSEL. ICRA has also downgraded/reaffirmed ratings
of the INR25.85 crore proposed bank facilities (revised from
INR22.70 crore) of KGSEL from [ICRA]BB- (Stable)/ [ICRA]A4 to
[ICRA]B+/ [ICRA]A4.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term Loans         0.15       [ICRA]B+ downgraded

   Long Term Fund Based   11.00       [ICRA]B+ downgraded

   Short Term Non-Fund
   Based                   8.00       [ICRA]A4 reaffirmed

   Proposed Facilities    25.85       [ICRA]B+/[ICRA]A4
                                      downgraded/reaffirmed

The revision of the long term rating takes into consideration the
decline in the order book and revenues owing to muted demand from
end user industries. The rating revision also takes into
consideration the increase in working capital intensity over the
past year owing to delays in off take of finished goods by the
customers coupled with elongated receivables position leading to
weak cash flows. The ratings also takes into account the modest
scale of operations of the company; the vulnerability of order
inflows and project execution to capex cycles in the end-user
industries, the competition intensive nature of the industry owing
to high fragmentation with a large number of small scale players &
low product differentiation and the vulnerability of profit
margins to fluctuations in raw material prices.

Nonetheless, ICRA draws comfort from the experience of the company
and its management in the business spanning over three decades,
the long term demand prospects for the industry, given the
anticipated investments in power and other infrastructure sectors
and the reputed customer profile of KGSEL which includes major EPC
contractors and power equipment suppliers.

KGS Engineering Limited (KGSEL) is a manufacturer of electrical
bus ducts, which are used to carry high voltage current between
electrical equipments. The company manufactures Low Tension (LT)
and High Tension (HT) bus ducts up to 33 kV voltage and 5000 A
current rating. KGSEL has plans to add variants like isolated
phase bus ducts (IPB) and sandwich bus ducts to its product
portfolio. KGSEL's customers include leading engineering,
procurement and construction contractors and power equipment
manufacturers such as L&T, McNally Bharat, Siemens, Alstom, ABB,
etc. KGSEL has its own manufacturing facility in Erulipattu, near
Chennai, with production facilities that conform to the relevant
manufacturing standards. The company was founded in 1979 as
Stardrive Busducts Private Limited. The company underwent a change
in ownership in 2005, when the Chennai based KGS group purchased a
controlling stake in the company. With the entire shareholding
being taken over by the KGS group in 2010, the name of the company
was changed to KGS Engineering Limited in 2010.


KISAN MOULDINGS: CRISIL Assigns B Rating to INR1.07BB Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Kisan Mouldings Ltd (KML).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Letter of Credit       190       CRISIL B/Stable

   Working Capital
   Term Loan              470       CRISIL B/Stable

   Letter Of Guarantee     62.5     CRISIL A4

   Cash Credit           1070       CRISIL B/Stable

   Funded Interest
   Term Loan              151.5     CRISIL B/Stable

   Long Term Loan         618       CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility        .5     CRISIL B/Stable

   Letter of Credit       307.5     CRISIL A4

The rating reflects the company's weak financial risk profile,
marked by below-average capital structure and debt protection
metrics, working capital intensive operations and declining
profitability. These rating weaknesses are partially offset by
KML's sound track record, established distribution network and
brand, and moderate scale of operations in the polyvinyl chloride
(PVC) pipes and fittings industry.
Outlook: Stable

CRISIL believes that KML will continue to benefit over the medium
term from its sound track record, and established distribution
network in the PVC pipes and fittings industry. The outlook may be
revised to 'Positive' if improvement in working capital cycle and
profitability results in a stronger financial risk profile,
especially, capital structure and debt protection metrics, for
KML. Conversely, the outlook may be revised to 'Negative' if
pressure on scale of operations or profitability constrains the
cash accruals, and therefore, liquidity.

Incorporated in 1989 as a private limited company, Sanwaria
Synthetics Pvt Ltd, KML was converted into a public limited
company under the current name in 1993. It manufactures a variety
of moulded and plastic pipes and fittings, irrigation systems,
moulded furniture, solvent cement, and rubber lubricants. The
company has manufacturing facilities at Silvassa (Dadra and Nagar
Haveli), Tarapur (Maharashtra), Baddi (Himachal Pradesh), Dewas
(Madhya Pradesh), Raipur (Chhattisgarh) and Tumkur (Karanataka).
The company is currently listed on Bombay Stock Exchange.

For 2014-15 (refers to financial year, April 1 to March 31), KML
declared a provisional loss of INR378.4 million on operating
income of INR4490 million, against a net profit of INR23.3 million
on operating income of INR5369.5 million for 2013-14.


KISHAN COTTON: ICRA Reaffirms B+ Rating on INR12cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR12.00
crore fund based cash credit facility and INR1.75 crore term loan
of Kishan Cotton Ginning & Pressing Factory at [ICRA]B+. ICRA has
also reaffirmed the short term rating of [ICRA]A4 to INR8.00 crore
(sublimit of cash credit facility) export packing credit facility
of Kishan Cotton Ginning & Pressing Factory (KCGPF).

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Cash Credit               12.00      [ICRA]B+; Reaffirmed
   Term Loan                  1.75      [ICRA]B+; Reaffirmed
   Export Packaging Limit    (8.00)     [ICRA]A4; Reaffirmed

The ratings continue to remain constrained by the firm's modest
scale of operations with weak financial profile characterized by
low profitability, adverse capital structure and weak debt
coverage indicators. The ratings also consider the low profit
margin on account of limited value addition and highly competitive
and fragmented industry structure due to low entry barriers. The
ratings are further constrained by vulnerability of profitability
to raw material prices, which are subject to seasonality and crop
harvest and regulatory risks with regard to minimum support price
(MSP) of raw cotton and export of cotton bales. ICRA further notes
that the withdrawal of capital by the partners during FY15 has
resulted into increase in the gearing level due to deterioration
of net worth of the firm.

The ratings, however, continues to favorably consider the
extensive experience of the promoters in the cotton industry, ,
favorable location of the firm giving it easy access to high
quality raw cotton as well as diversified product profile which
reduces dependence on cotton though it continues to remain the
major revenue contributor.

Incorporated in 2003; Kishan Cotton Ginning & Pressing Factory
(KCGPF) is a partnership firm and is currently managed by Mr.
Bharat Thacker along with three other partners. The firm is
engaged in ginning & pressing of raw cotton and processing of
groundnuts to produce groundnuts seeds. The firm is located at
Kutch (Gujarat). Apart from these the firm is also involved in
trading of various agro commodities like cotton bales, ground nut
seeds, castor seeds, Sunflower seed, wheat, coriander seeds etc.
depending upon the seasonality of crop and demand for the same.

Recent Results
During FY15, the firm reported an operating income of INR62.74
crore with profit before tax of INR0.41 crore (as per unaudited
provisional numbers).


KRUSHNA INDUSTRIES: ICRA Reaffirms B+ Rating on INR9.5cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR9.50
crore cash credit facility of Krushna Industries at [ICRA]B+.

                           Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Long Term Fund Based-     9.50         [ICRA]B+ reaffirmed
   Cash Credit

The rating reaffirmation takes into account the limited value
addition in the cotton ginning business, the highly fragmented
nature of the industry and the vulnerability of the firm's
profitability to movements in cotton prices which are subject to
seasonality and crop harvest. The rating is further constrained by
the firm's weak financial risk profile characterized by the modest
scale of operations, low profitability, aggressive capital
structure and weak coverage indicators. Further, the rating also
considers any potential adverse impact on net worth and gearing
levels in case of substantial withdrawal from capital account
given the constitution as a partnership firm.

The rating, however, draws comfort from the favourable demand
outlook for cotton and its derivative products, the established
track record of the firm in the cotton industry and the favourable
location of the firm's plant with respect to raw material
procurement.

Krushna Industries (KI) was established in 1995 as a partnership
firm and is engaged in cotton ginning and pressing to produce
cotton bales and cottonseeds and in trading of raw cotton. The
manufacturing unit of the firm located in Rajkot, Gujarat is
equipped with 20 ginning machines with an installed capacity of
producing 14206 bales of ginned cotton per annum. KI is currently
managed and owned by Mr. Kalabhai K Makwana and Mr. Bhaveshbhai K
Makwana.

Recent Results
For the year ended 31st March, 2014, KI reported an operating
income of INR40.11 crore and a profit before tax of INR0.17 crore
as compared to an operating income of INR37.92 crore and a profit
before tax of INR0.10 crore in FY 2013. Further, during FY 2015
the firm reported an operating income of INR45.60 crore and profit
before tax of INR0.19 crore (as per unaudited provisional
numbers).


L. D. SOLVEX: CRISIL Reaffirms 'B' Rating on INR52.5MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of L. D. Solvex
Pvt Ltd (LDS) continues to reflect LDS's large working capital
requirements and weak financial risk profile marked by high
gearing and weak debt protection metrics. These rating weaknesses
are partially offset by the extensive experience of LDS's
promoters in the rice industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           52.5      CRISIL B/Stable (Reaffirmed)
   Term Loan              7.5      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that LDS will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if LDS reports substantial
cash accruals or improves its working capital management, leading
to a better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if LDS's revenue and profitability decline
significantly leading to low cash accruals, or if the company
undertakes a large debt-funded capital expenditure programme,
thereby weakening its financial risk profile, particularly its
liquidity.

Update
LDS's operating income is estimated at INR192 million in 2014-15
(refers to financial year, April 1 to March 31), down from INR219
million in 2013-14 on account of decline in prices of rice and
rice bran. The company reported profit after tax of INR4.7 million
for 2014-15 against INR5.2 million for 2013-14. Its operating
margin was 6.4 per cent in 2014-15. CRISIL expects LDS's operating
income in the range of INR210 million to INR230 million in 2015-16
and its operating margin to remain around 6.5 per cent over the
medium term.

The company's operations are working capital intensive, as
reflected in its large gross current assets (GCAs) of around 200
days, driven by large inventory of around 195 days, as on March
31, 2015. LDS maintains large inventory as rice is a seasonal
crop, availability of which reduces from April to September. The
company's GCAs are expected in the range of 190 to 200 days over
the medium term. Because of its working-capital-intensive
operations, LDS's fund-based limits are fully utilised. The
company's cash accruals are expected at INR2 million and INR3
million in 2015-16 and 2016-17, respectively, against annual term
debt obligation of INR1 million during the period.

LDS's financial risk profile is weak, with reliance on external
debt to fund working capital requirements and small net worth
leading to high gearing, at around 6.5 times as on March 31, 2015.
Its debt protection metrics are also weak, with interest coverage
and net cash accruals to total debt ratios at 1.3 times and 0.03
times, respectively, for 2014-15.

Incorporated in 1998 and based in Punjab, LDS manufactures crude
rice bran oil. It has installed capacity of 100 tonnes per day.
The company is promoted by Mr. Pradeep Sharma and Mr. Rakesh
Sharma, who have experience of two decades in the rice industry.


LANGLEIGH TEA: ICRA Cuts Rating on INR9cr Term Loan to 'D'
----------------------------------------------------------
ICRA has revised the long-term rating outstanding on the INR9.00
crore (revised from INR8.00 crore) term loan facilities and
INR1.00 crore (revised from INR2.00 crore) fund based facilities
of Langleigh Tea and Enterprises Private Limited to [ICRA]D from
[ICRA]B. ICRA has also revised the short-term rating outstanding
on the INR1.00 crore (revised from INR2.00 crore) fund based (sub-
limit) facility of the company from [ICRA]A4 to [ICRA]D.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   LT- Term loan
   facilities              9.00         [ICRA]D; downgraded
                                        from [ICRA]B

   LT- Fund based          1.00         [ICRA]D; downgraded
   facilities                           from [ICRA]B


   ST- Fund based         (1.00)        [ICRA]D; downgraded
   (sub-limit)                          from [ICRA]A4
   Facilities

The revision in the ratings considers the recent delays witnessed
in debt servicing by the Company on account of stretched cash
flows and weak liquidity. The company's liquidity position has
been impacted by the decline in realizations on account of
downward pressure on south Indian tea prices, thin contribution
margins on account of low capacity utilization and increasing
wages. As a result the company has not been able to service the
high interest and principal repayment obligations on the term
loans taken to fund the capital expenditure incurred over the past
few fiscals towards acquisition of manufacturing facilities in a
timely manner. Going forward, the company's ability to scale up
its operations and improve its profitability will be critical to
improve the cash flows and thereby meet the debt servicing
obligations in a timely manner.

Incorporated in 2008, LTEPL is primarily in engaged in the
business of manufacturing of black tea (of the CTC variety). It
has four manufacturing facilities, located in Coonoor, Kotagiri
and Gudalur (Tamil Nadu), of which three are operational and the
fourth unit is expected to commence operations in March 2014. The
company sells a large portion of its produce through auction. The
company was promoted by Mr. Phillip Mathew and family, who are
also the promoters of Contemporary Tea Auctioneers Private
Limited, which is engaged in the business of tea broking since
2002.

The Company reported a net loss of INR1.3 crore on an operating
income of INR10.9 crore during 2013-14 as against a net loss of
INR0.7 crore on an operating income of INR10.0 crore during 2012-
13.


MANIPUR TEA: CRISIL Reaffirms 'D' Rating on INR48MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Manipur Tea Co. Pvt Ltd
(Manipur Tea; part of the Mantri group) continues to reflect
instances of overdraws  in its cash credit limit for more than 30
days; the overdraws have been caused by the group's weak liquidity
owing to the working capital intensity of operations.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           48        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    14.9      CRISIL D (Reaffirmed)

   Term Loan              0.5      CRISIL D (Reaffirmed)

The Mantri group is exposed to risks related to seasonality in tea
production and high operating leverage. Moreover, the group has
limited bargaining power and its operating margin is susceptible
to volatility in domestic and international tea prices. These
weaknesses are partially offset by the experience of the Mantri
group's promoters in the tea industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Manipur Tea, Mantri Tea Company Pvt Ltd
(MTCPL), Ruttonpore Plantations Pvt Ltd (RPPL) and Derby
Plantations Pvt Ltd (DPPL), together referred to as the Mantri
group. This is because the entities have common management, are in
the same line of business and have cross guarantees with each
other.

The Mantri group was formed in 1948 by Mr. Govind Prasad Mantri.
The Manipur Tea Estate, located in Assam, was the group's first
acquisition, in 1954. Subsequently, the group acquired three more
tea gardens in Assam: Ruttonpore Tea Estate in 1986, Derby Tea
Estate in 2005, and Pathini Tea Estate (Mantri) in 2006.
Currently, the second- and third-generation promoters, along with
a professional management team, are actively involved in its day-
to-day operations.

Manipur Tea reported a net loss of INR 14.6 million on net sales
of INR 67.1 million for 2013-14 (refers to financial year, April 1
to March 31), as against a net loss of INR 0.4 million on net
sales of INR 91.2 million for 2012-13. It is estimated to report
net sales of INR 73.1 million in 2014-15.


MANTRI TEA: CRISIL Reaffirms 'D' Rating on INR57.4MM Term Loan
--------------------------------------------------------------
CRISIL's rating to the bank facilities of Mantri Tea Company Pvt
Ltd (MTCPL; part of the Mantri group) continues to reflect weak
liquidity owing to the working capital intensity of operations.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          40         CRISIL D (Reaffirmed)
   Term Loan            57.4       CRISIL D (Reaffirmed)

The Mantri group is exposed to risks related to seasonality in tea
production and high operating leverage. Moreover, the group has
limited bargaining power and its operating margin is susceptible
to volatility in domestic and international tea prices. These
weaknesses are partially offset by the experience of the Mantri
group's promoters in the tea industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of MTCPL, Ruttonpore Plantations Pvt Ltd
(RPPL), Derby Plantations Pvt Ltd (DPPL), and Manipur Tea Company
Pvt Ltd (Manipur Tea), together referred to as the Mantri group.
This is because the entities have common management, are in the
same line of business and have cross guarantees with each other.

The Mantri group was formed in 1948 by Mr. Govind Prasad Mantri.
The Manipur Tea Estate, located in Assam, was the group's first
acquisition, in 1954. Subsequently, the group acquired three more
tea gardens in Assam: Ruttonpore Tea Estate in 1986, Derby Tea
Estate in 2005, and Pathini Tea Estate (Mantri) in 2006.
Currently, the second- and third-generation promoters, along with
a professional management team, are actively involved in its day-
to-day operations.

MTCPL reported a net loss of INR 12.9 million on net sales of INR
73.5 million for 2013-14 (refers to financial year, April 1 to
March 31), as against a PAT of INR1.8 million on net sales of
INR87.8 million for 2012-13. It is estimated to report net sales
of INR102.9 million in 2014-15.


MILLENIUM CEMENT: CRISIL Reaffirms B Rating on INR70MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Millenium Cement
Company Pvt Ltd (MCCPL) continue to reflect MCCPL's moderate
financial risk profile, marked by a modest net worth and high
gearing.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         5        CRISIL A4 (Reaffirmed)

   Cash Credit           70        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    15        CRISIL B/Stable (Reaffirmed)

The ratings also factor in the susceptibility of the company's
margins to cyclicality in the end-user industry and to volatility
in raw material prices. These rating weaknesses are partially
offset by MCCPL's established market position and its promoters'
extensive experience in the cement industry.
Outlook: Stable

CRISIL believes that MCCPL will continue to benefit over the
medium term from its established market position and its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of significant improvement in the
company's capital structure while it maintains steady growth in
its revenue and net cash accruals. Conversely, the outlook may be
revised to 'Negative' in case of a decline in MCCPL's operating
margin or debt protection metrics, or a stretch in its working
capital cycle, or large capital expenditure, leading to weakening
of its liquidity.

Update
MCCPL's operating revenue has increased to INR298.0 million in
2014-15 (refers to financial year, April 1 to March 31) from
INR172.6 million in 2013-14, following the memorandum of
understanding with Star Cement Meghalaya Ltd for offtake of
MCCPL's entire production. The company's operating margin declined
to 6.9 per cent 2014-15 on account of high trial sales of its
product, ordinary portland cement, at lower margins.

MCCPL's operations remain working capital intensive, with gross
current assets (GCAs) of 191 days as on March 31, 2015, as against
335 days a year earlier. This was mainly because of high year-end
inventory of 48 days as on March 31 2015. Also, payment from its
customers was delayed resulting in receivables of around 121 days
as on March 31, 2015, as against 334 days a year earlier. Against
this, the company does not receive any credit from its raw
material suppliers. The high GCAs led to high bank limit
utilisation at an average of 100 per cent during the 12 months
ended March 31, 2015.

MCCPL's financial risk profile is moderate, marked by gearing of
1.2 to 1.9 times over the three years ended March 31, 2015. The
company's debt protection metrics were also moderate with interest
coverage and net cash accruals to total debt ratios of 2.0 times
and 13 per cent, respectively, for 2014-15. However, its net worth
was small at about INR75 million as on March 31, 2015. It has
generated cash accruals of around INR11 million against debt
obligations of INR5.8 million, in 2014-15. MCCPL had a current
ratio of 1.27 times as on March 31, 2015.

MCCPL was incorporated in 1999, promoted by Mr. Sushil Agarwal of
the Siliguri (West Bengal)-based Agarwal family. The company
manufactures ordinary pozzolona cement and portland pozzolona
cement from clinker.


NEPTUNE LAMINATES: CRISIL Reaffirms B+ Rating on INR44MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Neptune
Laminates Pvt Ltd (NLPL) continues to reflect NLPL's modest scale
of operations in the highly competitive laminates industry and the
company's weak financial risk profile, marked by high gearing and
weak protection metrics. These rating weaknesses are partially
offset by the extensive experience of the company's promoters in
the laminates industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           20        CRISIL B+/Stable (Reaffirmed)
   Term Loan             44        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NLPL will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if the company's scale of operations
increases substantially and its profitability improves, leading to
higher-than-expected cash accruals and a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
NLPL's revenue or operating margin is lower than expected, or it
undertakes a substantial debt-funded expansion programme, or its
working capital management deteriorates, resulting in significant
weakening of its financial risk profile.

Update
For 2014-15 (refers to financial year, April 1 to March 31), NLPL,
on a provisional basis, reported net sales of INR15 million. It
was expected to start commercial production from July 2014, but it
actually started only from January 2015; due to delay in
commencement of operations by around six months, the company has
reported lower-than-earlier-estimated revenue for 2014-15.
However, with stabilisation of operations, CRISIL believes that
NLPL's business risk profile will improve over the medium term.

NLPL's gearing is expected to be high at 4.41 times and its net
worth at around INR11 million, as on March 31, 2016. The company's
debt protection metrics are expected to be improve over the medium
term on account of moderate profitability and accruals. The
utilisation of bank limits has been moderate. CRISIL believes that
with the increase in scale of its operations, NLPL dependency on
bank borrowing would be higher to fund its incremental working
capital requirements.

NLPL's liquidity has remained stretched, though it is being
supported by unsecured loans from promoters. In case of any
financial exigencies, CRISIL believes that the promoters will
continue to support the company through unsecured loans over the
medium term.

Incorporated in 2013, NLPL is promoted by the Veraval (Gujarat)-
based Limbani family and others. The company manufactures
laminates; it started its commercial production only in January
2015.


NORTH BENGAL: ICRA Suspends 'D' Rating on INR8.4cr Term Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR8.40
crore term loan, INR0.08 crore fund based facilities, INR0.05
crore non fund based facilities and INR0.47 crore unallocated bank
limits of North Bengal Oncology Centre Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


OM SHREE: ICRA Suspends B+ Rating on INR2.70cr Term Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR2.70
crore term loans and INR3.51 crore fund-based bank facilities of
Om Shree Rupesh Steel Pvt. Ltd. (OSRSPL). The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


PARAGON EXTRUSIONS: ICRA Reaffirms B- Rating on INR3.5cr Loan
-------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B- on the
INR3.50 crore fund based limits and INR1.00 crore term loan of
Paragon Extrusions Private Limited. ICRA has also reaffirmed its
short-term rating of [ICRA]A4 (pronounced ICRA A four) on the
INR1.25 crore non fund based limits and INR3.50 crore unallocated
limits of the company.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan (LT scale)     1.00       [ICRA]B-; reaffirmed
   Cash Credit Facilities
   (LT Scale)               3.50       [ICRA]B-; reaffirmed

   Non Fund Based Limit
   (ST scale)               1.25       [ICRA]A4; reaffirmed

   Unallocated (ST scale)   3.50       [ICRA]A4; reaffirmed

ICRA's ratings continue to take into account the modest scale of
PEPL's operations and the intensely competitive industry that it
operates in. The ratings also continue to factor in the
vulnerability of the company's profitability to adverse
fluctuations in raw material prices and foreign exchange rates.
ICRA takes note of the company's high working capital intensity of
operations, which results in a stretched liquidity position, as
reflected in the near full utilisation of the company's bank
limits. However, the ratings derive comfort from the extensive
experience of the promoters and the company's moderate gearing
levels, which improved to 1.53 times as on March 31, 2015 from
1.83 times an year ago. The ratings also take into account the
company's Memorandum of Understanding (along with group company
Paragon Industries Limited) with Bharat Aluminium Company Ltd,
which ensures steady supply of aluminium ingots, at prices which
are indexed to the London Metal Exchange.

Going forward the ability of the company to ramp up its scale of
operations and attain a sustained improvement in its liquidity,
will be the key rating sensitivities.

PEPL manufactures a range of aluminium-based extruded products
such as aluminium profile, rods, flat bars, angles, square bars,
'T' profiles, 'U' channels, heat sinks and general engineering
products with a total capacity of 2,400 Metric Tonnes Per Annum
(MTPA). These products find application in construction of
buildings (as architectural elements), manufacturing of electronic
equipments, etc.

Recent Results
For 2013-14, the company reported an Operating Income (OI) of
INR19.34 crore and a net profit of INR0.02 crore, as against an OI
of INR20.07 crore and a net profit of INR0.20 crore in the
previous year. PEPL, on a provisional basis, reported an OI of
INR19.00 crore for 2014-15.


PLASTO INDIA: ICRA Reaffirms B+ Rating on INR3.5cr Bank Loan
------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the
INR3.50 crore fund-based bank facilities of Plasto India Private
Limited. ICRA has also reaffirmed its short-term rating of
[ICRA]A4 on the INR8.50 crore (enhanced from INR7.50 crore) non-
fund based bank facilities of PIPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term fund-based
   bank facilities         3.50         [ICRA]B+; (Reaffirmed)

   Short-term non-fund
   based facilities        8.50         [ICRA]A4; (Reaffirmed)

ICRA's ratings continue to favorably factor in the promoters'
experience of more than a decade in import and distribution of
flex and vinyl material in India, primarily used for advertising
and signages, which has facilitated the creation of an established
distribution network across North and East India over the past few
years and helped develop an institutional customer base. Further,
the ratings also derive comfort from the company's long and stable
relationship with LG Hausys (Korea)-- its major supplier since
commencement of operations. Nevertheless, the renewal based nature
of the contract, together with high supplier concentration (with
revenues concentrated towards sale of products sourced from two
suppliers) exposes the company to business risks. The demand for
PIPL's products is dependent on advertising spends which are
highly linked to economic cycles. Further, the rating continues to
remain constrained by PIPL's weak financial profile characterized
by low profit margins and hence cash accruals. This coupled with
the high working capital intensity of its operations necessitates
external funding requirement for incremental working capital
requirements. Due to low profitability, the company's coverage
indicators continue to remain weak as reflected in TD/OPBDITA of
7.7x, interest coverage of 1.6x and NCA/TD of 4% as on March 31,
2015, despite a moderate gearing of 0.97x as on March 31, 2015.

Going forward, the ability of the company to improve its
profitability and ramp up its scale of operations by diversifying
its supplier base, while reducing the working capital intensity,
will be the key rating sensitivities.

Incorporated in September 2002 by Mr. Naresh Mittal and his nephew
Mr. Rishi Jain, PIPL is an authorized distributor of advertising
materials for LG Hausys (Korea) in North, Central and East India,
since commencement of operations. In October 2012, the company
also became a distributor for Ilshin Tarpaulin Co (Korea).

Recent Results
The company, on a provisional basis, reported an Operating Income
(OI) of INR21.87 crore and a Profit after Tax (PAT) of INR0.16
crore in FY15, as compared to an OI of INR16.91 crore and a PAT of
INR0.08 crore in FY14.


PRAKASH INDUSTRIES: CRISIL Assigns B+ Rating to INR50MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Prakash Industries - Junagadh (PI).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           50        CRISIL B+/Stable
   Term Loan              0.6      CRISIL B+/Stable

The rating reflects PI's exposure to risks related to moderate
gearing, modest scale of operations in a highly fragmented
industry, sufficient cash accruals with no major repayment of debt
obligations, and working-capital-intensive operations. The rating
also factors in the susceptibility of the firm's profitability to
volatility in cotton prices and to intense competition. These
rating weaknesses are partially offset by the extensive experience
of PI's promoters in the cotton-ginning industry, leading to
established relationships with customers and suppliers, and the
advantageous location of its plant.
Outlook: Stable

CRISIL believes that PI will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm reports substantial revenue
while improving its profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
considerable decline in revenue and profitability, or
deterioration in working capital management impacting its
liquidity, or large debt-funded capital expenditure, weakening its
financial risk profile.

Set up in 1961, PI is promoted by Gujarat-based Maru family. The
firm undertakes cotton ginning and pressing at its facility in
Manavadar, Junagadh. PI is a partnership firm promoted by family
members only.


PRIMESEAL WOODPLAST: ICRA Assigns B- Rating to INR4.75cr Loan
-------------------------------------------------------------
ICRA has assigned the rating of [ICRA]B- to INR6.75 crore long
term fund based facilities of Primeseal Woodplast Private Limited.
ICRA has also assigned the rating of [ICRA]A4 to the INR0.15 crore
short term fund based facilities of PWPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             2.00        [ICRA]B- assigned
   Term Loan               4.75        [ICRA]B- assigned
   Bank Guarantee          0.15        [ICRA]A4 assigned

The assigned ratings are constrained by the risks associated with
start up nature of the company; small envisaged scale of
operations and absence of previous track record in wood-plastic
composite sheets. The ratings are further constrained by the
moderate debt servicing liability coupled with gestation period
associated with stabilization of operations, expected to keep the
credit profile constrained over the medium term as well as market
risk given uncertain demand scenario as the product is yet to gain
popularity in the Indian markets and substitution risk from
Plywood. The ratings also take into account the possible
competition due to relatively less complex manufacturing process;
WPC imports from neighbouring countries such as Thailand,
Indonesia etc. as well the vulnerability of the profitability to
raw material price fluctuations.

The ratings, however, favorably factor in the longstanding
experience of the promoters in the plastic straps manufacturing
and trading business and other allied businesses.

Incorporated in March 2014, Primeseal Woodplast Private Limited
(PWPL) is engaged in the business of manufacturing wood-plastic
composite sheets. The promoters have past experience in
manufacturing and trading of plastic straps and other allied
businesses. The manufacturing facility of the company is located
in Rajkot district of Gujarat and has an installed capacity of
manufacturing ~60 lakh sq feet sheets per annum.


R.T. EXPORTS: ICRA Suspends 'D' Rating on INR25cr Term Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR25.0 crore of term loan limits of R.T. Exports Ltd. (RTEL). The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


RAJA RAJESWARI: CRISIL Assigns 'B' Rating to INR26.4MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Raja Rajeswari Krafts Pvt Ltd (RKPL).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      16        CRISIL B/Stable
   Long Term Loan          26.4      CRISIL B/Stable
   Line of Credit          15        CRISIL B/Stable
   Cash Credit             20        CRISIL B/Stable
   Letter of Credit        20        CRISIL A4

The ratings reflect RKPL's working-capital-intensive and small
scale of operations in the fragmented paper industry. The rating
also factors in the company's average financial risk profile,
marked by a small net worth. These rating weaknesses are partially
offset by the extensive industry experience of RKPL's promoters.
Outlook: Stable

CRISIL believes that RKPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports
higher-than-expected revenue and profitability, leading to an
improvement in its financial risk profile, particularly its net
worth. Conversely, the outlook may be revised to 'Negative' if
RKPL's financial risk profile weakens significantly, most likely
because of large borrowings for meeting working capital or capital
expenditure requirements, or a decline in its revenue and
operating margin.

Set up in 2006, RKPL manufactures Kraft paper. The company is
promoted by Mr. K R Radha Krishnan and is based in Sivakasi (Tamil
Nadu).

RKPL reported a profit after tax (PAT) of INR2.0 million on net
sales of INR104.5 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR0.5 million on net sales
of INR104.3 million for 2012-13.


RENUKA OIL: CRISIL Ups  Rating on INR65MM Term Loan to B+
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Renuka Oil Industries (ROI) to 'CRISIL B+/Stable' from 'CRISIL B-
/Stable', and has reaffirmed its rating on the company's short-
term bank facility at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       2.5        CRISIL A4 (Reaffirmed)

   Cash Credit         20          CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Proposed Long Term
   Bank Loan Facility  35          CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Term Loan           65          CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

The rating upgrade follows the substantial increase in ROI's
accruals on the back of steady revenue growth and profitability.
Its accruals have increased to over INR8 million in 2014-15
(refers to financial year, April 1 to March 31), from the previous
year's INR0.2 million on revenue of INR154 million and an
operating margin of over 15 per cent. Furthermore, controlled
inventory and receivables management has ensured that the firm's
gross current assets remained at around 120 days as on March 31,
2015. This, coupled with the absence of any major capital
expenditure (capex) will ensure that the firm's capital structure
remains moderate, with gearing below 1.5 times, over the medium
term.

The ratings reflect ROI's modest scale and working-capital-
intensive nature of operations in the highly fragmented cotton
seed oil extraction industry, and the firm's susceptibility to
intense competition and to changes in government regulations.
These rating weaknesses are partially offset by the extensive
industry experience of ROI's partners and its moderate capital
structure.

For arriving at the ratings, CRISIL has treated unsecured loans of
INR40 million from ROI's promoters as on March 31, 2015, as
neither debt nor equity; this is because these loans are
subordinated to bank debt, bear nominal interest, and will be
retained in the business over the medium term.
Outlook: Stable

CRISIL believes that ROI will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if the firm improves its scale of
operations while maintaining its capital structure. Conversely,
the outlook may be revised to 'Negative' if ROI undertakes any
large debt-funded capex programme, or in case of delay in rental
receipts, or significant pressure on its profitability, thus
weakening its liquidity.

ROI, a partnership firm set up in 2005, extracts cotton seed oil,
manufactures cotton seed oil cakes, and processes cotton bales.
The partners are Mr. Sundersingh Juneja and Ms. Harbanskaur
Juneja. The firm's manufacturing facility is in Khamgaon
(Maharashtra). ROI has set up a warehouse with a storage capacity
of 250,000 quintals in Badnera (Maharashtra). The warehouse has
been leased to Food Corporation of India Ltd since October 2012;
ROI receives rental income of INR1.6 million per month.


SHREE RAJESHWAR: ICRA Suspends B+/A4 Rating on INR12cr Bank Loan
----------------------------------------------------------------
ICRA has suspended the [ICRA]B+ and [ICRA]A4 ratings assigned to
the INR12.00 crore bank facilities of Shree Rajeshwar Weaving
Mills Private Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


SHREE SIDDHESHWARI: ICRA Assigns B+ Rating to INR16cr Cash Loan
---------------------------------------------------------------
The long-term rating of [ICRA]B+ has been assigned to the INR16.00
crore cash credit facility and INR3.75 crore term loan facility of
Shree Siddheshwari Oil Industries.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             16.00       [ICRA]B+ assigned
   Term Loan                3.75       [ICRA]B+ assigned

The assigned rating is constrained by the firm's weak financial
risk profile characterized by limited profitability, moderate
capital structure and weak coverage indicators along with its
relatively modest scale of operations. The rating also takes into
account the limited profit margins in the business owing to low
value addition, and high competitive intensity and fragmented
industry structure. The rating is also constrained by the
vulnerability of the firm's profitability to raw material prices
which are subject to seasonality and crop harvest as well as
exposure to the regulatory risks with regards to MSP fixed by
Government of India (GOI). ICRA also notes that SSOI is a
partnership firm and any significant withdrawals from the capital
account could affect its net worth and thereby its capital
structure.

The rating, however, favourably factors in the established track
record of the promoters in the edible oil and cotton ginning
industry and the firm's reputed clientele base. The rating also
favourably considers the advantage the firm enjoys by virtue of
its location in Gujarat, providing it easy access to quality raw
material (cotton seeds and mustard seeds).

Established in November 2007, Shree Siddheshwari Oil Industries
(SSOI) is a partnership firm founded by the Mehta family and is
involved in crushing of cotton seeds and mustard seeds to extract
the cotton seed oil & cake and mustard seed oil & cake
respectively. The manufacturing facility of the firm is located at
Harij, Gujarat and is equipped with 15 expellers to deliver
processing capacity of 130 tons per day of cotton seeds and 100
ton per day of mustard seeds. The partners are also engaged in
cotton ginning and pressing business through their other
partnership firm - Shree Siddheshwari Ginning Company.

Recent Results
For the year ended 31st March 2014, SSOI reported an operating
income of INR59.30 crore and profit before tax of INR0.17 crore as
against operating income of INR56.54 crore and profit before tax
of INR0.10 crore for the financial year ending 31st March 13.
Further, for the year ended 31st March 2015 (provisional unaudited
financials), SSOI has reported an operating income of INR59.45
crore and profit before tax of INR0.07 crore.


SIDDH DEVELOPERS: CRISIL Assigns 'B' Rating to INR115MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Siddh Developers (SD).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           115       CRISIL B/Stable

The rating reflects SD`s low revenue visibility driven by its
modest scale of operations, and its weak financial risk profile,
marked by a small net worth and weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of the firm`s promoters in the real estate industry and
the funding support it receives from them.
Outlook: Stable

CRISIL believes that SD will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm increases its
scale of operations, leading to better accruals, or if it
initiates its project with comfortable promoter funding.
Conversely, the outlook may be revised to 'Negative' in case of an
increase in SD's working capital requirements or large debt-funded
capital expenditure, leading to weakening of its financial risk
profile, particularly its liquidity.

Formed in 1995, SD is a Pune (Maharashtra)-based partnership firm
engaged in development and sale of residential real estate
properties. The firm is managed by Mr. Praveen Ghatge.


SRI LAKSHMI: CRISIL Reaffirms B+ Rating on INR157.5MM LT Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Lakshmi Saraswathi
Textiles (Arni) Ltd (SLST) continue to reflect SLST's below-
average financial risk profile marked by weak debt protection
metrics, and the susceptibility of its operating margin to
volatility in raw material prices and to intense competition in
the cotton yarn manufacturing industry. These rating weaknesses
are partially offset by the company's established track record and
its promoters' extensive experience in the industry.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            62.5      CRISIL B+/Stable (Reaffirmed)

   Export Bill Purchase
   -Discounting           20        CRISIL A4 (Reaffirmed)

   Letter Of Guarantee    15        CRISIL A4 (Reaffirmed)

   Letter of Credit       30        CRISIL A4 (Reaffirmed)

   Packing Credit         10        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    157.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SLST will continue to benefit over the medium
term from its promoters' extensive experience and its established
track record in the cotton yarn industry. The outlook may be
revised to 'Positive' if the company records a considerable
increase in its revenue and profitability resulting in improved
cash accruals and debt protection metrics. Conversely, the outlook
may be revised to 'Negative' in case of low cash accruals or large
debt-funded capital expenditure (capex) impacting the company's
financial risk profile.

Update
For 2014-15 (refers to financial year, April 1 to March 31), SLST
registered revenue of around INR1136 million, lower than INR1264
million reported for 2013-14, because of muted demand. The
company's operating margin for 2014-15 also declined to around 0.6
per cent on account of write-off of bad debt of INR25.7 million in
2014-15 and fluctuations in raw material prices. CRISIL believes
that SLST's operating margin will improve over the medium term
with the expected stabilisation in raw material prices.

SLST's financial risk profile remains below-average, marked by
weak debt protection metrics. The company has reported cash losses
in 2014-15 and hence had weak debt protection metrics. However,
with the expected improvement in margins over the medium term, the
debt protection metrics will improve. SLST's net worth was modest
at around INR211 million as on March 31, 2015, and is expected to
remain at a similar level over the medium term due to low
accretion to reserves. The company's gearing. However, was healthy
at about 0.38 times as on March 31, 2015, and in the absence of
any significant debt-funded capex plans, this is expected to
remain at this level over the medium term. CRISIL believes that
SLST's financial risk profile will remain constrained on account
of its weak debt protection metrics.

SLST has moderate liquidity marked by absence of term debt and
moderate bank limit utilisation. It is likely to generate net cash
accruals of INR29 million to INR44 million per annum, which will
be sufficient to meet its working capital requirements as the
company has no term debt obligations. The company's bank limits
were moderately utilised at an average 63 per cent during the 12
months ended March 31, 2015. CRISIL believes that SLST's liquidity
will remain moderate over the medium term, backed by stable cash
accruals and the absence of term debt.

SLST, set up in 1964 and based in Chennai, manufactures cotton
yarn. The company is promoted by Mr. R Srihari, his son Mr. S
Balakrishna, and his nephew Mr. R Padmanaban.


SRI RAMALINGESWARA: ICRA Reaffirms B+ Rating on INR9cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
INR9.00 crore fund based limits of Sri Ramalingeswara Rice Mill.
ICRA has also reaffirmed the rating of [ICRA]B+ assigned
to INR6.00 crore unallocated limits of SRRM.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund based limits       9.00       [ICRA]B+ re-affirmed
   Unallocated limits      6.00       [ICRA]B+ re-affirmed

The reaffirmation of rating factors in SRRM's weak financial
profile characterized by low profitability, high working capital
intensity, weak coverage indicators; moderate scale of operations
in the rice milling industry and risks arising from partnership
nature of the firm. The rating is further constrained by highly
competitive nature of the rice milling industry restricting
operating margins and agro climatic risks, which can affect the
availability of the paddy in adverse weather conditions. The
rating is however supported by the long track record of the
promoters in the rice mill business and ease in paddy procurement
due to plant location in major paddy cultivating region of the
Andhra Pradesh. Further, favorable demand prospects of the
industry with India being the second largest producer and consumer
of rice internationally argues well for the firm.

Going forward, the firm's ability to improve its profitability and
manage its working capital requirements will be key rating
sensitivities from credit perspective.

Founded in the year 1989 as a partnership firm Sri Ramalingeswara
Rice Mill (SRRM) is engaged in milling of paddy and produces raw
rice and boiled rice. The firm is promoted by Mr. T. Palla Reddy
and his family who have been in the rice milling industry for the
past 27 years. The firm has a rice mill near Kutukuluru in East
Godavari district of Andhra Pradesh with a capacity to mill 75600
metric tons of paddy per annum.

Recent Results
SRRM has reported an operating income of INR48.68 crore and net
profit of 0.45 crore respectively in FY2014 as against an
operating income and net profit of INR53.94 crore and INR0.50
crore in FY2015 (provisional and unaudited).


SUGAVANESWARA SPINNING: CRISIL Cuts Rating on INR95.2MM Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sugavaneswara Spinning Mills Pvt Ltd (SSMPL) to 'CRISIL D' from
'CRISIL B+/Stable'. The rating downgrade reflects delays by SSMPL
in servicing its term loan; the delays were because of the
company's weak liquidity.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           40        CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Long Term Loan        95.2      CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Proposed Long Term
   Bank Loan Facility    12.8      CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

SSMPL has limited revenue diversity, below-average financial risk
profile, marked by modest net worth and debt protection metrics,
and small scale of operations. However, the company benefits from
its promoter's extensive experience in the cotton yarn industry.

Promoted by Mr. A V Marimuthu, SSMPL started operations in 1981 in
Salem (Tamil Nadu). It manufactures cotton yarn in counts ranging
from 30s to 80s.


SUMER SONS: CRISIL Reaffirms B- Rating on INR165MM Cash Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sumer Sons Private
Limited (SSPL) reflects its modest financial risk profile, marked
by high total outside liabilities to tangible net worth (TOLTNW)
and weak interest coverage ratio, and exposure to risks related to
limited value-addition in operations, and volatility in steel
prices. These rating weaknesses are partially offset by the
benefits that SSPL derives from its established relationship with
its major supplier, Rastriya Ispat Nigam Ltd, and its diversified
customer base.

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

   Cash Credit         165         CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    5         CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SSPL's financial risk profile will remain
weak over the medium term owing to incremental working capital
requirement and planned debt-funded capex. However, SSPL will
continue to be benefit from its diversified product offering and
established relationships with suppliers and customers. The
outlook may be revised to 'Positive' in case of significant
improvement in net worth most likely through equity infusion or
significant increase in scale of operations coupled with
improvement in profitability levels leading to larger than
expected cash accruals and thereby healthy liquidity. Conversely,
the outlook may be revised to 'Negative' if SSPL's profitability
or working capital management deteriorates significantly impacting
its liquidity.

SSPL was established in 1995-96 as a partnership firm by Mr.
Rajeev Jain and family. In 2002, it has been converted into a
private limited company. SSPL's core activity involves trading in
wide range of steel steel long products such as thermo-
mechanically treated bars, round bars; structural steel like
angles, beams, and channels having applications in construction
and infrastructure sector. It also trades in sponge iron and pig
iron and generates less than 5 per cent of its revenues by
providing services as a consignment agent for Jindal Steel Power
Ltd and Rashtriya Ispat Nigam Limited (rated 'CRISIL AA-/Stable').


SURESH ANGADI: CRISIL Lowers Rating on INR170MM Term Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facility of Suresh Angadi Education Foundation (SAEF) to 'CRISIL
D' from 'CRISIL BB/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Rupee Term Loan       170       CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

The rating downgrade reflects instances of delay by SAEF in
meeting the obligations on its term debt; the delays have been
caused by the trust's weak liquidity arising from cash flow
mismatches in the fee-collection period

SAEF also has a below-average financial risk profile marked by
modest net worth and high gearing. Also, the trust is susceptible
to regulatory changes and changing student preferences and is
exposed to intense competition in the education sector. However,
SAEF benefits from the wide portfolio of courses it offers.

SAEF, established in 2008, is a trust registered under the Indian
Trust Act, 1882. It operates a degree college, Angadi Institute of
Management Studies, and an engineering and postgraduate institute,
Angadi Institute of Technology and Management, in Belgaum
(Karnataka). The institute is approved by the All India Council of
Technical Education and is affiliated to Visvesvaraya
Technological University. SAEF also operates a hostel for its
engineering and postgraduate students.


TYCHE IFMR: ICRA Assigns B(SO) Rating to INR2.82cr PTC Series A1
----------------------------------------------------------------
The ratings of Provisional [ICRA]A-(SO) and Provisional
[ICRA]B(SO) have been assigned to PTC Series A1 and PTC Series A2
respectively, issued by Tyche IFMR Capital 2015, backed by micro
loan receivables pool, originated by Pudhuaaru Financial Services
Private Limited (PFSPL).

                 Principal    Payout
  Description     (INR Cr)   Maturity        Rating
  ------------   ---------   --------        ------
  PTC Series A1    15.63     Feb. 2017   Provisional [ICRA]A-(SO)
  PTC Series A2     2.82     Feb. 2017   Provisional [ICRA]B(SO)

The ratings are based on the strength of cash flows from the
selected pools of contracts; the credit enhancement available in
the form of (i) cash collateral of 8.00% of the pool principal to
be provided by the Originator, and (ii) subordination of 17.00% of
the pool principal for PTC Series A1 and subordination of 2.00% of
pool principal for PTC Series A2, and (ii) the entire Excess
Interest Spread (EIS) in the structure; and the integrity of the
legal structure.

The selected pool consists of unsecured micro loans (less than or
equal to INR50,000 each), and is characterized by moderate initial
tenure of contracts (87 weeks), average seasoning of about 27
weeks and no overdue on the selected loans as of date. All the
contracts in the underlying pool are compliant with the Minimum
Holding Period (MHP) criteria of at least 12 repayments for weekly
products, as prescribed by the RBI Securitisation Guidelines.
Moreover, the current pool comprises of General Loans only. The
Trust has issued two series of PTCs backed by the receivables. PTC
A1 (83.0% of the pool principal) and PTC A2 (15.0% of pool
principal) have sequential seniority on principal payment. There
is also an over collateralization (2.0% of pool principal) which
acts as a source of credit enhancement. Any payment to the
Originator will be made only after all the PTC Payouts are fully
made.

Though the pool would be receiving cashflows on a weekly basis,
payouts to the PTCs would be made on a monthly basis. The monthly
schedule of promised cashflows for PTC A1 will comprise payment of
yield (at the pre-determined rate on the principal outstanding)
and scheduled principal repayment on a monthly basis (not promised
before last payout date). For PTC A2, the monthly schedule of
promised cashflows comprises of payment of yield on a monthly
basis while principal is scheduled to be paid on monthly basis
(not promised before last payout date) after payment of PTC A1 in
full. Any principal payout to PTC A2 will be made only after PTC
A1 has been paid in full.

Based on the analysis of the past performance of PFSPL's micro
loan portfolio and the expected future performance of the selected
pool of loans, ICRA believes that the credit support provided has
been adequately sized to cover the credit / liquidity risk in the
transaction.

                        About the Originator

Pudhuaaru Financial Services Private Limited (PFSPL) is an NBFC
and part of IFMR Group's Rural Channels vertical engaged in
providing financial services to remote rural areas under the
Kshetriya Grameen Financial Services (KGFS) model. The IFMR Trust
earlier, since June 2008, carried out the KGFS business in Tamil
Nadu through Pudhuaaru Kshetriya Gramin Financial Services (P-
KGFS). In March 2010, IFMR Trust (the then holding company of P-
KGFS) acquired an NBFC by infusing equity capital of INR4.75 crore
into it. The NBFC was renamed as Pudhuaaru Financial Services
Private limited (PFSPL) and it acquired the portfolio of P-KGFS.
In FY 2012, as part of a corporate reorganization exercise, the
company acquired the portfolios of two other KGFS entities
operating in Uttarakhand (Sahastradhara KGFS) and Orissa (Dhanei
KGFS). Unlike MFIs, which intend to grow rapidly and spread their
presence across geographies, PFSPL intends to remain focused on
limited geographies, while looking for deeper penetration. It
seeks to offer a suite of financial products and services,
customized to suit the needs of the household in the particular
geography. For the year ended March 31, 2015, PFSPL reported a net
profit of INR4.44 crore on an overall asset base of INR230 crore
compared to a net profit of INR3.41 crore on an asset base of
INR166 crore.

PFSPL offers a variety of products and services, of which Joint
Lending Group (JLG) Loan has been the primary focus of PFSPL
(constituting about 42% of the portfolio outstanding in March
2015). Micro Enterprise Loans (MEL) have a share of around 30% in
the portfolio, personal loans account for 16% share of the
portfolio while livestock loan account for about 2% share and
share of Jewel Loans is around 5%.The 0+ delinquency level for the
overall portfolio of PFSPL was 6.50% as on March 2015, while that
for JLG portfolio was 2.56%.

In the past, ICRA has assigned ratings to PTCs under four
transactions of microfinance loan receivables originated by PFSPL,
all of which have now matured. The transactions have performed
well with nearly 100% collection efficiency and nil delinquencies
till maturity.


YOGESH CONSTRUCTION: ICRA Assigns B+ Rating to INR4cr Cash Credit
-----------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ and the short
term rating of [ICRA]A4 to INR9.00 crore bank facilities of Yogesh
Construction.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   LT - FB - Cash
   Credit                  4.00        [ICRA]B+; Assigned

   ST - NFB - Bank
   Guarantee               5.00        [CRA]A4; Assigned

The assigned rating primarily takes into account the highly
working capital intensive nature of operations on account of
deposit requirements resulting in stretched liquidity. ICRA also
takes a note on tender based order procurement system followed by
government department for assigning work contracts leading to
stiff competition and fluctuating turnover. The ratings also
factors in the vulnerability of operations and its profitability
to government spending towards infrastructure development and
fluctuation in raw material prices. Further, ICRA also takes a
note on the geographical concentration of the firm, as operations
are concentrated only in Mumbai and Surat with projects being
largely executed for Brihanmumbai Municipal Corporation (BMC),
Municipal Corporation of Greater Mumbai (MCGM) and Surat Municipal
Corporation (SMC).

The ratings, however, favorably factors in the strengths arising
from promoter's long track record in Sewage construction and road
repair works, pre-qualification approvals in place as the company
is registered as 'AA' grade contractor with BMC and significant
orders in hand which provides visibility to revenue in the short
to medium term.

Yogesh Construction located in Mumbai, was established in year
2007 by Mr. Yogesh Shah and his father Mr. Pravin Shah as a family
partnership firm with the main objective to execute civil
construction work mainly from Brihanmumbai Municipal Corporation
(BMC). Prior to 2007, they were engaged into same operations
through a proprietorship firm by Mr. Pravin Shah.



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


PAKUWON JATI: Moody's Hikes Corporate Family Rating to Ba3
----------------------------------------------------------
Moody's Investors Service has upgraded PT Pakuwon Jati Tbk's
corporate family rating to Ba3 from B1.

At the same time, Moody's has upgraded Pakuwon Prima Pte. Ltd's
(Pakuwon Prima) senior unsecured rating to Ba3 from B1. Pakuwon
Prima is a wholly owned and guaranteed subsidiary of Pakuwon Jati.

The outlook on the ratings is stable.

RATINGS RATIONALE

"The upgrade reflects the continued strong performance of Pakuwon
Jati's superblocks, which consist of condominiums, large-scale
retail malls, office towers and hotels as well as residential
townships," says Jacintha Poh, a Moody's Assistant Vice President
and Analyst. "The improved performance of the superblocks has in
turn led to an enlarged revenue base that is well-balanced between
development and recurring income."

Pakuwon Jati's revenue increased to IDR3.9 trillion in 2014 from
IDR2.2 trillion in 2012. Its development income, which accounted
for 54% of 2014 revenue, grew by 70% over the last two years to
IDR2.1 trillion, while recurring income grew by 90% over the same
period to IDR1.8 trillion.

The growth was largely driven by the completion of phase one of
its Kota Kasablanka superblock, revenue recognition of phase five
condominiums at its Tunjungan City superblock and residential
projects at Pakuwon City township. The consolidation of its 67%-
owned PT Pakuwon Permai Tbk (unrated), which was acquired in
October 2014, also added to revenue growth.

Moody's expects Pakuwon Jati's revenue to grow by around 30% in
2015; based on contributions from its superblock projects, Pakuwon
City residential township and increased contributions from Pakuwon
Permai.

Moody's also expects that the proportion of Pakuwon Jati's
recurring income will increase to around 48% in 2015, bringing the
company closer to achieving its long-term revenue target of a
50:50 split between development and recurring income.

"While Pakuwon Jati remains susceptible to cash flow volatility,
because of its business strategy which focuses on large scale and
high-rise developments, the predictability of its larger and
growing recurring income base and strong liquidity position will
better position the developer to weather any associated financial
risks," adds Poh, who is also the Lead Analyst for all Moody's-
rated Indonesian property developers, including Pakuwon Jati.

The development of properties for sale is typically backed by cash
flow from pre-sales; thereby mitigating financial risk. However,
the development of investment properties requires committed
funding from the developer over lengthy construction periods of
about three to five years.

Pakuwon Jati held cash on hand totaling IDR2.8 trillion at end-
March 2015. The amount was equivalent to approximately 67% of
total revenue recorded for the rolling 12-month period ending 31
March 2015, and serves as a buffer against any financial risk
arising from its development projects. In addition the company has
access to some IDR1.2 trillion in committed bank lines which
provides an additional liquidity buffer.

Moody's expects Pakuwon Jati's leverage ratio -- as measured by
revenue/adjusted debt -- to improve to 90%-92% in 2015 and the
company's EBIT interest coverage ratio to weaken to 5.5x-5.7x; as
it takes on more debt to fund the development of its existing
projects. Nonetheless, such financial metrics position Pakuwon
Jati's well within its Ba3 ratings category.

Moody's also expects that in 2015, Pakuwon Jati's recurring EBIT
will cover 2.0x-3.0x of adjusted interest expense.

As of March 31, 2015, Pakuwon Jati's leverage ratio registered
85%, and its adjusted EBIT interest coverage ratio was at 6.6x.

The stable ratings outlook reflects Moody's expectation that
Pakuwon Jati will be well-supported by the recurring income from
its investment properties, as well as its ongoing discipline,
while pursuing growth.

Upward ratings pressure is unlikely over the near to medium term,
but could emerge if Pakuwon Jati successfully implements its
business plans -- with sustained improvements in sales and cash
flow generation -- and grows its recurring income base, while
maintaining solid liquidity in the form of cash balances and
committed facilities.

Credit metrics that will support an upgrade include revenue size
of above IDR800 billion, adjusted EBIT/interest coverage in excess
of 6.0x, and revenue/debt in excess of 100% on a sustained basis.

On the other hand, Pakuwon Jati's ratings could face downward
pressure if: (1) the company fails to implement its business
plans; and (2) there is a deterioration in the property market,
leading to protracted weakness in its operations and credit
profile.

Moody's considers an adjusted EBIT/interest coverage of less than
3.5x, and revenue/debt of less than 85% on a sustained basis, as
indications that a ratings downgrade may be necessary.

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

Pakuwon Jati, listed on the Indonesia Stock Exchange and
controlled by the Tedja family, is engaged in the development,
management and operation of retail malls, office buildings,
hotels, condominium towers and residential townships in Surabaya
and Jakarta.


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


SOFTBANK GROUP: Moody's Rates Prop. EUR & US$ Notes (P)Ba1
----------------------------------------------------------
Moody's Japan K.K. has assigned a provisional (P)Ba1 rating to the
proposed senior unsecured euro and US dollar notes to be issued by
SoftBank Group Corp.

The rating outlook is stable.

The notes will be guaranteed by SoftBank Corp.(former SoftBank
Mobile Corp.), the primary operating vehicle that engages in
mobile and fixed-line telecommunication businesses generating over
half of the group's reported consolidated EBITDA for the fiscal
year ended March 31, 2015 (FYE3/2015).

The rating of the notes is provisional and represents Moody's
preliminary opinion only.  Upon a conclusive view of the final
documentation, Moody's will endeavor to assign a definitive rating
to the notes.  A definitive rating may differ from a provisional
rating.

RATINGS RATIONALE
Despite its high leverage -- at 5.5x of adjusted gross debt /
EBITDA for FYE3/2015 -- SoftBank's (P)Ba1 rating is supported by a
significant degree of financial flexibility, which includes its
maintenance of large amounts of cash on hand and unrealized gains
from investments led by Alibaba Group Holding Limited (A1 stable).

At the same time, the rating also reflects the acquisitive nature
of the company to expand its business globally.

Moody's expects that SoftBank will use most of the proceeds from
the proposed bond issuance to repay maturing debt in the next
several years, which will help restrain the impact on future
leverage.

The stable outlook reflects Moody's view that the company will
maintain significant financial flexibility to offset its already
high leverage.  The outlook also considers SoftBank's position as
the second-largest mobile telecommunications operator in Japan by
the number of subscribers, which supports steady cash flow from
operations.

The principal methodology used in these ratings was Global
Telecommunications Industry (Japanese) published in February 2011.

SoftBank Group Corp. is a Japanese holding company with operations
in mobile and fixed-line telecommunications, broadband, Internet,
gaming and other businesses.  Its subsidiary, SoftBank Corp., is
the second-largest mobile telecommunication operator in Japan
measured by the number of subscribers.


TOSHIBA CORP: CEO, Board Members to Step Down in September
----------------------------------------------------------
Reiji Murai and Ritsuko Ando at Japan Today reports that Toshiba
Corp Chief Executive Hisao Tanaka will step down in September
along with other board members including Vice Chairman Norio
Sasaki to take responsibility for accounting irregularities,
sources familiar with the matter said.

Japan Today says the Japanese conglomerate has hired a third-party
committee to investigate past book-keeping practices which sources
say led to profits being overstated by more than
JPY170 billion ($1.2 billion). That's more than triple Toshiba's
initial estimate of around JPY50 billion.

According to the report, other sources with knowledge of the probe
have said investigators were looking into the role that top
officials played in the irregularities, focusing on whether they
had knowingly encouraged malfeasance. The committee is expected to
release its findings next week, Japan Today says.

Japan Today relates that the scandal is a reminder Japan Inc is
still in the early stages of a campaign backed by Prime Minister
Shinzo Abe to improve corporate governance. Toshiba's shares have
slumped around 27 percent in Tokyo since April when the company
first disclosed irregularities in its books, the report says.

Japan Today relates that the independent committee is likely to
say Toshiba needs a governance overhaul, and more than half of its
board could be replaced at the next shareholders' meeting in
September, sources said on July 16.

The sources declined to be identified because they were not
authorised to speak with media, Japan Today notes.

A Toshiba spokeswoman said the company had not yet made any
decision on the matter and was waiting for the third-party
committee to release its findings, the report adds.

                        About Toshiba Corp.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others.  The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others.  The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment.  The Others segment
leases and sells real estate.

As reported in the Troubled Company Reporter-Asia Pacific on
June 25, 2014, Moody's Japan K.K. assigned a rating of Ba1 to the
JPY180 billion in subordinated loans issued by Toshiba
Corporation.  At the same time, Moody's has affirmed all of
Toshiba's ratings.

Senior Unsecured Baa2
Senior Unsecured Shelf (P)Baa2
Subordinate Ba1
Commercial Paper P-2

The ratings outlook is stable.



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


WINSLOW TRADING: Bin Business Frustrated With Unpaid Bills
----------------------------------------------------------
Myles Hume at Stuff.co.nz reports that the owners of a North
Canterbury bin business said celebrity chef Jo Seagar "ignored"
reminders for an outstanding bill worth nearly NZ$1,000 before her
business shut down.

According to the report, Jodie and John McKnight, who own Waimak
Bins, have been left wondering whether an outstanding NZ$943.47
bill owed from Seagar's Oxford cafe and cook school will be paid.

Stuff.co.nz relates that Ms. Seagar and her husband, Ross, were
joint directors of Winslow Trading Company Ltd -- the company that
operates Seagars at Oxford -- which was placed in liquidation on
July 9.

Ms. Seagar blamed a downturn in business after the earthquakes and
a hefty tax bill for the 10-year-old business' demise, the report
says.

Stuff.co.nz says the McKnights have taken waste and recycling away
from Seagars at Oxford since 2008 but said in recent years
retrieving payment had become difficult, placing strain on their
own business.

According to the latest invoice, Seagars at Oxford had not paid
seven bills since December 31, the report discloses.

Stuff.co.nz reports that Jo Seagar said this week Deloitte was
looking after the liquidation and as there were no other major
creditors, the company had not gone into receivership.

Staff had been fully paid up until last week and were owed one
week's pay, plus any outstanding holiday pay, she said,
Stuff.co.nz relays.

The cafe was listed for sale in February at NZ$390,000 plus stock.
Ms. Seagar said if the business had sold then, it would have
cleared the debt to the IRD, Stuff.co.nz notes.

The report adds that Jodie McKnight said the Seagars' business
owed money to her business too before the liquidation and she
planned to contact the liquidator.



====================
S O U T H  K O R E A
====================


DAEWOO SHIPBUILDING: Considering Measures With Creditors
--------------------------------------------------------
Kyunghee Park at Bloomberg News reports that Daewoo Shipbuilding &
Marine Engineering Co. is discussing steps with its creditors to
improve the company's financial position amid a record
30 percent plunge in its share price.

"The company is considering various measures with creditors,"
Bloomberg News quotes Seoul-based Daewoo Ship as saying in a
regulatory filing on July 15. "No detail has been finalized."

Wednesday [July 15]'s tumble wiped out KRW718 billion ($628
million) in market value after local news provider Yonhap Infomax
reported the vessel builder may have to restructure its mounting
debt, according to Bloomberg News. Local rivals Hyundai Heavy
Industries Co. and Samsung Heavy Industries Co. -- the other
members of global shipbuilding's "Big Three" -- booked losses on
money-losing offshore projects last year and reorganized their
businesses, including by cutting jobs, as the sector struggles
with slumping orders, Bloomberg News says.

The Big Three face a combined 2.5 trillion won of debt maturing
this year, Bloomberg News reported in March.

According to Bloomberg News, the record tumble by Daewoo Ship
shares made it the first major company in South Korea to fall 30
percent since regulations were changed last month. From June 15,
Korea Exchange doubled the maximum that shares can rise or fall in
one day from 15 percent, seeking to boost the appeal of the $1-
trillion-plus stock market amid falling trading volumes, the
report states.

While smaller companies have dropped by the new limit, no member
of the Kospi 200 Index had done so until July 15, Bloomberg notes.
Last month, Samyang Holdings Corp. became the first major company
to rise by the expanded limit.

Daewoo Ship closed at KRW8,750 in Seoul trading on July 15, its
lowest level in more than 12 years, according to Bloomberg News.

Bloomberg News says the worst performer on the MSCI Asia Pacific
Index on July 15, Daewoo Ship has declined 53 percent this year,
compared to an 8.2 percent rise in Korea's benchmark Kospi index.

Yonhap Infomax reported on July 15 that the shipbuilder might seek
to restructure its debt together with its creditors, Bloomberg
News relates. The company has been considering selling money-
losing units that aren't involved in the shipbuilding business,
such as a subsidiary that makes wind turbines.

"This year is going to be a painful year for Daewoo Ship," the
report quotes Park Moo Hyun, an analyst at Hana Daetoo Securities
Co. in Seoul, as saying. "Earnings are probably going to be bad
for the second and third quarters."

Bloomberg News relates that Daewoo Ship Chief Executive Officer
Jung Sung Leep said last month that the company's earnings won't
be good this year.

Daewoo Ship posted a loss of KRW138.7 billion in the first
quarter, excluding minority shareholdings, compared with a
KRW75.9 billion profit a year ago, because of costs arising from
delays in building rigs for Songa Offshore SE. The company may
report an operating loss as large as KRW3 trillion in the second
quarter, Bloomberg News discloses citing Infomax.

                       About Daewoo Shipbuilding

Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures.  Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.



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


VINASIAM BANK: Thai Lender to Acquire Bank
------------------------------------------
Biz Hub reports that Thailand's Siam Commercial Bank (SCB) will
set up a branch in Viet Nam by acquiring the joint venture
Vinasiam Bank.

Prime Minister Nguyen Tan Dung approved the move, which had been
suggested by the State Bank of Viet Nam (SBV), the government
office said in a notice released online on July 10, Biz Hub
relates.

"Vinasiam is weak in organisation and operation, and it has failed
to ensure adequate charter capital as required by law," the
notice, as cited by Biz Hub, said.

Biz Hub relates that the SBV said SCB is qualified for a licence
to open the branch, and its takeover of Vinasiam will help manage
a fragile institution in the domestic banking sector.

The establishment of the branch, which will not be a wholly
foreign-owned bank, will not add any pressure on the sector and
will be in line with government directives, it added, Biz Hub
relays.

SCB is a member of the SCB Group, which also runs asset
management, securities and life insurance companies, the report
notes.

Vinasiam was established in 1995 in HCM City with the Viet Nam
Bank for Agriculture and Rural Development owning a 34 per cent
stake. SCB and the Charoen Pokphand Group of Thailand each held 33
per cent of Vinasiam's equity.


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


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

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

AUSTRALIA

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


CHINA

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

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

PULSE ENERGY LTD          PLE             15.04          -4.52


PHILIPPINES

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


SINGAPORE

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


THAILAND

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



                             *********

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

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

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


                            *********


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

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

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

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

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



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